Business
Oak View Bankshares, Inc. Announces Financial Results for First Quarter 2022
Oak View Bankshares, Inc. Announces Financial Results for First Quarter 2022.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / May 6, 2022 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $596,779 for the quarter ended March 31, 2022, compared to net income of $764,898 for the quarter ended March 31, 2021. Basic and diluted earnings per share for the first quarter were $0.20 compared to $0.26 per share for the first quarter of 2021.Selected Highlights:The net interest margin was 3.12% for the quarter, compared to 3.35% and 3.47% for the quarters ending December 31, 2021, and March 31, 2021, respectively.Total assets increased to $379.7 million on March 31, 2022, compared to $345.1 million on December 31, 2021.Total loans decreased to $245.4 million on March 31, 2022, compared to $251.2 million on December 31, 2021.Credit quality continues to be outstanding. The Company reported no nonperforming loans and no past due loans on March 31, 2022. The Company had only one nonperforming 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 $55,333 for the quarter, compared to a recovery in the provision for loan losses of $1,796 and $105,999 for the quarters ending December 31, 2021, and March 31, 2021, respectively.Total deposits increased to $321.8 million on March 31, 2022, compared to $300.31 million on December 31, 2021, and $254.3 million on March 31, 2021.Regulatory capital remains strong with ratios exceeding the well capitalized thresholds in all categories.Michael Ewing, CEO and Chairman of the Board said, "Our first quarter earnings are in line with our current expectations. Loan growth lagged for the quarter due primarily to unexpected payoffs that were the result of borrowers taking advantage of liquidity events. Our deposits continue to grow, and our branch teammates continue to work extremely hard in keeping pace with the demand for deposit account openings." Mr. Ewing continued by saying, "the current market conditions will present challenges and opportunities throughout the year. We believe the Company is well positioned to execute our strategic objectives by adding key employees to our team, leveraging the increased capital levels, completing our core processor conversion and i...