Ohio Valley Banc Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter of 2013
For the year, the company's net interest income was $32.4 million compared with $32.7 million a year ago. Contributing to the lower year-to-date net interest income was the decline in average earning assets, which was partially offset by a higher net interest margin. Income before income taxes was $11.1 million compared with $9.8 million a year ago. Net income was $8.1 million compared with $7.1 million a year ago. As on December 31, 2013, the company's book value per share was $19.62. Return on average equity was 10.40% compared with 9.53% a year ago. Return on average assets was 1.04% compared with 0.86% a year ago.
The company announced net charge-offs of $914,000 for the fourth quarter of 2013.