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. (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.
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.
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