The independent bank reported a first quarter profit of $764,898, up 310 percent from the same period of 2020.
Due to the COVID-19 pandemic, the business environment over the past year was challenging, however, we have now seen marked improvement . . . .
— Vice Chairman and CEO Michael Ewing
Warrenton-based Oak View National Bank on Monday reported a first-quarter profit of $764,898, compared to $186,545 for the same period in 2020. That represents a 310-percent increase.
Earnings per share rose to 26 cents versus 6 cents.
“As previously reported, the bank is participating in the SBA Payroll Protection Program and now has $24.6 million in outstanding loans under the government program,” Vice Chairman and CEO Michael Ewing said. “The bank had no past due loans as of March 31, 2021, and only one non-performing loan totaling $20,685.
“Due to the COVID-19 pandemic, the business environment over the past year was challenging, however, we have now seen marked improvement and based upon an analysis of the bank’s loan portfolio, we were able to record a loan loss reserve recovery in the first quarter of 2021.”
Mr. Ewing added, “Loan deferrals, which were 9 percent of the loan portfolio as of March 31, 2020, are now down to a single loan with an outstanding balance of $111,227.”
Net loans increased 15.9 percent year-over-year to $238.3 million at the end of the first quarter. The total includes $24.6 million in Small Business Administration PPP loans.
Total deposits ended the quarter at $254.3 million, up 21.4 percent.
Total bank assets increased 14.4 percent from a year earlier to $299.7 million as of March 31.