What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-05-15 compared with 2023-11-14 · 305 added, 372 removed, 691 unchanged (49% of the section changed)

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and per share data)

September 30,

Cash and noninterest-bearing deposits with banks

1 unchanged sentence

Total cash and cash equivalents

Certificates of deposit in financial institutions

Securities available for sale

Securities held to maturity, net of allowance for credit losses of $ 2 in 2023 and $ 0 in 2022;

(estimated fair

2023 - $ 7,929 ;

2022 - $ 8,460 )

Securities held to maturity, net of allowance for credit losses of $ 2 in 2024 and 2023

Restricted investments in bank stocks

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Total liabilities

COMMITMENTS AND CONTINGENT LIABILITIES (See Note 5)

CONTINGENT LIABILITIES

SHAREHOLDERS’ EQUITY

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Treasury stock, at cost ( 697,321 shares)

2022 - 693,933 shares)

Total shareholders’ equity

5 unchanged sentences

Three months ended

September 30,

Nine months ended

September 30,

Interest and dividend income:

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Three months ended

September 30,

Nine months ended

September 30,

Other comprehensive income (loss):

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Shareholders'

Balance at July 1, 2023

Other comprehensive loss, net

Cash dividends, $ 0.22 per share

Shares acquired for treasury, 3,388 shares

Balance at September 30 , 2023

Balance at July 1, 2022

Other comprehensive loss, net

Cash dividends, $ 0.21 per share

Balance at September 30 , 2022

Comprehensive

Income (Loss)

Shareholders’

Balance at January 1, 2024

Cumulative change in adopting ASU 2016-13

Balance at January 1, 2023 (as adjusted for change in adopting ASU 2016-13)

Other comprehensive loss, net

1 unchanged sentence

Common Stock issued to ESOP, 20,542 shares

Shares acquired for treasury, 3,388 shares

Balance at September 30 , 2023

Balance at March 31, 2024

Balance at January 1, 2023

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Common Stock issued to ESOP, 4,746 shares

Balance at September 30 , 2022

Balance at March 31 , 2023

See accompanying notes to consolidated financial statements

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(dollars in thousands)

Nine months ended

September 30,

Three months ended

Net cash provided by operating activities:

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Proceeds from calls and maturities of securities held to maturity

Purchase of securities held to maturity

Proceeds from maturities of certificates of deposit in financial institutions

Purchase of certificates of deposits in financial institutions

Purchase of restricted investments in bank stocks

Redemptions of restricted investments in bank stocks

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Purchases of premises and equipment

Disposals of premises and equipment

Proceeds from building grant

Reimbursement of building grant

Purchases of bank owned life insurance and annuity assets

Withdrawals from annuity asset

Withdrawals from bank owned life insurance and annuity asset

Net cash (used in) investing activities

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Cash dividends

Purchases of treasury stock

Proceeds from Federal Home Loan Bank borrowings

Repayment of Federal Home Loan Bank borrowings

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Cash paid for interest

Cash paid for income taxes

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

See accompanying notes to consolidated financial statements

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BASIS OF PRESENTATION:

accompanying consolidated financial statements include the 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, 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.

(“Race Day”), an Ohio corporation that provided 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.

In February 2023, Ohio Valley announced that it was taking steps toward closing Race Day.

The decision to start this process was made due to low loan demand, issues retaining

personnel, and lack of profitability.

Currently, there are no remaining loan applications to complete, and all commissions earned on mortgage application referrals have been recorded.

An exact date of closing is still yet to be determined.

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

The accompanying

consolidated financial statements include the 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, and Ohio Valley Financial

Services Agency, LLC, an insurance agency.

The Bank has one wholly-owned subsidiary, Ohio Valley REO, LLC (“Ohio Valley REO”), an Ohio limited liability company, to which the Bank transfers certain real estate acquired by the Bank through foreclosure for sale by Ohio Valley REO.

December 2023, Ohio Valley ceased operating Race Day Mortgage, Inc.

(“Race Day”), which had been a wholly-owned subsidiary of the Bank since April 2021.

The decision to cease operating Race Day was made due to low loan demand, poor employee retention,

and lack of profitability.

In December 2023, Ohio Valley also ceased operating OVBC Captive, Inc.

(the “Captive”), which had been a subsidiary of Ohio Valley since July 2014.

The decision to cease operating the Captive was the result of proposed IRS

regulations that adversely impacted the taxation of small captives and severely limited the Captive’s ability to operate.

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 September 30, 2023, 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, 2023, are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2023.

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

financial disclosures required by U.S.

of management, are necessary to present fairly the consolidated financial position of the Company at March 31, 2024, and its results of operations and cash flows for the periods presented.

The results of operations for the three months ended March 31,

2024, are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2024.

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, 2022, 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, 2023, contains consolidated financial statements and related

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

The consolidated financial statements for 2023 have been reclassified to conform to the presentation for 2024.

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banking and consumer finance.

