Oak Valley Q4 2023 Earnings Report
Key Takeaways
Oak Valley Bancorp reported a net income of $5,865,000 for Q4 2023, a decrease compared to the previous quarter and the same period last year. However, the company achieved historic annual earnings, driven by rising net interest income from higher yields on earning assets. Total assets reached $1.84 billion, and gross loans amounted to $1.02 billion.
Q4 net income was $5,865,000, or $0.71 per diluted share.
Net interest income for Q4 was $17,914,000.
Total assets stood at $1.84 billion as of December 31, 2023.
Gross loans reached $1.02 billion as of December 31, 2023.
Oak Valley
Oak Valley
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. 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
- 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.