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Ohio Valley Banc Corp. Reports 2nd Quarter Earnings

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Ohio Valley Banc Corp. [Nasdaq: OVBC] reported Q2 2024 consolidated net income of $2,972,000, down $277,000 from Q2 2023. Earnings per share decreased to $0.63 from $0.68 year-over-year. For H1 2024, net income was $5,765,000, a 19.4% decline from H1 2023, with EPS falling to $1.21 from $1.50. Return on average assets and equity for H1 2024 were 0.84% and 8.01%, respectively, down from 1.16% and 10.63% in H1 2023.

The company faced challenges from a difficult interest rate environment and rising inflation-related costs. Q2 net interest income increased by $349,000, while H1 net interest income decreased by $183,000 year-over-year. The allowance for credit losses was 0.91% of total loans as of June 30, 2024. Total assets reached $1.403 billion, up $51 million from December 31, 2023, with loan balances increasing by $68 million.

Ohio Valley Banc Corp. [Nasdaq: OVBC] ha riportato un reddito netto consolidato per il secondo trimestre del 2024 di $2.972.000, in diminuzione di $277.000 rispetto al secondo trimestre del 2023. L'utile per azione è sceso a $0.63 da $0.68 su base annua. Per il primo semestre del 2024, il reddito netto è stato di $5.765.000, una diminuzione del 19,4% rispetto al primo semestre del 2023, con l'EPS che è sceso a $1.21 da $1.50. Il ritorno sugli attivi e sul capitale per il primo semestre del 2024 erano rispettivamente allo 0,84% e all'8,01%, in calo rispetto all'1,16% e al 10,63% del primo semestre del 2023.

L'azienda ha affrontato sfide a causa di un ambiente di tassi di interesse difficile e costi in aumento legati all'inflazione. Il reddito netto da interessi del secondo trimestre è aumentato di $349.000, mentre il reddito netto da interessi del primo semestre è diminuito di $183.000 su base annua. L'accantonamento per perdite su crediti era lo 0,91% del totale dei prestiti al 30 giugno 2024. Gli attivi totali hanno raggiunto $1,403 miliardi, in aumento di $51 milioni rispetto al 31 dicembre 2023, con i saldi dei prestiti cresciuti di $68 milioni.

Ohio Valley Banc Corp. [Nasdaq: OVBC] informó un ingreso neto consolidado del segundo trimestre de 2024 de $2,972,000, una disminución de $277,000 en comparación con el segundo trimestre de 2023. Las ganancias por acción cayeron a $0.63 desde $0.68 en comparación anual. Para la primera mitad de 2024, el ingreso neto fue de $5,765,000, una disminución del 19.4% desde la primera mitad de 2023, con el EPS cayendo a $1.21 desde $1.50. El retorno sobre activos y capital para la primera mitad de 2024 fue del 0.84% y 8.01%, respectivamente, por debajo del 1.16% y 10.63% en la primera mitad de 2023.

La compañía enfrentó desafíos debido a un ambiente de tasas de interés difícil y costos relacionados con la inflación que están en aumento. El ingreso neto por intereses del segundo trimestre aumentó en $349,000, mientras que el ingreso neto por intereses de la primera mitad disminuyó en $183,000 en comparación anual. La provisión para pérdidas crediticias fue del 0.91% del total de préstamos al 30 de junio de 2024. Los activos totales alcanzaron $1.403 mil millones, un aumento de $51 millones desde el 31 de diciembre de 2023, con saldos de préstamos aumentando en $68 millones.

오하이오 밸리 뱅크 코퍼레이션 [Nasdaq: OVBC]은 2024년 2분기 consolidated net income을 $2,972,000으로 보고했으며, 이는 2023년 2분기보다 $277,000 감소한 수치입니다. 주당 순이익(EPS)은 전년 대비 $0.68에서 $0.63으로 감소했습니다. 2024년 상반기 순이익은 $5,765,000으로, 2023년 상반기보다 19.4% 감소하였으며, EPS는 $1.50에서 $1.21로 감소했습니다. 2024년 상반기 평균 자산 수익률과 자기자본이익률은 각각 0.84%와 8.01%로, 2023년 상반기의 1.16%와 10.63%에서 감소했습니다.

