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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Section 2 – Financial Information
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Item 2.02. Results of Operations and Financial Condition
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OHIO VALLEY BANC CORP - Financial Highlights (Unaudited)
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||||||||||||||||
Three months ended
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Nine months ended
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|||||||||||||||
September 30,
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September 30,
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|||||||||||||||
2023
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2022
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2023
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2022
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|||||||||||||
PER SHARE DATA
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||||||||||||||||
Earnings per share
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$
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0.47
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$
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0.77
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$
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1.97
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$
|
2.06
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||||||||
Dividends per share
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$
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0.22
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$
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0.21
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$
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0.80
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$
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0.78
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||||||||
Book value per share
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$
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28.66
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$
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26.95
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$
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28.66
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$
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26.95
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||||||||
Dividend payout ratio (a)
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46.68
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%
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27.16
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%
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40.60
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%
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37.88
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%
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||||||||
Weighted average shares outstanding
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4,775,308
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4,771,774
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4,775,103
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4,768,246
|
||||||||||||
DIVIDEND REINVESTMENT (in 000's)
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||||||||||||||||
Dividends reinvested under
|
||||||||||||||||
employee stock ownership plan (b)
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$
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-
|
$
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-
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$
|
193
|
$
|
154
|
||||||||
Dividends reinvested under
|
||||||||||||||||
dividend reinvestment plan (c)
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$
|
397
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$
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516
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$
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1,544
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$
|
1,741
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||||||||
PERFORMANCE RATIOS
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||||||||||||||||
Return on average equity
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6.46
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%
|
11.00
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%
|
9.21
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%
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9.56
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%
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||||||||
Return on average assets
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0.70
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%
|
1.15
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%
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1.00
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%
|
1.04
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%
|
||||||||
Net interest margin (d)
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3.85
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%
|
4.03
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%
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4.03
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%
|
3.73
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%
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||||||||
Efficiency ratio (e)
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73.62
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%
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70.95
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%
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70.28
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%
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72.30
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%
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||||||||
Average earning assets (in 000's)
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$
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1,186,548
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$
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1,177,124
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$
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1,166,889
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$
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1,173,118
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||||||||
(a) Total dividends paid as a percentage of net income.
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||||||||||||||||
(b) Shares may be purchased from OVBC and on secondary market.
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||||||||||||||||
(c) Shares may be purchased from OVBC and on secondary market.
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||||||||||||||||
(d) Fully tax-equivalent net interest income as a percentage of average earning assets.
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||||||||||||||||
(e) Noninterest expense as a percentage of fully tax-equivalent net interest income plus noninterest income.
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||||||||||||||||
OHIO VALLEY BANC CORP - Consolidated Statements of Income (Unaudited)
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||||||||||||||||
Three months ended
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Nine months ended
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|||||||||||||||
(in $000's)
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September 30,
|
September 30,
|
||||||||||||||
2023
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2022
|
2023
|
2022
|
|||||||||||||
Interest income:
|
||||||||||||||||
Interest and fees on loans
|
$
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14,299
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$
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10,984
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$
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39,868
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$
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30,802
|
||||||||
Interest and dividends on securities
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1,032
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1,032
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3,177
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2,806
|
||||||||||||
Interest on interest-bearing deposits with banks
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601
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516
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1,698
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802
|
||||||||||||
Total interest income
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15,932
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12,532
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44,743
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34,410
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
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4,058
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504
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8,981
