Ohio Valley Banc Corp. Reports Q1 2024 Earnings

TL;DR

OVBC dropped Q1 earnings on 4/25 - check the release for numbers.

AI Summary

Ohio Valley Banc Corp. announced its first quarter 2024 financial results on April 25, 2024. The company reported its earnings for the period ending March 31, 2024. Specific financial figures for the quarter were detailed in the accompanying earnings release.

Why It Matters

This filing provides investors with the latest financial performance data for Ohio Valley Banc Corp., crucial for assessing the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine earnings release filing with no unusual or high-risk events disclosed.

Key Players & Entities

• OHIO VALLEY BANC CORP (company) — Registrant
• April 25, 2024 (date) — Date of Report
• March 31, 2024 (date) — Period of Report

FAQ

Key Financial Figures

• $2,793,000 — or the quarter ended March 31, 2024, of $2,793,000, a decrease of $1,115,000, or 28.5%, fr
• $1,115,000 — 31, 2024, of $2,793,000, a decrease of $1,115,000, or 28.5%, from the same period the pri
• $2.8 million — pected, the Company still netted nearly $2.8 million for the quarter. We believe consistent,
• $532,000 — of 2024, net interest income decreased $532,000 from the first quarter of 2023. The dec
• $119 million — ease in the net interest margin was the $119 million growth in average earning assets. The a
• $976 m — loans for the first quarter of 2024 was $976 million, an increase of $79 million from
• $79 million — f 2024 was $976 million, an increase of $79 million from the first quarter of 2023, led by
• $60 million — tained at the Federal Reserve increased $60 million and average securities decreased $17 mi
• $17 m — illion and average securities decreased $17 million, as maturities were deployed into
• $751,000 — e provision for credit loss expense was $751,000, an increase of $262,000 from the first
• $262,000 — ss expense was $751,000, an increase of $262,000 from the first quarter of 2023. The pro
• $396,000 — related to quarterly net charge-offs of $396,000, general reserves associated with the $
• $18 million — 0, general reserves associated with the $18 million increase in total loans since December
• $3,696,000 — h 31, 2023. Noninterest income totaled $3,696,000 for the first quarter of 2024, a decrea
• $71,000 — he first quarter of 2024, a decrease of $71,000 from the same period last year. For the

Filing Documents

• sec8kearngsrels033124.htm (8-K) — 200KB
• 0000894671-24-000012.txt ( ) — 344KB
• ovbc-20240425.xsd (EX-101.SCH) — 4KB
• ovbc-20240425_lab.xml (EX-101.LAB) — 21KB
• ovbc-20240425_pre.xml (EX-101.PRE) — 16KB
• sec8kearngsrels033124_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 March 31, 2024, of $2,793,000, a decrease of $1,115,000, or 28.5%, from the same period the prior year. Earnings per share for the first quarter of 2024 were $.58, compared to $.82 for the first quarter of 2023. Return on average assets and return on average equity were .83% and 7.77%, respectively, for the first quarter of 2024, versus 1.28% and 11.85%, respectively, for the same period the prior year. Ohio Valley Banc Corp. President and CEO, Larry Miller stated, "Though this year's unfavorable interest rate environment slowed earnings by reducing the net interest margin as we expected, the Company still netted nearly $2.8 million for the quarter. We believe consistent, quality loan growth is key. We are determined to work even harder to maximize returns and improve the quality of life for our shareholders, employees, customers, and the community as a whole." For the first quarter of 2024, net interest income decreased $532,000 from the first quarter of 2023. The decrease was largely related to the decrease in the net interest margin, which was partially offset by growth in average earning assets, led by strong growth in the loan portfolio. For the first quarter of 2024, the net interest margin was 3.61%, a decrease from 4.21% for the first quarter of 2023. The decrease in the net interest margin was related to the cost of funding sources increasing more than the yield on earning assets. This increase in the cost of funding was partially linked to the Company's decision to increase rates on deposit accounts to attract deposits amidst heightened market competition for such funds. In addition, the composition of funding sources trended toward certificates of deposit and wholesale funding sources, which generally cost more than other funding sources, such as, checking, NOW, savings

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: April 25, 2024 By: /s/Larry E. Miller, II Larry E. Miller, II President and Chief Executive Officer