Ohio Valley Banc Corp. Reports Q2 2024 Financials

TL;DR

OVBC dropped its Q2 earnings report on 7/26, check it for the latest numbers.

AI Summary

Ohio Valley Banc Corp. filed an 8-K on July 26, 2024, to report its financial results for the period ending June 30, 2024. The filing includes an earnings release detailing the company's performance.

Why It Matters

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

Risk Assessment

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

Key Players & Entities

• OHIO VALLEY BANC CORP (company) — Registrant
• July 26, 2024 (date) — Date of Report
• June 30, 2024 (date) — Period End Date
• Gallipolis, Ohio (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $2,972,000 — for the quarter ended June 30, 2024, of $2,972,000, a decrease of $277,000 from the same p
• $277,000 — 30, 2024, of $2,972,000, a decrease of $277,000 from the same period the prior year. Ea
• $5,765,000 — ended June 30, 2024, net income totaled $5,765,000, a decrease of $1,392,000, or 19.4%, fr
• $1,392,000 — ncome totaled $5,765,000, a decrease of $1,392,000, or 19.4%, from the same period the pri
• $1.21 — the prior year. Earnings per share were $1.21 for the first six months of 2024 versus
• $1.50 — for the first six months of 2024 versus $1.50 for the first six months of 2023. Retur
• $349,000 — 30, 2024, net interest income increased $349,000, and for the six months ended June 30,
• $183,000 — 30, 2024, net interest income decreased $183,000 from the same respective periods last y
• $129 million — n quarterly net interest income was the $129 million increase in average earning assets, whi
• $124 million — e than offset the contribution from the $124 million increase in average earning assets. In
• $50 million — n loans due to quarterly loan growth of $50 million and to the deposit mix trending back to
• $181,000 — ovision for credit loss expense totaled $181,000, an increase of $157,000 from the same
• $157,000 — xpense totaled $181,000, an increase of $157,000 from the same period last year. The qua
• $65,000 — et by quarter-to-date net recoveries of $65,000 and the improvement in a certain econom
• $932,000 — 24, the provision for credit losses was $932,000, an increase of $419,000 from the same

Filing Documents

• sec8kearngsrels063024.htm (8-K) — 281KB
• 0000894671-24-000018.txt ( ) — 428KB
• ovbc-20240726.xsd (EX-101.SCH) — 4KB
• ovbc-20240726_lab.xml (EX-101.LAB) — 21KB
• ovbc-20240726_pre.xml (EX-101.PRE) — 16KB
• sec8kearngsrels063024_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 June 30, 2024, of $2,972,000, a decrease of $277,000 from the same period the prior year. Earnings per share for the second quarter of 2024 were $.63 compared to $.68 for the prior year second quarter. For the six months ended June 30, 2024, net income totaled $5,765,000, a decrease of $1,392,000, or 19.4%, from the same period the prior year. Earnings per share were $1.21 for the first six months of 2024 versus $1.50 for the first six months of 2023. Return on average assets and return on average equity were .84% and 8.01%, respectively, for the first half of 2024, compared to 1.16% and 10.63%, respectively, for the same period in the prior year. Ohio Valley Banc Corp. President and CEO, Larry Miller said, "Your company continues to face the dual headwinds of a difficult interest rate environment and rising costs due to inflation. These same headwinds affect many, if not everyone, especially when it comes to home ownership and affordability. This is why we were pleased to recently partner with the Ohio state treasurer to offer an enhanced interest savings alternative, our SWEET HOME OHIO account. The purpose of the SWEET HOME OHIO account is to offer high interest savings to encourage individuals to save toward buying a home in Ohio. Visit our website at www.ovbc.com for more details on this exciting new account or stop by your local Ohio Valley Bank office to start your SWEET HOME OHIO savings today!" For the three months ended June 30, 2024, net interest income increased $349,000, and for the six months ended June 30, 2024, net interest income decreased $183,000 from the same respective periods last year. Contributing to the increase in quarterly net interest income was the $129 million increase in average earning assets, which was partially offset by a decrease in the net inter

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: July 26, 2024 By: /s/Larry E. Miller, II Larry E. Miller, II President and Chief Executive Officer