Core Insights - Oak Valley Bancorp reported a consolidated net income of $6,008,000 for Q4 2024, a decrease from $7,324,000 in Q3 2024 and an increase from $5,865,000 in Q4 2023, with a full-year net income of $24,948,000, down 19.1% from $30,848,000 in 2023 [1][17] - The decrease in earnings was attributed to increased deposit interest expenses and general operating expenses, despite a positive variance from the reversal of credit loss provisions [1][3] Financial Performance - Net interest income for Q4 2024 was $17,846,000, slightly up from $17,655,000 in Q3 2024 but down from $17,914,000 in Q4 2023, with a full-year net interest income of $70,034,000, down from $75,802,000 in 2023 [3][17] - The average cost of funds increased to 0.78% in 2024 from 0.28% in 2023, impacting net interest margin, which was 4.00% for Q4 2024 compared to 4.15% in Q4 2023 [3][4] - Non-interest income for Q4 2024 was $1,430,000, down from $1,846,000 in Q3 2024 and $1,755,000 in Q4 2023, with full-year non-interest income totaling $6,555,000, slightly down from $6,631,000 in 2023 [5][17] Expense and Asset Management - Non-interest expenses for Q4 2024 totaled $11,548,000, up from $11,324,000 in Q3 2024 and $10,760,000 in Q4 2023, driven by increases in audit, data processing, and consulting expenses [6][17] - Total assets were $1.90 billion as of December 31, 2024, flat compared to September 30, 2024, but up $58.2 million from December 31, 2023, with gross loans increasing to $1.11 billion [7][17] Credit Quality - Non-performing assets remained at zero for 2024, with the allowance for credit losses as a percentage of gross loans decreasing to 1.04% as of December 31, 2024, from 1.07% a year prior [8][18] - The company has maintained stable credit quality despite industry concerns regarding commercial real estate [8] Shareholder Returns - The Board of Directors declared a cash dividend of $0.30 per share, amounting to approximately $2,507,000, marking the first dividend payment in 2025 [9]

Group 1 - Oak Valley Community Bank was recognized as the "2024 SBA 504 Most Active Bank" by Success Capital, highlighting its significant lending activity in several counties [1] - Rob Gildea, Vice President and Commercial Banking Officer, received the title of "2024 SBA 504 Most Active Loan Officer," reflecting his expertise and commitment to supporting small businesses [1] - The 504 Program, which Oak Valley participates in, provides loans for small business development, offering low down payment, fixed-rate financing for purchasing or building business facilities [1][4] Group 2 - The award presentation by Success Capital took place in November, with representation from various Commercial Banking Officers and executives from Oak Valley Community Bank [2] - Oak Valley Community Bank operates 18 branches across California, providing a range of loan and deposit products to individuals and small businesses [3] - Success Capital has been assisting small businesses in California since 1986, facilitating access to favorable fixed-rate financing through various loan programs, including the SBA 504 [4]

Core Insights - Oak Valley Community Bank has appointed David Skitarelic as Vice President, Commercial Banking Officer, enhancing its leadership team in the Greater Sacramento region [1][2] Group 1: Company Overview - Oak Valley Bancorp operates Oak Valley Community Bank and Eastern Sierra Community Bank, providing a range of loan and deposit products to individuals and small businesses [3] - The bank has 18 branches located in various cities including Oakdale, Turlock, Stockton, and Sacramento, among others [3] Group 2: Leadership Appointment - David Skitarelic brings 30 years of commercial banking experience in the Sacramento area to his new role, focusing on commercial lending and business development [2] - His local connections and community involvement are expected to facilitate a smooth transition and effective performance in his new position [2]

Group 1 - Oak Valley Community Bank has received approval for two AHEAD grants totaling $125,000 to support Turlock Gospel Mission and Habitat for Humanity of Tuolumne County [1][2] - The $100,000 grant will aid Turlock Gospel Mission in job creation and equipment purchase for their workforce development program, while the $25,000 grant will enhance Habitat for Humanity's communication infrastructure [2][3] - The AHEAD grants are part of a $7.3 million disbursement awarded to 84 economic development projects across Arizona, California, and Nevada, aimed at addressing community needs and providing opportunities for underserved populations [3] Group 2 - Turlock Gospel Mission, founded in 2007, provides essential services including meals, emergency shelter, and job training programs [4] - Habitat for Humanity of Tuolumne County, established in 1999, focuses on eliminating substandard housing and supporting families in becoming self-reliant homeowners [5] - Oak Valley Community Bank operates 18 branches and offers a variety of financial products to individuals and small businesses [6]

