Core Viewpoint - Oak Valley Bancorp reported a decrease in net income for Q1 2025 primarily due to increased operating expenses, despite a stable net interest margin and growth in total assets and deposits [1][2][6]. Financial Performance - Consolidated net income for Q1 2025 was $5,297,000, or $0.64 per diluted share, down from $6,008,000, or $0.73 EPS in the previous quarter and $5,727,000, or $0.69 EPS a year ago [1]. - Net interest income for Q1 2025 was $17,807,000, slightly down from $17,846,000 in the prior quarter but up from $17,241,000 a year ago [3]. - Non-interest income increased to $1,613,000 in Q1 2025 from $1,430,000 in the previous quarter and $1,519,000 a year ago, driven by positive changes in the fair value of equity securities [4]. - Non-interest expenses rose to $12,624,000 in Q1 2025 from $11,548,000 in the previous quarter and $11,529,000 a year ago, mainly due to staffing and operational costs [5]. Balance Sheet Highlights - Total assets reached $1.92 billion as of March 31, 2025, an increase of $23.8 million from December 31, 2024, and $118.6 million from March 31, 2024 [6]. - Gross loans were $1.09 billion, a decrease of $15.6 million from December 31, 2024, but an increase of $51.4 million from March 31, 2024 [6]. - Total deposits increased to $1.71 billion, up by $17.9 million from December 31, 2024, and $101.2 million from March 31, 2024 [6]. - The liquidity position remained strong with cash and cash equivalents of $209.3 million, an increase of $40.5 million from December 31, 2024 [6]. Credit Quality - Non-performing assets remained at zero as of March 31, 2025, consistent with previous periods [7]. - The allowance for credit losses as a percentage of gross loans was 1.05%, stable compared to 1.04% at the end of the previous quarter and 1.05% a year ago [7]. Operational Overview - Oak Valley Bancorp operates through 18 branches and plans to open a 19th branch in Lodi later this year [8].
Oak Valley Bancorp Reports 1st Quarter Results