Oak Valley Bancorp reported consolidated net income of $6,008,000, or $0.73 per diluted share, for the three months ended December 31, 2024. This compares to $7,324,000, or $0.89 EPS, for the prior quarter. For the full year 2024, consolidated net income totaled $24,948,000, or $3.02 EPS, representing a decrease of 19.1% compared to $30,848,000, or $3.75 EPS, for 2023.
The decrease in full-year earnings was primarily due to an increase in deposit interest expense and general operating expenses. Net interest income for the fourth quarter was $17,846,000, and $70,034,000 for the full year 2024. The net interest margin for the fourth quarter was 4.00%, and 4.07% for the full year, both showing declines compared to prior periods due to increased deposit interest expense.
Despite the earnings decline, the company maintained strong asset quality with non-performing assets remaining at zero as of December 31, 2024. Gross loans increased by $31.4 million from the prior quarter to $1.11 billion. The Board of Directors declared a cash dividend of $0.30 per share of common stock, payable on February 14, 2025, to shareholders of record on February 3, 2025.
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