What changed in this filing

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Item 1. Financial Statements

2022-11-14 compared with 2022-08-15 · 198 added, 195 removed, 778 unchanged (34% 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

41 unchanged sentences

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Interest and dividend income:

33 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, 2022

Balance at July 1, 2022

Other comprehensive loss, net

Cash dividends, $ 0.21

Balance at June 30 , 2022

Balance at April 1, 2021

Balance at September 30 , 2022

Balance at July 1, 2021

Other comprehensive loss, net

Cash dividends, $ 0.21

Balance at June 30 , 2021

Shares acquired for treasury, 16,569 shares

Balance at September 30 , 2021

Comprehensive

5 unchanged sentences

Common Stock issued to ESOP, 18,522 shares

Balance at June 30 , 2022

Balance at September 30 , 2022

Balance at January 1, 2021

1 unchanged sentence

Cash dividends, $ 0.63

Balance at June 30 , 2021

Shares acquired for treasury, 16,569 shares

Balance at September 30 , 2021

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:

5 unchanged sentences

Proceeds from maturities of certificates of deposit in financial institutions

Purchase of certificates of deposit in financial institutions

Redemptions of federal home loan bank stock

5 unchanged sentences

Purchases of bank owned life insurance and annuity assets

Net cash provided by (used in) investing activities

Net cash (used in) investing activities

Financing activities:

1 unchanged sentence

Cash dividends

Purchase of treasury stock

Proceeds from Federal Home Loan Bank borrowings

8 unchanged sentences

Cash paid for income taxes

Proceeds from bank owned life insurance and annuity assets not settled

Operating lease liability arising from obtaining right-of-use asset

6 unchanged sentences

accounts of Ohio Valley Banc Corp.

(“Ohio Valley”) and its wholly-owned subsidiaries, The Ohio Valley Bank Company (the “Bank”), Loan Central, Inc., a consumer finance company (“Loan Central”), Ohio Valley Financial Services Agency, LLC, an insurance

agency, and OVBC Captive, Inc., a limited purpose property and casualty insurance company (the “Captive”).

The Bank has two wholly-owned

subsidiaries, Race Day Mortgage, Inc., an Ohio corporation that provides online consumer mortgages and Ohio Valley REO, LLC, an Ohio limited liability company (“Ohio Valley REO”), to which the Bank transfers certain real estate acquired by the Bank

through foreclosure for sale by Ohio Valley REO.

(“Ohio Valley”) and its wholly-owned subsidiaries, The Ohio Valley Bank Company (the “Bank”), Loan Central, Inc., a consumer finance company, Ohio Valley Financial Services Agency, LLC, an insurance agency, and OVBC

Captive, Inc., a limited purpose property and casualty insurance company.

The Bank has two wholly-owned subsidiaries, Race Day Mortgage, Inc.,

an Ohio corporation that provides online consumer mortgages, and Ohio Valley REO, LLC, an Ohio limited liability company (“Ohio Valley REO”), to which the Bank transfers certain real estate acquired by the Bank through foreclosure for sale by Ohio

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, 2022, 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, 2022 are

not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2022.

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

are necessary to present fairly the consolidated financial position of the Company at September 30, 2022, 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, 2022, are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2022.

The accompanying consolidated financial statements do not purport to contain all the necessary financial disclosures

required by U.S.

generally accepted accounting principles (“US GAAP”) that might otherwise be necessary in the circumstances.

The Annual Report of the Company for the year ended December 31, 2021 contains consolidated financial statements and related notes which

should be read in conjunction with the accompanying consolidated financial statements.

The Annual Report of the Company for the year ended December 31, 2021, contains consolidated financial statements and related

notes which should be read in conjunction with the accompanying consolidated financial statements.

The consolidated financial statements for 2021 have been reclassified to conform to the presentation for 2022.

2 unchanged sentences

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS:

accounting and reporting policies followed by the Company conform to US GAAP established by the Financial Accounting Standards Board (“FASB”).

The preparation of financial statements in conformity with US GAAP requires management to make estimates and

assumptions that affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.

The accounting and reporting policies followed by the Company conform to US GAAP established by the Financial Accounting Standards Board (“FASB”).

The preparation of financial statements in conformity with US GAAP requires management to make estimates

and assumptions that affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.