ADOPTION OF NEW

ACCOUNTING PRONOUNCEMENTS:

Effective January 1, 2023, the Company adopted ASU No.

2022-02 Financial Instruments - Credit Losses (Topic

TDR’s and Vintage Disclosures .

This new accounting guidance eliminated the previous accounting guidance for troubled debt restructurings (“TDRs”) and resulted in additional disclosure requirements related to gross charge offs by year of

origination and the removal of TDR disclosures, replaced by additional disclosures on the types of modifications of loans to borrowers experiencing financial difficulties.

Effective January 1, 2023, the Company adopted ASU No.

2016-13 Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”) (“ASC 326”) as amended.

new accounting guidance replaces the “incurred loss” model with an “expected loss” model, which is referred to as the current expected credit loss

(“CECL”) model.

The measurement of expected credit losses under the CECL model is applicable to financial assets measured at amortized cost, including loan receivables and HTM debt securities.

It also applies to off-balance sheet credit exposures not

accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments).

In addition, ASC 326 made changes to the accounting for available for sale debt securities.

One such change is to require

credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell.

The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit

Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable US GAAP.

The Company recorded a net decrease to retained

earnings of $ 2,209 as of January 1, 2023 for the cumulative effect of adopting ASC 326.

RECENTLY ISSUED ACCOUNTING

PRONOUNCEMENTS:

In November 2023 , the FASB issued ASU No .

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .

The updated accounting

guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company's chief operating decision maker.

The guidance is effective for fiscal years beginning

after December 15, 2023 , and interim periods within annual periods beginning after December 15, 2024 .

Retrospective application is required.

The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements and related disclosures.

In December 2023 , the FASB issued ASU No .

2023 -09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures .

The updated accounting guidance requires enhanced income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income

This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements and related

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The following table illustrates

the transition adjustment of adopting ASC 326:

January 1, 2023

ACL - HTM debt securities

Obligations of states and political subdivisions

Residential real estate

Commercial real estate

Commercial and industrial

Total ACL - Loans

Deferred tax assets

ACL - Off-balance sheet commitments

DEBT SECURITIES:

classifies securities into held to maturity (“HTM”) and available for sale (“AFS”) categories.

The Company classifies

securities into held to maturity (“HTM”) and available for sale (“AFS”) categories.

HTM securities are those which the Company has the positive intent and ability to hold to maturity and are reported at amortized cost.

Securities classified

as AFS include securities that could be sold for liquidity, investment management or similar reasons even if there is not a present intention of such a sale.

Securities classified as AFS

include securities that could be sold for liquidity, investment management or similar reasons even if there is not a present intention of such a sale.

AFS securities are reported at fair value, with unrealized gains or losses included in other

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uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on AFS debt securities totaled $ 433 at September 30, 2023, and is excluded from the estimate of credit losses.

Accrued interest receivable on AFS debt securities totaled $ 435 at March 31, 2024 and $ 394 at December 31, 2023, and are excluded from the estimate

of credit losses.

Management classifies the AFS portfolio into the following major security types:

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securities, and Agency mortgage-backed residential securities.

These security types have an explicit government guarantee, and therefore, no ACL

is recorded for these securities.

As a result, there was no ACL related to AFS debt securities at September 30, 2023.

At March 31, 2024 and December 31, 2023, there was no ACL related to AFS debt

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

ACL - HTM SECURITIES:

measures expected credit losses on HTM debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and

reasonable and supportable forecasts.

Management measures expected credit losses on HTM debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current

conditions and reasonable and supportable forecasts.

The ACL on securities HTM is a contra asset valuation account that is deducted from the carrying amount of HTM securities to present the net amount expected to be collected.

HTM securities are charged off against

the ACL when deemed uncollectible.

HTM securities are

charged off against the ACL when deemed uncollectible.

Adjustments to the ACL are reported in the Company’s consolidated statements of income in the provision for credit losses.

Accrued interest receivable on HTM securities is excluded from the estimate of credit

Accrued interest receivable on HTM securities is excluded from the

estimate of credit losses.

Management classifies the HTM portfolio into two major security types:

Obligations of states and political subdivisions and Agency mortgage-backed residential securities.

Agency mortgage-backed residential securities consist of only two

securities with balances that are not significant.

With regard to obligations of states and political subdivisions, management considers (1) issuer bond ratings, (2) historical loss rates for given bond ratings, (3) the financial condition of the

issuer, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities.

30, 2023, there was $ 2 in the ACL related

to HTM debt securities, which included a $ 1 recovery of provision expense during the three and nine months ended September 30,

Agency mortgage-backed residential securities

consist of only two securities with balances that are not significant.

With regard to obligations of states and political subdivisions, management considers (1) issuer bond ratings, (2) historical loss rates for given bond ratings, (3) the financial

condition of the issuer, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities.

At March 31, 2024, the ACL related to HTM debt securities was $ 2 , unchanged from December 31, 2023.

Furthermore, there was no corresponding provision expense during the three months

ended March 31, 2024 and 2023.

