Oak Valley Bancorp Files Q3 2024 10-Q

TL;DR

OVLY Q3 2024 10-Q filed. Financials look steady.

AI Summary

Oak Valley Bancorp filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Specific financial figures and business segment information are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance data for Oak Valley Bancorp, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-11-13 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-07-01 — Q3 Start Date (Marks the beginning of the third quarter of fiscal year 2024.)
• 2023-09-30 — Prior Year Q3 End Date (Provides a comparative period for financial analysis.)

Key Players & Entities

• Oak Valley Bancorp (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-13 (date) — Filing date
• 2024-07-01 (date) — Start of the third quarter
• 2023-09-30 (date) — Comparison period end

FAQ

Filing Documents

• ovly20240930_10q.htm (10-Q) — 3118KB
• ex_745145.htm (EX-31.1) — 9KB
• ex_745146.htm (EX-31.2) — 9KB
• ex_745147.htm (EX-32.1) — 7KB
• 0001437749-24-034865.txt ( ) — 12586KB
• ovly-20240930.xsd (EX-101.SCH) — 38KB
• ovly-20240930_def.xml (EX-101.DEF) — 320KB
• ovly-20240930_lab.xml (EX-101.LAB) — 271KB
• ovly-20240930_pre.xml (EX-101.PRE) — 340KB
• ovly-20240930_cal.xml (EX-101.CAL) — 44KB
• ovly20240930_10q_htm.xml (XML) — 3700KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Income for the three and nine-month periods ended September 30, 2024 and September 30, 2023 (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2024 and September 30, 2023 (Unaudited) 3 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine-month periods ended September 30, 2024 and September 30, 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2024 and September 30, 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44 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) September 30, December 31, 2024 2023 ASSETS Cash and due from banks $ 166,237 $ 180,068 Federal funds sold 47,670 36,500 Cash and cash equivalents 213,907 216,568 Securities - available for sale 517,332 518,078 Securities - equity investments 3,274 3,132 Loans, net of allowance for credit losses of $ 11,479 and $ 10,896 at September 30, 2024 and December 31, 2023, respectively 1,062,230 1,004,277 Cash surrender value of life insurance 37,270 31,506 Bank premises and equipment, net 15,792 15,865 Goodwill and other intangible assets, net 3,411 3,473 Deferred tax asset 11,728 13,247 Interest receivable and other assets 35,511 36,276 $ 1,900,455 $ 1,842,422 LIABILITIES AND SHAREHOLDERS ' EQUITY Deposits $ 1,690,301 $ 1,650,534 Interest payable and other liabilities 24,761 25,796 Total liabilities 1,715,062 1,676,330 Shareholders' equity Common stock, no par value; 50,000,000 shares authorized, 8,358,711 and 8,293,168 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 25,435 25,435 Additional paid-in capital 6,001 5,512 Retained earnings 169,494 154,301 Accumulated other comprehensive loss, net of tax ( 15,537 ) ( 19,156 ) Total shareholders' equity 185,393 166,092 $ 1,900,455 $ 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 SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, 2024 2023 2024 2023 INTEREST INCOME Interest and fees on loans $ 13,739 $ 11,489 $ 39,445 $ 32,907 Interest on securities 5,098 5,157 15,279 15,442 Interest on

Description of Securities

Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 37 $ 4,966 $ ( 119 ) $ 57,899 $ ( 2,987 ) $ 62,865 $ ( 3,106 ) Collateralized mortgage obligations 6 8,286 ( 7 ) 3,568 ( 348 ) 11,854 ( 355 ) Municipalities 93 28,246 ( 139 ) 183,696 ( 17,383 ) 211,942 ( 17,522 ) SBA pools 3 128 0 160 ( 1 ) 288 ( 1 ) Corporate debt 11 0 0 39,023 ( 2,477 ) 39,023 ( 2,477 ) Asset backed securities 14 8,143 ( 21 ) 17,625 ( 608 ) 25,768 ( 629 ) Total temporarily impaired securities 164 $ 49,769 $ ( 286 ) $ 301,971 $ ( 23,804 ) $ 351,740 $ ( 24,090 ) 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 September 30, 2024, accrued interest receivable on available-for-sale securities was $ 4,16

View Full Filing

View this 10-Q filing on SEC EDGAR