Ohio Valley Banc Corp. Reports 3rd Quarter Earnings

Quarterly dividends per share increased to $0.25 from $0.23, while nine-month returns on assets and equity declined.

Rhea-AI Summary

Ohio Valley Banc Corp. (Nasdaq: OVBC) reported third-quarter net income of $3.295 million, up 8.7% from the prior-year quarter. Earnings per share rose to $0.70 from $0.64. For the nine months ended September 30, 2026, net income fell 9.7% to $10.519 million, with earnings per share declining to $2.23 from $2.47.

Nine-month net interest income increased to $46.154 million from $42.272 million as average loans grew $140 million. Higher funding costs compressed net interest margin to 3.99% from 4.03%. Credit-loss provision expense rose to $8.202 million from $2.676 million, including a $3.278 million specific reserve on a hotel-construction loan. Nonperforming loans were 1.09% of total loans, below 1.40% at year-end but above 0.42% a year earlier. Total loans grew $52 million and deposits grew $84 million from year-end; shareholders’ equity decreased $0.5 million.

15 points · 0 major

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0 major · 14 points

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Positive

• Moderate pointThird-quarter net income rose 8.7% to $3.295 million; earnings per share increased to $0.70 from $0.64.
• Moderate pointNet interest income rose to $15.868 million quarterly and $46.154 million year-to-date, from $14.597 million and $42.272 million.
• Moderate pointNine-month average loans increased $140 million year over year, mostly in targeted commercial lending segments.
• Moderate pointTotal loans increased $52 million from year-end 2025 through September 30, 2026.
• Moderate pointDeposits increased $84 million from year-end 2025, primarily in time deposits and money market accounts.
• Moderate pointEfficiency ratio improved to 63.35% from 69.70% quarterly and 61.73% from 65.52% year-to-date.
• Moderate pointData-processing expense fell $61,000 quarterly and $680,000 year-to-date, including a $544,000 vendor recovery.

8 minor points

• Minor pointPrior securities reinvestment raised yields from 1.35% to 4.52%, benefiting 2026 interest income.
• Minor pointQuarterly dividends per share rose to $0.25 from $0.23; nine-month dividends rose to $0.73 from $0.68.
• Minor pointBook value per share increased to $36.04 from $34.90 at September 30 year over year.
• Minor pointThird-quarter returns on assets and equity increased to 0.79% and 7.50%, from 0.78% and 7.44%.
• Minor pointPrior-year securities-sale losses of $1.219 million did not recur in the first nine months of 2026.
• Minor pointNine-month unrealized equity-securities gains totaled $395,000, related to Visa Class C stock valuation.
• Minor pointCard interchange income increased $29,000 quarterly and $185,000 year-to-date versus the corresponding 2025 periods.
• Minor pointNine-month bank-owned life insurance income increased $146,000, reflecting receipt of life insurance proceeds.

Negative

• Moderate pointNine-month net income fell 9.7% to $10.519 million; earnings per share declined to $2.23 from $2.47.
• Moderate pointCredit-loss provisions rose to $2.825 million quarterly and $8.202 million year-to-date, from $1.112 million and $2.676 million.
• Moderate pointThird-quarter net charge-offs totaled $6.357 million, including automobile-dealership and foreclosed commercial-property exposures. 2.9% of market cap
• Moderate pointNonperforming loans were 1.09% at September 30, versus 1.40% at year-end and 0.42% a year earlier.
• Moderate pointInterest expense increased to $7.946 million quarterly and $23.613 million year-to-date, from $6.950 million and $20.114 million.
• Moderate pointElectronic refund check and deposit fees fell $676,000 year-to-date following expiration of a third-party tax-processing agreement.
• Moderate pointSalary and benefit costs increased $292,000 quarterly and $986,000 year-to-date versus the corresponding 2025 periods.

7 minor points

• Minor pointHotel-construction loan reserves included a $3.278 million specific allocation in the first nine months of 2026.
• Minor pointNet interest margin narrowed to 4.03% from 4.05% quarterly and 3.99% from 4.03% year-to-date.
• Minor pointNine-month purchased-loan market-discount income of $817,000 in 2025 did not recur in 2026.
• Minor pointSoftware expense increased $133,000 quarterly and $339,000 year-to-date, primarily for internal-process software.
• Minor pointFDIC insurance expense increased $87,000 quarterly and $222,000 year-to-date, reflecting higher assessment bases and rates.
• Minor pointNine-month returns on assets and equity fell to 0.85% and 8.14%, from 1.03% and 9.95%.
• Minor pointShareholders’ equity decreased $0.5 million from year-end, with accumulated other comprehensive income declining $7.5 million.

