Ohio Valley Banc Corp. reported net income of $0.4 million, or $0.10 per diluted share, in the third quarter of 2010, compared to net income of $1.7 million, or $0.43 per share, in the corresponding quarter of 2009.
The management of Ohio Valley Banc Corp. attributed the large decrease in net income on a year over year basis to a higher provision to the allowance for loan losses in the third quarter of 2010. The bank also saw lower income in both its mortgage business and bank owned life insurance segment.
Ohio Valley Banc Corp. added $1.3 million to its provision for loan losses during the third quarter of 2010. The company said that the higher provisioning was due to one commercial loan and three loans that were categorized as troubled debt restructures.
Ohio Valley Banc Corp. reported a $0.45 million drop in mortgage revenue in the third quarter of 2010, as the third quarter of last year saw a large increase in refinancing activity. The bank also reported no proceeds from bank owned life insurance in the third quarter of 2010.
Ohio Valley Banc Corp. is a bank holding company that owns two financial subsidiaries. Ohio Valley Banc Corp. owns Ohio Valley Bank, which has 16 branches in Ohio and West Virginia. The bank holding company also owns Loan Central, with operates six consumer lending offices in Ohio.
For more information on the company, go to www.ovbc.com
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