Ohio Valley Banc Corp. Reports 2nd Quarter Earnings
GALLIPOLIS, Ohio - Ohio Valley Banc Corp. [Nasdaq:
] ("the Company") reported consolidated net income for the quarter ended June 30, 2018, of $2,976,000, an increase of 70.9 percent from the $1,741,000 earned for the second quarter of 2017. Earnings per share for the second quarter of 2018 were $.63 compared to $.37 for the prior year second quarter. For the six months ended June 30, 2018, net income totaled $6,342,000, a 27.9 percent increase from net income of $4,958,000 for the six months ended June 30, 2017. Earnings per share $1.34 for the first six months of 2018 versus $1.06 for the first six months of 2017. Return on average assets and return on average equity were 1.16 percent and 11.53 percent, respectively, for the first half of 2018, compared to .97 percent and 9.40 percent, respectively, for the same period in the prior year.
"It is tremendous, I think, that Ohio Valley Banc Corp.'s companies were able to achieve over a half million dollar increase in net income in a quarter when they also gave so much of their time to their communities," stated Thomas E. Wiseman, President and CEO. "Also during the quarter, our offices held seven customer appreciation events, spent 730 hours in community service, provided six new $3,000 college scholarships to deserving youth, and even organized our first ever 5K Ruck Walk to benefit area veterans' medical centers." Wiseman further commented, "Our success isn't because we are alone in our mission to put Community First. Many have joined us to make a real and positive impact in our communities."