falsedesktopOVBC2020-09-30000089467120000040{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☐\tAccelerated filer\t☒\nNon-accelerated filer\t☐\tSmaller reporting company\t☒\nEmerging growth company\t☐\t\t\n", "q10k_tbl_1": "\t\tPage Number\nPART I.\tFINANCIAL INFORMATION\t\nItem 1.\tFinancial Statements (Unaudited)\t\n\tConsolidated Balance Sheets\t3\n\tConsolidated Statements of Income\t4\n\tConsolidated Statements of Comprehensive Income\t5\n\tConsolidated Statements of Changes in Shareholders' Equity\t6\n\tCondensed Consolidated Statements of Cash Flows\t7\n\tNotes to the Consolidated Financial Statements\t8\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t29\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t42\nItem 4.\tControls and Procedures\t43\nPART II.\tOTHER INFORMATION\t\nItem 1.\tLegal Proceedings\t44\nItem 1A.\tRisk Factors\t44\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t44\nItem 3.\tDefaults Upon Senior Securities\t44\nItem 4.\tMine Safety Disclosures\t44\nItem 5.\tOther Information\t44\nItem 6.\tExhibits\t45\nSignatures\t\t46\n", "q10k_tbl_2": "\tSeptember 30 2020\tDecember 31 2019\t\nASSETS\t\t\t\nCash and noninterest-bearing deposits with banks\t13745\t12812\t\t\nInterest-bearing deposits with banks\t69809\t\t39544\t\nTotal cash and cash equivalents\t83554\t\t52356\t\nCertificates of deposit in financial institutions\t2745\t\t2360\t\nSecurities available for sale\t110349\t\t105318\t\nSecurities held to maturity (estimated fair value: 2020 - $12022; 2019 - $12404)\t11674\t\t12033\t\nRestricted investments in bank stocks\t7506\t\t7506\t\nTotal loans\t853038\t\t772774\t\nLess: Allowance for loan losses\t(7730)\t\t(6272)\t\nNet loans\t845308\t\t766502\t\nPremises and equipment net\t21332\t\t19217\t\nPremises and equipment held for sale net\t641\t\t653\t\nOther real estate owned net\t96\t\t540\t\nAccrued interest receivable\t3779\t\t2564\t\nGoodwill\t7319\t\t7319\t\nOther intangible assets net\t125\t\t174\t\nBank owned life insurance and annuity assets\t35796\t\t30596\t\nOperating lease right-of-use asset net\t918\t\t1053\t\nOther assets\t6796\t\t5081\t\nTotal assets\t1137938\t1013272\t\t\nLIABILITIES\t\t\t\t\nNoninterest-bearing deposits\t270086\t222607\t\t\nInterest-bearing deposits\t674898\t\t598864\t\nTotal deposits\t944984\t\t821471\t\nOther borrowed funds\t29321\t\t33991\t\nSubordinated debentures\t8500\t\t8500\t\nOperating lease liability\t918\t\t1053\t\nAccrued liabilities\t21317\t\t20078\t\nTotal liabilities\t1005040\t\t885093\t\nCOMMITMENTS AND CONTINGENT LIABILITIES (See Note 5)\t\t\t\t\nSHAREHOLDERS' EQUITY\t\t\t\t\nCommon stock ($1.00 stated value per share 10000000 shares authorized; 2020 - 5447185 shares issued; 2019 - 5447185 shares issued)\t5447\t\t5447\t\nAdditional paid-in capital\t51165\t\t51165\t\nRetained earnings\t89294\t\t86751\t\nAccumulated other comprehensive income\t2704\t\t528\t\nTreasury stock at cost (659739 shares)\t(15712)\t\t(15712)\t\nTotal shareholders' equity\t132898\t\t128179\t\nTotal liabilities and shareholders' equity\t1137938\t1013272\t\t\n", "q10k_tbl_3": "\tThree months ended September 30\tNine months ended September 30\t\t\t\n\t2020\t2019\t\t2020\t\t\t2019\t\t\nInterest and dividend income:\t\t\t\t\t\t\t\t\t\nLoans including fees\t10877\t11362\t\t32389\t\t\t\t34576\t\t\nSecurities\t\t\t\t\t\t\t\t\t\t\nTaxable\t535\t\t637\t\t1723\t\t\t\t1911\t\nTax exempt\t73\t\t85\t\t220\t\t\t\t253\t\nDividends\t58\t\t91\t\t188\t\t\t\t308\t\nInterest-bearing deposits with banks\t20\t\t333\t\t200\t\t\t\t977\t\nOther Interest\t11\t\t13\t\t38\t\t\t\t37\t\n\t11574\t\t12521\t\t34758\t\t\t\t38062\t\nInterest expense:\t\t\t\t\t\t\t\t\t\t\nDeposits\t1274\t\t1592\t\t4150\t\t\t\t4446\t\nOther borrowed funds\t174\t\t215\t\t561\t\t\t\t676\t\nSubordinated debentures\t44\t\t88\t\t166\t\t\t\t274\t\n\t1492\t\t1895\t\t4877\t\t\t\t5396\t\nNet interest income\t10082\t\t10626\t\t29881\t\t\t\t32666\t\nProvision for (recovery of) loan losses\t(2)\t\t444\t\t3451\t\t\t\t2015\t\nNet interest income after provision for loan losses\t10084\t\t10182\t\t26430\t\t\t\t30651\t\nNoninterest income:\t\t\t\t\t\t\t\t\t\t\nService charges on deposit accounts\t423\t\t553\t\t1249\t\t\t\t1573\t\nTrust fees\t64\t\t59\t\t193\t\t\t\t195\t\nIncome from bank owned life insurance and annuity assets\t207\t\t179\t\t616\t\t\t\t534\t\nMortgage banking income\t445\t\t80\t\t966\t\t\t\t227\t\nDebit / credit card interchange income\t1130\t\t1049\t\t3003\t\t\t\t2935\t\nLoss on other real estate owned\t(1)\t\t(15)\t\t(84)\t\t\t\t(1)\t\nTax preparation fees\t9\t\t0\t\t643\t\t\t\t0\t\nLitigation settlement\t0\t\t0\t\t2000\t\t\t\t0\t\nOther\t157\t\t202\t\t539\t\t\t\t493\t\n\t2434\t\t2107\t\t9125\t\t\t\t5956\t\nNoninterest expense:\t\t\t\t\t\t\t\t\t\t\nSalaries and employee benefits\t5973\t\t5652\t\t16854\t\t\t\t16715\t\nOccupancy\t481\t\t479\t\t1362\t\t\t\t1370\t\nFurniture and equipment\t284\t\t255\t\t824\t\t\t\t788\t\nProfessional fees\t525\t\t598\t\t1596\t\t\t\t1959\t\nMarketing expense\t306\t\t270\t\t867\t\t\t\t810\t\nFDIC insurance\t69\t\t0\t\t93\t\t\t\t113\t\nData processing\t538\t\t540\t\t1841\t\t\t\t1629\t\nSoftware\t318\t\t362\t\t1111\t\t\t\t1200\t\nForeclosed assets\t38\t\t62\t\t117\t\t\t\t187\t\nAmortization of intangibles\t14\t\t27\t\t48\t\t\t\t89\t\nOther\t1345\t\t1493\t\t4299\t\t\t\t4237\t\n\t9891\t\t9738\t\t29012\t\t\t\t29097\t\nIncome before income taxes\t2627\t\t2551\t\t6543\t\t\t\t7510\t\nProvision for income taxes\t333\t\t414\t\t984\t\t\t\t1101\t\nNET INCOME\t2294\t2137\t\t5559\t\t\t\t6409\t\t\nEarnings per share\t0.48\t0.45\t\t1.16\t\t\t\t1.35\t\t\n", "q10k_tbl_4": "\tThree months ended September 30\tNine months ended September 30\t\t\t\n\t2020\t2019\t\t2020\t\t\t2019\t\t\nNet Income\t2294\t2137\t\t5559\t\t\t\t6409\t\t\nOther comprehensive income (loss):\t\t\t\t\t\t\t\t\t\t\nChange in unrealized gain (loss) on available for sale securities\t(267)\t\t(251)\t\t2755\t\t\t\t3200\t\nRelated tax (expense) benefit\t56\t\t52\t\t(579)\t\t\t\t(672)\t\nTotal other comprehensive income (loss) net of tax\t(211)\t\t(199)\t\t2176\t\t\t\t2528\t\nTotal comprehensive income\t2083\t1938\t\t7735\t\t\t\t8937\t\t\n", "q10k_tbl_5": "Quarter-to-date\tCommon Stock\tAdditional Paid-In Capital\t\tRetained Earnings\t\tAccumulated Other Comprehensive Income (Loss)\t\tTreasury Stock\t\tTotal Shareholders' Equity\t\nBalance at July 1 2020\t5447\t51165\t\t88006\t\t2915\t\t(15712)\t\t131821\t\t\nNet income\t0\t\t0\t\t2294\t\t0\t\t0\t\t2294\t\nOther comprehensive loss net\t0\t\t0\t\t0\t\t(211)\t\t0\t\t(211)\t\nCash dividends $0.21 per share\t0\t\t0\t\t(1006)\t\t0\t\t0\t\t(1006)\t\nBalance at September 30 2020\t5447\t51165\t\t89294\t\t2704\t\t(15712)\t\t132898\t\t\nBalance at July 1 2019\t5427\t50492\t\t83121\t\t592\t\t(15712)\t\t123920\t\t\nNet income\t0\t\t0\t\t2137\t\t0\t\t0\t\t2137\t\nOther comprehensive loss net\t0\t\t0\t\t0\t\t(199)\t\t0\t\t(199)\t\nCommon stock issued through dividend reinvestment 10120 shares\t10\t\t334\t\t0\t\t0\t\t0\t\t344\t\nCash dividends $0.21 per share\t0\t\t0\t\t(1001)\t\t0\t\t0\t\t(1001)\t\nBalance at September 30 2019\t5437\t50826\t\t84257\t\t393\t\t(15712)\t\t125201\t\t\n", "q10k_tbl_6": "Year-to-date\tCommon Stock\tAdditional Paid-In Capital\t\tRetained Earnings\t\tAccumulated Other Comprehensive Income (Loss)\t\tTreasury Stock\t\tTotal Shareholders' Equity\t\nBalance at January 1 2020\t5447\t51165\t\t86751\t\t528\t\t(15712)\t\t128179\t\t\nNet income\t0\t\t0\t\t5559\t\t0\t\t0\t\t5559\t\nOther comprehensive income net\t0\t\t0\t\t0\t\t2176\t\t0\t\t2176\t\nCash dividends $0.63 per share\t0\t\t0\t\t(3016)\t\t0\t\t0\t\t(3016)\t\nBalance at September 30 2020\t5447\t51165\t\t89294\t\t2704\t\t(15712)\t\t132898\t\t\nBalance at January 1 2019\t5400\t49477\t\t80844\t\t(2135)\t\t(15712)\t\t117874\t\t\nNet income\t0\t\t0\t\t6409\t\t0\t\t0\t\t6409\t\nOther comprehensive income net\t0\t\t0\t\t0\t\t2528\t\t0\t\t2528\t\nCommon stock issued to ESOP 8333 shares\t8\t\t320\t\t0\t\t0\t\t0\t\t328\t\nCommon stock issued through dividend reinvestment 29219 shares\t29\t\t1029\t\t0\t\t0\t\t0\t\t1058\t\nCash dividends $0.63 per share\t0\t\t0\t\t(2996)\t\t0\t\t0\t\t(2996)\t\nBalance at September 30 2019\t5437\t50826\t\t84257\t\t393\t\t(15712)\t\t125201\t\t\n", "q10k_tbl_7": "\tNine months ended September 30\n\t2020\t\t2019\t\t\nNet cash provided by operating activities:\t7530\t\t\t9571\t\t\nInvesting activities:\t\t\t\t\t\t\nProceeds from maturities of securities available for sale\t23344\t\t\t\t14145\t\nPurchases of securities available for sale\t(25884)\t\t\t\t(20127)\t\nProceeds from maturities of securities held to maturity\t328\t\t\t\t2301\t\nProceeds from maturities of certificates of deposit in financial institutions\t735\t\t\t\t0\t\nPurchase of certificates of deposit in financial institutions\t(1120)\t\t\t\t(295)\t\nNet change in loans\t(82347)\t\t\t\t(5646)\t\nProceeds from sale of other real estate owned\t446\t\t\t\t393\t\nPurchases of premises and equipment\t(3101)\t\t\t\t(4828)\t\nPurchases of bank owned life insurance and annuity assets\t(4583)\t\t\t\t0\t\nNet cash (used in) investing activities\t(92182)\t\t\t\t(14057)\t\nFinancing activities:\t\t\t\t\t\t\nChange in deposits\t123536\t\t\t\t10622\t\nProceeds from common stock through dividend reinvestment\t0\t\t\t\t1058\t\nCash dividends\t(3016)\t\t\t\t(2996)\t\nRepayment of Federal Home Loan Bank borrowings\t(3994)\t\t\t\t(3017)\t\nChange in other long-term borrowings\t(406)\t\t\t\t(1899)\t\nChange in other short-term borrowings\t(270)\t\t\t\t0\t\nNet cash provided by financing activities\t115850\t\t\t\t3768\t\nChange in cash and cash equivalents\t31198\t\t\t\t(718)\t\nCash and cash equivalents at beginning of period\t52356\t\t\t\t71180\t\nCash and cash equivalents at end of period\t83554\t\t\t70462\t\t\nSupplemental disclosure:\t\t\t\t\t\t\nCash paid for interest\t5117\t\t\t4791\t\t\nCash paid for income taxes\t1950\t\t\t\t890\t\nTransfers from loans to other real estate owned\t86\t\t\t\t112\t\nInitial recognition of operating lease right-of-use asset\t0\t\t\t\t1280\t\nOperating lease liability arising from obtaining right-of-use asset\t0\t\t\t\t1280\t\n", "q10k_tbl_8": "\tFair Value Measurements at September 30 2020 Using\n\tQuoted Prices in Active Markets for Identical Assets (Level 1)\t\tSignificant Other Observable Inputs (Level 2)\t\t\t\tSignificant Unobservable Inputs (Level 3)\t\t\nAssets:\t\t\t\t\t\t\t\t\t\nU.S. Government sponsored entity securities\t0\t\t\t15506\t\t\t\t\t0\t\nAgency mortgage-backed securities residential\t0\t\t\t\t94843\t\t\t\t0\t\nInterest rate swap derivatives\t0\t\t\t\t1096\t\t\t\t0\t\nLiabilities:\t\t\t\t\t\t\t\t\t\t\nInterest rate swap derivatives\t0\t\t\t\t(1096)\t\t\t\t0\t\n", "q10k_tbl_9": "\tFair Value Measurements at December 31 2019 Using\n\tQuoted Prices in Active Markets for Identical Assets (Level 1)\t\tSignificant Other Observable Inputs (Level 2)\t\t\t\tSignificant Unobservable Inputs (Level 3)\t\t\nAssets:\t\t\t\t\t\t\t\t\t\nU.S. Government sponsored entity securities\t0\t\t\t16736\t\t\t\t\t0\t\nAgency mortgage-backed securities residential\t0\t\t\t\t88582\t\t\t\t0\t\nInterest rate swap derivatives\t0\t\t\t\t465\t\t\t\t0\t\nLiabilities:\t\t\t\t\t\t\t\t\t\t\nInterest rate swap derivatives\t0\t\t\t\t(465)\t\t\t\t0\t\n", "q10k_tbl_10": "December 31 2019\tFair Value\tValuation Technique(s)\tUnobservable Input(s)\tRange\t(Weighted Average)\nImpaired loans:\t\t1\t\t1\t\nCommercial real estate:\t\t\t\t\t\nOwner-occupied\t1644\tSales approach\tAdjustment to comparables\t0% to 20%\t9.7%\nCommercial and industrial\t4559\tSales approach\tAdjustment to comparables\t0% to 