Business
Oak View Bankshares, Inc. Announces Financial Results for Second Quarter 2022
Oak View Bankshares, Inc. Announces Financial Results for Second Quarter 2022.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / July 28, 2922 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $674,977 for the quarter ended June 30, 2022, compared to net income of $215,583 for the quarter ended June 30, 2021. Basic and diluted earnings per share for the second quarter were $0.23 compared to $0.07 per share for the second quarter of 2021.Net income for the six months ended June 30, 2022, was $1.3 million, compared to $980,481 for the six months ended June 30, 2021. Basic and diluted earnings per share for the six months ended June 30, 2022, were $0.43 compared to $0.34 per share for the six months ended June 30, 2021.Selected Highlights:The net interest margin was 3.13% for the quarter, compared to 3.12% and 3.43% for the prior quarter, and the quarter ended June 30, 2021, respectively. The net interest margin was 3.12% and 3.45% for the six months ended June 30, 2022, and 2021, respectively.Total assets increased to $398.5 million on June 30, 2022, compared to $345.1 million on December 31, 2021.Total loans increased to $257.6 million on June 30, 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 June 30, 2022.The Bank recorded a provision for loan losses of $131,815 and $38,457 for the quarters ended June 30, 2022, and 2021, respectively and a recovery in the provision for loan losses of $55,333 for the quarter ended March 31, 2022. A provision for loan losses of $76,482 was recorded for the six months ended June 30, 2022, compared to a recovery in the provision for loan losses of $67,542 for the six months ended June 30, 2021.Total deposits increased to $340.9 million on June 30, 2022, compared to $300.3 million on December 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, "Through the hard work and dedication of each member of our team, we are pleased to report our second quarter financial results. With total balance sheet growth of over $50 million, our deposit growth has been phenomenal, paving our way in executing many of our strategic initiatives." Mr. Ewing continued by sayi...