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OVBC announces extension of Stock Buyback Program

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Ohio Valley Banc Corp. (OVBC) has extended its stock buyback program to August 31, 2025. The program, initially approved in 2021, allows for the repurchase of up to $5 million in outstanding common stock. As of August 21, 2024, OVBC had already repurchased approximately $2,967,000 in common stock. The Board of Directors authorized this extension, maintaining the original terms of the program. The buyback initiative can be terminated or amended by the Board at any time before the new expiration date.

Ohio Valley Banc Corp. (OVBC) ha esteso il suo programma di riacquisto di azioni fino al 31 agosto 2025. Il programma, inizialmente approvato nel 2021, consente il riacquisto di fino a 5 milioni di dollari in azioni ordinarie in circolazione. Al 21 agosto 2024, OVBC aveva già riacquistato circa 2.967.000 dollari in azioni ordinarie. Il Consiglio di Amministrazione ha autorizzato questa estensione, mantenendo i termini originali del programma. L'iniziativa di riacquisto può essere interrotta o modificata dal Consiglio in qualsiasi momento prima della nuova data di scadenza.

Ohio Valley Banc Corp. (OVBC) ha ampliado su programa de recompra de acciones hasta el 31 de agosto de 2025. El programa, aprobado inicialmente en 2021, permite la recompra de hasta 5 millones de dólares en acciones ordinarias en circulación. Hasta el 21 de agosto de 2024, OVBC ya había recomprado aproximadamente 2.967.000 dólares en acciones ordinarias. La Junta Directiva autorizó esta extensión, manteniendo los términos originales del programa. La iniciativa de recompra puede ser cancelada o modificada por la Junta en cualquier momento antes de la nueva fecha de vencimiento.

오하이오 밸리 뱅크 주식회사(OVBC)는 자사주 매입 프로그램을 2025년 8월 31일까지 연장했습니다. 이 프로그램은 2021년에 처음 승인되었으며, 최대 500만 달러의 발행 보통주를 재매입할 수 있습니다. 2024년 8월 21일 기준으로 OVBC는 이미 약 2,967,000달러에 해당하는 보통주를 재매입했습니다. 이 연장은 이사회에 의해 승인되었으며, 프로그램의 원래 조건을 유지합니다. 매입 계획은 새로운 만료일 전에 이사회의 결의로 변경되거나 종료될 수 있습니다.

Ohio Valley Banc Corp. (OVBC) a étendu son programme de rachat d'actions jusqu'au 31 août 2025. Le programme, initialement approuvé en 2021, permet le rachat de jusqu'à 5 millions de dollars d'actions ordinaires en circulation. Au 21 août 2024, OVBC avait déjà racheté environ 2.967.000 dollars d'actions ordinaires. Le Conseil d'administration a autorisé cette extension, en maintenant les conditions originales du programme. L'initiative de rachat peut être annulée ou modifiée par le Conseil à tout moment avant la nouvelle date d'expiration.

Die Ohio Valley Banc Corp. (OVBC) hat ihr Aktienrückkaufprogramm bis zum 31. August 2025 verlängert. Das ursprünglich im Jahr 2021 genehmigte Programm erlaubt den Rückkauf von bis zu 5 Millionen Dollar an ausgegebenen Stammaktien. Bis zum 21. August 2024 hatte die OVBC bereits etwa 2.967.000 Dollar an Stammaktien zurückgekauft. Der Vorstand genehmigte diese Verlängerung und behielt die ursprünglichen Bedingungen des Programms bei. Die Rückkaufinitiative kann jederzeit vor dem neuen Ablaufdatum vom Vorstand beendet oder geändert werden.

Positive
  • Extension of stock buyback program until August 31, 2025
  • $2,967,000 worth of common stock already repurchased
  • Continued commitment to returning value to shareholders
Negative
  • None.

Insights

The extension of OVBC's stock buyback program is a positive signal for investors. With $2,967,000 already repurchased out of the $5 million authorized, the company demonstrates confidence in its financial position and commitment to shareholder value. This move could potentially boost earnings per share and support stock price stability. However, investors should note that $2 million remains available for repurchases over the next year, which is relatively modest. The program's flexibility, allowing for termination or amendment, suggests a cautious approach. While not groundbreaking, this extension indicates OVBC's ongoing focus on capital management and shareholder returns in a challenging banking environment.

OVBC's decision to extend its buyback program aligns with broader market trends among regional banks. In the current economic climate, characterized by interest rate uncertainties and potential regulatory changes, many banks are opting for cautious capital deployment strategies. The moderate size of the remaining buyback authorization ($2 million) suggests a balanced approach between returning capital to shareholders and maintaining financial flexibility. This move may help OVBC maintain investor confidence without overcommitting resources. However, the real test will be how effectively the company utilizes this program in response to market conditions and whether it translates into tangible benefits for shareholders in terms of stock performance and dividend sustainability.

GALLIPOLIS, Ohio, Aug. 21, 2024 /PRNewswire/ -- Ohio Valley Banc Corp. [Nasdaq: OVBC] (the "Company") announced the Board of Directors has authorized the extension date of its existing stock buyback program to August 31, 2025.

The program was originally approved by the board in 2021 and was set to expire August 31 of this year. With the extension, the share repurchase program will continue to authorize the repurchase of up to $5 million in shares of the Company's outstanding common stock. As of August 21, 2024, the Company had repurchased approximately $2,967,000 in common stock.

Other than the extension of the program for an additional year, no changes were made to the stock buyback program. The program may be terminated or amended by the Board at any time prior to the expiration date.

About Ohio Valley Banc Corp.
Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market under the symbol OVBC. Ohio Valley Banc Corp. is based in Gallipolis, Ohio. The 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.

Contact: Scott Shockey, CFO 740-446-2631

Cision View original content:https://www.prnewswire.com/news-releases/ovbc-announces-extension-of-stock-buyback-program-302227922.html

SOURCE Ohio Valley Banc Corp.

FAQ

What is the new expiration date for OVBC's stock buyback program?

The new expiration date for Ohio Valley Banc Corp's (OVBC) stock buyback program is August 31, 2025.

How much has OVBC repurchased in common stock as of August 21, 2024?

As of August 21, 2024, Ohio Valley Banc Corp (OVBC) had repurchased approximately $2,967,000 in common stock.

What is the total amount authorized for OVBC's stock buyback program?

Ohio Valley Banc Corp (OVBC) has authorized the repurchase of up to $5 million in shares of the company's outstanding common stock.

When was OVBC's stock buyback program originally approved?

Ohio Valley Banc Corp's (OVBC) stock buyback program was originally approved by the board in 2021.

Ohio Valley Banc Corp

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