Oak Valley Bancorp
For the period ended Mar 31, 2025. Filed May 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 14, 2025
OVLY$34.68+1.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
| Condensed Consolidated Balance Sheets at March 31, 2025 (Unaudited) and December 31, 2024 | 1 | |
|---|---|---|
| Condensed Consolidated Statements of Income for the three-month periods ended March 31, 2025 and March 31, 2024 (Unaudited) | 2 | |
| Condensed Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2025 and March 31, 2024 (Unaudited) | 3 | |
| Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three-month periods ended March 31, 2025 and March 31, 2024 (Unaudited) | 4 | |
| Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2025 and March 31, 2024 (Unaudited) | 5 | |
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 6 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 37 |
| Item 4. | Controls and Procedures | 37 |
| PART II – OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 38 |
| Item 1A. | Risk Factors | 38 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 38 |
| Item 3. | Defaults Upon Senior Securities | 38 |
| Item 4. | Mine Safety Disclosures | 38 |
| Item 5. | Other Information | 38 |
| Item 6. | Exhibits | 39 |
PART I–** FINANCIAL STATEMENTS**
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| (dollars in thousands) | March 31, | December 31, |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Cash and due from banks | $166,339 | $138,481 |
| Federal funds sold | 42,960 | 30,270 |
| Cash and cash equivalents | 209,299 | 168,751 |
| Securities - available for sale | 518,685 | 526,496 |
| Securities - equity investments | 3,257 | 3,169 |
| Loans, net of allowance for credit losses of $11,448 and $11,460 at March 31, 2025 and December 31, 2024, respectively | 1,077,740 | 1,093,514 |
| Cash surrender value of life insurance | 37,846 | 37,558 |
| Bank premises and equipment, net | 17,167 | 16,319 |
| Goodwill and other intangible assets, net | 3,371 | 3,390 |
| Deferred tax asset | 16,621 | 15,501 |
| Interest receivable and other assets | 40,379 | 35,906 |
| $1,924,365 | $1,900,604 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Deposits | $1,713,592 | $1,695,690 |
| Interest payable and other liabilities | 27,253 | 21,478 |
| Total liabilities | 1,740,845 | 1,717,168 |
| Commitments and contingent liabilities | ||
| Shareholders’ equity | ||
| Common stock, no par value; 50,000,000 shares authorized, 8,382,062 and 8,357,211 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 25,435 | 25,435 |
| Additional paid-in capital | 6,160 | 6,199 |
| Retained earnings | 178,292 | 175,502 |
| Accumulated other comprehensive loss, net of tax | (26,367) | (23,700) |
| Total shareholders’ equity | 183,520 | 183,436 |
| $1,924,365 | $1,900,604 | |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| (dollars in thousands, except per share amounts) | THREE MONTHS ENDED MARCH 31, | |
|---|---|---|
| 2025 | 2024 | |
| INTEREST INCOME | ||
| Interest and fees on loans | $13,989 | $12,600 |
| Interest on securities | 5,374 | 5,082 |
| Interest on federal funds sold | 350 | 331 |
| Interest on deposits with banks | 1,403 | 1,979 |
| Total interest income | 21,116 | 19,992 |
| INTEREST EXPENSE | ||
| Deposits | 3,309 | 2,751 |
| Total interest expense | 3,309 | 2,751 |
| Net interest income | 17,807 | 17,241 |
| Provision for credit losses | 0 | 0 |
| Net interest income after provision for credit losses | 17,807 | 17,241 |
| NON-INTEREST INCOME | ||
| Service charges on deposits | 446 | 406 |
| Debit card transaction fee income | 396 | 423 |
| Earnings on cash surrender value of life insurance | 288 | 222 |
| Mortgage commissions | 9 | 9 |
| Gains on sales and calls of available-for-sale securities | 0 | 80 |
| Other | 474 | 379 |
| Total non-interest income | 1,613 | 1,519 |
| NON-INTEREST EXPENSE | ||
| Salaries and employee benefits | 7,750 | 7,322 |
| Occupancy expenses | 1,127 | 1,164 |
| Data processing fees | 742 | 700 |
| Regulatory assessments (FDIC & DFPI) | 285 | 290 |
| Other operating expenses | 2,720 | 2,053 |
| Total non-interest expense | 12,624 | 11,529 |
| Net income before provision for income taxes | 6,796 | 7,231 |
| Total provision for income taxes | 1,499 | 1,504 |
| Net Income | $5,297 | $5,727 |
| Net income per share | $0.64 | $0.70 |
| Net income per diluted share | $0.64 | $0.69 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
| THREE MONTHS ENDED MARCH 31, | ||
|---|---|---|
| (dollars in thousands) | 2025 | 2024 |
| Net income | $5,297 | $5,727 |
| Other comprehensive loss: | ||
