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Ohio Valley Banc Q3 net income rises on loan growth

By Reuters News


Overview

  • US regional bank's Q3 net income rose 8.7% yr/yr as EPS increased to $0.70

  • Net interest income grew on higher average earning assets and loan balances

  • Provision for credit losses jumped due to commercial loan charge-offs and foreclosed real estate


Outlook

  • Company did not provide specific financial guidance for upcoming quarters or full year in its press release


Result Drivers

  • COMMERCIAL LOAN LOSSES - CEO said year-to-date results were primarily hurt by losses tied to a limited number of commercial credits

  • LOAN GROWTH - Co said continued loan growth, especially in targeted commercial lending segments, drove increases in average earning assets

  • HIGHER FUNDING COSTS - Co said net interest margin contracted as cost of funding sources increased faster than yield on earning assets


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.70

Q3 Net Income

$3.30 mln

Q3 Net Interest Income

$15.87 mln

Q3 Net Interest Margin

4.03%


Reuters Recommended Reads

  • Oct 27 - Independent Bank Michigan Q3 adjusted EPS beats estimates on loan and deposit growth

  • Oct 27 - Central Bancompany Q3 net income rises 20% on higher net interest income

  • Oct 27 - CF Bankshares Q3 net income jumps 158% on loan growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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