# EDGAR Filing Document

**Accession Number:** 0001431567
**File Stem:** 0001437749-25-031607
**Filing Date:** 2025-10
**Character Count:** 19221
**Document Hash:** e28a942cd8ab11ef741b67fffcf53ceb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-031607.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001437749-25-031607

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251022

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**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:** 251412503

**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'? ovly20251022_8k.htm

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> Washington, D.C. 20549<br>**FORM 8-K** <br>**CURRENT REPORT** <br>**Pursuant to Section 13 or 15(d) of the**<br> **Securities Exchange Act of 1934.** <br>

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| | | |
|:---|:---|:---|
| **Date of Report: October 22, 2025**<br> (Date of earliest event reported) | **Date of Report: October 22, 2025**<br> (Date of earliest event reported) | **Date of Report: October 22, 2025**<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 October 22, 2025, 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 nine-months ended September 30, 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:**

None

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

None

**(c) Shell company transactions:**

None

**(d) Exhibits**

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| | |
|:---|:---|
| 99.1 | [Press Release of Oak Valley Bancorp dated October 22, 2025](ex_874934.htm) |

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

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**SIGNATURE** &nbsp;&nbsp;&nbsp;&nbsp;

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.

Dated: October 23, 2025

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| | |
|:---|:---|
| **OAK VALLEY BANCORP**  | **OAK VALLEY BANCORP**  |
| By:  | /s/ Jeffrey A. Gall |
|  | Jeffrey A. Gall |
|  | Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer and duly authorized signatory) | (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 October 22, 2025 |
| 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:** | October 22, 2025 |

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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 3rd QUARTER RESULTS**

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 September 30, 2025, consolidated net income was $6,693,000, or $0.81 per diluted share (EPS), as compared to $5,588,000, or $0.67 EPS, for the prior quarter and $7,324,000, or $0.89 EPS, for the same period a year ago. Consolidated net income for the nine months ended September 30, 2025 was $17,578,000, or $2.12 EPS, compared to $18,940,000 or $2.30 EPS for the same period of 2024.

The increase in third quarter net income compared to the prior quarter was due to earning asset growth, an increase in the yield of the loan portfolio, and the corresponding increase to net interest income. The QTD and YTD decreases compared to the same periods of 2024 are primarily due to a reversal of allowance for credit losses of $1,620,000 recorded in the third quarter of 2024 that was related to loan recoveries, and an increase in general operating expenses.

Net interest income for the three months ended September 30, 2025 was $19,197,000, compared to $18,154,000 in the prior quarter, and $17,655,000 in the same period a year ago. The increase in net interest income over the prior periods is attributed to average earning asset growth, rising loan yields, and a slight decrease in average cost of funds. Net interest margin for the three months ended September 30, 2025 was 4.16% (1), compared to 4.11% (1) for the prior quarter and 4.04% (1) for the same period last year.

Non-interest income was $1,973,000 for the quarter ended September 30, 2025, compared to $1,703,000 for the prior quarter and $1,846,000 for the same period last year. The increases compared to prior periods was mainly due to a one-time gain from a life insurance policy redemption, combined with increased production from our investment advisory service and related fee income, and increased service charge income on deposit accounts.

Non-interest expense totaled $12,700,000 for the quarter ended September 30, 2025, compared to $12,688,000 in the prior quarter and $11,324,000 in the same quarter a year ago. Compared to the prior quarter, non-interest expense was essentially flat. The third quarter increase compared to the same period a year ago is primarily due to staffing expense and general operating costs related to servicing the growing loan and deposit portfolios. Our full-time equivalent employees grew by six during the third quarter in preparation of our 19<sup>th</sup> full-service branch which opened in Lodi on October 2, 2025. "Our team continues to execute on our growth strategy while maintaining excellent asset quality and customer relationships," commented Chris Courtney, Chief Executive Officer. "The opening of our new Lodi branch demonstrates our focus on expanding our presence across the Central Valley."

