What changed in this filing

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Item 1. Financial Statements

2021-11-15 compared with 2021-08-16 · 110 added, 124 removed, 694 unchanged (25% of the section changed)

3 unchanged sentences

(dollars in thousands, except share and per share data)

September 30,

Cash and noninterest-bearing deposits with banks

30 unchanged sentences

Accumulated other comprehensive income

Treasury stock, at cost ( 659,739 shares)

Treasury stock, at cost (2021 - 676,308 shares, 2020 - 659,739 shares)

Total shareholders’ equity

5 unchanged sentences

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Interest and dividend income:

34 unchanged sentences

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Other comprehensive income (loss):

12 unchanged sentences

Shareholders'

Balance at April 1, 2021

Balance at July 1, 2021

Other comprehensive loss, net

Cash dividends, $ 0.21 per share

Balance at June 30 , 2021

Balance at April 1, 2020

Shares acquired for treasury, 16,569 shares

Balance at September 30 , 2021

Balance at July 1, 2020

Other comprehensive loss, net

Cash dividends, $ 0.21 per share

Balance at June 30 , 2020

Balance at September 30 , 2020

Comprehensive

4 unchanged sentences

Cash dividends, $ 0.63 per share

Balance at June 30 , 2021

Shares acquired for treasury, 16,569 shares

Balance at September 30 , 2021

Balance at January 1, 2020

1 unchanged sentence

Cash dividends, $ 0.63 per share

Balance at June 30 , 2020

Balance at September 30 , 2020

See accompanying notes to consolidated financial statements

3 unchanged sentences

(dollars in thousands)

Six months ended

Nine months ended

September 30,

Net cash provided by operating activities:

16 unchanged sentences

Cash dividends

Purchases of treasury stock

Proceeds from Federal Home Loan Bank borrowings

10 unchanged sentences

Transfers from loans to other real estate owned

Proceeds from bank owned life insurance and annuity assets not settled

See accompanying notes to consolidated financial statements

7 unchanged sentences

Ohio Valley and its subsidiaries are collectively referred to as the “Company.” All material intercompany accounts and transactions have been eliminated in consolidation.

These interim financial statements are prepared by the Company without audit and reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial position of the Company at June 30, 2021, and its results of operations and cash flows for the periods presented.

The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2021.

These interim financial statements are prepared by the Company without audit and reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial position of the Company at September 30, 2021, and its results of operations and cash flows for the periods presented.

The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2021.

The accompanying consolidated financial statements do not purport to contain all the necessary financial disclosures required by U.S.

5 unchanged sentences

In March 2020, the World Health Organization declared the outbreak of the coronavirus (“COVID-19”) as a global pandemic.

COVID-19 has continued to negatively impact the global economy, disrupt global supply chains, create significant volatility, disrupt financial markets, and increase unemployment levels.

The resulting temporary closure of many businesses and the implementation of social distancing and sheltering-in-place policies has impacted, and may continue to impact, many of the Company’s customers.

COVID-19 has continued to negatively impact the global economy, disrupt global supply chains, create volatility, disrupt financial markets, and increase unemployment levels.

The continued financial impact of COVID-19 depends largely on the actions taken by governmental authorities and other third parties.

1 unchanged sentence

This could result in a material adverse effect on our business operations, asset valuations, liquidity, financial condition, and results of operations.

These effects may include:

Increased provision for loan losses.

Continued uncertainty regarding the severity and duration of COVID-19 and related economic effects will continue to affect the accounting for loan losses.

It also is possible that asset quality could worsen, and that loan charge-offs could increase.

The Company has participated in the Paycheck Protection Program (“PPP”) by providing loans to small businesses negatively impacted by COVID-19.

PPP loans are fully guaranteed by the U.S.

government, and if that should change, the Company could be required to increase its allowance for loan losses through an additional provision for loan losses charged to earnings.

Valuation and fair value measurement challenges.

Material adverse impacts of COVID-19 may result in valuation impairments on the Company’s securities, impaired loans, goodwill, other real estate owned, and interest rate swap agreements.

These effects may include an increase in the Company’s allowance for loan losses and valuation impairments on the Company’s securities, impaired loans, goodwill, other real estate owned, and interest rate swap agreements.

NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

18 unchanged sentences

Loans sold to the secondary market are carried at the lower of aggregate cost or fair value.

As of June 30, 2021, there were $ 409 in loans held for sale by the Bank, as compared to $ 70 in loans held for sale at December 31, 2020.

As of September 30, 2021, there were $ 858 in loans held for sale by the Bank, as compared to $ 70 in loans held for sale at December 31, 2020.

