Ohio Valley Banc Corp. Reports 1st Quarter Earnings

Core Insights - Ohio Valley Banc Corp. reported a consolidated net income of $4,406,000 for Q1 2025, marking a 57.8% increase from the same period in the previous year [1] - Earnings per share rose to $0.94 in Q1 2025 from $0.58 in Q1 2024, with return on average assets at 1.20% and return on average equity at 11.82% [1][10] Financial Performance - Net interest income increased by $1,950,000 year-over-year, driven by growth in average earning assets and an improved net interest margin [2] - Average earning assets grew by $136 million, with $96 million in average securities and $68 million in average loans [2] - The net interest margin improved to 3.85% in Q1 2025 from 3.61% in Q1 2024, attributed to higher yields on earning assets and lower funding costs [3][10] Credit Quality - The provision for credit loss expense was $416,000, down $335,000 from the previous year, with nonperforming loans at 0.48% of total loans [4] - The allowance for credit losses was 0.97% of total loans as of March 31, 2025, compared to 0.93% a year earlier [4] Noninterest Income and Expenses - Noninterest income totaled $3,646,000, a slight decrease of $50,000 from the previous year, while noninterest expenses rose to $10,818,000, an increase of $77,000 [5] - Salaries and employee benefits decreased by 2.5% due to a voluntary early retirement program, offset by merit increases [5] Balance Sheet Highlights - Total assets increased to $1.513 billion, up $10 million from the end of 2024, primarily due to a $35 million rise in balances at the Federal Reserve [6][7] - Total deposits increased by $9 million, mainly in time deposits, while total shareholders' equity rose by $5.4 million [7][10]