0001437749-22-001479.txt : 20220124 0001437749-22-001479.hdr.sgml : 20220124 20220124124845 ACCESSION NUMBER: 0001437749-22-001479 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220121 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220124 DATE AS OF CHANGE: 20220124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Oak Valley Bancorp CENTRAL INDEX KEY: 0001431567 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 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: 22548462 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 8-K 1 ovly20220121_8k.htm FORM 8-K ovly20220121_8k.htm
false 0001431567 0001431567 2022-01-21 2022-01-21
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
 
Date of Report: January 21, 2022
(Date of earliest event reported)
 
Oak Valley Bancorp
(Exact name of registrant as specified in its charter)
 
CA
(State or other jurisdiction
of incorporation)
001-34142
(Commission File Number)
26-2326676
(IRS Employer
Identification Number)
 
125 N. Third Ave. Oakdale, CA
(Address of principal executive offices)
95361
(Zip Code)
 
 
(209) 848-2265
(Registrant's telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
OVLY
The Nasdaq Stock Market, LLC
 
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. ☐
 
 

 
 
Item 2.02. Results of Operations and Financial Condition

On January 21, 2022 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 quarter and year ended December 31, 2021.

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
  99.1
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
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.
 
Dated: January 24, 2022
OAK VALLEY BANCORP 
By:
/s/ Jeffrey A. Gall
Jeffrey A. Gall
Senior Vice President and Chief Financial Officer (Principal
  Financial Officer and duly authorized signatory)  
 
 

 
 
Exhibit Index
Exhibit No.
Description
   
99.1
Press Release of Oak Valley Bancorp dated January 21, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
EX-99.1 2 ex_326971.htm EXHIBIT 99.1 ex_326971.htm

Exhibit 99.1

 

PRESS RELEASE

 

For Immediate Release

 

Date:

January 21, 2022

Contact:

Chris Courtney/Rick McCarty

Phone:

(209) 848-2265

www.ovcb.com

 

OAK VALLEY BANCORP REPORTS 4th 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, 2021, consolidated net income was $3,466,000 or $0.42 per diluted share (EPS), as compared to $4,554,000, or $0.56 EPS, for the prior quarter and $4,649,000, or $0.57 EPS for the same period a year ago. Consolidated net income for the year ended December 31, 2021, totaled $16,337,000, or $2.00 EPS, representing an increase of 19.4% compared to $13,687,000 or $1.68 EPS for 2020.

 

The fourth quarter net income decrease was primarily due to a decrease in Paycheck Protection Program (PPP) loan interest and fee income to $1,254,000 during the fourth quarter, compared to $2,679,000 during the third quarter of 2021 and $2,150,000 during the fourth quarter of 2020. The year-to-date increase in net income was mainly due to PPP loan interest and fee income of $8,726,000 in 2021, as compared to $4,720,000 in 2020. Additionally, a reversal of loan loss provisions totaling $635,000 was recognized during the fourth quarter and year-to-date period of 2021, as compared to a reversal of $338,000 during the fourth quarter of 2020 and provisions of $2,165,000 for the year-to-date period of 2020.

 

The Company has benefited from loan growth, excluding PPP loans, of $27.2 million, and investment portfolio growth of $45.7 million, during the year ended December 31, 2021. This growth in earning assets contributed to net interest income expansion and helped to offset the yield reduction resulting from the current low interest rate environment. $345 million has been funded in new PPP loans since the commencement of the PPP loan program, of which $314 million has been paid down through SBA forgiveness payments, leaving an outstanding balance of $31 million as of December 31, 2021.

 

“Our team had a truly dynamic performance in 2021. Their work to support local businesses, during these challenging times has been remarkable and we simply couldn’t be more pleased with the way they have put our core values front-and-center in the execution of our mission. Their hard work and dedication was instrumental in helping us reach record level earnings for the year,” stated Chris Courtney, Chief Executive Officer.

 

 

 

Net interest income was $11,309,000 and $48,835,000 for the fourth quarter and year ended December 31, 2021, respectively, compared to $13,296,000 during the prior quarter, $12,128,000 for the fourth quarter of 2020 and $44,957,000 for the year ended December 31, 2020. The fourth quarter decrease compared to prior quarters is attributable to the decrease in PPP loan interest and fees as described above. The year over year increase is attributable to an increase in interest and fees on PPP loans and organic growth as mentioned above.

 

Net interest margin was 2.55% and 3.04% for the fourth quarter and year ended December 31, 2021, respectively, as compared to 3.49% and 3.59% for the same periods of 2020. The interest margin compression was mainly due to an increase in low-yielding cash balances driven by deposit growth and PPP loan forgiveness payments, and from lower overall market rates triggered by the FOMC rate cuts in March 2021, which continue to adversely impact earning asset yields as they reprice and mature.