61%\t10.3%\n", "q10k_tbl_11": "\tCarrying\tFair Value Measurements at September 30 2020 Using\t\t\t\t\t\t\t\n\tValue\tLevel 1\t\tLevel 2\t\tLevel 3\t\tTotal\t\nFinancial Assets:\t\t\t\t\t\t\t\t\t\nCash and cash equivalents\t83554\t83554\t\t0\t\t0\t\t83554\t\t\nCertificates of deposit in financial institutions\t2745\t\t0\t\t2745\t\t0\t\t2745\t\nSecurities available for sale\t110349\t\t0\t\t110349\t\t0\t\t110349\t\nSecurities held to maturity\t11674\t\t0\t\t3974\t\t8048\t\t12022\t\nLoans net\t845308\t\t0\t\t199\t\t841318\t\t841517\t\nInterest rate swap derivatives\t1096\t\t0\t\t1096\t\t0\t\t1096\t\nAccrued interest receivable\t3779\t\t0\t\t370\t\t3409\t\t3779\t\nFinancial liabilities:\t\t\t\t\t\t\t\t\t\t\nDeposits\t944984\t\t270086\t\t677187\t\t0\t\t947273\t\nOther borrowed funds\t29321\t\t0\t\t31610\t\t0\t\t31610\t\nSubordinated debentures\t8500\t\t0\t\t5556\t\t0\t\t5556\t\nInterest rate swap derivatives\t1096\t\t0\t\t1096\t\t0\t\t1096\t\nAccrued interest payable\t1349\t\t1\t\t1348\t\t0\t\t1349\t\n", "q10k_tbl_12": "\tCarrying\tFair Value Measurements at December 31 2019 Using:\t\t\t\t\t\t\t\n\tValue\tLevel 1\t\tLevel 2\t\tLevel 3\t\tTotal\t\nFinancial Assets:\t\t\t\t\t\t\t\t\t\nCash and cash equivalents\t52356\t52356\t\t0\t\t0\t\t52356\t\t\nCertificates of deposit in financial institutions\t2360\t\t0\t\t2360\t\t0\t\t2360\t\nSecurities available for sale\t105318\t\t0\t\t105318\t\t0\t\t105318\t\nSecurities held to maturity\t12033\t\t0\t\t6446\t\t5958\t\t12404\t\nLoans net\t766502\t\t0\t\t0\t\t771285\t\t771285\t\nInterest rate swap derivatives\t465\t\t0\t\t465\t\t0\t\t465\t\nAccrued interest receivable\t2564\t\t0\t\t315\t\t2249\t\t2564\t\nFinancial liabilities:\t\t\t\t\t\t\t\t\t\t\nDeposits\t821471\t\t222607\t\t599937\t\t0\t\t822544\t\nOther borrowed funds\t33991\t\t0\t\t34345\t\t0\t\t34345\t\nSubordinated debentures\t8500\t\t0\t\t6275\t\t0\t\t6275\t\nInterest rate swap derivatives\t465\t\t0\t\t465\t\t0\t\t465\t\nAccrued interest payable\t1589\t\t3\t\t1586\t\t0\t\t1589\t\n", "q10k_tbl_13": "Securities Available for Sale\tAmortized Cost\tGross Unrealized Gains\t\tGross Unrealized Losses\t\tEstimated Fair Value\t\nSeptember 30 2020\t\t\t\t\t\t\t\nU.S. Government sponsored entity securities\t15111\t395\t\t0\t\t15506\t\t\nAgency mortgage-backed securities residential\t91815\t\t3032\t\t(4)\t\t94843\t\nTotal securities\t106926\t3427\t\t(4)\t\t110349\t\t\nDecember 31 2019\t\t\t\t\t\t\t\t\nU.S. Government sponsored entity securities\t16579\t163\t\t(6)\t\t16736\t\t\nAgency mortgage-backed securities residential\t88071\t\t807\t\t(296)\t\t88582\t\nTotal securities\t104650\t970\t\t(302)\t\t105318\t\t\n", "q10k_tbl_14": "Securities Held to Maturity\tAmortized Cost\tGross Unrecognized Gains\t\tGross Unrecognized Losses\t\tEstimated Fair Value\t\nSeptember 30 2020\t\t\t\t\t\t\t\nObligations of states and political subdivisions\t11672\t348\t\t0\t\t12020\t\t\nAgency mortgage-backed securities residential\t2\t\t0\t\t0\t\t2\t\nTotal securities\t11674\t348\t\t0\t\t12022\t\t\nDecember 31 2019\t\t\t\t\t\t\t\t\nObligations of states and political subdivisions\t12031\t372\t\t(1)\t\t12402\t\t\nAgency mortgage-backed securities residential\t2\t\t0\t\t0\t\t2\t\nTotal securities\t12033\t372\t\t(1)\t\t12404\t\t\n", "q10k_tbl_15": "\tAvailable for Sale\tHeld to Maturity\t\t\t\nDebt Securities:\tAmortized Cost\tEstimated Fair Value\t\tAmortized Cost\t\t\tEstimated Fair Value\t\t\nDue in one year or less\t6895\t6938\t\t1817\t\t\t\t2005\t\t\nDue in over one to five years\t8216\t\t8568\t\t5646\t\t\t\t5658\t\nDue in over five to ten years\t0\t\t0\t\t4209\t\t\t\t4357\t\nAgency mortgage-backed securities residential\t91815\t\t94843\t\t2\t\t\t\t2\t\nTotal debt securities\t106926\t110349\t\t11674\t\t\t\t12022\t\t\n", "q10k_tbl_16": "September 30 2020\tLess Than 12 Months\t12 Months or More\t\tTotal\t\n\tFair Value\tUnrealized Loss\tFair Value\tUnrealized Loss\tFair Value\t\tUnrealized Loss\t\t\nSecurities Available for Sale\t\t\t\t\t\t\t\t\t\nAgency mortgage-backed securities\t\t\t\t\t\t\t\t\t\nresidential\t10102\t(4)\t0\t0\t10102\t\t\t(4)\t\t\nTotal available for sale\t10102\t(4)\t0\t0\t10102\t\t\t(4)\t\t\n", "q10k_tbl_17": "December 31 2019\tLess Than 12 Months\t12 Months or More\t\t\t\tTotal\t\t\t\n\tFair Value\tUnrealized Loss\t\tFair Value\t\tUnrealized Loss\t\tFair Value\t\t\tUnrealized Loss\t\t\nSecurities Available for Sale\t\t\t\t\t\t\t\t\t\t\t\t\t\nU.S. Government sponsored entity securities\t0\t0\t\t1999\t\t(6)\t\t1999\t\t\t\t(6)\t\t\nAgency mortgage-backed securities residential\t15041\t\t(84)\t\t21344\t\t(212)\t\t36385\t\t\t\t(296)\t\nTotal available for sale\t15041\t(84)\t\t23343\t\t(218)\t\t38384\t\t\t\t(302)\t\t\n", "q10k_tbl_18": "Less Than 12 Months\t\t\t\t12 Months or More\tTotal\nFair Value\t\tUnrecognized Loss\tFair Value\tUnrecognized Loss\tFair Value\tUnrecognized Loss\t\nSecurities Held to Maturity\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nObligations of states and political subdivisions\t204\t(1)\t\t0\t\t\t0\t\t\t\t204\t\t\t\t(1)\t\t\nTotal held to maturity\t204\t(1)\t\t0\t\t\t0\t\t\t\t204\t\t\t\t(1)\t\t\n", "q10k_tbl_19": "\tSeptember 30 2020\tDecember 31 2019\t\nResidential real estate\t313090\t310253\t\t\nCommercial real estate:\t\t\t\t\nOwner-occupied\t52214\t\t55825\t\nNonowner-occupied\t161934\t\t131398\t\nConstruction\t35247\t\t34913\t\nCommercial and industrial\t158833\t\t100023\t\nConsumer:\t\t\t\t\nAutomobile\t56370\t\t63770\t\nHome equity\t19531\t\t22882\t\nOther\t55819\t\t53710\t\n\t853038\t\t772774\t\nLess: Allowance for loan losses\t(7730)\t\t(6272)\t\nLoans net\t845308\t766502\t\t\n", "q10k_tbl_20": "September 30 2020\tResidential Real Estate\tCommercial Real Estate\t\tCommercial and Industrial\t\tConsumer\t\tTotal\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\t\nBeginning