Ohio Valley Banc Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 29, 2013 at 10:57 pm
Share
Ohio Valley Banc Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income of $1,604,000 on total interest income was $9,274,000 against net income of $1,361,000 on total interest income was $10,505,000 a year ago. Net interest income was $7,823,000 compared to $8,330,000 a year ago. Income before income taxes was $2,329,000 compared to $1,888,000 a year ago. Earnings per share were $0.40, up 17.6% from the prior year fourth quarter compared to $0.34 per share a year ago. Book value as at December 31, 2012 was $18.66 per share. Return on average equity was 8.45% compared to 7.61% a year ago. Return on average assets was 0.81% compared to 0.67% a year ago.
For the full year, the company reported net income of $7,052,000 on total interest income was $39,001,000 against net income of $5,835,000 on total interest income was $44,040,000 a year ago. Net interest income was $32,655,000 compared to $33,871,000 a year ago. Income before income taxes was $9,814,000 compared to $7,898,000 a year ago. Earnings per share were $1.75 for 2012 versus $1.46 for 2011, an increase of 19.9%. Return on average assets and return on average equity were 0.86% and 9.53%, respectively, for the year ended 2012, compared to 0.68% and 8.35%, respectively, for the same period in the prior year. Contributing to the lower net interest income was the decline in average earning assets.
Ohio Valley Banc Corp. is a holding company, which owns The Ohio Valley Bank Company (the Bank). The Bank is engaged in commercial and retail banking. The Bank is a full-service financial institution offering a blend of commercial and consumer banking services within southeastern Ohio as well as western West Virginia. The banking services offered by the Bank include the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, commercial, floor plan and student loans, and the making of construction and real estate loans. The Bank offers individual retirement accounts, safe deposit boxes, wire transfers and other standard banking products and services. As part of its lending function, the Bank offers credit card services. In addition to originating loans, the Bank invests in United States government and agency obligations, interest-bearing deposits in other financial institutions, and other investments permitted by applicable law.