GALLIPOLIS, Ohio — Ohio Valley Banc Corp. reported increased earnings for 2020.
For the year ended Dec. 31, 2020, net income totaled $10,259,000, an increase of $352,000, or 3.6%, from net income of $9,907,000 for the previous year, according to a company news release.
Earnings per share were $2.14 for 2020 versus $2.08 for 2019. Return on average assets and return on average equity were .94% and 7.83%, respectively, for the year ended Dec. 31, 2020, compared to .96% and 8.10%, respectively, for the same period in the prior year.
“Honestly, I was very pleasantly surprised with our year end results. It seems as though every aspect of 2020 was defined by the COVID-19 pandemic,” said OVBC Chairman and chief executive officer Tom Wiseman. “Every decision, every strategic initiative was balanced against the effect the pandemic would play in the results. Ultimately, people were the foundation for our direction. Decisions were driven by the safety of our customers, employees and shareholders. Our executive team, managers, and, in fact, the organization as a whole stayed proactive in our approach to the many unprecedented challenges faced throughout the year.
“I’m also proud to say we stayed true to our ‘Community First’ mission reaching out to our communities when they needed us most. That took the form of granting, not one, but two rounds of loan payment deferrals spanning six months, assisting our business customers in securing $35 million in PPP funds, waiving early closeout fees on Christmas and vacation savings accounts, continuing to buy local when possible, and even helping customers and shareholders stay informed of pandemic-related scams.”
The company’s total assets at the end of 2020 were $1.187 billion, an increase of $174 million, or 17.1%, from the end of 2019.
The increase in assets was related to an $86 million increase in cash and cash equivalents and a $76 million increase in loans, the release said, and added the growth in loans occurred primarily in the commercial segment, which was partially related to the origination of $35 million in Paycheck Protection Program (PPP) loans, of which $28 million was still outstanding at the end of 2020.
The holding company owns The Ohio Valley Bank Company, with 15 offices in Ohio and West Virginia, and Loan Central, with six consumer finance offices in Ohio.
Ohio Valley Banc Corp. common stock is traded on the NASDAQ stock market under the symbol OVBC. Stock was trading at $22.51 per share when the market opened on Friday.