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Dec 31, 2020
Oak Valley Q4 2020 Earnings Report
Oak Valley Bancorp reported an increase in net income due to Paycheck Protection Program (PPP) loans and a reversal of loan loss provision.
Key Takeaways
Oak Valley Bancorp reported a net income of $4,649,000, or $0.57 per diluted share, for the fourth quarter of 2020. The increase in net income was primarily due to PPP loan interest and fee income, as well as a loan loss provision reversal. The company's total assets reached $1.51 billion, and total deposits were $1.37 billion.
Net income increased to $4,649,000, or $0.57 per diluted share, compared to $3,191,000, or $0.39 EPS, for the same period a year ago.
PPP loans contributed $2,150,000 in loan interest and fee income during the fourth quarter.
A loan loss provision reversal of $338,000 was recorded due to non-accrual loans decreasing to a zero balance.
Total assets reached $1.51 billion, and total deposits were $1.37 billion.
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.
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