Oak Valley Bancorp [ca] ( (OVLY) ) has released its Q2 earnings. Here is a breakdown of the information Oak Valley Bancorp [ca] presented to its investors.
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Oak Valley Bancorp, a bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, operates in the financial sector offering a range of loan and deposit products across California. The company recently released its second-quarter earnings report, showcasing a slight increase in net income compared to the previous quarter, driven by loan growth and higher interest income. However, year-over-year comparisons show a decrease in net income due to rising deposit interest expenses and operating costs. Key financial metrics from the report include a net interest income of $18.15 million and a net interest margin of 4.11%. The company’s total assets stood at $1.92 billion, with gross loans increasing to $1.11 billion. Despite a slight quarterly decline in deposits, the year-over-year deposit growth remains positive. The company maintained zero non-performing assets, reflecting strong credit quality. Looking ahead, Oak Valley Bancorp remains focused on expanding its loan portfolio and maintaining a robust balance sheet, with plans to open a new branch later this year.