UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 28, 2026
OHIO VALLEY BANC CORP.
(Exact Name of Registrant as Specified in Its Charter)
000-20914
(Commission File Number)
| Ohio | 31-1359191 |
| (State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
420 THIRD AVENUE, PO BOX 240
GALLIPOLIS, Ohio 45631
(Address of principal executive offices, including zip code)
(740) 446-2631
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Shares, without par value | OVBC | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
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. ☐
| Section 2 – Financial Information |
| Item 2.02. Results of Operations and Financial Condition |
GALLIPOLIS, Ohio - Ohio Valley Banc Corp. [Nasdaq: OVBC] (the “Company”) reported consolidated net income for the quarter ended March 31, 2026, of $4,297,000, a decrease of $109,000, or 2.5%, from the same period during the prior year. Earnings per share for the first quarter of 2026 were $.91, compared to $.94 for the first quarter of 2025. Return on average assets and return on average equity were 1.08% and 10.17%, respectively, for the first quarter of 2026, versus 1.20% and 11.82%, respectively, for the same period the prior year.
Ohio Valley Banc Corp. President and CEO, Larry Miller stated, “Our core performance remained strong, highlighted by double-digit growth in net interest income, margin expansion, and continued loan growth in our targeted commercial markets. While earnings were modestly lower, we continue to invest in our people, technology, and franchise for long-term, sustainable performance.”
For the first quarter of 2026, net interest income increased $1,748,000, or 13.3%, from the first quarter of 2025. The increase was related to the increase in both average earning assets and the net interest margin. For the first quarter of 2026, average earning assets increased $121 million from the same period last year, led by the $146 million growth in average loans, which was partially offset by the decreases in average securities of $15 million and average balances maintained at the Federal Reserve of $11 million. The growth in average loans occurred primarily within the targeted commercial lending segments.
For the first quarter of 2026, the net interest margin was 4.01%, an increase from 3.85% for the first quarter of 2025. The increase in the net interest margin was related to the yield on earning assets increasing more than the cost of funding sources. The yield on earning assets improved primarily in relation to the strong growth in higher yielding loans, which now comprise a larger percentage of earning assets.
For the three months ended March 31, 2026, the provision for credit loss expense was $1,622,000, an increase of $1,206,000 from the first quarter of 2025. The provision for credit loss expense for the first quarter of 2026 was primarily related to the specific allocation of $2,031,000 on two collateral dependent loans. Additional reserves were required for net charge-offs of $278,000 and the $19 million increase in loans since December 31, 2025. These increases in reserves were partially offset by a decrease in certain qualitative risk factors. The ratio of nonperforming loans to total loans was 1.64% at March 31, 2026, compared to 1.40% at December 31, 2025 and .48% at March 31, 2025. The increase in nonperforming loans was primarily related to three commercial loans being placed on nonaccrual status since March 31, 2025. Two of the loans required the specific allocation that was previously mentioned and one of the loans was deemed adequately collateralized. The allowance for credit losses was 1.07% of total loans at March 31, 2026, compared to .96% at December 31, 2025 and .97% at March 31, 2025.
Noninterest income totaled $3,288,000 for the first quarter of 2026, a decrease of $358,000 from the same period last year. The decrease was primarily related to the $540,000 decrease in electronic refund check and deposit fees due to the expiration of a tax processing agreement with a third party. This decrease was partially offset by a $138,000 increase in income from bank owned life insurance due to the receipt of life insurance proceeds and to the $86,000 increase in debit and credit card interchange income.
Noninterest expense totaled $11,301,000 for the first quarter of 2026, an increase of $483,000 from the same period last year. The Company’s largest noninterest expense, salaries and employee benefits, increased $335,000, or 5.6%, from the first quarter of 2025. The increase was primarily related to annual merit increases and to health insurance premiums. For the three months ended March 31, 2026, software expense increased $132,000 from the same period last year. The increase was primarily related to an investment in software to enhance internal processes. Also contributing to higher noninterest expense for the first quarter of 2026 was a $58,000 increase in FDIC insurance expense, as compared to the same period last year. The increase was related to a higher assessment base due to growth in assets and to an increase in the assessment rate in relation to higher nonperforming loans.
