Oak View Bankshares Inc. (OTC:OAKV) Stock Rises After Third Quarter Performance

This past Friday, Oak View Bankshares Inc. (OTC:OAKV), the holding company of Oak View National Bank, was in sharp focus after it reported strong third quarter performance. The stock closed gains of 14% as a consequence. In this feature, we would take a closer look at the performance.

Rise in Net Income

Oak View Bankshares reported net income to the tune of $1.46 million in the third fiscal quarter that ended on September 30, 2024. That worked out to a rise of 22.97% from the net income of $1.18 million reported in the prior year quarter. In the nine-month period ended on September 30, the net income stood at $4.63 million, which reflected an improvement of 43.10% from the net income of $3.23 million in the same period last year.

Key Details

The company reported basic and diluted earnings per share of $0.50 for the quarter. In the prior year period ended on September 30, 2023, Oak View Bankshares reported earnings of $0.40 per basic and diluted share. In the nine-month period ending on September 30, 2024, the same figure stood at $1.58 as opposed to $1.09 in the corresponding nine-month period in 2023.

The value of the total assets with the company at the end of the quarter was $676.27 million in comparison to $600.16 million at the end of the period that ended on December 31, 2023.

Key Quote

“We are pleased to report another quarter of strong earnings. Notably, in just three quarters, we have already surpassed our full-year earnings for last year by approximately 10%. Our strong financial performance reflects our unwavering commitment to striking the optimal balance between safety and soundness, profitability, and growth. We could not be prouder of these results nor more grateful for the opportunities that lie ahead,” said Michael Ewing, CEO and Chairman of the Board. Mr. Ewing continued, “We continue to build Oak View National Bank for the long haul, laser focused on meeting the needs of the communities we are so privileged to serve by maintaining a well-fortified balance sheet, expanding our product suite to stay a step ahead of the competition, and inviting talented and trustworthy banking professionals into our community bank family.”