Ohio Valley Banc Corp (OVBC) has reported a 6.64 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.02 million, or $0.43 a share in the quarter, compared with $1.90 million, or $0.46 a share for the same period last year.
Revenue during the quarter grew 17.41 percent to $10.99 million from $9.36 million in the previous year period. Net interest income for the quarter rose 23.42 percent over the prior year period to $10.04 million. Non-interest income for the quarter fell 9.77 percent over the last year period to $1.45 million.
Ohio Valley Banc Corp has made provision of $0.50 million for loan losses during the quarter, up 31.05 percent from $0.38 million in the same period last year.
Net interest margin improved 17 basis points to 4.57 percent in the quarter from 4.40 percent in the last year period. Efficiency ratio for the quarter deteriorated to 71.43 percent from 69.83 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"2016 proved to be an exciting year of expansion for the company," stated Thomas E. Wiseman, president and chief executive officer. "The Milton Bancorp and Milton Banking Company acquisition, while challenging, expanded both our market share and footprint promising to enhance our Community First mission. We welcome the Milton Bankers and customers to the Ohio Valley Banc Corp. family. We are also grateful for the confidence in our company and its management demonstrated by our employees and other shareholders who have elected to invest their dividends in additional shares of OVBC. In 2016, $181,000 of dividends were reinvested in OVBC shares through our employee stock ownership plan, and $1,668,000 of dividends were reinvested through the dividend reinvestment plan."
Liabilities outpace assets growth
Total assets stood at $954.64 million as on Dec. 31, 2016, up 19.89 percent compared with $796.28 million on Dec. 31, 2015. On the other hand, total liabilities stood at $850.11 million as on Dec. 31, 2016, up 20.44 percent from $705.82 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $727.20 million as on Dec. 31, 2016, up 25.57 percent compared with $579.10 million on Dec. 31, 2015. Deposits stood at $790.45 million as on Dec. 31, 2016, up 19.63 percent compared with $660.75 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $209.58 million or 26.51 percent of total deposits on Dec. 31, 2016, compared with $176.50 million or 26.71 percent of total deposits on Dec. 31, 2015.
Investments stood at $115.16 million as on Dec. 31, 2016, up 3.23 percent or $3.60 million from year-ago. Shareholders equity stood at $104.53 million as on Dec. 31, 2016, up 15.54 percent or $14.06 million from year-ago.
Return on average assets moved down 10 basis points to 0.84 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity decreased 77 basis points to 7.61 percent in the quarter from 8.38 percent in the last year period.
Book value per share was $22.40 for the quarter, up 1.96 percent or $0.43 compared to $21.97 for the same period last year.
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