Core Insights - Oak Valley Bancorp reported a consolidated net income of $6,008,000 for Q4 2024, a decrease from $7,324,000 in Q3 2024 and an increase from $5,865,000 in Q4 2023, with a full-year net income of $24,948,000, down 19.1% from $30,848,000 in 2023 [1][17] - The decrease in earnings was attributed to increased deposit interest expenses and general operating expenses, despite a positive variance from the reversal of credit loss provisions [1][3] Financial Performance - Net interest income for Q4 2024 was $17,846,000, slightly up from $17,655,000 in Q3 2024 but down from $17,914,000 in Q4 2023, with a full-year net interest income of $70,034,000, down from $75,802,000 in 2023 [3][17] - The average cost of funds increased to 0.78% in 2024 from 0.28% in 2023, impacting net interest margin, which was 4.00% for Q4 2024 compared to 4.15% in Q4 2023 [3][4] - 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, with full-year non-interest income totaling $6,555,000, slightly down from $6,631,000 in 2023 [5][17] Expense and Asset Management - Non-interest expenses for Q4 2024 totaled $11,548,000, up from $11,324,000 in Q3 2024 and $10,760,000 in Q4 2023, driven by increases in audit, data processing, and consulting expenses [6][17] - Total assets were $1.90 billion as of December 31, 2024, flat compared to September 30, 2024, but up $58.2 million from December 31, 2023, with gross loans increasing to $1.11 billion [7][17] Credit Quality - Non-performing assets remained at zero for 2024, with the allowance for credit losses as a percentage of gross loans decreasing to 1.04% as of December 31, 2024, from 1.07% a year prior [8][18] - The company has maintained stable credit quality despite industry concerns regarding commercial real estate [8] Shareholder Returns - The Board of Directors declared a cash dividend of $0.30 per share, amounting to approximately $2,507,000, marking the first dividend payment in 2025 [9]
Oak Valley Bancorp Reports 4th Quarter Results and Announces Cash Dividend