Ohio Valley Banc Corp extends stock buyback program
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 15 2024
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Stock Buyback Program Extension: Ohio Valley Banc Corp. has extended its stock buyback program to August 31, 2025, allowing for the repurchase of up to $5 million in shares, originally set to expire this year.
Current Repurchase Status: As of August 21, the company has repurchased approximately $2,967,000 in common stock under the program, which can be amended or terminated by the Board at any time before the new expiration date.
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About OVBC
Ohio Valley Banc Corp. is a financial 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 and commercial 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.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Ohio Valley Banc Corp Reports $4 Million Net Income in Q4
- Strong Quarterly Performance: Ohio Valley Banc Corp reported a net income of $4 million in Q4, with earnings per share of 84 cents, demonstrating the company's stability in the economic environment and boosting investor confidence.
- Revenue Exceeds Expectations: The bank's total revenue for Q4 was $23.6 million, with net revenue after interest expense at $16.2 million, surpassing market forecasts and indicating improved operational efficiency and competitive strength.
- Annual Profit Growth: The company reported an annual profit of $15.6 million, or $3.31 per share, reflecting robust growth over the past year and further solidifying its position in the regional market.
- Overall Revenue Performance: Total annual revenue reached $66.7 million, showcasing the company's success in diversifying its revenue streams and indicating potential for sustainable growth in the future.
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Ohio Valley Banc Corp Reports Q4 Earnings
- Earnings Per Share: Ohio Valley Banc Corp reported a GAAP EPS of $0.84 for Q4, indicating a level of profitability despite market challenges.
- Revenue Decline: The reported revenue of $16.2 million reflects a 4.6% year-over-year decrease, highlighting pressure on revenue growth in a competitive market environment.
- Impact of Non-Recurring Items: Despite the influence of non-recurring items, Ohio Valley Banc demonstrates strong financial resilience, suggesting stability in its core operations.
- Investor Attention: Seeking Alpha's Quant Rating on Ohio Valley indicates market interest in its future performance, prompting investors to closely monitor subsequent developments.
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