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Dec 31, 2022
Oak Valley Q4 2022 Earnings Report
Reported a strong fourth quarter with increased net income and net interest income.
Key Takeaways
Oak Valley Bancorp reported a strong fourth quarter with net income of $9.475 million, or $1.15 per diluted share, driven by rising net interest income and a loan loss provision reversal of $1,550,000. Net interest income increased to $19.113 million, and the net interest margin expanded to 4.09%. Total assets reached $1.97 billion, and gross loans totaled $915.8 million.
Net income for Q4 2022 was $9.475 million, or $1.15 per diluted share, compared to $3.466 million, or $0.42 EPS, for the same period a year ago.
Net interest income increased to $19.113 million from $11.309 million in Q4 2021, driven by increased yields on earning assets.
A loan loss provision reversal of $1,550,000 was recorded during the fourth quarter.
Total assets reached $1.97 billion, and gross loans totaled $915.8 million as of December 31, 2022.
Oak Valley
Oak Valley
Forward Guidance
This 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. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors, and competition in the geographic and business areas in which the company conducts its operations.
- All forward-looking statements included in this press release are based on information available at the time of the release
- The Company assumes no obligation to update any forward-looking statement.