Business
Oak View Bankshares, Inc. Announces Record Earnings for 2022 and Doubles Dividend
Oak View Bankshares, Inc. Announces Record Earnings for 2022 and Doubles Dividend.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / January 25, 2023 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $1.20 million for the quarter ended December 31, 2022, compared to net income of $868,000 for the quarter ended December 31, 2021, an increase of 38.68%. Basic and diluted earnings per share for the fourth quarter were $0.41 compared to $0.29 per share for the fourth quarter of 2021.Net income for the twelve months ended December 31, 2022, was $3.06 million, compared to $2.47 million for the twelve months ended December 31, 2021, an increase of 23.71%. Basic and diluted earnings per share for the twelve months ended December 31, 2022, were $1.03 compared to $0.84 for the twelve months ended December 31, 2021.On January 19, 2023, the Board of Directors of the Company declared an annual dividend of $0.10 per share to shareholders of record as of the close of business on January 30, 2023, payable on February 6, 2023.Selected Highlights:Return on average assets was 1.02% and return on average equity was 17.64% for the quarter ended December 31, 2022, compared to 1.01% and 12.19%, respectively, for the quarter ended December 31, 2021. Return on average assets was 0.75% and 0.78% and return on average equity was 11.73% and 8.98% for the twelve months ended December 31, 2022, and 2021, respectively.Total assets were $497.89 million on December 31, 2022, compared to $345.13 million on December 31, 2021.Total loans were $273.87 million on December 31, 2022, compared to $251.19 million on December 31, 2021.The investment portfolio increased to $193.31 million on December 31, 2022, compared to $24.94 million on December 31, 2021.Total deposits were $422.90 million on December 31, 2022, compared to $300.31 million on December 31, 2021.Credit quality continues to be outstanding. There were no nonperforming loans as of December 31, 2022.Regulatory capital remains strong with ratios exceeding the "well capitalized" thresholds in all categories.Michael Ewing, CEO and Chairman of the Board said, " This was a phenomenal year for our Company. We began the year by finalizing a proactive subordinated debt issuance which fortified our capital foundation, allowing us to pursue increased deposit market share. Deposits were deployed into...