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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 received regulatory approval to open its 18th full-service branch in Roseville, California. The new location at 1478 Stone Point Drive is set to launch in Q1 2022. This branch will offer a range of personal and commercial banking services, including a traditional ATM and night deposit services. President Chris Courtney emphasized that this expansion will enhance service convenience for clients in the greater Sacramento area and provide first-class banking services to new customers.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Shaun Smith as Assistant Vice President and Branch Manager at their Modesto location. Smith brings valuable banking experience, having previously managed branch operations and business development. His background includes service as a police officer and Chief of Police in Cleveland, Missouri, where he received a Life Saving Award. Oak Valley Bancorp operates 17 branches and offers various loan and deposit products to individuals and small businesses.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Mona Dmitrenko as Vice President, Commercial Loan Officer, based in Sacramento. Dmitrenko brings 30 years of banking experience with a focus on commercial and agribusiness lending. The bank is exploring expansion opportunities in the Greater Sacramento region, leveraging her expertise. Oak Valley operates 17 branches, providing various loan and deposit products.
Oak Valley Bancorp (NASDAQ: OVLY) reported a consolidated net income of $3,960,000 ($0.48 per diluted share) for Q2 2021, down from $4,357,000 ($0.53 EPS) in Q1 2021, but up from $2,581,000 ($0.32 EPS) YOY. Year-to-date net income reached $8,316,000 ($1.02 EPS), marking a 57.2% increase from last year. The company declared a cash dividend of $0.145 per share, payable on August 13, 2021. Total assets grew to $1.76 billion, with total deposits at $1.61 billion, reflecting strong community banking relationships.
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Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), has appointed Thomas (T.J.) Keshishian as Vice President and Branch Manager at the East Sonora Branch. With six years of banking experience and a Pinnacle Award in 2019, Keshishian is expected to enhance business development and operations. He is a member of the Sierra Professional Association and is actively involved in community activities. Oak Valley Bancorp operates 17 branches, offering various loan and deposit products for individuals and small businesses.
Oak Valley Bancorp (NASDAQ: OVLY) reported first-quarter 2021 net income of $4,357,000 ($0.53 EPS), down from $4,649,000 ($0.57 EPS) in the prior quarter. Year-over-year, this figure increased from $2,709,000 ($0.33 EPS). The decrease was due to a prior loan loss provision reversal. Net interest income rose to $12,242,000, aided by $2,590,000 from Paycheck Protection Program (PPP) loans. Total assets reached $1.67 billion, a $153.9 million increase from the prior quarter. The allowance for loan losses decreased to 1.10%. Non-performing assets stood at $362,000, up from zero NPA last quarter.
Oak Valley Bancorp (NASDAQ: OVLY) reported impressive financial results for Q4 2020, with net income reaching $4.65 million or $0.57 per share, up from $3.75 million or $0.46 in the previous quarter. Annual net income increased by 9.6% to $13.69 million or $1.68 per share, aided by $244 million in PPP loans that generated $2.15 million in income for the quarter. Non-performing assets were reduced to zero, and total assets grew to $1.51 billion.
Oak Valley Bancorp (NASDAQ: OVLY) has promoted Mike Garcia and Jeff Hushaw to Senior Vice President, Commercial Lending. Both have significantly contributed to the bank's commercial loan portfolio growth. Garcia, with nearly 20 years of experience, has been recognized for facilitating the largest SBA 504 loans in 2019 and 2020. Hushaw brings over 30 years of lending experience to the firm. Oak Valley operates through 17 branches and offers various loan and deposit products to individuals and small businesses throughout Central Valley.
Oak Valley Bancorp (NASDAQ: OVLY) has announced the promotions of Julie DeHart and Cathy Ghan to Executive Vice Presidents in their respective divisions. DeHart, who joined in 2005, has demonstrated leadership in Retail Banking, while Ghan, who joined in 2007, has been integral to the Commercial Real Estate department's expansion. Both executives have extensive experience and community involvement, reflecting the bank's commitment to growth and service. Oak Valley operates 17 branches across California, offering diverse financial products to individuals and businesses.