Oak Valley Bancorp

For the period ended Jun 30, 2025. Filed Aug 13, 2025.

About 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.

Jun 30, 2025 · Filed Aug 13, 2025

OVLY$34.68+1.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

PART II – OTHER INFORMATION
Condensed Consolidated Balance Sheets at June 30, 2025 (Unaudited) and December 31, 2024	1
Condensed Consolidated Statements of Income for the three and six-month periods ended June 30, 2025 and June 30, 2024 (Unaudited)	2
Condensed Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2025 and June 30, 2024 (Unaudited)	3
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and six-month periods ended June 30, 2025 and June 30, 2024 (Unaudited)	4
Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2025 and June 30, 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	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43

PART I–** FINANCIAL STATEMENTS**

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollars in thousands)	June 30,	December 31,
	2025	2024
ASSETS
Cash and due from banks	$153,040	$138,481
Federal funds sold	45,820	30,270
Cash and cash equivalents	198,860	168,751
Securities - available for sale	503,347	526,496
Securities - equity investments	3,292	3,169
Loans, net of allowance for credit losses of $11,430 and $11,460 at June 30, 2025 and December 31, 2024, respectively	1,096,549	1,093,514
Cash surrender value of life insurance	38,145	37,558
Bank premises and equipment, net	18,423	16,319
Goodwill and other intangible assets, net	3,352	3,390
Deferred tax asset	18,105	15,501
Interest receivable and other assets	40,836	35,906
	$1,920,909	$1,900,604
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$1,711,241	$1,695,690
Interest payable and other liabilities	23,863	21,478
Total liabilities	1,735,104	1,717,168
Shareholders’ equity
Common stock, no par value; 50,000,000 shares authorized, 8,382,062 and 8,357,211 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	25,435	25,435
Additional paid-in capital	6,394	6,199
Retained earnings	183,880	175,502
Accumulated other comprehensive loss, net of tax	(29,904)	(23,700)
Total shareholders’ equity	185,805	183,436
	$1,920,909	$1,900,604

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(dollars in thousands, except per share amounts)	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2025	2024	2025	2024
INTEREST INCOME
Interest and fees on loans	$14,316	$13,106	$28,305	$25,707
Interest on securities	5,279	5,099	10,654	10,181
Interest on federal funds sold	290	395	640	726
Interest on deposits with banks	1,536	1,645	2,938	3,623
Total interest income	21,421	20,245	42,537	40,237
INTEREST EXPENSE
Deposits	3,267	2,953	6,576	5,704
Total interest expense	3,267	2,953	6,576	5,704
Net interest income	18,154	17,292	35,961	34,533
Provision for credit losses	0	0	0	0
Net interest income after provision for credit losses	18,154	17,292	35,961	34,533
NON-INTEREST INCOME
Service charges on deposits	427	412	873	817
Debit card transaction fee income	436	438	832	861
Earnings on cash surrender value of life insurance	300	255	587	477
Mortgage commissions	7	5	16	14
Gains on sales and calls of available-for-sale securities	2	34	2	114
Other	531	616	1,006	996
Total non-interest income	1,703	1,760	3,316	3,279
NON-INTEREST EXPENSE
Salaries and employee benefits	7,693	7,201	15,443	14,523
Occupancy expenses	1,122	1,131	2,249	2,295
Data processing fees	723	741	1,464	1,441
Regulatory assessments (FDIC & DFPI)	280	260	565	550
Other operating expenses	2,870	2,283	5,591	4,336
Total non-interest expense	12,688	11,616	25,312	23,145
Net income before provision for income taxes	7,169	7,436	13,965	14,667
Total provision for income taxes	1,581	1,547	3,080	3,051
Net Income	$5,588	$5,889	$10,885	$11,616
Net income per share	$0.68	$0.72	$1.32	$1.41
Net income per diluted share	$0.67	$0.71	$1.31	$1.41

