Business
Oak View Bankshares, Inc. Announces Financial Results for 2021 and the Declaration of an Annual Dividend
Oak View Bankshares, Inc. Announces Financial Results for 2021 and the Declaration of an Annual Dividend.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / January 28, 2022 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $867,882 for the quarter ended December 31, 2021, compared to net income of $585,715 for the quarter ended December 31, 2020, an increase of 48.17%. Basic and diluted earnings per share for the fourth quarter were $0.29 compared to $0.20 per share for the fourth quarter of 2020.Net income for the twelve months ended December 31, 2021, was $2.47 million, compared to $2.02 million for the twelve months ended December 31, 2020, an increase of 22.46%. Basic and diluted earnings per share for the twelve months ended December 31, 2021, were $0.84 compared to $0.70 per basic share and $0.69 per diluted share for the twelve months ended December 31, 2020.On January 20, 2022, the Board of Directors of the Company declared an annual dividend of $0.05 per share to shareholders of record as of the close of business on January 31, 2022, payable on February 7, 2022.Selected Highlights:The net interest margin was 3.35% for the quarter, compared to 3.28% and 3.32% for the prior quarter and the fourth quarter of 2020, respectively. Year to date net interest margin was 3.37%, compared to 3.16% for the twelve months ended December 31, 2020.Total assets were $345.10 million on December 31, 2021, an increase of $17.38 million and $60.43 million compared to September 30, 2021, and December 31, 2020, respectively.Total loans increased to $251.20 million on December 31, 2021, compared to $246.50 million on September 30, 2021, and $245.76 million on December 31, 2020. Excluding Paycheck Protection Program loans (PPP) which declined due to anticipated forgiveness by the SBA, loan growth was 4.77% and 13.13% compared to September 30, 2021, and December 31, 2020, respectively.Credit quality continues to be outstanding as the Bank had just one non-performing loan, totaling $2,385 and one loan totaling $9,148 that was thirty-four days past due on December 31, 2021.The Bank recorded a recovery in the provision for loan losses of $1,796 for the quarter, compared to a provision for loan losses of $9,695 for the prior quarter and $96,793 for the fourth quarter of 2020. Year to date recovery of provision for loan losses was $59,644, compared to a provision for l...