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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 robust financial performance for Q3 2021, with net income of $3,036,000, a 32.3% increase year-over-year. Earnings per share rose to $0.63 from $0.48. For the first nine months, net income surged 69.6% to $9,428,000, with EPS of $1.97 vs. $1.16. Notable growth in net interest income and commercial loan demand, especially in Pike and Athens counties, was observed. However, net interest margin declined to 3.62%, down from 4.04%. Total assets increased to $1.245 billion, with deposits growing by $58 million, driven partly by stimulus payments.
On October 19, 2021, Ohio Valley Banc Corp. (OVBC) declared a cash dividend of $0.21 per common share, payable on November 10, 2021. Shareholders on record as of October 29, 2021 will benefit from this consistent quarterly dividend. In addition, the company opened a new branch in August and launched Race Day Mortgage, an online-only subsidiary for consumer direct mortgages. These developments underscore OVBC's commitment to growth and community banking in the Mason County area.
Ohio Valley Bank announces the launch of Race Day Mortgage, an online consumer direct mortgage subsidiary. This new service aims to streamline the mortgage process, offering quick loan approvals and personalized support through digital channels. Currently operational in states like Ohio, Tennessee, and Florida, Race Day Mortgage plans to expand nationwide. Led by Bryan Stepp and experienced lending professional Lisa Burke, the company focuses on both new mortgages and refinancing options, enhancing Ohio Valley Bank's service portfolio.
On August 18, 2021, Thomas E. Wiseman, Chairman and CEO, announced Ed Roberts' election to the Boards of Directors of Ohio Valley Banc Corp. (OVBC) and Ohio Valley Bank. His term starts on September 1, filling the position vacated by Harold Howe. Roberts, a co-owner of OakBridge Financial Partners, has over 21 years of financial advisory experience. He is ranked in the top 9% of advisors at LPL Financial. OVB, which operates 16 offices in Ohio and West Virginia, recently opened its Point Pleasant North Office.
Ohio Valley Banc Corp. (OVBC) reported a consolidated net income of $2,861,000 for Q2 2021, a 26.4% increase year-over-year. Earnings per share rose to $0.60 from $0.47. For the first half of 2021, net income was $6,392,000, a 95.8% increase compared to the same timeframe in 2020. Return on average assets was 1.06%, with a return on average equity of 9.39%. Total assets reached $1.237 billion, bolstered by a $61 million increase in securities. However, the net interest margin decreased to 3.65% from 4.13% due to lower interest rates.
Ohio Valley Banc Corp. (OVBC) has authorized a $5 million stock buyback program, allowing for the periodic repurchase of its outstanding common shares. These repurchases will depend on market conditions and may occur in the open market or through private transactions. The shares repurchased will be held as treasury stock for general corporate purposes. This program is set to expire on August 31, 2022, and can be amended or terminated by the Board at any time.
Ohio Valley Banc Corp. (Nasdaq: OVBC) declared a cash dividend of $0.21 per common share on July 20, 2021, payable on August 10, 2021, to shareholders of record as of July 30, 2021. This represents a consistent quarterly dividend, showcasing the company's commitment to returning value to its shareholders. The announcement coincides with the launch of a new website and the upcoming opening of a drive-thru location in Point Pleasant, W.Va. Ohio Valley Banc operates several subsidiaries, including Ohio Valley Bank and Loan Central, further solidifying its footprint in the region.
Ohio Valley Banc Corp. has elected K. Ryan Smith to its Board of Directors effective July 1, 2021. Chairman Thomas E. Wiseman commended Smith's leadership skills, stating his extensive experience will enhance the company's strategic direction. Smith, president of the University of Rio Grande, is notable for his 23 years in the business and investment sectors, along with a background in Ohio's legislature, where he sponsored state budgets totaling $70 billion. He fills the position of Jeff Smith, who retired in May 2020.
Ohio Valley Banc Corp. (OVBC) reported a strong Q1 2021 with net income of $3.53 million, up from $1.0 million in Q1 2020. Earnings per share surged to $0.74 from $0.21. Improvements in return on assets (1.20%) and return on equity (10.47%) reflect effective management amid post-pandemic recovery. Despite a $44,000 increase in net interest income and a notable rise in average loans by $72 million, net interest margin decreased to 3.73%. Noninterest income fell to $3.34 million, down from $4.44 million, primarily due to a prior-year settlement. Total assets reached $1.225 billion, up 3.2%.
On April 20, 2021, Ohio Valley Banc Corp. (OVBC) declared a cash dividend of $0.21 per common share, payable on May 10, 2021, to shareholders of record by April 30, 2021. The company emphasizes its commitment to maintaining regular quarterly dividends. CEO Tom Wiseman expressed gratitude to customers and shareholders for their support during challenging times. Additionally, Ohio Valley Bank is preparing to award $3,000 scholarships and plans community events for the summer and fall.
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