Ohio Valley Banc Corp. (OVBC, Financial) filed Quarterly Report for the period ended 2009-06-30.
OHIO VALLEY BANCORP is a bank holding company which through its subsidiaries Loan CentralInc. The Jackson Savings Bank and the Ohio Valley Bank Company is engaged in commercial and retail banking. The Bank is a full-service financial institution offering a blend of commercial retail and agricultural banking services. Loans of all types and checking savings and time deposits are offered along with such services as safe deposit boxes issuance of travelers\' checks and administration of trusts. Ohio Valley Banc Corp. has a market cap of $117.06 million; its shares were traded at around $29.39 with a P/E ratio of 17.09 and P/S ratio of 2.03. The dividend yield of Ohio Valley Banc Corp. stocks is 2.72%.
OHIO VALLEY BANC CORP.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands, except share data)
-
June 30, December 31,
2009 2008
- -
ASSETS
Cash and noninterest-bearing deposits with banks $ 7,933 $ 16,650
Federal funds sold - 1,031
- -
Total cash and cash equivalents 7,933 17,681
Interest-bearing deposits in other financial institutions 37,606 611
Securities available-for-sale 89,783 75,340
Securities held-to-maturity
(estimated fair value: 2009 - $15,809; 2008 - $17,241) 15,553 16,986
Federal Home Loan Bank stock 6,281 6,281
Total loans 633,211 630,391
Less: Allowance for loan losses (8,217) (7,799)
- -
Net loans 624,994 622,592
Premises and equipment, net 10,605 10,232
Accrued income receivable 2,757 3,172
Goodwill 1,267 1,267
Bank owned life insurance 18,468 18,153
Other assets 9,720 8,793
- -
Total assets $ 824,967 $ 781,108
= =
10
Assets and Liabilities Measured on a Nonrecurring Basis
Assets and liabilities measured at fair value on a nonrecurring basis are
summarized below:
Fair Value Measurements at June 30, 2009, Using
-
Quoted Prices in Significant
Active Markets Other Significant
for Identical Observable Unobservable
Assets Inputs Inputs
(Level 1) (Level 2) (Level 3)
- - -
Assets:
-
Impaired Loans - - $10,637
Fair Value Measurements at December 31, 2008, Using
-
Quoted Prices in Significant
Active Markets Other Significant
for Identical Observable Unobservable
Assets Inputs Inputs
(Level 1) (Level 2) (Level 3)
- - -
Assets:
-
Impaired Loans - - $ 1,182
Impaired loans, which are usually measured for impairment using the fair value
of the collateral, had a carrying amount of $21,772 at June 30, 2009. The
portion of this impaired loan balance for which a specific allowance for credit
losses was allocated totaled $14,370, resulting in a specific valuation
allowance of $3,733. At December 31, 2008, impaired loans had a carrying amount
of $8,099. The portion of this impaired loan balance for which a specific
allowance for credit losses was allocated totaled $2,586, resulting in a
specific valuation allowance of $1,404. The specific valuation allowance for
those loans has increased from $1,404 at December 31, 2008 to $3,733 at June 30,
2009.
June 30, 2009
-
U.S. Treasury securities $ 2,560 - - $ 2,560
U.S. Government sponsored entity securities 51,080 $ 912 $ (1) 51,991
Mortgage-backed securities 34,433 799 - 35,232
- - - -
Total securities $ 88,073 $ 1,711 $ (1) $ 89,783
= = = =
December 31, 2008
-
U.S. Treasury securities - - - -
U.S. Government sponsored entity securities $ 30,623 $ 1,243 - $ 31,866
Mortgage-backed securities 43,671 82 $ (279) 43,474
- - - -
Total securities $ 74,294 $ 1,325 $ (279) $ 75,340
= = = =
Gross Gross
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
- - - -
Securities Held-to-Maturity
June 30, 2009
-
Obligations of states and political subdivisions $ 15,515 $ 313 $ (55) $ 15,773
Mortgage-backed securities 38 - (2) 36
- - - -
Total securities $ 15,553 $ 313 $ (57) $ 15,809
= = = =
December 31, 2008
-
Obligations of states and political subdivisions $ 16,946 $ 327 $ (70) $ 17,203
Mortgage-backed securities 40 - (2) 38
- - - -
Total securities $ 16,986 $ 327 $ (72) $ 17,241
= = = =
The amortized cost and fair value of the investment securities portfolio at June
30, 2009 are shown by expected maturity. Expected maturities may differ from
contractual maturities if borrowers have the right to call or prepay obligations
with or without call or prepayment penalties.
