What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-14 compared with 2025-08-14 · 239 added, 244 removed, 817 unchanged (37% of the section changed)

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and per share data)

September 30,

Cash and noninterest-bearing deposits with banks

35 unchanged sentences

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Interest and dividend income:

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Debit / credit card interchange income

Loss on sale of securities

Tax preparation fees

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Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Other comprehensive income (loss):

Change in unrealized gain (loss) on available for sale securities

Reclassification adjustment for realized losses on available for sale securities

Related tax (expense) benefit

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Shareholders’

Balance at April 1, 2025

Balance at July 1, 2025

Other comprehensive income, net

Cash dividends, $ 0.23 per share

Balance at June 30 , 2025

Balance at April 1, 2024

Other comprehensive loss, net

Balance at September 30 , 2025

Balance at July 1, 2024

Other comprehensive income, net

Cash dividends, $ 0.22 per share

Shares acquired for treasury, 82,673 shares

Balance at June 30 , 2024

Balance at September 30 , 2024

Comprehensive

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Cash dividends, $ 0.68 per share

Balance at June 30 , 2025

Balance at September 30 , 2025

Balance at January 1, 2024

Other comprehensive loss, net

Other comprehensive income, net

Cash dividends, $ 0.66 per share

1 unchanged sentence

Shares acquired for treasury, 82,673 shares

Balance at June 30 , 2024

Balance at September 30 , 2024

See accompanying notes to consolidated financial statements

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(dollars in thousands)

Six months ended

Nine months ended

September 30,

Net cash provided by operating activities

Investing activities:

Proceeds from sales of securities available for sale

Proceeds from maturities and paydowns of securities available for sale

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Redemptions of restricted investments in bank stocks

Net change in loans

Net increase in loans

Purchases of premises and equipment

Purchases of bank owned life insurance and annuity assets

Withdrawals from bank owned life insurance and annuity asset

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Financing activities:

Change in deposits

Net increase in deposits

Cash dividends

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Change in other short-term borrowings

Net cash provided by (used in) financing activities

Net cash provided by financing activities

Change in cash and cash equivalents

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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, 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.

Ohio Valley 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.

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, 2025, 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, 2025, are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2025.

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 September 30, 2025, 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, 2025, are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2025.

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, 2024, filed with the SEC on March 14, 2025 (the

“2024 Annual Report”), 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, 2024, filed with the SEC on March 14,

2025 (the “2024 Annual Report”), contains consolidated financial statements and related notes which should be read in conjunction with the accompanying consolidated financial statements.

The consolidated financial statements for 2024 have been reclassified to conform to the presentation for 2025.

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income or shareholders’ equity.

USE OF ESTIMATES

IN THE PREPARATION OF FINANCIAL STATEMENTS:

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL

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.

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:

We conduct our operations through a single business segment, banking, which derives interest and noninterest income through our banking products

and services and investment securities.

We conduct our

operations through a single business segment, banking, which derives interest and noninterest income through our banking products and services

and investment securities.

All of our income relates to our operations in the United States.

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Segment assets represent total assets on our Consolidated Balance Sheets and segment net income represents net income on our Consolidated Statements of Income.

NEW ACCOUNTING PRONOUNCEMENTS

PENDING ADOPTION:

NEW ACCOUNTING PRONOUNCEMENTS PENDING ADOPTION:

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No.

2023 - 09, Income Taxes (Topic 740):

Improvements to Income

Tax Disclosures .

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 taxes paid.

This ASU is effective for annual

periods beginning after December 15, 2024, with early adoption permitted.

This ASU is effective for annual periods beginning after

December 15, 2024, with early adoption permitted.

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

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DEBT SECURITIES:

Company 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.

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 comprehensive income, net of tax.

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 comprehensive income, net

Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without

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Gains and losses are recognized upon the sale of specific identified securities on the completed trade date.

ALLOWANCE FOR CREDIT LOSSES (“ACL”) - AFS SECURITIES:

For AFS debt securities in an unrealized position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the

security before recovery of its amortized cost basis.