Loans that management has the intent and ability to hold

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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

Interest income is discontinued and the loan moved to nonaccrual status when full loan repayment is in doubt, typically when the loan

payments are past due 90 days or over unless the loan is well-secured or in process of collection.

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Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

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.

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

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, 2023 and December 31, 2022, there were no loans held for sale by the Bank.

As of March 31, 2024 and December 31, 2023, there were no

loans held for sale by the Bank.

The ACL for loans is a

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The Company has elected to exclude accrued interest receivable from the measurement of its ACL.

When a loan is placed on non-accrual status,

When a loan is placed on nonaccrual status,

any outstanding accrued interest is reversed against interest income.

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Specific reserves are established based on the following three acceptable methods for measuring the

1) the present value of expected future cash flows discounted at the loan’s original effective interest rate;

1) the present value of

expected future cash flows discounted at the loan’s original effective interest rate;

2) the loan’s observable market price;

or 3) the fair value of the collateral when the loan is collateral dependent.

Our individual loan

evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent.

Our individual loan evaluations consist

primarily of the fair value of

collateral method because most of our loans are collateral dependent.

Collateral values are discounted to consider disposition costs when appropriate.

A specific reserve is established or a charge-off

is taken if the fair value of the loan is less than the loan balance.

At September 30, 2023, there was $ 8,173 in the ACL related to loans, with corresponding provision expense of $ 812 and $ 1,391 during the three and nine months ended September 30, 2023, respectively.

A specific reserve is established or a charge-off is taken if the fair value of the loan is

less than the loan balance.

At March 31, 2024, there was $ 9,229

in the ACL related to loans, compared to $ 8,767 at December 31, 2023.

This resulted in corresponding provision expense of $ 857 during the three months ended March 31, 2024, compared to $ 465

in provision expense during the three months ended March 31, 2023.

The Company’s loan portfolio segments have been identified as follows:

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A nonowner-occupied loan is a property loan for which the repayment of principal is dependent upon rental income associated with the property or the subsequent sale of the

Nonowner-occupied loans that are dependent upon rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged.

Commercial construction loans consist of borrowings to purchase

and develop raw land into 1-4 family residential properties.

Construction loans are extended to individuals as well as corporations for the construction of an individual or multiple properties and are secured by raw land and the subsequent

improvements.

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

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.

Nonowner-occupied loans that are dependent upon rental income are primarily impacted by the level of interest rates associated with the debt and to local economic conditions, which dictate occupancy rates and the amount of rent charged.

increase in debt service due to higher interest rates may not be able to be passed on to tenants.

As part of the origination process, loan interest rates and occupancy rates are stressed to determine the impact on the borrower’s ability to maintain

adequate debt service under different economic conditions.

Furthermore, the Company monitors the concentration in any one industry and has established limits relative to capital.

In addition, credit quality trends are monitored by industry to determine

if a change in the risk exposure to a certain industry may warrant a change in our underwriting standards.

Commercial construction loans consist of borrowings to purchase and develop raw land into 1-4 family residential properties.

Construction loans

are extended to individuals as well as corporations for the construction of an individual or multiple properties and are secured by raw land and the subsequent improvements.

Repayment of the loans to real estate developers is dependent upon the sale

of properties to third parties in a timely fashion upon completion.

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:

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loans, if any, rapidly depreciate in value or may be worthless and/or difficult to locate if repossession is necessary.

The Company has allocated the highest percentage of its allowance for credit losses as a percentage of loans to the other

identified loan portfolio segments due to the larger dollar balances associated with such portfolios.

ACL – OFF-BALANCE SHEET

CREDIT EXPOSURES:

The Company has allocated the highest percentage of its ACL as a percentage of loans to the other identified loan portfolio

segments due to the larger dollar balances associated with such portfolios.

ACL – OFF-BALANCE SHEET CREDIT

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by

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funded over its estimated life.

At September 30, 2023, there was $ 643 in the ACL related to off-balance sheet credit exposures, with corresponding provision expense of

$ 77 and $ 11 during the three and nine months ended September 30, 2023, respectively.

At March 31, 2024, there was $ 586 in the ACL related to off-balance sheet credit exposures, compared to $ 692 at December 31, 2023.

This resulted in a corresponding recovery of $ 106 in provision expense during the three months ended March 31, 2024, compared to $ 24

in provision expense during the three months ended March 31, 2023.

EARNINGS PER SHARE:

Earnings per share are

computed based on net income divided by the weighted average number of common shares outstanding during the quarter.

The weighted average common shares outstanding were 4,775,308 and 4,771,774 for the three months ended September 30, 2023 and 2022 ,

respectively.

The weighted average common shares outstanding were 4,775,103 and 4,768,246 for the nine months ended September 30, 2023 and 2022 , respectively.

Ohio Valley had no dilutive effect and no potential common shares issuable under

stock options or other agreements for any period presented.

Earnings per share

is based on net income divided by the weighted average number of common shares outstanding during the quarter.

The weighted average common shares outstanding were 4,785,773 and 4,773,461 for the three months ended March 31, 2024 and 2023, respectively.

Ohio Valley had

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

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS

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On an as-needed basis, the Company reviews the fair value of collateral, taking into consideration current market data, as well as all

selling costs, which typically amount to approximately 10 % of the fair value of such collateral.

selling costs that typically approximate 10 %.

Interest Rate Swap Agreements:

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

Fair Value Measurements at September 30, 2023 Using

Fair Value Measurements at March 31,

Quoted Prices in Active

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Interest rate swap derivatives

Fair Value Measurements at December 31, 2022 Using

Fair Value Measurements at December 31,

Quoted Prices in Active

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Interest rate swap derivatives

Liabilities :

Interest rate swap derivatives

There were no transfers between Level 1 and Level 2 during 2024 or 2023.

Assets and Liabilities Measured on a Nonrecurring Basis

There were no assets or

liabilities measured at fair value on a nonrecurring basis at September 30, 2023 and December 31, 2022.

liabilities measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023.

There was no other real

estate owned measured at fair value less costs to sell at September 30, 2023 and December 31, 2022.

Furthermore, there were no corresponding

write downs during the three and nine months ended September 30, 2023 and 2022.

estate owned that was measured at fair value less costs to sell at March 31, 2024 and December 31, 2023.

Furthermore, there were no corresponding write downs during

the three months ended March 31, 2024 and 2023.

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, 2023 and December 31, 2022.

non-recurring basis at March 31, 2024 and December 31, 2023.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

The carrying amounts and estimated fair values of financial instruments at September 30, 2023 and December 31, 2022 are as follows:

Fair Value Measurements at September 30, 2023 Using

The carrying amounts and estimated fair values of financial instruments at March 31, 2024 and December 31, 2023 are as follows:

Fair Value Measurements at March 31,

Financial Assets:

Cash and cash equivalents

Certificates of deposit in financial institutions

Securities available for sale

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Accrued interest payable

Fair Value Measurements at December 31, 2022 Using

Fair Value Measurements at December 31,

Financial Assets:

Cash and cash equivalents

Certificates of deposit in financial institutions

Securities available for sale

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The following table summarizes the amortized cost and fair value of securities available for sale and securities held to

maturity at September 30, 2023

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

and gross unrecognized gains and losses:

maturity at March 31, 2024 and December 31, 2023 and the corresponding

amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses, and allowance for credit losses:

Securities Available for Sale

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Gross Unrealized

September 30 , 2023

March 31 , 2024

Government securities

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Allowance for Credit Losses

September 30 , 2023

March 31 , 2024

Obligations of states and political subdivisions

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Total securities

The amortized cost and estimated fair value of debt securities at September 30, 2023, by contractual maturity, are shown below.

The amortized cost and estimated fair value of debt securities at March 31, 2024, by contractual maturity, are shown below.

Actual maturities may

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There were no sales of securities during the

three and nine months ended September 30, 2023 and 2022.

Debt securities with a carrying value of approximately $ 134,812 at September 30, 2023 and $ 126,318 at December

31, 2022 , were pledged to secure public deposits, repurchase agreements, and for other purposes required or permitted by law.

three months ended March 31, 2024 and 2023.

Debt securities with a carrying value of approximately $ 140,195 at March 31, 2024 and $ 126,994 at December 31, 2023, respectively, were pledged to secure public deposits, repurchase agreements, and for other purposes required or permitted by law.

NOTE 3 – SECURITIES (Continued)

The following table summarizes debt securities available for sale in an unrealized loss position for which

an allowance for credit losses has not been recorded at September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position:

September 30 , 2023

an ACL losses has not been recorded at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:

March 31 , 2024

Less Than 12 Months

12 Months or More

Unrealized Loss

Securities Available for Sale

Government securities

Government sponsored entity securities

Agency mortgage-backed securities,

Government sponsored entity

Agency mortgage-backed

securities, residential

Total available for sale

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12 Months or More

Unrealized Loss

Securities Available for Sale

Government securities

U.S Government sponsored entity securities

Agency mortgage-backed securities,

Government sponsored entity

Agency mortgage-backed securities, residential

Total available for sale

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of time sufficient to allow for any anticipated recovery in fair value.

At September 30, 2023, the Company had 102

available for sale debt securities in an unrealized position without an allowance for credit losses, of which 19 were from U.S.

securities, 3 were from U.S.

At March 31, 2024, the Company had 97 available

for sale debt securities in an unrealized position without an ACL, of which 14 were from U.S.

Government securities, 3 were from U.S.

Government sponsored entity securities, and 80 were from Agency mortgage-backed residential securities.

Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will

not have to sell any such securities before a recovery of cost.

The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.

Accordingly, as of September 30,

2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions and, therefore, the Company carried no allowance for credit losses

on available for sale debt securities at September 30, 2023.

