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 · CONSOLIDATED AVERAGE BALANCE SHEET & ANALYSIS OF NET INTEREST INCOME
CONSOLIDATED AVERAGE BALANCE SHEET & ANALYSIS OF NET INTEREST INCOME
| Table I | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| (dollars in thousands) | Average Balance | Income/ Expense | Yield/ Average | Average Balance | Income/ Expense | Yield/ Average |
| Assets | ||||||
| Interest-earning assets: | ||||||
| Interest-bearing balances with banks | $59,475 | $2,880 | 4.84% | $112,112 | $1,507 | 1.34% |
| Securities: | ||||||
| Taxable | 179,501 | 4,002 | 2.23 | 199,446 | 3,656 | 1.83 |
| Tax exempt | 7,407 | 200 | 2.70 | 8,028 | 227 | 2.83 |
| Loans | 935,772 | 55,374 | 5.92 | 844,413 | 42,712 | 5.06 |
| Total interest-earning assets | 1,182,155 | 62,456 | 5.28% | 1,163,999 | 48,102 | 4.13% |
| Noninterest-earning assets: | ||||||
| Cash and due from banks | 15,024 | 14,767 | ||||
| Other nonearning assets | 86,077 | 81,303 | ||||
| Allowance for loan losses | (7,749) | (5,417) | ||||
| Total noninterest-earning assets | 93,352 | 90,653 | ||||
| Total assets | $1,275,507 | $1,254,652 | ||||
| Liabilities and Shareholders’ Equity | ||||||
| Interest-bearing liabilities: | ||||||
| NOW accounts | $196,086 | $1,988 | 1.01% | $226,709 | $778 | 0.34% |
| Savings and money market | 272,217 | 2,213 | 0.81 | 322,272 | 242 | 0.08 |
| Time deposits | 279,260 | 9,973 | 3.57 | 169,682 | 1,110 | 0.65 |
| Other borrowed money | 31,865 | 1,067 | 3.35 | 19,954 | 412 | 2.06 |
| Subordinated debentures | 8,500 | 597 | 7.03 | 8,500 | 296 | 3.48 |
| Total int.-bearing liabilities | 787,928 | 15,838 | 2.01% | 747,117 | 2,838 | 0.38% |
| Noninterest-bearing liabilities: | ||||||
| Demand deposit accounts | 328,573 | 353,019 | ||||
| Other liabilities | 22,237 | 19,295 | ||||
| Total noninterest-bearing liabilities | 350,810 | 372,314 | ||||
| Shareholders’ equity | 136,769 | 135,221 | ||||
| Total liabilities and shareholders’ equity | $1,275,507 | $1,254,652 | ||||
| Net interest earnings | $46,618 | $45,264 | ||||
| Net interest margin | 3.94% | 3.89% | ||||
| Net interest rate spread | 3.27% | 3.75% | ||||
| Average interest-bearing liabilities to average earning assets | 66.65% | 64.19% | ||||
Fully taxable equivalent yields are reported for tax exempt securities and loans and calculated assuming a 21% tax rate, net of nondeductible interest expense. Tax-equivalent adjustments for securities during the years ended December 31, 2023 and 2022 totaled $38 and $47, respectively. Tax-equivalent adjustments for loans during the years ended December 31, 2023 and 2022 totaled $553 and $439, respectively. Average balances are computed on an average daily basis. The average balance for available for sale securities includes the market value adjustment. However, the calculated yield is based on the securities’ amortized cost. Average loan balances include nonaccruing loans. Loan income includes cash received on nonaccruing loans.
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