ALLOWANCE FOR LOAN LOSSES:

52 unchanged sentences

The Company has allocated the highest percentage of its allowance for loan losses as a percentage of loans to the other identified loan portfolio segments due to the larger dollar balances associated with such portfolios.

At June 30, 2021, there were no changes to the accounting policies or methodologies within any of the Company’s loan portfolio segments from the prior period.

At September 30, 2021, there were no changes to the accounting policies or methodologies within any of the Company’s loan portfolio segments from the prior period.

EARNINGS PER SHARE:

Earnings per share are computed based on net income divided by the weighted average number of common shares outstanding during the period.

The weighted average common shares outstanding were 4,787,446 for both the three and six months ended June 30, 2021 and 2020, respectively.

The weighted average common shares outstanding were 4,783,886 and 4,787,446 for the three months ended September 30, 2021 and 2020, respectively.

The weighted average common shares outstanding were 4,786,246 and 4,787,446 for the nine months ended September 30,2021 and 2020, respectively.

Ohio Valley had no dilutive effect and no potential common shares issuable under stock options or other agreements for any period presented.

7 unchanged sentences

These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements.

A CECL steering committee has developed a CECL model and is evaluating the source data, various credit loss methodologies and model results in relation to the new ASU guidance.

The Bank's CECL steering committee has developed a CECL model and is evaluating the source data, various credit loss methodologies and model results in relation to the new ASU guidance.

Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective.

42 unchanged sentences

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Fair Value Measurements at June 30, 2021 Using

Fair Value Measurements at September 30, 2021 Using

Quoted Prices in Active

20 unchanged sentences

There were no transfers between Level 1 and Level 2 during 2021 or 2020.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

Assets and Liabilities Measured on a Nonrecurring Basis

There were no assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2020.

Assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2021 are summarized below:

Fair Value Measurements at June 30, 2021 Using

Quoted Prices in Active

Markets for Identical Assets

Significant Other

Observable Inputs

Unobservable Inputs

Impaired loans:

Commercial and industrial

At June 30, 2021, the recorded investment of impaired loans measured for impairment using the fair value of collateral for collateral-dependent loans totaled $ 310 , with a corresponding valuation allowance of $ 60 , resulting in a decrease of $ 30 in provision expense during the three months ended June 30, 2021 and an increase of $ 60 in provision expense during the six months ended June 30, 2021, with no corresponding charge-offs recognized.

This is compared to no impact to provision expense during the three and six months ended June 30, 2020.

At December 31, 2020, the Company had no recorded investment of impaired loans measured for impairment using the fair value of collateral for collateral-dependent loans and, therefore, recorded no impact to provision expense during the year ended December 31, 2020.

There was no other real estate owned that was measured at fair value less costs to sell at June 30, 2021 and December 31, 2020.

There were no corresponding write downs during the three and six months ended June 30, 2021 and 2020.

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2021:

June 30, 2021

Weighted Average

Impaired loans:

Commercial and industrial

Sales approach

Adjustment to comparables

There were no assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2021 and December 31, 2020.

There was no other real estate owned that was measured at fair value less costs to sell at September 30, 2021 and December 31, 2020.

There were no corresponding write downs during the three and nine months ended September 30, 2021 and 2020.

There was no quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at September 30, 2021 and December 31, 2020.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

The carrying amounts and estimated fair values of financial instruments at June 30, 2021 and December 31, 2020 are as follows:

Fair Value Measurements at June 30, 2021 Using

The carrying amounts and estimated fair values of financial instruments at September 30, 2021 and December 31, 2020 are as follows:

Fair Value Measurements at September 30, 2021 Using

Financial Assets:

29 unchanged sentences

NOTE 3 – SECURITIES

The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at June 30, 2021 and December 31, 2020, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) and gross unrecognized gains and losses:

The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at September 30, 2021 and December 31, 2020, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) and gross unrecognized gains and losses:

Securities Available for Sale

1 unchanged sentence

Gross Unrealized

June 30 , 2021

September 30 , 2021

Government securities

9 unchanged sentences

Gross Unrecognized

June 30 , 2021

September 30 , 2021

Obligations of states and political subdivisions

5 unchanged sentences

Total securities

The amortized cost and estimated fair value of debt securities at June 30, 2021, by contractual maturity, are shown below.

The amortized cost and estimated fair value of debt securities at September 30, 2021, by contractual maturity, are shown below.

Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay the debt obligations prior to their contractual maturities.

