Stay in the know! Sign up to get Fauquier County news updates delivered to your inbox.
Advertise on Fauquier Now!
Do you wear a mask when going out of your home because of COVID-19 pandemic? Vote!
Free classifieds! Members can also post calendar events, news, opinions and more ... all for free! Register now!
Login · Forgot Your Password?
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.
Member comments
Please, be polite. Avoid name-calling and profanity.
For credibility, sign your real name; stand behind your comments. Readers will give less credence to anonymous posts.
To comment, please log in or register.
imadkhan · February 15, 2020 at 4:45 am
Speed frequently determines who is safe or out, who is caught during games of tag, or who will win the race. Copy They walked down the street, which still had children playing tag, softball, and other games. Download Games
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!!
Facebook comments
Enter your email address above to begin receiving
news updates from via email.
Thursday, April 9
Virginia Employment Commission reports 1,029 applications from Fauquier last week
Thursday, April 9
With the potential for multiple ballots at precincts, better plan would move municipal voting to August, Alex Ables suggests
Thursday, April 9
Virginia Department of Health won’t name nursing and assisted-living homes with COVID-19 outbreaks
More Fauquier news
© Copyright 2011-2018

50 Culpeper Street, Suite 3
Warrenton, Virginia 20187
Crime Log
Add Your News
The Big Picture
Ellen’s Kitchen
and Garden

Real Estate
For Sale
Legal Notices
Post an Ad
Terms of Service