Oak Valley Bancorp Files Q1 2024 10-Q Report

TL;DR

<b>Oak Valley Bancorp has submitted its Q1 2024 10-Q filing, detailing financial activities for the period ending March 31, 2024.</b>

AI Summary

Oak Valley Bancorp (OVLY) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Oak Valley Bancorp filed its 10-Q report for the quarter ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Oak Valley Bancorp is incorporated in California (CA). The company's business and mailing address is 125 N. Third Ave., Oakdale, CA 95361.

Why It Matters

For investors and stakeholders tracking Oak Valley Bancorp, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational updates for Oak Valley Bancorp. Understanding the details within this 10-Q is crucial for assessing the bank's current financial health and future prospects.

Risk Assessment

Risk Level: low — Oak Valley Bancorp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial changes or disclosures that would elevate the risk level.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and loan portfolio performance to assess Oak Valley Bancorp's growth trajectory.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Q1 2024)
• 2024-01-01 — Reporting Period Start Date (Q1 2024)
• 2023-03-31 — Prior Year Period End Date (Q1 2023)
• 2023-01-01 — Prior Year Period Start Date (Q1 2023)

Key Players & Entities

• Oak Valley Bancorp (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-14 (date) — FILED AS OF DATE
• CA (location) — STATE OF INCORPORATION
• 209-844-7500 (phone) — BUSINESS PHONE
• Oakdale (location) — CITY
• 95361 (zip) — ZIP
• 0001431567 (company_id) — CENTRAL INDEX KEY

FAQ

Industry Context

Oak Valley Bancorp operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, Oak Valley Bancorp is subject to regulations from federal and state authorities, including the SEC for its public filings.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Analyze management's discussion and analysis (MD&A) for insights into the company's performance drivers and strategies.
3. Compare Q1 2024 results with previous quarters and the same quarter last year to identify trends and performance changes.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for Q1 2024, following the previous 10-K annual report and prior 10-Q filings.

Filing Documents

• ovly20240331_10q.htm (10-Q) — 2559KB
• ex_670623.htm (EX-31.1) — 10KB
• ex_670624.htm (EX-31.2) — 10KB
• ex_670625.htm (EX-32.1) — 11KB
• 0001437749-24-016516.txt (&nbsp;) — 11214KB
• ovly-20240331.xsd (EX-101.SCH) — 38KB
• ovly-20240331_def.xml (EX-101.DEF) — 319KB
• ovly-20240331_lab.xml (EX-101.LAB) — 270KB
• ovly-20240331_pre.xml (EX-101.PRE) — 339KB
• ovly-20240331_cal.xml (EX-101.CAL) — 43KB
• ovly20240331_10q_htm.xml (XML) — 3262KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Income for the three-month periods ended March 31, 2024 and March 31, 2023 (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2024 and March 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Changes in Shareholders ' Equity for the three-month periods ended March 31, 2024 and March 31, 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2024 and March 31, 2023 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40 Table of Contents

