Exhibit 99.1

PRESS RELEASE

For Immediate Release

OAK VALLEY BANCORP REPORTS 4th QUARTER RESULTS

OAKDALE, CA — Oak Valley Bancorp (NASDAQ: OVLY), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported financial results for the fiscal year ended December 31, 2011.  Net income for 2011 totaled $5.9 million compared to $4.6 million for 2010.  After adjustment for preferred stock dividends and accretion, net income available to common shareholders was $4.7 million, or $0.61 per diluted share, compared to net income of $3.8 million, or $0.49 per diluted common share, in 2010.  This represents a 24% increase in net income available to common shareholders and marks record earnings for Oak Valley Bancorp.

For the three months ended December 31, 2011, Oak Valley Bancorp reported net income of $1.5 million. After adjustment for preferred stock dividends and accretion, net income available to common shareholders was $1.3 million, or $0.17 per diluted share, representing a 3.0% increase in net income available to common shareholders when compared to the three months ended December 31, 2010.

Total assets grew to $612.4 million as of December 31, 2011, which was an increase of $60.0 million, or 10.9% over the prior year. Deposits increased to $536.2 million, which was an increase of $59.5 million, or 12.5% over the prior year.  Gross loans at year end totaled $396.2 million, reflecting a decrease of $8.0 million, or 2.0%, from December 31, 2010.

“We are pleased to report the results of another successful year.  In a year which included our 20 year anniversary and the opening of two new branches, operational growth remained strong.  Asset growth driven by core deposits continues to positively impact earnings,” stated Ron Martin, CEO.

Loan loss reserves as a percentage of gross loans increased to 2.17% at December 31, 2011 compared to 2.04% at December 31, 2010.  The increased reserve ratio was realized even with a lower annual provision of $1.5 million in 2011, down from $4.0 million in 2010.

The Company continues to experience solid reductions in non-performing assets. Non-performing assets totaled $7.5 million, or 1.22% of total assets at December 31, 2011, compared to $12.3 million, or 2.22% of total assets, at December 31, 2010.

“Credit quality is an absolute cornerstone for any financial institution.  We have, through deliberate adherence to sound principles, been successful in managing our credit portfolio and mitigating non-performing assets this year and throughout our history,” commented Chris Courtney, President. “It is reassuring to have the ideals on which we base our decisions validated by our emergence from these trying times, not only strong, but poised to continue serving the needs of the community,” Courtney concluded.

Net interest income of $25.2 million for the year ended December 31, 2011, increased slightly by $173,000, or 0.7%, from the prior year.  The Company’s net interest margin was 4.83% for the year ended December 31, 2011, compared to 5.20% for the year ended December 31, 2010.  This decrease is largely the result of pressure on the Bank’s yield on earnings assets which currently outpaces the Bank’s ability to make subsequent reductions to its cost of funds given the historically low interest rate environment.

Non-interest expense of $17.4 million for the year ended December 31, 2011, increased $618,000, or 3.7%, from the prior year.  This was partially the result of expansion and staffing related expenses associated with opening the new Modesto and Manteca offices.

The Company currently operates through 14 branches in Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop.

For more information, please 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.

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Oak Valley Community Bank

Statement of Condition (unaudited)

(1)  Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 34%.

(2) Includes $13.5 million in preferred stock issued to the U.S. Treasury under the SBLF Program. Prior to 9/30/2011, it was issued under the TARP Capital Purchase Program.