10 unchanged sentences

NOTE 3 – SECURITIES (Continued)

The following table summarizes securities with unrealized losses at June 30, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position:

June 30 , 2021

The following table summarizes securities with unrealized losses at September 30, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position:

September 30 , 2021

Less Than 12 Months

17 unchanged sentences

Total available for sale

June 30, 2021

September 30, 2021

Less Than 12 Months

6 unchanged sentences

Total held to maturity

There were no sales of investment securities during the three and six months ended June 30, 2021 or 2020.

Unrealized losses on the Company’s debt securities have not been recognized into income because the issuers’ securities were of high credit quality as of June 30, 2021, and management does not intend to sell, and it is likely that management will not be required to sell, the securities prior to their anticipated recovery.

Management does no t believe any individual unrealized loss at June 30, 2021 and December 31, 2020 represents an other-than-temporary impairment.

There were no sales of investment securities during the three and nine months ended September 30, 2021 or 2020.

Unrealized losses on the Company’s debt securities have not been recognized into income because the issuers’ securities were of high credit quality as of September 30, 2021, and management does not intend to sell, and it is likely that management will not be required to sell, the securities prior to their anticipated recovery.

Management does no t believe any individual unrealized loss at September 30, 2021 and December 31, 2020 represents an other-than-temporary impairment.

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES

Loans are comprised of the following:

September 30,

Residential real estate

4 unchanged sentences

Allowance for loan losses

Commercial and industrial loans include $ 8,531 of loans originated under the PPP at June 30, 2021.

Commercial and industrial loans include $ 5,611 of loans originated under the PPP at September 30, 2021.

These loans are guaranteed by the SBA.

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2021 and 2020:

June 30 , 2021

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2021 and 2020:

September 30 , 2021

and Industrial

4 unchanged sentences

Total ending allowance balance

June 30 , 2020

September 30 , 2020

and Industrial

5 unchanged sentences

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES (Continued)

The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2021 and 2020:

June 30, 2021

The following table presents the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2021 and 2020:

September 30, 2021

and Industrial

4 unchanged sentences

Total ending allowance balance

June 30 , 2020

September 30 , 2020

and Industrial

4 unchanged sentences

Total ending allowance balance

The following table presents the balance in the allowance for loan losses and the recorded investment of loans by portfolio segment and based on impairment method as of June 30, 2021 and December 31, 2020:

June 30 , 2021

The following table presents the balance in the allowance for loan losses and the recorded investment of loans by portfolio segment and based on impairment method as of September 30, 2021 and December 31, 2020:

September 30 , 2021

and Industrial

18 unchanged sentences

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES (Continued)

The following tables present information related to loans individually evaluated for impairment by class of loans as of June 30, 2021 and December 31, 2020:

June 30 , 2021

The following tables present information related to loans individually evaluated for impairment by class of loans as of September 30, 2021 and December 31, 2020:

September 30 , 2021

Principal Balance

2 unchanged sentences

With an allowance recorded:

Commercial and industrial

With no related allowance recorded:

15 unchanged sentences

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES (Continued)

The following tables present information related to loans individually evaluated for impairment by class of loans for the three and six months ended June 30, 2021 and 2020:

Three months ended June 30, 2021

Six months ended June 30, 2021

The following tables present information related to loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2021 and 2020:

Three months ended September 30, 2021

Nine months ended September 30, 2021

Impaired Loans

5 unchanged sentences

With an allowance recorded:

Commercial and industrial

With no related allowance recorded:

3 unchanged sentences

Commercial and industrial

Three months ended June 30, 2020

Six months ended June 30, 2020

Three months ended September 30, 2020

Nine months ended September 30, 2020

Impaired Loans

5 unchanged sentences

With an allowance recorded:

Commercial real estate:

Nonowner-occupied

With no related allowance recorded:

7 unchanged sentences

The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu).

As of June 30, 2021, there were no other real estate owned for residential real estate properties, as compared to $ 43 at December 31, 2020.

In addition, nonaccrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $ 763 and $ 1,097 as of June 30, 2021 and December 31, 2020, respectively.

As of September 30, 2021, there were no other real estate owned for residential real estate properties, as compared to $ 43 at December 31, 2020.

In addition, nonaccrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $ 415 and $ 1,097 as of September 30, 2021 and December 31, 2020, respectively.

