Oak View National Bank reported net income for the year ended Dec. 31, 2020 of $2,016,948, or $0.70 basic and $0.69 diluted earnings per share compared to $2,044,749 or $0.71 basic earnings per share and $0.70 diluted earnings per share for the year ended December 31, 2019. Return on average assets was 0.71% and return on average equity was 7.99% for the year ended Dec.31, 2020 compared to 0.82% and 8.84% respectively for the year ended Dec. 31, 2019.
On Jan. 21, the bank board of directors declared an annual dividend of $0.04 per share. This dividend was declared for shareholders of record as of the close of business on Feb. 8 and will be payable on Feb. 16. Michael Ewing, vice chairman of the board and CEO said, “In spite of the extraordinary circumstances the bank faced in 2020, we are pleased that the financial results for 2020 were strong. This allowed the bank to initiate payment of a dividend.”
At Dec.31, 2020, total assets were $284.7 million, an increase of $20.9 million or 7.9% over total assets from the prior year. Gross loans increased 22% to $246.0 million at the end of 2020 and included $26.3 million Payroll Protection Program loans, compared to $201.6 million at Dec. 31, 2019. Total deposits ended the year at $239.9 million, representing an increase of 15.1% compared to $208.4 million at Dec. 31, 2019.
Visit www.oakviewbank.com. Member FDIC.