OHIO VALLEY BANC CORP
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
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EX-13 · As of December 31, 2023
As of December 31, 2023
Table V
| (dollars in thousands) | |||||
|---|---|---|---|---|---|
| Within One Year | After One but Within Five Years | After Five but Within Fifteen Years | After Fifteen Years | Total | |
| Residential real estate loans | $63,948 | $197,328 | $53,954 | $4,274 | $319,504 |
| Commercial real estate loans | 89,420 | 199,993 | 32,836 | 645 | 322,894 |
| Commercial and industrial loans | 50,170 | 41,792 | 39,773 | 25,563 | 157,298 |
| Consumer loans(1) | 66,593 | 70,595 | 35,016 | ---- | 172,204 |
| Total loans | $270,131 | $509,708 | $161,579 | $30,482 | $971,900 |
| Loans maturing or repricing after one year with: | Variable Interest Rates | Fixed Interest Rates | Total |
|---|---|---|---|
| Residential real estate loans | $207,515 | $48,041 | $255,556 |
| Commercial real estate loans | 198,873 | 34,601 | 233,474 |
| Commercial and industrial loans | 27,730 | 79,398 | 107,128 |
| Consumer loans(1) | 84 | 105,527 | 105,611 |
| Total loans | $434,202 | $267,567 | $701,769 |
(1) Includes automobile, home equity and other consumer loans.
Generating residential real estate loans remains a significant focus of the Company’s lending efforts. The residential real estate loan portfolio represents the second largest class of the Company’s overall loan portfolio at 32.9% and consists primarily of one- to four-family residential mortgages and carries many of the same customer and industry risks as the commercial loan portfolio. During 2023, mortgage rates continued to increase as a result of an elevated interest rate environment. This provided the Company with less opportunities to sell long-term fixed-rate residential mortgages to the Federal Home Loan Mortgage Corporation, which generated more loan origination opportunities for the Bank in 2023. As a result, residential real estate loans increased $22,468, or 7.6%, during 2023 as compared to year-end 2022. With elevated mortgage rates, mortgage customers were selecting more in-house variable rate mortgage products instead of long-term fixed rate products. This had a direct impact on lowering loan volume within the long-term fixed-rate loan portfolio (down $6,161) and contributed to a shift into more short-term adjustable-rate mortgages (up $29,443) at year-end 2023.
While management believes lending opportunities exist in the Company’s markets, future commercial lending activities will depend upon economic and related conditions, such as general demand for loans in the Company’s primary markets, interest rates offered by the Company, and the effects of competitive pressure and normal underwriting considerations. Management will continue to place emphasis on its commercial lending, which generally yields a higher return on investment as compared to other types of loans.
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