Business
Oak View National Bank Announces 2021 Third Quarter Results
Oak View National Bank Announces 2021 Third Quarter Results.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"WARRENTON, VA / ACCESSWIRE / November 1, 2021 / Oak View National Bank (OTC PINK:OAKV) reported net income of $621,554 for the quarter ended September 30, 2021, compared to net income of $571,113 for the third quarter of 2020, an increase of 8.83%. Basic and diluted earnings per share for the third quarter of 2021 were $0.21 compared to $0.20 per share in the second quarter of 2020.Net income for the nine months ended September 30, 2021, was $1.60 million, compared to $1.43 million for the nine months ended September 30, 2020. Basic and diluted earnings per share for the nine months ended September 30, 2021, were $0.55 compared to $0.50 per share for the nine months ended September 30, 2020.Selected Highlights:The net interest margin was 3.28% for the third quarter of 2021, compared to 3.43% and 3.30% for the second quarter of 2021 and the third quarter of 2020, respectively. The net interest margin was 3.37% for the first nine months of 2021, compared to 3.11% for the first nine months of 2020.Total assets were $327.72 million on September 30, 2021, an increase of $14.00 million and $43.15 million compared to June 30, 2021, and December 31, 2020, respectively.Total loans increased to $246.50 million on September 30, 2021, compared to $245.00 million on June 30, 2021, and $245.77 million on December 31, 2020. Excluding Paycheck Protection Program loans (PPP), loan growth was 3.13% and 8.00% 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 on September 30, 2021, totaling $5,985 and there were no past due loans at the end of the third quarter 2021.The Bank recorded provision for loan losses of $9,695 and a recovery of loan losses of $57,848 for the third quarter and first nine months of 2021, respectively. While the Bank provided adequate reserves for loan growth during the reported periods, a portion of the reserves recognized during 2020 was released as credit deterioration as previously anticipated at the onset of the COVID-19 pandemic has not been experienced.Total deposits increased to $283.73 million on September 30, 2021, compared to $270.19 million on June 30, 2021, and $239.89 million on December 31, 2020. This represents an increase of $13.54 million and $43.84 million compared to June 30, 2021, and December 31, 2020, r...