INDUSTRY SEGMENT INFORMATION:

Internal financial information is primarily

reported and aggregated in two lines of business:

Internal financial information is primarily reported

and aggregated in two lines of business:

banking and consumer finance.

Loans that management has the intent and ability to hold for the foreseeable future or until

maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, and an allowance for loan losses.

Interest income is reported on an accrual basis using the interest method and includes

amortization of net deferred loan fees and costs over the loan term using the level yield method without anticipating prepayments.

The amount of the Company’s recorded investment is not materially different than the amount of unpaid principal balance

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff

are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, and an allowance for loan losses.

Interest income is reported on an accrual basis using the interest method and includes amortization of net

deferred loan fees and costs over the loan term using the level yield method without anticipating prepayments.

The amount of the Company’s recorded investment is not materially different than the amount of unpaid principal balance for loans.

Interest income is discontinued and the loan moved to non-accrual status when full loan repayment is in doubt, typically when the loan is impaired or

10 unchanged sentences

NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The Bank also originates long-term, fixed-rate mortgage loans, with full intention of being sold to the secondary market.

These loans are considered held

for sale during the period of time after the principal has been advanced to the borrower by the Bank, but before the Bank has been reimbursed by the Federal Home Loan Mortgage Corporation, typically within a few business days.

Loans sold to the

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

As of June 30, 2022, there were $ 844 in loans held for sale by the

Bank , as compared to $ 1,682 in loans held for sale at December 31, 2021.

The Bank also originates long-term, fixed-rate mortgage loans, with the full intention of being sold to the secondary market.

These loans are considered held for sale during

the period of time after the principal has been advanced to the borrower by the Bank, but before the Bank has been reimbursed by the Federal Home Loan Mortgage Corporation, typically within a few business days.

Loans sold to the secondary market are

carried at the lower of aggregate cost or fair value.

As of September 30, 2022, there were $ 493 in loans held for sale by the Bank, as compared

to $ 1,682 in loans held for sale at December 31, 2021.

ALLOWANCE FOR LOAN LOSSES:

The allowance for loan losses is a valuation

allowance for probable incurred credit losses.

The allowance for loan losses is a valuation allowance for

probable incurred credit losses.

Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed.

Subsequent recoveries, if any, are credited to the allowance.

estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors.

Allocations of

the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off.

Management estimates the

allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors.

Allocations of the allowance

may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off.

The allowance consists of specific and general components.

20 unchanged sentences

experience adjusted for current factors.

The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent three years for the consumer and real estate portfolio segment and five years for the

commercial portfolio segment.

for the commercial portfolio segment.

The total loan portfolio’s actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment.

These economic factors include consideration of the following:

of and trends in delinquencies and impaired loans;

These economic factors include consideration of the

levels of and trends in delinquencies and impaired loans;

levels of and trends in charge-offs and recoveries;

1 unchanged sentence

effects of any changes in risk selection and underwriting standards;

other changes in lending policies,

procedures, and practices;

other changes in lending

policies, procedures, and practices;

experience, ability, and depth of lending management and other relevant staff;

2 unchanged sentences

and effects of changes in credit concentrations.

The following portfolio

segments have been identified:

The following

portfolio segments have been identified:

Commercial and Industrial, Commercial Real Estate, Residential Real Estate, and Consumer.

6 unchanged sentences

NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Commercial real estate consists of nonfarm, nonresidential loans secured by owner-occupied and nonowner-occupied commercial real estate as well as commercial

construction loans.

An owner-occupied loan relates to a borrower purchased building or space for which the repayment of principal is dependent upon cash flows from the ongoing business operations conducted by the party, or an affiliate of the party,

who owns the property.

Commercial real estate consists of nonfarm, nonresidential loans secured by owner-occupied and nonowner-occupied commercial real estate as well as

commercial construction loans.

the party, who owns the property.

Owner-occupied loans that are dependent on cash flows from operations can be adversely affected by current market conditions for their product or service.

7 unchanged sentences

Repayment of the loans to real estate developers is dependent upon the sale of properties to third parties in a timely fashion upon

Should there be delays in construction or a downturn in the market for those properties, there may be significant erosion in value which may be absorbed by the Company.

