Tue, May 14, 6:00 PM (73 days ago)
Oak Valley Bancorp’s Form 10-Q for the quarter ended March 31, 2024, highlights a decline in net income to $5.7 million from $9.2 million in Q1 2023. This decrease is attributed to higher interest expenses on deposits, increased operating expenses, and a prior year reversal of credit loss provisions. Net interest income fell by $2.3 million or 11.8%, primarily due to rising deposit rates. Non-interest income dropped by $136,000 or 8.2%, largely due to changes in the fair value of equity securities. Non-interest expenses rose by $1.8 million or 18.2%, driven by higher staffing costs and general operating expenses. Total assets decreased by $36.7 million or 2.0%, while deposits fell by $38.1 million or 2.3%. The company's liquidity remains strong, with a liquid asset ratio of 24.4%. The allowance for credit losses increased slightly to $10.9 million, maintaining robust credit quality with no non-performing loans. The company remains well-capitalized, with capital ratios exceeding regulatory requirements.