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Total assets were $2.00 billion at September 30, 2025, an increase of $74.5 million and $95.0 million over June 30, 2025 and September 30, 2024, respectively. Gross loans were $1.11 billion at September 30, 2025, an increase of $3.0 million and $37.7 million over June 30, 2025 and September 30, 2024, respectively. The Company's total deposits were $1.77 billion as of September 30, 2025, an increase of $63.6 million and $84.6 million from June 30, 2025 and September 30, 2024, respectively. Our liquidity position is very strong as evidenced by $247.2 million in cash and cash equivalents balances at September 30, 2025.

Non-performing assets ("NPA") remained at zero as of September 30, 2025, as they were for all of 2025 and 2024. The allowance for credit losses ("ACL") as a percentage of gross loans was 1.03% at September 30, 2025, compared to 1.03% at June 30, 2025 and 1.07% at September 30, 2024. The decrease in the ACL as a percentage of gross loans from last year is partially due to the growth in the loan portfolio. Management has performed a thorough analysis of credit risk as part of the Current Expected Credit Loss (CECL) model's ACL computation, concluding that the credit loss reserves relative to gross loans remain at acceptable levels, and credit quality remains stable. The Company recorded a reversal of provision for credit losses of $60,000 during the third quarter which was related to a decrease in unfunded loan commitments.

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 their 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>.

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> | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter |
| ($ in thousands, except per share) | 2025 | 2025 | 2025 | 2024 | 2024 |
| Net interest income | $19197 | $18154 | $17807 | $17846 | $17655 |
| (Reversal of) provision for credit losses | (60) |  |  |  | (1620) |
| Non-interest income | 1973 | 1703 | 1613 | 1430 | 1846 |
| Non-interest expense | 12700 | 12688 | 12624 | 11548 | 11324 |
| Net income before income taxes | 8530 | 7169 | 6796 | 7728 | 9797 |
| Provision for income taxes | 1837 | 1581 | 1499 | 1720 | 2473 |
| Net income | $6693 | $5588 | $5297 | $6008 | $7324 |
| Earnings per common share - basic | $0.81 | $0.68 | $0.64 | $0.73 | $0.89 |
| Earnings per common share - diluted | $0.81 | $0.67 | $0.64 | $0.73 | $0.89 |
| Dividends paid per common share | $0.300 | $- | $0.300 | $- | $0.225 |
| Return on average common equity | 14.30% | 12.21% | 11.58% | 12.86% | 16.54% |
| Return on average assets | 1.35% | 1.18% | 1.13% | 1.25% | 1.56% |
| Net interest margin (1) | 4.16% | 4.11% | 4.09% | 4.00% | 4.04% |
| Efficiency ratio (2) | 58.27% | 61.95% | 63.00% | 58.09% | 56.35% |
| Capital - Period End |  |  |  |  |  |
| Book value per common share | $23.63 | $22.17 | $21.89 | $21.95 | $22.18 |
| Credit Quality - Period End |  |  |  |  |  |
| Nonperforming assets / total assets | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Credit loss reserve / gross loans | 1.03% | 1.03% | 1.05% | 1.04% | 1.07% |
| Balance Sheet - Period End (in thousands) |  |  |  |  |  |
| Total assets | $1995416 | $1920909 | $1924365 | $1900604 | $1900455 |
| Gross loans | 1112829 | 1109856 | 1090953 | 1106535 | 1075138 |
| Nonperforming assets |  |  |  |  |  |
| Allowance for credit losses | 11420 | 11430 | 11448 | 11460 | 11479 |
| Deposits | 1774882 | 1711241 | 1713592 | 1695690 | 1690301 |
| Common equity | 198280 | 185805 | 183520 | 183436 | 185393 |
| Balance Sheet - Average (in thousands) |  |  |  |  |  |
| Average assets | $1961374 | $1903741 | $1903585 | $1909691 | $1863983 |
| Average earning assets | 1876588 | 1818430 | 1814338 | 1819649 | 1780056 |
| Average equity | 185638 | 183612 | 185592 | 185345 | 175693 |
| Non-Financial Data |  |  |  |  |  |
| Full-time equivalent staff | 237 | 231 | 225 | 223 | 222 |
| Number of banking offices | 18 | 18 | 18 | 18 | 18 |
| Common Shares outstanding |  |  |  |  |  |
| Period end | 8390621 | 8382062 | 8382062 | 8357211 | 8358711 |
| Period average - basic | 8246666 | 8245147 | 8231844 | 8224504 | 8221475 |
| Period average - diluted | 8299039 | 8285299 | 8278301 | 8278427 | 8263790 |
| Market Ratios |  |  |  |  |  |
| Stock Price | $28.17 | $27.24 | $24.96 | $29.25 | $26.57 |
| Price/Earnings | 8.75 | 10.02 | 9.56 | 10.09 | 7.52 |
| Price/Book | 1.19 | 1.23 | 1.14 | 1.33 | 1.20 |