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES (Continued)

The following table presents the recorded investment of nonaccrual loans and loans past due 90 days or more and still accruing by class of loans as of June 30, 2021 and December 31, 2020:

June 30 , 2021

The following table presents the recorded investment of nonaccrual loans and loans past due 90 days or more and still accruing by class of loans as of September 30, 2021 and December 31, 2020:

September 30 , 2021

Loans Past Due

14 unchanged sentences

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES (Continued)

The following table presents the aging of the recorded investment of past due loans by class of loans as of June 30, 2021 and December 31, 2020:

June 30 , 2021

The following table presents the aging of the recorded investment of past due loans by class of loans as of September 30, 2021 and December 31, 2020:

September 30 , 2021

Residential real estate

19 unchanged sentences

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES (Continued)

The following table presents the types of TDR loan modifications by class of loans as of June 30, 2021 and December 31, 2020:

June 30 , 2021

The following table presents the types of TDR loan modifications by class of loans as of September 30, 2021 and December 31, 2020:

September 30 , 2021

Performing to Modified Terms

23 unchanged sentences

Interest only payments

The Company had no specific allocations in reserves to customers whose loan terms have been modified in TDRs at June 30 , 2021 and December 31, 2020 .

At June 30 , 2021 , the Company had $ 3,263 in commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs, as compared to $ 1,100 at December 31, 2020 .

The Company had no specific allocations in reserves to customers whose loan terms have been modified in TDRs at September 30 , 2021 and December 31, 2020 .

At September 30 , 2021 , the Company had $ 3,878 in commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs, as compared to $ 1,100 at December 31, 2020 .

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES (Continued)

There were no TDR loan modifications that occurred during the three and six months ended June 30, 2021 and 2020 that impacted provision expense or the allowance for loan losses.

During the three and six months ended June 30, 2021 and 2020, the Company had no TDRs that experienced any payment defaults within twelve months following their loan modification.

There were no new TDR loan modifications that occurred during the three and nine months ended September 30, 2021 and 2020, which resulted in no impact to provision expense or the allowance for loan losses.

During the three and nine months ended September 30, 2021 and 2020, the Company had no TDRs that experienced any payment defaults within twelve months following their loan modification.

A default is considered to have occurred once the TDR is past due 90 days or more or it has been placed on nonaccrual.

3 unchanged sentences

Borrowers are considered current if they are less than 30 days past due on their contractual payments at the time of modification.

As of June 30, 2021, the Company had modified 709 loans related to COVID-19 with an outstanding loan balance of $ 133,993 that were not reported as TDRs.

As of June 30, 2021, the Company had 13 of these modified loans remaining that were related to COVID-19 with an outstanding loan balance of $ 183 that were not reported as TDRs in the tables presented above.

As of September 30, 2021, the Company had modified 674 loans related to COVID-19 with an outstanding loan balance of $ 130,365 that were not reported as TDRs.

As of September 30, 2021, the Company had 18 of those modified loans still operating under their deferral terms that were related to COVID-19 with an outstanding loan balance of $ 156 that were not reported as TDRs in the tables presented above.

Credit Quality Indicators:

33 unchanged sentences

All commercial loans are categorized into a risk category either at the time of origination or reevaluation date.

As of June 30, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of commercial loans by class of loans was as follows:

June 30 , 2021

As of September 30, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of commercial loans by class of loans was as follows:

September 30 , 2021

Commercial real estate:

11 unchanged sentences

For residential and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity.

The following table presents the recorded investment of residential and consumer loans by class of loans based on repayment activity as of June 30, 2021 and December 31, 2020:

June 30 , 2021

The following table presents the recorded investment of residential and consumer loans by class of loans based on repayment activity as of September 30, 2021 and December 31, 2020:

September 30 , 2021

Nonperforming

2 unchanged sentences

The Company originates residential, consumer, and commercial loans to customers located primarily in the southeastern areas of Ohio as well as the western counties of West Virginia.

Approximately 4.07 % of total loans were unsecured at June 30, 2021, down from 4.22 % at December 31, 2020.

Approximately 4.10 % of total loans were unsecured at September 30, 2021, down from 4.22 % at December 31, 2020.

NOTE 5 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

3 unchanged sentences

The contract amounts of these instruments are not included in the consolidated financial statements.

At June 30, 2021, the contract amounts of these instruments totaled approximately $ 86,927 , compared to $ 88,456 at December 31, 2020.

At September 30, 2021, the contract amounts of these instruments totaled approximately $ 89,645 , compared to $ 88,456 at December 31, 2020.

The Bank uses the same credit policies in making commitments and conditional obligations as it does for instruments recorded on the balance sheet.

1 unchanged sentence

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at June 30, 2021 and December 31, 2020 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

Other borrowed funds at September 30, 2021 and December 31, 2020 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

FHLB Borrowings

Promissory Notes

June 30 , 2021

September 30 , 2021

December 31, 2020

Pursuant to collateral agreements with the FHLB, advances are secured by $ 274,680 in qualifying mortgage loans, $ 66,926 in commercial loans and $ 5,245 in FHLB stock at June 30, 2021.

