Oak Valley Bancorp Reports 4th Quarter Results and Announces Cash Dividend
Rhea-AI Summary
Oak Valley Bancorp (NASDAQ: OVLY) reported Q4 2024 consolidated net income of $6,008,000 ($0.73 EPS), compared to $7,324,000 ($0.89 EPS) in Q3 2024 and $5,865,000 ($0.71 EPS) in Q4 2023. Full-year 2024 net income was $24,948,000 ($3.02 EPS), down 19.1% from $30,848,000 ($3.75 EPS) in 2023.
The company's total assets reached $1.90 billion, with gross loans at $1.11 billion and total deposits at $1.70 billion as of December 31, 2024. Net interest margin was 4.00% for Q4 2024, compared to 4.04% in Q3 2024 and 4.15% in Q4 2023.
The Board declared a cash dividend of $0.30 per share, payable on February 14, 2025, to shareholders of record as of February 3, 2025, totaling approximately $2,507,000.
Positive
- Strong liquidity position with $168.8 million in cash and cash equivalents
- Loan growth of $90.0 million (8.8%) year-over-year
- Zero non-performing assets maintained throughout 2024
- Total deposits increased by $45.2 million year-over-year
Negative
- Net income decreased 19.1% year-over-year
- Net interest margin declined to 4.00% from 4.15% year-over-year
- Non-interest expenses increased to $46,017,000 from $41,157,000 year-over-year
- Average cost of funds increased to 0.78% from 0.28% year-over-year
News Market Reaction
On the day this news was published, OVLY gained 1.15%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
OAKDALE, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended December 31, 2024, consolidated net income was
“We are pleased to report another solid year of earnings and commend our team on their commitment to a culture of relationship banking built on a foundation of sound credit quality standards,” stated Chris Courtney, Chief Executive Officer.
Net interest income was
Net interest margin was
Non-interest income for the fourth quarter and year ended December 31, 2024, totaled
Non-interest expense for the fourth quarter and year ended December 31, 2024, totaled
Total assets were
Non-performing assets (“NPA”) remained at zero as of December 31, 2024, as they were for all of 2024 and 2023. The allowance for credit losses (“ACL”) as a percentage of gross loans decreased to
The Board of Directors of Oak Valley Bancorp at their January 21, 2025 meeting, declared the payment of a cash dividend of
Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop.
For more information, call 1-866-844-7500 or visit www.ovcb.com.
This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors, and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.
| Contact: | Chris Courtney/Rick McCarty | |
| Phone: | (209) 848-2265 | |
| www.ovcb.com |
| Oak Valley Bancorp | ||||||||||||||||
| Financial Highlights (unaudited) | ||||||||||||||||
| ($ in thousands, except per share) | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | |||||||||||
| Selected Quarterly Operating Data: | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||
| Net interest income | $ | 17,846 | $ | 17,655 | $ | 17,292 | $ | 17,241 | $ | 17,914 | ||||||
| (Reversal of) provision for credit losses | - | (1,620 | ) | - | - | 1,130 | ||||||||||
| Non-interest income | 1,430 | 1,846 | 1,760 | 1,519 | 1,755 | |||||||||||
| Non-interest expense | 11,548 | 11,324 | 11,616 | 11,529 | 10,760 | |||||||||||
| Net income before income taxes | 7,728 | 9,797 | 7,436 | 7,231 | 7,779 | |||||||||||
| Provision for income taxes | 1,720 | 2,473 | 1,547 | 1,504 | 1,914 | |||||||||||
| Net income | $ | 6,008 | $ | 7,324 | $ | 5,889 | $ | 5,727 | $ | 5,865 | ||||||
| Earnings per common share - basic | $ | 0.73 | $ | 0.89 | $ | 0.72 | $ | 0.70 | $ | 0.72 | ||||||
| Earnings per common share - diluted | $ | 0.73 | $ | 0.89 | $ | 0.71 | $ | 0.69 | $ | 0.71 | ||||||
| Dividends paid per common share | $ | - | $ | 0.225 | $ | - | $ | 0.225 | $ | - | ||||||
| Return on average common equity | 12.86 | % | 16.54 | % | 14.19 | % | 13.86 | % | 16.44 | % | ||||||
| Return on average assets | 1.25 | % | 1.56 | % | 1.30 | % | 1.26 | % | 1.27 | % | ||||||
| Net interest margin (1) | 4.00 | % | 4.04 | % | 4.11 | % | 4.09 | % | 4.15 | % | ||||||
| Efficiency ratio (2) | 59.91 | % | 58.07 | % | 60.97 | % | 61.46 | % | 54.71 | % | ||||||
| Capital - Period End | ||||||||||||||||
| Book value per common share | $ | 21.95 | $ | 22.18 | $ | 20.55 | $ | 19.97 | $ | 20.03 | ||||||
| Credit Quality - Period End | ||||||||||||||||
| Nonperforming assets / total assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
