Welcome to our dedicated page for Ohio Valley Banc news (Ticker: OVBC), a resource for investors and traders seeking the latest updates and insights on Ohio Valley Banc stock.
Ohio Valley Banc Corp. reports recurring developments tied to its role as a financial holding company for The Ohio Valley Bank Company and Loan Central, Inc. News commonly covers consolidated earnings, net interest income, net interest margin, loan growth, asset quality, and the performance of commercial, real estate, consumer, and community banking activities in Ohio and West Virginia.
Company updates also include common-share cash dividends, share repurchase authorizations, and franchise matters involving bank offices and consumer finance offices. OVBC news often connects financial results to deposit funding costs, earning-asset yields, securities portfolio activity, and lending trends in the company's regional markets.
Ohio Valley Banc Corp. (OVBC) reported a consolidated net income of $2,861,000 for Q2 2021, a 26.4% increase year-over-year. Earnings per share rose to $0.60 from $0.47. For the first half of 2021, net income was $6,392,000, a 95.8% increase compared to the same timeframe in 2020. Return on average assets was 1.06%, with a return on average equity of 9.39%. Total assets reached $1.237 billion, bolstered by a $61 million increase in securities. However, the net interest margin decreased to 3.65% from 4.13% due to lower interest rates.
Ohio Valley Banc Corp. (OVBC) has authorized a $5 million stock buyback program, allowing for the periodic repurchase of its outstanding common shares. These repurchases will depend on market conditions and may occur in the open market or through private transactions. The shares repurchased will be held as treasury stock for general corporate purposes. This program is set to expire on August 31, 2022, and can be amended or terminated by the Board at any time.
Ohio Valley Banc Corp. (Nasdaq: OVBC) declared a cash dividend of $0.21 per common share on July 20, 2021, payable on August 10, 2021, to shareholders of record as of July 30, 2021. This represents a consistent quarterly dividend, showcasing the company's commitment to returning value to its shareholders. The announcement coincides with the launch of a new website and the upcoming opening of a drive-thru location in Point Pleasant, W.Va. Ohio Valley Banc operates several subsidiaries, including Ohio Valley Bank and Loan Central, further solidifying its footprint in the region.
Ohio Valley Banc Corp. has elected K. Ryan Smith to its Board of Directors effective July 1, 2021. Chairman Thomas E. Wiseman commended Smith's leadership skills, stating his extensive experience will enhance the company's strategic direction. Smith, president of the University of Rio Grande, is notable for his 23 years in the business and investment sectors, along with a background in Ohio's legislature, where he sponsored state budgets totaling $70 billion. He fills the position of Jeff Smith, who retired in May 2020.
Ohio Valley Banc Corp. (OVBC) reported a strong Q1 2021 with net income of $3.53 million, up from $1.0 million in Q1 2020. Earnings per share surged to $0.74 from $0.21. Improvements in return on assets (1.20%) and return on equity (10.47%) reflect effective management amid post-pandemic recovery. Despite a $44,000 increase in net interest income and a notable rise in average loans by $72 million, net interest margin decreased to 3.73%. Noninterest income fell to $3.34 million, down from $4.44 million, primarily due to a prior-year settlement. Total assets reached $1.225 billion, up 3.2%.
On April 20, 2021, Ohio Valley Banc Corp. (OVBC) declared a cash dividend of $0.21 per common share, payable on May 10, 2021, to shareholders of record by April 30, 2021. The company emphasizes its commitment to maintaining regular quarterly dividends. CEO Tom Wiseman expressed gratitude to customers and shareholders for their support during challenging times. Additionally, Ohio Valley Bank is preparing to award $3,000 scholarships and plans community events for the summer and fall.
Ohio Valley Banc Corp. (OVBC) reported a 34.4% increase in consolidated net income for Q4 2020, totaling $4.7 million, compared to $3.5 million in Q4 2019. This resulted in an EPS of $0.98, up from $0.73 a year earlier. For the full year, net income reached $10.3 million, reflecting a 3.6% increase. However, net interest income declined by $3.07 million due to lower interest margins. Total assets grew by 17.1% to $1.187 billion, driven by a significant rise in cash and loans. The company assisted in securing $35 million in PPP loans amid the pandemic.
On January 19, 2021, Ohio Valley Banc Corp. (OVBC) announced a cash dividend of $0.21 per common share, payable on February 10, 2021. This dividend continues the company's long-standing practice of maintaining a consistent quarterly dividend for over a decade. The decision to continue the dividend was linked to the success of OVBC's subsidiaries, particularly Loan Central, which is expanding its services to include tax preparation and has launched a new app for contactless service. The Refund Advance program offers eligible clients loans of up to $5,000.
Ohio Valley Banc Corp. (OVBC) reported a consolidated net income of $2,294,000 for Q3 2020, a 7.3% increase from Q3 2019. Earnings per share rose to $.48 from $.45. However, for the first nine months of 2020, net income decreased by $850,000 compared to the prior year, with EPS dropping to $1.16 from $1.35. Net interest income declined by $544,000 in Q3 due to lower interest rates and regulatory changes affecting fee structures. Total assets grew by 12.3% to $1.138 billion, largely due to increased deposits following government stimulus measures.
On October 20, 2020, Ohio Valley Banc Corp. (OVBC) declared a cash dividend of $0.21 per common share, payable on November 10, 2020. The record date for shareholders is October 30, 2020. OVBC has maintained this consistent dividend for over a decade, demonstrating resilience during the pandemic. CEO Tom Wiseman emphasized the importance of community support, encouraging shareholders to invest locally. Additionally, OVBC will continue its loan payment deferral program for customers affected by the pandemic, allowing for up to 6 months of deferred payments.