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Jun 30, 2023
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.