– FINANCIAL STATEMENTS

PART I – FINANCIAL STATEMENTS

Financial Statements

Item 1. Financial Statements OAK VALLEY BANCORP CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands) March 31, December 31, 2024 2023 ASSETS Cash and due from banks $ 144,049 $ 180,068 Federal funds sold 25,680 36,500 Cash and cash equivalents 169,729 216,568 Securities - available for sale 505,091 518,078 Securities - equity investments 3,102 3,132 Loans, net of allowance for credit losses of $ 10,922 and $ 10,896 at March 31, 2024 and December 31, 2023, respectively 1,027,323 1,004,277 Cash surrender value of life insurance 31,728 31,506 Bank premises and equipment, net 15,673 15,865 Goodwill and other intangible assets, net 3,452 3,473 Deferred tax asset 14,579 13,247 Interest receivable and other assets 35,062 36,276 $ 1,805,739 $ 1,842,422 LIABILITIES AND SHAREHOLDERS ' EQUITY Deposits $ 1,612,400 $ 1,650,534 Interest payable and other liabilities 26,423 25,796 Total liabilities 1,638,823 1,676,330 Commitments and contingent liabilities Shareholders' equity Common stock, no par value; 50,000,000 shares authorized, 8,359,556 and 8,293,168 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 25,435 25,435 Additional paid-in capital 5,647 5,512 Retained earnings 158,162 154,301 Accumulated other comprehensive loss, net of tax ( 22,328 ) ( 19,156 ) Total shareholders' equity 166,916 166,092 $ 1,805,739 $ 1,842,422 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents OAK VALLEY BANCORP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (dollars in thousands, except per share amounts) THREE MONTHS ENDED MARCH 31, 2024 2023 INTEREST INCOME Interest and fees on loans $ 12,600 $ 10,471 Interest on securities 5,082 5,125 Interest on federal funds sold 331 288 Interest on deposits with banks

Description of Securities

Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 52 $ 4,954 $ ( 101 ) $ 77,663 $ ( 5,098 ) $ 82,617 $ ( 5,199 ) Collateralized mortgage obligations 6 4,630 ( 71 ) 3,719 ( 445 ) 8,349 ( 516 ) Municipalities 119 51,064 ( 661 ) 208,604 ( 22,690 ) 259,668 ( 23,351 ) SBA pools 3 113 0 314 ( 2 ) 427 ( 2 ) Corporate debt 11 0 0 38,118 ( 3,382 ) 38,118 ( 3,382 ) Asset backed securities 17 688 ( 3 ) 30,348 ( 981 ) 31,036 ( 984 ) Total temporarily impaired securities 208 $ 61,449 $ ( 836 ) $ 358,766 $ ( 32,598 ) $ 420,215 $ ( 33,434 ) For available-for-sale debt securities in an unrealized loss position, management evaluates whether the decline in fair value is a reflection of credit deterioration or other factors. In performing this evaluation, management considers the extent which fair value has fallen below amortized cost, changes in ratings by rating agencies, and other information indicating a deterioration in repayment capacity of either the underlying issuer or the borrowers providing repayment capacity in a securitization. If management's evaluation indicates that a credit loss exists then a present value of the expected cash flows is calculated and compared to the amortized cost basis of the security in question and to the degree that the amortized cost basis exceeds the present value an allowance for credit loss ("ACL") is established, with the caveat that the maximum amount of the reserve on any individual security is the difference between the fair value and amortized cost balance of the security in question. Any unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. As of March 31, 2024, accrued interest receivable on available-for-sale securities was $ 4,478,00

Description of Securities

Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 51 $ 190 $ ( 3 ) $ 79,556 $ ( 4,427 ) $ 79,746 $ ( 4,430 ) Collateralized mortgage obligations 6 4,791 ( 1 ) 3,873 ( 443 ) 8,664 ( 444 ) Municipalities 106 44,859 ( 453 ) 178,812 ( 19,412 ) 223,671 ( 19,865 ) SBA pools 4 116 0 472 ( 2 ) 588 ( 2 ) Corporate debt 13 0 0 41,508 ( 3,992 ) 41,508 ( 3,992 ) Asset backed securities 19 2,123 ( 8 ) 32,535 ( 1,403 ) 34,658 ( 1,411 ) Total temporarily impaired securities 199 $ 52,079 $ ( 465 ) $ 336,756 $ ( 29,679 ) $ 388,835 $ ( 30,144 ) The Company recognized losses of $ 1,000 on called securities during the three-month period ended March 31, 2024, as compared to no gains or losses during the comparable 2023 period. The Company sold one available-for-sale security during the three-months ended March 31, 2024 with a book value of $ 1,958,000 , resulting in gross gains of $ 81,000 , as compared to 24 securities sold with a book va

View Full Filing

View this 10-Q filing on SEC EDGAR