Loading...
•
Sep 30, 2020
Oak Valley Q3 2020 Earnings Report
Reported record third quarter results driven by decrease in loan loss provision and Paycheck Protection Program (PPP) loans.
Key Takeaways
Oak Valley Bancorp reported a consolidated net income of $3,748,000, or $0.46 per diluted share, for the three months ended September 30, 2020. The increase in net income was primarily due to a decrease in loan loss provision and income from Paycheck Protection Program (PPP) loans.
Net income increased due to a decrease in loan loss provision to $193,000.
Loan interest and fee income from PPP loans totaled $1,478,000.
Net interest income increased to $11,455,000.
Total assets reached $1.45 billion.
Oak Valley
Oak Valley
Forward Guidance
The company's focus is now on delivering first-class service and forging long-term relationships with new clients.