# EDGAR Filing Document

**Accession Number:** 0001431567
**File Stem:** 0001437749-26-002038
**Filing Date:** 2026-1
**Character Count:** 21236
**Document Hash:** faa3f093e0bfb5e58f4e8e1e3a1994c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-002038.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001437749-26-002038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260123

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Oak Valley Bancorp
- **CENTRAL INDEX KEY:** 0001431567
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 262326676
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34142
- **FILM NUMBER:** 26559797

**BUSINESS ADDRESS:**
- **STREET 1:** 125 N. THIRD AVE.
- **CITY:** OAKDALE
- **STATE:** CA
- **ZIP:** 95361
- **BUSINESS PHONE:** 209-844-7500

**MAIL ADDRESS:**
- **STREET 1:** 125 N. THIRD AVE.
- **CITY:** OAKDALE
- **STATE:** CA
- **ZIP:** 95361

?xml version='1.0' encoding='ASCII'? ovly20260123_8k.htm

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

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**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the**

 **Securities Exchange Act of 1934.**

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| | | |
|:---|:---|:---|
| **Date of Report: January 23, 2026**<br> (Date of earliest event reported) | **Date of Report: January 23, 2026**<br> (Date of earliest event reported) | **Date of Report: January 23, 2026**<br> (Date of earliest event reported) |
| **Oak Valley Bancorp**<br> (Exact name of registrant as specified in its charter) | **Oak Valley Bancorp**<br> (Exact name of registrant as specified in its charter) | **Oak Valley Bancorp**<br> (Exact name of registrant as specified in its charter) |
| **CA**<br> (State or other jurisdiction<br> of incorporation) | **001-34142**<br> (Commission File Number) | 26-2326676<br> (IRS Employer<br> Identification Number) |
| **125 N. Third Ave. Oakdale, CA**<br> (Address of principal executive offices) | **95361**<br> (Zip Code) |  |
| **(209) 848-2265**<br> (Registrant's telephone number, including area code) | **(209) 848-2265**<br> (Registrant's telephone number, including area code) | **(209) 848-2265**<br> (Registrant's telephone number, including area code) |
| **Not Applicable**<br> (Former Name or Former Address, if changed since last report) | **Not Applicable**<br> (Former Name or Former Address, if changed since last report) | **Not Applicable**<br> (Former Name or Former Address, if changed since last report) |

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | OVLY | The Nasdaq Stock Market, LLC |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition**

On January 23, 2026, Oak Valley Bancorp issued a press release, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference. The press release announced the Company's operating results for the three and twelve-months ended December 31, 2025.

The information in this Item 2.02 in this Form 8-K and the Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01. Regulation FD Disclosure.**

See "Item 2.02. Results of Operations and Financial Condition" which is incorporated by reference in this Item 7.01.

**Item 9.01. Financial Statements and Exhibits**

 **(a) Financial statements:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

 **(b) Pro forma financial information:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

 **(c) Shell company transactions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

 **(d) Exhibits**

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| | |
|:---|:---|
| 99.1 | [Press Release of Oak Valley Bancorp dated January 23, 2026](ex_911621.htm) |

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| | |
|:---|:---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: January 26, 2026 |  |  |
|  | **OAK VALLEY BANCORP** | **OAK VALLEY BANCORP** |
|  | By:  | /s/ Jeffrey A. Gall |
|  |  | Jeffrey A. Gall |
|  |  | &nbsp;&nbsp;&nbsp; Executive Vice President and Chief Financial Officer (Principal Financial Officer and duly authorized signatory) |

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| | |
|:---|:---|
| **Exhibit Index** | **Exhibit Index** |
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | Press Release of Oak Valley Bancorp dated January 23, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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## Exhibit 99.1

**Exhibit 99.1**

**PRESS** RELEASE<br>

**For Immediate Release**

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| | |
|:---|:---|
| **Date:** | January 23, 2026 |

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| | |
|:---|:---|
| **Contact:** | Chris Courtney/Rick McCarty |

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| | |
|:---|:---|
| **Phone:** | (209) 848-2265 |

