Oak View posted net earnings of $1.5 million for the first nine months of 2019.
Warrenton-based Oak View National Bank reported third-quarter net income of $568,745, up 15.6 percent from the same period last year when its profit totaled $492,145.
For the nine months ending Sept. 30, the bank reported net income of $1.5 compared to $1.2 million a year earlier. That represents a 22.8-percent increase.
“Although the bank already enjoys outstanding credit quality, the bank received a payoff on one of its two non-accrual loans, as well as a payoff on one of its few substandard loans, which contributed to a reduction in the level of the allowance for loan and lease losses required for the loan portfolio,” Vice Chairman CEO Michael Ewing said. “Although we continue to see pressure on our net interest margin, we believe that the overall reduction in interest rates will have a positive impact on deposit rates.
“We intend to manage our asset growth to our capital levels, while seeking to increase revenues faster than non-interest expenses, as we focus on increasing our levels of non-interest income to improve our overall profitability.”
Net loans increased 7.6 percent year over year to $211.9 million at the end of the third quarter.
Total deposits ended the quarter at $200.9 million, representing an increase of 3.4 percent from the same date a year earlier.
Total bank assets ended the quarter at $255.6 million, up 6.1 percent.
An independent, local financial institution, Oak View National Bank has offices in Warrenton, Marshall and Culpeper.