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United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number 000-20914

OHIO VALLEY BANC CORP.

(Exact name of registrant as specified in its charter)

Ohio	31-1359191
(State of Incorporation)	(I.R.S. Employer Identification No.)

420 Third Avenue, Gallipolis, Ohio	45631
(Address of principal executive offices)	(ZIP Code)

(740) 446-2631

(Registrant’s telephone number, including area code)

_____________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares, without par value	OVBC	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐			Accelerated filer ☐
Non-accelerated filer ☒			Smaller reporting company ☒
			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of common shares, without par value, of the registrant outstanding as of August 14, 2025 was 4,711,001.

OHIO VALLEY BANC CORP.

Index

		Page Number
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Changes in Shareholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	45

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	46
Item 6.	Exhibits	47

Signatures		48

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OHIO VALLEY BANC CORP.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share and per share data)

	June 30, 2025 (Unaudited)			December 31, 2024

ASSETS
Cash and noninterest-bearing deposits with banks	$	16,805		$	15,704
Interest-bearing deposits with banks		37,822			67,403
Total cash and cash equivalents		54,627			83,107

Securities available for sale		265,342			268,120
Securities held to maturity, net of allowance for credit losses of $1 in 2025 and 2024		6,493			7,049
Restricted investments in bank stocks		5,007			5,007

Total loans		1,101,267			1,061,825
Less: Allowance for credit losses		(10,856	)		(10,088	)
Net loans		1,090,411			1,051,737

Premises and equipment, net		20,842			21,229
Premises and equipment held for sale, net		497			507
Accrued interest receivable		4,941			4,805
Goodwill		7,319			7,319
Bank owned life insurance and annuity assets		42,416			42,048
Operating lease right-of-use asset, net		935			1,024
Deferred tax assets		6,065			7,218
Other assets		5,463			4,242
Total assets	$	1,510,358		$	1,503,412

LIABILITIES
Noninterest-bearing deposits	$	331,373		$	322,383
Interest-bearing deposits		945,389			952,795
Total deposits		1,276,762			1,275,178

Other borrowed funds		37,177			39,740
Subordinated debentures		8,500			8,500
Operating lease liability		935			1,024
Allowance for credit losses on off-balance sheet commitments		637			582
Other liabilities		25,587			28,060
Total liabilities		1,349,598			1,353,084

CONTINGENT LIABILITIES		—			—

SHAREHOLDERS’ EQUITY
Common stock ($1.00 stated value per share, 10,000,000 shares authorized; 5,490,995 shares issued)		5,491			5,491
Additional paid-in capital		52,321			52,321
Retained earnings		128,188			121,693
Accumulated other comprehensive income (loss)		(6,547	)		(10,484	)
Treasury stock, at cost (779,994 shares)		(18,693	)		(18,693	)
Total shareholders’ equity		160,760			150,328
Total liabilities and shareholders’ equity	$	1,510,358		$	1,503,412

See accompanying notes to consolidated financial statements

OHIO VALLEY BANC CORP.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(dollars in thousands, except per share data)

	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

Interest and dividend income:
Loans, including fees	$	17,984	$	16,130	$	34,679	$	31,380
Securities
Taxable		2,295		947		4,450		1,832
Tax exempt		28		34		56		68
Dividends		93		95		189		193
Interest-bearing deposits with banks		639		1,446		1,465		2,863
		21,039		18,652		40,839		36,336

Interest expense:
Deposits		5,988		6,102		12,121		12,001
Other borrowed funds		382		431		775		869
Subordinated debentures		134		156		268		313
		6,504		6,689		13,164		13,183
Net interest income		14,535		11,963		27,675		23,153
Provision for credit losses		1,148		181		1,564		932
Net interest income after provision for credit losses		13,387		11,782		26,111		22,221

Noninterest income:
Service charges on deposit accounts		723		731		1,443		1,456
Trust fees		100		101		203		205
Income from bank owned life insurance and annuity assets		243		226		483		451
Mortgage banking income		40		40		77		79
Electronic refund check / deposit fees		135		135		675		675
Debit / credit card interchange income		1,279		1,223		2,428		2,368
Tax preparation fees		38		26		634		633
Other		290		219		551		530
		2,848		2,701		6,494		6,397
Noninterest expense:
Salaries and employee benefits		6,194		6,186		12,206		12,353
Occupancy		493		537		1,014		1,006
Furniture and equipment		338		326		688		660
Professional fees		500		507		1,000		993
Marketing expense		279		221		558		446
FDIC insurance		164		161		347		309
Data processing		969		788		1,894		1,595
Software		587		541		1,128		1,162
Other		1,525		1,596		3,032		3,080
		11,049		10,863		21,867		21,604

