WARRENTON, VA / ACCESSWIRE / January 25, 2023 / Oak View Bankshares, Inc. (the “Firm”) (OTC Pink:OAKV), father or mother firm of Oak View Nationwide Financial institution (the “Financial institution”), reported web revenue of $1.20 million for the quarter ended December 31, 2022, in comparison with web revenue of $868,000 for the quarter ended December 31, 2021, a rise of 38.68%. Fundamental and diluted earnings per share for the fourth quarter had been $0.41 in comparison with $0.29 per share for the fourth quarter of 2021.

Web revenue for the twelve months ended December 31, 2022, was $3.06 million, in comparison with $2.47 million for the twelve months ended December 31, 2021, a rise of 23.71%. Fundamental and diluted earnings per share for the twelve months ended December 31, 2022, had been $1.03 in comparison with $0.84 for the twelve months ended December 31, 2021.

On January 19, 2023, the Board of Administrators of the Firm declared an annual dividend of $0.10 per share to shareholders of report as of the shut of enterprise on January 30, 2023, payable on February 6, 2023.

Chosen Highlights:

• Return on common belongings was 1.02% and return on common fairness was 17.64% for the quarter ended December 31, 2022, in comparison with 1.01% and 12.19%, respectively, for the quarter ended December 31, 2021. Return on common belongings was 0.75% and 0.78% and return on common fairness was 11.73% and eight.98% for the twelve months ended December 31, 2022, and 2021, respectively.
• Whole belongings had been $497.89 million on December 31, 2022, in comparison with $345.13 million on December 31, 2021.
• Whole loans had been $273.87 million on December 31, 2022, in comparison with $251.19 million on December 31, 2021.
• The funding portfolio elevated to $193.31 million on December 31, 2022, in comparison with $24.94 million on December 31, 2021.
• Whole deposits had been $422.90 million on December 31, 2022, in comparison with $300.31 million on December 31, 2021.
• Credit score high quality continues to be excellent. There have been no nonperforming loans as of December 31, 2022.
• Regulatory capital stays sturdy with ratios exceeding the “properly capitalized” thresholds in all classes.

Michael Ewing, CEO and Chairman of the Board mentioned, ” This was an exceptional yr for our Firm. We started the yr by finalizing a proactive subordinated debt issuance which fortified our capital basis, permitting us to pursue elevated deposit market share. Deposits had been deployed into loans and securities, with a larger proportion in securities as demand for well-priced and well-structured loans tempered.” Mr. Ewing continued, “Administration continuously evaluates probably the most environment friendly solution to deploy the capital entrusted to it, with the goal of hanging the optimum steadiness amongst security and soundness, profitability and development. Our sturdy liquidity and capital profiles will enable us to proceed constructing franchise worth.”

Mr. Ewing concluded, “We’re very joyful to share our success with shareholders by doubling the annual dividend over the prior yr yr, whereas retaining an acceptable capital cushion to help our strategic aims.”

Web Curiosity Revenue

The online curiosity margin was 3.10% for the quarter ended December 31, 2022, in comparison with 3.35% for the fourth quarter of 2021, respectively. Yr thus far web curiosity margin was 3.29%, in comparison with 3.37% for the twelve months ended December 31, 2021.

Web curiosity revenue was $3.45 million for the quarter ended December 31, 2022, in comparison with $2.77 million for the quarter ended December 31, 2021. Web curiosity revenue was $12.08 million and $10.26 million for the twelve months ended December 31, 2022, and 2021, respectively.

Curiosity revenue elevated $2.01 million and $3.51 million for the quarter and twelve months ended December 31, 2022, respectively, on account of elevated funding alternatives to deploy capital into investments with enticing threat and return traits and elevated mortgage revenue due primarily to the upper rate of interest atmosphere.

Curiosity expense elevated $1.32 million and $1.69 million for the quarter and twelve months ended December 31, 2022, respectively. Will increase in curiosity expense are primarily attributable to curiosity expense associated to the issuance of subordinated debt in February 2022, curiosity expense paid on deposits ensuing from will increase in quantity and in rates of interest and curiosity expense paid on FHLB advances and different borrowings as a consequence of larger balances wanted to deploy capital into larger yielding funding alternatives.

