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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ohio Valley Banc Corporation | NASDAQ:OVBC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.6375 | 20.00 | 37.68 | 0 | 09:09:58 |
|
|
(State or Other Jurisdiction of Incorporation)
|
(I.R.S. Employer Identification No.)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Section 2 – Financial Information
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Item 2.02. Results of Operations and Financial Condition
|
OHIO VALLEY BANC CORP - Financial Highlights (Unaudited)
|
||||||||||||||||
Three months ended
|
Twelve months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
PER SHARE DATA
|
||||||||||||||||
Earnings per share
|
$
|
0.68
|
$
|
0.74
|
$
|
2.65
|
$
|
2.80
|
||||||||
Dividends per share
|
$
|
0.22
|
$
|
0.21
|
$
|
1.02
|
$
|
0.99
|
||||||||
Book value per share
|
$
|
30.17
|
$
|
28.30
|
$
|
30.17
|
$
|
28.30
|
||||||||
Dividend payout ratio (a)
|
32.59
|
%
|
28.44
|
%
|
38.56
|
%
|
35.39
|
%
|
||||||||
Weighted average shares outstanding
|
4,773,132
|
4,771,774
|
4,774,607
|
4,769,135
|
||||||||||||
DIVIDEND REINVESTMENT (in 000's)
|
||||||||||||||||
Dividends reinvested under
|
||||||||||||||||
employee stock ownership plan (b)
|
$
|
-
|
$
|
-
|
$
|
193
|
$
|
154
|
||||||||
Dividends reinvested under
|
||||||||||||||||
dividend reinvestment plan (c)
|
$
|
405
|
$
|
531
|
$
|
1,949
|
$
|
2,272
|
||||||||
PERFORMANCE RATIOS
|
||||||||||||||||
Return on average equity
|
9.32
|
%
|
10.81
|
%
|
9.24
|
%
|
9.86
|
%
|
||||||||
Return on average assets
|
0.97
|
%
|
1.14
|
%
|
0.99
|
%
|
1.06
|
%
|
||||||||
Net interest margin (d)
|
3.71
|
%
|
4.38
|
%
|
3.94
|
%
|
3.89
|
%
|
||||||||
Efficiency ratio (e)
|
68.47
|
%
|
64.76
|
%
|
69.82
|
%
|
70.44
|
%
|
||||||||
Average earning assets (in 000's)
|
$
|
1,227,454
|
$
|
1,135,547
|
$
|
1,182,155
|
$
|
1,163,999
|
||||||||
(a) Total dividends paid as a percentage of net income.
|
||||||||||||||||
(b) Shares may be purchased from OVBC and on secondary market.
|
||||||||||||||||
(c) Shares may be purchased from OVBC and on secondary market.
|
||||||||||||||||
(d) Fully tax-equivalent net interest income as a percentage of average earning assets.
|
||||||||||||||||
(e) Noninterest expense as a percentage of fully tax-equivalent net interest income plus noninterest income.
|
||||||||||||||||
OHIO VALLEY BANC CORP - Consolidated Statements of Income (Unaudited)
|
||||||||||||||||
Three months ended
|
Twelve months ended
|
|||||||||||||||
(in $000's)
|
December 31,
|
December 31,
|
||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Interest income:
|
||||||||||||||||
Interest and fees on loans
|
$
|
14,953
|
$
|
11,471
|
$
|
54,821
|
$
|
42,273
|
||||||||
Interest and dividends on securities
|
997
|
1,044
|
4,174
|
3,850
|
||||||||||||
Interest on interest-bearing deposits with banks
|
1,172
|
691
|
2,870
|
1,493
|
||||||||||||
Total interest income
|
17,122
|
13,206
|
61,865
|
47,616
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
5,193
|
600
|
14,174
|
2,130
|
||||||||||||
Borrowings
|
614
|
216
|
1,664
|
708
|
||||||||||||
Total interest expense
|
5,807
|
816
|
15,838
|
2,838
|
||||||||||||
Net interest income
|
11,315
|
12,390
|
46,027
|
44,778
|
||||||||||||
Provision for (recovery of) credit losses
|
689
|
659
|
2,090
|
(32
|
)
|
|||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
722
|
628
|
2,700
|
2,443
|
||||||||||||
Trust fees
|
79
|
78
|
326
|
325
|
||||||||||||
Income from bank owned life insurance and
|
||||||||||||||||
annuity assets
|
223
|
209
|
860
|
883
|
||||||||||||
Mortgage banking income
|
42
|
57
|
175
|
697
|
||||||||||||
Electronic refund check/deposit fees
|
0
|
0
|
675
|
675
|
||||||||||||
Debit / credit card interchange income
|
1,187
|
1,259
|
4,860
|
4,862
|
||||||||||||
Loss on sale of securities
|
(23
|
)
|
(1,537
|
)
|
(23
|
)
|
(1,537
|
)
|
||||||||
Tax preparation fees
|
2
|
2
|
669
|
743
|
||||||||||||
Other
|
1,349
|
495
|
2,387
|
1,071
|
||||||||||||
Total noninterest income
|
3,581
|
1,191
|
12,629
|
10,162
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
5,757
|
4,495
|
23,391
|
21,615
|
||||||||||||
Occupancy
|
463
|
491
|
1,903
|
1,910
|
||||||||||||
Furniture and equipment
|
342
|
329
|
1,321
|