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
(dollars in thousands)	2025	2024	2025	2024
Net income	$5,588	$5,889	$10,885	$11,616
Other comprehensive loss
Unrealized holding loss arising during the period	(5,020)	(1,684)	(8,807)	(6,107)
Less: reclassification for net gains included in net income	(2)	(34)	(2)	(114)
Other comprehensive loss, before tax	(5,022)	(1,718)	(8,809)	(6,221)
Tax benefit related to items of other comprehensive income	1,485	508	2,605	1,839
Total other comprehensive loss	(3,537)	(1,210)	(6,204)	(4,382)
Comprehensive income	$2,051	$4,679	$4,681	$7,234

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, April 1, 2025	8,382,062	$25,435	$6,160	$178,292	$(26,367)	$183,520
Stock based compensation	0	0	234	0	0	234
Other comprehensive loss	0	0	0	0	(3,537)	(3,537)
Net income	0	0	0	5,588	0	5,588
Balances, June 30, 2025	8,382,062	$25,435	$6,394	$183,880	$(29,904)	$185,805
Balances, April 1, 2024	8,359,556	$25,435	$5,647	$158,162	$(22,328)	$166,916
Stock based compensation	0	0	204	0	0	204
Other comprehensive loss	0	0	0	0	(1,210)	(1,210)
Net income	0	0	0	5,889	0	5,889
Balances, June 30, 2024	8,359,556	$25,435	$5,851	$164,051	$(23,538)	$171,799

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	435	0	0	435
Other comprehensive loss	0	0	0	0	(6,204)	(6,204)
Net income	0	0	0	10,885	0	10,885
Balances, June 30, 2025	8,382,062	$25,435	$6,394	$183,880	$(29,904)	$185,805
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	446	0	0	446
Other comprehensive loss	0	0	0	0	(4,382)	(4,382)
Net income	0	0	0	11,616	0	11,616
Balances, June 30, 2024	8,359,556	$25,435	$5,851	$164,051	$(23,538)	$171,799

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands)	SIX MONTHS ENDED JUNE 30,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$10,885	$11,616
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	0	0
Increase (decrease) in deferred fees/costs, net	315	(89)
Depreciation	659	660
Amortization of investment securities, net	399	369
Unrealized (gain) loss on equity securities	(64)	81
Amortization of operating lease right-of-use asset	(118)	(111)
Stock based compensation	435	446
Gain on sales and calls of available-for-sale securities	(2)	(114)
Earnings on cash surrender value of life insurance	(587)	(477)
Increase in deferred tax asset	(2,605)	(1,839)
Decrease in interest payable and other liabilities	(7)	(1,812)
(Increase) decrease in interest receivable	(89)	36
Decrease in other assets	4,331	3,685
Net cash provided by operating activities	13,552	12,451
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities	0	(32,436)
Purchases of equity securities	(59)	(55)
Proceeds from the sale of available-for-sale securities	0	28,258
Proceeds from maturities, calls, and principal paydowns of available-for-sale-securities	13,943	23,018
Investment in LIHTC	(3,242)	(456)
Net increase in loans	(3,350)	(53,232)
Purchase of FHLB Stock	(776)	(329)
Purchase of BOLI policies	0	(5,000)
Purchases of premises and equipment	(2,763)	(728)
Net cash provided by (used in) investing activities	3,753	(40,960)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shareholder cash dividends paid	(2,507)	(1,866)
Net increase (decrease) in demand deposits and savings accounts	5,766	(27,072)
Net increase in time deposits	9,785	21,286
Tax withholding payments on vested restricted shares surrendered	(240)	(107)
Net cash provided by (used in) in financing activities	12,804	(7,759)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	30,109	(36,268)
CASH AND CASH EQUIVALENTS, beginning of period	168,751	216,568
CASH AND CASH EQUIVALENTS, end of period	$198,860	$180,300
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$6,575	$5,633
Operating leases	$773	$731
Income taxes	$2,705	$3,835
NON-CASH INVESTING ACTIVITIES:
Change in unrealized loss on securities	$(8,809)	$(6,221)
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)	$(446)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.