Ohio Valley Banc ( (OVBC) ) has released its Q4 earnings. Here is a breakdown of the information Ohio Valley Banc presented to its investors.
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Ohio Valley Banc Corp is a financial institution that operates within the banking sector, providing a range of banking services and products primarily focused on community banking.
In its latest earnings report, Ohio Valley Banc Corp highlighted a decrease in earnings per share and net income for both the quarter and full year ending December 31, 2024, compared to the previous year. This decline reflects the challenging economic conditions and increased interest expenses the company faced during the period.
Key financial metrics from the report include a decrease in earnings per share from $0.68 to $0.53 for the quarter, and from $2.65 to $2.32 for the full year. Net income also saw a decline, dropping from $3.223 million to $2.515 million for the quarter, and from $12.631 million to $10.999 million for the year. Despite these decreases, Ohio Valley Banc Corp maintained a steady dividend payout, reflecting the company’s commitment to returning value to its shareholders.
The report also noted an increase in the bank’s asset base, with total assets growing from $1.352 billion at the end of 2023 to $1.503 billion at the end of 2024. This growth was driven by an increase in total loans and securities available for sale, although offset by a reduction in cash and cash equivalents.
Looking ahead, Ohio Valley Banc Corp remains focused on navigating the economic landscape with a strategic approach to maintaining stability and growth. The management will continue to prioritize enhancing shareholder value and improving operational efficiencies in the coming year.