Ohio Valley Banc Corp. Files 10-Q for Q1 2024

TL;DR

<b>Ohio Valley Banc Corp. has submitted its Q1 2024 10-Q filing, detailing financial performance and position.</b>

AI Summary

OHIO VALLEY BANC CORP (OVBC) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Ohio Valley Banc Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is commercial banking. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Specific financial instruments like Mortgage-Backed Securities and Interest Rate Swaps are mentioned with fair value input levels.

Why It Matters

For investors and stakeholders tracking OHIO VALLEY BANC CORP, this filing contains several important signals. This 10-Q provides investors with an updated view of Ohio Valley Banc Corp.'s financial health and operational performance for the first quarter of 2024, crucial for investment decisions. The detailed financial statements and disclosures within the 10-Q allow stakeholders to assess the company's asset valuation, debt levels, and overall financial stability compared to previous periods.

Risk Assessment

Risk Level: low — OHIO VALLEY BANC CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded bank, indicating routine financial disclosure rather than significant new events or risks.

Analyst Insight

Review the detailed financial statements in the 10-Q to understand changes in assets, liabilities, and equity for Ohio Valley Banc Corp. during Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filed As Of Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01 2024-03-31)
• 2023-03-31 — Prior Year Quarter End (2023-01-01 2023-03-31)

Key Players & Entities

• OHIO VALLEY BANC CORP (company) — FILER
• OHIO (location) — STATE OF INCORPORATION
• GALLIPOLIS (location) — CITY
• 7404462631 (phone) — BUSINESS PHONE

FAQ

Risk Factors

• Standard Regulatory Filings [low — regulatory]: The company is subject to various banking regulations and reporting requirements.

Industry Context

Ohio Valley Banc Corp. operates within the commercial banking sector, a highly regulated industry focused on deposit-taking, lending, and other financial services.

Regulatory Implications

As a commercial bank, Ohio Valley Banc Corp. is subject to oversight from federal and state banking regulators, including reporting requirements like this 10-Q filing.

What Investors Should Do

1. Analyze the balance sheet for changes in loan portfolios and investment securities.
2. Examine the income statement for trends in net interest income and non-interest income.
3. Review disclosures related to capital adequacy and regulatory compliance.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and position during the quarter.)

Fair Value Measurements

The process of determining the market value of assets and liabilities. (Indicates how the company values its financial instruments, which can impact reported earnings and financial position.)

Year-Over-Year Comparison

This filing represents the company's standard quarterly update, providing financial data for Q1 2024 and comparisons to Q1 2023 and year-end 2023.

Filing Documents

• sec10q033124.htm (10-Q) — 2935KB
• exhibit41_033124.htm (EX-4.1) — 4KB
• exhibit311_033124.htm (EX-31.1) — 10KB
• exhibit312_033124.htm (EX-31.2) — 12KB
• exhibit32_033124.htm (EX-32) — 6KB
• 0000894671-24-000015.txt (&nbsp;) — 15252KB
• ovbc-20240331.xsd (EX-101.SCH) — 51KB
• ovbc-20240331_cal.xml (EX-101.CAL) — 104KB
• ovbc-20240331_def.xml (EX-101.DEF) — 331KB
• ovbc-20240331_lab.xml (EX-101.LAB) — 710KB
• ovbc-20240331_pre.xml (EX-101.PRE) — 506KB
• sec10q033124_htm.xml (XML) — 4388KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Shareholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS OHIO VALLEY BANC CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands, except share and per share data) March 31, 2024 December 31, 2023 ASSETS Cash and noninterest-bearing deposits with banks $ 15,422 $ 14,252 Interest-bearing deposits with banks 113,638 113,874 Total cash and cash equivalents 129,060 128,126 Securities available for sale 162,186 162,258 Securities held to maturity, net of allowance for credit losses of $ 2 in 2024 and 2023 7,968 7,986 Restricted investments in bank stocks 4,983 5,037 Total loans 989,862 971,900 Less: Allowance for credit losses ( 9,229 ) ( 8,767 ) Net loans 980,633 963,133 Premises and equipment, net 21,728 21,450 Premises and equipment held for sale, net 568 573 Accrued interest receivable 4,338 3,606 Goodwill 7,319 7,319 Other intangible assets, net 5 8 Bank owned life insurance and annuity assets 40,745 40,593 Operating lease right-of-use asset, net 1,159 1,205 Deferred tax assets 6,438 6,306 Other assets 5,469 4,535 Total assets $ 1,372,599 $ 1,352,135 LIABILITIES Noninterest-bearing deposits $ 306,574 $ 322,222 Interest-bearing deposits 842,210 804,914 Total deposits 1,148,784 1,127,136 Other borrowed funds 43,261 44,593 Subordinated debentures 8,500 8,500 Operating lease liability 1,159 1,205 Allowance for credit losses on off-balance sheet commitments 586 692 Other liabilities 24,527 26,002 Total liabilities 1,226,817 1,208,128 CONTINGENT LIABILITIES — — SHAREHOLDERS' EQUITY Common stock ($ 1.00 stated value per share, 10,000,000 shares authorized; 2024 - 5,490,995 shares issued; 2023 - 5,470,453 shares issued) 5,491 5,470 Additional paid-in capital 52,321 51,842 Retained earnings 116,614 114,871 Accumulated other comprehensive income (loss) ( 11,896 ) ( 11,428 ) Treasury stock, at cost ( 697,321 s