Noninterest Revenue

Noninterest revenue was $476,000 for the quarter ended December 31, 2022, in comparison with $373,000 for the quarter ended December 31, 2021. Debit card interchange charge revenue and mortgage mortgage charge revenue had been the biggest contributors of noninterest revenue. Debit card interchange charge revenue was $175,000 for the quarter, in comparison with $150,000 for the fourth quarter 2021. Mortgage mortgage charge revenue was $126,000 for the quarter, in comparison with $113,000 for the fourth quarter of 2021.

Yr thus far noninterest revenue was $1.19 million, in comparison with $1.48 million for the twelve months ended December 31, 2021. Debit card interchange charge revenue was $663,000 and $527,000 for the twelve months ended December 31, 2022, and 2021, respectively. Mortgage mortgage charge revenue was $295,000 and $564,000 for the twelve months ended December 31, 2022, and 2021, respectively.

Through the third and fourth quarters, administration offered funding securities and redeployed the proceeds into belongings with extra enticing threat and return traits. As a part of the portfolio repositioning, the Firm incurred yr thus far web losses on gross sales of securities of $250,000.

Noninterest Expense

Noninterest expense was $2.45 million for the quarter ended December 31, 2022, in comparison with $2.07 million for the fourth quarter of 2021. Yr thus far noninterest expense was $9.28 million, in comparison with $8.71 million for the twelve months ended December 31, 2021.

Salaries and worker advantages had been the biggest class of noninterest expense. Fourth quarter bills associated to salaries and advantages had been $1.48 million for the quarter, in comparison with $1.25 million for the fourth quarter of 2021. Yr thus far wage and worker profit bills had been $5.58 million in comparison with $4.77 million for the twelve months ended December 31, 2021. Salaries and worker advantages elevated primarily associated to newly added positions and profiting from development alternatives in our markets.

Asset High quality

On December 31, 2022, the allowance for mortgage losses was $2.31 million or 0.84% of excellent loans,web of unearned revenue, in comparison with $2.13 million or 0.85% of excellent loans, web of unearned revenue, on December 31, 2021.

The supply for mortgage losses was $27,000 for the quarter ended December 31, 2022, in comparison with a restoration within the provision for mortgage losses of $2,000 for the quarter ended December 31, 2021. The supply for mortgage losses was $189,000 for the twelve months ended December 31, 2022, in comparison with a restoration within the provision for mortgage losses of $60,000 for the twelve months ended December 31, 2021.

Shareholders’ Fairness

Shareholders’ fairness was $27.02 million on December 31, 2022, in comparison with $28.63 million on December 31, 2021. Will increase in retained earnings of $2.91 million had been offset by the rise in unrealized losses within the available-for-sale funding portfolio of $4.52 million. The rise in unrealized losses on the available-for-sale funding portfolio was as a consequence of mark-to-market changes ensuing from rising rates of interest.

As of December 31, 2022, the Financial institution’s regulatory capital ratios had been 14.25% in Frequent Fairness Tier 1 and Tier 1 Capital, 15.06% in Whole Capital and eight.65% in Leverage Ratio. These ratios exceeded the “properly capitalized” thresholds for the interval.

About Oak View Bankshares, Inc. and Oak View Nationwide Financial institution

Oak View Bankshares, Inc. is the father or mother financial institution holding firm for Oak View Nationwide Financial institution, a regionally owned and managed neighborhood financial institution serving Fauquier, Culpeper, Rappahannock, and surrounding Counties. For extra details about Oak View Bankshares, Inc. and Oak View Nationwide Financial institution, please go to our web site at www.oakviewbank.com. Member FDIC.

For added data, contact Tammy Frazier, Govt Vice President & Chief Monetary Officer, Oak View Bankshares, Inc., at 540-359-7155.

SOURCE: Oak View Bankshares, Inc. VA

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