Ohio Valley Banc Corp. Reports 2024 Year-End Financials

TL;DR

OVBC dropped its 2024 year-end earnings report, check it out.

AI Summary

Ohio Valley Banc Corp. filed an 8-K on January 28, 2025, to report its financial results for the period ending December 31, 2024. The filing includes an earnings release detailing the company's performance.

Why It Matters

This filing provides investors with the official financial results for Ohio Valley Banc Corp. for the fiscal year ending December 31, 2024, allowing for analysis of the company's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine financial reporting event with no immediate indication of significant risk.

Key Players & Entities

• OHIO VALLEY BANC CORP (company) — Registrant
• January 28, 2025 (date) — Date of Report
• December 31, 2024 (date) — Period of Report
• Gallipolis, Ohio (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $2,515,000 — the quarter ended December 31, 2024, of $2,515,000, a decrease of $708,000 from the same p
• $708,000 — 31, 2024, of $2,515,000, a decrease of $708,000 from the same period the prior year. Ea
• $10,999,000 — d December 31, 2024, net income totaled $10,999,000, a decrease of $1,632,000, or 12.9%, fr
• $1,632,000 — come totaled $10,999,000, a decrease of $1,632,000, or 12.9%, from the same period the pri
• $2.32 — the prior year. Earnings per share were $2.32 for 2024 versus $2.65 for 2023. Return
• $2.65 — gs per share were $2.32 for 2024 versus $2.65 for 2023. Return on average assets and
• $3.3 million — The largest of the two expenses was the $3.3 million associated with the voluntary early ret
• $496,000 — ram. The other one-time expense was the $496,000 in account bonuses paid to new Sweet Ho
• $1,755,000 — 31, 2024, net interest income increased $1,755,000, and for the year ended December 31, 20
• $2,777,000 — 31, 2024, net interest income increased $2,777,000 from the same respective periods last y
• $187 million — n quarterly net interest income was the $187 million increase in average earning assets. For
• $149 million — interest income was attributable to the $149 million increase in average earning assets, whi
• $86 million — erve. For 2024, average loans increased $86 million from the prior year. The loan growth ex
• $36 million — For 2024, average securities increased $36 million and average balances maintained at the
• $28 million — tained at the Federal Reserve increased $28 million from the prior year. These increases we

Filing Documents

• sec8kearngsrels123124.htm (8-K) — 287KB
• 0000894671-25-000003.txt ( ) — 435KB
• ovbc-20250128.xsd (EX-101.SCH) — 4KB
• ovbc-20250128_lab.xml (EX-101.LAB) — 21KB
• ovbc-20250128_pre.xml (EX-101.PRE) — 16KB
• sec8kearngsrels123124_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 December 31, 2024, of $2,515,000, a decrease of $708,000 from the same period the prior year. Earnings per share for the fourth quarter of 2024 were $.53 compared to $.68 for the prior year fourth quarter. For the year ended December 31, 2024, net income totaled $10,999,000, a decrease of $1,632,000, or 12.9%, from the same period the prior year. Earnings per share were $2.32 for 2024 versus $2.65 for 2023. Return on average assets and return on average equity were .77% and 7.50%, respectively, for the year ended December 31, 2024, compared to .99% and 9.24%, respectively, for the same period in the prior year. Ohio Valley Banc Corp. President and CEO, Larry Miller stated, "While it is never enjoyable to report lower net income, given all that was accomplished in 2024, I am quite pleased with how the company is positioned for future success. Net income was down primarily due to two one-time expenses that management knowingly accepted to put the company in a more favorable position as we look to the future. The largest of the two expenses was the $3.3 million associated with the voluntary early retirement program. The other one-time expense was the $496,000 in account bonuses paid to new Sweet Home Ohio depositors. Both of these expenses are part of a broader strategy to improve shareholder value and further our Community First Mission." For the three months ended December 31, 2024, net interest income increased $1,755,000, and for the year ended December 31, 2024, net interest income increased $2,777,000 from the same respective periods last year. Contributing to the increase in quarterly net interest income was the $187 million increase in average earning assets. For the year ended December 31, 2024, the increase in net interest income was attributable to the $149 million 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: January 28, 2025 By: /s/Larry E. Miller, II Larry E. Miller, II President and Chief Executive Officer