Oak View National 1Q profit rises 19 percent in year
Oak View has three offices, including this one on Broadview Avenue in Warrenton.
Warrenton-based Oak View National Bank reported net income of $437,808 for the quarter ended March 31 — up 19.8 percent from the same period last year.
Basic and diluted earnings per share rose to 15 cents, compared with 13 cents in the first quarter of 2018.
“As previously reported, we continue to see pressure on our net interest margin due to the increases in short-term interest rates,” Vice Chairman and CEO Michael Ewing said. “We have been able to increase our revenues from asset growth and higher non-interest income, while keeping tight control of our noninterest expenses, which has allowed us to report improved profitability and higher returns on both assets and equity.”
Net loans increased 6.66 percent in 12 months to $202.8 million at the end of the first quarter.
Credit quality remained strong as the bank had just two non-performing assets, totaling $62,490, at the quarter’s close.
Total deposits ended the quarter at $197.2 million, up of 7.65 percent from a year earlier.
Total bank assets ended the quarter at $244.8 million, representing an annual growth rate of 8.4 percent.
Established in 2007, Oak View has offices in Warrenton, Marshall and Culpeper. It grew from the roots of the old Marshall National Bank & Trust Co., which went through a series of mergers, starting in 1998.
Among financial institutions in Fauquier, Oak View ranks third in deposits, according to the latest Federal Deposit Insurance Corp. survey.
The bank’s stock last traded at $7.80 a share on April 24. Traded over the counter (OTC Pink: OAKV), the stock’s price has ranged from a low of $7.10 per share to a high of $10.20 over the last 12 months.