Stay in the know! Sign up to get Fauquier County news updates delivered to your inbox.
Advertise on Fauquier Now!
Which TV news network or channel do you watch most frequently? Vote!
Free classifieds! Members can also post calendar events, news, opinions and more ... all for free! Register now!
Login · Forgot Your Password?
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.
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
Warrenton-based Oak View National Bank reported third-quarter net income for the quarter ended of $571,113.

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.

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.
Enter your email address above to begin receiving
news updates from via email.
Wednesday, December 1
2,413 more infections statewide and 20 additional deaths, health department reports Wednesday
Tuesday, November 30
National Endowment for the Arts releases video about fellowship winner Tom Davenport of Delaplane
Tuesday, November 30
Annual chamber event will focus on changes in Richmond, along with local government updates
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