Should there be delays in construction or a downturn in the market for those properties, there may be significant erosion in value that may be absorbed by the Company.

Residential real estate loans consist of loans to individuals for the purchase of 1-4 family primary residences with repayment primarily through wage or

7 unchanged sentences

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, 2022, there were no changes to the accounting policies or methodologies within any of the Company’s loan portfolio segments from the prior

At September 30, 2022, there were no changes to the accounting policies or methodologies within any of the Company’s loan portfolio segments from the prior

EARNINGS PER SHARE:

1 unchanged sentence

weighted average number of common shares outstanding during the quarter.

The weighted average common shares outstanding were 4,771,774 and 4,787,446 for the three months ended June 30, 2022

The weighted average common shares outstanding were 4,771,774 and 4,783,886 for the three months ended September 30, 2022

and 2021, respectively.

The weighted average common shares outstanding were 4,766,453 and 4,787,446 for the six months ended June 30, 2022 and

2021, respectively.

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

The weighted average common shares outstanding were 4,768,246 and 4,786,246 for the nine months ended September 30, 2022 and 2021, respectively.

Ohio Valley had

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

ACCOUNTING GUIDANCE TO BE ADOPTED IN FUTURE PERIODS:

4 unchanged sentences

These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts.

This ASU will also require enhanced disclosures to

help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio.

This ASU also requires enhanced disclosures to help

investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio.

These disclosures include

1 unchanged sentence

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.

methodologies and model results in relation to the 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

For SEC filers who are smaller reporting companies, such as the Company, ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022.

2 unchanged sentences

(i) eliminates the accounting guidance for

TDRs, requiring entities to determine whether a modification results in a new loan or a continuation of an existing loan, (ii) expands disclosures related to modifications, and (iii) will require disclosure of current period gross write-offs of

financing receivables within the vintage disclosures table.

The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and are applied prospectively, except with

respect to the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method.

TDRs, requiring entities to determine whether a modification results in a new loan or a continuation of an existing loan;

(ii) expands disclosures related to modifications;

and (iii) requires disclosure of current period gross write-offs of financing

receivables within the vintage disclosures table.

The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and are applied prospectively, except with respect to

the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method.

Early adoption of the amendments in this update is permitted if ASU 2016-13 has been previously adopted.

may elect to early adopt the amendments regarding TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures.

The Company is assessing the impact that the adoption of ASU 2022-02 will have on its consolidated

financial statements

An entity may elect to

early adopt the amendments regarding TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures.

The Company is assessing the impact that the adoption of ASU 2022-02 will have on its consolidated financial

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS

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

Fair Value Measurements at June 30, 2022 Using

Fair Value Measurements at September 30,

Quoted Prices in Active

20 unchanged sentences

Interest rate swap derivatives

There were no transfers between Level 1 and Level 2 during 2022

Assets and Liabilities Measured on a Nonrecurring Basis

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

Fair Value Measurements at June 30, 2022 Using

Quoted Prices in Active

Markets for Identical Assets

Significant Other

Observable Inputs

Unobservable Inputs

Impaired loans:

Commercial and industrial

There were no assets or

liabilities measured at fair value on a nonrecurring basis at September 30, 2022.

Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2021 are summarized below:

Fair Value Measurements at December 31, 2021

December 31, 2021

Quoted Prices in Active

5 unchanged sentences

Commercial and industrial

At June 30, 2022, the recorded investment of impaired loans measured for impairment using the fair value of collateral for collateral-dependent loans totaled $ 1,507 , with a corresponding valuation allowance of $ 297 ,

resulting in an increase of $ 231 in provision expense during the three months ended June 30, 2022, and an increase of $ 287 in provision expense during the six months ended June 30, 2022, with no corresponding charge-offs recognized.

This is compared to 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,

At December 31, 2021, the recorded investment of impaired loans measured for impairment using the fair value of collateral for collateral-dependent loans totaled $ 1,993 , with a corresponding valuation allowance of $ 10 , resulting in an increase of $ 10 in provision expense during the year ended December 31, 2021, with no corresponding charge-offs recognized.

resulting in an increase of $ 10 in provision expense during the year ended December 31, 2021, with no corresponding charge-offs recognized.

