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Ohio Valley Banc Corp. (OVBC+1.14%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the organizational structure of Ohio Valley Banc Corp., which is registered as a financial holding company under the Bank Holding Company Act of 1956. The company operates primarily through its banking subsidiary, The Ohio Valley Bank Company, and other nonbank subsidiaries.
As of December 31, 2024, Ohio Valley Banc Corp. reported consolidated assets of approximately $1.5 billion, with total shareholders' equity of approximately $150.3 million. The company's primary business is community banking.
The filing indicates that Ohio Valley Banc Corp.'s loan portfolio increased by $89.9 million in 2024, reaching $1.06 billion. The growth was primarily driven by residential real estate and commercial loan portfolios.
Ohio Valley Banc Corp. reported that 73.02% of its total consolidated revenues in 2024 were derived from interest and fee revenue from loans.
The company discontinued operations of its subsidiary Race Day Mortgage, Inc. in December 2023 due to low loan demand and lack of profitability.
Ohio Valley Banc Corp. is subject to various regulatory requirements, including those related to capital adequacy and consumer protection laws. The company maintains compliance with the Basel III Capital Rules.
The filing also discusses the company's cybersecurity measures, which include policies and procedures to manage risks from cybersecurity threats.
Ohio Valley Banc Corp. continues to focus on its core banking operations and is actively managing risks related to economic conditions, interest rates, and regulatory changes.
The company acknowledges the competitive environment in the financial services industry and the challenges posed by technological advancements and regulatory changes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ohio Valley Banc Corp. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.