FOR CREDIT LOSSES (“ACL”) - AFS SECURITIES:

For AFS debt securities in an unrealized position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before

recovery of its amortized cost basis.

If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income.

For debt securities AFS that do not meet

the aforementioned criteria, the Company evaluates whether the decline in fair values has resulted from credit losses or other factors.

In making this assessment, management considers the extent to which fair value is less than amortized cost, any

changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors.

If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected

from the security are compared to the amortized cost basis of the security.

If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by

the amount that the fair value is less than the amortized cost basis.

For debt securities AFS that do not meet the

aforementioned criteria, the Company evaluates whether the decline in fair values has resulted from credit losses or other factors.

In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes

to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors.

If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from

the security are compared to the amortized cost basis of the security.

If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the

amount that the fair value is less than the amortized cost basis.

Any impairment that has not been recorded through an ACL is recognized in other comprehensive income.

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Accrued interest receivable on

AFS debt securities totaled $ 1,212 at June 30, 2025 and $ 1,294 at December 31, 2024, and is excluded from the estimate of credit losses.

AFS debt securities totaled $ 1,114 at September 30, 2025 and $ 1,294 at December 31, 2024, and is 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.

At June 30, 2025 and at December 31, 2024, there was no ACL related to AFS

debt securities.

At September 30, 2025 and at December 31, 2024, there was no ACL related to

AFS debt securities.

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

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 losses.

Management classifies the HTM portfolio into one major security type:

classifies the HTM portfolio into one major security type:

Obligations of states and political subdivisions.

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 June 30, 2025, the ACL related to HTM debt

securities was $ 1 , unchanged from December 31, 2024.

Furthermore, there was no corresponding provision expense during the three and six months ended June 30, 2025 and 2024.

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 September 30, 2025, the ACL related to HTM debt securities

was $ 1 , unchanged from December 31, 2024.

Furthermore, there was no corresponding provision expense during the three and nine months ended September 30, 2025 and 2024.

Accrued interest receivable on

HTM debt securities totaled $ 25 at June 30, 2025 and $ 24 at December 31, 2024, and is excluded from the estimate of credit losses.

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 ACL.

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.

HTM debt securities totaled $ 55 at September 30, 2025 and $ 24 at December 31, 2024, and is excluded from the estimate of credit losses.

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 ACL.

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

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

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All interest accrued but not received for loans placed on nonaccrual is reversed against interest income.

received on such loans is accounted for on the cash-basis method until qualifying for return to accrual.

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

reasonably assured.

Interest received on such loans is accounted for on the

cash-basis method until qualifying for return to accrual.

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.

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

As of June 30, 2025 and December 31, 2024, there were no

As of September 30, 2025 and December 31, 2024, there were no

loans held for sale by the Bank.

The ACL for loans is a

contra asset valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans.

The ACL for loans is a contra asset valuation account that is

deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans.

Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible.

Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

Expected recoveries do not exceed the

aggregate of amounts previously charged-off and expected to be charged-off.

The ACL is adjusted through the provision for credit losses and reduced by net charge offs of loans.

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

is placed on nonaccrual status, any outstanding accrued interest is reversed against interest income.

When a loan is placed on nonaccrual status, any outstanding accrued

interest is reversed against interest income.

Loans that do not share risk characteristics are evaluated on an individual basis.

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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

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

Accrued interest receivable on

loans totaled $ 3,684 at June 30, 2025 and $ 3,429

loans totaled $ 4,214 at September 30, 2025 and $ 3,429

at December 31, 2024, and is excluded from the estimate of credit losses.

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NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

OFF-BALANCE SHEET CREDIT EXPOSURES:

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 the Company.

The ACL on off-balance sheet credit exposures is adjusted through credit loss expense.

The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses

on commitments expected to be funded over its estimated life.

EARNINGS PER SHARE:

ACL – OFF-BALANCE SHEET CREDIT EXPOSURES:

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 the Company.

off-balance sheet credit exposures is adjusted through credit loss expense.

The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated

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 4,711,001 and 4,740,073 for the three months ended June 30, 2025 and 2024, respectively.