The Company’s total assets at March 31, 2026 were $1.678 billion, an increase of $95 million from December 31, 2025. The increase in assets was primarily the result of a $78 million increase in balances maintained at the Federal Reserve and a $19 million increase in total loans. At March 31, 2026, total deposits increased $94 million from year end 2025, which occurred primarily within time deposits. Total shareholders’ equity increased $1.0 million from year end 2025. This was primarily from year-to-date net income of $4.3 million, partially offset by a decrease in accumulated other comprehensive income of $2.2 million and cash dividends paid of $1.1 million.
Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market under the symbol OVBC. The holding company owns The Ohio Valley Bank Company with 18 offices in Ohio and West Virginia, and Loan Central, Inc. with six consumer finance offices in Ohio. Learn more about Ohio Valley Banc Corp. at www.ovbc.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this earnings release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believes,” “anticipates,” “expects,” “appears,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including: (i) changes in political, economic or other factors, such as inflation rates, recessionary or expansive trends, taxes, the effects of implementation of federal legislation with respect to taxes, tariffs and government spending and the continuing economic uncertainty in various parts of the world; (ii) competitive pressures; (iii) fluctuations in interest rates; (iv) the level of defaults and prepayment on loans made by the Company; (v) unanticipated litigation, claims, or assessments; (vi) fluctuations in the cost of obtaining funds to make loans; (vii) regulatory changes; and (viii) other factors that may be described in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events.
| OHIO VALLEY BANC CORP - Financial Highlights (Unaudited) | ||||||||
| Three months ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| PER SHARE DATA | ||||||||
| Earnings per share | $ | 0.91 | $ | 0.94 | ||||
| Dividends per share | $ | 0.23 | $ | 0.22 | ||||
| Book value per share | $ | 36.36 | $ | 33.05 | ||||
| Dividend payout ratio (a) | 25.22 | % | 23.52 | % | ||||
| Weighted average shares outstanding | 4,711,001 | 4,711,001 | ||||||
| DIVIDEND REINVESTMENT (in 000's) | ||||||||
| Dividends reinvested under | ||||||||
| employee stock ownership plan (b) | $ | 206 | $ | 195 | ||||
| Dividends reinvested under | ||||||||
| dividend reinvestment plan (c) | $ | 314 | $ | 382 | ||||
| PERFORMANCE RATIOS | ||||||||
| Return on average equity | 10.17 | % | 11.82 | % | ||||
| Return on average assets | 1.08 | % | 1.20 | % | ||||
| Net interest margin (d) | 4.01 | % | 3.85 | % | ||||
| Efficiency ratio (e) | 61.72 | % | 63.95 | % | ||||
| Average earning assets (in 000's) | $ | 1,518,144 | $ | 1,397,458 | ||||
| (a) Total dividends paid as a percentage of net income. | ||||||||
| (b) Shares may be purchased from OVBC and on secondary market. | ||||||||
| (c) Shares may be purchased from OVBC and on secondary market. | ||||||||
| (d) Fully tax-equivalent net interest income as a percentage of average earning assets. | ||||||||
| (e) Noninterest expense as a percentage of fully tax-equivalent net interest income plus noninterest income. | ||||||||
| OHIO VALLEY BANC CORP - Consolidated Statements of Income (Unaudited) | ||||||||
| Three months ended | ||||||||
| (in $000's) | March 31, | |||||||
| 2026 | 2025 | |||||||
| Interest income: | ||||||||
| Interest and fees on loans | $ | 19,404 | $ | 16,695 | ||||
| Interest and dividends on securities | 2,489 | 2,279 | ||||||
| Interest on interest-bearing deposits with banks | 582 | 826 | ||||||
| Total interest income | 22,475 | 19,800 | ||||||
| Interest expense: | ||||||||
| Deposits | 7,031 | 6,133 | ||||||