회사는 어려운 금리 환경과 상승하는 인플레이션 관련 비용으로 어려움을 겪었습니다. 2분기 순이자 수익은 $349,000 증가했지만, 상반기 순이자 수익은 전년 대비 $183,000 감소했습니다. 2024년 6월 30일 기준 신용 손실을 위한 적립금은 총 대출의 0.91%였습니다. 총 자산은 $1.403 billion에 도달했으며, 2023년 12월 31일 대비 $51 million 증가했고, 대출 잔액은 $68 million 증가했습니다.

Ohio Valley Banc Corp. [Nasdaq: OVBC] a annoncé un bénéfice net consolidé pour le deuxième trimestre 2024 de 2 972 000 $, en baisse de 277 000 $ par rapport au deuxième trimestre 2023. Le bénéfice par action a diminué pour atteindre 0,63 $ contre 0,68 $ d'une année sur l'autre. Pour le premier semestre 2024, le bénéfice net s'élevait à 5 765 000 $, ce qui représente une baisse de 19,4 % par rapport au premier semestre 2023, avec un EPS chutant de 1,50 $ à 1,21 $. Le retour sur actifs et sur fonds propres pour le premier semestre 2024 était de 0,84 % et 8,01 %, respectivement, en baisse par rapport à 1,16 % et 10,63 % dans le premier semestre 2023.

L'entreprise a rencontré des défis en raison d'un environnement de taux d'intérêt difficile et de coûts liés à l'inflation en hausse. Les revenus nets d'intérêts du deuxième trimestre ont augmenté de 349 000 $, tandis que les revenus nets d'intérêts du premier semestre ont diminué de 183 000 $ d'une année sur l'autre. La provision pour créances douteuses était de 0,91 % du total des prêts au 30 juin 2024. Les actifs totaux ont atteint 1,403 milliard $, en hausse de 51 millions $ par rapport au 31 décembre 2023, les soldes de prêts ayant crû de 68 millions $.

Die Ohio Valley Banc Corp. [Nasdaq: OVBC] berichtete für das 2. Quartal 2024 einen konsolidierten Nettogewinn von 2.972.000 $, was einem Rückgang von 277.000 $ im Vergleich zum 2. Quartal 2023 entspricht. Der Gewinn pro Aktie fiel von 0,68 $ auf 0,63 $ im Jahresvergleich. Für das erste Halbjahr 2024 lag der Nettogewinn bei 5.765.000 $, ein Rückgang um 19,4 % im Vergleich zum ersten Halbjahr 2023, wobei das EPS von 1,50 $ auf 1,21 $ gefallen ist. Die Rendite auf durchschnittliche Vermögenswerte und Eigenkapital für das erste Halbjahr 2024 betrugen 0,84 % und 8,01 %, jeweils ein Rückgang gegenüber 1,16 % und 10,63 % im ersten Halbjahr 2023.

Das Unternehmen sah sich Herausforderungen durch ein schwieriges Zinssatzumfeld und steigende inflationsbedingte Kosten gegenüber. Die Nettzins- einkünfte stiegen im 2. Quartal um 349.000 $, während die Nettzinsen im ersten Halbjahr um 183.000 $ im Jahresvergleich sanken. Die Rücklagen für Kreditverluste lagen am 30. Juni 2024 bei 0,91 % der Gesamtdarlehen. Die Gesamtsumme der Vermögenswerte erreichte 1,403 Milliarden $, was einem Anstieg um 51 Millionen $ gegenüber dem 31. Dezember 2023 entspricht, und die Darlehenssalden stiegen um 68 Millionen $.

Positive
  • Q2 net interest income increased by $349,000 year-over-year
  • Total assets grew to $1.403 billion, up $51 million from December 31, 2023
  • Loan balances increased by $68 million since December 31, 2023
  • Deposits increased by $51 million since December 31, 2023
  • Net interest margin improved by 13 basis points from Q1 to Q2 2024
Negative
  • Q2 2024 net income decreased by $277,000 compared to Q2 2023
  • H1 2024 net income declined by 19.4% year-over-year
  • Earnings per share for H1 2024 decreased to $1.21 from $1.50 in H1 2023
  • Return on average assets and equity for H1 2024 declined compared to H1 2023
  • H1 2024 net interest income decreased by $183,000 year-over-year
  • Noninterest expenses increased by $917,000 for H1 2024 compared to H1 2023
  • Ratio of nonperforming loans to total loans increased to 0.50% from 0.26% at year-end 2023

Insights

Ohio Valley Banc Corp.'s Q2 2024 results reveal a mixed financial picture. The company reported consolidated net income of $2,972,000, down $277,000 from the same quarter last year. Earnings per share decreased from $0.68 to $0.63. For the first half of 2024, net income fell by 19.4% to $5,765,000.