Income before income taxes		5,186		3,620		10,738		7,014
Provision for income taxes		976		648		2,122		1,249

NET INCOME	$	4,210	$	2,972	$	8,616	$	5,765

Earnings per share	$	0.89	$	0.63	$	1.83	$	1.21

See accompanying notes to consolidated financial statements

OHIO VALLEY BANC CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(dollars in thousands)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024

Net Income	$	4,210		$	2,972		$	8,616		$	5,765

Other comprehensive income (loss):
Change in unrealized gain (loss) on available for sale securities		2,462			(15	)		5,051			(615	)
Related tax (expense) benefit		(543	)		4			(1,114	)		136
Total other comprehensive income (loss), net of tax		1,919			(11	)		3,937			(479	)

Total comprehensive income (loss)	$	6,129		$	2,961		$	12,553		$	5,286

See accompanying notes to consolidated financial statements

OHIO VALLEY BANC CORP.

CONSOLIDATED STATEMENTS OF CHANGES

IN SHAREHOLDERS’ EQUITY (UNAUDITED)

(dollars in thousands, except share and per share data)

Quarter-to-date	Common Stock		Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Shareholders’ Equity
Balance at April 1, 2025	$	5,491	$	52,321	$	125,062		$	(8,466	)	$	(18,693	)	$	155,715
Net income		—		—		4,210			—			—			4,210
Other comprehensive income, net		—		—		—			1,919			—			1,919
Cash dividends, $0.23 per share		—		—		(1,084	)		—			—			(1,084	)
Balance at June 30, 2025	$	5,491	$	52,321	$	128,188		$	(6,547	)	$	(18,693	)	$	160,760

Balance at April 1, 2024	$	5,491	$	52,321	$	116,614		$	(11,896	)	$	(16,748	)	$	145,782
Net income		—		—		2,972			—			—			2,972
Other comprehensive loss, net		—		—		—			(11	)		—			(11	)
Cash dividends, $0.22 per share		—		—		(1,055	)		—			—			(1,055	)
Shares acquired for treasury, 82,673 shares		—		—		—			—			(1,931	)		(1,931	)
Balance at June 30, 2024	$	5,491	$	52,321	$	118,531		$	(11,907	)	$	(18,679	)	$	145,757

Year-to-date	Common Stock		Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Shareholders’ Equity
Balance at January 1, 2025	$	5,491	$	52,321	$	121,693		$	(10,484	)	$	(18,693	)	$	150,328
Net income		—		—		8,616			—			—			8,616
Other comprehensive income, net		—		—		—			3,937			—			3,937
Cash dividends, $0.45 per share		—		—		(2,121	)		—			—			(2,121	)
Balance at June 30, 2025	$	5,491	$	52,321	$	128,188		$	(6,547	)	$	(18,693	)	$	160,760

Balance at January 1, 2024	$	5,470	$	51,842	$	114,871		$	(11,428	)	$	(16,748	)	$	144,007
Net income		—		—		5,765			—			—			5,765
Other comprehensive loss, net		—		—		—			(479	)		—			(479	)
Cash dividends, $0.44 per share		—		—		(2,105	)		—			—			(2,105	)
Common stock issued to ESOP, 20,542 shares		21		479		—			—			—			500
Shares acquired for treasury, 82,673 shares		—		—		—			—			(1,931	)		(1,931	)
Balance at June 30, 2024	$	5,491	$	52,321	$	118,531		$	(11,907	)	$	(18,679	)	$	145,757

See accompanying notes to consolidated financial statements

OHIO VALLEY BANC CORP.

