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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
BASIS OF PRESENTATION
:
The accompanying consolidated financial statements include the accounts of Ohio Valley Banc Corp. (“Ohio Valley”) and its wholly-owned subsidiaries, The Ohio Valley Bank Company (the “Bank”), Loan Central, Inc. (“Loan Central”), a consumer finance company, Ohio Valley Financial Services Agency, LLC (“Ohio Valley Financial Services”), an insurance agency, and OVBC Captive, Inc. (“the Captive”), a limited purpose property and casualty insurance company. Ohio Valley and its subsidiaries are collectively referred to as the “Company”. All material intercompany accounts and transactions have been eliminated in consolidation.
 
These interim financial statements are prepared by the Company without audit and reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial position of the Company at
March
31,
2017,
and its results of operations and cash flows for the periods presented. The results of operations for the
three
months ended
March
31,
2017
are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending
December
31,
2017.
The accompanying consolidated financial statements do not purport to contain all the necessary financial disclosures required by U.S. generally accepted accounting principles (“US GAAP”) that might otherwise be necessary in the circumstances. The Annual Report of the Company for the year ended
December
31,
2016
contains consolidated financial statements and related notes which should be read in conjunction with the accompanying consolidated financial statements.
 
The consolidated financial statements for
2016
have been reclassified to conform to the presentation for
2017.
These reclassifications had no effect on the net results of operations or shareholders’ equity.
Use of Estimates, Policy [Policy Text Block]
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS:
The accounting and reporting policies followed by the Company conform to US GAAP established by the Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
Segment Reporting, Policy [Policy Text Block]
INDUSTRY SEGMENT INFORMATION:
Internal financial information is primarily reported and aggregated in
two
lines of business, banking and consumer finance.
Earnings Per Share, Policy [Policy Text Block]
EARNINGS PER SHARE
:
Earnings per share are computed based on net income divided by the weighted average number of common shares outstanding during the period. The weighted average common shares outstanding were
4,672,316
for the
three
months ended
March
31,
2017
and
4,127,666
for the
three
months ended
March
31,
2016.
Ohio Valley had
no
dilutive effect and no potential common shares issuable under stock options or other agreements for any period presented.
New Accounting Pronouncements, Policy [Policy Text Block]
NEW ACCOUNTING PRONOUNCEMENTS:
In
May
2014,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2014
-
09,
“Revenue from Contracts with Customers (Topic
606)”.
The ASU creates a new topic, Topic
606,
to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after
December
15,
2017,
with early adoption permitted on
January
1,
2017.
Adoption by the Company is not expected to have a material impact on the consolidated financial statements and related disclosures.
 
In
January
2016,
the FASB issued ASU No.
2016
-
01,
“Recognition and Measurement of Financial Assets and Financial Liabilities”. The update provides updated accounting and reporting requirements for both public and non-public entities. The most significant provisions that will impact the Company are:
1)
equity securities available for sale will be measured at fair value, with the changes in fair value recognized in the income statement;
2)
eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments at amortized cost on the balance sheet;
3)
utilization of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; and
4)
require separate presentation of both financial assets and liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The update will be effective for interim and annual periods beginning after
December
15,
2017,
using a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption. Early adoption is not permitted. Management is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.
 
In
February
2016,
the FASB issued an update (ASU
2016
-
02,
Leases) which will require lessees to record most leases on their balance sheet and recognize leasing expenses in the income statement. Operating leases, except for short-term leases that are subject to an accounting policy election, will be recorded on the balance sheet for lessees by establishing a lease liability and corresponding right-of-use asset. The guidance in this ASU will become effective for interim and annual reporting periods beginning after
December
15,
2018,
with early adoption permitted. Management is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.
 
In
June
2016,
the FASB issued ASU No.
2016
-
13,
“Financial Instruments - Credit Losses”. ASU
2016
-
13
requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after
December
15,
2019.
Early adoption is permitted, for annual periods and interim periods within those annual periods, beginning after
December
15,
2018.
 
Management is currently in the developmental stages, collecting available historical information, in order to assess the expected credit losses. However, the impact to the financial statements are still yet to be determined.
 
In
August
2016,
FASB issued an update (ASU
2016
-
15,
“Statement of Cash Flows”) (Topic
230),
which addresses
eight
specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update apply to all entities, including business entities and not-for-profit entities that are required to present a statement of cash flows, and are effective for public business entities for fiscal years beginning after
December
15,
2017,
and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Adoption by the Company is not expected to have a material impact on the consolidated financial statements and related disclosures.
 
In
January
2017,
the FASB issued an update (ASU
2017
-
04,
Intangibles – Goodwill and Other) which is intended to simplify the measurement of goodwill in periods following the date on which the goodwill is initially recorded. Under the amendments in this update, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. A public business entity that is a U.S. Securities and Exchange Commission filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after
December
15,
2019.
Adoption by the Company is not expected to have a material impact on the consolidated financial statements and related disclosures.