Business
Oak View Bankshares, Inc. Announces Another Strong Quarter of Performance
Oak View Bankshares, Inc. Announces Another Strong Quarter of Performance.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / July 24, 2024 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $1.83 million for the quarter ended June 30, 2024, compared to net income of $1.03 million for the quarter ended June 30, 2023, an increase of 76.89%. Net income for the six months ended June 30, 2024, was $3.17 million, compared to $2.05 million for the six months ended June 30, 2023, an increase of 54.79%. Basic and diluted earnings per share were $0.62 per share for the quarter ended June 30, 2024, compared to $0.35 for the quarter ended June 30, 2023. Basic and diluted earnings per share for the six months ended June 30, 2024, were $1.07 compared to $0.69 for the six months ended June 30, 2023."As always, our goal is to strike the optimal balance among safety and soundness, profitability, and growth," said Michael Ewing, CEO and Chairman of the Board. Prudent financial management allows us to meet the financial needs of our communities while building durable value for our shareholders. These are challenging times for many in the banking industry due to high short-term interest rates and an inverted yield curve. While many community depositories pull back, we are pushing forward. We have continued to earn deposit and lending share, recruit top talent, expand our product suite, and fortify our foundation for growth - all while strengthening our financial performance. As shown in the graph, our earnings per share have increased dramatically over the past decade. Above all, this is a testament to the hard work of our teammates and the commitment of the communities we are so privileged to serve."Selected Highlights:Return on average assets was 1.17% and return on average equity was 21.64% for the quarter ended June 30, 2024, compared to 0.76% and 14.33%, respectively, for the quarter ended June 30, 2023. Return on average assets was 1.04% and return on average equity was 19.21% for the six months ended June 30, 2024, compared to 0.77% and 14.44%, respectively, for the six months ended June 30, 2023.Total assets were $629.91 million on June 30, 2024, compared to $600.16 million on December 31, 2023.Total loans were $317.57 million on June 30, 2024, compared to $304.1 million on December 31, 2023.Total securities were ...