Ohio Valley Banc Corp. (NASDAQ:OVBC), a state commercial bank headquartered in Gallipolis, Ohio, with a market capitalization of $124 million, announced on Tuesday that Thomas E. Wiseman, an executive officer, will retire effective January 1, 2025.
Mr. Wiseman, who has played a significant role in the company, will step down from his executive duties but will continue to serve as the non-executive Chairman of the Board of Directors. This decision was communicated to the company on December 11, 2024, and was made public through the filing. The bank currently trades at a P/E ratio of 10.85 and offers a dividend yield of 3.33%.
In his continued capacity as non-executive Chairman, Mr. Wiseman will retain a non-voting membership on the Audit and Enterprise Risk Committees. Moreover, he will remain a voting member of the Executive Committee for both the company and The Ohio Valley Bank Company.
As part of his compensation for serving in this role, Mr. Wiseman will be paid an annual sum of $259,284 in cash. This remuneration is in addition to the standard compensation provided to all employee directors at Ohio Valley Banc Corp.
This transition marks a significant change in leadership for Ohio Valley Banc Corp. and reflects the ongoing evolution of the company's management structure.
The bank's stock has shown strong momentum with a 26% price increase over the past six months, and analysis suggests it may be slightly undervalued at current levels. The information presented in this article is based on a press release statement filed with the SEC. For more detailed financial metrics and additional insights, visit InvestingPro, which offers 12+ more exclusive tips about OVBC.
In other recent news, Ohio Valley Banc Corp has reported a 20.8% increase in its third-quarter earnings, amounting to $2,719,000. This rise is attributed to strong loan growth and successful launch of the Sweet Home Ohio deposit account. However, the company's nine-month net income saw a decrease, falling to $8,484,000 from the previous year's $9,408,000.
Ohio Valley Banc Corp also announced a cash dividend of $0.22 per common share, payable to shareholders of record by October 25, 2024. This reflects the company's ongoing commitment to its shareholders. Additionally, the company extended its stock buyback program until August 31, 2025, allowing for the repurchase of up to $5 million in shares of the company's outstanding common stock.
In terms of financial growth, the company's total assets reached $1.494 billion as of September 30, 2024, a significant increase from the previous year. This growth was primarily driven by the Sweet Home Ohio deposit accounts and a $77 million increase in loans.
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