Ohio Valley Banc Corp. Files Q3 2024 10-Q
Ticker: OVBC · Form: 10-Q · Filed: Nov 14, 2024
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
OVBC's Q3 2024 10-Q is in. Financials for 9 months and Q3 detailed vs. last year.
AI Summary
Ohio Valley Banc Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including balance sheet items and income statements for the nine months and third quarter of 2024, compared to the same periods in 2023. Specific financial data points such as retained earnings, common stock, and accumulated other comprehensive income are provided for various dates throughout 2022, 2023, and 2024.
Why It Matters
This filing provides investors and analysts with the latest financial snapshot of Ohio Valley Banc Corp., crucial for understanding its performance and making informed investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
- 2024-11-14 — Filing Date (The date the report was officially submitted to the SEC.)
- 2023-09-30 — Prior Year Comparative Period End (Used for year-over-year financial comparisons.)
Key Players & Entities
- Ohio Valley Banc Corp. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-11-14 (date) — Filing date
- 2023-09-30 (date) — Comparative period end
FAQ
What were Ohio Valley Banc Corp.'s total assets as of September 30, 2024?
The filing does not explicitly state the total assets figure in the provided text snippet, but it does provide balance sheet information for various dates.
How did net income for the nine months ended September 30, 2024, compare to the same period in 2023?
The provided text snippet does not contain specific net income figures for comparison.
What is Ohio Valley Banc Corp.'s primary industry classification?
Ohio Valley Banc Corp. is classified under 'State Commercial Banks' with SIC code 6022.
When is Ohio Valley Banc Corp.'s fiscal year end?
Ohio Valley Banc Corp.'s fiscal year ends on December 31.
What is the company's principal business address?
The company's principal business address is 420 Third Ave, Gallipolis, OH 45631.
Filing Stats: 4,500 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-11-14 11:18:32
Filing Documents
- sec10q093024.htm (10-Q) — 3367KB
- exhibit41_093024.htm (EX-4.1) — 5KB
- exhibit311_093024.htm (EX-31.1) — 10KB
- exhibit312_093024.htm (EX-31.2) — 12KB
- exhibit32_093024.htm (EX-32) — 6KB
- 0000894671-24-000026.txt ( ) — 16632KB
- ovbc-20240930.xsd (EX-101.SCH) — 51KB
- ovbc-20240930_cal.xml (EX-101.CAL) — 104KB
- ovbc-20240930_def.xml (EX-101.DEF) — 346KB
- ovbc-20240930_lab.xml (EX-101.LAB) — 729KB
- ovbc-20240930_pre.xml (EX-101.PRE) — 516KB
- sec10q093024_htm.xml (XML) — 4793KB
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 47 Item 4.
Controls and Procedures
Controls and Procedures 47 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 47 Item 1A.
Risk Factors
Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 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) September 30, 2024 December 31, 2023 ASSETS Cash and noninterest-bearing deposits with banks $ 18,741 $ 14,252 Interest-bearing deposits with banks 63,463 113,874 Total cash and cash equivalents 82,204 128,126 Securities available for sale 271,187 162,258 Securities held to maturity, net of allowance for credit losses of $ 2 in 2024 and 2023 7,912 7,986 Restricted investments in bank stocks 5,007 5,037 Total loans 1,048,912 971,900 Less: Allowance for credit losses ( 9,919 ) ( 8,767 ) Net loans 1,038,993 963,133 Premises and equipment, net 21,443 21,450 Premises and equipment held for sale, net 512 573 Accrued interest receivable 4,841 3,606 Goodwill 7,319 7,319 Other intangible assets, net — 8 Bank owned life insurance and annuity assets 41,864 40,593 Operating lease right-of-use asset, net 1,068 1,205 Deferred tax assets 5,108 6,306 Other assets 6,565 4,535 Total assets $ 1,494,023 $ 1,352,135 LIABILITIES Noninterest-bearing deposits $ 315,961 $ 322,222 Interest-bearing deposits 945,459 804,914 Total deposits 1,261,420 1,127,136 Other borrowed funds 40,888 44,593 Subordinated debentures 8,500 8,500 Operating lease liability 1,068 1,205 Allowance for credit losses on off-balance sheet commitments 566 692 Other liabilities 29,428 26,002 Total liabilities 1,341,870 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 120,214 114,871 Accumulated other comprehensive income (loss) ( 7,194 ) ( 11,428 ) Treasury stock, at cost (2024