Business
Oak View Bankshares, Inc. Announces 2024 Earnings and Annual Dividend
Oak View Bankshares, Inc. Announces 2024 Earnings and Annual Dividend.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESS Newswire / January 21, 2025 / Oak View Bankshares, Inc. (the "Company") (OTC PINK:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $6.10 million for the year ended December 31, 2024, compared to net income of $4.21 million for the year ended December 31, 2023, an increase of 44.72%.Basic and diluted earnings per share for the year ended December 31, 2024, were $2.07 compared to $1.43 for the year ended December 31, 2023.On January 16, 2025, the Board of Directors of the Company declared an annual dividend of $0.27 per share to shareholders of record as of the close of business on January 30, 2025, payable on February 6, 2025."Despite industry headwinds and persistent market volatility, our exceptional team delivered 45% growth in earnings per share in 2024. Your Company's strong financial performance reflects our unwavering commitment to striking the optimal balance between safety and soundness, profitability, and growth. We could not be prouder of these results nor more excited about the opportunities that lie ahead," said Michael Ewing, CEO and Chairman of the Board. Mr. Ewing continued, "Oak View National Bank exists to serve our communities and deliver durable and compelling returns to shareholders. We are heartened that our community bank value proposition continues to resonate, which is evidenced by deepening relationships with current clients, steady growth in new relationships, as well as selective additions of talented and trustworthy banking professionals." Selected Highlights:Return on average assets was 0.94% and return on average equity was 17.45% for the year ended December 31, 2024, compared to 0.75% and 14.38%, respectively, for the year ended December 31, 2023.Total assets were $694.53 million on December 31, 2024, compared to $600.16 million on December 31, 2023, an increase of $94.28 million.Total loans were $320.95 million on December 31, 2024, compared to $304.05 million on December 31, 2023, an increase of $16.90 million. Much of this increase was within the commercial owner-occupied real estate portfolio.The total amortized cost of debt securities was $297.82 million on December 31, 2024, compared to $248.11 million on December 31, 2023, an increase of $49.71 million.Total deposits were $588.77 million on Dec...