balance\t2024\t2700\t\t1649\t\t1608\t\t7981\t\t\nProvision for loan losses\t(275)\t\t(98)\t\t230\t\t141\t\t(2)\t\nLoans charged off\t(90)\t\t0\t\t(96)\t\t(398)\t\t(584)\t\nRecoveries\t110\t\t15\t\t44\t\t166\t\t335\t\nTotal ending allowance balance\t1769\t2617\t\t1827\t\t1517\t\t7730\t\t\n", "q10k_tbl_21": "September 30 2019\tResidential Real Estate\tCommercial Real Estate\t\tCommercial and Industrial\t\tConsumer\t\tTotal\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\t\nBeginning balance\t1973\t2222\t\t1095\t\t2111\t\t7401\t\t\nProvision for loan losses\t(165)\t\t(536)\t\t1193\t\t(48)\t\t444\t\nLoans charged-off\t(465)\t\t0\t\t(1168)\t\t(419)\t\t(2052)\t\nRecoveries\t80\t\t92\t\t11\t\t177\t\t360\t\nTotal ending allowance balance\t1423\t1778\t\t1131\t\t1821\t\t6153\t\t\n", "q10k_tbl_22": "September 30 2020\tResidential Real Estate\tCommercial Real Estate\t\tCommercial and Industrial\t\tConsumer\t\tTotal\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\t\nBeginning balance\t1250\t1928\t\t1447\t\t1647\t\t6272\t\t\nProvision for loan losses\t715\t\t1131\t\t505\t\t1100\t\t3451\t\nLoans charged-off\t(340)\t\t(516)\t\t(185)\t\t(1677)\t\t(2718)\t\nRecoveries\t144\t\t74\t\t60\t\t447\t\t725\t\nTotal ending allowance balance\t1769\t2617\t\t1827\t\t1517\t\t7730\t\t\n", "q10k_tbl_23": "September 30 2019\tResidential Real Estate\tCommercial Real Estate\t\tCommercial and Industrial\t\tConsumer\t\tTotal\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\t\nBeginning balance\t1583\t2186\t\t1063\t\t1896\t\t6728\t\t\nProvision for loan losses\t96\t\t(403)\t\t1497\t\t825\t\t2015\t\nLoans charged-off\t(872)\t\t(579)\t\t(1512)\t\t(1612)\t\t(4575)\t\nRecoveries\t616\t\t574\t\t83\t\t712\t\t1985\t\nTotal ending allowance balance\t1423\t1778\t\t1131\t\t1821\t\t6153\t\t\n", "q10k_tbl_24": "September 30 2020\tResidential Real Estate\tCommercial Real Estate\t\tCommercial and Industrial\t\tConsumer\t\tTotal\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\t\nEnding allowance balance attributable to loans:\t\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t0\t43\t\t0\t\t0\t\t43\t\t\nCollectively evaluated for impairment\t1769\t\t2574\t\t1827\t\t1517\t\t7687\t\nTotal ending allowance balance\t1769\t2617\t\t1827\t\t1517\t\t7730\t\t\nLoans:\t\t\t\t\t\t\t\t\t\t\nLoans individually evaluated for impairment\t417\t4130\t\t2536\t\t485\t\t7568\t\t\nLoans collectively evaluated for impairment\t312673\t\t245265\t\t156297\t\t131235\t\t845470\t\nTotal ending loans balance\t313090\t249395\t\t158833\t\t131720\t\t853038\t\t\n", "q10k_tbl_25": "December 31 2019\tResidential Real Estate\tCommercial Real Estate\t\tCommercial and Industrial\t\tConsumer\t\tTotal\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\t\nEnding allowance balance attributable to loans:\t\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t0\t385\t\t303\t\t119\t\t807\t\t\nCollectively evaluated for impairment\t1250\t\t1543\t\t1144\t\t1528\t\t5465\t\nTotal ending allowance balance\t1250\t1928\t\t1447\t\t1647\t\t6272\t\t\nLoans:\t\t\t\t\t\t\t\t\t\t\nLoans individually evaluated for impairment\t438\t11300\t\t4910\t\t487\t\t17135\t\t\nLoans collectively evaluated for impairment\t309815\t\t210836\t\t95113\t\t139875\t\t755639\t\nTotal ending loans balance\t310253\t222136\t\t100023\t\t140362\t\t772774\t\t\n", "q10k_tbl_26": "September 30 2020\tUnpaid Principal Balance\tRecorded Investment\t\tAllowance for Loan Losses Allocated\t\nWith an allowance recorded:\t\t\t\t\t\nCommercial real estate:\t\t\t\t\t\nNonowner-occupied\t242\t242\t\t43\t\t\nWith no related allowance recorded:\t\t\t\t\t\t\nResidential real estate\t421\t\t417\t\t0\t\nCommercial real estate:\t\t\t\t\t\t\nOwner-occupied\t3157\t\t3157\t\t0\t\nNonowner-occupied\t731\t\t731\t\t0\t\nCommercial and industrial\t2536\t\t2536\t\t0\t\nConsumer:\t\t\t\t\t\t\nHome equity\t485\t\t485\t\t0\t\nTotal\t7572\t7568\t\t43\t\t\n", "q10k_tbl_27": "December 31 2019\tUnpaid Principal Balance\tRecorded Investment\t\tAllowance for Loan Losses Allocated\t\nWith an allowance recorded:\t\t\t\t\t\nCommercial real estate:\t\t\t\t\t\nOwner-occupied\t2030\t2030\t\t385\t\t\nCommercial and industrial\t4861\t\t4861\t\t303\t\nConsumer:\t\t\t\t\t\t\nAutomobile\t8\t\t8\t\t8\t\nOther\t111\t\t111\t\t111\t\nWith no related allowance recorded:\t\t\t\t\t\t\nResidential real estate\t438\t\t438\t\t0\t\nCommercial real estate:\t\t\t\t\t\t\nOwner-occupied\t1778\t\t1778\t\t0\t\nNonowner-occupied\t7492\t\t7492\t\t0\t\nCommercial and industrial\t49\t\t49\t\t0\t\nConsumer:\t\t\t\t\t\t\nHome equity\t368\t\t368\t\t0\t\nTotal\t17135\t17135\t\t807\t\t\n", "q10k_tbl_28": "\tThree months ended September 30 2020\tNine months ended September 30 2020\t\t\t\t\t\n\tAverage Impaired Loans\tInterest Income Recognized\t\tCash Basis Interest Recognized\t\tAverage Impaired Loans\t\t\tInterest Income Recognized\t\t\t\tCash Basis Interest Recognized\t\t\nWith an allowance recorded:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nCommercial real estate:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nNonowner-occupied\t242\t0\t\t0\t\t242\t\t\t\t0\t\t\t\t0\t\t\nWith no related allowance recorded:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nResidential real estate\t420\t\t7\t\t7\t\t426\t\t\t\t15\t\t\t\t15\t\nCommercial real estate:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOwner-occupied\t3161\t\t23\t\t23\t\t2957\t\t\t\t124\t\t\t\t124\t\nNonowner-occupied\t753\t\t15\t\t15\t\t772\t\t\t\t39\t\t\t\t39\t\nCommercial and industrial\t2807\t\t20\t\t20\t\t3543\t\t\t\t149\t\t\t\t149\t\nConsumer:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nHome equity\t444\t\t3\t\t3\t\t415\t\t\t\t12\t\t\t\t12\t\nTotal\t7827\t68\t\t68\t\t8355\t\t\t\t339\t\t\t\t339\t\t\n", "q10k_tbl_29": "\tThree months ended September 30 2019\tNine