Oak Valley Bancorp Reports 4th Quarter Results and Announces Cash Dividend
OAKDALE, Calif., Jan. 19, 2024 (GLOBE NEWSWIRE) — Oak Valley Bancorp (NASDAQ:OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended December 31, 2023, consolidated net income was $5,865,000 or $0.71 per diluted share (EPS), as compared to $7,354,000, or $0.89 EPS, for the prior quarter and $9,475,000, or $1.15 EPS for the same period a year ago. Consolidated net income for the year ended December 31, 2023, totaled $30,848,000, or $3.75 EPS, representing an increase of 34.7% compared to $22,902,000, or $2.79 EPS for 2022. The decrease in QTD earnings is mainly due to a credit loss provision of $1,130,000 recorded during the fourth quarter, and an increase in deposit interest expense. The increase in YTD earnings is mainly due to rising net interest income driven by higher yields on earning assets.