Oak View Bankshares, Inc. Announces Another Strong First Quarter Performance - Seite 2

The net interest margin was 2.92% for the quarter ended March 31, 2024, compared to 3.01% for the quarter ended March 31, 2023. Net interest income was $4.3 million for the quarter ended March 31, 2024, compared to $3.8 million for the quarter ended March 31, 2023. Average earning assets and the related yield increased to $592.0 million and 5.76%, respectively, for the quarter ended March 31, 2024, compared to $570.9 million and 5.66%, respectively, for the quarter ended March 31, 2023. Interest bearing liabilities and the related cost of funds increased to $478.6 million and 2.92%, respectively, for the quarter ended March 31, 2024, compared to $463.5 million and 1.85%, respectively, for the quarter ended March 31, 2023.

Noninterest Income

Noninterest income was $0.4 million for the quarter ended March 31, 2024, compared to $0.3 million for the quarter ended March 31, 2023. For the quarter ended March 31, 2024, the largest contributors of the increase in noninterest income compared to March 31, 2023, were gains on the sales of available for sale securities of $0.09 million. The sales of these investment securities were redeployed into assets with more attractive risk and return characteristics.

Noninterest Expense

Noninterest expense was $2.9 million for the quarter ended March 31, 2024, compared to $2.8 million for the quarter ended March 31, 2023, an increase of $0.1 million or 4.6%.

Salaries and employee benefits were the largest category of noninterest expense, which totaled $1.7 million for the quarter, relatively unchanged compared to the quarter ended March 31, 2023. Regulatory assessments and bank franchise tax contributed to the largest increase in noninterest expenses due to our growth.

Liquidity

The Company's liquidity position remains exceptionally strong with $479.7 million of liquid assets available which included cash, unencumbered securities available for sale, and secured and unsecured borrowing capacity as of March 31, 2024, compared to $453.9 million as of December 31, 2023.

The Company's deposits proved to be stable with core deposits, which are defined as total deposits excluding brokered deposits, of $457.1 million as of March 31, 2024, compared to $443.6 million as of December 31, 2023. Uninsured deposits, those deposits that exceed FDIC insurance limits, were $84.0 million as of March 31, 2024, or 16.9% of total deposits, well within industry averages.