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www.ovcb.com

**OAK VALLEY BANCORP REPORTS 4<sup>th</sup> QUARTER RESULTS AND ANNOUNCES CASH DIVIDEND**

OAKDALE, CA – Oak Valley Bancorp (NASDAQ: OVLY) (the "Company"), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended December 31, 2025, consolidated net income was $6,335,000 or $0.76 per diluted share (EPS), as compared to $6,693,000, or $0.81 EPS, for the prior quarter and 6,008,000, or $0.73 EPS for the same period a year ago. Consolidated net income for the year ended December 31, 2025, totaled $23,913,000, or $2.88 EPS, representing a decrease of 4.1% compared to 24,948,000, or $3.02 EPS for 2024. The decrease in QTD earnings compared to the prior quarter is due to a provision for credit losses of $865,000 recorded during the quarter, related to a collateral-dependent loan that was placed on non-accrual status as of year-end. The QTD increase over the same period a year ago is due to earning asset growth of $95.3 million and the corresponding net interest income expansion.

"We are pleased to report another strong operational performance. Our sustained growth and solid financial results have enabled us to reach the milestone of $2 billion in total assets and reflect the dedication of our team and our steadfast focus on building lasting relationships with our clients," said Chris Courtney, Chief Executive Officer.

Net interest income was $19,457,000 and $74,615,000 for the fourth quarter and year ended December 31, 2025, respectively, compared to $19,197,000 during the prior quarter, $17,846,000 for the fourth quarter of 2024, and $70,034,000 for the year ended December 31, 2024. The QTD increase compared to prior quarter is due to growth of $38.3 million in average earning assets. The QTD and YTD increases over 2024 are due to growth in average earning assets of $95.3 million and $85.9 million, respectively. Interest expense has stabilized as evidenced by the average cost of funds of 0.76% in 2025, compared to 0.78% in 2024.

Net interest margin was 4.14%(1) and 4.13%(3) for the fourth quarter and year ended December 31, 2025, respectively, as compared to 4.16%(1) for the prior quarter, 4.00%(1) for the fourth quarter of 2024, and 4.07%(3) for the year ended December 31, 2024. The fourth quarter interest margin decrease compared to the prior quarter is due to the three federal fund rate cuts totaling 75 basis points that began in September 2025. The QTD and YTD interest margin increases over the same periods in 2024 are the result of an increase in loan yield and a decrease in average cost of funds.

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Non-interest income for the fourth quarter and year ended December 31, 2025, totaled $1,825,000 and $7,114,000, respectively, compared to $1,973,000 during the prior quarter, $1,430,000 for the fourth quarter of 2024, and $6,555,000 for the year ended December 31, 2024. The decrease from the prior quarter was due to death benefits received from the redemption of bank owned life insurance policies during the third quarter of 2025. The QTD and YTD increases from prior periods in 2024 were primarily due to unrealized market value changes on equity securities, investment advisory fee income, service charges on deposit accounts, and the YTD increase includes the previously mentioned life insurance benefits.

Non-interest expense for the fourth quarter and year ended December 31, 2025, totaled $12,262,000 and $50,274,000, respectively, compared to $12,700,000 during the prior quarter, $11,548,000 for the fourth quarter of 2024 and $46,017,000 for the year ended December 31, 2024. The decrease compared to the prior quarter is the result of year-end accrual adjustments. The QTD and YTD increases compared to the same periods in 2024 correspond to staffing expense, board of director fees, data processing, and general operating costs related to servicing the loan and deposit portfolios.

Total assets were $2.02 billion at December 31, 2025, an increase of $27.7 million over September 30, 2025, and $122.5 million over December 31, 2024. Gross loans were $1.14 billion as of December 31, 2025, an increase of $31.1 million from September 30, 2025, and $37.4 million from December 31, 2024. The Company's total deposits were $1.79 billion as of December 31, 2025, an increase of $18.1 million from September 30, 2025, and $97.3 million from December 31, 2024. Our liquidity position remains strong as evidenced by $232.2 million in cash and cash equivalents balances at December 31, 2025.

