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 · Table III
Table III
| MATURING | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of December 31, 2023 · Within One Year · After One but Within Five Years · After Five but Within Ten Years · After Ten Years | ||||||||||
| (dollars in thousands) · Amount · Yield · Amount · Yield · Amount · Yield · Amount · Yield | ||||||||||
| U.S. Government securities | $17,257 | 2.88% | $33,040 | 2.01% | $ | ---- | ---- | $ | ---- | ---- |
| U.S. Government sponsored entity securities | ---- | ---- | 5,877 | 1.57% | ---- | ---- | ---- | ---- | ||
| Obligations of states and political subdivisions | 392 | 2.94% | 3,780 | 2.87% | 1,298 | 2.57% | 1,920 | 2.81% | ||
| Agency mortgage-backed securities, residential | 21 | 3.99% | 4,003 | 2.48% | 36,842 | 2.05% | 65,218 | 1.60% | ||
| Total securities | $17,670 | 2.88% | $46,700 | 2.06% | $38,140 | 2.07% | $67,138 | 1.68% | ||
Tax-equivalent adjustments of $38 have been made in calculating yields on obligations of states and political subdivisions using a 21% rate. Weighted average yields are calculated on the basis of the cost and effective yields weighted for the scheduled maturity of each security. Mortgage-backed securities, which have prepayment provisions, are assigned to a maturity category based on estimated average lives. Securities are shown at their fair values, which include the market value adjustments for AFS securities.
Furthermore, during the fourth quarter of 2023, the Company received proceeds of $1,067 from the sale of four U.S. Government securities totaling $1,090. This was the result of unwinding the Captive, which ceased operations in December 2023.
In addition, a decrease in long-term reinvestment rates during the fourth quarter of 2023 led to a $4,090 increase in the fair value associated with the Company’s AFS securities at December 31, 2023. The fair value of an investment security moves inversely to interest rates, so as rates decreased, the unrealized loss in the portfolio was decreased causing the fair value to increase. These changes in rates are typical and do not impact earnings of the Company as long as the securities are held to full maturity.
The Company’s focus will be to continue generating interest revenue primarily through loan growth, as loans generate the highest yields of total earning assets. Table III provides a summary of the securities portfolio by category and remaining contractual maturity. Issues classified as equity securities have no stated maturity date and are not included in Table III.
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