Oak Valley Bancorp Q3 net income rises sequentially on higher net interest income
OVLY•Oak Valley Bancorp’s third-quarter net income rose from the prior quarter to $6.45 million, while earnings per share were $0.77. Net interest income was $19.80 million and net interest margin was 4.24%; net income and EPS were down year over year.
1. Quarterly results
Oak Valley Bancorp said third-quarter net income and EPS increased from the prior quarter but declined year over year. Net interest income was $19.80 million, net interest margin was 4.24%, and net income was $6.45 million, or $0.77 per share. The company attributed the sequential net income increase mainly to higher net interest income, driven by growth in average earning assets and increased yield.
2. Other income and expenses
Non-interest expense declined from the prior quarter because an expense for accelerated vesting of restricted stock awards had been recorded previously. Non-interest income increased, mainly on higher debit card transaction fee income and dividends from the Federal Home Loan Bank. The company provided no specific financial guidance for upcoming quarters or the full year.
