Ohio Valley Banc Corp. Reports 2nd Quarter Earnings
PR Newswire Association LLC |
"Overall, 2014 is proving to be a strong year with a continued resurgence in loan growth contributing to increased net interest income and net interest margins," stated
For the second quarter of 2014, net interest income increased
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Forward-Looking Information
Certain statements contained in this earnings release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believes," "anticipates," "expects," "appears," "intends," "targeted" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including: (i) changes in political, economic or other factors, such as inflation rates, recessionary or expansive trends, taxes, the effects of implementation of federal legislation with respect to taxes and government spending and the continuing economic uncertainty in various parts of the world; (ii) competitive pressures; (iii) fluctuations in interest rates; (iv) the level of defaults and prepayment on loans made by the Company; (v) unanticipated litigation, claims, or assessments; (vi) fluctuations in the cost of obtaining funds to make loans; and (vii) regulatory changes. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events. See Item 1.A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended
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Six months ended |
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2014 |
2013 |
2014 |
2013 |
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PER SHARE DATA |
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Earnings per share |
$ 0.33 |
$ 0.48 |
$ 1.20 |
$ 1.27 |
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Dividends per share |
$ 0.21 |
$ 0.21 |
$ 0.42 |
$ 0.31 |
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Book value per share |
$ 20.58 |
$ 19.24 |
$ 20.58 |
$ 19.24 |
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Dividend payout ratio (a) |
64.06% |
43.93% |
35.08% |
24.38% |
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Weighted average shares outstanding |
4,098,753 |
4,062,204 |
4,098,753 |
4,062,204 |
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PERFORMANCE RATIOS |
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Return on average equity |
6.45% |
9.92% |
12.03% |
13.45% |
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Return on average assets |
0.68% |
0.99% |
1.20% |
1.28% |
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Net interest margin (b) |
4.46% |
4.33% |
4.49% |
4.37% |
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Efficiency ratio (c) |
68.24% |
73.73% |
61.33% |
68.14% |
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Average earning assets (in 000's) |
$ 749,509 |
$ 737,316 |
$ 776,339 |
$ 761,633 |
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(a) Total dividends paid as a percentage of net income. |
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(b) Fully tax-equivalent net interest income as a percentage of average earning assets. |
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(c) Noninterest expense as a percentage of fully tax-equivalent net interest income plus noninterest income. |
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(in |
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2014 |
2013 |
2014 |
2013 |
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Interest income: |
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Interest and fees on loans |
$ 8,223 |
$ 8,169 |
$ 17,037 |
$ 17,086 |
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Interest and dividends on securities |
702 |
595 |
1,396 |
1,158 |
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Total interest income |
8,925 |
8,764 |
18,433 |
18,244 |
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Interest expense: |
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Deposits |
578 |
789 |
1,151 |
1,628 |
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Borrowings |
160 |
134 |
313 |
354 |
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Total interest expense |
738 |
923 |
1,464 |
1,982 |
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Net interest income |
8,187 |
7,841 |
16,969 |
16,262 |
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Provision for loan losses |
1,386 |
(189) |
1,880 |
(158) |
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Noninterest income: |
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Service charges on deposit accounts |
395 |
444 |
786 |
868 |
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Trust fees |
59 |
51 |
114 |
102 |
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Income from bank owned life insurance and |
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annuity assets |
171 |
<p class="prnews_p">172 |
330 |
803 |
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Mortgage banking income |
57 |
109 |
115 |
246 |
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Electronic refund check / deposit fees |
414 |
406 |
3,062 |
2,511 |
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Debit / credit card interchange income |
548 |
493 |
1,052 |
945 |
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Loss on other real estate owned |
4 |
25 |
(8) |
(40) |
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Gain on sale of |
0 |
0 |
135 |
0 |
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Other |
264 |
265 |
444 |
470 |
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Total noninterest income |
1,912 |
1,965 |
6,030 |
5,905 |
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Noninterest expense: |
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Salaries and employee benefits |
4,235 |
4,367 |
8,612 |
8,806 |
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Occupancy |
391 |
387 |
789 |
781 |
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Furniture and equipment |
152 |
208 |
332 |
434 |
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|
113 |
117 |
240 |
261 |
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Data processing |
293 |
281 |
614 |
562 |
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Foreclosed assets |
41 |
44 |
102 |
339 |
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Other |
1,772 |
1,913 |
3,603 |
4,082 |
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Total noninterest expense |
6,997 |
14,292 |
15,265 |
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Income before income taxes |
1,716 |
2,678 |
6,827 |
7,060 |
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Income taxes |
372 |
736 |
1,919 |
1,895 |
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NET INCOME |
$ 1,344 |
$ 1,942 |
$ 4,908 |
$ 5,165 |
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2014 |
2013 |
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ASSETS |
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Cash and noninterest-bearing deposits with banks |
$ 9,404 |
$ 9,841 |
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Interest-bearing deposits with banks |
13,240 |
18,503 |
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Total cash and cash equivalents |
22,644 |
28,344 |
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Securities available for sale |
85,570 |
84,068 |
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Securities held to maturity |
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(estimated fair value: 2014 - |
22,929 |
22,826 |
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|
6,576 |
7,776 |
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Total loans |
587,918 |
566,319 |
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Less: Allowance for loan losses |
(7,928) |
(6,155) |
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Net loans |
579,990 |
560,164 |
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Premises and equipment, net |
9,423 |
9,005 |
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Other real estate owned |
1,723 |
1,354 |
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Accrued interest receivable |
1,839 |
1,901 |
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Goodwill |
1,267 |
1,267 |
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Bank owned life insurance and annuity assets |
25,270 |
24,940 |
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Other assets |
6,582 |
5,723 |
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Total assets |
$ 763,813 |
$ 747,368 |
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LIABILITIES |
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Noninterest-bearing deposits |
$ 155,493 |
$ 149,823 |
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Interest-bearing deposits |
482,164 |
479,054 |
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Total deposits |
637,657 |
628,877 |
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Other borrowed funds |
21,901 |
18,748 |
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Subordinated debentures |
8,500 |
8,500 |
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Accrued liabilities |
11,382 |
10,824 |
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Total liabilities |
679,440 |
666,949 |
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SHAREHOLDERS' EQUITY |
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Common stock ( |
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authorized; 4,758,492 shares issued) |
4,758 |
4,758 |
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Additional paid-in capital |
34,883 |
34,883 |
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Retained earnings |
59,427 |
56,241 |
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Accumulated other comprehensive income |
1,017 |
249 |
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Treasury stock, at cost (659,739 shares) |
(15,712) |
(15,712) |
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Total shareholders' equity |
84,373 |
80,419 |
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Total liabilities and shareholders' equity |
$ 763,813 |
$ 747,368 |
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SOURCE
Wordcount: | 2254 |
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