The bank's performance metrics have weakened, with return on average assets dropping to 0.84% from 1.16% and return on average equity declining to 8.01% from 10.63% year-over-year. These figures suggest challenges in maintaining profitability amid a difficult interest rate environment and rising costs due to inflation.

On a positive note, the bank saw a $349,000 increase in quarterly net interest income, driven by a $129 million rise in average earning assets. However, this was partially offset by a 29 basis point decrease in net interest margin. The bank's decision to increase deposit rates to attract funds in a competitive market has pressured margins.

Loan growth has been strong, with a $50 million increase in the second quarter alone. This growth, however, led to higher provision for credit losses. The allowance for credit losses stood at 0.91% of total loans, up slightly from year-end 2023. The ratio of nonperforming loans to total loans increased to 0.50%, primarily due to a single commercial real estate loan relationship.

Overall, while OVBC is growing its loan portfolio and maintaining deposit growth, it's facing profitability pressures from the current interest rate environment and increased operating costs. The bank's ability to manage these challenges will be important for its performance in the coming quarters.

Ohio Valley Banc Corp.'s latest earnings report offers insights into broader trends affecting regional banks. The introduction of the SWEET HOME OHIO account, a high-interest savings product aimed at encouraging home ownership, reflects the bank's strategic response to the challenging housing market. This initiative aligns with growing concerns about home affordability and could potentially attract new customers in a competitive banking landscape.

The bank's $68 million increase in loan balances since December 2023, particularly in residential and commercial real estate, suggests continued demand in these sectors despite higher interest rates. However, the deemphasis on consumer loans due to profitability concerns highlights the shifting priorities in the bank's lending strategy.

The closure of Race Day Mortgage at the end of 2023 has impacted noninterest income, with no mortgage application referral income in 2024 compared to $247,000 in the first half of 2023. This move reflects the broader challenges in the mortgage industry amid rising interest rates and reduced refinancing activity.

The 19.4% decrease in net income for the first half of 2024 underscores the pressures facing regional banks. Increased competition for deposits, evidenced by the bank's decision to raise rates on deposit accounts, is squeezing net interest margins across the industry. The trend towards higher-cost funding sources like certificates of deposit and wholesale funding is likely to continue impacting profitability in the near term.

OVBC's ongoing stock buyback program, with $1,931,000 in shares repurchased in Q2 2024, signals confidence in the company's value and commitment to returning capital to shareholders. However, this strategy should be monitored in light of the challenging operating environment and potential need for capital to support future growth.

GALLIPOLIS, Ohio, July 26, 2024 /PRNewswire/ -- Ohio Valley Banc Corp. [Nasdaq: OVBC] (the "Company") reported consolidated net income for the quarter ended June 30, 2024, of $2,972,000, a decrease of $277,000 from the same period the prior year. Earnings per share for the second quarter of 2024 were $.63 compared to $.68 for the prior year second quarter. For the six months ended June 30, 2024, net income totaled $5,765,000, a decrease of $1,392,000, or 19.4%, from the same period the prior year. Earnings per share were $1.21 for the first six months of 2024 versus $1.50 for the first six months of 2023. Return on average assets and return on average equity were .84% and 8.01%, respectively, for the first half of 2024, compared to 1.16% and 10.63%, respectively, for the same period in the prior year.

Ohio Valley Banc Corp. President and CEO, Larry Miller said, "Your company continues to face the dual headwinds of a difficult interest rate environment and rising costs due to inflation. These same headwinds affect many, if not everyone, especially when it comes to home ownership and affordability. This is why we were pleased to recently partner with the Ohio state treasurer to offer an enhanced interest savings alternative, our SWEET HOME OHIO account. The purpose of the SWEET HOME OHIO account is to offer high interest savings to encourage individuals to save toward buying a home in Ohio. Visit our website at www.ovbc.com for more details on this exciting new account or stop by your local Ohio Valley Bank office to start your SWEET HOME OHIO savings today!"