NOTE 3 – SECURITIES (Continued)

The following table presents the activity in the allowance for credit losses for held to maturity debt securities:

Comparatively at December 31, 2023, the Company had 99 available for sale debt securities in an unrealized position without an ACL, of which 15 were from U.S.

Government securities, 3 were from U.S.

Government sponsored entity securities, and 81 were from Agency mortgage-backed residential securities.

Management does not have the intent to sell any of these securities and believes that it is more

likely than not that the Company will not have to sell any such securities before a recovery of cost.

The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments

Accordingly, as of March 31, 2024 and December 31, 2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions.

result, the Company carried no ACL on available for sale debt securities at March 31, 2024 and December 31, 2023.

The following table presents the activity in the ACL for held to maturity debt securities:

Held to Maturity Debt Securities

Nine months ended

September 30, 2023

Three months ended

March 31, 2024

Three months ended

March 31, 2023

Allowance for credit losses:

1 unchanged sentence

Impact of adopting ASC 326

Provision for (recovery of) credit loss expense

Credit loss expense

Allowance for credit losses ending balance

The Company’s held to maturity securities primarily consist of

obligations of states and political subdivisions.

The Company’s held to maturity securities primarily consist of obligations

of states and political subdivisions.

The ACL on held to maturity securities is estimated at each measurement date on a collective basis by major security type.

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condition of issuer, and timely principal and interest payments of issuer were evaluated to determine if a credit reserve was required within the portfolio.

At September 30, 2023, there were no past due principal and interest payments related to held

to maturity securities.

Upon adoption of ASC 326 on January 1, 2023, the Company identified a cumulative loss rate of .03 % using historical loss data provided by S&P and Moody’s bond rating service.

This resulted in a $ 3 credit loss reserve for held to maturity debt securities.

During the third quarter of 2023, the

cumulative loss rate decreased to 0.02 % ,

resulting in a $ 1 recovery of provision

expense during the three and nine months ended September 30, 2023.

At March 31, 2024 and 2023, there were no past due principal and interest payments related to

held to maturity securities.

During the first quarter of 2024, the cumulative loss rate remained at .02 %, resulting in no change to provision

expense during the three months ended March 31, 2024.

During the first quarter of 2023, the Company identified a cumulative loss rate of .03 %

upon adoption of ASC326 on January 1.

This resulted in a $ 3 credit loss reserve for held to maturity debt securities, with no provision expense during the three months ended March 31, 2023.

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are comprised of the following:

September 30,

Residential real estate

4 unchanged sentences

Allowance for credit losses

At September 30, 2023 and December 31, 2022 , net deferred loan origination costs were $ 892 and $ 663 , respectively.

At September 30, 2023 and December 31, 2022 , net unamortized loan purchase premiums were $ 739 and $ 1,142 , respectively.

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT 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 September 30, 2023 and December 31, 2022:

September 30 , 2023

At March 31, 2024 and December 31, 2023, net deferred loan

origination costs were $ 777 and $ 794 , respectively.

At March 31, 2024 and December 31, 2023, net unamortized

loan purchase premiums were $ 631 and $ 687 , respectively.

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 March 31, 2024 and December 31, 2023:

March 31 , 2024

Loans Past Due

10 unchanged sentences

Still Accruing

Loans With No

Loans With an

Residential real estate

3 unchanged sentences

Commercial and industrial

The Company recognized $ 55 and $ 142 of interest income in nonaccrual loans during the three and nine months ended September 30, 2023.

The Company recognized $ 4 and $ 20 of interest income in nonaccrual loans during the three months ended March 31, 2024 and 2023, respectively.

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

The following table presents the aging of the recorded investment of past due

loans by class of loans as of September 30, 2023

The following table presents the aging of the recorded investment of past due loans by class

of loans as of March 31, 2024

and December 31, 2023:

September 30 , 2023

March 31 , 2024

Residential real estate

20 unchanged sentences

Loans classified as

“special mention” indicate considerable risk due to deterioration of repayment (in the earliest stages) due to potential weak primary repayment source, or payment delinquency.

These loans will be under constant supervision, are not classified and do

not expose the institution to sufficient risks to warrant classification.

These deficiencies should be correctable within the normal course of business, although significant changes in company structure or policy may be necessary to correct the

deficiencies.

“special mention” are graded 8 and indicate considerable risk due to deterioration of repayment (in the earliest stages) due to potential weak primary repayment source, or payment delinquency.

These loans will be under constant supervision, are not

classified and do not expose the institution to sufficient risks to warrant classification.

These deficiencies should be correctable within the normal course of business, although significant changes in company structure or policy may be necessary to

correct the deficiencies.

These loans are considered bankable assets with no apparent loss of principal or interest envisioned.

The perceived risk in continued lending is considered to have increased beyond the level where such loans would normally be granted.

The perceived risk in continued lending is considered to have increased beyond the level where such loans would normally

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

1 unchanged sentence

Loans classified as

“substandard” represent very high risk, serious delinquency, nonaccrual, or unacceptable credit.