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1,530
|
||||||||||||
Borrowings
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498
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183
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1,050
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492
|
||||||||||||
Total interest expense
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4,556
|
687
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10,031
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2,022
|
||||||||||||
Net interest income
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11,376
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11,845
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34,712
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32,388
|
||||||||||||
Provision for (recovery of) credit losses
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888
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(378
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)
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1,401
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(691
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)
|
||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
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714
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662
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1,978
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1,815
|
||||||||||||
Trust fees
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79
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80
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247
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247
|
||||||||||||
Income from bank owned life insurance and
|
||||||||||||||||
annuity assets
|
219
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205
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637
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674
|
||||||||||||
Mortgage banking income
|
42
|
185
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133
|
640
|
||||||||||||
Electronic refund check/deposit fees
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0
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0
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675
|
675
|
||||||||||||
Debit / credit card interchange income
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1,285
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1,291
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3,673
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3,603
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||||||||||||
Tax preparation fees
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3
|
3
|
667
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741
|
||||||||||||
Other
|
226
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189
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1,038
|
576
|
||||||||||||
Total noninterest income
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2,568
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2,615
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9,048
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8,971
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
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5,909
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5,867
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17,634
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17,120
|
||||||||||||
Occupancy
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493
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517
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1,440
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1,419
|
||||||||||||
Furniture and equipment
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351
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296
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979
|
841
|
||||||||||||
Professional fees
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430
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418
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1,296
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1,405
|
||||||||||||
Marketing expense
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241
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260
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723
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718
|
||||||||||||
FDIC insurance
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141
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80
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421
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250
|
||||||||||||
Data processing
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737
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776
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2,183
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2,136
|
||||||||||||
Software
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621
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561
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1,771
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1,620
|
||||||||||||
Foreclosed assets
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6
|
11
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15
|
48
|
||||||||||||
Amortization of intangibles
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5
|
8
|
18
|
28
|
||||||||||||
Other
|
1,445
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1,553
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4,586
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4,573
|
||||||||||||
Total noninterest expense
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10,379
|
10,347
|
31,066
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30,158
|
||||||||||||
Income before income taxes
|
2,677
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4,491
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11,293
|
11,892
|
||||||||||||
Income taxes
|
426
|
801
|
1,885
|
2,078
|
||||||||||||
NET INCOME
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$
|
2,251
|
$
|
3,690
|
$
|
9,408
|
$
|
9,814
|
OHIO VALLEY BANC CORP - Consolidated Balance Sheets (Unaudited)
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||||||||
(in $000's, except share data)
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September 30,
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December 31,
|
||||||
2023
|
2022
|
|||||||
ASSETS
|
||||||||
Cash and noninterest-bearing deposits with banks
|
$
|
15,929
|
$
|
14,330
|
||||
Interest-bearing deposits with banks
|
75,261
|
31,660
|
||||||
Total cash and cash equivalents
|
91,190
|
45,990
|
||||||
Certificates of deposit in financial institutions
|
0
|
1,862
|
||||||
Securities available for sale
|
166,842
|
184,074
|
||||||
Securities held to maturity, net of allowance for credit losses of $2 in 2023 and $0 in 2022;
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8,946
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9,226
|
||||||
(estimated fair value: 2023 - $7,929; 2022 - $8,460)
|
||||||||
Restricted investments in bank stocks
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5,062
|
5,953
|
||||||
Total loans
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961,222
|
885,049
|
||||||
Less: Allowance for credit losses
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(8,173
|
)
|
(5,269
|
)
|
||||
Net loans
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953,049
|
879,780
|
||||||
Premises and equipment, net
|
21,351
|
20,436
|
||||||
Premises and equipment held for sale, net
|
578
|
593
|
||||||
Accrued interest receivable
|
3,743
|
3,112
|
||||||
Goodwill
|
7,319
|
7,319
|
||||||
Other intangible assets, net
|
11
|
29
|
||||||
Bank owned life insurance and annuity assets
|
40,478
|
39,627
|
||||||
Operating lease right-of-use asset, net
|
1,251
|
1,294
|
||||||
Deferred tax assets
|
7,050
|
6,266
|
||||||
Other assets
|
7,082
|
5,226
|
||||||
Total assets
|
$
|
1,313,952
|
$
|
1,210,787
|
||||
LIABILITIES
|
||||||||
Noninterest-bearing deposits
|
$
|
326,545
|
$
|
354,413
|
||||
Interest-bearing deposits
|
768,995
|
673,242
|
||||||
Total deposits
|
1,095,540
|
1,027,655
|
||||||
Other borrowed funds
|
45,751
|
17,945
|
||||||
Subordinated debentures
|
8,500
|
8,500
|
||||||
Operating lease liability
|
1,251
|
1,294
|
||||||
Allowance for credit losses on off-balance sheet commitments
|
643
|
0
|
||||||
Other liabilities
|
25,474
|
20,365
|
||||||
Total liabilities
|
1,177,159
|
1,075,759
|
||||||
SHAREHOLDERS' EQUITY
|
||||||||
Common stock ($1.00 stated value per share, 10,000,000 shares authorized;
|
||||||||
2023 - 5,470,453 shares issued; 2022 - 5,465,707 shares issued)
|
5,470
|
5,465
|
||||||
Additional paid-in capital
|
51,842
|
51,722
|
||||||
Retained earnings
|
112,699
|
109,320
|
||||||
Accumulated other comprehensive income (loss)
|
(16,470
|
)
|
(14,813
|
)
|
||||
Treasury stock, at cost (2023 - 697,321 shares, 2022 - 693,933 shares)
|
(16,748
|
)
|
(16,666
|
)
|
||||
Total shareholders' equity
|
136,793
|
135,028
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,313,952
|
$
|
1,210,787
|
OHIO VALLEY BANC CORP.
|
|||
Date:
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October 26, 2023
|
By:
|
/s/Larry E. Miller |
Larry E. Miller
President and Chief Executive Officer
|