Oak Valley Q1 2023 Earnings Report
Key Takeaways
Oak Valley Bancorp reported a net income of $9.23 million for Q1 2023, a slight decrease compared to the previous quarter but a significant increase compared to the same period last year. The increase in net income compared to the same period a year ago was attributable to rising net interest income resulting from increased yields on earning assets, triggered by FOMC rate hikes, and growth of our investment and loan portfolios.
Net income for Q1 2023 was $9.23 million, or $1.12 per diluted share.
Net interest income increased to $19.54 million, driven by rising yields on earning assets and portfolio growth.
Non-interest income rose to $1.66 million, boosted by fee income from CDARS and a gain on sale of investment securities.
Total assets stood at $1.94 billion, with gross loans at $926.8 million and total deposits at $1.77 billion.
Oak Valley
Oak Valley
Forward Guidance
The press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Positive Outlook
- possible future financial condition
- assumed future financial condition
- possible results of operations
- assumed results of operations
- possible business
Challenges Ahead
- fluctuations in interest rates
- government policies and regulations (including monetary and fiscal policies)
- legislation
- economic conditions, including increased energy costs in California
- credit quality of borrowers