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 reports developments for a community banking company built around Oak Valley Community Bank and its Eastern Sierra Community Bank division. News commonly covers quarterly operating results, net interest income, loan and deposit trends, credit costs, cash dividends, and balance-sheet growth tied to commercial, real estate, agricultural, small business, and consumer banking activity.
Company updates also include branch and commercial banking hires, credit administration roles, leadership changes, CRA activity, and local market expansion across its California branch network. The coverage reflects the operating priorities of a bank holding company whose revenue is primarily driven by lending, deposits, interest margins, and community banking relationships.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Jaime Tavares as the Vice President and Branch Manager of its Turlock Branch. Tavares brings 15 years of banking experience, primarily as a Branch Manager in the Turlock area. His role will focus on branch operations and business development. The bank, which operates 17 branches and has received regulatory approval for a new office in Roseville, aims to enhance service delivery in the region.
Oak Valley Bancorp (OVLY) reported a consolidated net income of $2,369,000 for Q1 2022, down from $4,357,000 a year ago. This decline is attributed to reduced Paycheck Protection Program (PPP) income, now at $487,000 compared to $2,590,000 in Q1 2021. Net interest income also fell to $10,958,000 from $12,242,000 a year prior, reflecting lower yields and increased cash balances. Despite these challenges, total deposits grew to $1.80 billion, and the company remains free of non-performing assets, maintaining strong credit quality. Future plans include expanding services and opening a new branch in Roseville.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Cesar Camarillo as the new Vice President and Branch Manager of its 12th & I Branch in Modesto, effective March 30, 2022. With nearly 17 years in the banking sector and extensive local experience, Camarillo will oversee branch operations and pursue business development in the area. Julie DeHart from the Retail Banking Group expressed excitement about Camarillo's community ties and relationship-building skills. The bank operates 17 branches and plans to expand further.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has promoted Lisa Melville to Vice President, Commercial Loan Officer, based in the Downtown Sonora Branch. With over 40 years in banking and nearly 20 in commercial banking, Melville has been pivotal in serving clients across Tuolumne County and supporting local businesses with PPP loan applications. The bank operates through 17 branches and has received approval to open a new branch in Roseville later this year.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has promoted Kim Karp to Assistant Vice President, Branch Manager of the Escalon Branch. With nearly 20 years of banking experience, Karp's role focuses on growth and business development in the local community. She previously managed customer service and received the Customer Service Manager of the Year award in 2017. The bank continues to expand, having received approval for a new full-service branch in Roseville later this year.
Oak Valley Bancorp (NASDAQ: OVLY) reported a fourth-quarter net income of $3,466,000 ($0.42 EPS), down from $4,554,000 ($0.56 EPS) in Q3 2021 and $4,649,000 ($0.57 EPS) year-over-year. For the full year, net income rose 19.4% to $16,337,000 ($2.00 EPS), largely due to PPP loan interest. A cash dividend of $0.15 per share will be paid on February 11, 2022, totaling approximately $1,236,000. Total assets reached $1.96 billion, with deposits increasing by $105.8 million since Q3 2021.
Oak Valley Community Bank, part of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Dean Baldwin as Vice President, Commercial Loan Officer at its Sacramento-Capitol Mall branch. With nearly 30 years of banking experience, Baldwin will specialize in commercial lending and business development. The bank continues to expand, having recently received regulatory approval to open a new office in Roseville in Q1 2022. Oak Valley operates 17 branches and offers a range of loan and deposit products for individuals and businesses.
Oak Valley Bancorp announced the promotion of Rick McCarty to President and Chief Operating Officer effective January 1, 2022. McCarty, who has more than 22 years of experience with the bank, previously served as Senior EVP and Chief Operating Officer. His leadership has been pivotal in the bank's mission-critical functions and overall success, according to President & CEO Christopher M. Courtney. The bank operates 17 branches and has recently received regulatory approval to open a new office in Roseville in the first quarter of 2022.
On November 1, 2021, Gary Strong joined the Boards of Directors of Oak Valley Bancorp (NASDAQ: OVLY) and its subsidiary, Oak Valley Community Bank. Strong, the CEO of the American Red Cross for the California Gold Country Region since 2015, brings extensive experience in finance and community leadership. He aims to enhance the bank’s growth in the Sacramento Region. The bank is set to open a new office in Roseville in Q1 2022, expanding its 17 branches across California, offering comprehensive financial services to individuals and small businesses.
Oak Valley Bancorp (NASDAQ: OVLY) reported a consolidated net income of $4,554,000 ($0.56 per diluted share) in Q3 2021, marking a 15% increase from Q2 2021. Year-to-date net income reached $12,870,000 ($1.57 EPS), up 42.4% from $9,038,000 in 2020. Key drivers included increased income from Paycheck Protection Program (PPP) loans totaling $7,472,000 year-to-date. Despite robust asset growth to $1.86 billion, gross loans decreased by $71.8 million compared to Q2 2021. Non-performing assets dropped to zero.