Key Figures

Third-quarter net income: $3,295,000 Third-quarter EPS: $0.70 vs. $0.64 Nine-month net income: $10,519,000 +5 more

Third-quarter net income

$3,295,000

3Q26; up $265,000, or 8.7%, year over year

Third-quarter EPS

$0.70 vs. $0.64

3Q26 vs. 3Q25

Nine-month net income

$10,519,000

First nine months of 2026; down $1,127,000, or 9.7%, year over year

Nine-month EPS

$2.23 vs. $2.47

First nine months of 2026 vs. 2025

Nine-month provision for credit losses

$8,202,000

First nine months of 2026; increased $5,526,000 year over year

Third-quarter provision for credit loss expense

$2,825,000

3Q26; increased $1,713,000 year over year

Nine-month net interest margin

3.99% vs. 4.03%

First nine months of 2026 vs. 2025

Nonperforming loans to total loans

1.09%

At September 30, 2026; compared with 1.40% at December 31, 2025 and 0.42% at September 30, 2025

Historical Context

1 past event · Latest: Jul 27

1 event

1. Jul 27

   earnings report

   24h Move

   +1.6%

   First-half net income declined as credit-loss provisions rose and net interest margin narrowed.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net interest margin, nonperforming loans, allowance for credit losses, net charge-offs, +1 more

5 terms

net interest margin financial

"For the nine months ended September 30, 2026, the net interest margin was 3.99%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

nonperforming loans financial

"The ratio of nonperforming loans to total loans was 1.09%"

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

allowance for credit losses financial

"The allowance for credit losses was 1.05% of total loans"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

net charge-offs financial

"quarter-to-date net charge-offs of $6,357,000"

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

available-for-sale financial

"securities classified as available-for-sale decreased"

A classification for bonds, stocks or other investments that a company plans to keep but might sell before they reach full term. Think of it like items a shop keeps on a shelf for potential sale: their market value can go up or down while the company holds them, and those unrealized gains or losses are shown separately from operating profit until they are sold. Investors watch this because large swings can change a company’s reported net worth and signal how much flexibility it has to raise cash quickly.

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GALLIPOLIS, Ohio, Oct. 27, 2026 /PRNewswire/ -- Ohio Valley Banc Corp. (Nasdaq: OVBC) (the "Company") reported consolidated net income for the quarter ended September 30, 2026, of $3,295,000, an increase of $265,000, or 8.7%, from the same period the prior year. Earnings per share for the third quarter of 2026 were $.70 compared to $.64 for the prior year third quarter. For the nine months ended September 30, 2026, net income totaled $10,519,000, a decrease of $1,127,000, or 9.7%, from the same period the prior year. Earnings per share were $2.23 for the first nine months of 2026 versus $2.47 for the first nine months of 2025. Return on average assets and return on average equity were .85% and 8.14%, respectively, for the first nine months of 2026, compared to 1.03% and 9.95%, respectively, for the same period in the prior year.

Ohio Valley Banc Corp. CEO, Larry Miller said, "Although our year-to-date performance has not met our expectations, the primary driver has been losses tied to a limited number of commercial credits. We remain encouraged by the strength of our core business, including continued loan growth and stable margins. As funding costs remain elevated, we are focused on disciplined execution and are confident in our ability to work through these challenges and create long-term value for our shareholders."

For the three months ended September 30, 2026, net interest income increased $1,271,000, and for the nine months ended September 30, 2026, net interest income increased $3,882,000 from the same respective periods last year. These increases were related to the increase in average earning assets. For the three and nine months ended September 30, 2026, average earning assets increased $131 million and $143 million from the same periods last year, respectively, which was primarily related to growth in average loan balances. For the nine months ended September 30, 2026, average loans increased $140 million from the same period last year, which occurred mostly within the targeted commercial lending segments. The growth in average earning assets was funded primarily from promotional offerings for certificates of deposit and new money market accounts for individual and business customers. For the nine months ended September 30, 2026, the average balance of certificates of deposit and money market accounts increased $125 million and $28 million, respectively, from the same period last year.

