Welcome to our dedicated page for Ohio Valley Banc news (Ticker: OVBC), a resource for investors and traders seeking the latest updates and insights on Ohio Valley Banc stock.
Overview
Ohio Valley Banc (OVBC) is a longstanding financial institution with a heritage dating back to 1872. As a financial holding company, it operates a full-service bank that delivers a wide range of commercial and consumer banking services across southeastern Ohio and western West Virginia. With its headquarters in Gallipolis, Ohio, the institution is distinguished by its pioneering approach to banking innovations including early adoption of ATMs, extended branch hours, and cutting-edge digital banking solutions.
Services and Operations
Ohio Valley Bank offers an extensive suite of banking products and services that cater to both individual consumers and local businesses. Its service offerings include:
- Deposit Services: Customers can access various checking, savings, time, and money market accounts designed to meet personal and business needs.
- Loan Products: The bank provides a diversified mix of lending products such as personal loans, commercial loans, student loans, construction loans, and real estate financing.
- Digital Banking Solutions: Embracing technology, Ohio Valley Bank was among the first to offer online and mobile banking, providing secure digital access and innovative financial tools.
- Additional Services: The institution also offers individual retirement accounts, safe deposit boxes, and wire transfers among other standard banking products.
Banking Innovations and Community Focus
Ohio Valley Banc is renowned in its region for introducing multiple banking 'firsts'. This culture of innovation underlines its dedication not only to staying ahead in digital transformation but also to creating an inclusive and accessible banking environment for its local community. The bank emphasizes community engagement through initiatives that prioritize customer needs while reinforcing financial stability and local economic growth.
Market Position and Competitive Edge
Operating as a regional bank, Ohio Valley Banc holds a significant position in the local financial services market. Its longstanding history combined with a commitment to modern banking technology allows it to maintain competitiveness despite market challenges. The bank’s ability to serve both commercial and consumer segments—through its structured Banking and Consumer Finance divisions—enables it to adapt to the diverse financial needs of its clientele. Its robust operational structure, anchored in deep community ties and continuous innovation, differentiates it from other market players.
Operational Excellence and Industry Expertise
The institution maintains operational excellence through an efficient management team and a clear strategic focus on quality loan growth and premium customer service. By balancing traditional financial methods with modern digital banking, Ohio Valley Banc not only secures its own financial stability but also fortifies its reputation as a trusted regional bank offering reliable and innovative financial solutions.
Overall, Ohio Valley Banc stands as a quintessential example of a regional financial institution that has successfully blended tradition with progress. Its comprehensive portfolio of services, commitment to pioneering digital advancements, and rooted community engagement make it a key player in the regional banking sector.
Ohio Valley Banc Corp. (NASDAQ: OVBC) reported Q4 2024 consolidated net income of $2,515,000, down $708,000 from Q4 2023. Full-year 2024 net income was $10,999,000, a 12.9% decrease from 2023. Earnings per share decreased to $2.32 in 2024 from $2.65 in 2023.
The company's performance was impacted by two significant one-time expenses: $3.3 million for a voluntary early retirement program and $496,000 in account bonuses for new Sweet Home Ohio depositors. Net interest income increased by $2,777,000 for the year, driven by loan growth and increased securities. Total assets reached $1.503 billion, up $151 million from 2023, with total loans increasing by $90 million, primarily in commercial and residential real estate segments.
The allowance for credit losses was 0.95% of total loans, with nonperforming loans ratio increasing to 0.46%. Return on average assets and equity were 0.77% and 7.50% respectively for 2024.
Ohio Valley Banc Corp. (NASDAQ: OVBC) has announced a quarterly cash dividend of $0.22 per common share. The dividend will be payable on February 10, 2025, to shareholders of record as of January 24, 2025.
Tom Wiseman, OVBC Chairman of the Board, expressed confidence in the company's bankers' ability to capitalize on opportunities and overcome challenges in 2025, while maintaining their Community First mission. The company operates through The Ohio Valley Bank Company, which has 17 offices across Ohio and West Virginia, and Loan Central, Inc., with six consumer finance offices in Ohio.
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.
FAQ
What is the current stock price of Ohio Valley Banc (OVBC)?
What is the market cap of Ohio Valley Banc (OVBC)?
What services does Ohio Valley Banc offer?
Where is Ohio Valley Banc primarily located?
How does Ohio Valley Banc differentiate itself from competitors?
What types of loans are available at Ohio Valley Banc?
How does Ohio Valley Banc integrate digital banking into its services?
What is the historical significance of Ohio Valley Banc?
What are the primary business segments of the company?
How does Ohio Valley Banc support its local community?
