Oak View National Bank reported third-quarter 2013 earnings while continuing to invest in its expansion into the Culpeper, Virginia market. Net income declined compared to the third quarter of 2012, largely due to a smaller income tax benefit and expenses associated with opening the bank’s new Culpeper branch. Despite those costs, management noted that pre-tax operating income remained relatively stable and expressed optimism about the branch’s future growth potential.

The bank continued to strengthen its balance sheet, with loans increasing 8.1%, deposits growing 11.6%, and total assets rising 8.9% year over year. Credit quality remained strong with no nonperforming assets reported at quarter-end. CEO Michael Ewing highlighted the positive reception the bank received from the Culpeper community and emphasized the market’s importance to Oak View’s long-term growth strategy.

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Press Release