1,170
|
||||||||||||
Professional fees
|
360
|
204
|
1,656
|
1,609
|
||||||||||||
Marketing expense
|
287
|
710
|
1,010
|
1,428
|
||||||||||||
FDIC insurance
|
148
|
85
|
569
|
335
|
||||||||||||
Data processing
|
626
|
625
|
2,809
|
2,761
|
||||||||||||
Software
|
878
|
577
|
2,649
|
2,197
|
||||||||||||
Foreclosed assets
|
0
|
15
|
15
|
63
|
||||||||||||
Amortization of intangibles
|
3
|
7
|
21
|
35
|
||||||||||||
Other
|
1,438
|
1,344
|
6,024
|
5,917
|
||||||||||||
Total noninterest expense
|
10,302
|
8,882
|
41,368
|
39,040
|
||||||||||||
Income before income taxes
|
3,905
|
4,040
|
15,198
|
15,932
|
||||||||||||
Income taxes
|
682
|
516
|
2,567
|
2,594
|
||||||||||||
NET INCOME
|
$
|
3,223
|
$
|
3,524
|
$
|
12,631
|
$
|
13,338
|
OHIO VALLEY BANC CORP - Consolidated Balance Sheets (Unaudited)
|
||||||||
(in $000's, except share data)
|
December 31,
|
December 31,
|
||||||
2023
|
2022
|
|||||||
ASSETS
|
||||||||
Cash and noninterest-bearing deposits with banks
|
$
|
14,252
|
$
|
14,330
|
||||
Interest-bearing deposits with banks
|
113,874
|
31,660
|
||||||
Total cash and cash equivalents
|
128,126
|
45,990
|
||||||
Certificates of deposit in financial institutions
|
0
|
1,862
|
||||||
Securities available for sale
|
162,258
|
184,074
|
||||||
Securities held to maturity, net of allowance for credit losses of $2 in 2023 and $0 in 2022;
|
7,986
|
9,226
|
||||||
(estimated fair value: 2023 - $7,390; 2022 - $8,460)
|
||||||||
Restricted investments in bank stocks
|
5,037
|
5,953
|
||||||
Total loans
|
971,900
|
885,049
|
||||||
Less: Allowance for credit losses
|
(8,767
|
)
|
(5,269
|
)
|
||||
Net loans
|
963,133
|
879,780
|
||||||
Premises and equipment, net
|
21,450
|
20,436
|
||||||
Premises and equipment held for sale, net
|
573
|
593
|
||||||
Accrued interest receivable
|
3,606
|
3,112
|
||||||
Goodwill
|
7,319
|
7,319
|
||||||
Other intangible assets, net
|
8
|
29
|
||||||
Bank owned life insurance and annuity assets
|
40,593
|
39,627
|
||||||
Operating lease right-of-use asset, net
|
1,205
|
1,294
|
||||||
Deferred tax assets
|
6,306
|
6,266
|
||||||
Other assets
|
4,535
|
5,226
|
||||||
Total assets
|
$
|
1,352,135
|
$
|
1,210,787
|
||||
LIABILITIES
|
||||||||
Noninterest-bearing deposits
|
$
|
322,222
|
$
|
354,413
|
||||
Interest-bearing deposits
|
804,914
|
673,242
|
||||||
Total deposits
|
1,127,136
|
1,027,655
|
||||||
Other borrowed funds
|
44,593
|
17,945
|
||||||
Subordinated debentures
|
8,500
|
8,500
|
||||||
Operating lease liability
|
1,205
|
1,294
|
||||||
Allowance for credit losses on off-balance sheet commitments
|
692
|
0
|
||||||
Other liabilities
|
26,002
|
20,365
|
||||||
Total liabilities
|
1,208,128
|
1,075,759
|
||||||
SHAREHOLDERS' EQUITY
|
||||||||
Common stock ($1.00 stated value per share, 10,000,000 shares authorized;
|
||||||||
2023 - 5,470,453 shares issued; 2022 - 5,465,707 shares issued)
|
5,470
|
5,465
|
||||||
Additional paid-in capital
|
51,842
|
51,722
|
||||||
Retained earnings
|
114,871
|
109,320
|
||||||
Accumulated other comprehensive income (loss)
|
(11,428
|
)
|
(14,813
|
)
|
||||
Treasury stock, at cost (2023 - 697,321 shares, 2022 - 693,933 shares)
|
(16,748
|
)
|
(16,666
|
)
|
||||
Total shareholders' equity
|
144,007
|
135,028
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,352,135
|
$
|
1,210,787
|
OHIO VALLEY BANC CORP.
|
|||
Date:
|
January 25, 2024
|
By:
|
/s/Larry E. Miller |
Larry E. Miller
President and Chief Executive Officer
|
Document and Entity Information |
Jan. 25, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 25, 2024 |
Entity File Number | 000-20914 |
Entity Registrant Name | OHIO VALLEY BANC CORP |
Entity Central Index Key | 0000894671 |
Entity Incorporation, State or Country Code | OH |
Entity Tax Identification Number | 31-1359191 |
Entity Address, Address Line One | 420 THIRD AVENUE |
Entity Address, Address Line Two | PO BOX 240 |
Entity Address, City or Town | GALLIPOLIS |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45631 |
City Area Code | 740 |
Local Phone Number | 446-2631 |
Title of 12(b) Security | Common Shares, without par value |
Trading Symbol | OVBC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Ohio Valley Banc Chart |
1 Month Ohio Valley Banc Chart |
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