| Borrowings | 556 | 527 | ||||||
| Total interest expense | 7,587 | 6,660 | ||||||
| Net interest income | 14,888 | 13,140 | ||||||
| Provision for credit losses | 1,622 | 416 | ||||||
| Noninterest income: | ||||||||
| Service charges on deposit accounts | 745 | 720 | ||||||
| Trust fees | 92 | 103 | ||||||
| Income from bank owned life insurance and | ||||||||
| annuity assets | 378 | 240 | ||||||
| Mortgage banking income | 37 | 37 | ||||||
| Electronic refund check/deposit fees | 0 | 540 | ||||||
| Debit / credit card interchange income | 1,235 | 1,149 | ||||||
| Tax preparation fees | 608 | 596 | ||||||
| Other | 193 | 261 | ||||||
| Total noninterest income | 3,288 | 3,646 | ||||||
| Noninterest expense: | ||||||||
| Salaries and employee benefits | 6,347 | 6,012 | ||||||
| Occupancy | 524 | 521 | ||||||
| Furniture and equipment | 318 | 350 | ||||||
| Professional fees | 473 | 500 | ||||||
| Marketing expense | 280 | 279 | ||||||
| FDIC insurance | 241 | 183 | ||||||
| Data processing | 911 | 925 | ||||||
| Software | 673 | 541 | ||||||
| Other | 1,534 | 1,507 | ||||||
| Total noninterest expense | 11,301 | 10,818 | ||||||
| Income before income taxes | 5,253 | 5,552 | ||||||
| Income taxes | 956 | 1,146 | ||||||
| NET INCOME | $ | 4,297 | $ | 4,406 | ||||
| OHIO VALLEY BANC CORP - Consolidated Balance Sheets (Unaudited) | ||||||||
| (in $000's, except share data) | March 31, | December 31, | ||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| Cash and noninterest-bearing deposits with banks | $ | 16,255 | $ | 14,845 | ||||
| Interest-bearing deposits with banks | 109,072 | 31,052 | ||||||
| Total cash and cash equivalents | 125,327 | 45,897 | ||||||
| Securities available for sale | 251,439 | 253,906 | ||||||
| Securities held to maturity, net of allowance for credit losses of $1 in 2026 and 2025 | 5,435 | 5,452 | ||||||
| Restricted investments in bank stocks | 5,258 | 5,258 | ||||||
| Total loans | 1,214,814 | 1,196,018 | ||||||
| Less: Allowance for credit losses | (12,943 | ) | (11,519 | ) | ||||
| Net loans | 1,201,871 | 1,184,499 | ||||||
| Premises and equipment, net | 20,501 | 20,509 | ||||||
| Premises and equipment held for sale, net | 395 | 400 | ||||||
| Accrued interest receivable | 5,535 | 5,476 | ||||||
| Goodwill | 7,319 | 7,319 | ||||||
| Bank owned life insurance and annuity assets | 42,606 | 43,305 | ||||||
| Operating lease right-of-use asset, net | 876 | 923 | ||||||
| Deferred tax assets | 6,252 | 5,621 | ||||||
| Other assets | 4,688 | 4,089 | ||||||
| Total assets | $ | 1,677,502 | $ | 1,582,654 | ||||
| LIABILITIES | ||||||||
| Noninterest-bearing deposits | $ | 332,760 | $ | 314,131 | ||||
| Interest-bearing deposits | 1,090,914 | 1,015,536 | ||||||
| Total deposits | 1,423,674 | 1,329,667 | ||||||
| Other borrowed funds | 43,529 | 44,848 | ||||||
| Subordinated debentures | 8,500 | 8,500 | ||||||
| Operating lease liability | 876 | 923 | ||||||
| Allowance for credit losses on off-balance sheet commitments | 791 | 871 | ||||||
| Other liabilities | 28,852 | 27,588 | ||||||
| Total liabilities | 1,506,222 | 1,412,397 | ||||||
| SHAREHOLDERS' EQUITY | ||||||||
| Common stock ($1.00 stated value per share, 10,000,000 shares authorized; | ||||||||
| 5,490,995 shares issued) | 5,491 | 5,491 | ||||||
| Additional paid-in capital | 52,321 | 52,321 | ||||||
| Retained earnings | 136,220 | 133,007 | ||||||
| Accumulated other comprehensive income (loss) | (4,059 | ) | (1,869 | ) | ||||
| Treasury stock, at cost (779,994 shares) | (18,693 | ) | (18,693 | ) | ||||
| Total shareholders' equity | 171,280 | 170,257 | ||||||
| Total liabilities and shareholders' equity | $ | 1,677,502 | $ | 1,582,654 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| OHIO VALLEY BANC CORP. | |||
| Date: | April 28, 2026 | By: | /s/Larry E. Miller, II |
| Larry E. Miller, II President and Chief Executive Officer |