Net interest income, the Company's largest revenue source, contributed to
the increase in earnings. For the year ended
Supplementing the increase in revenue from net interest income was the
increase in noninterest income. Noninterest income totaled
Noninterest expense totaled
The ratio of nonperforming loans to total loans was .84 percent at
"I want to commend our 275 employees for delivering significant
improvement in nearly every Ohio Valley Banc Corp. performance category,"
stated
"While the above measures are important, perhaps of greatest importance to
our nearly 30,000 deposit customers and 2,000 shareholders alike is the fact
that Ohio Valley Banc Corp. enjoys the regulatory distinction of being
classified a well capitalized institution. At
Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market
under the symbol OVBC. The holding company owns three subsidiaries: Ohio
Valley Bank, with 16 offices in
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," "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, and taxes; (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
Contact: Scott Shockey, CFO (740) 446-2631 OHIO VALLEY BANC CORP - Financial Highlights (Unaudited) Three months ended Twelve months ended December 31, December 31, 2008 2007 2008 2007 PER SHARE DATA Earnings per share $0.39 $0.24 $1.77 $1.52 Dividends per share $0.19 $0.18 $0.76 $0.71 Book value per share $15.83 $15.10 $15.83 $15.10 Dividend payout ratio (a) 48.90% 73.28% 42.94% 46.66% Weighted average shares outstanding 3,982,107 4,079,932 4,018,367 4,131,621 PERFORMANCE RATIOS Return on average equity 9.92% 6.52% 11.62% 10.40% Return on average assets 0.80% 0.51% 0.91% 0.82% Net interest margin (b) 4.32% 4.00% 4.23% 3.99% Efficiency ratio (c) 62.10% 71.91% 62.51% 66.05% Average earning assets (in 000's) $723,246 $733,834 $735,877 $725,043 (a) Total dividends paid as a percentage of net income. (b) Fully tax-equivalent net interest income as a percentage of average earning assets. (c) Noninterest expense as a percentage of fully tax-equivalent net interest income plus noninterest income. OHIO VALLEY BANC CORP - Consolidated Statements of Income (Unaudited) Three months ended Twelve months ended (in $000's) December 31, December 31, 2008 2007 2008 2007 Interest income: Interest and fees on loans $11,307 $12,794 $47,272 $50,671 Interest and dividends on securities 982 1,147 4,261 4,276 Total interest income 12,289 13,941 51,533 54,947 Interest expense: Deposits 3,566 5,372 16,636 21,315 Borrowings 972 1,284 4,192 5,105 Total interest expense 4,538 6,656 20,828 26,420 Net interest income 7,751 7,285 30,705 28,527 Provision for loan losses 1,406 918 3,716 2,252 Noninterest income: Service charges on deposit accounts 750 790 3,073 2,982 Trust fees 56 58 240 230 Income from bank owned insurance 199 242 775 757 Gain on sale of loans 17 20 127 102 Gain (loss) on sale of other real estate owned ---- (692) (31) (777) Other 444 503 2,027 1,942 Total noninterest income 1,466 921 6,211 5,236 Noninterest expense: Salaries and employee benefits 3,647 3,397 14,075 13,045 Occupancy 390 368 1,562 1,467 Furniture and equipment 296 276 1,048 1,086 Data processing 66 218 773 844 Other 1,390 1,725 5,885 6,141 Total noninterest expense 5,789 5,984 23,343 22,583 Income before income taxes 2,022 1,304 9,857 8,928 Income taxes 475 301 2,729 2,631 NET INCOME $1,547 $1,003 $7,128 $6,297 OHIO VALLEY BANC CORP - Consolidated Balance Sheets (Unaudited) (in $000's, except share data) December 31, December 31, 2008 2007 ASSETS Cash and noninterest-bearing deposits with banks $16,650 $15,584 Federal funds sold 1,031 1,310 Total cash and cash equivalents 17,681 16,894 Interest-bearing deposits in other financial institutions 611 633 Securities available-for-sale 75,340 78,063 Securities held-to-maturity (estimated fair value: 2008 - $17,241; 2007 - $15,764) 16,986 15,981 Federal Home Loan Bank stock 6,281 6,036 Total loans 630,391 637,103 Less: Allowance for loan losses (7,799) (6,737) Net loans 622,592 630,366 Premises and equipment, net 10,232 9,871 Accrued income receivable 3,172 3,254 Goodwill 1,267 1,267 Bank owned life insurance 18,153 16,339 Other assets 8,793 4,714 Total assets $781,108 $783,418 LIABILITIES Noninterest-bearing deposits $85,506 $78,589 Interest-bearing deposits 506,855 510,437 Total deposits 592,361 589,026 Securities sold under agreements to repurchase 24,070 40,390 Other borrowed funds 76,774 67,002 Subordinated debentures 13,500 13,500 Accrued liabilities 11,347 11,989 Total liabilities 718,052 721,907 SHAREHOLDERS' EQUITY Common stock ($1.00 stated value, 10,000,000 shares authorized; 2008 - 4,642,748 shares issued, 2007 - 4,641,747 shares issued) 4,643 4,642 Additional paid-in capital 32,683 32,664 Retained earnings 40,752 37,763 Accumulated other comprehensive income (loss) 690 (115) Treasury stock at cost (2008 - 659,739 shares, 2007 - 567,403 shares) (15,712) (13,443) Total shareholders' equity 63,056 61,511 Total liabilities and shareholders' equity $781,108 $783,418
SOURCE Ohio Valley Banc Corp.