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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. (OVBC) announced on April 18, 2023, that its Board of Directors has declared a cash dividend of $0.22 per common share. This cash dividend will be payable on May 10, 2023, to shareholders who are on record as of the close of business on April 28, 2023.
Chairman Tom Wiseman expressed enthusiasm about delivering this increased quarterly dividend, emphasizing the company's commitment to reward loyal shareholders while navigating upcoming challenges and opportunities. Ohio Valley Banc Corp. operates The Ohio Valley Bank Company, which has 17 branches in Ohio and West Virginia, and Loan Central, Inc., with six finance offices in Ohio.
Ohio Valley Banc Corp. (OVBC) reported a 53.0% increase in consolidated net income for Q4 2022, totaling $3,524,000, with earnings per share rising to $.74 from $.48 in Q4 2021. For the year, net income reached $13,338,000, a 13.7% increase, with EPS growing to $2.80 from $2.45. The net interest margin improved to 4.38% in Q4, up from 3.51% in Q1 2022, attributed to higher market interest rates. Noninterest income rose to $10,162,000 for the year, while total assets decreased by $39 million to $1.211 billion as of December 31, 2022.
Ohio Valley Banc Corp. (OVBC) announced a cash dividend of $0.21 per common share, payable on Feb. 10, 2023, to shareholders of record as of Jan. 27, 2023. This reflects OVBC's commitment to providing consistent quarterly dividends. The company celebrated its 150th anniversary in 2022 and emphasized its strength and readiness for upcoming opportunities, as stated by Chairman Tom Wiseman.
Ohio Valley Banc operates The Ohio Valley Bank with 17 locations in Ohio and West Virginia, and Loan Central, Inc., which manages six offices in Ohio.
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