Ohio Valley Banc Q3 net income rises on loan growth
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% |
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(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.)