Oak Valley Bancorp(OVLY) - 2025 Q3 - Quarterly Results

Financial Performance - Consolidated net income for Q3 2025 was $6,693,000, or $0.81 per diluted share, compared to $5,588,000, or $0.67 EPS in the prior quarter, and $7,324,000, or $0.89 EPS a year ago [3][4]. - Net income for the nine months ended September 30, 2025, was $17,578,000, down from $18,940,000 in 2024, reflecting a decrease of 7.2% [18]. - Earnings per share (basic) decreased to $2.13 in 2025 from $2.30 in 2024, a decline of 7.4% [18]. - Return on average equity decreased to 12.71% in 2025 from 14.90% in 2024 [18]. - The return on average common equity improved to 14.30% in Q3 2025 from 12.21% in the prior quarter [15]. Income Sources - Net interest income increased to $19,197,000 in Q3 2025 from $18,154,000 in the prior quarter and $17,655,000 a year ago, attributed to average earning asset growth and rising loan yields [5]. - Non-interest income for Q3 2025 was $1,973,000, up from $1,703,000 in the prior quarter and $1,846,000 a year ago, driven by a one-time gain from a life insurance policy redemption [6]. - Net interest income for the nine months ended September 30, 2025, was $55,158,000, an increase from $52,188,000 in 2024, representing a growth of 3.7% [18]. Assets and Liabilities - Total assets reached $2.00 billion as of September 30, 2025, an increase of $74.5 million from June 30, 2025, and $95.0 million from September 30, 2024 [8]. - Gross loans were $1.11 billion at September 30, 2025, reflecting an increase of $3.0 million from the prior quarter and $37.7 million from a year ago [8]. - Total deposits increased to $1.77 billion as of September 30, 2025, up by $63.6 million from the prior quarter and $84.6 million from the same period last year [8]. - Total assets increased to $1,995,416,000 in 2025 from $1,900,455,000 in 2024, marking a growth of 5.0% [18]. - Deposits rose to $1,774,882,000 in 2025, up from $1,690,301,000 in 2024, indicating an increase of 5.0% [18]. Operational Efficiency - The efficiency ratio increased to 61.00% in 2025 from 58.24% in 2024, suggesting a decline in operational efficiency [18]. - The allowance for credit losses as a percentage of gross loans was 1.03% at September 30, 2025, unchanged from the prior quarter and down from 1.07% a year ago [9]. - Non-performing assets remained at zero as of September 30, 2025, consistent with all of 2025 and 2024 [9]. Growth and Expansion - The company opened its 19th full-service branch in Lodi on October 2, 2025, as part of its growth strategy [7]. - The number of full-time equivalent staff increased to 237 in 2025 from 222 in 2024, indicating a growth of 6.8% [18]. Stock Performance - The stock price at the end of the period was $28.17, up from $26.57 in 2024, reflecting an increase of 6.0% [18]. - Book value per share increased to $23.63 in 2025 from $22.18 in 2024, representing a growth of 6.5% [18].