Non-performing assets ("NPA") as of December 31, 2025, were $4.6 million, or 0.23% of total assets, compared to zero NPA as of September 30, 2025 and December 31, 2024. The increase in NPA compared to the prior periods is due to one collateral-dependent loan that was placed on non-accrual status in December 2025, when management became aware that full collection of the loan balance was not likely. This loan was individually analyzed based on the appraised value of the commercial real estate collateral and a specific reserve was included in the allowance for credit losses ("ACL") calculation. The company recorded a provision for credit losses of $865,000 during the fourth quarter recognizing the reserve for the collateral-dependent loan, combined with the pooled loan calculation which considers macro-economic conditions and other credit-related factors within our current expected credit loss ("CECL") risk model. As a result, the ACL as a percentage of gross loans increased to 1.08% at December 31, 2025, compared to 1.03% at September 30, 2025 and 1.04% at December 31, 2024. Given industry concerns of credit risk specific to commercial real estate, management has performed a thorough analysis of this segment within the ACL computation, concluding that the credit loss reserves relative to gross loans remain at acceptable levels, and credit quality remains stable.

The Board of Directors of Oak Valley Bancorp at their January 20, 2026 meeting, declared the payment of a cash dividend of $0.375 per share of common stock to its shareholders of record at the close of business on February 2, 2026. The payment date will be February 13, 2026 and will amount to approximately $3,145,600. This is the first dividend payment made by the Company in 2026.

Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 19 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, Lodi, two branches in Sonora, three branches in Modesto, and three branches in the Eastern Sierra division which includes Bridgeport, Mammoth Lakes, and Bishop.

For more information, call 1-866-844-7500 or visit <u>www.ovcb.com</u>.

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This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors, and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

###

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| |
|:---|
| **Oak Valley Bancorp** |
| Financial Highlights (unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>**Selected Quarterly Operating Data:**</u> | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter |
| ($ in thousands, except per share) | 2025 | 2025 | 2025 | 2025 | 2024 |
| Net interest income<br>| $19457 | $19197 | $18154 | $17807 | $17846 |
| Provision for (reversal of) credit losses | 865 | (60) |  |  |  |
| Non-interest income | 1825 | 1973 | 1703 | 1613 | 1430 |
| Non-interest expense | 12262 | 12700 | 12688 | 12624 | 11548 |
| Net income before income taxes | 8155 | 8530 | 7169 | 6796 | 7728 |
| Provision for income taxes | 1820 | 1837 | 1581 | 1499 | 1720 |
| Net income | $6335 | $6693 | $5588 | $5297 | $6008 |
| Earnings per common share - basic | $0.77 | $0.81 | $0.68 | $0.64 | $0.73 |
| Earnings per common share - diluted | $0.76 | $0.81 | $0.67 | $0.64 | $0.73 |
| Dividends paid per common share | $- | $0.300 | $- | $0.300 | $- |
| Return on average common equity | 12.32% | 14.30% | 12.21% | 11.58% | 12.86% |
| Return on average assets | 1.25% | 1.35% | 1.18% | 1.13% | 1.25% |
| Net interest margin (1) | 4.14% | 4.16% | 4.11% | 4.09% | 4.00% |
| Efficiency ratio (2) | 55.94% | 58.27% | 61.95% | 63.00% | 58.09% |
| Capital - Period End |  |  |  |  |  |
| Book value per common share | $24.79 | $23.63 | $22.17 | $21.89 | $21.95 |
| Credit Quality - Period End |  |  |  |  |  |
| Nonperforming assets / total assets | 0.23% | 0.00% | 0.00% | 0.00% | 0.00% |
| Credit loss reserve / gross loans | 1.08% | 1.03% | 1.03% | 1.05% | 1.04% |
| Balance Sheet - Period End (in thousands) |  |  |  |  |  |
| Total assets | $2023116 | $1995416 | $1920909 | $1924365 | $1900604 |
| Gross loans | 1143930 | 1112829 | 1109856 | 1090953 | 1106535 |
| Nonperforming assets | 4587 |  |  |  |  |
| Allowance for credit losses | 12381 | 11420 | 11430 | 11448 | 11460 |
| Deposits | 1792962 | 1774882 | 1711241 | 1713592 | 1695690 |
| Common equity | 207975 | 198280 | 185805 | 183520 | 183436 |
| Balance Sheet - Average (in thousands) |  |  |  |  |  |
| Average assets | $2013766 | $1961374 | $1903741 | $1903585 | $1909691 |
| Average earning assets | 1914907 | 1876588 | 1818430 | 1814338 | 1819649 |
| Average equity | 203994 | 185638 | 183612 | 185592 | 185345 |
| Non-Financial Data |  |  |  |  |  |
| Full-time equivalent staff | 238 | 237 | 231 | 225 | 223 |
| Number of banking offices | 19 | 18 | 18 | 18 | 18 |
| Common Shares outstanding |  |  |  |  |  |
| Period end | 8388221 | 8390621 | 8382062 | 8382062 | 8357211 |
| Period average - basic | 8249256 | 8246666 | 8245147 | 8231844 | 8224504 |
| Period average - diluted | 8304597 | 8299039 | 8285299 | 8278301 | 8278427 |
| Market Ratios |  |  |  |  |  |
| Stock Price | $30.06 | $28.17 | $27.24 | $24.96 | $29.25 |
| Price/Earnings | 9.87 | 8.75 | 10.02 | 9.56 | 10.09 |
| Price/Book | 1.21 | 1.19 | 1.23 | 1.14 | 1.33 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) This is a non-GAAP measure that is computed on a fully tax equivalent basis using a federal tax rate of 21%. The resulting adjustment to net interest income is $509 thousand, $501 thousand, $498 thousand, $497 thousand, and $484 thousand thousand for the three-months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This is a non-GAAP measure that is computed on a fully tax equivalent basis using a federal tax rate of 21%, and a federal/state combined tax rate of 29.56%. The resulting adjustment to pre-tax income is $639 thoursand, $626 thousand, $624 thousand, $618 thousand, and $604 thousand for the three-months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

