Oak Valley Q2 2023 Earnings Report

Reported solid results driven by strategic yield increase through investments and loans, resulting in margin expansion and profitability.

Key Takeaways

Oak Valley Bancorp reported a net income of $8,404,000, or $1.02 per diluted share, for the second quarter of 2023. The decrease in second quarter net income compared to the prior quarter was primarily due to a $460,000 reversal of loan loss provision in the first quarter of 2023 and an increase in non-interest expense during the second quarter. The company strategically capitalized on opportunities to increase yield through investments and loans, fueling margin expansion and profitability.

Net income was $8,404,000, or $1.02 per diluted share.

Net interest income was $19,407,000.

Total assets were $1.86 billion.

Non-performing assets remained at zero.

Total Revenue

$21.1M

Previous year: $14.6M