Financial Performance - Consolidated net income for Q3 2024 was $7,324,000, or $0.89 per diluted share, compared to $5,889,000, or $0.71 EPS in the prior quarter[1] - Net income for September 2024 was $18,940,000, a decrease of 24.5% from $24,983,000 in September 2023[11] - Earnings per share (EPS) - basic and diluted both stood at $2.30, down from $3.05 and $3.04 respectively in the previous year[11] - Return on average equity decreased to 14.90% from 23.71% year-over-year[11] Asset and Loan Growth - Total assets reached $1.90 billion as of September 30, 2024, an increase of $59.9 million from June 30, 2024[6] - Gross loans amounted to $1.08 billion, reflecting a $103.9 million increase year-over-year[6] - Total assets increased to $1,900,455,000 from $1,835,402,000, reflecting a growth of 3.5%[11] - Gross loans rose to $1,075,138,000, up from $971,243,000, marking an increase of 10.7%[11] Deposits and Liquidity - Total deposits were $1.69 billion, up $45.6 million from June 30, 2024[6] - Deposits grew to $1,690,301,000 compared to $1,666,548,000, indicating a rise of 1.4%[11] - The company maintains a strong liquidity position with $213.9 million in cash and cash equivalents as of September 30, 2024[6] Income and Expenses - Non-interest income for Q3 2024 was $1,846,000, an increase from $1,760,000 in the prior quarter, mainly due to unrealized gains on equity securities[5] - Non-interest income was $5,125,000, up from $4,876,000, showing an increase of 5.1%[11] - Non-interest expense decreased to $11,324,000 from $11,616,000 in the prior quarter, primarily due to lower charitable contributions and data processing expenses[5] Credit Quality - The allowance for credit losses as a percentage of gross loans increased to 1.07% at September 30, 2024, from 1.04% at June 30, 2024[7] Efficiency and Stock Performance - The efficiency ratio worsened to 58.55% from 47.48%, indicating increased operational costs[11] - Stock price at the end of the period was $26.57, up from $25.08, reflecting a growth of 5.9%[11] Interest Income and Margin - Net interest income increased to $17,655,000 in Q3 2024 from $17,292,000 in the prior quarter, attributed to earning asset growth and a 3 basis point increase in average earning asset yield[3] - The net interest margin for Q3 2024 was 4.04%, down from 4.11% in the prior quarter[3] Book Value - Book value per share increased to $22.18 from $16.29, representing a growth of 36.5%[11]
Oak Valley Bancorp(OVLY) - 2024 Q3 - Quarterly Results