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Oak Valley Bancorp (CA) (OVLY-5.91%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports total assets of $1.90 billion as of December 31, 2024, an increase of 3.2% from $1.84 billion at the end of 2023. Total deposits increased to $1.70 billion, up 2.7% from the previous year.
Net loans increased by 8.9% to $1.09 billion, with commercial real estate loans making up 87% of the loan portfolio. The allowance for credit losses was $11.46 million, or 1.04% of total loans.
Net interest income decreased by 7.6% to $70.0 million due to rising interest rates on deposit accounts. The net interest margin decreased to 4.07% from 4.33% in the previous year.
Noninterest income decreased slightly to $6.56 million, with service charges on deposits and debit card transaction fees contributing significantly.
Noninterest expenses increased by 11.8% to $46.0 million, primarily due to staffing increases and general operating costs.
The company reported a net income of $24.9 million, down from $30.8 million in 2023, resulting in earnings per diluted share of $3.02.
The filing details various financial activities, including investments in securities and loans, with a focus on maintaining liquidity and managing interest rate risks.
Oak Valley Bancorp continues to focus on expanding its branch network and loan portfolio while managing operational costs and credit risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oak Valley Bancorp (CA) annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.