Business
Oak View Bankshares, Inc. Announces Strong Financial Performance for the Second Quarter 2023
Oak View Bankshares, Inc. Announces Strong Financial Performance for the Second Quarter 2023.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / July 21, 2023 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $1.03 million for the quarter ended June 30, 2023, compared to net income of $674,977 for the quarter ended June 30, 2022, an increase of 53.26%. Basic and diluted earnings per share for the second quarter were $0.35 compared to $0.23 per share for the second quarter of 2022.Net income for the six months ended June 30, 2023, was $2.05 million, compared to $1.27 million for the six months ended June 30, 2022, an increase of 61.00%. Basic and diluted earnings per share for the six months ended June 30, 2023, were $0.69 compared to $0.43 for the six months ended June 30, 2022.Selected Highlights:Return on average assets was 0.76% and return on average equity was 14.33% for the quarter ended June 30, 2023, compared to 0.70% and 9.83%, respectively, for the quarter ended June 30, 2022. Return on average assets was 0.77% and return on average equity was 14.44% for the six months ended June 30, 2023, compared to 0.68% and 9.63%, respectively, for the six months ended June 30, 2022.Total assets were $555.55 million on June 30, 2023, compared to $497.99 million on December 31, 2022.Total loans were $292.69 million on June 30, 2023, compared to $273.87 million on December 31, 2022.Total securities were $214.59 million on June 30, 2023, compared to $193.31 million on December 31, 2022.Total deposits were $464.47 million on June 30, 2023, compared to $422.90 million on December 31, 2022.Asset quality remains strong with no nonperforming loans or past due loans as of June 30, 2023.Regulatory capital remains strong with ratios exceeding the "well capitalized" thresholds in all categories.Liquidity remains strong at $434.99 million as of June 30, 2023, compared to $379.25 million as of December 31, 2022. Liquidity includes cash, unencumbered securities available for sale, and available secured borrowing capacity.Michael Ewing, Chairman of the Board and CEO said, "We are very pleased to report an increase in earnings per share of 52.17% on a quarter-over-quarter basis and 60.47% on a year-over-year basis. Core deposits increased $31.76 million since year-end 2022 as we continue to benefit from the dislocation in the industry. We ha...