months ended September 30 2019\t\t\t\t\t\n\tAverage Impaired Loans\tInterest Income Recognized\t\tCash Basis Interest Recognized\t\tAverage Impaired Loans\t\t\tInterest Income Recognized\t\t\t\tCash Basis Interest Recognized\t\t\nWith an allowance recorded:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nWith no related allowance recorded:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nResidential real estate\t446\t4\t\t4\t\t469\t\t\t\t20\t\t\t\t20\t\t\nCommercial real estate:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOwner-occupied\t3349\t\t53\t\t53\t\t3144\t\t\t\t167\t\t\t\t167\t\nNonowner-occupied\t7949\t\t142\t\t142\t\t6243\t\t\t\t370\t\t\t\t370\t\nCommercial and industrial\t6089\t\t110\t\t110\t\t6110\t\t\t\t352\t\t\t\t352\t\nConsumer:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nHome equity\t175\t\t15\t\t15\t\t87\t\t\t\t15\t\t\t\t15\t\nOther\t6\t\t0\t\t0\t\t5\t\t\t\t0\t\t\t\t0\t\nTotal\t18014\t324\t\t324\t\t16058\t\t\t\t924\t\t\t\t924\t\t\n", "q10k_tbl_30": "September 30 2020\tLoans Past Due 90 Days And Still Accruing\tNonaccrual\t\nResidential real estate\t58\t4648\t\t\nCommercial real estate:\t\t\t\t\nOwner-occupied\t0\t\t208\t\nNonowner-occupied\t0\t\t597\t\nConstruction\t0\t\t167\t\nCommercial and industrial\t30\t\t150\t\nConsumer:\t\t\t\t\nAutomobile\t56\t\t155\t\nHome equity\t0\t\t211\t\nOther\t46\t\t31\t\nTotal\t190\t6167\t\t\n", "q10k_tbl_31": "December 31 2019\tLoans Past Due 90 Days And Still Accruing\tNonaccrual\t\nResidential real estate\t255\t6119\t\t\nCommercial real estate:\t\t\t\t\nOwner-occupied\t0\t\t863\t\nNonowner-occupied\t0\t\t804\t\nConstruction\t0\t\t229\t\nCommercial and industrial\t0\t\t590\t\nConsumer:\t\t\t\t\nAutomobile\t239\t\t61\t\nHome equity\t0\t\t392\t\nOther\t395\t\t91\t\nTotal\t889\t9149\t\t\n", "q10k_tbl_32": "September 30 2020\t30-59 Days Past Due\t60-89 Days Past Due\t\t90 Days Or More Past Due\t\tTotal Past Due\t\tLoans Not Past Due\t\tTotal\t\nResidential real estate\t2515\t1134\t\t1337\t\t4986\t\t308104\t\t313090\t\t\nCommercial real estate:\t\t\t\t\t\t\t\t\t\t\t\t\nOwner-occupied\t2814\t\t923\t\t195\t\t3932\t\t48282\t\t52214\t\nNonowner-occupied\t157\t\t0\t\t597\t\t754\t\t161180\t\t161934\t\nConstruction\t161\t\t0\t\t0\t\t161\t\t35086\t\t35247\t\nCommercial and industrial\t104\t\t21\t\t180\t\t305\t\t158528\t\t158833\t\nConsumer:\t\t\t\t\t\t\t\t\t\t\t\t\nAutomobile\t705\t\t133\t\t183\t\t1021\t\t55349\t\t56370\t\nHome equity\t145\t\t84\t\t112\t\t341\t\t19190\t\t19531\t\nOther\t365\t\t226\t\t76\t\t667\t\t55152\t\t55819\t\nTotal\t6966\t2521\t\t2680\t\t12167\t\t840871\t\t853038\t\t\n", "q10k_tbl_33": "December 31 2019\t30-59 Days Past Due\t60-89 Days Past Due\t\t90 Days Or More Past Due\t\tTotal Past Due\t\tLoans Not Past Due\t\tTotal\t\nResidential real estate\t4015\t1314\t\t1782\t\t7111\t\t303142\t\t310253\t\t\nCommercial real estate:\t\t\t\t\t\t\t\t\t\t\t\t\nOwner-occupied\t383\t\t59\t\t144\t\t586\t\t55239\t\t55825\t\nNonowner-occupied\t12\t\t0\t\t697\t\t709\t\t130689\t\t131398\t\nConstruction\t186\t\t19\t\t49\t\t254\t\t34659\t\t34913\t\nCommercial and industrial\t1320\t\t312\t\t241\t\t1873\t\t98150\t\t100023\t\nConsumer:\t\t\t\t\t\t\t\t\t\t\t\t\nAutomobile\t986\t\t329\t\t246\t\t1561\t\t62209\t\t63770\t\nHome equity\t106\t\t18\t\t279\t\t403\t\t22479\t\t22882\t\nOther\t559\t\t139\t\t443\t\t1141\t\t52569\t\t53710\t\nTotal\t7567\t2190\t\t3881\t\t13638\t\t759136\t\t772774\t\t\n", "q10k_tbl_34": "September 30 2020\tTDRs Performing to Modified Terms\tTDRs Not Performing to Modified Terms\t\tTotal TDRs\t\nResidential real estate:\t\t\t\t\t\nInterest only payments\t203\t0\t\t203\t\t\nCommercial real estate:\t\t\t\t\t\t\nOwner-occupied\t\t\t\t\t\t\nInterest only payments\t0\t\t0\t\t0\t\nReduction of principal and interest payments\t1494\t\t0\t\t1494\t\nMaturity extension at lower stated rate than market rate\t354\t\t0\t\t354\t\nCredit extension at lower stated rate than market rate\t386\t\t0\t\t386\t\nNonowner-occupied\t\t\t\t\t\t\nCredit extension at lower stated rate than market rate\t391\t\t0\t\t391\t\nCommercial and industrial:\t\t\t\t\t\t\nInterest only payments\t2536\t\t0\t\t2536\t\nTotal TDRs\t5364\t0\t\t5364\t\t\n", "q10k_tbl_35": "December 31 2019\tTDRs Performing to Modified Terms\tTDRs Not Performing to Modified Terms\t\tTotal TDRs\t\nResidential real estate:\t\t\t\t\t\nInterest only payments\t209\t0\t\t209\t\t\nCommercial real estate:\t\t\t\t\t\t\nOwner-occupied\t\t\t\t\t\t\nInterest only payments\t882\t\t0\t\t882\t\nReduction of principal and interest payments\t1521\t\t0\t\t1521\t\nMaturity extension at lower stated rate than market rate\t393\t\t0\t\t393\t\nCredit extension at lower stated rate than market rate\t393\t\t0\t\t393\t\nNonowner-occupied\t\t\t\t\t\t\nCredit extension at lower stated rate than market rate\t395\t\t0\t\t395\t\nCommercial and industrial:\t\t\t\t\t\t\nInterest only payments\t4574\t\t0\t\t4574\t\nReduction of principal and interest payments\t185\t\t0\t\t185\t\nTotal TDRs\t8552\t0\t\t8552\t\t\n", "q10k_tbl_36": "\t\tTDRs Performing to Modified Terms\t\t\t\tTDRs Not Performing to Modified Terms\t\nNine months ended September 30 2019\tNumber of Loans\tPre-Modification Recorded Investment\t\tPost-Modification Recorded Investment\t\tPre-Modification Recorded Investment\tPost-Modification Recorded Investment\nResidential real estate:\t\t\t\t\t\t\t\nInterest only payments\t1\t292\t\t292\t\t0\t0\t\nCommercial and Industrial:\t\t\t\t\t\t\t\t\nInterest only payments\t1\t\t282\t\t282\t\t\t\nTotal TDRs\t2\t574\t\t574\t\t0\t0\t\n", "q10k_tbl_37": "September 30 2020\tPass\tCriticized\t\tClassified\t\tTotal\t\nCommercial real estate:\t\t\t\t\t\t\t\nOwner-occupied\t46934\t682\t\t4598\t\t52214\t\t\nNonowner-occupied\t154757\t\t6031\t\t1146\t\t161934\t\nConstruction\t35247\t\t0\t\t0\t\t35247\t\nCommercial