| Credit loss reserve / gross loans | 1.04 | % | 1.07 | % | 1.04 | % | 1.05 | % | 1.07 | % | ||||||
| Period End Balance Sheet | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Total assets | $ | 1,900,604 | $ | 1,900,455 | $ | 1,840,521 | $ | 1,805,739 | $ | 1,842,422 | ||||||
| Gross loans | 1,106,535 | 1,075,138 | 1,070,036 | 1,039,509 | 1,016,579 | |||||||||||
| Nonperforming assets | - | - | - | - | - | |||||||||||
| Allowance for credit losses | 11,460 | 11,479 | 11,121 | 10,922 | 10,896 | |||||||||||
| Deposits | 1,695,690 | 1,690,301 | 1,644,748 | 1,612,400 | 1,650,534 | |||||||||||
| Common equity | 183,436 | 185,393 | 171,799 | 166,916 | 166,092 | |||||||||||
| Non-Financial Data | ||||||||||||||||
| Full-time equivalent staff | 223 | 222 | 223 | 219 | 222 | |||||||||||
| Number of banking offices | 18 | 18 | 18 | 18 | 18 | |||||||||||
| Common Shares outstanding | ||||||||||||||||
| Period end | 8,357,211 | 8,358,711 | 8,359,556 | 8,359,556 | 8,293,168 | |||||||||||
| Period average - basic | 8,224,504 | 8,221,475 | 8,219,699 | 8,209,617 | 8,200,177 | |||||||||||
| Period average - diluted | 8,278,427 | 8,263,790 | 8,248,295 | 8,244,648 | 8,236,897 | |||||||||||
| Market Ratios | ||||||||||||||||
| Stock Price | $ | 29.25 | $ | 26.57 | $ | 24.97 | $ | 24.78 | $ | 29.95 | ||||||
| Price/Earnings | 10.09 | 7.52 | 8.69 | 8.86 | 10.55 | |||||||||||
| Price/Book | 1.33 | 1.20 | 1.22 | 1.24 | 1.50 | |||||||||||
| (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| (2) This ratio was changed to GAAP basis as of the quarter ended December 31, 2024, and all prior periods have been restated accordingly. | ||||||||||||||||
| YEAR ENDED DECEMBER 31, | ||||||||||||||||
| Profitability | 2024 | 2023 | ||||||||||||||
| ($ in thousands, except per share) | ||||||||||||||||
| Net interest income | $ | 70,034 | $ | 75,802 | ||||||||||||
| (Reversal of) provision for credit losses | (1,620 | ) | 970 | |||||||||||||
| Non-interest income | 6,555 | 6,631 | ||||||||||||||
| Non-interest expense | 46,017 | 41,157 | ||||||||||||||
| Net income before income taxes | 32,192 | 40,306 | ||||||||||||||
| Provision for income taxes | 7,244 | 9,458 | ||||||||||||||
| Net income | $ | 24,948 | $ | 30,848 | ||||||||||||
| Earnings per share - basic | $ | 3.04 | $ | 3.76 | ||||||||||||
| Earnings per share - diluted | $ | 3.02 | $ | 3.75 | ||||||||||||
| Dividends paid per share | $ | 0.45 | $ | 0.32 | ||||||||||||
| Return on average equity | 14.39 | % | 21.87 | % | ||||||||||||
| Return on average assets | 1.35 | % | 1.64 | % | ||||||||||||
| Net interest margin (1) | 4.07 | % | 4.33 | % | ||||||||||||
| Efficiency ratio (2) | 60.08 | % | 49.93 | % | ||||||||||||
| Capital - Period End | ||||||||||||||||
| Book value per share | $ | 21.95 | $ | 20.03 | ||||||||||||
| Credit Quality - Period End | ||||||||||||||||
| Nonperforming assets/ total assets | 0.00 | % | 0.00 | % | ||||||||||||
| Credit loss reserve/ gross loans | 1.04 | % | 1.07 | % | ||||||||||||
| Period End Balance Sheet | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Total assets | $ | 1,900,604 | $ | 1,842,422 | ||||||||||||
| Gross loans | 1,106,535 | 1,016,579 | ||||||||||||||
| Nonperforming assets | - | - | ||||||||||||||
| Allowance for credit losses | 11,460 | 10,896 | ||||||||||||||
| Deposits | 1,695,690 | 1,650,534 | ||||||||||||||
| Stockholders' equity | 183,436 | 166,092 | ||||||||||||||
| Non-Financial Data | ||||||||||||||||
| Full-time equivalent staff | 223 | 222 | ||||||||||||||
| Number of banking offices | 18 | 18 | ||||||||||||||
| Common Shares outstanding | ||||||||||||||||
| Period end | 8,357,211 | 8,293,168 | ||||||||||||||
| Period average - basic | 8,218,846 | 8,193,874 | ||||||||||||||
| Period average - diluted | 8,258,857 | 8,230,892 | ||||||||||||||
| Market Ratios | ||||||||||||||||
| Stock Price | $ | 29.25 | $ | 29.95 | ||||||||||||
| Price/Earnings | 9.64 | 7.96 | ||||||||||||||
| Price/Book | 1.33 | 1.50 | ||||||||||||||
| (1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of | ||||||||||||||||
| (2) This ratio was changed to GAAP basis as of the year ended December 31, 2024, and the prior period has been restated accordingly. | ||||||||||||||||
FAQ
What was Oak Valley Bancorp's (OVLY) Q4 2024 earnings per share?
How much is OVLY's latest dividend payment in 2025?
What was OVLY's loan growth in 2024?
How did OVLY's net interest margin change in Q4 2024?
What was OVLY's total deposit growth in 2024?
