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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) reported a consolidated net income of $3.69 million for Q3 2022, marking a 21.5% increase from the previous year, with earnings per share rising to $0.77 from $0.63. For the first nine months of 2022, net income reached $9.81 million, a 4.1% increase. Net interest income grew by $1.49 million in Q3, driven by a higher net interest margin of 4.03%. Noninterest expenses increased by $878,000 in Q3, largely due to rising salaries and operational expenses. Total assets were $1.252 billion, with total deposits up $14 million but shareholders' equity down by $13 million.
Ohio Valley Banc Corp. (Nasdaq: OVBC) has announced a cash dividend of $0.21 per common share, payable on Nov. 10, 2022. Shareholders of record as of Oct. 28, 2022 will receive this dividend, continuing the company’s tradition of regular quarterly payments. This announcement coincides with the bank’s 150th anniversary and the recent opening of a new branch in Ironton, Ohio, reinforcing its commitment to community banking.
Ohio Valley Banc Corp. (OVBC) announced the extension of its stock buyback program until August 31, 2023, originally set to expire this year. The program allows for the repurchase of up to $5 million in shares. As of August 17, 2022, approximately $954,000 in common stock had already been repurchased. The company emphasizes that there are no changes to the program besides the extension, which reflects a commitment to enhancing shareholder value.
Ohio Valley Banc Corp. (OVBC) reported a net income of $1,999,000 for Q2 2022, down $862,000 year-over-year, with EPS declining to $0.42 from $0.60. For the first half, net income totaled $6,124,000, a 4.2% decrease. While net interest income rose by $338,000 in Q2, the net interest margin fell to 3.58% due to a shift in asset composition. Noninterest expense increased by 7.2% in the first half, driven by staffing costs and software expenses. Total assets reached $1.254 billion, while shareholders' equity declined by $9 million, reflecting a fair value adjustment on securities.
On July 19, 2022, Ohio Valley Banc Corp. (OVBC) declared a cash dividend of $0.21 per common share, payable on August 10, 2022. Shareholders of record as of the close of business on July 29, 2022 will receive this dividend. This marks the fourth dividend of the year, including a special 150th Anniversary Dividend. The company is also expanding its presence with a new Ironton Office set to open later this summer, reinforcing its commitment to growth and shareholder returns.
Ohio Valley Banc Corp. (Nasdaq: OVBC) held its Annual Shareholders Meeting on May 18, 2022, where significant leadership changes were announced. Larry E. Miller, II, was promoted to CEO, while Ryan J. Jones became COO. The board also declared a special dividend of $0.15 per common share, payable on June 10, 2022, to shareholders of record by May 31, 2022, celebrating the bank's 150th anniversary. This special dividend is in addition to regular dividends already paid this year.
Ohio Valley Banc Corp. (OVBC) reported a consolidated net income of $4.13 million for Q1 2022, up 16.8% year-over-year. The earnings per share rose to $0.87, from $0.74 a year earlier. The bank's return on average assets and equity improved to 1.34% and 11.78%, respectively. However, net interest income fell by $58,000, with a net interest margin of 3.51%, down from 3.73%. Noninterest income increased by 10.3%, while noninterest expenses rose by 6.5% due to higher staffing costs and data processing expenses.
On April 19, 2022, Ohio Valley Banc Corp. (OVBC) announced a cash dividend of $0.21 per share, payable on May 10, 2022, for shareholders of record by April 29, 2022. The company emphasizes its commitment to remain an independent community bank and recently opened the Community First Conference Center in Gallipolis, Ohio, as part of its community-focused mission. Additionally, OVBC plans to award $3,000 scholarships and celebrate its 150th anniversary this fall, reflecting ongoing community engagement.
Ohio Valley Banc Corp. (OVBC) reported a fourth-quarter net income of $2.3 million for Q4 2021, a decline of $2.4 million year-over-year. EPS decreased to $0.48 from $0.98. However, the annual net income for 2021 rose to $11.7 million, a 14.4% increase, with EPS at $2.45 versus $2.14 in 2020. Total assets reached $1.25 billion, up $63 million from 2020. The company saw an increase in net interest income and a significant growth in average earning assets. Nonetheless, net interest margin decreased from 3.97% to 3.61% due to lower market rates.
Ohio Valley Banc Corp. (Nasdaq: OVBC) declared a cash dividend of $0.21 per common share, payable on Feb. 10, 2022, for shareholders on record as of Jan. 28, 2022. This reflects the company's commitment to consistent, quarterly dividends. Despite pandemic challenges, OVBC opened a new branch in Mason County and launched Race Day Mortgage, enhancing service capabilities. The CEO emphasizes community focus and shareholder support as integral to the bank's ongoing growth strategy.
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