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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.
On December 15, 2020, Lynn Reeves Dickerson was appointed to the Board of Directors of Oak Valley Bancorp (NASDAQ: OVLY), effective January 5, 2021. Dickerson, who has been the CEO of the Gallo Center for the Arts since 2009, brings extensive experience from her 29-year career in the newspaper industry, including roles as Publisher & President of The Modesto Bee and Vice President of Operations at McClatchy Company. She expressed excitement about joining the Board and contributing to the company's growth and success.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced the appointment of Kim Parco as Vice President and Commercial Loan Officer at the Tracy Branch. With over 30 years of commercial banking experience, Parco will handle commercial and agricultural lending, SBA loans, and relationship management. Her extensive knowledge of the local market has been highlighted as a key asset. Oak Valley Bancorp operates multiple branches and offers a variety of loan and deposit products for individuals and small businesses.
Oak Valley Community Bank has been awarded the title of “Most Active SBA 504 Lending Partner” by Success Capital for 2020, marking the fifth consecutive year the bank has received this honor. The bank facilitated nearly $8 million in loans, contributing to over $21 million in funded projects across five counties. Additionally, Mike Garcia received recognition for the “Largest SBA 504 Loan.” These awards reflect Oak Valley's commitment to supporting the local small business community and highlight the efforts of its dedicated staff.
Oak Valley Community Bank, part of Oak Valley Bancorp (NASDAQ: OVLY), welcomes Rob Gildea as Vice President, Commercial Loan Officer, based in the Stockton – Brookside Branch. With over 30 years in the banking industry and 15 years in commercial relationship management, Gildea will enhance commercial lending and business development in the Stockton area. His proven expertise is expected to support the growth of business clients and the bank's success, according to Gary Stephens, EVP Commercial Banking Group.
Oak Valley Bancorp (NASDAQ: OVLY) announced its financial results for Q3 2020, reporting a net income of $3,748,000, or $0.46 per diluted share, up from $2,581,000 in Q2 2020. Year-to-date net income reached $9,038,000, a slight decline of 2.8% from 2019. The bank's success was driven by a reduction in loan loss provisions to $193,000 and significant income from $244 million in Paycheck Protection Program loans. Total assets stood at $1.45 billion, with gross loans increasing to $1.03 billion. Non-performing assets improved to 0.06% of total assets, reinforcing credit quality stability.
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced the hiring of Pamela Swift as Vice President and Branch Manager at the Modesto-Dale Road Branch. Swift brings over 30 years of banking experience and is expected to enhance business development and deposit growth in the Modesto area. She has received numerous awards, including the Presidential Circle of Excellence. Oak Valley operates 17 branches, providing various loan and deposit products to individuals and small businesses in the region.
Oak Valley Bancorp (OVLY) reported unaudited consolidated net income of $2,581,000 or $0.32 per diluted share for Q2 2020, down from $2,963,000 or $0.37 EPS year-over-year. Year-to-date net income also decreased to $5,290,000, a 12.8% decline compared to 2019. Contributing factors include $1.86 million in loan loss provisions due to COVID-19 and reduced asset yields from FOMC rate cuts. However, the company saw an increase in loan interest income, boosted by $235 million in Paycheck Protection Program loans. A cash dividend of $0.14 per share will be paid on August 14, 2020.
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