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Oak View Bankshares, Inc. reported a strong first quarter performance with a 32.4% increase in net income, $1.3 million for Q1 2024 compared to $1.0 million for Q1 2023. Earnings per share rose to $0.45 from $0.34. The company emphasized sound risk management practices, boasting a 0.88% return on average assets and a 16.45% return on average equity. Total assets reached $624.0 million, loans stood at $305.7 million, and deposits at $498.0 million. Nonperforming loans were absent, liquidity was strong at $479.7 million, and regulatory capital ratios exceeded thresholds. Net interest margin decreased to 2.92%, while noninterest income and expenses increased slightly. Shareholders' equity reached $33.9 million with regulatory capital ratios surpassing the 'well capitalized' benchmarks.
Oak View Bankshares, Inc. ha riportato un forte rendimento nel primo trimestre con un aumento del 32,4% del reddito netto, raggiungendo 1,3 milioni di dollari nel primo trimestre del 2024 rispetto a 1,0 milioni nel primo trimestre del 2023. Gli utili per azione sono aumentati a 0,45 dollari da 0,34 dollari. La società ha sottolineato l'efficacia delle pratiche di gestione del rischio, vantando un ritorno dello 0,88% sugli asset medi e del 16,45% sul patrimonio medio. Gli asset totali hanno raggiunto i 624,0 milioni di dollari, i prestiti erano pari a 305,7 milioni di dollari e i depositi a 498,0 milioni di dollari. I prestiti non performanti erano assenti, la liquidità era forte con 479,7 milioni di dollari e i rapporti di capitale regolamentare superavano le soglie. Il margine di interesse netto è diminuito al 2,92%, mentre i ricavi e le spese non derivanti da interessi sono leggermente aumentati. Il patrimonio degli azionisti ha raggiunto i 33,9 milioni di dollari con rapporti di capitale regolamentare che superavano i criteri di 'ampiamente capitalizzati'.
Oak View Bankshares, Inc. reportó un fuerte rendimiento en el primer trimestre con un aumento del 32.4% en el ingreso neto, alcanzando 1.3 millones de dólares en el primer trimestre de 2024 en comparación con 1.0 millones en el primer trimestre de 2023. Las ganancias por acción aumentaron a 0.45 dólares desde 0.34 dólares. La compañía enfatizó prácticas sólidas de gestión de riesgos, con un retorno del 0.88% sobre activos promedio y un 16.45% sobre el patrimonio promedio. Los activos totales alcanzaron los 624.0 millones de dólares, los préstamos se situaron en 305.7 millones de dólares, y los depósitos en 498.0 millones de dólares. Los préstamos no productivos estaban ausentes, la liquidez era sólida con 479.7 millones de dólares, y los ratios de capital regulatorio excedían los umbrales. El margen de interés neto disminuyó al 2.92%, mientras que los ingresos y gastos no derivados de intereses aumentaron ligeramente. El patrimonio de los accionistas alcanzó los 33.9 millones de dólares con ratios de capital regulatorio superando los estándares de 'bien capitalizado'.
Oak View Bankshares, Inc.는 2024년 1분기에 전년 동기 대비 32.4% 증가한 순수익 1.3백만 달러를 보고하며 강력한 성과를 나타냈습니다. 주당 수익은 0.34달러에서 0.45달러로 상승했습니다. 회사는 평균자산수익률 0.88%, 평균자기자본수익률을 16.45%로 강조하며 튼튼한 리스크 관리 방침을 자랑했습니다. 총 자산은 624.0백만 달러, 대출은 305.7백만 달러, 예금은 498.0백만 달러에 달했습니다. 부실 대출은 없었으며, 유동성은 479.7백만 달러로 강했고, 규제 자본 비율은 기준을 초과했습니다. 순이자마진은 2.92%로 낮아졌으나, 비이자 소득과 비용은 약간 증가했습니다. 주주 자본은 33.9백만 달러에 달하며, 규제 자본 비율은 '잘 자본화된' 벤치마크를 초과했습니다.
Oak View Bankshares, Inc. a rapporté une solide performance pour le premier trimestre avec une augmentation de 32,4% du bénéfice net, atteignant 1,3 million de dollars pour le premier trimestre de 2024 comparativement à 1,0 million pour le premier trimestre de 2023. Le bénéfice par action est passé de 0,34 $ à 0,45 $. La société a souligné l'efficacité de ses pratiques de gestion des risques, affichant un retour sur les actifs moyens de 0,88% et un retour sur les fonds propres moyens de 16,45%. Les actifs totaux ont atteint 624,0 millions de dollars, avec des prêts s'élevant à 305,7 millions de dollars et des dépôts à 498,0 millions de dollars. Aucun prêt non performant n'était présent, la liquidité était solide à 479,7 millions de dollars, et les ratios de capital réglementaire ont dépassé les seuils. La marge d'intérêt net a diminué à 2,92%, tandis que les revenus et les dépenses non liés aux intérêts ont légèrement augmenté. Les fonds propres des actionnaires ont atteint 33,9 millions de dollars, avec des ratios de capital réglementaire surpassant les critères de 'bien capitalisé'.