For the three months ended June 30, 2024, net interest income increased $349,000, and for the six months ended June 30, 2024, net interest income decreased $183,000 from the same respective periods last year. Contributing to the increase in quarterly net interest income was the $129 million increase in average earning assets, which was partially offset by a decrease in the net interest margin of 29 basis points. For the six months ended June 30, 2024, the decrease in net interest income was attributable to the 44 basis point decrease in the net interest margin, which more than offset the contribution from the $124 million increase in average earning assets. In general, the decrease in the net interest margin for the respective periods was related to the cost of funding sources increasing more than the yield on earning assets. This increase in the cost of funding was partially linked to the Company's decision to increase rates on deposit accounts to attract deposits amidst heightened market competition for such funds. In addition, the composition of funding sources trended toward certificates of deposit and wholesale funding sources, which generally cost more than other funding sources, such as checking, NOW, savings and money market deposit products. Although the net interest margin decreased from the prior year periods, the net interest margin increased 13 basis points from the first quarter to the second quarter of 2024. The increase was related to higher relative balances in loans due to quarterly loan growth of $50 million and to the deposit mix trending back towards checking, NOW, savings and money market deposit accounts since the first quarter of 2024.

For the three months ended June 30, 2024, the provision for credit loss expense totaled $181,000, an increase of $157,000 from the same period last year. The quarterly provision for credit loss expense was primarily associated with the $50 million quarterly increase in loan balances, which was partially offset by quarter-to-date net recoveries of $65,000 and the improvement in a certain economic risk factor for residential loans. For the six months ended June 30, 2024, the provision for credit losses was $932,000, an increase of $419,000 from the same period last year. The year-to-date provision for credit loss expense was primarily associated with the $68 million in loan growth and net charge-offs of $331,000. The allowance for credit losses was .91% of total loans at June 30, 2024, compared to .90% at December 31, 2023, and .80% at June 30, 2023. The ratio of nonperforming loans to total loans increased to .50% at June 30, 2024, compared to .26% at December 31, 2023, and .29% at June 30, 2023. The increase in nonperforming loans was largely impacted by a single loan relationship secured primarily by commercial real estate property.

For the three and six months ended June 30, 2024, noninterest income decreased $12,000 and $83,000, respectively, from the same periods last year. The decreases were largely due to the closure of Race Day Mortgage at the end of 2023. Due to the closure, there was no mortgage application referral income earned in 2024 compared to $247,000 in commissions earned during the first half of 2023. The decline in other noninterest income was partially offset by the $192,000 year-to-date increase in service charges on deposit accounts.

For the three months ended June 30, 2024, noninterest expense totaled $10,863,000, an increase of $448,000 from the same period last year. For the six months ended June 30, 2024, noninterest expense totaled $21,604,000, an increase of $917,000 from the same period last year. The Company's largest noninterest expense, salaries and employee benefits, increased $345,000 as compared to the second quarter of 2023 and increased $628,000 as compared to the first half of 2023. The increase was primarily related to annual merit increases and higher health insurance premiums. However, the growth in salaries and employee benefit expense was partially offset by the elimination of staffing for Race Day Mortgage by April 2023, which resulted in a savings of $216,000 for the first half of 2024, when compared to the same period last year. Further contributing to higher noninterest expense were data processing and professional fees. For the three months and six months ended June 30, 2024, data processing increased $62,000 and $149,000, respectively, from the same periods last year. The increase was primarily related to debit card processing due to higher transaction volume and to higher costs associated with enhancements to the Company's digital banking platform. Professional fees increased $74,000 during the second quarter of 2024 and increased $127,000 during the first half of 2024, as compared to the same periods in 2023. The increase was related to higher director fees and a general increase in legal fees.

