Ohio Valley Banc Q2 net income drops 30.5% to $2.93 million year over year
OVBC•Balance sheet and deposits
Total assets rose 5% from year-end to $1.66 billion; deposits increased $79 million, led by time deposits and money market accounts.
Provision for credit losses
Q2 provision for credit losses climbed to $3.76 million, driven by higher specific allocations on two collateral-dependent loans.
Net interest income and margin
Net interest income rose $863,000 in Q2; net interest margin narrowed 0.24 percentage points to 3.93%.
Second-quarter and first-half results
Ohio Valley Banc posted Q2 net income of $2.93 million, down 30.5% from a year earlier; EPS fell to $0.62.
First-half net income slid 16.2% to $7.22 million; ROAA eased to 0.89%.