The weighted average common shares outstanding were 4,711,001 and 4,762,923 for the six months ended June 30, 2025 and 2024, respectively.

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

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 4,711,001

for both the three months ended September 30, 2025 and 2024, respectively.

The weighted average common shares outstanding were 4,711,001 and 4,745,489 for the nine months

ended September 30, 2025 and 2024, 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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Other Real Estate Owned ("OREO"):

Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis.

These assets are subsequently accounted for at lower of cost or fair value less estimated costs

Fair value is commonly based on recent real estate appraisals.

Assets acquired

through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis.

These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell.

value is commonly based on recent real estate appraisals.

These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach.

Adjustments are routinely made in the

appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available.

Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining

Adjustments are routinely made in the appraisal

process by the independent appraisers to adjust for differences between the comparable sales and income data available.

Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value.

In some instances, fair value adjustments can be made based on a quoted price from an observable input, such as a purchase agreement.

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

Fair Value Measurements at June 30,

Fair Value Measurements at September 30, 2025 Using

Quoted Prices in Active

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Interest rate swap derivatives

There were no transfers into or out of Level 3 during the periods ended June 30, 2025 or 2024.

There were no transfers into or out of Level 3 during the periods ended September 30, 2025 or 2024.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

Assets and Liabilities Measured on a Nonrecurring Basis

There were no assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2024.

Assets or liabilities measured at fair value on a nonrecurring basis at June 30, 2025 are summarized below:

Fair Value Measurements at June 30,

Quoted Prices in Active

Markets for Identical Assets

Significant Other

Observable Inputs

Unobservable Inputs

Individually evaluated collateral dependent loans:

Residential real estate

At June 30, 2025, the recorded

investment of individually evaluated collateral dependent loans measured for impairment using the fair value of collateral totaled $ 424 , with a

corresponding valuation allowance of $ 42 , resulting in an increase of $ 42 in provision expense during the three and six months ended June 30, 2025, with no corresponding charge-offs recognized.

This is compared to no impact to provision expense during the three and six months ended June 30, 2024.

There was no OREO measured at

fair value less costs to sell at June 30, 2025 and December 31, 2024.

There were no financial

instruments measured at fair value on a non-recurring basis at December 31, 2024.

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, 2025:

June 30, 2025

Weighted Average

Individually evaluated collateral dependent loans:

Residential real estate loans

1.6 % to 10.7 %

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

The carrying amounts and estimated fair values of financial instruments at June 30, 2025 and December 31, 2024 are as follows:

Fair Value Measurements at June 30,

There were no assets or

liabilities measured at fair value on a nonrecurring basis at September 30, 2025 or December 31, 2024.

The carrying amounts and estimated fair values of financial instruments at September 30, 2025 and December 31, 2024 are as follows:

Fair Value Measurements at September 30, 2025 Using

Financial Assets:

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NOTE 3 – SECURITIES

The following table summarizes the amortized cost and fair value of securities AFS and securities HTM at June 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross

The following table summarizes the amortized cost and fair value of securities AFS and securities HTM at September 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross

unrecognized gains and losses:

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Gross Unrealized

June 30 , 2025

September 30 , 2025

Government securities

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Allowance for Credit Losses

June 30 , 2025

September 30 , 2025

Obligations of states and political subdivisions

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Total securities

The amortized cost and estimated fair value of debt securities at June 30, 2025, 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, 2025, by contractual maturity, are shown below.

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.

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Total debt securities

There were no sales of securities during the

three and six months ended June 30, 2025

and 2024, respectively.

Debt securities with a carrying value of approximately $ 214,115 at June 30, 2025 and $ 223,484 at December 31, 2024 , were pledged to secure public deposits, repurchase agreements, and for other purposes required or permitted by law.

During the three and nine months ended September 30, 2025,

proceeds from the sale of debt securities totaled $ 9,808

with gross losses of $ 1,219 recognized.