Available-for-Sale Held-to-Maturity
-
Amortized Amortized
Cost Fair Value Cost
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OHIO VALLEY BANCORP is a bank holding company which through its subsidiaries Loan CentralInc. The Jackson Savings Bank and the Ohio Valley Bank Company is engaged in commercial and retail banking. The Bank is a full-service financial institution offering a blend of commercial retail and agricultural banking services. Loans of all types and checking savings and time deposits are offered along with such services as safe deposit boxes issuance of travelers\' checks and administration of trusts. Ohio Valley Banc Corp. has a market cap of $117.06 million; its shares were traded at around $29.39 with a P/E ratio of 17.09 and P/S ratio of 2.03. The dividend yield of Ohio Valley Banc Corp. stocks is 2.72%.
Highlight of Business Operations:
OHIO VALLEY BANC CORP.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands, except share data)
-
June 30, December 31,
2009 2008
- -
ASSETS
Cash and noninterest-bearing deposits with banks $ 7,933 $ 16,650
Federal funds sold - 1,031
- -
Total cash and cash equivalents 7,933 17,681
Interest-bearing deposits in other financial institutions 37,606 611
Securities available-for-sale 89,783 75,340
Securities held-to-maturity
(estimated fair value: 2009 - $15,809; 2008 - $17,241) 15,553 16,986
Federal Home Loan Bank stock 6,281 6,281
Total loans 633,211 630,391
Less: Allowance for loan losses (8,217) (7,799)
- -
Net loans 624,994 622,592
Premises and equipment, net 10,605 10,232
Accrued income receivable 2,757 3,172
Goodwill 1,267 1,267
Bank owned life insurance 18,468 18,153
Other assets 9,720 8,793
- -
Total assets $ 824,967 $ 781,108
= =
10
Assets and Liabilities Measured on a Nonrecurring Basis
Assets and liabilities measured at fair value on a nonrecurring basis are
summarized below:
Fair Value Measurements at June 30, 2009, Using
-
Quoted Prices in Significant
Active Markets Other Significant
for Identical Observable Unobservable
Assets Inputs Inputs
(Level 1) (Level 2) (Level 3)
- - -
Assets:
-
Impaired Loans - - $10,637
Fair Value Measurements at December 31, 2008, Using
-
Quoted Prices in Significant
Active Markets Other Significant
for Identical Observable Unobservable
Assets Inputs Inputs
(Level 1) (Level 2) (Level 3)
- - -
Assets:
-
Impaired Loans - - $ 1,182
Impaired loans, which are usually measured for impairment using the fair value
of the collateral, had a carrying amount of $21,772 at June 30, 2009. The
portion of this impaired loan balance for which a specific allowance for credit
losses was allocated totaled $14,370, resulting in a specific valuation
allowance of $3,733. At December 31, 2008, impaired loans had a carrying amount
of $8,099. The portion of this impaired loan balance for which a specific
allowance for credit losses was allocated totaled $2,586, resulting in a
specific valuation allowance of $1,404. The specific valuation allowance for
those loans has increased from $1,404 at December 31, 2008 to $3,733 at June 30,
2009.
June 30, 2009
-
U.S. Treasury securities $ 2,560 - - $ 2,560
U.S. Government sponsored entity securities 51,080 $ 912 $ (1) 51,991
Mortgage-backed securities 34,433 799 - 35,232
- - - -
Total securities $ 88,073 $ 1,711 $ (1) $ 89,783
= = = =
December 31, 2008
-
U.S. Treasury securities - - - -
U.S. Government sponsored entity securities $ 30,623 $ 1,243 - $ 31,866
Mortgage-backed securities 43,671 82 $ (279) 43,474
- - - -
Total securities $ 74,294 $ 1,325 $ (279) $ 75,340
= = = =
Gross Gross
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
- - - -
Securities Held-to-Maturity
June 30, 2009
-
Obligations of states and political subdivisions $ 15,515 $ 313 $ (55) $ 15,773
Mortgage-backed securities 38 - (2) 36
- - - -
Total securities $ 15,553 $ 313 $ (57) $ 15,809
= = = =
December 31, 2008
-
Obligations of states and political subdivisions $ 16,946 $ 327 $ (70) $ 17,203
Mortgage-backed securities 40 - (2) 38
- - - -
Total securities $ 16,986 $ 327 $ (72) $ 17,241
= = = =
The amortized cost and fair value of the investment securities portfolio at June
30, 2009 are shown by expected maturity. Expected maturities may differ from
contractual maturities if borrowers have the right to call or prepay obligations
with or without call or prepayment penalties.
Available-for-Sale Held-to-Maturity
-
Amortized Amortized
Cost Fair Value Cost
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