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February 3, 2020

Oak View National Bank reports record profit in ’19

Photo/Lawrence Emerson
Total deposits at the Warrenton-based bank increased 9 percent, ending the year at $208.4 million.
We are very pleased with the full year results for 2019, as well as the opening of our loan production office in Washington, Virginia, in the fourth quarter, which will expand our loan origination capacity.
— Vice Chairman and CEO Michael Ewing
Warrenton-based Oak View National Bank earned a record profit of just more than $2 million in 2019.

The independent bank’s net income rose 18.2 percent from $1.73 million a year earlier.

Basic earnings per share of 71 cents rose 18.3 percent from 2018.

“We are very pleased with the full year results for 2019, as well as the opening of our loan production office in Washington, Virginia, in the fourth quarter, which will expand our loan origination capacity,” Vice Chairman and CEO Michael Ewing said. “At the same time, however, the bank experienced an unusually high level of loan prepayments in the fourth quarter, which resulted in the loan portfolio decreasing by over $10 million for the quarter.

“The short-term impact was a reduction in our net interest margin as the funds were reinvested in lower yielding short term investments.”

Total assets stood at $263.7 million Dec. 31, up $25.5 million or 10.7 percent year-over-year.

Gross loans edged up 0.8 percent to $201.6 million.

Total deposits rose 9 percent to $208.4 million.

Credit quality remained strong, with just one non-performing loan, totaling $29,425, at the end of 2019.

For the fourth quarter of 2019, the bank reported net income of $532,195, up 6.6 percent from the same period of 2018.

Oak View opened in June 2009. The independent, locally-owned bank has full-service offices in Warrenton and Marshall and loan production offices in Culpeper and Washington, Va.

The bank’s stock, with about 2.9 million shares outstanding, trades over the counter under the symbol: OAKV.
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imadkhan · February 15, 2020 at 4:45 am
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Dick Bonnaventure · February 4, 2020 at 10:52 am
Excellent bank for businesses.
They said yes when Wells Fargo said no, paid the loan off early without penalty.
Truepat · February 4, 2020 at 6:55 am
One of the few "local" banks left with a history derived from the Marshall National Bank & Trust company and it's great leader Ed Piette!!
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