There were no sales of securities during the three and nine months ended September 30,

Debt securities with a carrying value of approximately $ 206,502 at September 30, 2025 and $ 223,484 at December 31, 2024 , 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 AFS in an unrealized loss position for which an ACL has not

been recorded at June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:

June 30 , 2025

The following table summarizes debt securities AFS in an unrealized loss position for which an ACL has not been recorded at September 30, 2025 and December 31, 2024,

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

September 30 , 2025

Less Than 12 Months

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for any anticipated recovery in fair value.

At June 30, 2025, the Company

had 89 AFS debt securities in an unrealized position without an ACL, of which 9 were from U.S.

At September 30, 2025, the

Company had 84 AFS debt securities in an unrealized position without an ACL, of which 5 were from U.S.

Government securities, 3 were from U.S.

Government sponsored entity

securities, and 77 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 June 30, 2025, 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 ACL on AFS debt securities at June 30, 2025.

sponsored entity securities, and 76 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, 2025, 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 ACL on AFS debt securities at September 30, 2025.

NOTE 3 – SECURITIES (Continued)

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Held to Maturity Debt Securities

Six months ended

June 30, 2025

Six months ended

June 30, 2024

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

Allowance for credit losses:

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Allowance for credit losses ending balance

The Company’s HTM securities primarily consist of obligations of states and political subdivisions.

The ACL on HTM securities is estimated at each

measurement date on a collective basis by major security type.

Risk factors such as issuer bond ratings, historical loss rates, financial 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 June 30, 2025, there were no past due principal and interest payments related to HTM securities.

During the second quarter of 2025 and 2024, the cumulative loss rate remained at 0.02 %, resulting in no change to provision expense during the three and six months ended June 30, 2025 and 2024, respectively.

The Company’s HTM securities consist of obligations of states and political subdivisions.

The ACL on HTM securities is estimated at each measurement date on

a collective basis by major security type.

Risk factors such as issuer bond ratings, historical loss rates, financial 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, 2025, there were no past due principal and interest payments related to HTM securities.

the third quarter of 2025, the cumulative loss rate remained at 0.02 %, resulting in no change to provision expense during the three and nine months ended September 30, 2025.

During the third quarter of 2024, the cumulative loss rate remained at 0.02 %, resulting in no change to provision expense during the three and nine months ended September 30, 2024.

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are comprised of the following:

September 30,

Residential real estate

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Allowance for credit losses

At June 30, 2025 and December 31, 2024 , net deferred loan origination costs were $ 52 and $ 363 , respectively.

At June 30, 2025 net unaccreted loan purchase discounts were $ 1,575 .

At September 30, 2025 , net deferred loan origination fees were $ 235 .

At December 31, 2024, net deferred loan origination costs were $ 363 .

At September 30, 2025 net unaccreted loan purchase discounts were $ 1,616 .

At December 31, 2024 net unamortized loan purchase premiums were $ 398 .

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 June 30, 2025 and December 31, 2024:

June 30 , 2025

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, 2025 and December 31, 2024:

September 30 , 2025

Loans Past Due

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Commercial and industrial

The Company recognized $ 28 and $ 46 of interest income in nonaccrual loans during the three and six months ended June 30, 2025, respectively.

The Company recognized $ 10 and $ 56 of interest income in nonaccrual loans during the three and nine months ended September 30, 2025, respectively.

This is compared to $ 50 and $ 69 of interest income in nonaccrual loans

during the three and six months ended June 30, 2024, respectively.

during the three and nine months ended September 30, 2024, 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 June 30, 2025 and

December 31, 2024:

June 30 , 2025

The following table presents the aging of the recorded investment of past due loans by class of loans as of September 30, 2025 and December 31, 2024:

September 30 , 2025

Residential real estate

54 unchanged sentences

Amounts classified as loss should be promptly charged off.

As of June 30,

2025 and December 31, 2024, and based on the most recent analysis performed, the risk category of commercial loans by class of loans was as follows:

As of September 30, 2025 and December 31, 2024, 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

June 30 , 2025

September 30 , 2025

Commercial real estate:

4 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

June 30 , 2025

September 30 , 2025

Commercial real estate:

3 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

June 30 , 2025

September 30 , 2025

Commercial real estate:

2 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

June 30 , 2025

September 30 , 2025

Commercial and Industrial

26 unchanged sentences

The Company considers the performance of the loan portfolio and its impact on the ACL.

