OHIO VALLEY BANC CORP

Ohio Valley Banc Corp. reported a significant decline in consolidated net income for the second quarter and first half of 2026. Q2 2026 net income fell 30.5% to $2.93 million, with EPS at $0.62. This decrease was primarily driven by a substantial increase in the provision for credit losses, which rose by $2.61 million in the quarter due to specific allocations on two collateral-dependent loans. Despite the decline in profitability, the company experienced solid growth in net interest income and average earning assets, funded by promotional deposit offerings.

Ohio Valley Banc Corp. reported a slight decrease in net income and earnings per share for the first quarter of 2026 compared to the prior year. Net income was $4.3 million, or $0.91 per share, down from $4.4 million, or $0.94 per share, in Q1 2025. Despite this, net interest income saw a substantial increase, while the provision for credit losses also rose significantly. The company's total assets and deposits grew compared to the end of 2025.

Ohio Valley Banc Corp. announced significant leadership transitions and the outcomes of its 2026 Annual Meeting. K. Ryan Smith was appointed Chairman of the Board, succeeding Thomas E. Wiseman, who retired from the role but remains a director. Ryan J. Jones was elected President of OVBC and the Bank, taking over from Larry E. Miller, II, who continues as CEO. Mr. Jones was also appointed as a director, filling the vacancy left by David W. Thomas's retirement. Shareholders approved the election of three directors, executive compensation, and the ratification of Plante & Moran, PLLC as the independent auditor. The company also plans to open new loan offices in Charleston, WV, South Bloomfield, and Ironton, OH.

Ohio Valley Banc Corp. reported Q1 2026 consolidated net income of $4.3 million, a 2.5% decrease from the prior year, with EPS at $0.91. Despite this, net interest income grew by 13.3% to $14.9 million, and net interest margin expanded to 4.01%. The decline in net income was primarily driven by a significant increase in the provision for credit losses to $1.6 million, largely due to specific allocations for two collateral-dependent loans and an increase in nonperforming loans. Noninterest income decreased due to the expiration of a tax processing agreement, while noninterest expenses rose.

Ohio Valley Banc Corp.'s Board of Directors declared a quarterly cash dividend of $0.25 per common share. This dividend is scheduled to be paid on May 10, 2026, to shareholders who are on record as of April 24, 2026. The declaration of a cash dividend typically signals financial stability and a commitment to returning value to shareholders.