Oak Valley Bancorp Reports 2nd Quarter Results and Announces Cash Dividend
OAKDALE, Calif., July 21, 2022 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended June 30, 2022, consolidated net income was $4,258,000, or $0.52 per diluted share (EPS), as compared to $2,369,000, or $0.29 EPS, for the prior quarter and $3,960,000, or $0.48 EPS, for the same period a year ago. Consolidated net income for the six months ended June 30, 2022 was $6,627,000, or $0.81 EPS, compared to $8,316,000 or $1.02 EPS for the same period of 2021. The increase in second quarter net income compared to the prior quarters was due to an increase in net interest income driven by strong growth in our loan and investment portfolios, combined with higher yields on earning assets. The decrease in year-to-date results is attributable to a reduction in Paycheck Protection Program (“PPP”) loan interest and fee income from $4,793,000 in 2021 to $749,000 in 2022.
Oak Valley Bancorp Reports 2nd Quarter Results and Announces Cash Dividend
OAKDALE, Calif., July 21, 2022 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended June 30, 2022, consolidated net income was $4,258,000, or $0.52 per diluted share (EPS), as compared to $2,369,000, or $0.29 EPS, for the prior quarter and $3,960,000, or $0.48 EPS, for the same period a year ago. Consolidated net income for the six months ended June 30, 2022 was $6,627,000, or $0.81 EPS, compared to $8,316,000 or $1.02 EPS for the same period of 2021. The increase in second quarter net income compared to the prior quarters was due to an increase in net interest income driven by strong growth in our loan and investment portfolios, combined with higher yields on earning assets. The decrease in year-to-date results is attributable to a reduction in Paycheck Protection Program (“PPP”) loan interest and fee income from $4,793,000 in 2021 to $749,000 in 2022.