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Mar 31, 2022
Oak Valley Q1 2022 Earnings Report
Oak Valley Bancorp reported a decrease in net income for Q1 2022, primarily due to reduced PPP loan interest and fee income.
Key Takeaways
Oak Valley Bancorp reported a net income of $2,369,000, or $0.29 per diluted share, for the first quarter of 2022. This is a decrease compared to the prior quarter and the same period last year, primarily due to a decrease in Paycheck Protection Program (PPP) loan interest and fee income.
Net income for Q1 2022 was $2,369,000, or $0.29 per diluted share, down from $3,466,000 in the previous quarter and $4,357,000 in the same period last year.
The decrease in net income was primarily due to a reduction in PPP loan interest and fee income.
Net interest income for Q1 2022 was $10,958,000, compared to $11,309,000 in the prior quarter, and $12,242,000 in the same period a year ago.
Total assets were $1.95 billion at March 31, 2022, a decrease of $18.5 million from December 31, 2021 and an increase of $280.6 million over March 31, 2021.
Oak Valley
Oak Valley
Forward Guidance
As PPP loans continue to pay down, PPP related revenue also subsides. The resulting impact has been higher cash balances and a reduction in net interest margin. The high cash balances leave us well positioned to take advantage of rising rates as we deploy funds into loans and investment securities.