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ODNB Financial Corporation Reports Fourth Quarter and Full Year 2023 Financial Results

TYSONS CORNER, Va., February 8, 2024 – ODNB Financial Corporation (“ODNB” or the “Company”), the holding company for Old Dominion National Bank (the “Bank”) and its Centre 1st Bank division (“Centre 1st Bank”), announced financial results for the fourth quarter and year ended December 31, 2023.

“In 2023, ODNB delivered meaningful balance sheet expansion, growing loans and deposits, despite the challenges facing the banking sector,” said Mark Merrill, Chairman and Chief Executive Officer of the Company. “Our sustained growth and continued profitability are a direct result of our talented team’s exceptional relationships with clients in each of the communities we serve, and the tremendous support of our local shareholders. We are very thankful to each of our team members and their commitment to relationship banking and providing concierge-level services to our client base - hallmarks of a true community bank.”

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Charlene A. Friedman to Join ODNB Financial Corporation and Old Dominion National Bank Board of Directors

Tysons Corner, VA., November 21, 2023 – ODNB Financial Corporation (the “Company”), the parent company
of Old Dominion National Bank (“ODNB” or the “Bank”), is proud to announce the appointment of Charlene
A. Friedman to the Board of Directors of both the Company and the Bank, effective December 11, 2023.

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ODNB Financial Corporation Releases Third Quarter 2023 Financial Results

TYSONS CORNER, Va., October 31, 2023 - We are pleased to report strong operating results for the third quarter of 2023 and nine months ended September 30, 2023. Third quarter earnings marked our fifteenth consecutive quarter of profitability with total assets, loans and deposits reaching record highs. We continue to execute upon our organic growth strategy, resulting in meaningful earnings and long-term franchise value for shareholders. Pretax income was a record $2.1 million in the current quarter, compared to $1.5 million in the second quarter of 2023.

Old Dominion National Bank (the “Bank”), the wholly-owned banking subsidiary of ODNB Financial Corporation (the “Company” or “ODNB”), continues to serve its growing number of customers across Northern Virginia and the Washington, D.C. metro area, Central Virginia and the Charlottesville area, and Pennsylvania through its Centre 1st Bank division.

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ODNB Financial Corporation Releases Second Quarter 2023 Financial Results

TYSONS CORNER, Va., July 31, 2023 - We are pleased to report strong second quarter 2023 financial results. The quarter was highlighted by a record level of assets, loans and deposits, while bolstered by our successful common equity capital raise of $28.1 million. Net income for the second quarter of 2023 was $1.2 million, an increase of 11.1% from $1.1 million in the prior quarter.

We delivered our fourteenth consecutive quarter of profitability for the quarter ended June 30, 2023, as a result of the continued investments in our people, products and technology, further validating our high-touch and personalized approach to client service. We continue to grow deposit market share to deliver long-term franchise value to our shareholders. ODNB Financial Corporation (the “Company” or “ODNB”), the holding company for Old Dominion National Bank (the “Bank”) continues to serve its growing number of customers across Northern Virginia and the Washington, D.C. metro area, Central Virginia and the Charlottesville area, and Pennsylvania through its Centre 1st Bank division.

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ODNB Financial Corporation Announces Strategic Partnership with Insurance Agency

TYSONS CORNER, Va., July 19, 2023—ODNB Financial Corporation (the “Company”), the financial holding company of Old Dominion National Bank (“ODNB”) and Centre 1st Bank, a division of ODNB, today announced an investment in Frost & Conn, LLC (“Frost & Conn”), a full-service, independent insurance agency based in State College, PA. Frost & Conn offers all lines of personal, business and life insurance to clients across central and southern Pennsylvania and New Jersey.

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ODNB Financial Corporation Announces Completion of $28.1 Million Private Placement of Common Stock

TYSONS CORNER, Va., June 26, 2023—ODNB Financial Corporation (“the Company”) announced it recently completed a private placement of $28.1 million of shares of the Company’s common stock to 160 accredited individual investors at a price of $11.00 per share. The Company expects to use the proceeds from the capital raise for organic balance sheet growth, strategic opportunities, lending and investment activities, and for general corporate purposes. Investors in the recent offering were primarily from the Washington, D.C. metro area, where the Company’s executive offices are located, and also included individuals from Pennsylvania and New Jersey, where the Company’s wholly-owned subsidiary Old Dominion National Bank (the “Bank”) operates its Centre1st Bank division.

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ODNB Raises Millions After Hitting $1 Billion in Assets

Washington Business Journal Article -  Friday, June 23, 2023 - Old Dominion National Bank in Tysons has raised $28.1 million in equity to fuel its expansion and boost its legal lending limit as it looks to double or even triple its asset size in the coming years. The raise comes on the heels of Old Dominion surpassing $1 billion in assets in the first quarter of this year and is intended to help it grow organically to get to the next benchmark — $2 or $3 billion in total assets — said CEO and Chairman Mark Merrill. This brings its total common equity funding raised to $119.2 million since 2016.

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ODNB Financial Corporation Releases First Quarter 2023 Financial Results

TYSONS CORNER, Va., May 04, 2023 - Our first quarter 2023 results are a strong start in what has been a challenging quarter for the banking industry. Since December 31, 2022, we have further bolstered a balance sheet that displays a strong level of capital and ample liquidity. Our total assets, loans and deposits all increased by approximately 5%, a 20% annualized rate, during the quarter. We delivered our thirteenth consecutive quarter of profitability for the quarter ended March 31, 2023, further validating that our high-touch and personalized approach to client service is working to deliver long-term franchise value for our shareholders.

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A Message from our CEO - Safety and Soundness

Dear Valued Customer,

I am reaching out to you today in light of the recent events pertaining to the banking industry and the continued media cycle around ongoing news. I want to assure you that our bank remains safe and sound.

 

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ODNB Financial Corporation Releases Fourth Quarter and Full Year 2022 Financial Results

TYSONS CORNER, Va., February 03, 2023 - Our fourth quarter and full year 2022 results were a strong end to what was a record year on several measures, surpassing $1.0 billion in total assets at December 31, 2022. We have been growing our Bank at a robust rate, and 2022 was the most profitable year in our Company’s history delivering net income of $7.4 million, supported by our continued high growth and strong financial performance.

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