There was no other real estate owned that

was measured at fair value less costs to sell at June 30, 2022 and December 31, 2021.

There were no corresponding write downs during the

three and six months ended June 30, 2022 and 2021.

was measured at fair value less costs to sell at September 30, 2022 and December 31, 2021.

There were no corresponding write-downs during

the three and nine months ended September 30, 2022 and 2021.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

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, 2022 and December 31,2021:

June 30, 2022

Weighted Average

Impaired loans:

Adjustment to comparables

Commercial and industrial

Sales approach

and equipment comparables

There was no quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis

at September 30, 2022.

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 December 31, 2021:

December 31, 2021

1 unchanged sentence

Impaired loans:

Adjustment to comparables

Commercial and industrial

Sales approach

Adjustment to comparables

and equipment comparables

The carrying amounts and estimated fair values of financial instruments at June 30, 2022 and December 31, 2021 are as follows:

Fair Value Measurements at June 30, 2022 Using

The carrying amounts and estimated fair values of financial instruments at September 30, 2022 and December 31, 2021 are as follows:

Fair Value Measurements at September 30,

Financial Assets:

31 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, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) and gross unrecognized gains

The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at September 30, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) and gross unrecognized gains

Securities Available for Sale

June 30 , 2022

Gross Unrealized

September 30 , 2022

Government securities

10 unchanged sentences

Gross Unrecognized

June 30 , 2022

September 30 , 2022

Obligations of states and political subdivisions

5 unchanged sentences

Total securities

The amortized cost and estimated fair value of debt securities at June 30, 2022, 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.

The amortized cost and estimated fair value of debt securities at September 30, 2022, 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.

Securities not due at a single maturity are shown separately.

9 unchanged sentences

NOTE 3 – SECURITIES (Continued)

The following table summarizes securities with unrealized losses at June 30, 2022 and December 31, 2021,

aggregated by major security type and length of time in a continuous unrealized loss position:

June 30 , 2022

The following table summarizes securities with unrealized losses at September 30, 2022 and December 31, 2021, aggregated by

major security type and length of time in a continuous unrealized loss position:

September 30 , 2022

Less Than 12 Months

16 unchanged sentences

Government securities

Government sponsored entity securities

U.S Government sponsored entity securities

Agency mortgage-backed securities,

Total available for sale

June 30, 2022

September 30, 2022

Less Than 12 Months

16 unchanged sentences

There were no sales of investment

securities during the three and six months ended June 30, 2022 or 2021.

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, 2022, 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

Management does no t believe any individual unrealized loss at June 30, 2022 and December 31, 2021 represents an

other-than-temporary impairment.

securities during the three and nine months ended September 30, 2022 or 2021.

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, 2022, 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, 2022 and December 31, 2021

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

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law as a result of the coronavirus ("COVID-19").

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law in response to coronavirus ("COVID-19").

The CARES Act

1 unchanged sentence

The PPP provided small businesses with funds to use for payroll and certain other expenses.

At June 30, 2022, there were no commercial and industrial loans originated under the PPP, as compared to $ 446 at December 31, 2021.

At September 30, 2022, there were no commercial and industrial loans originated under the PPP, as compared to $ 446 at December 31, 2021.

These loans are guaranteed by the Small Business Administration.

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2022 and 2021:

June 30 , 2022

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2022 and 2021:

September 30 , 2022

and Industrial

4 unchanged sentences

Total ending allowance balance

June 30 , 2021

September 30 , 2021

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, 2022 and 2021:

June 30, 2022

The following table presents the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2022 and 2021:

September 30, 2022

and Industrial

4 unchanged sentences

Total ending allowance balance

June 30 , 2021

September 30 , 2021

and Industrial

5 unchanged sentences

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, 2022 and December 31, 2021:

June 30 , 2022

recorded investment of loans by portfolio segment and based on impairment method as of September 30, 2022 and December 31, 2021:

September 30 , 2022

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, 2022 and December 31, 2021:

June 30 , 2022

The following tables present information related to loans individually evaluated for impairment by class of loans as of September 30, 2022 and December 31, 2021:

September 30 , 2022

Principal Balance

2 unchanged sentences

With an allowance recorded:

Commercial and industrial

With no related allowance recorded:

14 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, 2022 and 2021:

Three months ended June 30, 2022

Six months ended June 30, 2022

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, 2022 and 2021:

Three months ended September 30, 2022

Nine months ended September 30, 2022

Impaired Loans

5 unchanged sentences

With an allowance recorded:

Commercial and industrial

With no related allowance recorded:

2 unchanged sentences

Nonowner-occupied

Three months ended June 30, 2021

Six months ended June 30, 2021

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:

9 unchanged sentences

Other real estate owned for residential real estate properties totaled $ 15 as of

June 30, 2022 and December 31, 2021.