and industrial\t154048\t\t1773\t\t3012\t\t158833\t\nTotal\t390986\t8486\t\t8756\t\t408228\t\t\n", "q10k_tbl_38": "December 31 2019\tPass\tCriticized\t\tClassified\t\tTotal\t\nCommercial real estate:\t\t\t\t\t\t\t\nOwner-occupied\t49486\t2889\t\t3450\t\t55825\t\t\nNonowner-occupied\t123847\t\t0\t\t7551\t\t131398\t\nConstruction\t34864\t\t0\t\t49\t\t34913\t\nCommercial and industrial\t89749\t\t298\t\t9976\t\t100023\t\nTotal\t297946\t3187\t\t21026\t\t322159\t\t\n", "q10k_tbl_39": "September 30 2020\tConsumer\tResidential\t\t\t\n\tAutomobile\tHome Equity\t\tOther\t\t\tReal Estate\t\t\t\tTotal\t\t\nPerforming\t56159\t19320\t\t55742\t\t\t\t308384\t\t\t\t439605\t\t\nNonperforming\t211\t\t211\t\t77\t\t\t\t4706\t\t\t\t5205\t\nTotal\t56370\t19531\t\t55819\t\t\t\t313090\t\t\t\t444810\t\t\n", "q10k_tbl_40": "December 31 2019\tConsumer\tResidential\t\t\t\n\tAutomobile\tHome Equity\t\tOther\t\t\tReal Estate\t\t\t\tTotal\t\t\nPerforming\t63470\t22490\t\t53224\t\t\t\t303879\t\t\t\t443063\t\t\nNonperforming\t300\t\t392\t\t486\t\t\t\t6374\t\t\t\t7552\t\nTotal\t63770\t22882\t\t53710\t\t\t\t310253\t\t\t\t450615\t\t\n", "q10k_tbl_41": "\tFHLB Borrowings\tPromissory Notes\tTotals\nSeptember 30 2020\t25763\t3558\t29321\t\nDecember 31 2019\t29758\t4233\t33991\t\n", "q10k_tbl_42": "\tFHLB Borrowings\tPromissory Notes\t\tTotals\t\n2020\t858\t1998\t\t2856\t\t\n2021\t2888\t\t1560\t\t4448\t\n2022\t2727\t\t0\t\t2727\t\n2023\t2588\t\t0\t\t2588\t\n2024\t2214\t\t0\t\t2214\t\nThereafter\t14488\t\t0\t\t14488\t\n\t25763\t3558\t\t29321\t\t\n", "q10k_tbl_43": "\tThree Months Ended September 30 2020\n\tBanking\t\tConsumer Finance\t\t\t\tTotal Company\t\t\nNet interest income\t9562\t\t\t520\t\t\t\t10082\t\t\nProvision expense\t0\t\t\t\t(2)\t\t\t\t(2)\t\nNoninterest income\t2385\t\t\t\t49\t\t\t\t2434\t\nNoninterest expense\t9295\t\t\t\t596\t\t\t\t9891\t\nTax expense\t339\t\t\t\t(6)\t\t\t\t333\t\nNet income\t2313\t\t\t\t(19)\t\t\t\t2294\t\nAssets\t1126202\t\t\t\t11736\t\t\t\t1137938\t\n", "q10k_tbl_44": "\tThree Months Ended September 30 2019\n\tBanking\t\tConsumer Finance\t\t\t\tTotal Company\t\t\nNet interest income\t10048\t\t\t578\t\t\t\t10626\t\t\nProvision expense\t450\t\t\t\t(6)\t\t\t\t444\t\nNoninterest income\t2043\t\t\t\t64\t\t\t\t2107\t\nNoninterest expense\t9115\t\t\t\t623\t\t\t\t9738\t\nTax expense\t409\t\t\t\t5\t\t\t\t414\t\nNet income\t2117\t\t\t\t20\t\t\t\t2137\t\nAssets\t1034209\t\t\t\t11749\t\t\t\t1045958\t\n", "q10k_tbl_45": "\tNine Months Ended September 30 2020\n\tBanking\t\tConsumer Finance\t\t\t\tTotal Company\t\t\nNet interest income\t28350\t\t\t1531\t\t\t\t29881\t\t\nProvision expense\t3445\t\t\t\t6\t\t\t\t3451\t\nNoninterest income\t8073\t\t\t\t1052\t\t\t\t9125\t\nNoninterest expense\t27110\t\t\t\t1902\t\t\t\t29012\t\nTax expense\t843\t\t\t\t141\t\t\t\t984\t\nNet income\t5025\t\t\t\t534\t\t\t\t5559\t\nAssets\t1126202\t\t\t\t11736\t\t\t\t1137938\t\n", "q10k_tbl_46": "\tNine Months Ended September 30 2019\n\tBanking\t\tConsumer Finance\t\t\t\tTotal Company\t\t\nNet interest income\t30173\t\t\t2493\t\t\t\t32666\t\t\nProvision expense\t1900\t\t\t\t115\t\t\t\t2015\t\nNoninterest income\t5822\t\t\t\t134\t\t\t\t5956\t\nNoninterest expense\t27146\t\t\t\t1951\t\t\t\t29097\t\nTax expense\t984\t\t\t\t117\t\t\t\t1101\t\nNet income\t5965\t\t\t\t444\t\t\t\t6409\t\nAssets\t1034209\t\t\t\t11749\t\t\t\t1045958\t\n", "q10k_tbl_47": "\tAs of September 30 2020\tAs of December 31 2019\t\nOperating leases:\t\t\t\nOperating lease right-of-use assets\t918\t1053\t\t\nOperating lease liabilities\t918\t\t1053\t\n", "q10k_tbl_48": "Three Months Ended September 30\t\t\t\tNine Months Ended September 30\n2020\t\t2019\t2020\t2019\nOperating lease cost\t32\t70\t\t127\t\t\t\t216\t\t\nShort-term lease expense\t7\t\t14\t\t23\t\t\t\t45\t\n", "q10k_tbl_49": "\tOperating Leases\n2020 (remaining)\t40\t\n2021\t157\t\n2022\t157\t\n2023\t116\t\n2024\t95\t\nThereafter\t546\t\nTotal lease payments\t1111\t\nLess: Imputed Interest\t(193)\t\nTotal operating leases\t918\t\n", "q10k_tbl_50": "\tAs of September 30 2020\tAs of December 31 2019\t\nWeighted-average remaining lease term for operating leases\t9.8 years\t10.6 years\t\nWeighted-average discount rate for operating leases\t2.78%\t\t2.76%\t\n", "q10k_tbl_51": "Exhibit Number\tExhibit Description\n3.1\tAmended Articles of Incorporation of Ohio Valley Banc Corp. [for SEC reporting compliance only not filed with the Ohio Secretary of State]. Incorporated herein by reference to Exhibit 3(a) of Registrant's Annual Report on Form 10-K filed March 17 2008 (File No. 000-20914).\n3.2\tCode of Regulations of Ohio Valley Banc Corp. Incorporated herein by reference to Exhibit 3(b) of Registrant's Quarterly Report on Form 10-Q filed August 9 2010 (File No. 000-20914).\n4\tAgreement to furnish instruments and agreements defining rights of holders of long-term debt: Filed herewith.\n31.1\tRule 13a-14(a)/15d-14(a) Certification (Principal Executive Officer): Filed herewith.\n31.2\tRule 13a-14(a)/15d-14(a) Certification (Principal Financial Officer): Filed herewith.\n32\tSection 1350 Certifications (Principal Executive Officer and Principal Financial Officer): Filed herewith.\n101.INS #\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH #\tXBRL Taxonomy Extension Schema: Filed herewith. #\n101.CAL #\tXBRL Taxonomy Extension Calculation Linkbase: Filed herewith. #\n101.DEF #\tXBRL Taxonomy Extension Definition Linkbase: Filed herewith. #\n101.LAB #\tXBRL Taxonomy Extension Label Linkbase: Filed herewith. #\n101.PRE #\tXBRL Taxonomy Extension Presentation Linkbase: Filed herewith. #\n104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) Filed herewith #\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_7"}None
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 0-20914
OHIO VALLEY BANC CORP.
