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) received the 2023 Raymond James Community Bankers Cup, ranking in the top 10% of U.S. community banks. This achievement marks the fourth time the company has been recognized, securing the 2nd spot out of 203 banks considered. The award highlights superior performance in key financial metrics such as nonperforming assets, core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity. CEO Chris Courtney attributed the success to the team's dedication and performance. Oak Valley operates 18 branches across various California locations.
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.
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