Ohio Valley Banc Corp. Reports 4th Quarter and Fiscal Year Earnings

Core Points - Ohio Valley Banc Corp reported a consolidated net income of $2,515,000 for Q4 2024, down $708,000 from the same period last year, with earnings per share decreasing to $0.53 from $0.68 [1] - For the full year 2024, net income totaled $10,999,000, a decrease of 12.9% from 2023, with earnings per share at $2.32 compared to $2.65 in 2023 [1] - The decrease in net income was attributed to two one-time expenses totaling $3.8 million, including a $3.3 million voluntary early retirement program and $496,000 in bonuses for new depositors [2] Financial Performance - Net interest income for Q4 2024 increased by $1,755,000, and for the full year, it rose by $2,777,000, driven by a $187 million increase in average earning assets [2] - Average loans increased by $86 million in 2024, primarily in commercial and residential real estate lending segments [2] - Noninterest income for Q4 2024 was $3,920,000, up $339,000 from the previous year, with total noninterest income for 2024 reaching $13,171,000, an increase of $542,000 [4] Expenses and Loss Provisions - Noninterest expense for Q4 2024 totaled $13,306,000, an increase of $3,004,000 from the same period last year, with salaries and employee benefits being the largest contributor [5][6] - The provision for credit losses for Q4 2024 was $617,000, a decrease of $72,000 from the previous year, while the full year provision increased to $2,469,000 [3] Asset and Equity Growth - Total assets as of December 31, 2024, were $1.503 billion, an increase of $151 million from the previous year, with total loans increasing by $90 million [8] - Shareholders' equity increased by $6.3 million from the previous year, primarily due to net income and an increase in accumulated other comprehensive income [8] Market Position and Strategy - The company is participating in the Ohio Homebuyer Plus program, which has contributed to the growth in deposits and the establishment of the Sweet Home Ohio deposit account [8] - The company has exited the indirect lending business for autos and recreational vehicles to focus on more profitable loan segments [8]