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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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||||||||||||||||
March 31,
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||||||||||||||||
2021
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2020
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|||||||||||||||
PER SHARE DATA
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||||||||||||||||
Earnings per share
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$
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0.74
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$
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0.21
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||||||||||||
Dividends per share
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$
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0.21
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$
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0.21
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||||||||||||
Book value per share
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$
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28.77
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$
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27.26
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||||||||||||
Dividend payout ratio (a)
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28.47
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%
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100.34
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%
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||||||||||||
Weighted average shares outstanding
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4,787,446
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4,787,446
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||||||||||||||
DIVIDEND REINVESTMENT (in 000's)
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||||||||||||||||
Dividends reinvested under
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||||||||||||||||
employee stock ownership plan (b)
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$
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188
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$
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154
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||||||||||||
Dividends reinvested under
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||||||||||||||||
dividend reinvestment plan (c)
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$
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425
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$
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372
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||||||||||||
PERFORMANCE RATIOS
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||||||||||||||||
Return on average equity
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10.47
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%
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3.14
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%
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||||||||||||
Return on average assets
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1.20
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%
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0.40
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%
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||||||||||||
Net interest margin (d)
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3.73
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%
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4.34
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%
|
||||||||||||
Efficiency ratio (e)
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68.03
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%
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65.42
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%
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||||||||||||
Average earning assets (in 000's)
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$
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1,105,984
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$
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936,008
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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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(in $000's)
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March 31,
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|||||||||||||||
2021
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2020
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|||||||||||||||
Interest income:
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||||||||||||||||
Interest and fees on loans
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$
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$
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10,565
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$
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10,873
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|||||||||||
Interest and dividends on securities
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533
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750
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||||||||||||||
Interest on interest-bearing deposits with banks
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28
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162
|
||||||||||||||
Total interest income
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11,126
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11,785
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||||||||||||||
Interest expense:
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||||||||||||||||
Deposits
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883
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1,509
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||||||||||||||
Borrowings
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195
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272
|
||||||||||||||
Total interest expense
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1,078
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1,781
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||||||||||||||
Net interest income
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10,048
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10,004
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||||||||||||||
Provision for (recovery of) loan losses
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)
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(52
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)
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3,846
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||||||||||||
Noninterest income:
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||||||||||||||||
Service charges on deposit accounts
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405
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493
|
||||||||||||||
Trust fees
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72
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68
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||||||||||||||
Income from bank owned life insurance and
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||||||||||||||||
annuity assets
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248
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217
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||||||||||||||
Mortgage banking income
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179
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90
|
||||||||||||||
Electronic refund check/deposit fees
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540
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----
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||||||||||||||
Debit / credit card interchange income
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1,050
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943
|
||||||||||||||
Gain (loss) on other real estate owned
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)
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1
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(101
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)
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||||||||||||
Tax preparation fees
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694
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615
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||||||||||||||
Litigation settlement
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----
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2,000
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||||||||||||||
Other
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150
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117
|
||||||||||||||
Total noninterest income
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3,339
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4,442
|
||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
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5,270
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5,455
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||||||||||||||
Occupancy
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467
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432
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Furniture and equipment
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296
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262
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||||||||||||||
Professional fees
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430
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598
|
||||||||||||||
Marketing expense
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268
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268
|
||||||||||||||
FDIC insurance
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79
|
----
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||||||||||||||
Data processing
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575
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599
|
||||||||||||||
Software
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449
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381
|
||||||||||||||
Foreclosed assets
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14
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43
|
||||||||||||||
Amortization of intangibles
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13
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17
|
||||||||||||||
Other
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1,326
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1,464
|
||||||||||||||
Total noninterest expense
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9,187
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9,519
|
||||||||||||||
Income before income taxes
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4,252
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1,081
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||||||||||||||
Income taxes
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721
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79
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||||||||||||||
NET INCOME
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$
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$
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3,531
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$
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1,002
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OHIO VALLEY BANC CORP - Consolidated Balance Sheets (Unaudited)
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||||||||
(in $000's, except share data)
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March 31,
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December 31
|
||||||
2021
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2020
|
|||||||
ASSETS
|
||||||||
Cash and noninterest-bearing deposits with banks
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$
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15,884
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$
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14,989
|
||||
Interest-bearing deposits with banks
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160,536
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123,314
|
||||||
Total cash and cash equivalents
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176,420
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138,303
|
||||||
Certificates of deposit in financial institutions
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2,255
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2,500
|
||||||
Securities available for sale
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126,394
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112,322
|
||||||
Securities held to maturity (estimated fair value: 2021 - $11,376; 2020 - $10,344)
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11,137
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10,020
|
||||||
Restricted investments in bank stocks
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7,506
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7,506
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||||||
Total loans
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831,050
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848,664
|
||||||
Less: Allowance for loan losses
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(6,887
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)
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(7,160
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)
|
||||
Net loans
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824,163
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841,504
|
||||||
Premises and equipment, net
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21,127
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21,312
|
||||||
Premises and equipment held for sale, net
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633
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637
|
||||||
Other real estate owned, net
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0
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49
|
||||||
Accrued interest receivable
|
3,257
|
3,319
|
||||||
Goodwill
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7,319
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7,319
|
||||||
Other intangible assets, net
|
99
|
112
|
||||||
Bank owned life insurance and annuity assets
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36,247
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35,999
|
||||||
Operating lease right-of-use asset, net
|
1,133
|
880
|
||||||
Other assets
|
7,494
|
5,150
|
||||||
Total assets
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$
|
1,225,184
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$
|
1,186,932
|
||||
LIABILITIES
|
||||||||
Noninterest-bearing deposits
|
$
|
327,976
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$
|
314,777
|
||||
Interest-bearing deposits
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704,652
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678,962
|
||||||
Total deposits
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1,032,628
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993,739
|
||||||
Other borrowed funds
|
26,691
|
27,863
|
||||||
Subordinated debentures
|
8,500
|
8,500
|
||||||
Operating lease liability
|
1,133
|
880
|
||||||
Accrued liabilities
|
18,492
|
19,626
|
||||||
Total liabilities
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1,087,444
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1,050,608
|
||||||
SHAREHOLDERS' EQUITY
|
||||||||
Common stock ($1.00 stated value per share, 10,000,000 shares authorized;
|
||||||||
5,447,185 shares issued)
|
5,447
|
5,447
|
||||||
Additional paid-in capital
|
51,165
|
51,165
|
||||||
Retained earnings
|
95,514
|
92,988
|
||||||
Accumulated other comprehensive income
|
1,326
|
2,436
|
||||||
Treasury stock, at cost (659,739 shares)
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(15,712
|
)
|
(15,712
|
)
|
||||
Total shareholders' equity
|
137,740
|
136,324
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,225,184
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$
|
1,186,932
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OHIO VALLEY BANC CORP.
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|||
Date:
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April 28, 2021
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By:
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/s/Thomas E. Wiseman |
Thomas E. Wiseman
Chief Executive Officer
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