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Mar 31, 2024
Oak Valley Q1 2024 Earnings Report
Reported a decrease in net income due to increased deposit interest expense, partially offset by loan growth.
Key Takeaways
Oak Valley Bancorp reported a net income of $5,727,000, or $0.69 per diluted share, for the first quarter of 2024. This represents a decrease compared to the prior quarter and the same period last year, primarily due to increased deposit interest expense. Loan growth partially offset the impact of higher funding costs.
Net income decreased compared to prior periods due to an increase in deposit interest expense.
Average cost of funds increased to 68 bps as of March 31, 2024.
Loan growth of $22.9 million over the prior quarter partially offset the increased cost of funds.
Non-performing assets remained at zero as of March 31, 2024.
Forward Guidance
This 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. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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