Julie N. DeHart
About Julie N. DeHart
Executive Vice President, Retail Banking Group at Oak Valley Bancorp (Oak Valley Community Bank). Age 51; officer since 2021; joined the bank in 2005 after prior branch, training, and administration roles; 25+ years of retail banking experience; 2019 graduate of Pacific Coast Banking School (University of Washington) . Corporate performance during her EVP tenure reflects strong profitability and credit quality: ROA 1.35% in 2024; net income $24.95m in 2024; loan growth 8.8%; nonperforming assets to equity 0.0% . Pay-versus-performance shows value of a $100 initial investment of $132.27 (2022), $176.97 (2023), and $175.87 (2024) and net income of $22.90m (2022), $30.85m (2023), and $24.95m (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Oak Valley Community Bank | Executive Vice President, Retail Banking Group | 2021–present | Leads retail banking, drawing on branch, training, development, and administration experience |
| Oak Valley Community Bank | Senior Vice President, Retail Banking Manager | 2017–2021 | Oversight of branch operations, training & development, branch administration |
| Oak Valley Community Bank | Various roles in branch, training & development, branch administration | 2005–2017 | Retail network execution and operational development |
Fixed Compensation
- Julie DeHart is an executive officer but not a named executive officer (NEO) in 2023–2024; individual base salary, target bonus %, and actual bonus amounts are not disclosed in the Summary Compensation Table (NEOs disclosed are CEO, President/COO, and Chief Credit Officer) .
- Company policy context: base salaries for NEOs are reviewed annually against Northern California bank peers; 2024 increases ranged 10.0%–13.3% for NEOs based on performance and survey data (California Bankers Association; Pearl Meyer validation in 2023) .
Performance Compensation
Company’s annual incentive framework (applies to NEOs; Julie’s specific targets/payouts not disclosed):
| Metric | Category Weighting | Threshold | Target | Maximum | 2024 Actual | Payout (Julie) | Vesting/Timing |
|---|---|---|---|---|---|---|---|
| Return on Assets | Profitability (70%) | 1.00% | 1.25% | 1.35% | 1.35% | Not disclosed | Annual cash bonus; accrues quarterly |
| Net Income ($000) | Profitability (70%) | $18,250 | $23,250 | $25,250 | $24,948 | Not disclosed | Annual cash bonus; accrues quarterly |
| Core Deposit Growth | Growth (10%) | 3% | 6% | 8% | -1.0% | Not disclosed | Annual cash bonus; accrues quarterly |
| Loan Growth | Growth (10%) | 3% | 6% | 8% | 8.8% | Not disclosed | Annual cash bonus; accrues quarterly |
| Nonperforming Assets to Equity | Risk Mgmt (20%) | <2.75% | <1.5% | <1.0% | 0.0% | Not disclosed | Annual cash bonus; accrues quarterly |
In 2024, four metrics met/exceeded targets and one missed threshold; NEO bonuses paid at ~100.5% of target (Julie’s payout not disclosed) .
Equity Ownership & Alignment
- Restricted stock grants and tax-withholding surrenders (Form 4 activity in 2024–2025):
| Item | 2024 | 2025 |
|---|---|---|
| RSAs granted (shares) | 6,262 (2/28/24) | 1,112 (2/28/25) |
| Shares surrendered for tax withholding (vest) | 195 (2/28/24) | 709 (2/28/25) |
- Plan and vesting context: under the 2018 Stock Plan, NEO restricted stock grants vest 20% annually over five years beginning the following Feb 28; surrenders indicate Julie had vesting events on 2/28/24 and 2/28/25. Julie’s specific vesting schedule is not explicitly disclosed, but grants are under the same Stock Plan administered by the Compensation Committee .
- Hedging/derivatives are prohibited for executives and directors (no short selling, options trading, or hedging). The proxy does not explicitly disclose a pledging prohibition policy for executives .
- Beneficial ownership totals and percentage for Julie are not shown in the proxy’s ownership table (which lists 5% holders, directors, and NEOs) .
Employment Terms
- Officer since 2021; joined the bank in 2005; no specific employment agreement, severance, or change‑of‑control terms disclosed for Julie in the proxy .
- Company uses Salary Continuation Agreements and split‑dollar life insurance for certain NEOs (Courtney, McCarty, Rodrigues); no disclosure that Julie is party to these agreements .
Performance & Track Record
Corporate pay-versus-performance and profitability indicators:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of $100 Initial Investment (TSR) ($) | 132.27 | 176.97 | 175.87 |
| Net Income ($USD ‘000s) | 22,902 | 30,848 | 24,948 |
2024 operating metrics tied to incentives:
| Metric | 2024 Actual |
|---|---|
| Return on Assets (%) | 1.35% |
| Loan Growth (%) | 8.8% |
| Core Deposit Growth (%) | -1.0% |
| Nonperforming Assets to Equity (%) | 0.0% |
Governance, Ownership Guidelines, and Policies
- Directors must hold company stock; no fixed target level specified in bylaws (director guidelines). Executive stock ownership guidelines are not disclosed .
- Prohibition on speculation/hedging (short selling, public options, hedging) for executives and directors .
- Last advisory say‑on‑pay approval was 97% in 2022; frequency vote recommended as triennial; next advisory votes occur in 2025 .
Investment Implications
- Alignment: Regular RSU grants and sell‑to‑cover tax transactions suggest ongoing equity participation with limited discretionary selling; no options disclosed; hedging prohibited—supportive of long‑term alignment .
- Retention and severance: No disclosed individual employment agreement, severance, or salary continuation arrangement for Julie (unlike some NEOs), implying standard at‑will employment terms; retention relies on ongoing equity grants and role responsibility rather than contractual economics .
- Performance linkage: Incentive plan ties payouts to profitability, growth, and risk metrics (ROA, net income, loan/deposit growth, asset quality); 2024 outcomes met/exceeded most targets—indicative of pay‑for‑performance culture, though Julie’s specific bonus outcomes are not disclosed .
- Trading signals: Form 4 entries reflect RSA grants and tax surrenders on vesting dates; absence of discretionary sales reduces near‑term insider selling pressure signaling for Julie .
- Policy risk: No explicit disclosure of executive pledging policy or clawback language in the proxy; continued monitoring warranted for governance best practices and any future 8‑K updates .