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OAKDALE, Calif. - Oak Valley Bancorp (NASDAQ:OVLY), the parent company of Oak Valley Community Bank, reported second-quarter net income of $5.59 million, or $0.67 per diluted share, according to a press release statement. The bank, currently trading at a P/E ratio of 9.23 with a market capitalization of $227.43 million, is currently trading near its InvestingPro Fair Value.
The Q2 results represent an increase from $5.30 million, or $0.64 per share, in the first quarter, but a decrease from $5.89 million, or $0.71 per share, in the same period last year.
Net interest income rose to $18.15 million in the second quarter, up from $17.81 million in the previous quarter and $17.29 million a year ago. The company attributed this growth to increased average earning asset balances and improved loan yields.
Gross loans grew by $18.90 million during the quarter to reach $1.11 billion, while total assets stood at $1.92 billion as of June 30, a slight decrease of $3.5 million from March 31.
Total deposits were $1.71 billion, down $2.4 million from the previous quarter but up $66.5 million compared to June 30, 2024.
Non-performing assets remained at zero, continuing a trend from 2024. The allowance for credit losses as a percentage of gross loans was 1.03%, slightly down from 1.05% in the previous quarter. InvestingPro analysis shows the bank maintains a "GOOD" overall financial health score, with particularly strong marks in profitability metrics. Subscribers can access 12 additional exclusive insights about Oak Valley’s financial performance.
The bank’s board declared a cash dividend of $0.30 per share, payable on August 8 to shareholders of record as of July 28. According to InvestingPro data, Oak Valley has maintained dividend payments for 12 consecutive years, with the current yield at 2.17%. The company has raised its dividend for 11 straight years, demonstrating strong commitment to shareholder returns.
Oak Valley Bancorp operates 18 branches across California, including locations in Oakdale, Turlock, Stockton, and other communities, with plans to open a 19th branch in Lodi later this year.
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