Ohio Valley Banc Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

☐ 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

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

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

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

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

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

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.

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.

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.

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
	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		—	$	16,736		—
Agency mortgage-backed securities, residential		—		88,582		—
Interest rate swap derivatives		—		465

Price	37.31	EPS	2
Shares	5	P/E	17
MCap	178	P/FCF	19
Net Debt	-70	EBIT	18
TEV	108	TEV/EBIT	6
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-09-30	Filed 2020-11-09
10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-16
10-Q	2019-09-30	Filed 2019-11-12
10-Q	2019-06-30	Filed 2019-08-09
10-Q	2019-03-31	Filed 2019-05-14
10-K	2018-12-31	Filed 2019-03-18
10-Q	2018-09-30	Filed 2018-11-09
10-Q	2018-06-30	Filed 2018-08-09
10-Q	2018-03-31	Filed 2018-05-10
10-K	2017-12-31	Filed 2018-03-16
10-Q	2017-09-30	Filed 2017-11-13
10-Q	2017-06-30	Filed 2017-08-09
10-Q	2017-03-31	Filed 2017-05-10
10-K	2016-12-31	Filed 2017-03-16
10-Q	2016-09-30	Filed 2016-11-09
10-Q	2016-06-30	Filed 2016-08-09
10-Q	2016-03-31	Filed 2016-05-10
10-K	2015-12-31	Filed 2016-03-15
10-Q	2015-09-30	Filed 2015-11-09
10-Q	2015-06-30	Filed 2015-08-10
10-Q	2015-03-31	Filed 2015-05-11
10-K	2014-12-31	Filed 2015-03-16
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-05-12
10-K	2013-12-31	Filed 2014-03-17
10-Q	2013-06-30	Filed 2013-08-09
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-18
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-16
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-16

8-K	2020-10-27
8-K	2020-10-20
8-K	2020-07-27
8-K	2020-07-21
8-K	2020-05-20
8-K	2020-04-27
8-K	2020-04-14
8-K	2020-03-10
8-K	2020-02-25
8-K	2020-01-29
8-K	2020-01-14
8-K	2019-10-25
8-K	2019-10-15
8-K	2019-07-25
8-K	2019-07-16
8-K	2019-05-15
8-K	2019-04-25
8-K	2019-04-16
8-K	2019-02-26
8-K	2019-02-12
8-K	2019-01-29
8-K	2019-01-15
8-K	2018-10-25
8-K	2018-10-16
8-K	2018-07-26
8-K	2018-07-17
8-K	2018-05-16
8-K	2018-04-26
8-K	2018-04-17
8-K	2018-01-30
8-K	2018-01-16

EX-4	exhibit4_093020.htm
EX-31.1	exhibit311_093020.htm
EX-31.2	exhibit312_093020.htm
EX-32	exhibit32_093020.htm

OVBC 10Q Quarterly Report

Ohio Valley Banc Earnings 2020-09-30