Wed, Aug 14, 5:24 PM (153 days ago)
For the quarter ending June 30, 2024, Ohio Valley Banc Corp reported a net income of $2,972, a decline from $3,249 in the same quarter of 2023. Earnings per share decreased to $0.63 from $0.68. Year-to-date net income also fell to $5,765 from $7,157 in 2023. The decrease in earnings was attributed to higher provisions for credit losses and increased noninterest expenses, which rose by $605 and $1,336, respectively. Despite a quarterly net interest income increase of $349, year-to-date net interest income decreased by $183 due to a declining net interest margin, which fell 29 basis points. Total assets grew to $1,403,317, driven by a $68,384 increase in loans, primarily in residential and commercial real estate. Total liabilities rose to $1,257,560, largely due to a $51,292 increase in deposits. The allowance for credit losses on loans increased to $9,431, reflecting a higher historical loss factor. The company’s efficiency ratio worsened to 73.4% from 71.9% year-over-year, indicating rising operational costs. Overall, while the company shows growth in assets and loans, profitability is under pressure from increased costs and credit provisions, highlighting uncertainties in future operations.