Oak Valley Bancorp reported unaudited consolidated financial results for the first quarter ended March 31, 2025, with consolidated net income of $5,297,000, or $0.64 per diluted share. This represents a decrease compared to $6,008,000, or $0.73 EPS, for the prior quarter, primarily due to an increase in operating expenses.
Net interest income for the first quarter was $17,807,000. Despite a Federal Open Market Committee rate cut in December 2024, the net interest margin increased to 4.09% for the quarter, up from 4.00% in the prior quarter, partially due to a decline in deposit interest expense and a decrease in the average cost of funds to 0.79%.
The company maintained strong asset quality, with non-performing assets remaining at zero as of March 31, 2025. Total assets increased to $1.92 billion, and total deposits grew to $1.71 billion. Gross loans saw a modest decrease of $15.6 million from the prior quarter, which management noted as a small reduction generally expected at the beginning of the year.
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