November 4, 2020
Oak View National reports $571,000 profit for 3Q
File Photo/Lawrence Emerson
For the first nine months of this year, Oak View reported net earnings of $1.51 million, down slightly from the same period of 2019.
Warrenton-based Oak View National Bank reported third-quarter net income for the quarter ended of $571,113.
Although the business environment remains challenging, we have seen improvement in the third quarter and are hopeful that the trend will continue for the remainder of the year.
— Vice Chairman and CEO Michael Ewing
The represents a very slight increase from $568,745.
For the nine months ended Sept. 30, Oak View reported net income of $1.43 million versus income $1.512 for the same period of 2019.
“As previously reported the bank participated in the SBA Payroll Protection Program and now has $26.3 million in outstanding loans under the government program,” Vice Chairman and CEO Michael Ewing said. “No loans were forgiven by the SBA in the third quarter and the approximately $1.2 million in fee income received on these loans continues to be amortized, net of the related costs, over the life of the loans under current accounting standards.
“In the event the loans are forgiven by the SBA the remaining balance will be recognized as income.” Mr. Ewing added. “The bank had no past due loans as of September 30, and only one non-performing loan totaling $25,675.
“Although the business environment remains challenging, we have seen improvement in the third quarter and are hopeful that the trend will continue for the remainder of the year. Loan deferrals approved early in the pandemic have materially improved, from 9 percent of the loan portfolio as of March 31, to less than 2 percent as of September 30.”
Net loans totaled $241.1 million at the quarter’s end, up 13.8 percent year over year.
Total deposits ended the quarter at $246.1 million, representing an increase of 22.5 percent in a year.
Total bank assets rose 15.4 percent to $295 million.
“In addition to the improvements in the business environment in the third quarter, an announcement on October 1 that a major competitor in our local market (Fauquier Bankshares Inc.) plans to merge with an out-of-town bank, leaving Oak View as the only community bank headquartered in the market is expected to have a positive effect on the bank’s rate of growth,” Mr. Ewing said.
Founded in 2009, Oak View has banking offices in Warrenton, Marshall and Culpeper and a loan production office in Washington, Va.
Based on deposits, the bank ranks fifth in Fauquier County market share, according to the most recent FDIC report.
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