SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 10, 1999
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Date of Report (Date of earliest event reported)
OHIO VALLEY BANC CORP.
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(Exact name of registrant as specified in its charter)
Ohio
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(State or other jurisdiction of incorporation)
0-20914 31-1359191
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(Commission file number) (IRS Employer Identification Number)
420 Third Avenue, Gallipolis, Ohio 45631
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (614) 446-2631
Not Applicable
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On December 15, 1998, Ohio Valley Banc Corp., a bank holding company
incorporated under Ohio law ("OVBC"), acquired The Jackson Savings Bank, a state
savings bank incorporated under Ohio law ("Jackson"). OVBC acquired Jackson as a
wholly-owned subsidiary through the merger of Jackson and Ohio Valley Interim
Savings Bank, a wholly-owned subsidiary of OVBC organized for the purpose of the
acquisition.
OVBC's earnings release issued on February 10, 1999, including the
first full month of combined operations since the acquisition of Jackson, is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired:
None required.
(b) Pro forma financial information: None required.
(c) Exhibits:
99 Earnings release of Ohio Valley Banc Corp. issued
February 10, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OHIO VALLEY BANC CORP.
Date: February 10, 1999 By: /s/ James L. Dailey
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James L. Dailey, Chairman and
Chief Executive Officer
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Exhibit 99
[OHIO VALLEY BANC CORP. LETTERHEAD]
For release
Wednesday, February 10, 1999
Net income for the twelve month period ending December 31, 1998, was
$4,129,700 or $1.47 per share compared with $3,781,700 or $1.38 per share a year
ago. This 9.2 percent increase in net income and 6.5 percent increase in net
income per share was due primarily to increased net interest income. All
earnings per share are adjusted for the stock splits of May 10, 1998 and May 10,
1997.
Net income for the fourth quarter 1998 was $1,164,600 or $.41 per share
compared with $1,076,000 or $.39 per share for the same period last year. The
8.2 percent increase in net income and the 5.1 percent increase in net income
per share for the current period was also due primarily to improved net interest
income.
The fourth quarter of 1998 marked a period of substantial growth for
your company. On December 11th, we opened our fourth Superbank office inside the
Big Bend Foodland in Pomeroy, Ohio. On December 15th, Ohio Valley Banc Corp.
finalized the acquisition of Jackson Savings Bank, a state-chartered bank based
in Jackson, Ohio. Harold A. Howe, the president of Jackson Savings Bank, also
became a director of Ohio Valley Bank.
Our growth trend is continuing with the new year also off to a good
start. Earnings for the Month of January, 1999, the first full month of combined
operations since the acquisition of Jackson Savings Bank on December 15, 1998,
were $314,800 or $.11 per share. This compares to earnings for the month of
January, 1998 of $299,700 or $.11 per share and represents an increase of
$15,100 or 5.0 percent.
We are pleased to report our financial results (unaudited) for the
quarter ending December 31, 1998 compared to December 31, 1997 and for the most
recent twelve months period compared to that of 1997.
FOURTH QUARTER YEAR-TO-DATE
12-31-98 12-31-97 12-31-98 12-31-97
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SUMMARY OF OPERATIONS
Total Interest Income 9,308,700 8,189,100 35,190,600 31,452,800
Total Interest Expense 4,141,500 3,753,100 15,691,200 14,516,600
Net Interest Income 5,167,200 4,436,000 19,499,400 16,936,200
Provision for Loan Losses 912,000 476,800 2,294,700 1,245,000
Total Other Income 1,187,700 562,900 2,759,800 1,860,000
Total Other Expenses 3,781,600 3,016,200 14,201,100 12,293,300
Income Before Income Taxes 1,661,300 1,505,900 5,763,400 5,257,900
Income Taxes 496,700 429,900 1,633,700 1,476,200
Net Income 1,164,600 1,076,000 4,129,700 3,781,700
PER SHARE DATA
Net Income Per Share .41 .39 1.47 1.38
Cash Dividends Per Share .14 .13 .55 .52
Weighted Average Number of
Common Shares Outstanding 2,814,076 2,762,816 2,801,892 2,741,280
KEY RATIOS
Return on Average Assets 1.06% 1.12% 1.01% 1.02%
Return on Average Equity 11.51% 11.92% 10.69% 10.98%
Dividend Payout Ratio 35.24% 36.37% 37.13% 37.81%
Average Equity to Average Assets 9.24% 9.44% 9.46% 9.32%
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