Ohio Valley Banc Corp. (OVBC) has reported a 13.59 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.22 million, or $0.69 a share in the quarter, compared with $2.83 million, or $0.69 a share for the same period last year.
Revenue during the quarter grew 16.68 percent to $13.83 million from $11.86 million in the previous year period. Net interest income for the quarter rose 19.40 percent over the prior year period to $10.86 million. Non-interest income for the quarter fell 3.77 percent over the last year period to $3.11 million.
Ohio Valley Banc Corp. has made provision of $0.14 million for loan losses during the quarter, down 69.73 percent from $0.48 million in the same period last year.
Net interest margin improved 2 basis points to 4.52 percent in the quarter from 4.50 percent in the last year period. Efficiency ratio for the quarter deteriorated to 66.18 percent from 63.80 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"Our communities have been very welcoming in new areas served by our Milton Banking Company Division. Their contributions enabled a successful first quarter," stated Tom Wiseman, president and chief executive officer. "As we put our 'Community First', creating an unmatched customer experience, nurturing quality loan growth, and building a unified team will continue to be key strategies in the months to come."
Liabilities outpace assets growth
Total assets stood at $1,036.73 million as on Mar. 31, 2017, up 17.34 percent compared with $883.52 million on Mar. 31, 2016. On the other hand, total liabilities stood at $929.08 million as on Mar. 31, 2017, up 17.62 percent from $789.89 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $731.55 million as on Mar. 31, 2017, up 26.37 percent compared with $578.90 million on Mar. 31, 2016. Deposits stood at $867.90 million as on Mar. 31, 2017, up 17.13 percent compared with $741 million on Mar. 31, 2016.
Investments stood at $122 million as on Mar. 31, 2017, up 13.50 percent or $14.51 million from year-ago. Shareholders equity stood at $107.65 million as on Mar. 31, 2017, up 14.97 percent or $14.02 million from year-ago.
Return on average assets moved down 6 basis points to 1.23 percent in the quarter from 1.29 percent in the last year period. At the same time, return on average equity decreased 9 basis points to 12.41 percent in the quarter from 12.50 percent in the last year period.
Book value per share was $23 for the quarter, up 1.77 percent or $0.40 compared to $22.60 for the same period last year.
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