OHIO VALLEY BANC CORP. Files 8-K for Q4 2023 Earnings Release

TL;DR

**OVBC just dropped its earnings release, get ready for financial updates.**

AI Summary

On January 25, 2024, OHIO VALLEY BANC CORP. filed an 8-K to announce its earnings release for the period ending December 31, 2023. This filing indicates the company is providing an update on its financial performance, which is crucial for investors to understand the bank's health and profitability. For stockholders, this matters because it provides transparency into the company's financial results, which can influence stock price and future investment decisions.

Why It Matters

This filing signals that OHIO VALLEY BANC CORP. is about to release or has just released its financial results, giving investors key data to evaluate the company's performance and make informed decisions.

Risk Assessment

Risk Level: low — This 8-K is a routine filing for an earnings release, which is standard corporate communication and does not inherently present high risk.

Analyst Insight

A smart investor would look for the actual earnings release document (sec8kearngsrels123123.htm) to analyze the detailed financial performance for Q4 2023 and the full year, paying close attention to revenue, net income, and any forward-looking statements.

Key Players & Entities

• OHIO VALLEY BANC CORP. (company) — the registrant filing the 8-K
• January 25, 2024 (date) — date of report and filing
• December 31, 2023 (date) — end of the reporting period for the earnings release
• 000-20914 (dollar_amount) — Commission File Number
• Ohio (company) — State of Incorporation
• 31-1359191 (dollar_amount) — I.R.S. Employer Identification No.
• 420 THIRD AVENUE, PO BOX 240 GALLIPOLIS, Ohio 45631 (company) — Address of principal executive offices
• 740-446-2631 (dollar_amount) — Registrant’s telephone number
• OVBC (company) — Trading Symbol for Common Shares
• NASDAQ (company) — Exchange on which Common Shares are registered

FAQ

Key Financial Figures

• $3,223,000 — the quarter ended December 31, 2023, of $3,223,000, a decrease of $301,000 from the same p
• $301,000 — 31, 2023, of $3,223,000, a decrease of $301,000 from the same period the prior year. Ea
• $12,631,000 — d December 31, 2023, net income totaled $12,631,000, a decrease of $707,000, or 5.3%, from
• $707,000 — come totaled $12,631,000, a decrease of $707,000, or 5.3%, from the same period the prio
• $2.65 — the prior year. Earnings per share were $2.65 for 2023 versus $2.80 for 2022. Return
• $2.80 — gs per share were $2.65 for 2023 versus $2.80 for 2022. Return on average assets and
• $1,075,000 — 31, 2023, net interest income decreased $1,075,000 from the same period last year. The dec
• $92 m — by growth in average earning assets of $92 million, led by strong growth in the loan
• $1,249,000 — 31, 2023, net interest income increased $1,249,000 from the same period last year. Contrib
• $91 m — ember 31, 2023, average loans increased $91 million, average balances maintained at t
• $51 million — tained at the Federal Reserve decreased $51 million and average securities decreased $19 mi
• $19 million — illion and average securities decreased $19 million from the same period last year. For th
• $689,000 — 23, the provision for credit losses was $689,000, an increase of $30,000 from the same p
• $30,000 — dit losses was $689,000, an increase of $30,000 from the same period last year. The pro
• $45,000 — d to quarter-to-date net charge-offs of $45,000 and the $11 million quarterly increase

Filing Documents

• sec8kearngsrels123123.htm (8-K) — 292KB
• 0000894671-24-000002.txt ( ) — 440KB
• ovbc-20240125.xsd (EX-101.SCH) — 4KB
• ovbc-20240125_lab.xml (EX-101.LAB) — 22KB
• ovbc-20240125_pre.xml (EX-101.PRE) — 16KB
• sec8kearngsrels123123_htm.xml (XML) — 4KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition GALLIPOLIS, Ohio - Ohio Valley Banc Corp. [Nasdaq: OVBC] (the "Company") reported consolidated net income for the quarter ended December 31, 2023, of $3,223,000, a decrease of $301,000 from the same period the prior year. Earnings per share for the fourth quarter of 2023 were $.68 compared to $.74 for the prior year fourth quarter. For the year ended December 31, 2023, net income totaled $12,631,000, a decrease of $707,000, or 5.3%, from the same period the prior year. Earnings per share were $2.65 for 2023 versus $2.80 for 2022. Return on average assets and return on average equity were .99% and 9.24%, respectively, for the year ended December 31, 2023, compared to 1.06% and 9.86%, respectively, for the same period in the prior year. Ohio Valley Banc Corp. President and CEO, Larry Miller stated, "While our results for 2023 didn't quite match the record year we celebrated in 2022, I want to commend our team of dedicated bankers who worked hard to produce these solid results. Our lending team turned in a particularly strong performance with double-digit average loan growth while our deposit gathering staff did their part to fund this strong growth despite challenging market dynamics. Even though the cost of doing business and funding our balance sheet increased substantially in 2023, our employees and your company continued to invest time and resources in support of our Community First Mission." For the three months ended December 31, 2023, net interest income decreased $1,075,000 from the same period last year. The decrease was largely related to the decrease in the net interest margin, which was partially offset by growth in average earning assets of $92 million, led by strong growth in the loan portfolio. For the fourth quarter of 2023, the net interest margin was 3.71%, a decrease from the 4.38% for the fourth quarter of 2022. During 2022, the Company experienced an increasing trend in the net interest m

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. OHIO VALLEY BANC CORP. Date: January 25, 2024 By: /s/Larry E. Miller Larry E. Miller President and Chief Executive Officer