Oak Valley Bancorp Q3 net income rises sequentially on higher net interest income
Oak Valley Bancorp Q3 net income rises sequentially on higher net interest income
Overview
California community bank's Q3 net income and EPS rose from prior quarter, down yr/yr
Net interest income and margin increased both sequentially and yr/yr
Non-interest expense declined from prior quarter due to one-time benefit expense previously recorded
Outlook
Oak Valley Bancorp did not provide specific financial guidance for upcoming quarters or full year in its press release
Result Drivers
NET INTEREST INCOME - Co said Q3 net income rose from prior quarter mainly due to higher net interest income driven by growth in average earning assets and increased yield
NON-INTEREST EXPENSE - Co said Q3 non-interest expense declined from prior quarter due to one-time benefit expense for accelerated vesting of restricted stock awards recorded previously
NON-INTEREST INCOME - Co said Q3 non-interest income increased from prior quarter, mainly due to higher debit card transaction fee income and dividends from Federal Home Loan Bank
Company press release: ID:nGNX5gS8gz
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS |
| $0.77 |
|
Q3 Net Income |
| $6.45 mln |
|
Q3 Net Interest Income |
| $19.80 mln |
|
Q3 Net Interest Margin |
| 4.24% |
|
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)