For residential

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

The following table presents the recorded investment of residential and consumer loans by

class of loans based on repayment activity as of June 30, 2025 and December 31, 2024:

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, 2025

and December 31, 2024:

Term Loans Amortized Cost Basis by Origination Year

June 30 , 2025

September 30 , 2025

Residential Real Estate

3 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

June 30 , 2025

September 30 , 2025

Payment Performance

3 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

June 30 , 2025

September 30 , 2025

Payment Performance

2 unchanged sentences

Term Loans Amortized Cost Basis by Origination Year

June 30 , 2025

September 30 , 2025

Payment Performance

25 unchanged sentences

as the western counties of West Virginia.

Approximately 3.69 % of total loans were unsecured at June 30, 2025, down from 4.16 % at December 31, 2024.

N OTE 4 – LOANS AND ALLOWANCE FOR

CREDIT LOSSES (Continued)

Approximately 3.65 % of total loans were unsecured at September 30, 2025, down from 4.16 % at December 31, 2024.

N OTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Modifications to Borrowers Experiencing Financial Difficulty:

8 unchanged sentences

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

During the three and six months ended June 30, 2025 and 2024,

During the three and nine months ended September 30, 2025 and

2024, the Company experienced no new modifications to borrowers experiencing financial difficulty.

The following table presents the activity in the ACL by portfolio segment for the three months ended

June 30, 2025 and 2024:

June 30 , 2025

The following table presents the activity in the ACL by portfolio segment for the three months ended September 30, 2025 and 2024:

September 30 , 2025

and Industrial

4 unchanged sentences

Total ending allowance balance

June 30 , 2024

September 30 , 2024

and Industrial

4 unchanged sentences

Total ending allowance balance

The following table presents the activity in the ACL by portfolio segment for the six months ended June 30, 2025 and 2024:

June 30 , 2025

The following table presents the activity in the ACL by portfolio segment for the nine months ended September 30, 2025 and 2024:

September 30 , 2025

and Industrial

4 unchanged sentences

Total ending allowance balance

June 30 , 2024

September 30 , 2024

and Industrial

6 unchanged sentences

LOSSES (Continued)

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

of June 30, 2025 and December 31, 2024:

The following table presents the amortized cost basis of collateral dependent loans by class of loans as of September 30, 2025 and December 31, 2024:

Collateral Type

June 30, 2025

September 30, 2025

Business Assets

19 unchanged sentences

(through legal title or through a deed in lieu).

The Company had no OREO for residential real estate properties at June 30,2025 and December

In addition, nonaccrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $ 702 and $ 342 as of June 30, 2025 and December 31, 2024, respectively.

The Company had no OREO for residential real estate properties at September 30, 2025 and

December 31, 2024.

In addition, nonaccrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $ 836

and $ 342 as of September 30, 2025

and December 31, 2024, 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 June 30, 2025,

At September 30, 2025,

the contract amounts of these instruments totaled approximately $ 267,264 , compared to $ 203,019 at December 31, 2024.

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 June 30, 2025, the estimated ACL related to off-balance sheet commitments was $ 637 , which included $ 115 and $ 55 in provision during the three and six months ended June 30, 2025.

compared to $ 43 in provision and a $ 63

recovery of provision during the three and six months ended June 30, 2024, respectively.

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.

At September 30, 2025, the estimated ACL related to off-balance sheet commitments was $ 817 , which included $ 180 and $ 235 in provision during the three and nine months ended September 30, 2025.

This is compared to $ 63 and $ 126 in

recoveries of provision during the three and nine months ended September 30, 2024, respectively.

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.

