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Ohio Valley Banc Corp. (NASDAQ: OVBC) is a distinguished financial holding company headquartered in Gallipolis, Ohio. Established in 1872, Ohio Valley Bank operates fourteen offices in Southern Ohio and Western West Virginia, making it a cornerstone of the regional banking community. As a full-service financial institution, the bank provides a comprehensive range of commercial and consumer banking services.
Ohio Valley Bank is renowned for pioneering numerous banking innovations in its region. Notably, it was the first in Gallia County to introduce ATMs, in-store branches, Sunday and holiday banking, as well as internet and mobile banking. The bank's services encompass the acceptance of deposits in various forms such as checking, savings, time, and money market accounts. Additionally, it offers a wide array of loan products, including personal, commercial, student, construction, and real estate loans. Other services include individual retirement accounts, safe deposit boxes, wire transfers, and standard banking amenities.
The bank's operations are segmented into two primary areas: Banking and Consumer Finance, with the majority of its revenue stemming from the Banking segment. The parent company, Ohio Valley Banc Corp., also owns Loan Central, Inc., which operates six consumer finance offices in Ohio, and Race Day Mortgage, Inc., which specializes in online consumer direct mortgage services.
Ohio Valley Banc Corp. has a strong commitment to community engagement, regularly hosting customer appreciation events and participating in local county fairs. Recent achievements include the opening of a new, renovated office in Waverly, emphasizing the company's dedication to enhancing customer experience.
The financial health of Ohio Valley Banc Corp. remains robust. For the quarter ended December 31, 2023, the company reported a consolidated net income of $3,223,000, and for the year ended December 31, 2023, net income totaled $12,631,000. The bank's total assets as of the same date were $1.352 billion, an 11.7% increase from the previous year. The allowance for credit losses was .90% of total loans, showcasing prudent financial management.
The company's stock buyback program, extended to August 31, 2024, reflects its commitment to enhancing shareholder value. As of August 15, 2023, approximately $984,000 in common stock had been repurchased under this program.
Ohio Valley Banc Corp. is publicly traded on the NASDAQ Global Market under the symbol OVBC. With a legacy of over 150 years, the company continues to innovate and serve its community, upholding a tradition of excellence in financial services.
Ohio Valley Banc Corp. (Nasdaq: OVBC) has declared a cash dividend of $0.22 per common share, payable on Nov. 10, 2024, to shareholders of record as of Oct. 25, 2024. The announcement was made by the company's Board of Directors on Oct. 15, 2024.
Tom Wiseman, OVBC Chairman of the Board, expressed pride in the company's bankers and their commitment to the Community First mission. He noted the strong performance over the first three quarters of 2024 and anticipated a strong finish to the year.
Ohio Valley Banc Corp., based in Gallipolis, Ohio, owns The Ohio Valley Bank Company with 17 offices in Ohio and West Virginia, as well as Loan Central, Inc., which operates six consumer finance offices in Ohio.
Ohio Valley Banc Corp. (OVBC) has extended its stock buyback program to August 31, 2025. The program, initially approved in 2021, allows for the repurchase of up to $5 million in outstanding common stock. As of August 21, 2024, OVBC had already repurchased approximately $2,967,000 in common stock. The Board of Directors authorized this extension, maintaining the original terms of the program. The buyback initiative can be terminated or amended by the Board at any time before the new expiration date.
Ohio Valley Banc Corp. [Nasdaq: OVBC] reported Q2 2024 consolidated net income of $2,972,000, down $277,000 from Q2 2023. Earnings per share decreased to $0.63 from $0.68 year-over-year. For H1 2024, net income was $5,765,000, a 19.4% decline from H1 2023, with EPS falling to $1.21 from $1.50. Return on average assets and equity for H1 2024 were 0.84% and 8.01%, respectively, down from 1.16% and 10.63% in H1 2023.
The company faced challenges from a difficult interest rate environment and rising inflation-related costs. Q2 net interest income increased by $349,000, while H1 net interest income decreased by $183,000 year-over-year. The allowance for credit losses was 0.91% of total loans as of June 30, 2024. Total assets reached $1.403 billion, up $51 million from December 31, 2023, with loan balances increasing by $68 million.
Ohio Valley Banc Corp. (OVBC) has declared a cash dividend of $0.22 per common share, payable on Aug. 10, 2024, to shareholders of record as of July 26, 2024. Tom Wiseman, OVBC Chairman, expressed satisfaction with the company's performance in the first half of 2024, enabling this quarterly dividend. He emphasized their Community First mission and encouraged others to become shareholders.
OVBC, based in Gallipolis, Ohio, owns The Ohio Valley Bank Company with 17 offices in Ohio and West Virginia, and Loan Central, Inc., with six consumer finance offices in Ohio. The company continues to focus on community engagement and customer appreciation events.
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