In addition, nonaccrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $ 499

and $ 316 as of June 30, 2022 and December 31, 2021, respectively.

September 30, 2022 and December 31, 2021.

In addition, nonaccrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $ 459 and $ 316 as of September 30, 2022 and December 31, 2021,

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, 2022 and December 31, 2021:

June 30 , 2022

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, 2022 and December 31, 2021:

September 30 , 2022

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, 2022 and December 31, 2021:

June 30 , 2022

The following table presents the aging of the recorded investment of past due loans by class of loans as of September 30, 2022 and December 31, 2021:

September 30 , 2022

Residential real estate

21 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, 2022 and December 31, 2021:

June 30 , 2022

The following table presents the types of TDR loan modifications by class of loans as of September 30, 2022 and December 31, 2021:

September 30 , 2022

Performing to Modified Terms

18 unchanged sentences

Interest only payments

At June 30, 2022 and December 31, 2021, the Company had no

At September 30, 2022 and December 31, 2021, the Company had no

specific allocations in reserves to customers whose loan terms have been modified in TDRs.

At June 30, 2022, the Company had no commitments to

lend additional amounts to customers with outstanding loans that are classified as TDRs, as compared to $ 3,199 at December 31, 2021.

At September 30, 2022, the Company had no

commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs, as compared to $ 3,199 at December 31,

There were no TDR loan modifications that

occurred during the three and six months ended June 30, 2022 and 2021, and there was no resulting impact to provision expense or the allowance for loan losses.

During the three and six months ended June 30, 2022 and 2021, the Company had no TDRs that experienced any payment defaults within twelve months following their loan

occurred during the three and nine months ended September 30, 2022 and 2021, and, therefore, no impact to provision expense or the allowance for loan losses.

During the three and nine months ended September 30, 2022 and 2021, the Company had no TDRs that experienced any payment defaults within twelve months following their loan

modification.

7 unchanged sentences

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

Through June 30, 2022, the Company had modified 549 loans related to COVID-19 with an outstanding loan balance of $ 100,093 that were

not reported as TDRs.

As of June 30, 2022, the Company had seven of those modified loans still operating under their COVID-19 related deferral

terms with an outstanding loan balance of $ 206 that were not reported as TDRs in the tables presented above.

Through September 30, 2022, the Company had modified 521 loans related to COVID-19 with an outstanding loan balance of $ 97,236

that were not reported as TDRs.

As of September 30, 2022, the Company had 11 of those modified loans still operating under their COVID-19

related deferral terms with an outstanding loan balance of $ 120 that were not reported as TDRs in the tables presented above.

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

51 unchanged sentences

reevaluation date.

of June 30, 2022 and December

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

June 30 , 2022

of September 30, 2022 and

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

September 30 , 2022

Commercial real estate:

11 unchanged sentences

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, 2022 and December 31, 2021:

June 30 , 2022

The following table presents the recorded investment of residential and consumer loans by class of loans based on repayment activity as of September 30, 2022 and December 31, 2021:

September 30 , 2022

Nonperforming

3 unchanged sentences

counties of West Virginia.

Approximately 4.59 % of total loans were unsecured at June 30, 2022, up from 4.45 % at December 31, 2021.

Approximately 4.76 % of total loans were unsecured at September 30, 2022, up from 4.45 % at December 31, 2021.

NOTE 5 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

4 unchanged sentences

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

At June 30, 2022, the contract amounts of these

instruments totaled approximately $ 98,489 , compared to $ 89,602 at December 31, 2021.

At September 30, 2022, the contract amounts of

these instruments totaled approximately $ 101,706 , compared to $ 89,602 at December 31, 2021.

