OAKDALE, Calif., April 26, 2024 (GLOBE NEWSWIRE) -- Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ:OVLY) is pleased to announce that it was named by Best Companies Group as one of 2024 Best Places to Work: Central Valley. At the same time, OVCB was recognized by Opportunity Stanislaus for "Growing the Economy" by increasing their workforce by 10% or more throughout 2023. "We are honored to be acknowledged for our growth and named one of the Best Places to Work in the Cent ...

OAK VALLEY BANCORP REPORTS 1st QUARTER RESULTS OAKDALE, CAOak Valley Bancorp (NASDAQ: OVLY) (the "Company"), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results for the first quarter of 2024. For the three months ended March 31, 2024, consolidated net income was $5,727,000, or $0.69 per diluted share (EPS). This compared to consolidated net income of $5,865,000, or $0.71 EPS, for the prior quarter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-34142 OAK VALLEY BANCORP (Exact name of registrant as specified in its charter) California 26-2326676 (State or other jurisdiction of incorporation or organiza ...

Financial Performance - The Company reported net income of $7,354,000 and $24,983,000 for the three and nine-month periods ended September 30, 2023, representing increases of 8.1% and 86.1% compared to the same periods in 2022[113]. - Return on average assets (annualized) was 1.57% and 1.76% for the three and nine-month periods ended September 30, 2023, compared to 1.35% and 0.92% for the same periods in 2022[114]. - Annualized return on average common equity was 19.85% and 23.71% for the three and nine-month periods ended September 30, 2023, compared to 21.96% and 13.79% for the same periods in 2022[114]. Net Interest Income - Net interest income increased by $2,166,000 or 12.9% and $16,925,000 or 41.3% for the three and nine-month periods ended September 30, 2023, respectively, driven by loan growth and higher yields on earning assets[113]. - Net interest income for the three months ended September 30, 2023, was $18,938,000, an increase of 12.9% compared to the same period in 2022[116]. - For the nine months ended September 30, 2023, net interest income reached $57,888,000, reflecting a 41.3% increase from the comparable period in 2022[116]. - The net interest margin improved to 4.34% and 4.39% for the three and nine-month periods ended September 30, 2023, respectively, compared to 3.61% and 3.05% in 2022[117]. - The net interest spread for the nine months ended September 30, 2023, was 4.25%, up from 3.01% in the same period of 2022[121]. Non-Interest Income and Expenses - Non-interest income decreased by $45,000 or 2.8% for the three-month period but increased by $726,000 or 17.5% for the nine-month period ended September 30, 2023, compared to the same periods in 2022[113]. - Non-interest expense increased by $1,208,000 or 12.9% and $2,701,000 or 9.8% for the three and nine-month periods ended September 30, 2023, primarily due to staffing increases and overhead related to servicing the growing loan and deposit portfolios[113]. - Non-interest income for the nine months ended September 30, 2023, was $4,876,000, representing an increase of $726,000 (17.5%) compared to the same period in 2022, driven by service charges on deposits and other income[134]. - Total non-interest expense rose by $1,208,000 (12.9%) for Q3 2023 and $2,701,000 (9.8%) for the nine-month period, reflecting increased operational costs associated with business expansion[141]. Credit Quality - The Company recognized a credit loss provision of $300,000 during the third quarter and a reversal of credit loss provisions of $160,000 during the nine-month period ended September 30, 2023[113]. - Provisions for credit losses were $300,000 for Q3 2023, with a reversal of $160,000 for the nine-month period, compared to $200,000 in provisions for the same periods in 2022, indicating strong credit quality with non-accrual loans at a zero balance[133]. - As of September 30, 2023, non-performing assets totaled $0, maintaining a 0.00% ratio to total assets, indicating strong credit quality within the loan portfolio[153]. - The allowance for credit losses increased to $9,738,000 as of September 30, 2023, from $9,468,000 as of December 31, 2022, reflecting a reversal of $160,000 in provisions and net loan recoveries of $84,000[155]. Liquidity and Capital - Cash and cash equivalent balances decreased by $151,872,000 or 35.3% from December 31, 2022, to September 30, 2023[113]. - The Company had no outstanding Federal Home Loan Bank advances or borrowings as of September 30, 2023, relying primarily on deposit growth for funding[169]. - The Company maintains a line of credit with two correspondent banks for up to $70 million in federal funds, with no advances as of September 30, 2023[178]. - As of September 30, 2023, the Company's total capital to risk-weighted assets ratio was 14.5%, exceeding the minimum requirement of 10.5%[173]. - The Tier I capital to risk-weighted assets ratio was 13.7% as of September 30, 2023, above the minimum requirement of 8.5%[173]. Deposits - Total deposits decreased by $147,749,000 or 8.1% to $1,666,548,000 as of September 30, 2023, compared to $1,814,297,000 as of December 31, 2022[165]. - Average deposits for the nine-month period ended September 30, 2023, decreased by $83,117,000 to $1,725,040,000 compared to the same period in 2022[165]. - The Company experienced nominal negative impacts on liquidity due to recent events in the banking industry, with deposit decreases attributed to higher rates offered by competitors[167]. - The Company had no brokered deposits as of September 30, 2023, emphasizing a strategy focused on core deposit growth[168].