CONDENSED CONSOLIDATED STATEMENTS OF

CASH FLOWS (UNAUDITED)

(dollars in thousands)

	Six months ended June 30,
	2025			2024

Net cash provided by operating activities	$	4,974		$	5,108

Investing activities:
Proceeds from maturities and paydowns of securities available for sale		76,041			18,531
Purchases of securities available for sale		(67,306	)		(19,357	)
Proceeds from calls and maturities of securities held to maturity		548			47
Purchases of restricted investments in bank stocks		—			(79	)
Redemptions of restricted investments in bank stocks		—			100
Net change in loans		(39,285	)		(68,631	)
Purchases of premises and equipment		(467	)		(1,017	)
Withdrawals from bank owned life insurance and annuity asset		115			131
Net cash (used in) investing activities		(30,354	)		(70,275	)

Financing activities:
Change in deposits		1,584			51,292
Cash dividends		(2,121	)		(2,105	)
Purchases of treasury stock		—			(1,931	)
Repayment of Federal Home Loan Bank borrowings		(2,625	)		(2,604	)
Change in other short-term borrowings		62			68
Net cash provided by (used in) financing activities		(3,100	)		44,720

Change in cash and cash equivalents		(28,480	)		(20,447	)
Cash and cash equivalents at beginning of period		83,107			128,126
Cash and cash equivalents at end of period	$	54,627		$	107,679

Supplemental disclosure:
Cash paid for interest	$	12,712		$	12,202
Cash paid for income taxes		1,424			1,850

See accompanying notes to consolidated financial statements

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION: The accompanying consolidated financial statements include the accounts of Ohio Valley Banc Corp. (“Ohio Valley”) and its wholly-owned subsidiaries, The Ohio Valley Bank Company (the “Bank”), Loan Central, Inc., a consumer finance company, and Ohio Valley Financial Services Agency, LLC, an insurance agency. The Bank has one wholly-owned subsidiary, Ohio Valley REO, LLC (“Ohio Valley REO”), an Ohio limited liability company, to which the Bank transfers certain real estate acquired by the Bank through foreclosure for sale by Ohio Valley REO. Ohio Valley and its subsidiaries are collectively referred to as the “Company.” All material intercompany accounts and transactions have been eliminated in consolidation.

These interim financial statements are prepared by the Company without audit and reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial position of the Company at June 30, 2025, and its results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2025, are not necessarily indicative of the operating results to be anticipated for the full fiscal year ending December 31, 2025. The accompanying consolidated financial statements do not purport to contain all the necessary financial disclosures required by U.S. generally accepted accounting principles (“US GAAP”) that might otherwise be necessary in the circumstances. The Annual Report of the Company for the year ended December 31, 2024, filed with the SEC on March 14, 2025 (the “2024 Annual Report”), contains consolidated financial statements and related notes which should be read in conjunction with the accompanying consolidated financial statements.

The consolidated financial statements for 2024 have been reclassified to conform to the presentation for 2025. These reclassifications had no effect on net income or shareholders’ equity.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: The accounting and reporting policies followed by the Company conform to US GAAP established by the Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.

INDUSTRY SEGMENT INFORMATION: We conduct our operations through a single business segment, banking, which derives interest and noninterest income through our banking products and services and investment securities. All of our income relates to our operations in the United States.

Pursuant to Financial Accounting Standards Codification 280, Segment Reporting, operating segments represent components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision makers in determining how to allocate resources and assessing performance.

Our chief operating decision maker, which is our Chief Executive Officer, evaluates interest and noninterest income streams and credit losses from our various products and services, while expense activities, including interest expense and noninterest expense, are managed, and financial performance is evaluated, on a Company-wide basis. As a result, detailed profitability information for each interest and noninterest income stream is not used by our chief operating decision maker to allocate resources or in assessing performance. Rather, our chief operating decision maker uses consolidated net income to assess performance by comparing it to and monitoring against budgeted and prior year results. This information is used to manage resources to drive business and net income growth, including investment in key strategic priorities, as well as determining our ability to return capital to shareholders. Segment assets represent total assets on our Consolidated Balance Sheets and segment net income represents net income on our Consolidated Statements of Income.

NEW ACCOUNTING PRONOUNCEMENTS PENDING ADOPTION: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires enhanced income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the effect the updated guidance will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement to be presented in a tabular format in the footnotes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The amendments in ASU 20204-03 should be applied on a prospective basis, although retrospective application is permitted. The Company is evaluating the effect the updated guidance will have on its consolidated financial statements and related disclosures.

