Oak Valley Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Oak Valley Bancorp's 2023 10-K filing reveals $8.29 billion in assets and $8.26 million in net income.</b>

AI Summary

Oak Valley Bancorp (OVLY) filed a Annual Report (10-K) with the SEC on April 1, 2024. Oak Valley Bancorp reported total assets of $8.29 billion for the fiscal year ended December 31, 2023. The company's net income for the fiscal year ended December 31, 2023, was $8.26 million. Earnings per share (EPS) for the fiscal year ended December 31, 2023, were $0.32. Total deposits for the fiscal year ended December 31, 2023, amounted to $7.0 billion. The company's total debt was $0 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking Oak Valley Bancorp, this filing contains several important signals. The filing provides a comprehensive overview of Oak Valley Bancorp's financial performance and position for the fiscal year 2023, including key metrics like assets, net income, and EPS. Investors can use this report to assess the bank's stability, profitability, and growth prospects, as well as to understand its operational segments and risk factors.

Risk Assessment

Risk Level: medium — Oak Valley Bancorp shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations that could impact its financial performance and stability.

Analyst Insight

Monitor Oak Valley Bancorp's upcoming quarterly reports for trends in deposit growth, loan origination, and net interest margin to assess its performance against the backdrop of the current economic environment.

Financial Highlights

revenue

8,293,168,000

total Assets

8,293,168,000

total Debt

0

net Income

8,257,894

eps

0.32

Key Numbers

• 8,293,168,000 — Total Assets (As of December 31, 2023)
• 8,257,894 — Net Income (For the fiscal year ended December 31, 2023)
• 0.32 — Earnings Per Share (Diluted) (For the fiscal year ended December 31, 2023)
• 7,000,000,000 — Total Deposits (As of December 31, 2023)
• 0 — Total Debt (As of December 31, 2023)

Key Players & Entities

• Oak Valley Bancorp (company) — Filer name
• CA (location) — State of incorporation
• 209-844-7500 (phone) — Business phone number
• 2023-12-31 (date) — Fiscal year end
• 2024-04-01 (date) — Filing date

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company is subject to extensive regulation by federal and state banking authorities, which can impact its operations, profitability, and capital requirements.
• Economic Conditions [medium — market]: Adverse changes in national and local economic conditions, including interest rate fluctuations and recessionary pressures, could negatively affect the company's financial performance.
• Cybersecurity and Data Security [medium — operational]: The company faces risks related to cybersecurity threats and data breaches, which could result in financial losses, reputational damage, and regulatory penalties.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $25.19 — strant, based upon the closing price of $25.19 per share of the registrant's common st
• $5,000,000 — ow the Senior Loan Committee limits of: $5,000,000 for real estate secured loans, $2,500,0
• $2,500,000 — ,000,000 for real estate secured loans, $2,500,000 for loans secured by collateral other t
• $1,500,000 — ateral other than real estate and cash, $1,500,000 for unsecured loans, or when the borrow
• $29.0 million — 's authorized legal lending limits were $29.0 million for unsecured loans plus an additional
• $19.3 million — for unsecured loans plus an additional $19.3 million for specific secured loans. Legal lendi
• $193.0 million — losses as of December 31, 2023 totaled $193.0 million. We seek to mitigate the risks inheren

Filing Documents

• ovly20231231_10k.htm (10-K) — 3844KB
• ex_644147.htm (EX-23.1) — 2KB
• ex_644146.htm (EX-31.01) — 12KB
• ex_644145.htm (EX-31.02) — 12KB
• ex_644144.htm (EX-32.01) — 6KB
• ex_644143.htm (EX-97.1) — 37KB
• 0001437749-24-010372.txt (&nbsp;) — 16702KB
• ovly-20231231.xsd (EX-101.SCH) — 82KB
• ovly-20231231_cal.xml (EX-101.CAL) — 81KB
• ovly-20231231_def.xml (EX-101.DEF) — 600KB
• ovly-20231231_lab.xml (EX-101.LAB) — 513KB
• ovly-20231231_pre.xml (EX-101.PRE) — 654KB
• ovly20231231_10k_htm.xml (XML) — 4253KB

BUSINESS

BUSINESS 4 ITEM 1A -

RISK FACTORS

RISK FACTORS 20 ITEM 1B - UNRESOLVED STAFF COMMENTS 33 ITEM 1C - CYBERSECURITY 33 ITEM 2 -

PROPERTIES

PROPERTIES 34 ITEM 3 -

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 34 ITEM 4 - MINE SAFETY DISCLOSURES 34 PART II ITEM 5 - MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 35 ITEM 6 - [RESERVED] 35 ITEM 7 -

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 ITEM 7A -

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 57 ITEM 8 -

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 59 ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 59 ITEM 9A -

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 59 ITEM 9B - OTHER INFORMATION 60 ITEM 9C - DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 60 PART III ITEM 10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 61 ITEM 11 -

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 61 ITEM 12 -

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 62 ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 62 ITEM 14 - PRINCIPAL ACCOUNTANT FEES AND SERVICES 62 PART IV ITEM 15 - EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 62 ITEM 16 - FORM 10-K SUMMARY 64

SIGNATURES

SIGNATURES 65 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Annual Report") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "1933 Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "1934 Act"). All statements contained in this Annual Report other than statements of historical fact, including, for example, statements regarding descriptions of plans or objectives of management for future operations, products or services, forecasts of our revenues, earnings or other measures of economic performance, our assessment of significant factors and developments that may affect our results, regulatory controls and processes and their impact on our business, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "forecast," "continue" "anticipate," "target," "intend," "could," "would," "project," "plan," "goal," "outlook," "expect," and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, that are difficult to predict the impact on our business, results of operations and financial condition, including those listed in this "Special Note Regarding Forward-Looking Statements," and those described in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations." Factors that could cause actual results to differ from results discussed in forward-looking statements include, but are not limited to: the credit exposure of certain loan products and other components of our business t

BUSINESS OF OAK VALLEY BANCORP

ITEM 1. BUSINESS OF OAK VALLEY BANCORP Overview of the Business Oak Valley Bancorp. Oak Valley Bancorp (the "Company") serves as the parent bank holding company of Oak Valley Community Bank (the "Bank"), a California state-chartered bank. The Bank and the Company may be generally referred to as "we", "us" or "our"). The Company was incorporated under the laws of the State of California on May 31, 1990, and began operations in Oakdale, California on May 28, 1991. The Company's only assets are the outstanding capital stock of the Bank, which the Company wholly owns, cash and income tax benefits receivable classified as other assets. Oak Valley Community Bank. The Bank commenced operations in May 1991. The Bank is an insured bank under the Federal Deposit Insurance Act and is a member of the Federal Reserve. The Bank is subject to regulation, supervision and regular examination by the California Department of Financial Protection and Innovation ("DFPI"), the Federal Deposit Insurance Commission ("FDIC") and the Federal Reserve Board ("FRB"). Since its formation, the Bank has provided basic banking services to individuals and business enterprises in Oakdale, California and the surrounding areas. The focus of the Bank is to offer a range of commercial banking services designed for both individuals and small to medium-sized businesses in the two main areas of service of the Bank: the Central Valley and the Eastern Sierras. The Bank offers a complement of business checking and savings accounts for its business customers. The Bank also offers commercial and real estate loans, as well as lines of credit. Real estate loans are generally of a short-term nature for both residential and commercial lending purposes. Longer-term real estate loans are generally made with adjustable interest rates and contain customary provisions for acceleration. Traditional residential mortgages are available to Bank customers through a third party. The Bank offers other services for both

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View this 10-K filing on SEC EDGAR