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

Since many of these instruments are

expected to expire without being drawn upon, the total contract amounts do not necessarily represent future cash requirements.

Since many of these instruments are expected to expire without

being drawn upon, the total contract amounts do not necessarily represent future cash requirements.

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at June 30,

Other borrowed funds at September 30,

2022 and December 31, 2021 are

2 unchanged sentences

Promissory Notes

September 30 ,

December 31, 2021

Pursuant to collateral agreements with the FHLB, advances are secured by $ 300,856 in qualifying mortgage loans, $ 32,788 in commercial loans and $ 5,125 in FHLB stock at June 30, 2022.

Pursuant to collateral agreements with the FHLB, advances are secured by $ 265,986 in qualifying mortgage loans, $ 30,420 in commercial loans and $ 3,813 in FHLB stock at September 30, 2022.

Fixed-rate FHLB advances of $ 15,947

mature through 2042 and have interest rates ranging from 1.53 % to 2.97 % and a year-to-date weighted average cost of 2.36 % at June 30, 2022 and 2.39 % at December 31, 2021.

mature through 2042 and have interest rates ranging from 1.53 % to 2.97 % and a year-to-date weighted average cost of 2.35 % at September 30,

2022 and 2.39 % at December 31, 2021.

There were no

variable-rate FHLB borrowings at June 30, 2022.

At June 30, 2022, 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

variable-rate FHLB borrowings at September 30, 2022.

At September 30, 2022, the Company had a cash management line of credit enabling it to borrow up to $ 100,000 from the FHLB, subject to the stock ownership and collateral limitations described below.

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

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

There was $ 100,000 available on this line of credit at June 30, 2022.

There was $ 100,000 available on this line of credit at September 30, 2022.

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 $ 198,114 at June 30,

Of this maximum borrowing capacity, the Company had $ 116,069 available to use as additional borrowings, of which $ 100,000 could be used for

short term, cash management advances, as mentioned above.

to a maximum of $ 183,760 at September 30,

Of this maximum borrowing capacity, the Company had $ 96,813 available to use as additional borrowings, of which $ 96,813 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, 2023 , and have fixed rates ranging from 1.25 % to 1.30 % and a year-to-date weighted average cost of 1.25 %

at June 30, 2022 and December 31, 2021.

At June 30, 2022, there were six promissory notes payable by Ohio Valley to related parties totaling $ 2,139 .

There were no promissory notes

payable to other banks at June 30, 2022 and December 31, 2021, respectively.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 65,700 at June 30, 2022 and $ 68,380 at December 31, 2021.

Scheduled principal payments as of June 30, 2022:

at September 30,2022, as compared to 1.23 % at December 31, 2021.

At September 30, 2022, there were six promissory notes payable by Ohio Valley to related parties totaling $ 2,138 .

There were no promissory notes payable to other banks at September 30, 2022 or December 31, 2021.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 71,000 at September 30, 2022 and $ 68,380 at December 31, 2021.

Scheduled principal payments as of September 30, 2022:

NOTE 7 – SEGMENT INFORMATION

5 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 92.9 % and 93.1 % of total consolidated revenues for the quarters end June 30, 2022 and 2021, 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, 2022

and 2021, 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.

1 unchanged sentence

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

Three Months Ended June 30, 2022

Three Months Ended September 30, 2022

Net interest income

3 unchanged sentences

Provision for income taxes

Three Months Ended June 30, 2021

Three Months Ended September 30, 2021

Net interest income

3 unchanged sentences

Provision for income taxes

Six Months Ended June 30, 2022

Nine Months Ended September 30, 2022

Net interest income

3 unchanged sentences

Provision for income taxes

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2021

Net interest income

11 unchanged sentences

The Company has no finance lease arrangements.

Operating leases have remaining lease terms ranging from ten months to 19 years, some of which include

Operating leases have remaining lease terms ranging from 7 months to 19 years, some of which include

options to extend the leases for up to 15 years.

3 unchanged sentences

Balance sheet information related to leases is as follows:

June 30, 2022

September 30, 2022

December 31, 2021

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, 2022 are as follows:

Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2022 are as follows:

Operating Leases

3 unchanged sentences

Other information is as follows:

June 30, 2022

September 30, 2022

December 31, 2021

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