Ohio Valley Banc Corp. Files Q2 2024 10-Q
Ticker: OVBC · Form: 10-Q · Filed: Aug 14, 2024
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**OVBC Q2 10-Q FILED: Check financials for latest performance.**
AI Summary
Ohio Valley Banc Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data points and disclosures relevant to investors are presented within this report.
Why It Matters
This 10-Q filing provides investors with a detailed look at Ohio Valley Banc Corp.'s financial health and operational results for the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated in the provided snippet.
Key Numbers
- 20240630 — End of Fiscal Period (The report covers financial data up to this date.)
- 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Ohio Valley Banc Corp. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240814 (date) — Filing date
- Gallipolis, OH (location) — Company headquarters and mailing address
FAQ
What is the primary business of Ohio Valley Banc Corp.?
Ohio Valley Banc Corp. is classified under Standard Industrial Classification code 6022, indicating its primary business is Commercial Banks.
What is the fiscal year end for Ohio Valley Banc Corp.?
The fiscal year end for Ohio Valley Banc Corp. is December 31st.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
When was this 10-Q filing submitted?
This 10-Q filing was submitted on August 14, 2024.
Where is Ohio Valley Banc Corp. headquartered?
Ohio Valley Banc Corp. is headquartered in Gallipolis, OH.
Filing Stats: 4,517 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-08-14 13:23:23
Filing Documents
- sec10q063024.htm (10-Q) — 3313KB
- exhibit41_063024.htm (EX-4.1) — 4KB
- exhibit311_063024.htm (EX-31.1) — 10KB
- exhibit312_063024.htm (EX-31.2) — 12KB
- exhibit32_063024.htm (EX-32) — 7KB
- 0000894671-24-000020.txt ( ) — 16325KB
- ovbc-20240630.xsd (EX-101.SCH) — 51KB
- ovbc-20240630_cal.xml (EX-101.CAL) — 104KB
- ovbc-20240630_def.xml (EX-101.DEF) — 330KB
- ovbc-20240630_lab.xml (EX-101.LAB) — 710KB
- ovbc-20240630_pre.xml (EX-101.PRE) — 505KB
- sec10q063024_htm.xml (XML) — 4714KB
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 33 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.
Controls and Procedures
Controls and Procedures 45 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 46 Item 1A.
Risk Factors
Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 48
- 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) June 30, 2024 December 31, 2023 ASSETS Cash and noninterest-bearing deposits with banks $ 14,862 $ 14,252 Interest-bearing deposits with banks 92,817 113,874 Total cash and cash equivalents 107,679 128,126 Securities available for sale 162,749 162,258 Securities held to maturity, net of allowance for credit losses of $ 2 in 2024 and 2023 7,930 7,986 Restricted investments in bank stocks 5,016 5,037 Total loans 1,040,284 971,900 Less: Allowance for credit losses ( 9,431 ) ( 8,767 ) Net loans 1,030,853 963,133 Premises and equipment, net 21,466 21,450 Premises and equipment held for sale, net 517 573 Accrued interest receivable 4,300 3,606 Goodwill 7,319 7,319 Other intangible assets, net 1 8 Bank owned life insurance and annuity assets 40,913 40,593 Operating lease right-of-use asset, net 1,114 1,205 Deferred tax assets 6,442 6,306 Other assets 7,018 4,535 Total assets $ 1,403,317 $ 1,352,135 LIABILITIES Noninterest-bearing deposits $ 343,209 $ 322,222 Interest-bearing deposits 835,219 804,914 Total deposits 1,178,428 1,127,136 Other borrowed funds 42,056 44,593 Subordinated debentures 8,500 8,500 Operating lease liability 1,114 1,205 Allowance for credit losses on off-balance sheet commitments 629 692 Other liabilities 26,833 26,002 Total liabilities 1,257,560 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 118,531 114,871 Accumulated other comprehensive income (loss) ( 11,907 ) ( 11,428 ) Treasury stock, at cost (2024 - 7