Oak Valley Bancorp Q2 net income falls as operating costs rise

Overview

• US community bank's Q2 net income and EPS declined from both prior year and quarter

• Q2 net interest income rose year-over-year, driven by loan growth and higher loan yields

• Non-interest expense increased due to higher staffing and operating costs

Outlook

• Company did not provide specific financial guidance for future quarters or the full year

Result Drivers

• LOAN GROWTH HIGHER YIELDS - Co said net interest income rose due to loan growth and increased loan yields

• HIGHER OPERATING COSTS - Non-interest expense rose due to staffing and general operating costs tied to growth and branch expansion

• LOWER NON-INTEREST INCOME - Decline in non-interest income mainly due to absence of prior quarter's special dividend and fair value changes in a limited partnership investment

Company press release: ID:nGNXjyS76

Key Details

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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.)