The Company's total assets at June 30, 2024 were $1.403 billion, an increase of $51 million from December 31, 2023. Since December 31, 2023, loan balances increased $68 million, which increase was largely in the residential real estate, commercial real estate and commercial segments. The growth in these segments was partially offset by a decrease in consumer loans, as this segment has been deemphasized by the Company due to profitability relative to other loan portfolio segments. The increase was primarily funded by a $51 million increase in deposits and a $21 million decrease in funds maintained at the Federal Reserve. At June 30, 2024, shareholders' equity increased $1.8 million from year end 2023. As part of the current stock buyback plan, the Company repurchased $1,931,000 in shares during the second quarter of 2024. Of the $5 million in shares authorized to be purchased by the plan, the Company has repurchased a total of $2,967,000.

Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market under the symbol OVBC. The holding company owns The Ohio Valley Bank Company with 17 offices in Ohio and West Virginia, and Loan Central, Inc. with six consumer finance offices in Ohio. Learn more about Ohio Valley Banc Corp. at www.ovbc.com.

Caution Regarding Forward-Looking Information

Certain statements contained in this earnings release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believes," "anticipates," "expects," "appears," "intends," "targeted" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including: (i) changes in political, economic or other factors, such as inflation rates, recessionary or expansive trends, taxes, the effects of implementation of federal legislation with respect to taxes and government spending and the continuing economic uncertainty in various parts of the world; (ii) competitive pressures;  (iii) fluctuations in interest rates; (iv) the level of defaults and prepayment on loans made by the Company; (v) unanticipated litigation, claims, or assessments; (vi) fluctuations in the cost of obtaining funds to make loans; (vii) regulatory changes; and (viii) other factors that may be described in the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events.

OHIO VALLEY BANC CORP - Financial Highlights (Unaudited)


















Three months ended


Six months ended




June 30,


June 30,




2024


2023


2024


2023

PER SHARE DATA










  Earnings per share



$          0.63


$          0.68


$            1.21


$           1.50

  Dividends per share



$          0.22


$          0.37


$            0.44


$           0.58

  Book value per share



$        30.94


$        28.91


$          30.94


$         28.91

  Dividend payout ratio (a)



35.48 %


54.39 %


36.51 %


38.69 %

  Weighted average shares outstanding

4,740,073


4,776,520


4,762,923


4,774,999











DIVIDEND REINVESTMENT (in 000's)








  Dividends reinvested under










     employee stock ownership plan (b)

$              -


$              -


$             202


$            193

  Dividends reinvested under










     dividend reinvestment plan (c)


$           391


$           637


$             782


$         1,147











PERFORMANCE RATIOS










  Return on average equity



8.25 %


9.46 %


8.01 %


10.63 %

  Return on average assets



0.86 %


1.03 %


0.84 %


1.16 %

  Net interest margin (d)



3.74 %


4.03 %


3.68 %


4.12 %

  Efficiency ratio (e)



73.37 %


71.93 %


72.41 %


68.70 %

  Average earning assets (in 000's)


$  1,300,720


$  1,171,792


$   1,280,968


$  1,156,896











(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


Six months ended

(in $000's)



June 30,


June 30,




2024


2023


2024


2023

Interest income:










     Interest and fees on loans



$       16,130


$       13,293


$        31,380


$       25,569

     Interest and dividends on securities


1,076


1,053


2,093


2,145

     Interest on interest-bearing deposits with banks

1,446


671


2,863


1,097

          Total interest income



18,652


15,017


36,336


28,811

Interest expense:










     Deposits



6,102


3,091


12,001


4,923

     Borrowings



587


312


1,182


552

          Total interest expense



6,689


3,403


13,183


5,475

Net interest income



11,963


11,614


23,153


23,336

Provision for (recovery of) credit losses

181


24


932


513

Noninterest income:










     Service charges on deposit accounts

731


653


1,456


1,264

     Trust fees



101


82


205


168

     Income from bank owned life insurance and








       annuity assets



226


211


451


418

     Mortgage banking income



40


44


79


91

     Electronic refund check/deposit fees

135


135


675


675

     Debit / credit card interchange income

1,223


1,215


2,368


2,388

     Tax preparation fees



26


33


633


664

     Other



219


340


530


812

          Total noninterest income



2,701


2,713


6,397


6,480

Noninterest expense:










