Oak Valley Community Bank Reports Strong Financial Performance in Second Quarter of 2024

Strategic Insights -

Oak Valley Bancorp, the holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, reported unaudited consolidated financial results for the second quarter of 2024. The Company's net income was $5,889,000, or $0.71 per diluted share, compared to $5,727,000, or $0.69 EPS, in the prior quarter and $8,404,000, or $1.02 EPS, in the same period a year ago. The increase in net income was driven by growth in the deposit and loan portfolios, as well as an increase in non-interest income.

Key Takeaways:

  • Net income for the second quarter of 2024 was $5,889,000, a 3% increase from the prior quarter and a 30% decrease from the same period a year ago.
  • Net interest income increased by 0.2% to $17,292,000, compared to $17,241,000 in the prior quarter and $19,407,000 in the same period a year ago.
  • Loan growth was $119.5 million, or 12.5%, compared to the same period in 2023.
  • Total assets increased by $34.1 million to $1.84 billion at June 30, 2024.
  • The Company's liquidity position remains strong, with $180.3 million in cash and cash equivalents balances at June 30, 2024.
  • Non-performing assets remained at zero as of June 30, 2024, and the allowance for credit losses was 1.04% of gross loans, down from 1.05% in the prior quarter.
  • The Company declared a cash dividend of $0.225 per share, totaling approximately $1,881,000, for shareholders with a record date of July 29, 2024.

Statistics:

  • Net income for the second quarter of 2024: $5,889,000
  • Net interest income for the second quarter of 2024: $17,292,000
  • Loan growth from the same period in 2023: $119.5 million
  • Total assets at June 30, 2024: $1.84 billion
  • Cash and cash equivalents balances at June 30, 2024: $180.3 million
  • Non-performing assets as of June 30, 2024: $0
  • Allowance for credit losses as a percentage of gross loans at June 30, 2024: 1.04%

Sources:

  • Oak Valley Bancorp news release, June 30, 2024
  • Oak Valley Bancorp annual report, 2023
  • Oak Valley Community Bank website, accessed July 2024