Wed, Aug 14, 5:53 PM (153 days ago)
For the second quarter of 2024, Oak Valley Bancorp reported a net income of $5,889,000, a decrease from $8,404,000 in Q2 2023, attributed to increased interest expenses and operational costs. Net interest income declined by $2,115,000 to $17,292,000, largely due to rising deposit interest rates, while non-interest income rose slightly by $105,000. Non-interest expenses increased significantly by $1,554,000, reflecting higher staffing costs and operational overhead. Total assets decreased marginally by 0.1% to $1,840,521,000, with net loans increasing by 5.3% to $1,057,598,000. The allowance for credit losses rose to $11,121,000 from $10,896,000, maintaining a stable credit quality with no non-performing loans reported. The company’s capital ratios remained robust, exceeding regulatory requirements. Liquidity levels were adequate, with cash and equivalents at $180,300,000. The bank's strategy focuses on enhancing shareholder value while managing risks associated with interest rate fluctuations and economic uncertainties. Overall, the financial health indicates challenges primarily from external economic pressures rather than internal operational issues.