     Salaries and employee benefits


6,186


5,841


12,353


11,725

     Occupancy



537


485


1,006


947

     Furniture and equipment



326


330


660


628

     Professional fees



507


433


993


866

     Marketing expense



221


241


446


482

     FDIC insurance



161


142


309


280

     Data processing



788


726


1,595


1,446

     Software



541


588


1,162


1,150

     Foreclosed assets



2


7


0


9

     Amortization of intangibles



4


6


7


13

     Other



1,590


1,616


3,073


3,141

          Total noninterest expense



10,863


10,415


21,604


20,687

Income before income taxes



3,620


3,888


7,014


8,616

Income taxes



$           648


639


1,249


1,459

NET INCOME



$        2,972


$        3,249


$          5,765


$         7,157

 

OHIO VALLEY BANC CORP - Consolidated Balance Sheets (Unaudited)

















(in $000's, except share data)







June 30,


December 31,








2024


2023

ASSETS










Cash and noninterest-bearing deposits with banks




$        14,862


$       14,252

Interest-bearing deposits with banks






92,817


113,874

     Total cash and cash equivalents






107,679


128,126

Securities available for sale







162,749


162,258

Securities held to maturity, net of allowance for credit losses of $2 in 2024 and 2023

7,930


7,986

Restricted investments in bank stocks





5,016


5,037

Total loans







1,040,284


971,900

  Less:  Allowance for credit losses






(9,431)


(8,767)

     Net loans







1,030,853


963,133

Premises and equipment, net







21,466


21,450

Premises and equipment held for sale, net





517


573

Accrued interest receivable







4,300


3,606

Goodwill







7,319


7,319

Other intangible assets, net







1


8

Bank owned life insurance and annuity assets





40,913


40,593

Operating lease right-of-use asset, net





1,114


1,205

Deferred tax assets







6,442


6,306

Other assets







7,018


4,535

          Total assets







$   1,403,317


$  1,352,135











LIABILITIES










Noninterest-bearing deposits







$      343,209


$     322,222

Interest-bearing deposits







835,219


804,914

     Total deposits







1,178,428


1,127,136

Other borrowed funds







42,056


44,593

Subordinated debentures







8,500


8,500

Operating lease liability







1,114


1,205

Allowance for credit losses on off-balance sheet commitments




629


692

Other liabilities







26,833


26,002

          Total liabilities







1,257,560


1,208,128











SHAREHOLDERS' EQUITY










Common stock ($1.00 stated value per share, 10,000,000 shares authorized;





  2024 - 5,490,995 shares issued; 2023 - 5,470,453 shares issued)



5,491


5,470

Additional paid-in capital







52,321


51,842

Retained earnings







118,531


114,871

Accumulated other comprehensive income (loss)





(11,907)


(11,428)

Treasury stock, at cost (2024 - 779,994 shares; 2023 - 697,321 shares)


(18,679)


(16,748)

          Total shareholders' equity







145,757


144,007

               Total liabilities and shareholders' equity





$   1,403,317


$  1,352,135











 

Contact:  Scott Shockey, CFO (740) 446-2631 

Cision View original content:https://www.prnewswire.com/news-releases/ohio-valley-banc-corp-reports-2nd-quarter-earnings-302207862.html

SOURCE Ohio Valley Banc Corp.

FAQ

What was Ohio Valley Banc Corp's (OVBC) earnings per share for Q2 2024?

Ohio Valley Banc Corp's earnings per share for Q2 2024 were $0.63, compared to $0.68 for Q2 2023.

How much did OVBC's net income change in H1 2024 compared to H1 2023?

OVBC's net income for H1 2024 decreased by $1,392,000, or 19.4%, compared to H1 2023, totaling $5,765,000.

What was the total asset value of Ohio Valley Banc Corp as of June 30, 2024?

Ohio Valley Banc Corp's total assets were $1.403 billion as of June 30, 2024, an increase of $51 million from December 31, 2023.

How did OVBC's loan balances change in the first half of 2024?

OVBC's loan balances increased by $68 million since December 31, 2023, primarily in residential real estate, commercial real estate, and commercial segments.

What was Ohio Valley Banc Corp's (OVBC) allowance for credit losses as of June 30, 2024?

OVBC's allowance for credit losses was 0.91% of total loans as of June 30, 2024, compared to 0.90% at December 31, 2023.

Ohio Valley Banc Corp

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113.16M
4.71M
20.27%
13.92%
0.19%
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