Ohio Valley Banc Corp. Files 8-K for Q3 2024 Earnings

TL;DR

OVBC dropped its Q3 earnings report, check the 8-K for the numbers.

AI Summary

Ohio Valley Banc Corp. announced its financial results for the period ending September 30, 2024. The company reported its earnings, which are detailed in this 8-K filing. Specific financial figures and operational highlights are expected to be disclosed within the accompanying earnings release.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a routine earnings report filing with no immediate indication of significant adverse events.

Key Players & Entities

• OHIO VALLEY BANC CORP (company) — Registrant
• 0000894671-24-000023 (filing_id) — Accession Number
• October 28, 2024 (date) — Date of Report
• September 30, 2024 (date) — Period of Report
• Gallipolis, Ohio (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $2,719,000 — he quarter ended September 30, 2024, of $2,719,000, an increase of $468,000, or 20.8%, fro
• $468,000 — 30, 2024, of $2,719,000, an increase of $468,000, or 20.8%, from the same period the pri
• $8,484,000 — September 30, 2024, net income totaled $8,484,000, a decrease of $924,000 from the same p
• $924,000 — ncome totaled $8,484,000, a decrease of $924,000 from the same period the prior year. Ea
• $1.79 — the prior year. Earnings per share were $1.79 for the first nine months of 2024 versu
• $1.97 — or the first nine months of 2024 versus $1.97 for the first nine months of 2023. Retu
• $1,205,000 — 30, 2024, net interest income increased $1,205,000, and for the nine months ended Septembe
• $1,022,000 — 30, 2024, net interest income increased $1,022,000 from the same respective periods last y
• $159 million — n quarterly net interest income was the $159 million increase in average earning assets, whi
• $136 million — interest income was attributable to the $136 million increase in average earning assets, whi
• $920,000 — ovision for credit loss expense totaled $920,000, an increase of $32,000 from the same p
• $32,000 — xpense totaled $920,000, an increase of $32,000 from the same period last year. The qua
• $496,000 — d to quarter-to-date net charge-offs of $496,000 and to the establishment of a specific
• $427,000 — establishment of a specific reserve of $427,000 on a collateral dependent impaired loan
• $1,852,000 — 24, the provision for credit losses was $1,852,000, an increase of $451,000 from the same

Filing Documents

• sec8kearngsrels093024.htm (8-K) — 282KB
• 0000894671-24-000023.txt ( ) — 429KB
• ovbc-20241028.xsd (EX-101.SCH) — 4KB
• ovbc-20241028_lab.xml (EX-101.LAB) — 21KB
• ovbc-20241028_pre.xml (EX-101.PRE) — 16KB
• sec8kearngsrels093024_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 September 30, 2024, of $2,719,000, an increase of $468,000, or 20.8%, from the same period the prior year. Earnings per share for the third quarter of 2024 were $.58 compared to $.47 for the prior year third quarter. For the nine months ended September 30, 2024, net income totaled $8,484,000, a decrease of $924,000 from the same period the prior year. Earnings per share were $1.79 for the first nine months of 2024 versus $1.97 for the first nine months of 2023. Return on average assets and return on average equity were .81% and 7.80%, respectively, for the first nine months of 2024, compared to 1.00% and 9.21%, respectively, for the same period in the prior year. Ohio Valley Banc Corp. President and CEO, Larry Miller said, "All year, we have faced the challenging headwinds of an unfavorable interest rate environment and rising costs. Earlier in the year, I suggested that consistent, quality loan growth will be the key to meeting these challenges. And boy, did our bankers rise to the challenge by producing strong loan growth that exceeded expectations. This loan growth in conjunction with the successful roll out of the Sweet Home Ohio deposit account were key contributors to our 3rd quarter results. We look forward to a strong finish to 2024 as we maintain a laser focus on our Community First Mission." For the three months ended September 30, 2024, net interest income increased $1,205,000, and for the nine months ended September 30, 2024, net interest income increased $1,022,000 from the same respective periods last year. Contributing to the increase in quarterly net interest income was the $159 million increase in average earning assets, which was partially offset by a decrease in the net interest margin of 9 basis points. For the nine months ended September 30, 2024, the increase

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: October 28, 2024 By: /s/Larry E. Miller, II Larry E. Miller, II President and Chief Executive Officer