Business
Oak View Bankshares, Inc. Announces Financial Results for Third Quarter 2022
Oak View Bankshares, Inc. Announces Financial Results for Third Quarter 2022.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / October 27, 2022 / Oak View Bankshares, Inc. (the "Company") (OTC PINK:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $580,081 for the quarter ended September 30, 2022, compared to $621,554 for the quarter ended September 30, 2021. Basic and diluted earnings per share were $0.20 and $0.21 for the quarter ended September 30, 2022, and 2021, respectively.Net income was $1.9 million and $1.6 million for the nine months ended September 30, 2022, and 2021, respectively. Basic and diluted earnings per share were $0.63 and $0.55 for the nine months ended September 30, 2022, and 2021, respectively.During the quarter, management sold $15 million of U.S. Treasuries and $5 million of U.S. Government Agencies and redeployed the proceeds into assets with more attractive risk and return characteristics. As part of the portfolio repositioning, the Company incurred a one-time net loss of $227,033, net of tax. Excluding this one-time nonrecurring event, net income was $867,464 for the quarter ended September 30, 2022, and $2.1 million for the nine months ended September 30, 2022, resulting in basic and diluted earnings per share of $0.29 for the quarter ended September 30, 2022, and $0.72 for the nine months ended September 30, 2022.Selected Highlights:Return on average assets was 0.55% and return on average equity was 8.17% for the quarter ended September 30, 2022, compared to 0.76% and 8.87%, respectively, for the quarter ended September 30, 2021. Return on average assets was 0.64% and 0.69% for the nine months ended September 30, 2022, and 2021, respectively and return on average equity was 9.64% and 7.86% for the nine months ended September 30, 2022, and 2021, respectively.Excluding the one-time nonrecurring event, return on average assets was 0.83% and 0.74% for the quarter and nine months ended September 30, 2022, and the return on average equity was 12.21% and 11.13% for the quarter and nine months ended September 30, 2022.Total assets were $447.6 million on September 30, 2022, compared to $345.1 million on December 31, 2021.Total loans were $269.4 million on September 30, 2022, compared to $251.2 million on December 31, 2021.The investment portfolio increased to $136.3 million on September 30, 2022, compared to $24.9 million on December 31, 2021.Total ...