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

WARRENTON, VA / ACCESSWIRE / April 30, 2024 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $1.3 million for the quarter ended March 31, 2024, compared to net income of $1.0 million for the quarter ended March 31, 2023, an increase of 32.4%.

Basic and diluted earnings per share were $0.45 per share for the quarter ended March 31, 2024, compared to $0.34 for the quarter ended March 31, 2023.

Michael Ewing, CEO and Chairman of the Board said, "Our strong first quarter performance continues to reflect our disciplined approach in managing our balance sheet. We remain nimble and opportunistic as the banking needs of our community change in real-time, reflecting a challenging economic landscape and interest rate environment. We recognize that robust risk management practices are central to our continued financial performance. We remain dedicated to sound management practices as we strive to find the optimal balance among safety and soundness, profitability, and growth in this dynamic operating environment. We look forward to building on the foundation we built fifteen years ago and are privileged to be your trusted community bank."

Selected Highlights:

• Return on average assets was 0.88% and return on average equity was 16.45% for the quarter ended March 31, 2024, compared to 0.76% and 14.03%, respectively, for the quarter ended March 31, 2023.
• Total assets were $624.0 million on March 31, 2024, compared to $600.2 million on December 31, 2023.
• Total loans were $305.7 million on March 31, 2024, compared to $304.1 million on December 31, 2023.
• Total securities were $263.6 million on March 31, 2024, compared to $248.1 million on December 31, 2023.
• Total deposits were $498.0 million on March 31, 2024, compared to $474.2 million on December 31, 2023.
• Regulatory capital remains strong with ratios exceeding the "well capitalized" thresholds in all categories.
• Credit quality continues to be outstanding. There were no nonperforming loans as of March 31, 2024.
• On-balance sheet liquidity remains strong with $479.7 million as of March 31, 2024, compared to $453.9 million as of December 31, 2023. Liquidity includes cash, unencumbered securities available for sale, and available secured and unsecured borrowing capacity.

Net Interest Income