 

Non-interest income for the fourth quarter and year ended December 31, 2021, totaled $1,542,000 and $5,426,000, respectively, compared to $1,303,000 during the prior quarter, $1,280,000 for the fourth quarter of 2020, and $4,815,000 for the year ended December 31, 2020. The fourth quarter and year-to-date increases compared to prior periods was mainly due to increases recognized on debit card transaction fees, gains on called investment securities, and investment advisory fees.

 

Non-interest expense for the fourth quarter and year ended December 31, 2021, totaled $8,877,000 and $33,219,000, respectively, compared to $8,407,000 during the prior quarter, $8,040,000 for the fourth quarter of 2020 and $29,864,000 for the year ended December 31, 2020. The fourth quarter and year-to-date increases compared to prior periods correspond to staffing expense, general operating costs related to servicing the growing loan and deposit portfolios, and a decrease in deferred costs associated with funded loans, which is recorded against salary expense.

 

Total assets were $1.96 billion at December 31, 2021, an increase of $107.6 million over September 30, 2021, and $452.9 million over December 31, 2020. Gross loans were $860.0 million as of December 31, 2021, a decrease of $12.1 million from September 30, 2021, and $153.1 million from December 31, 2020. The fourth quarter and year-to-date decreases in gross loans were due to decreases in PPP loan balances of $36.0 million and $180.3 million, respectively, as a result of PPP forgiveness payments received from the SBA. The Company’s total deposits were $1.81 billion as of December 31, 2021, an increase of $105.8 million over September 30, 2021, and $439.2 million over December 31, 2020.

 

“We’ve had transformative growth in our balance sheet over the past two years. At the same time, we have seen considerable changes on the competitive front resulting from recent consolidation within the industry. Coupled together, these factors instill optimism in our outlook for the road ahead,” summarized Rick McCarty, President and Chief Operating Officer.

 

Non-performing assets remained at zero as of December 31, 2021, as they were as of September 30, 2021 and December 31, 2020. The allowance for loan losses as a percentage of gross loans decreased to 1.25% at December 31, 2021, compared to 1.30% at September 30, 2021, and increased from 1.12% at December 31, 2020, as loan loss reserves relative to gross loans remain at acceptable levels and credit quality remains stable. The decrease compared to September 30, 2021 is due to the $635,000 reversal of loan loss provisions associated with general improvements in credit risk metrics within our loan portfolio. The increase compared to 1.12% as of December 31, 2020 is due to the decrease in outstanding PPP loans that do not require a loan loss reserve as they are guaranteed by the federal government through the SBA program. The $635,000 reversal in the fourth quarter of 2021 compares to a reversal of $338,000 during the fourth quarter of 2020 corresponding to the reduction in non-accrual loans, and an aggregate provision for loan losses of $2,165,000 for the year ended December 31, 2020. The 2020 provision for loan loss is commensurate with growth of the loan portfolio and includes a COVID-19 related discretionary adjustment. During the second quarter of 2020, qualitative risk-based discretionary adjustments were made to the allowance for loan losses in connection with the COVID-19 pandemic and corresponding economic stress. These discretionary adjustments are continuously evaluated based on current levels of credit risk to borrowers impacted by the COVID-19 pandemic.

 

 

 

The Board of Directors of Oak Valley Bancorp at their January 18, 2022, meeting declared the payment of a cash dividend of $0.15 per share of common stock to its shareholders of record at the close of business on January 31, 2022. The payment date will be February 11, 2022 and will amount to approximately $1,236,000. This is the first dividend payment made by the Company in 2022.

 

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 17 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The Company has received regulatory approval to open a new office in Roseville, which is slated for Spring 2022.

 

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.

 

###

 

 

 

Oak Valley Bancorp

 

Financial Highlights (unaudited)

 

 

($ in thousands, except per share)

 

4th Quarter

   

3rd Quarter

   

2nd Quarter

   

1st Quarter

   

4th Quarter

 

Selected Quarterly Operating Data:

 

2021

   

2021

   

2021

   

2021

   

2020

 
                                         

Net interest income

  $ 11,309     $ 13,296     $ 11,988     $ 12,242     $ 12,128  

(Reversal of) provision for loan losses

    (635 )     -       -       -       (338 )