Oak View Bankshares, Inc. berichtete über eine starke Leistung im ersten Quartal mit einem Anstieg des Nettogewinns um 32,4% auf 1,3 Millionen Dollar im ersten Quartal 2024 im Vergleich zu 1,0 Millionen Dollar im ersten Quartal 2023. Der Gewinn pro Aktie stieg von 0,34 Dollar auf 0,45 Dollar. Das Unternehmen betonte solide Risikomanagement-Praktiken und verzeichnete eine Rendite von 0,88% auf durchschnittliche Vermögenswerte und 16,45% auf durchschnittliches Eigenkapital. Die Gesamtaktiva erreichten 624,0 Millionen Dollar, Kredite beliefen sich auf 305,7 Millionen Dollar und Einlagen auf 498,0 Millionen Dollar. Es gab keine nicht-performenden Kredite, die Liquidität war stark bei 479,7 Millionen Dollar und die regulatorischen Kapitalquoten übertrafen die Schwellenwerte. Die Nettozinsmarge sank auf 2,92%, während die Nichtzinseneinnahmen und -ausgaben leicht zunahmen. Das Eigenkapital der Aktionäre erreichte 33,9 Millionen Dollar, wobei die regulatorischen Kapitalquoten die 'gut kapitalisierten' Benchmarks übertrafen.
Positive
Strong first quarter performance with a 32.4% increase in net income to $1.3 million for Q1 2024.
Earnings per share rose to $0.45 from $0.34 in Q1 2023.
Robust risk management practices reflected in the 0.88% return on average assets and 16.45% return on average equity.
Total assets grew to $624.0 million, loans to $305.7 million, and deposits to $498.0 million.
Nonperforming loans were absent, and liquidity remained strong at $479.7 million.
Regulatory capital ratios exceeded 'well capitalized' thresholds, ensuring financial stability.
Negative
Net interest margin decreased to 2.92%, impacting net interest income.
Noninterest expenses increased slightly by 4.6% to $2.9 million.
Uninsured deposits stood at $84.0 million as of March 31, 2024, which could pose a liquidity risk.
Some increase in the allowance for credit losses due to the growth in the loan portfolio may indicate potential credit risks.
Accumulated Other Comprehensive Loss improved, but still stood at $2.5 million as of March 31, 2024.
WARRENTON, VA / ACCESSWIRE / April 30, 2024 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $1.3 million for the quarter ended March 31, 2024, compared to net income of $1.0 million for the quarter ended March 31, 2023, an increase of 32.4%.
Basic and diluted earnings per share were $0.45 per share for the quarter ended March 31, 2024, compared to $0.34 for the quarter ended March 31, 2023.
Michael Ewing, CEO and Chairman of the Board said, "Our strong first quarter performance continues to reflect our disciplined approach in managing our balance sheet. We remain nimble and opportunistic as the banking needs of our community change in real-time, reflecting a challenging economic landscape and interest rate environment. We recognize that robust risk management practices are central to our continued financial performance. We remain dedicated to sound management practices as we strive to find the optimal balance among safety and soundness, profitability, and growth in this dynamic operating environment. We look forward to building on the foundation we built fifteen years ago and are privileged to be your trusted community bank."
Selected Highlights:
Return on average assets was 0.88% and return on average equity was 16.45% for the quarter ended March 31, 2024, compared to 0.76% and 14.03%, respectively, for the quarter ended March 31, 2023.
Total assets were $624.0 million on March 31, 2024, compared to $600.2 million on December 31, 2023.
Total loans were $305.7 million on March 31, 2024, compared to $304.1 million on December 31, 2023.
Total securities were $263.6 million on March 31, 2024, compared to $248.1 million on December 31, 2023.
Total deposits were $498.0 million on March 31, 2024, compared to $474.2 million on December 31, 2023.
Regulatory capital remains strong with ratios exceeding the "well capitalized" thresholds in all categories.
Credit quality continues to be outstanding. There were no nonperforming loans as of March 31, 2024.
On-balance sheet liquidity remains strong with $479.7 million as of March 31, 2024, compared to $453.9 million as of December 31, 2023. Liquidity includes cash, unencumbered securities available for sale, and available secured and unsecured borrowing capacity.