For the third quarter of 2026, the net interest margin was 4.03%, a decrease from 4.05% for the third quarter of 2025. For the nine months ended September 30, 2026, the net interest margin was 3.99%, a decrease from 4.03% for the same period last year. The decrease in the net interest margin was related to the cost of funding sources increasing at a greater pace than the yield on earning assets. Comparing the first nine months of 2026 to the first nine months of 2025, the yield on earning assets improved in relation to the growth in higher yielding loans that now comprise a larger percentage of earning assets, along with the improvement in the yield on securities. During the second half of 2025, the Company sold $36.9 million in securities for which the yield on securities sold was 1.35% and the proceeds were reinvested into securities yielding 4.52%, which has benefited interest income in 2026. Included in the yield on earning assets for the first nine months of 2025 was the recognition of a market discount on purchased loans totaling $817,000, which was not replicated during the same period in 2026. For the first nine months of 2026 versus the first nine months of 2025, the cost of funding sources increased as the composition of funding sources shifted to higher cost deposit sources, such as, certificates of deposit and money market accounts that were offered pursuant to certain promotional offerings mentioned above. These promotional deposit offerings were utilized to fund loan growth and to maintain an appropriate liquidity position. Although the net interest margin contracted, the additional growth in earning assets more than offset the decrease.

For the three months ended September 30, 2026, the provision for credit loss expense totaled $2,825,000, an increase of $1,713,000 from the same period last year. The quarterly provision for credit loss expense was primarily the result of quarter-to-date net charge-offs of $6,357,000, of which $3,284,000 was the conversion of a specific allocation on a collateral dependent loan to an automobile dealership to charge-off status and $2,818,000 was related to recording a foreclosed commercial real estate asset at fair value. This increase in reserves was partially offset by a decrease in modeled loss rates, primarily in relation to the improvement in both unemployment and GDP projections.

For the nine months ended September 30, 2026, the provision for credit losses was $8,202,000, an increase of $5,526,000 from the same period last year. The year-to-date provision for credit loss expense was primarily the result of year-to-date net charge-offs of $6,783,000, the specific allocation of $3,278,000 on a collateral dependent loan to construct a hotel, and additional reserves required for the $52 million year-to-date increase in loan balances. Partially offsetting these increases were lower reserves due to a decrease in certain qualitative risk factors related to improved trends surrounding delinquency and net charge-offs for select portfolios, along with the reduced exposure of borrowers servicing debt as their loans adjust to a market rate. In addition, the modeled loss rates decreased in relation to the improvement in both unemployment and GDP projections since December 31, 2025. The ratio of nonperforming loans to total loans was 1.09% at September 30, 2026, compared to 1.40% at December 31, 2025, and .42% at September 30, 2025. The allowance for credit losses was 1.05% of total loans at September 30, 2026, compared to .96% at December 31, 2025, and 1.01% at September 30, 2025. The increase in the ratio of allowance for credit losses to total loans was primarily related to the specific allocation established on the commercial real estate loan for the construction of a hotel.

For the three and nine months ended September 30, 2026, noninterest income increased $1,339,000 and $1,319,000, respectively, from the same periods last year. The quarterly increase in noninterest income was largely due to the $1,219,000 decrease in loss on sale of debt securities during 2025. In the third quarter of 2025, the Company sold $11.0 million in securities that were yielding 1.32% at a loss of $1,219,000. The proceeds were reinvested into securities yielding 4.37%. For the nine months ended September 30, 2026, a gain on equity securities of $395,000 was recorded in relation to recording its Visa Class C common stock at fair value based on the conversion privilege of the Visa Class C common stock and the price of Visa Class A common stock. During the second quarter of 2026, the Company participated in an exchange offer initiated by Visa Inc., where 954 Visa Class B-1 shares were tendered by the Company in exchange for a mix of Visa Class B-3 and Class C common stock. Also contributing to higher noninterest income was interchange income earned on debit and credit cards, which increased $29,000 and $185,000 during the three and nine months ended September 30, 2026, compared to the same periods from 2025, respectively. Lastly, during the nine months ended September 30, 2026, income from bank owned life insurance increased $146,000 due to the receipt of life insurance proceeds, and electronic refund check and deposit fees decreased $676,000 due to the expiration of a tax processing agreement with a third party when compared to the same period in 2025.