Fixed-rate FHLB advances of $ 22,165 mature through 2042 and have interest rates ranging from 1.53 % to 3.31 % and a year-to-date weighted average cost of 2.42 % at June 30, 2021 and 2.40% at December 31, 2020.

There were no variable-rate FHLB borrowings at June 30, 2021.

Pursuant to collateral agreements with the FHLB, advances are secured by $ 272,922 in qualifying mortgage loans, $ 73,204 in commercial loans and $ 5,125 in FHLB stock at September 30, 2021.

Fixed-rate FHLB advances of $ 21,147 mature through 2042 and have interest rates ranging from 1.53 % to 3.31 % and a year-to-date weighted average cost of 2.40 % at September 30, 2021 and December 31, 2020, respectively.

There were no variable-rate FHLB borrowings at September 30, 2021.

NOTE 6 - OTHER BORROWED FUNDS (Continued)

At June 30, 2021, the Company had a cash management line of credit enabling it to borrow up to $ 100,000 from the FHLB.

At September 30, 2021, the Company had a cash management line of credit enabling it to borrow up to $ 100,000 from the FHLB.

All cash management advances have an original maturity of 90 days.

The line of credit must be renewed on an annual basis.

There was $ 99,332 available on this line of credit at June 30, 2021.

Based on the Company's current FHLB stock ownership, total assets and pledgeable loans, the Company had the ability to obtain borrowings from the FHLB up to a maximum of $ 188,537 at June 30, 2021.

Of this maximum borrowing capacity, the Company had $ 99,332 available to use as additional borrowings.

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of April 13, 2022 , and have fixed rates of 1.00 % and a year-to-date weighted average cost of 1.33 % at June 30, 2021, as compared to 2.20 % at December 31, 2020.

At June 30, 2021 there were four promissory notes payable by Ohio Valley to related parties totaling $ 2,139 as compared to six totaling $ 3,198 at December 31, 2020.

There were no promissory notes payable to other banks at June 30, 2021 and December 31, 2020, respectively.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 67,040 at June 30, 2021 and $ 76,740 at December 31, 2020.

Scheduled principal payments as of June 30, 2021:

There was $ 100,000 available on this line of credit at September 30, 2021.

Based on the Company's current FHLB stock ownership, total assets and pledgeable loans, the Company had the ability to obtain borrowings from the FHLB up to a maximum of $ 195,703 at September 30, 2021.

Of this maximum borrowing capacity, the Company had $ 109,438 available to use as additional borrowings, of which $ 100,000 could be used for short term, cash management advances, as mentioned above.

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of April 13, 2022 , and have fixed rates of 1.00 % and a year-to-date weighted average cost of 1.24 % at September 30, 2021, as compared to 2.20 % at December 31, 2020.

At September 30, 2021 there were four promissory notes payable by Ohio Valley to related parties totaling $ 2,138 as compared to six totaling $ 3,198 at December 31, 2020.

There were no promissory notes payable to other banks at September 30, 2021 and December 31, 2020, respectively.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 65,118 at September 30, 2021 and $ 76,740 at December 31, 2020.

Scheduled principal payments as of September 30, 2021:

NOTE 7 – SEGMENT INFORMATION

3 unchanged sentences

All Company segments are domestic.

Total revenues from the banking segment, which accounted for the majority of the Company's total revenues, totaled 93.1 % and 93.2 % of total consolidated revenues for the quarters end June 30, 2021 and 2020, respectively.

Total revenues from the banking segment, which accounted for the majority of the Company's total revenues, totaled 94.0 % of total consolidated revenues for the quarters end September 30, 2021 and 2020, respectively.

The accounting policies used for the Company's reportable segments are the same as those described in Note 1 - Summary of Significant Accounting Policies.

2 unchanged sentences

Information for the Company’s reportable segments is as follows:

Three Months Ended June 30, 2021

Three Months Ended September 30, 2021

Net interest income

2 unchanged sentences

Noninterest expense

Three Months Ended June 30, 2020

Three Months Ended September 30, 2020

Net interest income

2 unchanged sentences

Noninterest expense

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2021

Net interest income

2 unchanged sentences

Noninterest expense

Six Months Ended June 30, 2020

Nine Months Ended September 30, 2020

Net interest income

12 unchanged sentences

Balance sheet information related to leases was as follows:

June 30, 2021

September 30, 2021

December 31, 2020

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Operating lease cost

Short-term lease expense

Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2021 are as follows:

Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2021 are as follows:

Operating Leases

4 unchanged sentences

Other information was as follows:

June 30, 2021

September 30, 2021

December 31, 2020

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements