Author: Web Desk

OCALA, FL / ACCESSWIRE / January 26, 2024 / Unleash the potential of the latest AI paradigm that transcends conventional single-modal AI techniques to tackle intricate real-world challenges. By harnessing the power of multiple modalities like machine learning, computer vision, and natural language processing, this state-of-the-art approach delivers unmatched levels of accuracy and efficiency.

With this advanced AI paradigm, you can transform your problem-solving abilities and unlock new possibilities for innovation and progress. Why settle for outdated AI methods when you can access the power of the future today? Take your performance to the next level and achieve your goals faster and more effectively than ever before. Get started with the new AI paradigm now and experience the transformative impact of this revolutionary technology.

Multimodal AI VS Traditional Single-Modal

Multimodal AI is an advanced form of artificial intelligence that is designed to mimic the way humans perceive and interpret the world. It integrates data from different senses, such as text, images, and sounds, to comprehend the context and complex meaning of information. This allows for a deeper understanding of the content, as well as the ability to detect patterns and relationships that might be difficult for humans to detect on their own.

In the business world, multimodal AI is particularly valuable, as it can help us to better understand our customers. By analyzing both what they say and how they express themselves through their tone of voice or facial expression, multimodal AI can provide insight into their preferences, opinions, and emotions.

Traditional AI systems, on the other hand, are typically single-modal, meaning they specialize in one type of data, such as text or images. While they are proficient at processing large amounts of data quickly and identifying patterns that human intelligence cannot detect, they have limitations. They can be insensitive to context and less able to handle unusual or ambiguous situations.

Multimodal AI takes a step further by integrating modalities, allowing for deeper understanding and more meaningful interactions between humans and AI. With its ability to imitate human intelligence and perception, multimodal AI opens up exciting possibilities for the future of technology.

The Future of Multimodal AI

As technology evolves, the future of multimodal AI is ripe with potential and responsibility. It is expected to bridge the gap between humans and machines, leading to more intuitive and efficient systems. With applications expanding into more sectors, it will provide innovative solutions to increasingly complex problems.

However, this technological progress must also prioritize ethical AI principles. With a focus on ethical standards, transparency, and privacy, we can ensure that multimodal AI is deployed responsibly.

Our path forward is not just about technical achievements but also about aligning these innovations with societal values. By enhancing the human experience, we can create a brighter future through the responsible development of multimodal AI.

Conclusion

Multimodal AI, an amalgamation of multiple modalities, is a field that offers an array of possibilities in artificial intelligence research. These systems provide natural interaction capabilities and exhibit human-like intelligence, enabling them to achieve a more comprehensive understanding of their environment. The potential applications of multimodal AI are vast, ranging from assistive devices for people with disabilities to autonomous cars and advanced robotics.

The continued progress in the areas of multimodal data fusion, architectures, and training methods is expected to significantly expand the capabilities and usefulness of these AI systems. The move towards AI that can perceive the world through vision, audio, language, and touch in a unified way is opening up new horizons for technologies that augment human capabilities and enhance society.

The immense power of multimodal AI can revolutionize the world we live in and unlock new opportunities for societal impact. As these systems continue to develop, it is possible to pave the way towards a brighter future.

Contact us:

To learn more about our project information and support services, please click on the following link:

Website: https://aimultimodal.io
Telegram: https://t.me/aimultimodal
Xcom: https://x.com/aimultimodal
Medium: https://multimodalai.medium.com
Email: contact@aimultimodal.io

Media Contacts:

Name: Marcus N. Dailey
Website: https://aimultimodal.io
Email: contact@aimultimodal.io
Address: 1195 NE 17th Rd, Ocala, Florida

SOURCE: Multimodal AI

View the original press release on accesswire.com

NORTHAMPTON, MA / ACCESSWIRE / January 26, 2024 / Today Walgreens Boots Alliance (WBA) released its 2023 ESG Report, an annual report on the company’s Environmental, Social and Governance (ESG) strategy, approach and performance across four key pillars: Healthy Communities, Healthy and Inclusive Workplace, Healthy Planet and Sustainable Marketplace.

Healthcare is at the center of WBA’s ESG framework, reflecting its operations and corporate vision to be the leading partner in reimagining local healthcare and well-being for all.

Visit the report to learn more about the integrated healthcare, pharmacy and retail leader’s achievements over the course of its Fiscal Year 2023 (Sept. 1, 2022 – Aug. 31, 2023). Highlights include:

• Healthy Communities: $373M¹ donated over the past eight years, to support the health and wellbeing of the communities it serves. Achieved a major milestone celebrating 10 years of partnership with Vitamin Angels and reaching over 400 million women and children with life-changing vitamins; Addressed health disparities for underserved communities in the US with the distribution of more than $1.8M in vouchers for flu shots at Walgreens during fiscal year 2023; more than $26 million raised with Macmillan Cancer Support through its 14-year partnership with Boots.
• Healthy Planet: Further reduced Scope 1 and Scope 2 emissions across its operations by 5%, achieving 25% since its 2019 baseline and is well on track to achieve 30% by 2030.
• Sustainable Marketplace: Walgreens spent over $700 million with diverse Tier 1 suppliers in the US; Boots eradicated wet wipes made with plastic fibers.
• Healthy & Inclusive Workplace: Delivered on its commitment to increase workforce representation of people with disabilities and was the first company in the S&P 500 to include disability representation as a separate, standalone metric within a disclosed incentive plan. The company achieved a nearly 3 percentage point increase in people with disabilities at all levels.

Tim Wentworth, Chief Executive Officer, WBA said, "As we take a moment to reflect on the progress we have made, we are focused on our legacy for the future and addressing the most urgent needs for our people, patients, and consumers today. We look forward to working with our valued partners over this next year, as we continue to build on our progress, and ongoing collaboration."

"At a moment when we face significant challenges across the globe, we have never been more confident that our commitment to people and the planet will help us show up to meet, and exceed, the needs of our customers, patients, team members and communities for the future."

Ornella Barra, EVP, Chief Operating Officer, International and Chair of the ESG Committee, WBA added, "Our people make us who we are: The service we give, the products we make, the positive impact we have, and it is their desire to innovate and imagine the future that ensures we continue to move forward."

Footnote: ¹ Cash and non-cash valuation of community contributions

About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq:WBA) is an integrated healthcare, pharmacy and retail leader serving millions of customers and patients every day, with a 175-year heritage of caring for communities.

A trusted, global innovator in retail pharmacy with more than 12,500 locations across the U.S., Europe and Latin America, WBA plays a critical role in the healthcare ecosystem. The company is reimagining local healthcare and well-being for all as part of its purpose – to create more joyful lives through better health. Through dispensing medicines, improving access to a wide range of health services, providing high quality health and beauty products and offering anytime, anywhere convenience across its digital platforms, WBA is shaping the future of healthcare.

WBA employs approximately 330,000 people and has a presence in eight countries through its portfolio of consumer brands: Walgreens, Boots, Duane Reade, the No7 Beauty Company and Benavides in Mexico. Additionally, WBA has a portfolio of healthcare-focused investments located in several countries, including China and the U.S.

The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. WBA has been recognized for its commitment to being an inclusive workplace. In fiscal 2023, the Company received a score of 100 from the Human Rights Campaign’s Corporate Equality Index, scored 100 percent on the Disability Equality Index for disability inclusion and was named Disability:IN’s 2023 Employer of the Year. In addition, WBA has been recognized for its commitment to operating sustainably as the company is an index component of the Dow Jones Sustainability Indices (DJSI). More company information is available at www.walgreensbootsalliance.com.

(WBA-GEN)

Media Contact Info: Media Relations, (847) 315-2935, media@wba.com

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View additional multimedia and more ESG storytelling from Walgreens Boots Alliance on 3blmedia.com.

Contact Info:
Spokesperson: Walgreens Boots Alliance
Website: https://www.3blmedia.com/profiles/walgreens-boots-alliance
Email: info@3blmedia.com

SOURCE: Walgreens Boots Alliance

View the original press release on accesswire.com

NORTHAMPTON, MA / ACCESSWIRE / January 26, 2024 / Aflac Incorporated
Originally published on Aflac Newsroom

By Tamara Jakes, director, Aflac Employee Experience and cancer survivor

In 2003, life was pretty crazy for me. Most of my days were spent trying to keep up with my then 3-year-old, which didn’t leave much time for anything else. When it came time for my annual wellness check, I honestly didn’t overthink it until my test results returned a couple of days later – abnormal.

For those of you who have heard the words "you have cancer" or been there with a loved one who has heard them, my heart goes out to you. Because I know. I know the fear, confusion, anger and, of course, uncertainty. After additional testing, my doctor confirmed it was cervical cancer. I was only 29 years old, but I was saved by a routine wellness visit that I recommend for everyone. In fact, some cancer insurance policies like the one offered at the company I work for, Aflac, pay a benefit for wellness exams.

My medical team removed the cancer, and we were blessed with how well it worked – no additional treatment was required. However, it came with other burdens like a struggle with infertility. After several years of not being able to conceive and multiple miscarriages, I was even more angry at cancer than I had been when I first got my diagnosis. Then, after 11 years, my husband and I were finally blessed with our daughter Joy, named for the joy she brought into our lives.

With all of the ups and downs, you never really learn how to exhale after a cancer diagnosis. Regular checkups always filled me with dread, but after so many years of normal results, I had started to calm a little.

Just as I started to feel like my life was back on track and I was living "worry free," the rug was ripped from under me again. At my routine annual exam, my physician noticed a lump on my neck – thyroid cancer. I was devastated. Why now? Why again?

I made a promise to myself: I wasn’t going to let cancer win. I wasn’t going to let it interrupt my life and everything I wanted to achieve. I beat it once and I would beat it again.

My surgery took place in February 2022, and I kept the first promise I made to myself: The following month, I graduated with my master’s degree. The treatment process followed and, by the end of May, I fulfilled the second promise: I didn’t let cancer win!

My cancer journey was filled with curve balls, twists and turns. But I had two lights in that time of darkness: emotional support from my family – both at home and at work – and financial support from my supplemental insurance policies and organizations like The Leukemia & Lymphoma Society (LLS).

My advice to anyone who will listen is to:

1. Be proactive. Go to your regular checkups, stay close to your health care providers, and pay careful attention to your well-being. Studies show that an early diagnosis helps improve chances for survival and, like in my case, some insurance policies will even pay you for those wellness checks.
2. Get involved. Find organizations, like LLS, CancerCare.org or the Aflac Cancer and Blood Disorders Center of Children’s Healthcare of Atlanta, that are actively working toward better treatment options for those with cancer. Whether you give time, talent or money, your contribution makes a big difference to those in need.
3. Protect yourself. When you receive a cancer diagnosis, every bit of your energy needs to be focused on fighting the disease, not finances. Talk to your employer to learn more about benefits available to you, and research savings plans and insurance policies that can help protect you against the financial impact of serious illnesses like cancer.

Lastly, a piece of advice for anyone regardless of the role you play – whether it’s as a patient, caregiver, loved one, etc. – you have an opportunity to be someone’s light in what will likely be one of the darkest times of their life. Take it.

This article contains the opinions of an Aflac policyholder and is not intended to portray any specific benefits or details of Aflac cancer insurance (also known as specified-disease insurance in some states) policies. Coverage may not be available in all states and benefits may vary based on plan options. Limitations and exclusions may apply. In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK; B70200OK; B70300OK; B7010EPOK; B7020EPOK. In Virginia, Policies A75100VA-A75300VA. For more information about Aflac insurance policies, contact your Aflac agent or visit aflac.com. Aflac supplemental coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac supplemental coverage is underwritten by American Family Life Assurance Company of New York. Aflac WWHQ | 1932 Wynnton Road | Columbus, GA 31999

Z2300500

View additional multimedia and more ESG storytelling from Aflac Incorporated on 3blmedia.com.

Contact Info:
Spokesperson: Aflac Incorporated
Website: https://www.3blmedia.com/profiles/aflac-incorporated
Email: info@3blmedia.com

SOURCE: Aflac Incorporated

View the original press release on accesswire.com

Thriller Novel Commemorates 30th Anniversary of 1994 Ice Storm

OXFORD, MS / ACCESSWIRE / January 26, 2024 / As winter storms strand people and officials encourage residents to stay indoors, this wintery weather may bring back memories to some readers of another major storm that ravaged the South 30 years ago this coming February 9, 2024.

To one Southern author, the memory of the storm (and the lessons learned from it) fueled his next novel. One Icy Night: A Rook Thriller is a new release from multi-award-winning Mississippi writer W.A. Pepper and is "gritty, unexpected, and hard to put down (Midwest Book Review)."

"That Ice Storm redefined the way I live," says Pepper, a USA Today Bestselling author. "My wife and I keep bottled water, canned goods, and more on hand at all times. We have gas heat and a gas stove. These were not just useful, but necessary, during the 1994 Ice Storm. A number of large trees surrounded my childhood home. Throughout the night, sounds like gunfire popped as limb after limb struggled to handle the 3X to 4X their weight in ice. Thunderous crashes echoed through our home as trees toppled. Finally, the booms of power lines crashing and transformers exploding added to the chaos."

One Icy Night, Pepper’s second full-length novel takes place in the Mississippi Delta during this 1994 Ice Storm and follows Rook, a 20-year-old who is on the run from the law. After being abandoned by her now-ex-boyfriend at a dive bar in the middle of nowhere, she’s trapped by a deadly ice storm that destroys everything around her. It is only when she escapes to a secluded cabin does Rook discover she isn’t the only one in need of rescue.

The thriller is already receiving positive praise from reviewers and readers alike. The readers from the reviewer-led website Goodreads have this to say about One Icy Night: "One of my favorite thrillers to date! (K.C.)" and "It is thrilling, suspenseful, disturbing, witty and funny at times. You will not believe the ending! (E.S.)."

About the 1994 storm, Pepper adds, "Over 350,000 people went without power for an average of seven days, and that was just in Mississippi. My family went without it for three weeks, and we were on the same power grid as the hospital. Overall, almost 26,000 power line poles covered yards and streets. At the time, this was the largest and costliest disaster in Mississippi Power & Light history. Alabama and Tennessee each had damage reaching over half a billion. Mississippi wasn’t as lucky, where the damage and loss of revenue reached over two billion."

Hustle Valley Press released One Icy Night: A Rook Thriller on January 26, 2024. It is available to order through your local bookstore, library, and all major retailers and distributors, including Amazon, Barnes & Noble, and Ingram Spark.

To contact the author or for photos and reference materials, please visit https://www.wapepperwrites.com.

Contact Information

Taddy Pepper
Publisher
queen@hustlevalleypress.com
6623160085

SOURCE: Hustle Valley Press

View the original press release on newswire.com.

By Kim Borges

NORTHAMPTON, MA / ACCESSWIRE / January 26, 2024 / A Regions associate wanted to make an impact in his community by being a youth mentor. Little did he know the impact that brotherly connection would make on him as well.

Their introduction, months in the making, was filled with anticipation, sweaty palms, and nervousness.

Weston, meet Sam; Sam, meet Weston.

It was a job interview of sorts, but not in the way you might think.

"The Big Brothers Big Sisters of Eastern Missouri (BBBSEM) team mentioned Weston was a quieter kid, so I expected him to be a little shy at first, which he was," said Sam Woodring, a Commercial Banking relationship manager with Regions Bank in St. Louis, recalling the day he met his "Little Brother." "When we played an icebreaker game with our BBBSEM coordinator, I started to see him come out of his shell a bit."

It’s been just over a year. But the bond is stronger than the length of time would suggest.

"We usually get together twice a month," said Woodring. "We both like to do anything outside. We’ll hike, hit golf balls and go to the batting cages. Weston also really enjoys playing chess."

For 120 years, Big Brothers Big Sisters of America has been matching volunteer adult mentors – "Bigs" like Woodring, as they’re known – with "Littles" like Weston across 300 affiliates nationwide.

The goal is to foster friendships, provide guidance and offer a different world perspective supporting the "Little’s" development.

So, what inspired Woodring to become a "Big?"

"I got involved because I was looking for a way to make an impact," he said. "Being a mentor to a younger person in need of some extra attention was a good fit for my personality."

Woodring’s not the only Regions associate supporting BBBSEM. Last September, the bank hosted 20 middle schoolers from the nonprofit’s Group Mentoring program at the Mizzou-vs.-Memphis football game as part of the bank’s "Big Bike Tour" in the area. The Group Mentoring model was launched to fuel young people’s pursuits of a meaningful, stable and independent life. (Read more about the Group Mentoring participants’ gameday and BBBS experiences below.)

Regions’ St. Louis Commercial Banking leader and market executive, Scott Hartwig, is also a BBBSEM advocate.

On the surface, bringing together "Bigs" and "Littles" might sound easy, but there’s both an art and science to creating lasting connections.

"The team at BBBSEM works really hard to make great matches," said Woodring. "They gather a lot of background information on the ‘Bigs’ and ‘Littles,’ and this helps them make successful matches to foster great relationships."

"There are a lot of volunteer opportunities that can make an impact, but being a ‘Big’ offers that chance in a unique, personal and deeper way."
Scott Hartwig, Regions Commercial Banking leader and market executive

Woodring’s match with Weston has yielded more than he ever imagined.

"My favorite part of being a ‘Big’ is getting to have fun while making a big impact on someone’s life," he said. "Getting closer to my ‘Little’ as we spend more time together and watching him grow up has been a rewarding experience."

An experience that’s encouraged Woodring’s growth, too.

"From being a ‘Big,’ I have learned you don’t have to be perfect," he said. "If you consistently show up and have a good attitude, a lot of other things will take care of themselves."

It’s all proof a little time and care make a big difference – for all involved.

Discover how another Regions associate was honored for being a "Big" in her community.

In Their Words: BBBSEM Participants Share Thoughts

What do you enjoy most about being a "Little" in Big Brothers Big Sisters?

That Big Brothers Big Sisters has shown me so much respect and responsibility in life. (Jeraime)

That we get to go on different trips and experiences. (Koran)

I enjoy that we go places, and that they can help with anything, and I can share stories with them. (Kevion)

What was your gameday experience like?

The stadium was cool and had a great food place. (Jeraime)

I like the stadium. It was nice, and I had never been there. I was surprised there were so many players on one team. (Kevion)

The stadium was nice, the snacks were good, and the fans made the game better. (Fontez)

I was familiar with the stadium because my uncle and grandfather used to practice and play there. (Ronnie).

What’s your favorite thing about your mentor?

I feel like I always have somebody to call, and he’s really cool. (Dontrell)

He tells us important things about life. (Koran)

My favorite thing about my mentor is he’s a football coach and he’s Black. (Ronnie)

He’s cool; matter of fact, Mr. K is one of the coolest mentors I’ve ever met. If you want something, he will get it done for you no matter what. (Jeraime)

My favorite thing about my mentor is that he’s cool and he helps when we need help. (Fontez)

My favorite thing about him is that he’s cool and listens to everything I have to say. And he tries to help with anything he can. (Kevion)

View additional multimedia and more ESG storytelling from Regions Bank on 3blmedia.com.

Contact Info:
Spokesperson: Regions Bank
Website: https://www.3blmedia.com/profiles/regions-bank
Email: info@3blmedia.com

SOURCE: Regions Bank

View the original press release on accesswire.com

WARRENTON, VA / ACCESSWIRE / January 26, 2024 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), reported net income of $4.21 million for the twelve months ended December 31, 2023, compared to net income of $3.06 million for the twelve months ended December 31, 2022, an increase of $1.15 million or 37.58%. Basic and diluted earnings per share were $1.43 for the twelve months ended December 31, 2023, compared to $1.03 for the twelve months ended December 31, 2022.

On January 18, 2024, the Board of Directors of the Company declared an annual dividend of $0.20 per share to shareholders of record as of the close of business on February 1, 2024, payable on February 8, 2024.

Michael Ewing, CEO and Chairman of the Board said, "Our Company experienced another phenomenal year, increasing earnings by 37% during a challenging time for the banking industry. The achievement of record earnings for 2023 is the result of hard work and dedication of our entire team in navigating an unprecedented year of liquidity concerns, interest rate volatility, and uncertainty in the economic environment. Our disciplined approach in operating a safe and sound financial institution, providing the foremost customer experience, offering quality products and services, supporting our local communities, and maintaining a rewarding workplace for our employees, while doubling earnings over the last three years, is quite remarkable."

Selected Highlights:

• Return on average assets was 0.75% and return on average equity was 14.38% for the twelve months ended December 31, 2023, compared to 0.75% and 11.73%, respectively for the twelve months ended December 31, 2022.
• Total assets were $600.16 million on December 31, 2023, compared to $497.89 million on December 31, 2022.
• Total loans were $304.05 million on December 31, 2023, compared to $273.87 million on December 31, 2022.
• The investment portfolio totaled $248.00 million on December 31, 2023, compared to $193.31 million on December 31, 2022.
• Total deposits were $474.23 million on December 31, 2023, compared to $422.90 million on December 31, 2022.
• Credit quality continues to be outstanding. There were no nonperforming loans as of December 31, 2023.
• Regulatory capital remains strong with ratios exceeding the "well capitalized" thresholds in all categories.
• Liquidity remains strong at $453.94 million as of December 31, 2023, compared to $379.25 million as of December 31, 2022. 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 December 31, 2023, compared to 3.10% for the quarter ended December 31, 2022. For the twelve months ended December 31, 2023, the net interest margin was 2.98%, compared to 3.29% for the twelve months ended December 31, 2022.

Net interest income was $4.20 million for the quarter ended December 31, 2023, compared to $3.45 million for the quarter ended December 31, 2022. Net interest income was $16.16 million and $12.08 million for the twelve months ended December 31, 2023, and 2022, respectively.

Interest income was $8.15 million and $28.72 million for the quarter and twelve months ended December 31, 2023, respectively, compared to $4.98 million and $14.87 million for the quarter and twelve months ended December 31, 2022, respectively. The increase in interest income was the result of increased volume and higher interest rates in the loan portfolio as well as continued investment opportunities to deploy capital into investments with attractive risk and return characteristics.

Interest expense was $3.95 million and $12.56 million for the quarter and twelve months ended December 31, 2023, respectively, compared to $1.53 million and $2.80 million for the quarter and twelve months ended December 31, 2022, respectively. Increases in interest expense were primarily attributable to interest expense paid on deposits resulting from increases in volume and in interest rates and interest expense paid on borrowings due to higher balances needed to deploy capital into higher yielding investment opportunities.

Noninterest Income

Noninterest income was $224,166 for the quarter ended December 31, 2023, compared to $476,036 for the quarter ended December 31, 2022. For the twelve months ended December 31, 2023, noninterest income was $1.15 million, compared to $1.19 million for the twelve months ended December 31, 2022.

Management evaluates, on an ongoing basis, the investment portfolio and continues to take advantage of opportunities to sell securities and redeploy proceeds into assets with more attractive risk and return characteristics. As part of the portfolio repositioning, the Company incurred net losses on sales of securities of $247,377 for the twelve months ended December 31, 2023.

Noninterest Expense

Noninterest expenses were $3.01 million for the quarter ended December 31, 2023, compared to $2.45 million for the quarter ended December 31, 2022. For the twelve months ended December 31, 2023, noninterest expenses were $11.48 million, compared to $9.28 million for the twelve months ended December 31, 2022.

Salaries and employee benefits were the largest category of noninterest expenses. For the quarter ended December 31, 2023, expenses related to salaries and employee benefits were $1.78 million, compared to $1.48 million for the quarter ended December 31, 2022. For the twelve months ended December 31, 2023, salaries and employee benefit expenses were $6.81 million, compared to $5.58 million for the twelve months ended December 31, 2022. Increases in salaries and employee benefit expenses were related primarily to higher levels of compensation, payroll taxes and employee benefits, which are in line with employment market conditions and industry studies, as well as, higher levels of incentive compensation paid to all employees based on the achievement of predetermined financial metrics.

Liquidity

The Company’s liquidity position continues to be very strong with $453.94 million of liquid assets available which included cash, unencumbered securities available-for-sale, and secured and unsecured borrowing capacity as of December 31, 2023, compared to $379.25 million as of December 31, 2022.

The Company’s deposits proved to be stable with core deposits, which are defined as total deposits excluding brokered deposits, of $443.55 million as of December 31, 2023, compared to $401.94 million as of December 31, 2022. Uninsured deposits, those deposits that exceed FDIC insurance limits, were $82.82 million as of December 31, 2023, or 17.46% of total deposits, well within industry averages.

Asset Quality

The Company adopted the recent accounting pronouncement for current expected credit losses ("CECL"), effective January 1, 2023. Prior to CECL’s effective date, the Company accounted for the allowance for loan losses under the incurred loss model.

On December 31, 2023, the allowance for credit losses was $2.79 million or 0.92% of outstanding loans,net of unearned income, compared to $2.31 million or 0.84% of outstanding loans, net of unearned income, on December 31, 2022. The increase in the allowance for credit losses was primarily due to the growth in the loan portfolio as well as adjustments for current economic conditions and the related impact on collateral values. There were no nonperforming loans, nonaccrual loans or past due loans as of December 31, 2023.

The provision for credit losses was $248,000 for the quarter ended December 31, 2023, compared to $27,109 for the quarter ended December 31, 2022. The provision for credit losses was $575,977 for the twelve months ended December 31, 2023, compared to $188,629 for the twelve months ended December 31, 2022.

Shareholders’ Equity

Shareholders’ equity was $32.67 million on December 31, 2023, compared to $27.02 million on December 31, 2022. Unrealized losses related to market adjustments arising from changes in interest rates were $2.98 million as of December 31, 2023, compared to $4.86 million as of December 31, 2022.

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.

SOURCE: Oak View Bankshares, Inc. VA

View the original press release on accesswire.com