Oak Vally Bancrp Stock Price, News & Analysis

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.

Oak Valley Bancorp (NASDAQ: OVLY) reported robust financial results for Q4 and the full year ending December 31, 2022. Net income surged to $9.5 million ($1.15 EPS) in Q4, a significant increase from $3.5 million ($0.42 EPS) year-over-year. For the year, net income reached $22.9 million ($2.79 EPS), up 40.2% from 2021. Key growth factors included a reversal of loan loss provisions of $1.55 million and increased net interest income of $19.1 million for Q4. Total assets rose to $1.97 billion, with gross loans at $915.8 million. The company declared a $0.16 cash dividend, marking its first payout in 2023.

On January 19, 2023, Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), opened its eighteenth full-service branch in Roseville, California. Located at 1478 Stone Point Drive, the branch aims to enhance customer convenience and expand its services in the Capital Region. Originally established as a Loan Production Office in early 2022, the Roseville Branch offers comprehensive personal and commercial banking services, operated by a team with extensive banking experience. This expansion reflects the bank's commitment to growth and customer service, targeting both individual clients and the business community in the area.

Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has been honored as the “Most Active SBA 504 Lending Partner” by Success Capital for the seventh consecutive year. The bank booked $13 million in SBA 504 loans, funding $27 million in projects and aiding nearly 100 small business jobs. Additionally, it received recognition from Valley Small Business Development Corporation for the largest loan guarantees funded. This year, Oak Valley funded over $3.5 million in guaranteed loans, showcasing its commitment to small business growth in the Central Valley.

Oak Valley Bancorp (NASDAQ: OVLY) reported a strong financial performance for Q3 2022, with consolidated net income reaching $6.8 million or $0.83 per diluted share, up from $4.3 million or $0.52 in the previous quarter. Year-to-date earnings reached $13.4 million, a 4.3% increase from $12.9 million in the prior year. Net interest income rose to $16.8 million, driven by higher yields from FOMC rate hikes and growth in loans and investments. Total assets stood at $1.96 billion, while non-performing assets remained at zero.

Oak Valley Community Bank has been awarded a $27,500 grant from the Federal Home Loan Bank of San Francisco for Jessica’s House, aimed at expanding grief support services for families in Stanislaus and Merced counties. This grant will enhance community training and development programs, supporting a network of first responders, clinicians, and therapists. It is part of a $1.5 million allocation for various economic projects across Arizona, California, and Nevada. Jose Sabala, Community Reinvestment Officer, expressed optimism about the partnership to positively impact local communities.

Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), appointed Damon K. Munoz as Vice President, Commercial Banking Officer, based in Roseville. Munoz has over 20 years of experience in commercial banking and will focus on lending and business development in the Capital region. His expertise includes real estate and SBA financing. The bank will soon open a full-service branch in Roseville, enhancing its footprint across 17 locations, including the Greater Sacramento Valley.

Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has promoted Tina Corgiat-Rey to Assistant Vice President and Branch Manager of the Patterson Branch. Corgiat-Rey brings over 20 years of banking experience, having started her career at the bank as a New Accounts Representative in 2005. Her dedication to customer care has significantly contributed to the branch's success. The bank also received regulatory approval to open a new full-service branch in Roseville, enhancing its presence in the region.