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| | | |
|:---|:---|:---|
| **Profitability** | YEAR ENDED<br> DECEMBER 31, | YEAR ENDED<br> DECEMBER 31, |
| ($ in thousands, except per share) | 2025 | 2024 |
| Net interest income | $74615 | $70034 |
| Provision for (reversal of) credit losses | 805 | (1620) |
| Non-interest income | 7114 | 6555 |
| Non-interest expense | 50274 | 46017 |
| Net income before income taxes | 30650 | 32192 |
| Provision for income taxes | 6737 | 7244 |
| Net income | $23913 | $24948 |
| Earnings per share - basic | $2.90 | $3.04 |
| Earnings per share - diluted | $2.88 | $3.02 |
| Dividends paid per share | $0.600 | $0.450 |
| Return on average equity | 12.60% | 14.39% |
| Return on average assets | 1.23% | 1.35% |
| Net interest margin (3) | 4.13% | 4.07% |
| Efficiency ratio (4) | 59.68% | 58.20% |
| Capital - Period End |  |  |
| Book value per share | $24.79 | $21.95 |
| Credit Quality - Period End |  |  |
| Nonperforming assets/ total assets | 0.23% | 0.00% |
| Credit loss reserve/ gross loans | 1.08% | 1.04% |
| Balance Sheet - Period End (in thousands) |  |  |
| Total assets | $2023116 | $1900604 |
| Gross loans | 1143930 | 1106535 |
| Nonperforming assets | 4587 |  |
| Allowance for credit losses | 12381 | 11460 |
| Deposits | 1792962 | 1695690 |
| Stockholders' equity | 207975 | 183436 |
| Balance Sheet - Average (in thousands) |  |  |
| Average assets | $1945962 | $1853315 |
| Average earning assets | 1856397 | 1770536 |
| Average equity | 189748 | 173335 |
| Non-Financial Data |  |  |
| Full-time equivalent staff | 238 | 223 |
| Number of banking offices | 19 | 18 |
| Common Shares outstanding |  |  |
| Period end | 8388221 | 8357211 |
| Period average - basic | 8243285 | 8218846 |
| Period average - diluted | 8291901 | 8258857 |
| Market Ratios |  |  |
| Stock Price | $30.06 | $29.25 |
| Price/Earnings | 10.36 | 9.64 |
| Price/Book | 1.21 | 1.33 |

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&nbsp;&nbsp;&nbsp;&nbsp;(3) This is a non-GAAP measure that is computed on a fully tax equivalent basis using a federal tax rate of 21%. The resulting adjustment to net interest income is $2.005 million and $2.036 million for the years ended December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) This is a non-GAAP measure that is computed on a fully tax equivalent basis using a federal tax rate of 21%, and a federal/state combined tax rate of 29.56%. The resulting adjustment to pre-tax income is $2.507 million and $2.478 million for the years ended December 31, 2025 and 2024, respectively.