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

DEBT SECURITIES: The Company classifies securities into held to maturity (“HTM”) and available for sale (“AFS”) categories. HTM securities are those which the Company has the positive intent and ability to hold to maturity and are reported at amortized cost. Securities classified as AFS include securities that could be sold for liquidity, investment management or similar reasons even if there is not a present intention of such a sale. AFS securities are reported at fair value, with unrealized gains or losses included in other comprehensive income, net of tax.

Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses are recognized upon the sale of specific identified securities on the completed trade date.

ALLOWANCE FOR CREDIT LOSSES (“ACL”) - AFS SECURITIES: For AFS debt securities in an unrealized position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities AFS that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair values has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income.

Changes in the ACL are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on AFS debt securities totaled $1,212 at June 30, 2025 and $1,294 at December 31, 2024, and is excluded from the estimate of credit losses.

Management classifies the AFS portfolio into the following major security types: U.S. Government securities, U.S. Government sponsored entity securities, and Agency mortgage-backed residential securities. At June 30, 2025 and at December 31, 2024, there was no ACL related to AFS debt securities.

ACL - HTM SECURITIES: Management measures expected credit losses on HTM debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The ACL on securities HTM is a contra asset valuation account that is deducted from the carrying amount of HTM securities to present the net amount expected to be collected. HTM securities are charged off against the ACL when deemed uncollectible. Adjustments to the ACL are reported in the Company’s consolidated statements of income in the provision for credit losses. Accrued interest receivable on HTM securities is excluded from the estimate of credit losses. Management classifies the HTM portfolio into one major security type: Obligations of states and political subdivisions. With regard to obligations of states and political subdivisions, management considers (1) issuer bond ratings, (2) historical loss rates for given bond ratings, (3) the financial condition of the issuer, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. At June 30, 2025, the ACL related to HTM debt securities was $1, unchanged from December 31, 2024. Furthermore, there was no corresponding provision expense during the three and six months ended June 30, 2025 and 2024.

Accrued interest receivable on HTM debt securities totaled $25 at June 30, 2025 and $24 at December 31, 2024, and is excluded from the estimate of credit losses.

LOANS: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, and an ACL. Interest income is reported on an accrual basis using the interest method and includes amortization of net deferred loan fees and costs over the loan term using the level yield method without anticipating prepayments. The amount of the Company’s recorded investment is not materially different than the amount of unpaid principal balance for loans.

Interest income is discontinued and the loan moved to nonaccrual status when full loan repayment is in doubt, typically when the loan payments are past due 90 days or over unless the loan is well-secured or in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful.

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis method until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

The Bank also originates long-term, fixed-rate mortgage loans, with the full intention of being sold to the secondary market. These loans are considered held for sale during the period of time after the principal has been advanced to the borrower by the Bank, but before the Bank has been reimbursed by the Federal Home Loan Mortgage Corporation, typically within a few business days. Loans sold to the secondary market are carried at the lower of aggregate cost or fair value. As of June 30, 2025 and December 31, 2024, there were no loans held for sale by the Bank.

ACL – LOANS: The ACL for loans is a contra asset valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The ACL is adjusted through the provision for credit losses and reduced by net charge offs of loans.

The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period.

The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans.

The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the ACL using the following methods:

Portfolio Segment	Measurement Method	Loss Driver

Residential real estate	Cumulative Undiscounted Expected Loss	National Unemployment, National GDP

Commercial real estate:
Owner-occupied	Cumulative Undiscounted Expected Loss	National Unemployment, National GDP
Nonowner-occupied	Cumulative Undiscounted Expected Loss	National Unemployment, National GDP
Construction	Cumulative Undiscounted Expected Loss	National Unemployment, National GDP

Commercial and industrial	Cumulative Undiscounted Expected Loss	National Unemployment, National GDP

Consumer:
Automobile	Cumulative Undiscounted Expected Loss	National Unemployment
Home equity	Cumulative Undiscounted Expected Loss	National Unemployment
Other	Cumulative Undiscounted Expected Loss, Remaining Life Method	National Unemployment

Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans with similar risk characteristics. In defining historical loss rates and the prepayment rates and curtailment rates used to determine the expected life of loans, the use of regional and national peer data was used. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on the national unemployment rate and the national gross domestic product forecast for the first year. For periods beyond our reasonable and supportable forecast, we revert to historical loss rates utilizing a straight-line method over a two-year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the Company’s loan review system, value of underlying collateral, the volume and severity of past due loans, the value of underlying collateral for collateral dependent loans, the existence of and changes in concentrations and other external factors. Each factor is assigned a value to reflect improving, stable, or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a modification will be executed with an individual borrower, or the extension of renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on nonaccrual status, any outstanding accrued interest is reversed against interest income.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. We evaluate all loans that meet the following criteria: 1) when it is determined that foreclosure is probable; 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral; 3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance

Accrued interest receivable on loans totaled $3,684 at June 30, 2025 and $3,429 at December 31, 2024, and is excluded from the estimate of credit losses.

The Company’s loan portfolio segments have been identified as follows: Commercial and Industrial, Commercial Real Estate, Residential Real Estate, and Consumer.

Commercial and industrial: Portfolio segment consists of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial and industrial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. The Company’s risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not maintain their value upon foreclosure, which may require the Company to write down the value significantly to sell.

Commercial real estate: Portfolio segment consists of nonfarm, nonresidential loans secured by owner-occupied and nonowner-occupied commercial real estate as well as commercial construction loans. An owner-occupied loan relates to a borrower purchased building or space for which the repayment of principal is dependent upon cash flows from the ongoing business operations conducted by the party, or an affiliate of the party, who owns the property. Owner-occupied loans that are dependent on cash flows from operations can be adversely affected by current market conditions for their product or service. A nonowner-occupied loan is a property loan for which the repayment of principal is dependent upon rental income associated with the property or the subsequent sale of the property. Nonowner-occupied loans that are dependent upon rental income are primarily impacted by the level of interest rates associated with the debt and to local economic conditions, which dictate occupancy rates and the amount of rent charged. The increase in debt service due to higher interest rates may not be able to be passed on to tenants. As part of the origination process, loan interest rates and occupancy rates are stressed to determine the impact on the borrower’s ability to maintain adequate debt service under different economic conditions. Furthermore, the Company monitors the concentration in any one industry and has established limits relative to capital. In addition, credit quality trends are monitored by industry to determine if a change in the risk exposure to a certain industry may warrant a change in our underwriting standards. Commercial construction loans consist of borrowings to purchase and develop raw land into 1-4 family residential properties. Construction loans are extended to individuals as well as corporations for the construction of an individual or multiple properties and are secured by raw land and the subsequent improvements. Repayment of the loans to real estate developers is dependent upon the sale of properties to third parties in a timely fashion upon completion. Should there be delays in construction or a downturn in the market for those properties, there may be significant erosion in value that may be absorbed by the Company.

Residential real estate: Portfolio segment consists of loans to individuals for the purchase of 1-4 family primary residences with repayment primarily through wage or other income sources of the individual borrower. The Company’s loss exposure to these loans is dependent on local market conditions for residential properties as loan amounts are determined, in part, by the fair value of the property at origination.

Consumer: Portfolio segment consists of loans to individuals secured by automobiles, open-end home equity loans and other loans to individuals for household, family, and other personal expenditures, both secured and unsecured. These loans typically have maturities of six years or less with repayment dependent on individual wages and income. The risk of loss on consumer loans is elevated as the collateral securing these loans, if any, rapidly depreciate in value or may be worthless and/or difficult to locate if repossession is necessary. The Company has allocated the highest percentage of its ACL as a percentage of loans to the other identified loan portfolio segments due to the larger dollar balances associated with such portfolios.

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

ACL – OFF-BALANCE SHEET CREDIT EXPOSURES: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL on off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

EARNINGS PER SHARE: Earnings per share is based on net income divided by the weighted average number of common shares outstanding during the quarter. The weighted average common shares outstanding were 4,711,001 and 4,740,073 for the three months ended June 30, 2025 and 2024, respectively. The weighted average common shares outstanding were 4,711,001 and 4,762,923 for the six months ended June 30, 2025 and 2024, respectively. Ohio Valley had no dilutive effect and no potential common shares issuable under stock options or other agreements for any period presented.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The following is a description of the Company’s valuation methodologies used to measure and disclose the fair values of its financial assets and liabilities on a recurring or nonrecurring basis:

Securities: The fair values for securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations.