Repayment through the primary source of repayment is in jeopardy due to the existence of one or more well-defined weaknesses, and the collateral pledged

may inadequately protect collection of the loans.

“substandard” are graded 9 and represent very high risk, serious delinquency, nonaccrual, or unacceptable credit.

Repayment through the primary source of repayment is in jeopardy due to the existence of one or more well-defined weaknesses, and the

collateral pledged may inadequately protect collection of the loans.

Loss of principal is not likely if weaknesses are corrected, although financial statements normally reveal significant weakness.

Loans are still considered collectible, although loss of principal is

more likely than with special mention loans.

Loans are still considered collectible, although loss

of principal is more likely than with special mention loans.

Collateral liquidation is considered likely to satisfy debt.

Loans classified as

“doubtful” display a high probability of loss, although the amount of actual loss at the time of classification is undetermined.

This classification should be temporary until such time that actual loss can be identified, or improvements are made to

reduce the seriousness of the classification.

“doubtful” are graded 10 and display a high probability of loss, although the amount of actual loss at the time of classification is undetermined.

This classification should be temporary until such time that actual loss can be identified, or

improvements are made to reduce the seriousness of the classification.

These loans exhibit all substandard characteristics with the addition that weaknesses make collection or liquidation in full highly questionable and improbable.

This classification consists of loans where

the possibility of loss is high after collateral liquidation based upon existing facts, market conditions, and value.

Loss is deferred until certain important and reasonable specific pending factors that may strengthen the credit can be more accurately

This classification

consists of loans where the possibility of loss is high after collateral liquidation based upon existing facts, market conditions, and value.

Loss is deferred until certain important and reasonable specific pending factors that may strengthen the

credit can be more accurately determined.

These factors may include proposed acquisitions, liquidation procedures, capital injection, receipt of additional collateral, mergers, or refinancing plans.

A doubtful classification for an entire credit should be avoided when collection of

a specific portion appears highly probable with the adequately secured portion graded substandard.

A doubtful classification for an entire credit should

be avoided when collection of a specific portion appears highly probable with the adequately secured portion graded substandard.

Loans classified as “loss” are

considered uncollectible and are of such little value that their continuance as bankable assets is not warranted.

This classification does not mean that the credit has absolutely no recovery or salvage value, but rather it is not practical or

desirable to defer writing off this asset yielding such a minimum value even though partial recovery may be affected in the future.

graded 11 and are considered uncollectible and are of such little value that their continuance as bankable assets is not warranted.

This classification does not mean that the credit has absolutely no recovery or salvage value, but rather it is not

practical or desirable to defer writing off this asset yielding such a minimum value even though partial recovery may be affected in the future.

Amounts classified as loss should be promptly charged off.

As of September 30,

As of March 31,

2024 and December 31, 2023, and based on the most recent analysis performed, the risk category of commercial loans by class of loans was as follows:

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

March 31, 2024

Commercial real estate:

2 unchanged sentences

Current Period gross charge-offs

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

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

March 31, 2024

Commercial real estate:

2 unchanged sentences

Current Period gross charge-offs

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

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

March 31, 2024

Commercial real estate:

2 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

March 31, 2024

Commercial and Industrial

1 unchanged sentence

Current Period gross charge-offs

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

Term Loans Amortized Cost Basis by Origination Year

December 31, 2023

1 unchanged sentence

Owner-occupied

Special Mention

Current Period gross charge-offs

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

Term Loans Amortized Cost Basis by Origination Year

December 31, 2023

Commercial real estate:

Nonowner-occupied

Special Mention

Current Period gross charge-offs

Term Loans Amortized Cost Basis by Origination Year

December 31, 2023

Commercial real estate:

Special Mention

Current Period gross charge-offs

Term Loans Amortized Cost Basis by Origination Year

December 31, 2023

Commercial and Industrial

The Company considers the performance of the loan portfolio and its impact on the allowance for credit

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 September 30, 2023 and December 31, 2022:

Special Mention

Current Period gross charge-offs

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

The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses.

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 March 31, 2024

and December 31, 2023:

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

March 31, 2024

Residential Real Estate:

3 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

March 31, 2024

Consumer - Automobile:

Payment Performance

1 unchanged sentence

Current Period gross charge-offs

Term Loans Amortized Cost Basis by Origination Year

March 31, 2024

Consumer - Home Equity:

Payment Performance

Nonperforming

Current Period gross charge-offs

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

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

March 31, 2024

Consumer - Other:

Payment Performance

2 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

September 30 , 2023

December 31, 2023

Residential Real Estate:

Payment Performance

1 unchanged sentence

Current Period gross charge-offs

Term Loans Amortized Cost Basis by Origination Year

December 31, 2023

Consumer - Automobile:

Payment Performance

Nonperforming

Current Period gross charge-offs

Term Loans Amortized Cost Basis by Origination Year

December 31, 2023

Consumer - Home Equity:

Payment Performance

Nonperforming

Current Period gross charge-offs

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

Term Loans Amortized Cost Basis by Origination Year

December 31, 2023

Consumer - Other:

Payment Performance

Nonperforming

Current Period gross charge-offs

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 4.23 % of total loans were unsecured at September 30, 2023, down from 4.52 % at December 31, 2022.

N OTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Approximately 4.46 % of total loans were unsecured at March 31, 2024, up from 4.37 % at December 31, 2023.

Modifications to Borrowers Experiencing Financial Difficulty:

Occasionally, the Company modifies loans to borrowers experiencing financial difficulty.

These modifications may include one

or a combination of the following:

These modifications may include one or a

combination of the following:

a reduction of the stated interest rate of the loan;

4 unchanged sentences

All modifications to borrowers experiencing financial difficulty are considered to be impaired.

During the nine months ended September 30, 2023, the Company experienced no new modifications to borrowers experiencing financial difficulty.

During the three months ended March 31, 2024 and 2023, the Company experienced no new modifications to borrowers experiencing financial

The following table presents the activity in the allowance for credit losses by portfolio segment

for the three months ended September 30, 2023

September 30 , 2023

and Industrial

Allowance for credit losses:

Beginning balance

Provision for credit losses

Loans charged-off

Total ending allowance balance

September 30 , 2022

and Industrial

Allowance for credit losses:

Beginning balance

Provision for credit losses

Loans charged-off

Total ending allowance balance

The following table presents the activity in the allowance for credit losses by portfolio segment for the nine months ended September 30, 2023 and 2022:

September 30 , 2023

for the three months ended March 31, 2024

March 31 , 2024

and Industrial

1 unchanged sentence

Beginning balance

Impact of adopting ASC 326

Provision for credit losses

1 unchanged sentence

Total ending allowance balance

September 30 , 2022

March 31 , 2023

and Industrial

6 unchanged sentences

LOSSES (Continued)

The following table presents the

balance in the allowance for credit losses and the recorded investment of loans by portfolio segment and based on impairment method as of December 31,

December 31 , 2022

and Industrial

Allowance for loan losses:

Ending allowance balance attributable to loans:

Individually evaluated for impairment

Collectively evaluated for impairment

Total ending allowance balance

Loans individually evaluated for impairment

Loans collectively evaluated for impairment

Total ending loans balance

The following table presents the amortized cost basis of collateral dependent loans by class of loans as

of September 30, 2023:

The following table presents the amortized cost basis of collateral dependent

loans by class of loans as of March 31, 2024 and December 31, 2023:

Collateral Type

September 30, 2023

March 31, 2024

Business Assets

3 unchanged sentences

Total collateral dependent loans

The following tables present information related to loans individually evaluated for

impairment by class of loans as of December 31, 2022:

Collateral Type

December 31, 2023

Allowance for

With an allowance recorded:

With no related allowance recorded:

Commercial real estate:

Owner-occupied

Nonowner-occupied

N OTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

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:

Three months ended September 30, 2022

Nine months ended September 30, 2022

Average Impaired

Interest Income Recognized

Cash Basis Interest Recognized

Average Impaired Loans

Interest Income Recognized

With an allowance recorded:

With no related allowance recorded:

Business Assets

Residential real estate

Commercial real estate:

Owner-occupied

Nonowner-occupied

Total collateral dependent loans

The recorded investment of a loan excludes accrued interest and net deferred origination fees and costs due to immateriality.

3 unchanged sentences

possession of the property (through legal title or through a deed in lieu).

As of September 30, 2023, the Company had $ 68 in other real estate

owned for residential real estate properties compared to none at December 31, 2022.

In addition, nonaccrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $ 349 and $ 370 as of September 30, 2023 and December 31, 2022, respectively.

The Company had no other real estate owned for residential real

estate properties at March 31, 2024 compared to $ 68 at December 31, 2023.

In addition, nonaccrual residential mortgage loans that are in the

process of foreclosure had a recorded investment of $ 196 and $ 348 as of March 31, 2024 and December 31, 2023, respectively.

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

At September 30, 2023,

At March 31, 2024,

the contract amounts of these instruments totaled approximately $ 188,305 , compared to $ 192,163 at December 31, 2023.

The Bank estimates expected credit losses over the contractual period in which the Bank is exposed to credit risk via a contractual obligation to extend credit.

At September 30, 2023, the

estimated ACL related to off-balance sheet commitments was $ 643 , which included $ 77 provision expense during the three months ended September 30, 2023 and $ 11 in

provision during the nine months ended September 30, 2023.

At March 31, 2024, the

estimated ACL related to off-balance sheet commitments was $ 586 , which included a $ 106 recovery of provision during the three months ended March 31, 2024 and $ 24 in

provision during the three months ended March 31, 2023.

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 September 30, 2023 and December 31, 2022 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

September 30 , 2023

Other borrowed funds at March 31, 2024 and December 31, 2023 are comprised of advances from the Federal Home Loan Bank (“FHLB”)

of Cincinnati and promissory notes.

