- Ohio Valley Banc Corp. (OVBC, Financial) reported a 57.8% rise in net income for Q1 2025, reaching $4.4 million.
- Earnings per share increased to $0.94 from $0.58 in Q1 2024.
- The company participated in the Ohio Homebuyer Plus program, resulting in significant deposit growth and securities increases.
Ohio Valley Banc Corp. (OVBC) has announced a robust financial performance for the first quarter of 2025, reporting a consolidated net income of $4,406,000. This represents a notable increase of 57.8% from the same period in the previous year. The earnings per share (EPS) for OVBC also surged, rising to $0.94 compared to $0.58 in Q1 2024.
Key drivers of this performance included a $1,950,000 increase in net interest income, attributed to a boost in average earning assets which climbed by $136 million. This growth was supported by a $96 million surge in average securities and a $68 million rise in average loans. These developments helped improve the net interest margin to 3.85%, up from 3.61% in the prior year.
The company's strategic participation in the Ohio Homebuyer Plus program significantly impacted its operations. OVBC created Sweet Home Ohio accounts totaling $7.7 million and received Ohio Treasurer deposits amounting to $82 million. These accounts and deposits played a crucial role in enhancing the company's deposit base and securities growth.
Despite a $19 million reduction in total loans, primarily due to a decrease in a warehouse line of credit with another mortgage lender, OVBC achieved $12 million in organic loan growth within the commercial and residential real estate sectors.
The company's total assets reached $1.513 billion as of March 31, 2025, representing a $10 million increase from the year-end 2024. Deposits also grew by $9 million, and shareholders' equity increased by $5.4 million during the same period.
For the first quarter of 2025, Ohio Valley Banc Corp. achieved a return on average assets of 1.20% and return on average equity of 11.82%, reflecting its strengthened financial foundation and strategic initiatives.
