Welcome to our dedicated page for Oak Vally Bancrp news (Ticker: OVLY), a resource for investors and traders seeking the latest updates and insights on Oak Vally Bancrp stock.
Oak Valley Bancorp (OVLY) provides community-focused banking services across California's Central Valley, serving businesses and individuals through personalized financial solutions. This page aggregates official news and developments from this Nasdaq-traded regional bank.
Investors and stakeholders will find timely updates including quarterly earnings reports, leadership announcements, and strategic expansion initiatives. The curated collection serves as a reliable resource for tracking OVLY's financial performance and community engagement efforts.
Content spans regulatory filings, operational updates, and community partnership announcements. Key focus areas include the bank's de novo branch expansion strategy, service excellence initiatives, and financial health indicators.
Bookmark this page for streamlined access to OVLY's latest developments. Check back regularly for updates reflecting the bank's commitment to transparent communication and regional economic growth.
Oak Valley Bancorp (NASDAQ: OVLY) reported its financial results for Q1 2023, posting a net income of $9.23 million or $1.12 per diluted share, slightly down from $9.48 million or $1.15 per share in Q4 2022 but significantly higher than the $2.37 million or $0.29 per share a year ago.
The dip in net income compared to the last quarter is attributed to a decrease in loan loss provision reversals, down to $460,000 from $1.55 million. Strong increases in net interest income ($19.54 million) and non-interest income ($1.66 million) helped offset this decline. The net interest margin expanded to 4.39%, driven by higher yields from rate hikes. Total assets decreased to $1.94 billion, with gross loans increasing by $68.1 million year-over-year.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Michael Schulze as Vice President and Commercial Banking Officer, based in Turlock, CA. With over 20 years of banking experience, Schulze will focus on business development and commercial lending in Turlock and surrounding areas. His extensive local knowledge and relationships are expected to enhance the bank's commercial banking team. Oak Valley Bancorp continues to operate through 18 branches, providing diverse loan and deposit products to individuals and small businesses.
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