For the three months ended September 30, 2026, noninterest expense totaled $12,093,000, an increase of $604,000 from the same period last year. For the nine months ended September 30, 2026, noninterest expense totaled $34,639,000, an increase of $1,283,000, or 3.8%, from the same period last year. The Company's largest noninterest expense, salaries and employee benefits, increased $292,000 as compared to the third quarter of 2025, and increased $986,000 as compared to the first nine months of 2025. The increases were primarily related to annual merit increases and to health insurance premiums. Further contributing to higher noninterest expense was software expense, which for the three and nine months ended September 30, 2026, increased $133,000 and $339,000, respectively, from the same periods last year. The increase was primarily related to an investment in software to enhance internal processes. In addition, FDIC insurance expense increased $87,000 and $222,000, respectively, for the three and nine months ended September 30, 2026, compared to the same periods last year. The increase was related to a higher assessment base due to growth in assets and to an increase in the assessment rate in relation to higher nonperforming loans. Partially offsetting these increases was a decrease in data processing expense of $61,000 during the third quarter of 2026, and $680,000 during the first nine months of 2026, compared to the same periods from 2025. The year-to-date decrease was primarily related to the recovery of $544,000 from a vendor for a billing error for services provided over a specific time period.

The Company's total assets at September 30, 2026 were $1.655 billion, an increase of $73 million, or 4.6%, from December 31, 2025. The increase in assets was primarily the result of a $52 million increase in total loans and a $25 million increase in balances maintained at the Federal Reserve. At September 30, 2026, total deposits increased $84 million from year end 2025, which occurred primarily within time deposits and money market accounts. At September 30, 2026, shareholders' equity decreased $.5 million from year end 2025. This was primarily from year-to-date net income of $10.5 million, offset by cash dividends paid of $3.4 million and a decrease in accumulated other comprehensive income of $7.5 million. Based on the increase in market interest rates during 2026, the fair value of securities classified as available-for-sale decreased, which contributed to the decrease in accumulated other comprehensive income.

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 19 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, tariffs 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.

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

OHIO VALLEY BANC CORP - Financial Highlights (Unaudited)
			Three months ended				Nine months ended
			September 30,				September 30,
			2026		2025		2026		2025
PER SHARE DATA
Earnings per share			$          0.70		$          0.64		$            2.23		$           2.47
Dividends per share			$          0.25		$          0.23		$            0.73		$           0.68
Book value per share			$        36.04		$        34.90		$          36.04		$         34.90
Dividend payout ratio (a)			35.74 %		35.76 %		32.69 %		27.51 %
Weighted average shares outstanding			4,711,001		4,711,001		4,711,001		4,711,001
DIVIDEND REINVESTMENT (in 000's)
Dividends reinvested under
employee stock ownership plan (b)			$                -		$                -		$             206		$            195
Dividends reinvested under
dividend reinvestment plan (c)			$           326		$           327		$             970		$         1,039
PERFORMANCE RATIOS
Return on average equity			7.50 %		7.44 %		8.14 %		9.95 %
Return on average assets			0.79 %		0.78 %		0.85 %		1.03 %
Net interest margin (d)			4.03 %		4.05 %		3.99 %		4.03 %
Efficiency ratio (e)			63.35 %		69.70 %		61.73 %		65.52 %
Average earning assets (in 000's)			$  1,574,471		$  1,443,534		$   1,559,916		$  1,416,815
(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				Nine months ended
(in $000's)			September 30,				September 30,
			2026		2025		2026		2025
Interest income:
Interest and fees on loans			$       20,471		$       18,659		$        59,873		$       53,338
Interest and dividends on securities			2,608		2,325		7,611		7,020
Interest on interest-bearing deposits with banks			735		563		2,283		2,028
Total interest income			23,814		21,547		69,767		62,386
Interest expense:
Deposits			7,467		6,442		22,031		18,563
Borrowings			479		508		1,582		1,551
Total interest expense			7,946		6,950		23,613		20,114
Net interest income			15,868		14,597		46,154		42,272
Provision for (recovery of) credit losses			2,825		1,112		8,202		2,676
Noninterest income:
Service charges on deposit accounts			848		823		2,367		2,266
Trust fees			88		84		269		287
Income from bank owned life insurance and
annuity assets			245		236		865		719
Mortgage banking income			38		45		113		122
Electronic refund check/deposit fees			0		1		0		676
Debit / credit card interchange income			1,446		1,417		4,030		3,845
Loss on sale of debt securities			0		(1,219)		0		(1,219)
Unrealized gains on equity securities			18		0		395		0
Tax preparation fees			3		3		653		637
Other			401		358		869		909
Total noninterest income			3,087		1,748		9,561		8,242
Noninterest expense:
Salaries and employee benefits			6,659		6,367		19,559		18,573
Occupancy			622		521		1,687		1,535
Furniture and equipment			331		346		987		1,034
Professional fees			501		515		1,440		1,515
Marketing expense			317		280		902		838
FDIC insurance			266		179		748		526
Data processing			873		934		2,148		2,828
Software			724		591		2,058		1,719
Other			1,800		1,756		5,110		4,788
Total noninterest expense			12,093		11,489		34,639		33,356
Income before income taxes			4,037		3,744		12,874		14,482
Income taxes			742		714		2,355		2,836
NET INCOME			$        3,295		$        3,030		$        10,519		$       11,646

