Ohio Valley Banc Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ohio Valley Banc Corp. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

OHIO VALLEY BANC CORP (OVBC) filed a Annual Report (10-K) with the SEC on March 15, 2024. Ohio Valley Banc Corp. filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Ohio and operates in the Commercial Banks sector. Key financial data points and dates from the filing are available. The filing includes information on various financial statement line items and accounting standards.

Why It Matters

For investors and stakeholders tracking OHIO VALLEY BANC CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ohio Valley Banc Corp.'s financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K allow for a thorough analysis of the company's profitability, asset management, liabilities, and equity, enabling informed investment decisions and risk assessments.

Risk Assessment

Risk Level: low — OHIO VALLEY BANC CORP shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than an immediate event-driven situation.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-K to understand Ohio Valley Banc Corp.'s performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-03-15 — Filing Date (Date the 10-K was filed with the SEC)
• 0000894671 — Central Index Key (Unique identifier for the filer)

Key Players & Entities

• OHIO VALLEY BANC CORP (company) — Filer name
• OVBC (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240315 (date) — Filing date
• 6022 (industry_code) — Standard Industrial Classification
• OH (location) — State of incorporation

FAQ

Industry Context

Ohio Valley Banc Corp. operates within the commercial banking industry, providing a range of financial services.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including the SEC for its public filings.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the fiscal year ended December 31, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers and trends.
3. Examine any disclosed risk factors or legal proceedings to understand potential challenges facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial data.

Key Financial Figures

• $24.74 — O Based on the closing sales price of $24.74 per share on June 30, 2023, the aggrega
• $1,352,135,000 — y's consolidated assets approximated to $1,352,135,000 and $1,210,787,000, while total shareho
• $1,210,787,000 — sets approximated to $1,352,135,000 and $1,210,787,000, while total shareholders' equity appro
• $144,007,000 — al shareholders' equity approximated to $144,007,000 and $135,028,000 for the same periods,
• $135,028,000 — equity approximated to $144,007,000 and $135,028,000 for the same periods, respectively. Oh
• $8,500,000 — y Statutory Trust III, which has issued $8,500,000 in trust preferred securities. Ohio Val
• $86,851,000 — The Company's loan portfolio increased $86,851,000 to finish at $971,900,000 in 2023. The
• $971,900,000 — olio increased $86,851,000 to finish at $971,900,000 in 2023. The increase in total loans ca
• $40,205,000 — During 2023, commercial loans increased $40,205,000, or 9.1%, while consumer loans increase
• $24,178,000 — or 9.1%, while consumer loans increased $24,178,000, or 16.3%, and residential real estate
• $22,468,000 — residential real estate loans increased $22,468,000, or 7.6%, as compared to 2022. Commerci
• $1,000,000 — ding to the following thresholds: up to $1,000,000 unsecured, up to $5,000,000 secured, an
• $5,000,000 — olds: up to $1,000,000 unsecured, up to $5,000,000 secured, and up to $5,000,000 aggregate
• $100,000 — , and certificates of deposit less than $100,000. The Company will also utilize certific

Filing Documents

• sec10k123123.htm (10-K) — 643KB
• sec10k123123ex41.htm (EX-4.1) — 4KB
• sec10k123123ex107.htm (EX-10.7) — 10KB
• sec10k123123ex108.htm (EX-10.8) — 7KB
• sec10k123123ex13.htm (EX-13) — 3251KB
• sec10k123123ex19.htm (EX-19) — 60KB
• sec10k123123ex21.htm (EX-21) — 7KB
• sec10k123123ex23.htm (EX-23) — 2KB
• sec10k123123ex311.htm (EX-31.1) — 12KB
• sec10k123123ex312.htm (EX-31.2) — 12KB
• sec10k123123ex32.htm (EX-32) — 8KB
• sec10k123123ex97.htm (EX-97) — 55KB
• backcover.jpg (GRAPHIC) — 50KB
• bwtransition.jpg (GRAPHIC) — 58KB
• image1.jpg (GRAPHIC) — 14KB
• image2.jpg (GRAPHIC) — 52KB
• image00003.jpg (GRAPHIC) — 107KB
• image00004.jpg (GRAPHIC) — 14KB
• image00005.jpg (GRAPHIC) — 13KB
• image00018.jpg (GRAPHIC) — 10KB
• image00019.jpg (GRAPHIC) — 9KB
• image00021.jpg (GRAPHIC) — 12KB
• image00022.jpg (GRAPHIC) — 11KB
• page1.jpg (GRAPHIC) — 293KB
• page2.jpg (GRAPHIC) — 191KB
• page3.jpg (GRAPHIC) — 218KB
• page4.jpg (GRAPHIC) — 266KB
• 0001140361-24-013512.txt (&nbsp;) — 22537KB
• ovbc-20231231.xsd (EX-101.SCH) — 82KB
• ovbc-20231231_cal.xml (EX-101.CAL) — 156KB
• ovbc-20231231_def.xml (EX-101.DEF) — 463KB
• ovbc-20231231_lab.xml (EX-101.LAB) — 1164KB
• ovbc-20231231_pre.xml (EX-101.PRE) — 774KB
• sec10k123123_htm.xml (XML) — 4451KB

- BUSINESS

ITEM 1 - BUSINESS Organizational History and Subsidiaries Ohio Valley Banc Corp. ("Ohio Valley" or the "Company") is an Ohio corporation registered as a financial holding company pursuant to the Bank Holding Company Act of 1956, as amended ("BHC Act"). Ohio Valley was incorporated under the laws of the State of Ohio on January 8, 1992 and began conducting business on October 23, 1992. The principal executive offices of Ohio Valley are located at 420 Third Avenue, Gallipolis, Ohio 45631. Ohio Valley's common shares are listed on The NASDAQ Global Market under the symbol "OVBC." Ohio Valley has one banking subsidiary, The Ohio Valley Bank Company (the "Bank"). The Bank has one wholly-owned subsidiary, Ohio Valley REO, LLC, an Ohio limited liability company ("Ohio Valley REO"), to which the Bank transfers certain real estate acquired by the Bank through foreclosure for sale by Ohio Valley REO. Ohio Valley also owns two nonbank subsidiaries, Loan Central, Inc., which engages in lending ("Loan Central"), and Ohio Valley Financial Services Agency, LLC, which is used to facilitate the receipt of commissions on insurance sold by the Bank and Loan Central ("Ohio Valley Financial Services"). Ohio Valley also owns one wholly-owned subsidiary trust formed solely to issue a trust preferred security. Ohio Valley and its subsidiaries are collectively referred to herein as the "Company." Ohio Valley's financial service operations are considered by management to be aggregated in two reportable segments: banking and consumer finance. Total revenues from the banking segment, which accounted for the majority of the Company's total revenues, totaled 95.2% and 94.2% of total consolidated revenues for the years ended December 31, 2023 and 2022, respectively. Interested readers can access Ohio Valley's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the