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May 20, 2020

Oak View National Bank 1Q profit drops to $186,545

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Oak View’s total deposits and total assets increased 6.23 percent and 7 percent, respectively, year-over-year.
Like all businesses, Oak View was impacted by the events surrounding the COVID-19 pandemic at the end of the first quarter . . . . Our overall goal has been to continue to serve our customers, although it may look a little different than it has in the past.
— Vice Chairman and CEO Michael Ewing
Warrenton-based Oak View National Bank reported net income of $186,545 for the first quarter of 2020.

That represents a 57.4-percent decline from $437,808 for the first quarter last year.

“Like all businesses, Oak View was impacted by the events surrounding the COVID-19 pandemic at the end of the first quarter,” Vice Chairman and CEO Michael Ewing said. “From the very beginning of this crisis, our management team has focused on maintaining the health and safety of our customers and our team.  This has included an increased emphasis on our digital channels and drive-through transactions as we enforced social distancing best practices.

“Our overall goal has been to continue to serve our customers, although it may look a little different than it has in the past. We are dedicated to ensuring business continuity and availability of all of our banking services to our customers, now and in the future.”

Mr. Ewing added: “Even though the bank only had one past due and one non-performing loan as of March 31, 2020, adjustments to the environmental factors in our loan loss reserve calculation resulted in an increase of 10 basis points to the loan loss reserve percentage compared to the fourth quarter 2019 calculation and a total provision of $263,458 for the quarter.

“At the same time, we reached out to our loan customers who had been impacted by the economic shutdown to offer our assistance in the form of loan forbearances, which resulted in 55 loan deferrals totaling $18.6 million or 9 percent of our loan portfolio receiving payment deferrals.”

Oak View also participated in the Small Business Administration Payroll Protection Program, helping more than 300 small businesses to get more than $24 million in forgivable loans under the government program.

“The full economic impact of the COVID-19 crisis will not be measurable until later in the year, however, we believe the bank is well positioned to respond to the crisis and assist our customers in weathering the economic stress created by this pandemic,” Mr. Ewing said.

“We are hearing from businesses in the community that are having difficulties in applying for the SBA Paycheck Protection Program,” he added. “We understand that these business owners are very anxious to establish their application because this second round of funding will likely be the final opportunity to participate in this very popular program. Oak View National Bank is committed to helping small businesses navigate the SBA PPP. We recognize that this is a chance for us, as a community bank, to help people in their time of need.”

Oak View’s net loans totaled $205.7 million as of March 31, up 1.43 percent from the first quarter of 2019.

Total deposits ended the quarter at $209.5 million, representing an increase of 6.23 percent year-over-year.

Total bank assets stood at $262 million, representing an annual growth rate of 7 percent.

An independent community bank, Oak View has full service offices in Warrenton, Marshall and Culpeper and a loan production office in Washington, Va.
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Linda Ward · May 20, 2020 at 4:16 pm
"Mr. Ewing added: “Even though the bank only had one past due and one non-performing loan as of March 31, 2020, adjustments to the environmental factors in our loan loss reserve calculation resulted in an increase of 10 basis points to the loan loss reserve percentage compared to the fourth quarter 2019 calculation and a total provision of $263,458 for the quarter.

“At the same time, we reached out to our loan customers who had been impacted by the economic shutdown to offer our assistance in the form of loan forbearances, which resulted in 55 loan deferrals totaling $18.6 million or 9 percent of our loan portfolio receiving payment deferrals.”

Oak View also participated in the Small Business Administration Payroll Protection Program, helping more than 300 small businesses to get more than $24 million in forgivable loans under the government program."

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