Ohio Valley Banc Corp. (OVBC) Quarterly 10-Q Report

Ohio Valley Banc Corp. (OVBC) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing an increase in net income to $2,719,000 from $2,251,000 in the same quarter the previous year. Earnings per share for the quarter were $0.58, compared to $0.47 in the previous year.

Net interest income increased by 10.6% to $12,581,000, driven by growth in average earning assets, primarily from loans and securities.

Provision for credit losses increased to $920,000 from $888,000, attributed to specific reserves established on impaired loans and higher historical loss factors.

Noninterest income rose by 11.1% to $2,854,000, with increases in service charges on deposit accounts and trust fee income.

Noninterest expense increased by 8.1% to $11,220,000, primarily due to higher salaries and employee benefits, including severance expenses from a voluntary early retirement program.

Total assets reached $1,494,023,000, up from $1,352,135,000 at year-end 2023, with growth in securities and loans.

Total liabilities increased to $1,341,870,000, driven by higher deposit balances, particularly in interest-bearing accounts.

Shareholders' equity rose to $152,153,000, supported by year-to-date net income and an increase in net unrealized gains on available-for-sale securities.

The company participated in the Ohio Homebuyer Plus program, contributing to a $134,284,000 increase in total deposits and a $108,855,000 increase in securities.

Ohio Valley Banc Corp. continues to focus on managing its balance sheet and improving net interest income amidst a competitive deposit market.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ohio Valley Banc Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email [email protected].