From GlobeNewswire:

Oak Valley Bancorp reported unaudited consolidated financial results for the three months ended December 31, 2023. Consolidated net income for the quarter was $5,865,000 or $0.71 per diluted share (EPS), 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. Net interest income was $17,914,000 and $75,802,000 for the fourth quarter and year ending December 31, 2023, respectively, compared to $18,938,000 and $60,076,000 for the same periods in 2022. Non-performing assets remained at zero and the allowance for credit losses as a percentage of gross loans increased to 1.07% at December 31, 2023. The Board of Directors declared the payment of a cash dividend of $0.225 per share of common stock to its shareholders of record at the close of business on January 29, 2024. Total assets were $1.84 billion at December 31, 2023.

The bank holding company for Oak Valley Community Bank reported historic earnings and performance for the year ended December 31, 2023. Net interest income of $75,802,000 for 2023 contributed to an increase of 34.7% in consolidated net income compared to (2022) as it totalling $30,848,000. The bank operates through 18 convenient locations, serving individuals and small businesses. Gross loans increased by $100.8 million year-over-year to reach $1.02 billion as of December 31, 2023, and total assets were reported as $1.84 billion. The Company’s liquidity position is strong, with $216 million in cash and cash equivalents at December 31, 2023, backed by ample lines of credit, which have had no outstanding advances during the last two years. Visit www.ovcb.com for more information.



Read more: Oak Valley Bancorp Reports 4th Quarter Results and