Financial Performance - Consolidated net income for Q3 2024 was $7,324,000, or $0.89 per diluted share, compared to $5,889,000, or $0.71 EPS in the prior quarter[1] - Net income for September 2024 was $18,940,000, a decrease of 24.5% from $24,983,000 in September 2023[11] - Earnings per share (EPS) - basic and diluted both stood at $2.30, down from $3.05 and $3.04 respectively in the previous year[11] - Return on average equity decreased to 14.90% from 23.71% year-over-year[11] Asset and Loan Growth - Total assets reached $1.90 billion as of September 30, 2024, an increase of $59.9 million from June 30, 2024[6] - Gross loans amounted to $1.08 billion, reflecting a $103.9 million increase year-over-year[6] - Total assets increased to $1,900,455,000 from $1,835,402,000, reflecting a growth of 3.5%[11] - Gross loans rose to $1,075,138,000, up from $971,243,000, marking an increase of 10.7%[11] Deposits and Liquidity - Total deposits were $1.69 billion, up $45.6 million from June 30, 2024[6] - Deposits grew to $1,690,301,000 compared to $1,666,548,000, indicating a rise of 1.4%[11] - The company maintains a strong liquidity position with $213.9 million in cash and cash equivalents as of September 30, 2024[6] Income and Expenses - Non-interest income for Q3 2024 was $1,846,000, an increase from $1,760,000 in the prior quarter, mainly due to unrealized gains on equity securities[5] - Non-interest income was $5,125,000, up from $4,876,000, showing an increase of 5.1%[11] - Non-interest expense decreased to $11,324,000 from $11,616,000 in the prior quarter, primarily due to lower charitable contributions and data processing expenses[5] Credit Quality - The allowance for credit losses as a percentage of gross loans increased to 1.07% at September 30, 2024, from 1.04% at June 30, 2024[7] Efficiency and Stock Performance - The efficiency ratio worsened to 58.55% from 47.48%, indicating increased operational costs[11] - Stock price at the end of the period was $26.57, up from $25.08, reflecting a growth of 5.9%[11] Interest Income and Margin - Net interest income increased to $17,655,000 in Q3 2024 from $17,292,000 in the prior quarter, attributed to earning asset growth and a 3 basis point increase in average earning asset yield[3] - The net interest margin for Q3 2024 was 4.04%, down from 4.11% in the prior quarter[3] Book Value - Book value per share increased to $22.18 from $16.29, representing a growth of 36.5%[11]

OAKDALE, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Oak Valley Community Bank (OVCB), a whollyowned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded Modesto Gospel Mission (MGM) with a 2024 AHP grant for two-million dollars. This significant funding will propel MGM's efforts to provide emergency shelter and other vital services to the neediest residents of Modesto. MGM worked collaboratively with OVCB to apply for ...

OAKDALE, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Oak Valley Community Bank (OVCB), a whollyowned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded Modesto Gospel Mission (MGM) with a 2024 AHP grant for two-million dollars. This significant funding will propel MGM's efforts to provide emergency shelter and other vital services to the neediest residents of Modesto. MGM worked collaboratively with OVCB to apply for ...

Exhibit 99.1 OAK VALLEY BANCORP REPORTS 2nd QUARTER RESULTS AND ANNOUNCES CASH DIVIDEND "Our earnings performance reflects our consistent and prudent approach to managing our business. We continue to focus on relationship-based core deposit growth which enables us to maintain our lending activity and enhance profitability," stated Rick McCarty, President and Chief Operating Officer. Total assets were $1.84 billion at June 30, 2024, an increase of $34.1 million over March 31, 2024 and a decrease of $21.2 mil ...

SIX MONTHS ENDED JUNE 30, (1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%. (2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%. A marginal federal/state combined tax rate of 29.56%, was used for applicable revenue. Total assets were $1.84 billion at June 30, 2024, an increase of $34.1 million over March 31, 2024 and a decrease of $21.2 million from June 30, 2023. Gross loans were $1.07 billion at June 30, 2024, an increase o ...

Core Points - Ronald C. Martin will retire from the Boards of Directors of Oak Valley Bancorp and Oak Valley Community Bank effective June 30, 2024 [1] - Martin has been with Oak Valley Community Bank since its inception in 1992, serving as President and CEO until 2013, and continued as a Director for ten years thereafter [2] - Martin's leadership was crucial in establishing the bank and building shareholder confidence during its early years [3] Company Overview - Oak Valley Bancorp operates Oak Valley Community Bank and Eastern Sierra Community Bank, providing various loan and deposit products to individuals and small businesses [4] - The company has 18 branches located in various cities including Oakdale, Turlock, Stockton, and several others in the Eastern Sierra division [4]