| Unrealized holding loss arising during the period | (3,787) | (4,423) |
| Less: reclassification for net gains included in net income | 0 | (80) |
| Other comprehensive loss, before tax | (3,787) | (4,503) |
| Tax benefit related to items of other comprehensive income | 1,120 | 1,331 |
| Total other comprehensive loss | (2,667) | (3,172) |
| Comprehensive income | $2,630 | $2,555 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’** EQUITY (UNAUDITED)**
| Accumulated | ||||||
|---|---|---|---|---|---|---|
| Additional · Other · Total | ||||||
| Common Stock · Paid-in · Retained · Comprehensive · Shareholders' | ||||||
| (dollars in thousands) | Shares | Amount | Capital | Earnings | Income (Loss) | Equity |
| Balances, January 1, 2025 | 8,357,211 | $25,435 | $6,199 | $175,502 | $(23,700) | $183,436 |
| Restricted stock issued | 34,883 | 0 | 0 | 0 | 0 | 0 |
| Restricted stock forfeited | (1,200) | 0 | 0 | 0 | 0 | 0 |
| Restricted stock surrendered for tax withholding | (8,832) | 0 | (240) | 0 | 0 | (240) |
| Cash dividends declared $0.30 per share of common stock | 0 | 0 | 0 | (2,507) | 0 | (2,507) |
| Stock based compensation | 0 | 0 | 201 | 0 | 0 | 201 |
| Other comprehensive loss | 0 | 0 | 0 | 0 | (2,667) | (2,667) |
| Net income | 0 | 0 | 0 | 5,297 | 0 | 5,297 |
| Balances, March 31, 2025 | 8,382,062 | $25,435 | $6,160 | $178,292 | $(26,367) | $183,520 |
| Balances, January 1, 2024 | 8,293,168 | $25,435 | $5,512 | $154,301 | $(19,156) | $166,092 |
| Restricted stock issued | 70,769 | 0 | 0 | 0 | 0 | 0 |
| Restricted stock surrendered for tax withholding | (4,381) | 0 | (107) | 0 | 0 | (107) |
| Cash dividends declared $0.225 per share of common stock | 0 | 0 | 0 | (1,866) | 0 | (1,866) |
| Stock based compensation | 0 | 0 | 242 | 0 | 0 | 242 |
| Other comprehensive loss | 0 | 0 | 0 | 0 | (3,172) | (3,172) |
| Net income | 0 | 0 | 0 | 5,727 | 0 | 5,727 |
| Balances, March 31, 2024 | 8,359,556 | $25,435 | $5,647 | $158,162 | $(22,328) | $166,916 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| THREE MONTHS ENDED MARCH 31, | ||
|---|---|---|
| (dollars in thousands) | 2025 | 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $5,297 | $5,727 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| (Decrease) increase in deferred fees/costs, net | (204) | 143 |
| Depreciation | 331 | 330 |
| Amortization of investment securities, net | 195 | 226 |
| Unrealized (gain) loss on equity securities | (59) | 57 |
| Amortization of operating lease right-of-use asset | (59) | (56) |
| Stock based compensation | 201 | 242 |
| Gain on sales and calls of available for sale securities | 0 | (80) |
| Earnings on cash surrender value of life insurance | (288) | (222) |
| Increase in deferred tax asset | (1,120) | (1,331) |
| Increase in interest payable and other liabilities | 1,315 | 627 |
| Decrease in interest receivable | 352 | 691 |
| Decrease in other assets | 2,007 | 1,930 |
| Net cash provided by operating activities | 7,968 | 8,284 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchases of available for sale securities | 0 | (4,980) |
| Purchases of equity securities | (29) | (27) |
| Proceeds from the sale of available-for-sale securities | 0 | 8,149 |
| Proceeds from maturities, calls, and principal paydowns of securities available for sale | 3,829 | 5,169 |
| Investment in LIHTC | (1,174) | 0 |
| Net decrease (increase) in loans | 15,978 | (23,189) |
| Purchases of premises and equipment | (1,179) | (138) |
| Net cash provided by (used in) investing activities | 17,425 | (15,016) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Shareholder cash dividends paid | (2,507) | (1,866) |
| Net increase (decrease) in demand deposits and savings accounts | 11,379 | (50,464) |
| Net increase in time deposits | 6,523 | 12,330 |
| Tax withholding payments on vested restricted shares surrendered | (240) | (107) |
| Net cash provided by (used in) in financing activities | 15,155 | (40,107) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 40,548 | (46,839) |
| CASH AND CASH EQUIVALENTS, beginning of period | 168,751 | 216,568 |
| CASH AND CASH EQUIVALENTS, end of period | $209,299 | $169,729 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash paid during the period for: | ||
| Interest | $3,301 | $2,708 |
| Operating leases | $379 | $342 |
| Income taxes | $0 | $11 |
| NON-CASH INVESTING ACTIVITIES: | ||
| Change in unrealized loss on securities | $(3,787) | $(4,503) |
| Change in contributions payable to LIHTC limited partner investment | $5,000 | $0 |
| Right-of-use asset obtained in exchange for new operating lease liability | $(634) | $0 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.