Oak Valley Bancorp, holding company of Oak Valley Community Bank based in Oakdale, recently released its third quarter financial results.
For the three months ending Sept. 30, 2017, Oak Valley’s consolidated net income was $2.4 million compared to $2.8 million for the second quarter. The consolidated net income for the third quarter of 2016 was $1.9 million.
The bank reports that the decrease is “due to one-time merger-related settlement payments that were recorded in the second quarter.” The increase year-over-year was accredited to loan growth and FOMC rate hikes.
“We are pleased to report another solid quarter,” said Chris Courtney, president and CEO of Oak Valley Bancorp. “Our vision remains steadfast — to build loyalty and lifelong relationships, based on trust and the needs of our clients.”
Courtney went on to say that clients will share their satisfaction with others, allowing Oak Valley to reach new customers and grow.
Also reported was net interest income, which was $8.6 million for the third quarter, compared to $8.4 million the prior quarter and $7.8 million for the third quarter of 2016. The net interest margin was 3.78 percent for the quarter, compared to 3.74 percent for the previous quarter and 3.73 percent in the third quarter of 2016.
Non-interest income for the third quarter was $1.2 million compared to $2 million the previous quarter. Oak Valley attributes the decrease to the merger-related settlements mentioned earlier.
Total assets reported for the third quarter were $996.7 million, down $23.8 million from the previous quarter, but up $49.7 million year-over-year.
More information about Oak Valley can be found by visiting ovcb.com.