Non-interest income

    1,542       1,303       1,405       1,176       1,280  

Non-interest expense

    8,877       8,407       8,215       7,720       8,040  

Net income before income taxes

    4,609       6,192       5,178       5,698       5,706  

Provision for income taxes

    1,143       1,638       1,218       1,341       1,057  

Net income

  $ 3,466     $ 4,554     $ 3,960     $ 4,357     $ 4,649  
                                         

Earnings per common share - basic

  $ 0.43     $ 0.56     $ 0.49     $ 0.54     $ 0.57  

Earnings per common share - diluted

  $ 0.42     $ 0.56     $ 0.48     $ 0.53     $ 0.57  

Dividends paid per common share

  $ -     $ 0.145     $ -     $ 0.145     $ -  

Return on average common equity

    9.75 %     13.01 %     11.77 %     13.44 %     14.58 %

Return on average assets

    0.72 %     1.00 %     0.93 %     1.12 %     1.23 %

Net interest margin (1)

    2.55 %     3.17 %     3.09 %     3.43 %     3.49 %

Efficiency ratio (2)

    67.45 %     55.94 %     59.55 %     55.47 %     58.28 %
                                         

Capital - Period End

                                       

Book value per common share

  $ 17.31     $ 16.97     $ 16.60     $ 16.02     $ 15.78  
                                         

Credit Quality - Period End

                                       

Nonperforming assets/ total assets

    0.00 %     0.00 %     0.02 %     0.02 %     0.00 %

Loan loss reserve/ gross loans

    1.25 %     1.30 %     1.20 %     1.10 %     1.12 %
                                         

Period End Balance Sheet

                                       

($ in thousands)

                                       

Total assets

  $ 1,964,599     $ 1,856,759     $ 1,764,464     $ 1,665,394     $ 1,511,478  

Gross loans

    860,037       872,110       943,894       1,028,776       1,013,115  

Nonperforming assets

    -       -       362       362       -  

Allowance for loan losses

    10,738       11,351       11,327       11,312       11,297  

Deposits

    1,806,966       1,701,180       1,614,480       1,517,785       1,367,809  

Common equity

    142,612       139,788       136,620       131,942       129,694  
                                         

Non-Financial Data

                                       

Full-time equivalent staff

    205       196       188       183       183  

Number of banking offices

    17       17       17       17       17  
                                         

Common Shares outstanding

                                       

Period end

    8,239,099       8,239,099       8,231,983       8,235,939       8,218,873  

Period average - basic

    8,151,250       8,148,277       8,145,538       8,134,831       8,129,045  

Period average - diluted

    8,188,003       8,182,780       8,177,714       8,166,178       8,155,890  
                                         

Market Ratios

                                       

Stock Price

  $ 17.40     $ 17.54     $ 18.17     $ 17.15     $ 16.62  

Price/Earnings

    10.31       7.91       9.32       7.90       7.32  

Price/Book

    1.01       1.03       1.09       1.07       1.05  

 

 

 

   

YEAR ENDED DECEMBER 31,

 

($ in thousands, except per share)

 

2021

   

2020

 
                 

Net interest income

  $ 48,835     $ 44,957  

Provision for loan losses

    (635 )     2,165  

Non-interest income

    5,426       4,815  

Non-interest expense

    33,219       29,864  

Net income before income taxes

    21,677       17,743  

Provision for income taxes

    5,340       4,056  

Net income

  $ 16,337     $ 13,687  
                 

Earnings per common share - basic

  $ 2.01     $ 1.68  

Earnings per common share - diluted

  $ 2.00     $ 1.68  

Dividends paid per common share

  $ 0.29     $ 0.28  

Return on average common equity

    11.96 %     11.40 %

Return on average assets

    0.93 %     1.00 %

Net interest margin (1)

    3.04 %     3.59 %

Efficiency ratio (2)

    59.43 %     58.20 %
                 

Capital - Period End

               

Book value per common share

  $ 17.31     $ 15.78  
                 

Credit Quality - Period End

               

Nonperforming assets/ total assets

    0.00 %     0.00 %

Loan loss reserve/ gross loans

    1.25 %     1.12 %
                 

Period End Balance Sheet

               

($ in thousands)

               

Total assets

  $ 1,964,599     $ 1,511,478  

Gross loans

    860,037       1,013,115  

Nonperforming assets

    -       -  

Allowance for loan losses

    10,738       11,297  

Deposits

    1,806,966       1,367,809  

Common equity

    142,612       129,694  
                 

Non-Financial Data

               

Full-time equivalent staff

    205       183  

Number of banking offices

    17       17  
                 

Common Shares outstanding

               

Period end

    8,239,099       8,218,873  

Period average - basic

    8,145,028       8,123,386  

Period average - diluted

    8,178,740       8,138,528  
                 

Market Ratios

               

Stock Price

  $ 17.40     $ 16.62  

Price/Earnings

    8.68       9.86  

Price/Book

    1.01       1.05  

 

(1)

Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.

(2)

Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.

  A marginal federal/state combined tax rate of 29.56%, was used for applicable revenue.

 

 
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