March 31 , 2024

December 31 , 2023

NOTE 6 – OTHER BORROWED FUNDS (Continued)

Pursuant to collateral agreements with the FHLB, advances are secured by $ 315,076 in qualifying mortgage loans, $ 34,202 in commercial loans and $ 2,922 in FHLB stock at September 30, 2023.

Pursuant to collateral agreements with the FHLB, advances are secured by $ 317,484 in qualifying mortgage loans, $ 32,623 in commercial loans and $ 2,843 in FHLB stock at March 31, 2024.

Fixed-rate FHLB advances of $ 40,813

mature through 2042 and have interest rates ranging from 1.53 % to 4.91 % and a year-to-date weighted average cost of 3.19 % at September 30, 2023 and 2.34 % at December 31, 2022.

mature through 2042 and have interest rates ranging from 1.53 % to 4.91 % and a year-to-date weighted average cost of 4.03 % at March 31, 2024 and 3.50 % at December 31, 2023.

There were no

variable-rate FHLB borrowings at September 30, 2023.

At September 30, 2023, 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.

variable-rate FHLB borrowings at March 31, 2024.

At March 31, 2024, 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 in the next paragraph.

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 September 30, 2023.

There was $ 100,000 available on this line of credit at March 31, 2024.

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 $ 180,030 at September 30, 2023.

the FHLB up to a maximum of $ 183,492 at March 31,

Of this maximum borrowing capacity, the Company had $ 81,930 available to use as additional borrowings, of which $ 81,930 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 November 18, 2024 , and have fixed rates ranging from 3.15 %

to 5.00 % and a year-to-date weighted average cost of 3.61 % at September 30, 2023, as compared to 1.35 % at December 31, 2022.

30, 2023, there were six promissory notes payable by Ohio Valley to related parties totaling $ 2,394 .

There were no promissory notes payable to other banks at September 30, 2023 or December 31, 2022.

Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 49,150 at September 30, 2023 and $ 75,140 at December 31, 2022.

Scheduled principal payments as of September 30, 2023:

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of March 13, 2025 , and have fixed rates ranging from 3.15 %

to 5.25 % and a year-to-date weighted average cost of 4.13 % at March 31, 2024, as compared to 3.79 % at December 31, 2023.

At March 31, 2024 there were six promissory notes payable by Ohio Valley

to related parties totaling $ 2,448 .

There were no promissory notes payable to other banks at March 31, 2024 and December 31, 2023, respectively.

Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 60,750 at March 31, 2024 and $ 52,350 at December 31, 2023.

Scheduled principal payments as of March 31, 2024:

NOTE 7 – SEGMENT INFORMATION

5 unchanged sentences

Total revenues from the banking segment, which accounted for the majority of the Company’s total revenues, totaled 93.8 % and 92.5 % of total consolidated revenues

for the quarters end September 30, 2023 and 2022,

for the quarters end March 31, 2024 and 2023,

respectively.

2 unchanged sentences

Income taxes are allocated based on income before tax expense.

All goodwill is in the banking segment.

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

Three Months Ended September 30,

Net interest income

Provision for (recovery of) credit losses

Noninterest income

Noninterest expense

Provision for income taxes

Three Months Ended September 30,

Net interest income

Provision for (recovery of) credit losses

Noninterest income

Noninterest expense

Provision for income taxes

Nine Months Ended September 30, 2023

Three months ended March 31,

Net interest income

3 unchanged sentences

Provision for income taxes

Nine Months Ended September 30, 2022

Three months ended March 31,

Net interest income

10 unchanged sentences

The Company has no finance lease arrangements.

Operating leases have remaining lease terms ranging from 31 months to 18 years, some of which include

Operating leases have remaining lease terms ranging from 25 month to 17.3 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:

September 30, 2023

December 31, 2022

Operating leases:

1 unchanged sentence

Operating lease liabilities

The components of lease cost are as follows:

The components of lease cost were as follows:

Three 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 September 30, 2023 are as follows:

Operating Leases

Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2024 are as follows:

Total lease payments

1 unchanged sentence

Total operating leases

Other information is as follows:

September 30, 2023

December 31, 2022

Other information was as follows:

Weighted-average remaining lease term for operating leases

1 unchanged sentence

NOTE 9 – RISKS AND UNCERTAINTIES

The risks pertinent to our bank regarding liquidity and rising deposit costs have increased due to an elevated interest rate environment and

The risks pertinent to the Bank regarding liquidity and rising deposit costs have increased due to an elevated interest rate environment and

increased deposit competition within our markets.

6 unchanged sentences

Deposits are comprised of the following:

September 30,

Noninterest-bearing deposits

6 unchanged sentences

Brokered deposits, included in time deposits, were $ 64,901

and $ 3,999 at September 30, 2023 and December 31, 2022, respectively.

and $ 64,893 at March 31, 2024 and December 31, 2023, respectively.

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