Business
Oak View Bankshares, Inc. Announces 2023 Record Earnings and Doubles the Annual Dividend
Oak View Bankshares, Inc. Announces 2023 Record Earnings and Doubles the Annual Dividend.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / January 26, 2024 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $4.21 million for the twelve months ended December 31, 2023, compared to net income of $3.06 million for the twelve months ended December 31, 2022, an increase of $1.15 million or 37.58%. Basic and diluted earnings per share were $1.43 for the twelve months ended December 31, 2023, compared to $1.03 for the twelve months ended December 31, 2022.On January 18, 2024, the Board of Directors of the Company declared an annual dividend of $0.20 per share to shareholders of record as of the close of business on February 1, 2024, payable on February 8, 2024.Michael Ewing, CEO and Chairman of the Board said, "Our Company experienced another phenomenal year, increasing earnings by 37% during a challenging time for the banking industry. The achievement of record earnings for 2023 is the result of hard work and dedication of our entire team in navigating an unprecedented year of liquidity concerns, interest rate volatility, and uncertainty in the economic environment. Our disciplined approach in operating a safe and sound financial institution, providing the foremost customer experience, offering quality products and services, supporting our local communities, and maintaining a rewarding workplace for our employees, while doubling earnings over the last three years, is quite remarkable."Selected Highlights:Return on average assets was 0.75% and return on average equity was 14.38% for the twelve months ended December 31, 2023, compared to 0.75% and 11.73%, respectively for the twelve months ended December 31, 2022.Total assets were $600.16 million on December 31, 2023, compared to $497.89 million on December 31, 2022.Total loans were $304.05 million on December 31, 2023, compared to $273.87 million on December 31, 2022.The investment portfolio totaled $248.00 million on December 31, 2023, compared to $193.31 million on December 31, 2022.Total deposits were $474.23 million on December 31, 2023, compared to $422.90 million on December 31, 2022.Credit quality continues to be outstanding. There were no nonperforming loans as of December 31, 2023.Regulatory capital remains strong with ratios exceeding the "well capitalized" t...