Business
Oak View Bankshares, Inc. Announces Continued Strong Financial Performance for the Third Quarter 2023
Oak View Bankshares, Inc. Announces Continued Strong Financial Performance for the Third Quarter 2023.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"Warrenton, VA, October 23, 2023 - Oak View Bankshares, Inc. (the "Company") (OTC Pink: OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $1.18 million for the quarter ended September 30, 2023, compared to net income of $580,081 for the quarter ended September 30, 2022, an increase of 104.10%. Basic and diluted earnings per share for the third quarter were $0.40 compared to $0.20 per share for the third quarter of 2022.Net income for the nine months ended September 30, 2023, was $3.23 million, compared to $1.85 million for the nine months ended September 30, 2022, an increase of 74.50%. Basic and diluted earnings per share for the nine months ended September 30, 2023, were $1.09 compared to $0.63 for the nine months ended September 30, 2022.Selected Highlights:Return on average assets was 0.81% and return on average equity was 15.75% for the quarter ended September 30, 2023, compared to 0.55% and 8.17%, respectively, for the quarter ended September 30, 2022. Return on average assets was 0.78% and return on average equity was 14.90% for the nine months ended September 30, 2023, compared to 0.64% and 9.64%, respectively, for the nine months ended September 30, 2022.Total assets were $592.66 million on September 30, 2023, compared to $497.99 million on December 31, 2022.Total loans were $297.75 million on September 30, 2023, compared to $273.87 million on December 31, 2022.Total securities were $244.23 million on September 30, 2023, compared to $193.31 million on December 31, 2022.Total deposits were $470.03 million on September 30, 2023, compared to $422.90 million on December 31, 2022.Asset quality remains strong with no nonperforming loans as of September 30, 2023, and one past due loan totaling $2,716 as of September 30, 2023.Regulatory capital remains strong with ratios exceeding the "well capitalized" thresholds in all categories.Liquidity remains strong at $436.57 million as of September 30, 2023, compared to $379.25 million as of December 31, 2022. Liquidity includes cash, unencumbered securities available-for-sale, and available secured and unsecured borrowing capacity. Michael Ewing, Chairman of the Board and CEO said, "Over 100% earnings growth on a quarter-over-quarter basis is a wonderful outcome in an exceptionally challenging interest rate environme...