Net Interest Income
The net interest margin was 2.92% for the quarter ended March 31, 2024, compared to 3.01% for the quarter ended March 31, 2023. Net interest income was $4.3 million for the quarter ended March 31, 2024, compared to $3.8 million for the quarter ended March 31, 2023. Average earning assets and the related yield increased to $592.0 million and 5.76%, respectively, for the quarter ended March 31, 2024, compared to $570.9 million and 5.66%, respectively, for the quarter ended March 31, 2023. Interest bearing liabilities and the related cost of funds increased to $478.6 million and 2.92%, respectively, for the quarter ended March 31, 2024, compared to $463.5 million and 1.85%, respectively, for the quarter ended March 31, 2023.
Noninterest Income
Noninterest income was $0.4 million for the quarter ended March 31, 2024, compared to $0.3 million for the quarter ended March 31, 2023. For the quarter ended March 31, 2024, the largest contributors of the increase in noninterest income compared to March 31, 2023, were gains on the sales of available for sale securities of $0.09 million. The sales of these investment securities were redeployed into assets with more attractive risk and return characteristics.
Noninterest Expense
Noninterest expense was $2.9 million for the quarter ended March 31, 2024, compared to $2.8 million for the quarter ended March 31, 2023, an increase of $0.1 million or 4.6%.
Salaries and employee benefits were the largest category of noninterest expense, which totaled $1.7 million for the quarter, relatively unchanged compared to the quarter ended March 31, 2023. Regulatory assessments and bank franchise tax contributed to the largest increase in noninterest expenses due to our growth.
Liquidity
The Company's liquidity position remains exceptionally strong with $479.7 million of liquid assets available which included cash, unencumbered securities available for sale, and secured and unsecured borrowing capacity as of March 31, 2024, compared to $453.9 million as of December 31, 2023.
The Company's deposits proved to be stable with core deposits, which are defined as total deposits excluding brokered deposits, of $457.1 million as of March 31, 2024, compared to $443.6 million as of December 31, 2023. Uninsured deposits, those deposits that exceed FDIC insurance limits, were $84.0 million as of March 31, 2024, or 16.9% of total deposits, well within industry averages.
Asset Quality
As of March 31, 2024, the allowance for credit losses related to the loan portfolio was $2.8 million or 0.93% of outstanding loans,net of unearned income, relatively unchanged compared to December 31, 2023. The slight increase in the allowance for credit losses was primarily due to the growth in the loan portfolio as well as adjustments to other qualitative factors by loan type. There were no nonperforming loans, nonaccrual loans or loans 90 days or more past due as of March 31, 2024.
The provision for credit losses was $0.07 million for the quarter ended March 31, 2024, compared to $0.09 million for the quarter ended December 31, 2023. As of March 31, 2024, $0.03 million of the provision was allocated to the loan portfolio and $0.01 million was allocated to unfunded commitments.
Shareholders' Equity & Regulatory Capital
Shareholders' equity was $33.9 million on March 31, 2024, compared to $32.7 million on December 31, 2023. Accumulated Other Comprehensive Loss improved $0.5 million to $2.5 million as of March 31, 2024, compared to $3.0 million as of December 31, 2023. These unrealized losses are primarily related to mark-to-market adjustments on U.S. Treasury bonds within the available-for-sale securities portfolio related to changes in interest rates.
As of March 31, 2024, the Bank's regulatory capital ratios were 14.81% in Common Equity Tier 1 and Tier 1 Capital, 15.75% in Total Capital and 8.07% in Leverage Ratio. These ratios exceeded the "well capitalized" thresholds for the period.
About Oak View Bankshares, Inc. and Oak View National Bank
Oak View Bankshares, Inc. is the parent bank holding company for Oak View National Bank, a locally owned and managed community bank serving Fauquier, Culpeper, Rappahannock, and surrounding Counties. For more information about Oak View Bankshares, Inc. and Oak View National Bank, please visit our website at www.oakviewbank.com. Member FDIC.
For additional information, contact Tammy Frazier, Executive Vice President & Chief Financial Officer, Oak View Bankshares, Inc., at 540-359-7155.
What was Oak View Bankshares, Inc.'s net income for Q1 2024?
Oak View Bankshares, Inc. reported a net income of $1.3 million for the quarter ended March 31, 2024.
What were the total assets of Oak View Bankshares, Inc. on March 31, 2024?
Total assets were $624.0 million on March 31, 2024.
Why did the net interest margin decrease for Oak View Bankshares, Inc. in Q1 2024?
The net interest margin decreased to 2.92% in Q1 2024 from 3.01% in Q1 2023.
What were the regulatory capital ratios of Oak View Bankshares, Inc. on March 31, 2024?
The Bank's regulatory capital ratios were 14.81% in Common Equity Tier 1 and Tier 1 Capital, 15.75% in Total Capital, and 8.07% in Leverage Ratio, all exceeding 'well capitalized' thresholds.
Were there any nonperforming loans for Oak View Bankshares, Inc. as of March 31, 2024?
No, there were no nonperforming loans as of March 31, 2024.