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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 $501 thousand, $498 thousand, $497 thousand, $484 thousand and $473 thousand for the three-months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 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 $626 thousand, $624 thousand, $618 thousand, $604 thousand, and $594 thousand for the three-months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.

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| | | |
|:---|:---|:---|
| **Profitability** | NINE MONTHS ENDED<br> SEPTEMBER 30, | NINE MONTHS ENDED<br> SEPTEMBER 30, |
| ($ in thousands, except per share) | 2025 | 2024 |
| Net interest income | $55158 | $52188 |
| (Reversal of) provision for credit losses | (60) | (1620) |
| Non-interest income | 5289 | 5125 |
| Non-interest expense | 38012 | 34469 |
| Net income before income taxes | 22495 | 24464 |
| Provision for income taxes | 4917 | 5524 |
| Net income | $17578 | $18940 |
| Earnings per share - basic | $2.13 | $2.30 |
| Earnings per share - diluted | $2.12 | $2.30 |
| Dividends paid per share | $0.600 | $0.450 |
| Return on average equity | 12.71% | 14.90% |
| Return on average assets | 1.22% | 1.38% |
| Net interest margin (3) | 4.12% | 4.08% |
| Efficiency ratio (4) | 61.00% | 58.24% |
| Capital - Period End |  |  |
| Book value per share | $23.63 | $22.18 |
| Credit Quality - Period End |  |  |
| Nonperforming assets/ total assets | 0.00% | 0.00% |
| Credit loss reserve/ gross loans | 1.03% | 1.07% |
| Balance Sheet - Period End (in thousands) |  |  |
| Total assets | $1995416 | $1900455 |
| Gross loans | 1112829 | 1075138 |
| Nonperforming assets |  |  |
| Allowance for credit losses | 11420 | 11479 |
| Deposits | 1774882 | 1690301 |
| Stockholders' equity | 198280 | 185393 |
| Balance Sheet - Average (in thousands) |  |  |
| Average assets | $1923112 | $1834386 |
| Average earning assets | 1836679 | 1754046 |
| Average equity | 184947 | 169302 |
| Non-Financial Data |  |  |
| Full-time equivalent staff | 237 | 222 |
| Number of banking offices | 18 | 18 |
| Common Shares outstanding |  |  |
| Period end | 8390621 | 8358711 |
| Period average - basic | 8241273 | 8216947 |
| Period average - diluted | 8287622 | 8252286 |
| Market Ratios |  |  |
| Stock Price | $28.17 | $26.57 |
| Price/Earnings | 9.88 | 8.65 |
| Price/Book | 1.19 | 1.20 |

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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 $1.496 million and $1.552 million for the nine-months ended September 30, 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 $1.868 million and $1.873 million for the nine-months ended September 30, 2025 and 2024, respectively.