Table of Contents OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to __________ Commission file number: 001-34142 OAK VALLEY BANCORP (Exact name of registrant as specified in its charter) State or other jurisdiction of I.R.S. Employer incorporation or organization Identification No. California 26-2326676 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to __________ Commission file number: 001-34142 OAK VALLEY BANCORP (Exact name of registrant as specified in its charter) State or other jurisdiction ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-34142 OAK VALLEY BANCORP (Exact name of registrant as specified in its charter) California 26-2326676 (State or other jurisdiction of incorporation or organiza ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Oak Valley Bancorp's unaudited condensed consolidated financial statements for Q3 and nine-month periods ended September 30, 2022, covering balance sheets, income, comprehensive income, equity, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$1.962 billion** as of September 30, 2022, driven by cash redeployment into securities and loans, while liabilities increased to **$1.856 billion** due to deposits, and equity decreased to **$106.2 million** due to unrealized losses on available-for-sale securities Condensed Consolidated Balance Sheets (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,962,470** | **$1,964,478** | | Cash and cash equivalents | $445,060 | $778,267 | | Securities - available for sale | $510,045 | $262,889 | | Loans, net | $899,939 | $847,847 | | **Total Liabilities** | **$1,856,282** | **$1,821,866** | | Deposits | $1,830,882 | $1,806,966 | | **Total Shareholders' Equity** | **$106,188** | **$142,612** | | Accumulated other comprehensive (loss) income | ($41,544) | $6,188 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income increased to **$6.8 million** in Q3 2022 and **$13.4 million** for the nine months, primarily driven by a significant rise in net interest income to **$16.8 million** and **$41.0 million** respectively, reflecting higher yields Key Income Statement Data (in thousands, except per share amounts) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $16,772 | $13,296 | $40,963 | $37,526 | | Provision for loan losses | $200 | $0 | $200 | $0 | | Non-interest income | $1,611 | $1,303 | $4,150 | $3,883 | | Non-interest expense | $9,370 | $8,407 | $27,696 | $24,342 | | **Net Income** | **$6,800** | **$4,554** | **$13,427** | **$12,870** | | Net income per diluted share | $0.83 | $0.56 | $1.64 | $1.57 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) The company reported a comprehensive loss of **$11.4 million** in Q3 2022 and **$34.3 million** for the nine-month period, primarily due to significant unrealized holding losses on available-for-sale securities totaling **$18.2 million** and **$47.7 million** respectively, driven by rising interest rates Comprehensive (Loss)/Income (in thousands) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $6,800 | $4,554 | $13,427 | $12,870 | | Total other comprehensive loss | ($18,213) | ($305) | ($47,732) | ($718) | | **Comprehensive (loss)/income** | **($11,413)** | **$4,249** | **($34,305)** | **$12,152** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents decreased by **$333.2 million** for the nine months ended September 30, 2022, primarily due to a **$369.8 million** net cash outflow from investing activities, offset by **$15.3 million** from operations and **$21.3 million** from financing Net Cash Flows for Nine Months Ended September 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $15,318 | $14,316 | | Net cash (used in) from investing activities | ($369,846) | $110,264 | | Net cash from financing activities | $21,321 | $330,877 | | **Net (Decrease) Increase in Cash** | **($333,207)** | **$455,457** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed information on accounting policies, upcoming CECL model adoption, securities and loan portfolios, asset quality, fair value measurements, and earnings per share, confirming lending to middle-market businesses as the primary revenue source - The company is preparing for the adoption of the **Current Expected Credit Loss (CECL) model** on January 1, 2023, anticipating earlier recognition of credit losses[20](index=20&type=chunk) - As of September 30, 2022, the company reported **no non-accrual, past-due, or impaired loans**, indicating strong credit quality[45](index=45&type=chunk) - The company's primary revenue source is providing loans to **middle-market businesses** in several California counties[18](index=18&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 and nine-month 2022 financial performance, highlighting strong net interest income growth, stable credit quality, the impact of rising interest rates on earnings and investment portfolio value, and changes in non-interest income and expenses - Net income for Q3 2022 was **$6.8 million** and **$13.4 million** for the first nine months, driven by strong loan and investment portfolio growth and higher earning asset yields[130](index=130&type=chunk) - Net interest income increased **26.1%** in Q3 2022 and **9.2%** in the first nine months, attributed to earning asset growth and positive FOMC rate increases[132](index=132&type=chunk) - Total assets decreased slightly by **0.1%** from year-end 2021, as cash was deployed into **6.1%** net loan growth and a **92.7%** increase in investment securities[130](index=130&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in the Company's market risk exposures since December 31, 2021, with ongoing monitoring, especially concerning the COVID-19 pandemic - The Company's exposures to market risk have **not changed materially** since December 31, 2021[194](index=194&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2022, with no significant changes to internal control over financial reporting during the quarter or impact from COVID-19 - The CEO and CFO concluded that the Company's **disclosure controls and procedures were effective** as of the end of the reporting period[195](index=195&type=chunk) - No **significant changes** were made to the Company's internal control over financial reporting during the quarter ended September 30, 2022[196](index=196&type=chunk) [PART II – OTHER INFORMATION](index=59&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any pending or threatened material legal proceedings, nor are there any involving directors, nominees, or executive officers adverse to the company - There are **no pending or threatened material legal proceedings** to which the Company is a party[200](index=200&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - There have been **no material changes** from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021[201](index=201&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[201](index=201&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including certifications from the Principal Executive Officer and Principal Financial Officer, and financial statements in Inline XBRL format - Exhibits filed with the report include **CEO and CFO certifications** (31.1, 31.2, 32.1) and financial data in **Inline XBRL format** (101, 104)[202](index=202&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-34142 OAK VALLEY BANCORP (Exact name of registrant as specified in its charter) California 26-2326676 State or other jurisdiction of I.R.S. Employer incorporation ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-34142 OAK VALLEY BANCORP (Exact name of registrant as specified in its charter) State or other jurisdiction of I.R.S. Employer incorporation or organization Iden ...