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Non-interest income for the fourth quarter and year ended December 31, 2024, totaled $1,430,000 and $6,555,000, respectively, compared to $1,846,000 during the prior quarter, $1,755,000 for the fourth quarter of 2023, and $6,631,000 for the year ended December 31, 2023. The QTD and YTD decreases from prior periods was primarily due to unrealized market value changes on equity securities.

Non-interest expense for the fourth quarter and year ended December 31, 2024, totaled $11,548,000 and $46,017,000, respectively, compared to $11,324,000 during the prior quarter, $10,760,000 for the fourth quarter of 2023 and $41,157,000 for the year ended December 31, 2023. The fourth quarter increases are related to audit, data processing, and consulting among other general operating expense increases. The year-to-date increase compared to 2023 corresponds to staffing expense and general operating costs, including advertising, audit and software licensing, related to servicing the loan and deposit portfolios.

Total assets were $1.90 billion at December 31, 2024, essentially flat compared to September 30, 2024, and an increase of $58.2 million over December 31, 2023. Gross loans were $1.11 billion as of December 31, 2024, an increase of $31.4 million from September 30, 2024, and $90.0 million from December 31, 2023. The Company’s total deposits were $1.70 billion as of December 31, 2024, an increase of $5.4 million from September 30, 2024, and $45.2 million from December 31, 2023. Our liquidity position remains strong as evidenced by $168.8 million in cash and cash equivalents balances at December 31, 2024.

Non-performing assets (“NPA”) remained at zero as of December 31, 2024, as they were for all of 2024 and 2023. The allowance for credit losses (“ACL”) as a percentage of gross loans decreased to 1.04% at December 31, 2024, compared to 1.07% at September 30, 2024 and 1.07% at December 31, 2023. The decrease was related to macro-economic conditions and other credit-related factors that resulted in a favorable output from our CECL credit risk model, combined with loan growth of $31.4 million during the quarter. 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 remains at acceptable levels, and credit quality remains stable.

The Board of Directors of Oak Valley Bancorp at their January 21, 2025 meeting, declared the payment of a cash dividend of $0.30 per share of common stock to its shareholders of record at the close of business on February 3, 2025. The payment date will be February 14, 2025 and will amount to approximately $2,507,000. This is the first dividend payment made by the Company in 2025.

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 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, 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 www.ovcb.com.

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.