(Exact name of registrant as specified in its charter)
Ohio
31-1359191
(State of Incorporation)
(I.R.S. Employer Identification No.)
420 Third Avenue, Gallipolis, Ohio
45631
(Address of principal executive offices)
(ZIP Code)
(740) 446-2631
(Registrant’s telephone number, including area code)
_____________________
Securities registered pursuant to Section 12(b) of the Act:
Common shares, without par value
OVBC
The NASDAQ Stock Market LLC
(Title of each class)
(Trading Symbol)
(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐No ☒
The number of common shares of the registrant outstanding as of November 9, 2020 was 4,787,446.
OHIO VALLEY BANC CORP.
Index
Page Number
PART I.
FINANCIAL INFORMATION
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets
3
Consolidated Statements of Income
4
Consolidated Statements of Comprehensive Income
5
Consolidated Statements of Changes in Shareholders’ Equity
6
Condensed Consolidated Statements of Cash Flows
7
Notes to the Consolidated Financial Statements
8
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
29
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
42
Item 4.
Controls and Procedures
43
PART II.
OTHER INFORMATION
Item 1.
Legal Proceedings
44
Item 1A.
Risk Factors
44
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
44
Item 3.
Defaults Upon Senior Securities
44
Item 4.
Mine Safety Disclosures
44
Item 5.
Other Information
44
Item 6.
Exhibits
45
Signatures
46
2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
OHIO VALLEY BANC CORP.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands, except share and per share data)
September 30,
2020
December 31,
2019
ASSETS
Cash and noninterest-bearing deposits with banks
$
13,745
$
12,812
Interest-bearing deposits with banks
69,809
39,544
Total cash and cash equivalents
83,554
52,356
Certificates of deposit in financial institutions
2,745
2,360
Securities available for sale
110,349
105,318
Securities held to maturity (estimated fair value: 2020 - $12,022; 2019 - $12,404)
11,674
12,033
Restricted investments in bank stocks
7,506
7,506
Total loans
853,038
772,774
Less: Allowance for loan losses
(7,730
)
(6,272
)
Net loans
845,308
766,502
Premises and equipment, net
21,332
19,217
Premises and equipment held for sale, net
641
653
Other real estate owned, net
96
540
Accrued interest receivable
3,779
2,564
Goodwill
7,319
7,319
Other intangible assets, net
125
174
Bank owned life insurance and annuity assets
35,796
30,596
Operating lease right-of-use asset, net
918
1,053
Other assets
6,796
5,081
Total assets
$
1,137,938
$
1,013,272
LIABILITIES
Noninterest-bearing deposits
$
270,086
$
222,607
Interest-bearing deposits
674,898
598,864
Total deposits
944,984
821,471
Other borrowed funds
29,321
33,991
Subordinated debentures
8,500
8,500
Operating lease liability
918
1,053
Accrued liabilities
21,317
20,078
Total liabilities
1,005,040
885,093
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 5)
SHAREHOLDERS’ EQUITY
Common stock ($1.00 stated value per share, 10,000,000 shares authorized; 2020 - 5,447,185 shares issued; 2019 - 5,447,185 shares issued)
5,447
5,447
Additional paid-in capital
51,165
51,165
Retained earnings
89,294
86,751
Accumulated other comprehensive income
2,704
528
Treasury stock, at cost (659,739 shares)
(15,712
)
(15,712
)
Total shareholders’ equity
132,898
128,179
Total liabilities and shareholders’ equity
$
1,137,938
$
1,013,272
See accompanying notes to consolidated financial statements
3
OHIO VALLEY BANC CORP.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share data)
Three months ended
September 30,
Nine months ended
September 30,
2020
2019
2020
2019
Interest and dividend income:
Loans, including fees
$
10,877
$
11,362
$
32,389
$
34,576
Securities
Taxable
535
637
1,723
1,911
Tax exempt
73
85
220
253
Dividends
58
91
188
308
Interest-bearing deposits with banks
20
333
200
977
Other Interest
11
13
38
37
11,574
12,521
34,758
38,062
Interest expense:
Deposits
1,274
1,592
4,150
4,446
Other borrowed funds
174
215
561
676
Subordinated debentures
44
88
166
274
1,492
1,895
4,877
5,396
Net interest income
10,082
10,626
29,881
32,666
Provision for (recovery of) loan losses
(2
)
444
3,451
2,015
Net interest income after provision for loan losses
10,084
10,182
26,430
30,651
Noninterest income:
Service charges on deposit accounts
423
553
1,249
1,573
Trust fees
64
59
193
195
Income from bank owned life insurance and annuity assets
207
179
616
534
Mortgage banking income
445
80
966
227
Debit / credit card interchange income
1,130
1,049
3,003
2,935
Loss on other real estate owned
(1
)
(15
)
(84
)
(1
)
Tax preparation fees
9
—
643
—
Litigation settlement
—
—
2,000
—
Other
157
202
539
493
2,434
2,107
9,125
5,956
Noninterest expense:
Salaries and employee benefits
5,973
5,652
16,854
16,715
Occupancy
481
479
1,362
1,370
Furniture and equipment
284
255
824
788
Professional fees
525
598
1,596
1,959
Marketing expense
306
270
867
810
FDIC insurance
69
—
93
113
Data processing
538
540
1,841
1,629
Software
318
362
1,111
1,200
Foreclosed assets
38
62
117
187
Amortization of intangibles
14
27
48
89
Other
1,345
1,493
4,299
4,237
9,891
9,738
29,012
29,097
Income before income taxes
2,627
2,551
6,543
7,510
Provision for income taxes
333
414
984
1,101
NET INCOME
$
2,294
$
2,137
$
5,559
$
6,409
Earnings per share
$
0.48
$
0.45
$
1.16
$
1.35
See accompanying notes to consolidated financial statements
4
OHIO VALLEY BANC CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(dollars in thousands)
Three months ended
September 30,
Nine months ended
September 30,
2020
2019
2020
2019
Net Income
$
2,294
$
2,137
$
5,559
$
6,409
Other comprehensive income (loss):
Change in unrealized gain (loss) on available for sale securities
(267
)
(251
)
2,755
3,200
Related tax (expense) benefit
56
52
(579
)
(672
)
Total other comprehensive income (loss), net of tax
(211
)
(199
)
2,176
2,528
Total comprehensive income
$
2,083
$
1,938
$
7,735
$
8,937
See accompanying notes to consolidated financial statements
5
OHIO VALLEY BANC CORP.
CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(dollars in thousands, except share and per share data)
Quarter-to-date
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Shareholders'
Equity
Balance at July 1, 2020
$
5,447
$
51,165
$
88,006
$
2,915
$
(15,712
)
$
131,821
Net income
—
—
2,294
—
—
2,294
Other comprehensive loss, net
—
—
—
(211
)
—
(211
)
Cash dividends, $0.21 per share
—
—
(1,006
)
—
—
(1,006
)
Balance at September 30, 2020
$
5,447
$
51,165
$
89,294
$
2,704
$
(15,712
)
$
132,898
Balance at July 1, 2019
$
5,427
$
50,492
$
83,121
$
592
$
(15,712
)
$
123,920
Net income
—
—
2,137
—
—
2,137
Other comprehensive loss, net
—
—
—
(199
)
—
(199
)
Common stock issued through dividend reinvestment, 10,120 shares
10
334
—
—
—
344
Cash dividends, $0.21 per share
—
—
(1,001
)
—
—
(1,001
)
Balance at September 30, 2019
$
5,437
$
50,826
$
84,257
$
393
$
(15,712
)
$
125,201
Year-to-date
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Shareholders'
Equity
Balance at January 1, 2020
$
5,447
$
51,165
$
86,751
$
528
$
(15,712
)
$
128,179
Net income
—
—
5,559
—
—
5,559
Other comprehensive income, net
—
—
—
2,176
—
2,176
Cash dividends, $0.63 per share
—
—
(3,016
)
—
—
(3,016
)
Balance at September 30, 2020
$
5,447
$
51,165
$
89,294
$
2,704
$
(15,712
)
$
132,898
Balance at January 1, 2019
$
5,400
$
49,477
$
80,844
$
(2,135
)
$
(15,712
)
$
117,874
Net income
—
—
6,409
—
—
6,409
Other comprehensive income, net
—
—
—
2,528
—
2,528
Common stock issued to ESOP, 8,333 shares
8
320
—
—
—
328
Common stock issued through dividend reinvestment, 29,219 shares
29
1,029
—
—
—
1,058
Cash dividends, $0.63 per share
—
—
(2,996
)
—
—
(2,996
)
Balance at September 30, 2019
$
5,437
$
50,826
$
84,257
$
393
$
(15,712
)
$
125,201
See accompanying notes to consolidated financial statements
6
OHIO VALLEY BANC CORP.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(dollars in thousands)
Nine months ended
September 30,
2020
2019
Net cash provided by operating activities:
$
7,530
$
9,571
Investing activities:
Proceeds from maturities of securities available for sale
23,344
14,145
Purchases of securities available for sale
(25,884
)
(20,127
)
Proceeds from maturities of securities held to maturity
328
2,301
Proceeds from maturities of certificates of deposit in financial institutions
735
—
Purchase of certificates of deposit in financial institutions
(1,120
)
(295
)
Net change in loans
(82,347
)
(5,646
)
Proceeds from sale of other real estate owned
446
393
Purchases of premises and equipment
(3,101
)
(4,828
)
Purchases of bank owned life insurance and annuity assets
(4,583
)
—
Net cash (used in) investing activities
(92,182
)
(14,057
)
Financing activities:
Change in deposits
123,536
10,622
Proceeds from common stock through dividend reinvestment
—
1,058
Cash dividends
(3,016
)
(2,996
)
Repayment of Federal Home Loan Bank borrowings
(3,994
)
(3,017
)
Change in other long-term borrowings
(406
)
(1,899
)
Change in other short-term borrowings
(270
)
—
Net cash provided by financing activities
115,850
3,768
Change in cash and cash equivalents
31,198
(718
)
Cash and cash equivalents at beginning of period
52,356
71,180
Cash and cash equivalents at end of period
$
83,554
$
70,462
Supplemental disclosure:
Cash paid for interest
$
5,117
$
4,791
Cash paid for income taxes
1,950
890
Transfers from loans to other real estate owned
86
112
Initial recognition of operating lease right-of-use asset
—
1,280
Operating lease liability arising from obtaining right-of-use asset
—
1,280
See accompanying notes to consolidated financial statements
7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share data)
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION:The accompanying consolidated financial statements include the accounts of Ohio Valley Banc Corp. (“Ohio Valley”) and its wholly-owned subsidiaries, The Ohio Valley Bank Company (the “Bank”), Loan Central, Inc., a consumer finance company (“Loan Central”), Ohio Valley Financial Services Agency, LLC, an insurance agency, and OVBC Captive, Inc., a limited purpose property and casualty insurance company (the “Captive”). The Bank has one wholly-owned subsidiary, Ohio Valley REO, LLC, an Ohio limited liability company (“Ohio Valley REO”), to which the Bank transfers certain real estate acquired by the Bank through foreclosure for sale by Ohio Valley REO. Ohio Valley and its subsidiaries are collectively referred to as the “Company.” All material intercompany accounts and transactions have been eliminated in consolidation.
These interim financial statements are prepared by the Company without audit and reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial position of the Company at September 30, 2020, and its results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2020. The accompanying consolidated financial statements do not purport to contain all the necessary financial disclosures required by U.S. generally accepted accounting principles (“US GAAP”) that might otherwise be necessary in the circumstances. The Annual Report of the Company for the year ended December 31, 2019 contains consolidated financial statements and related notes which should be read in conjunction with the accompanying consolidated financial statements.
The consolidated financial statements for 2019 have been reclassified to conform to the presentation for 2020. These reclassifications had no effect on net income or shareholders’ equity.
CURRENT EVENTS:In March 2020, the World Health Organization declared the outbreak of the coronavirus (“COVID-19”) as a global pandemic. COVID-19 has continued to negatively impact the global economy, disrupt global supply chains, create significant volatility, disrupt financial markets, and increase unemployment levels. The resulting temporary closure of many businesses and the implementation of social distancing and sheltering-in-place policies has impacted, and may continue to impact, many of the Company’s customers.
The potential financial impact of COVID-19 is unknown at this time and depends largely on the actions taken by governmental authorities and other third parties. In addition, COVID-19 may adversely impact several industries within our geographic footprint and impair the ability of our customers to fulfill their contractual obligations to the Company. This could result in a material adverse effect on our business operations, asset valuations, liquidity, financial condition, and results of operations. Effects may include:
●
Increased provision for loan losses. Continued uncertainty regarding the severity and duration of COVID-19 and related economic effects will continue to affect the accounting for loan losses. It also is possible that asset quality could worsen, and that loan charge-offs could increase. The Company is actively participating in the Paycheck Protection Program (“PPP”) by providing loans to small businesses negatively impacted by COVID-19. PPP loans are fully guaranteed by the U.S. government, and if that should change, the Company could be required to increase its allowance for loan losses through an additional provision for loan losses charged to earnings.
●
Valuation and fair value measurement challenges. Material adverse impacts of COVID-19 may result in valuation impairments on the Company’s securities, impaired loans, goodwill, other real estate owned, and interest rate swap agreements.
8
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: The accounting and reporting policies followed by the Company conform to US GAAP established by the Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
INDUSTRY SEGMENT INFORMATION: Internal financial information is primarily reported and aggregated in two lines of business: banking and consumer finance.
EARNINGS PER SHARE: Earnings per share are computed based on net income divided by the weighted average number of common shares outstanding during the period. The weighted average common shares outstanding were 4,787,446 and 4,773,258 for the three months ended September 30, 2020 and 2019, respectively. The weighted average common shares outstanding were 4,787,446 and 4,761,954 for the nine months ended September 30, 2020 and 2019, respectively. Ohio Valley had no dilutive effect and no potential common shares issuable under stock options or other agreements for any period presented.
ADOPTION OF NEW ACCOUNTING STANDARD UPDATES (“ASU”):In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. For non-public entities, this ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this ASU did not have a material impact on the Company’s consolidated financial position or results of operations.
ACCOUNTING GUIDANCE TO BE ADOPTED IN FUTURE PERIODS:In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”. ASU 2016-13 requires entities to replace the current “incurred loss” model with an “expected loss” model, which is referred to as the current expected credit loss (“CECL”) model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. A CECL steering committee has developed a CECL model and is evaluating the source data, various credit loss methodologies and model results in relation to the new ASU guidance. Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective. Management expects the adoption will result in a material increase to the allowance for loan losses balance. At this time, the impact is being evaluated. On October 16, 2019, the FASB confirmed it would delay the effective date of this ASU for smaller reporting companies, such as the Company, until fiscal years beginning after December 15, 2022.
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NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
The following is a description of the Company’s valuation methodologies used to measure and disclose the fair values of its financial assets and liabilities on a recurring or nonrecurring basis:
Securities: The fair values for securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations.
Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. In some instances, fair value adjustments can be made based on a quoted price from an observable input, such as a purchase agreement. Such adjustments would be classified as a Level 2 classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.
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NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
Other Real Estate Owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. In some instances, fair value adjustments can be made based on a quoted price from an observable input, such as a purchase agreement. Such adjustments would be classified as a Level 2 classification.
Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with management’s own assumptions of fair value based on factors that include recent market data or industry-wide statistics.
On an as-needed basis, the Company reviews the fair value of collateral, taking into consideration current market data, as well as all selling costs that typically approximate 10%.
Interest Rate Swap Agreements: The fair value of interest rate swap agreements is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2).
Assets and Liabilities Measured on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below:
Fair Value Measurements at September 30, 2020 Using
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Assets:
U.S. Government sponsored entity securities
—
$
15,506
—
Agency mortgage-backed securities, residential
—
94,843
—
Interest rate swap derivatives
—
1,096
—
Liabilities:
Interest rate swap derivatives
—
(1,096
)
—
Fair Value Measurements at December 31, 2019 Using