Oak Valley Bancorp(OVLY) - 2024 Q4 - Annual Results

Financial Performance - Consolidated net income for Q4 2024 was $6,008,000, or $0.73 per diluted share, down 18.0% from $7,324,000, or $0.89 EPS in Q3 2024[2] - Year-to-date consolidated net income for 2024 totaled $24,948,000, representing a decrease of 19.1% compared to $30,848,000 in 2023[2] - Net income for 2024 was $24,948,000, a decrease of 19.4% from $30,848,000 in 2023[17] - Earnings per share (basic) decreased to $3.04 in 2024 from $3.76 in 2023, representing a decline of 19.1%[17] Income and Expenses - Net interest income for Q4 2024 was $17,846,000, an increase from $17,655,000 in Q3 2024, but a decrease from $17,914,000 in Q4 2023[4] - Net interest income fell to $70,034,000 in 2024, down 7.4% from $75,802,000 in 2023[17] - Non-interest income for Q4 2024 was $1,430,000, down from $1,846,000 in Q3 2024 and $1,755,000 in Q4 2023[6] - Non-interest expense increased to $46,017,000, up 11.5% from $41,157,000 in the previous year[17] Assets and Liabilities - Total assets were $1.90 billion as of December 31, 2024, an increase of $58.2 million from December 31, 2023[8] - Total assets grew to $1,900,604,000, an increase of 3.1% from $1,842,422,000 in 2023[17] - Gross loans increased to $1.11 billion as of December 31, 2024, up $90.0 million from the previous year[8] - Total deposits reached $1.70 billion as of December 31, 2024, an increase of $45.2 million from December 31, 2023[8] - Deposits increased to $1,695,690,000, up 2.7% from $1,650,534,000 in the prior year[17] Ratios and Returns - Average cost of funds increased to 0.78% in 2024, compared to 0.28% in 2023, impacting net interest margin which was 4.00% for Q4 2024[4][5] - Return on average equity decreased to 14.39% in 2024 from 21.87% in 2023[17] - The efficiency ratio worsened to 60.08% in 2024 compared to 49.93% in 2023[17] Stock and Dividends - The Board declared a cash dividend of $0.30 per share, amounting to approximately $2,507,000, to be paid on February 14, 2025[10] - The stock price at the end of the period was $29.25, down from $29.95 in the previous year[17] Asset Quality - Non-performing assets remained at zero for all of 2024, with the allowance for credit losses at 1.04% of gross loans as of December 31, 2024[9] - Book value per share rose to $21.95, an increase of 9.6% from $20.03 in 2023[17]