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Dec 31, 2021
Oak Valley Q4 2021 Earnings Report
Reported a decrease in net income due to lower PPP loan income, but benefited from loan and investment portfolio growth.
Key Takeaways
Oak Valley Bancorp reported a net income of $3,466,000 for the fourth quarter of 2021, a decrease compared to the previous quarter and the same period last year. The decrease was primarily due to a reduction in Paycheck Protection Program (PPP) loan interest and fee income. However, the company benefited from loan growth (excluding PPP loans) and investment portfolio growth.
Net income for Q4 2021 was $3,466,000, or $0.42 per diluted share.
Net interest income was $11,309,000 for Q4 2021.
Total assets reached $1.96 billion as of December 31, 2021.
A reversal of loan loss provisions totaling $635,000 was recognized during the fourth quarter of 2021.
Oak Valley
Oak Valley
Forward Guidance
Oak Valley Bancorp expresses optimism for future performance based on transformative balance sheet growth and industry consolidation.
Positive Outlook
- Continued focus on supporting local businesses.
- Commitment to core values in executing their mission.
- Expected benefits from loan growth.
- Expected benefits from investment portfolio growth.
- New office opening in Roseville slated for Spring 2022.
Challenges Ahead
- Fluctuations in interest rates.
- Government policies and regulations.
- Economic conditions, including increased energy costs in California.
- Credit quality of borrowers.
- Competition in the geographic and business areas.