 

OHIO VALLEY BANC CORP - Consolidated Balance Sheets (Unaudited)
(in $000's, except share data)							September 30,		December 31,
							2026		2025
ASSETS
Cash and noninterest-bearing deposits with banks							$        14,687		$       14,845
Interest-bearing deposits with banks							55,348		31,052
Total cash and cash equivalents							70,035		45,897
Debt securities available for sale							245,733		253,906
Debt securities held to maturity, net of allowance for credit losses of $1 in 2026 and 2025							5,388		5,452
Equity securities							394		0
Restricted investments in bank stocks							5,147		5,258
Total loans							1,247,856		1,196,018
Less:  Allowance for credit losses							(13,096)		(11,519)
Net loans							1,234,760		1,184,499
Premises and equipment, net							21,359		20,509
Premises and equipment held for sale, net							0		400
Accrued interest receivable							5,664		5,476
Goodwill							7,319		7,319
Bank owned life insurance and annuity assets							43,148		43,305
Operating lease right-of-use asset, net							1,345		923
Deferred tax assets							8,755		5,621
Other assets							6,304		4,089
Total assets							$   1,655,351		$  1,582,654
LIABILITIES
Noninterest-bearing deposits							$      311,960		$     314,131
Interest-bearing deposits							1,101,555		1,015,536
Total deposits							1,413,515		1,329,667
Other borrowed funds							31,524		44,848
Subordinated debentures							8,500		8,500
Operating lease liability							1,345		923
Allowance for credit losses on off-balance sheet commitments							713		871
Other liabilities							29,953		27,588
Total liabilities							1,485,550		1,412,397
SHAREHOLDERS' EQUITY
Common stock ($1.00 stated value per share, 10,000,000 shares authorized;
5,490,995 shares issued)							5,491		5,491
Additional paid-in capital							52,321		52,321
Retained earnings							140,087		133,007
Accumulated other comprehensive income (loss)							(9,405)		(1,869)
Treasury stock, at cost (779,994 shares)							(18,693)		(18,693)
Total shareholders' equity							169,801		170,257
Total liabilities and shareholders' equity							$   1,655,351		$  1,582,654

 

View original content:https://www.prnewswire.com/news-releases/ohio-valley-banc-corp-reports-3rd-quarter-earnings-302921186.html

SOURCE Ohio Valley Banc Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Ohio Valley Banc Corp.’s third-quarter 2026 earnings?

Ohio Valley Banc Corp. earned $3.295 million, or $0.70 per share, in the quarter ended September 30, 2026. Net income increased 8.7% from $3.030 million, while earnings per share rose from $0.64 in the prior-year quarter.

Why did Ohio Valley Banc Corp.’s nine-month 2026 earnings decline?

Ohio Valley Banc Corp. identified losses tied to a limited number of commercial credits as the primary driver of its year-to-date performance falling below expectations. Nine-month credit-loss provision expense increased to $8.202 million from $2.676 million, while net income declined 9.7% to $10.519 million.

What drove Ohio Valley Banc Corp.’s third-quarter 2026 loan charge-offs?

Third-quarter net charge-offs of $6.357 million included $3.284 million from converting a specific reserve on a collateral-dependent automobile-dealership loan to charge-off status and $2.818 million from recording a foreclosed commercial real estate asset at fair value.

How did Ohio Valley Banc Corp.’s loan-loss allowance change at September 30, 2026?

The allowance for credit losses was 1.05% of total loans, compared with 0.96% at December 31, 2025, and 1.01% at September 30, 2025. The increase primarily reflected the specific reserve established for a commercial real estate loan to construct a hotel.