Ohio Valley Banc Q2 net income down 8.5% to $2.97M; EPS $0.63 vs $0.68

OHIO VALLEY BANC CORP

Net income for Q2 2024 fell to $2.972M from $3.249M YoY; H1 net income down 19.4%.
Net interest margin compressed 29 bps in Q2 to 3.74%, but improved 13 bps sequentially.
Loans grew $68M since year-end; provision for credit losses increased $157k in Q2.
Noninterest expense rose $448k in Q2 due to higher salaries and data processing costs.
Dividend per share cut to $0.22 from $0.37 YoY; company repurchased $1.93M in stock.

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