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July 28, 2020

Oak View National Bank’s 2Q profit up 33 percent

File Photo/Lawrence Emerson
Oak View’s total assets of $280.2 million as of June 30 represented an increase of 11.9 percent from a year earlier.
Although Oak View continues to be impacted by the events surrounding the COVID-19 pandemic, our participation in the SBA Payroll Protection Program has allowed us to receive approvals for $25.4 million in forgivable loans under this government program as of June 30, 2020, which has provided much needed assistance to over 360 small businesses in our communities. In addition, the bank has received over $1.1 million in fee income related to these loans which will be amortized, net of the related costs, over the life of the loan under current accounting standards.
— Vice Chairman and CEO Michael Ewing
Warrenton-based Oak View National Bank reported net income of $673,574 for the second quarter of 2020.

That represents a 33.1-percent increase from the same period last year, when the bank earned a profit of $506,002.

But, for the first six months of this year, Oak View’s profit totaled $860,119, down from $943,809 in the same period of 2019.

“Although Oak View continues to be impacted by the events surrounding the COVID-19 pandemic, our participation in the SBA Payroll Protection Program has allowed us to receive approvals for $25.4 million in forgivable loans under this government program as of June 30, 2020, which has provided much needed assistance to over 360 small businesses in our communities,” Vice Chairman and CEO Michael Ewing said. “In addition, the bank has received over $1.1 million in fee income related to these loans which will be amortized, net of the related costs, over the life of the loan under current accounting standards.

“Most of that interest income will be booked as earnings at the time each loan is forgiven by the SBA,” Mr. Ewing added. “The bank had no past due loans as of June 30, 2020 and only one non-performing loan totaling $27,475, and it is protected by an 85-percent guarantee from the SBA.

“In addition, an in-depth analysis of our loan portfolio indicated that large additional reserves beyond those taken last quarter were not necessary as of June 30, 2020, and although the environment continues to be challenging, we are hopeful that the worst is behind us and that the balance of the year will show marked improvement.”

Net loans totaled $234.8 million at the end of the second quarter, up 12.6 percent year-over-year. The total included $25.8 million in SBA-guaranteed PPP loans.

Total deposits ended the quarter at $232 million, an increase of 15.7 since June 30, 2019.

Total assets ended the quarter at $280.2 million, representing an annual growth rate of 11.9 percent.

Founded in 2009, the independent bank has full-service offices in Warrenton, Marshall and Culpeper and a loan production office in Washington, Va.
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