This past Friday the Oak View Bankshares Inc (OTCMKTS:OAKV) stock was trading in a range but at the same time it ought to be noted that the company was in the news after it announced its financial results for quarter that had ended on March 31, 2022.
Market Action
On Friday, OAKV stock gained 1.67% to $9.15 with 1.12K shares, compared to its average volume of 670 shares. The stock moved within a range of $9.01 – 9.15 after opening trade at $9.01.
Oak View Bankshares, Inc. Announces Financial Results for First Quarter 2022
In this situation, it could be a good move to take a look at some of the highlights from the first quarter results. The company generated net income to the tune of $596779 for the quarter and that reflected a significant decline from the net income of $764898 in the prior year period.
The diluted and basic earnings per share for the quarter stood at $0.20 and that was again lower than $0.26 for the same metric in the prior year period. The valuation of the total assets at Oak View Bankshares stood at $379.7 million at the end of the quarter and that was an improvement on the total asset valuation of $345.1 million as on December 31, 2021.
Credit quality however remained strong and Oak View did not report a single underperforming loan in its books. Investors could do well to consider adding the stock to their watch lists for the week.
Key Quote
Michael Ewing, CEO and Chairman of the Board said, “Our first quarter earnings are in line with our current expectations. Loan growth lagged for the quarter due primarily to unexpected payoffs that were the result of borrowers taking advantage of liquidity events. Our deposits continue to grow, and our branch teammates continue to work extremely hard in keeping pace with the demand for deposit account openings.” Mr. Ewing continued by saying, “the current market conditions will present challenges and opportunities throughout the year. We believe the Company is well positioned to execute our strategic objectives by adding key employees to our team, leveraging the increased capital levels, completing our core processor conversion and improving our digital capabilities.”
Traders Note
OAKV stock is trading above the 50-Day and 200-Day Moving averages of $9.20 and $9.36 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 46.
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