NOTE 6 – OTHER BORROWED FUNDS

Other borrowed funds at June 30, 2025 and December 31, 2024 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

June 30 , 2025

Other borrowed funds at September 30, 2025 and December 31, 2024

are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

September 30 , 2025

December 31, 2024

Pursuant to collateral agreements with the FHLB, advances are secured by $ 351,101 in qualifying mortgage loans, $ 40,538 in commercial loans and $ 2,866 in FHLB stock at June 30, 2025.

Pursuant to collateral agreements with the FHLB, advances are secured by $ 365,406 in qualifying mortgage loans, $ 36,416 in commercial loans and $ 2,866 in FHLB stock at September 30, 2025.

Fixed-rate FHLB advances of $ 33,436

mature through 2042 and have interest rates ranging from 1.53 % to 4.91 % and a year-to-date weighted average cost of 4.05 % at June 30, 2025 and 4.02 % at December 31, 2024.

mature through 2042 and have interest rates ranging from 1.53 % to 4.91 % and a year-to-date weighted average cost of 4.04 % at September 30, 2025 and 4.02 % at December 31, 2024.

There were no

variable-rate FHLB borrowings at June 30, 2025.

At June 30, 2025, 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

variable-rate FHLB borrowings at September 30, 2025.

At September 30, 2025, 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.

2 unchanged sentences

annual basis.

There was $ 100,000 available on this line of credit at June 30, 2025.

There was $ 100,000 available on this line of credit at September 30, 2025.

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 $ 198,180 at June 30,

Of this maximum borrowing capacity, the Company had $ 111,440 available to use as additional borrowings, of which $ 111,440 could be used for

short term, cash management advances, as mentioned above.

At June 30, 2025, the Company

had a federal funds line of credit with two correspondent banks totaling $ 25,000 .

the FHLB up to a maximum of $ 209,154 at September 30, 2025.

Of this maximum borrowing capacity, the Company had $ 116,143 available to use as additional borrowings, of which $ 116,143

could be used for short term, cash management advances, as mentioned above.

At September 30, 2025, the

Company had a federal funds line of credit with two correspondent banks totaling $ 25,000 .

The lines of credit are not committed and are provided at the discretion of the correspondent bank.

No collateral has been pledged to the lines of credit.

Any advance is due to be repaid

the next business day.

At June 30, 2025, there was $ 25,000 available on these lines of credit.

Any advance is

due to be repaid the next business day.

At September 30, 2025, there was $ 25,000 available on these lines of credit.

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of June 15, 2026 , and have fixed rates ranging from 4.25 %

to 4.65 % and a year-to-date weighted average cost of 4.69 % at June 30, 2025, as compared to 4.71 % at December 31, 2024.

At June 30, 2025, there were six promissory notes payable by Ohio Valley

to totaling $ 2,562 .

There were no promissory notes payable to other banks at June 30, 2025 or December 31, 2024, respectively.

Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 52,125 at June 30, 2025 and $ 58,500 at December 31, 2024.

Scheduled principal payments as of June 30, 2025:

to 4.60 % and a year-to-date weighted average cost of 4.59 % at September 30, 2025, as compared to 4.71 % at December 31, 2024.

At September 30, 2025, there were six promissory notes payable by Ohio

Valley to related parties totaling $ 2,588 .

There were no promissory notes payable to other banks at September 30, 2025 or December 31, 2024, respectively.

Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $ 59,575 at September 30, 2025 and $ 58,500 at December 31, 2024.

Scheduled principal payments as of September 30,

NOTE 7 – LEASES

11 unchanged sentences

Balance sheet information related to leases is as follows:

June 30, 2025

September 30, 2025

December 31, 2024

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, 2025 are as follows:

Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2025 are as follows:

Operating Leases

3 unchanged sentences

Other information is as follows:

June 30, 2025

September 30, 2025

December 31, 2024

11 unchanged sentences

Deposits are comprised of the following:

September 30,

Noninterest-bearing deposits

6 unchanged sentences

Brokered deposits, included in time deposits, were $ 61,446

and $ 48,395 at June 30, 2025 and December 31, 2024, respectively.

and $ 48,395 at September 30, 2025

and December 31, 2024, respectively.

NOTE 10 – REVENUE FROM CONTRACTS WITH CUSTOMERS

34 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