Business
Oak View National Bank Announces 2021 Second Quarter Results
Oak View National Bank Announces 2021 Second Quarter Results.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / August 6, 2021 / Oak View National Bank (OTC PINK:OAKV) reported net income of $215,600 for the quarter ended June 30, 2021, compared to net income of $673,600 for the second quarter of 2020, a decrease of 68.0%. Basic and diluted earnings per share for the second quarter of 2021 were $0.07 compared to $0.23 per share in the second quarter of 2020.Net income for the six months ended June 30, 2021, was $980,500, compared to $860,100 for the six months ended June 30, 2020. Basic and diluted earnings per share for the six months ended June 30, 2021, were $0.34 compared to $0.30 per share for the six months ended June 30, 2020.Selected Highlights:During the second quarter of 2021, the Bank incurred several one-time, non-recurring noninterest expenses. Expenses of $435,000 were related to the Bank's conversion of its core data processing system and legal expenses of $95,000 which were related to establishing a holding company. These expenses contributed directly to the increased level of noninterest expense during the period.Total assets were $313.7 million on June 30, 2021, an increase of $14.1 million and $29.6 million compared to March 31, 2021, and December 31, 2020, respectively.Total loans increased to $245.0 million on June 30, 2021, compared to $240.4 million on March 31, 2021, and $245.8 million on December 31, 2020. Excluding Paycheck Protection Program loans (PPP), loan growth was 6.51% and 4.70% compared to March 31, 2021, and December 31, 2020, respectively.Credit quality continues to be outstanding as the Bank had just one non-performing loan at June 30, 2021, totaling $14,800. The Bank had zero past due loans at the end of the second quarter 2021. The allowance for loan losses was $2.1 million or 0.86% of total loans at June 30, 2021, compared to $2.1 million or 0.86% of total loans at March 31, 2021, and $2.2 million 0.88% of total loans at December 31, 2020.Total deposits increased to $270.2 million on June 30, 2021, compared to $254.3 million on March 31, 2021, and $239.9 million on December 31, 2020.Michael Ewing, Vice Chairman of the Board and CEO said, "While second quarter financial performance was below prior quarters, our one-time expenses incurred during the period were the result of major investments into the Bank's efforts to improve our customers' online banking experience...