Business
Oak View Bankshares, Inc. Delivers Strong First Quarter Results
Oak View Bankshares, Inc. Delivers Strong First Quarter Results.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / April 28, 2023 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $1.01 million for the quarter ended March 31, 2023, compared to net income of $596,779 for the quarter ended March 31, 2022. Basic and diluted earnings per share for the first quarter were $0.34 compared to $0.20 per share for the first quarter of 2022.Selected Highlights:Net Income of $1,013,086 for the quarter ended March 31, 2023, compared to $596,779 for the quarter ended March 31, 2022. This represents a 70% increase on a year-over-year basis.Return on average assets was 0.76% and return on average equity was 14.03% for the quarter ended March 31, 2023, compared to 0.67% and 8.40%, respectively, for the quarter ended March 31, 2022.Total assets were $537.38 million on March 31, 2023, compared to $497.99 million on December 31, 2022.Total loans were $280.15 million on March 31, 2023, compared to $273.87 million on December 31, 2022.Total securities were $226.02 million on March 31, 2023, compared to $193.31 million on December 31, 2022.Total deposits were $455.92 million on March 31, 2023, compared to $422.90 million on December 31, 2022.Regulatory capital remains strong with ratios exceeding the "well capitalized" thresholds in all categories.Liquidity remains strong at $409.35 million as of March 31, 2023, compared to $377.86 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 value the relationships, both new and old, that we have established and are honored to be the trusted community bank for our shareholders, customers, and communities. We believe in Passionate Community Banking and our team of dedicated, knowledgeable, and experienced bankers provided exceptional service during a very challenging period for the banking industry. While many banks are experiencing liquidity concerns, the Company proved to be steadfast and strong." Mr. Ewing continued by saying, "Even though we did not need the funding, we used the recent crisis as an opportunity to test our liquidity strategy and were able to decisively validate that it is reliable. Our earnings perform...