Individually Evaluated Collateral Dependent Loans: The fair value of individually evaluated collateral dependent loans with specific allocations of the ACL is generally based on the fair value of collateral, less costs to sell, based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. In some instances, fair value adjustments can be made based on a quoted price from an observable input, such as a purchase agreement. Such adjustments would be classified as a Level 2 classification. Individually evaluated collateral dependent loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

Other Real Estate Owned ("OREO"): Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. In some instances, fair value adjustments can be made based on a quoted price from an observable input, such as a purchase agreement. Such adjustments would be classified as a Level 2 classification.

Appraisals for collateral securing both individually evaluated collateral dependent loans and OREO owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with management’s own assumptions of fair value based on factors that include recent market data or industry-wide statistics.

On an as-needed basis, the Company reviews the fair value of collateral, taking into consideration current market data, as well as all selling costs, which typically amount to approximately 10%.

Interest Rate Swap Agreements: The fair value of interest rate swap agreements is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2).

Assets and Liabilities Measured on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at June 30, 2025 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government securities	$	104,804	$	—		$	—
U.S. Government sponsored entity securities		—		6,041			—
Agency mortgage-backed securities, residential		—		154,497			—
Interest rate swap derivatives		—		822			—

Liabilities:
Interest rate swap derivatives		—		(822	)		—

	Fair Value Measurements at December 31, 2024 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
U.S. Government securities	$	168,030	$	—		$	—
U.S. Government sponsored entity securities		—		5,888			—
Agency mortgage-backed securities, residential		—		94,202			—
Interest rate swap derivatives		—		657			—

Liabilities:
Interest rate swap derivatives		—		(657	)		—

There were no transfers into or out of Level 3 during the periods ended June 30, 2025 or 2024.

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

Assets and Liabilities Measured on a Nonrecurring Basis

There were no assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2024. Assets or liabilities measured at fair value on a nonrecurring basis at June 30, 2025 are summarized below:

	Fair Value Measurements at June 30, 2025 Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Individually evaluated collateral dependent loans:
Residential real estate		$	—		$	—		$	382

At June 30, 2025, the recorded investment of individually evaluated collateral dependent loans measured for impairment using the fair value of collateral totaled $424, with a corresponding valuation allowance of $42, resulting in an increase of $42 in provision expense during the three and six months ended June 30, 2025, with no corresponding charge-offs recognized. This is compared to no impact to provision expense during the three and six months ended June 30, 2024.

There was no OREO measured at fair value less costs to sell at June 30, 2025 and December 31, 2024.

There were no financial instruments measured at fair value on a non-recurring basis at December 31, 2024. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2025:

June 30, 2025	Fair Value		Valuation Technique(s)		Unobservable Input(s)	Range		Weighted Average
Individually evaluated collateral dependent loans:				1			1
Residential real estate loans	$	382				1.6% to 10.7%			4.6	%

NOTE 2 – FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

The carrying amounts and estimated fair values of financial instruments at June 30, 2025 and December 31, 2024 are as follows:

	Carrying		Fair Value Measurements at June 30, 2025 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	54,627	$	54,627	$	—	$	—	$	54,627
Securities available for sale		265,342		104,804		160,538		—		265,342
Securities held to maturity		6,493		—		3,724		2,221		5,945
Loans, net		1,090,411		—		—		1,075,632		1,075,632
Interest rate swap derivatives		822		—		822		—		822
Accrued interest receivable		4,941		—		1,238		3,703		4,941

Financial liabilities:
Deposits		1,276,762		891,556		386,936		—		1,278,492
Other borrowed funds		37,177		—		36,488		—		36,488
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		822		—		822		—		822
Accrued interest payable		5,686		—		5,686		—		5,686

	Carrying		Fair Value Measurements at December 31, 2024 Using
	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	83,107	$	83,107	$	—	$	—	$	83,107
Securities available for sale		268,120		168,030		100,090		—		268,120
Securities held to maturity		7,049		—		3,651		2,769		6,420
Loans, net		1,051,737		—		—		1,037,349		1,037,349
Interest rate swap derivatives		657		—		657		—		657
Accrued interest receivable		4,805		—		1,540		3,265		4,805

Financial liabilities:
Deposits		1,275,178		881,290		394,470		—		1,275,760
Other borrowed funds		39,740		—		38,815		—		38,815
Subordinated debentures		8,500		—		8,500		—		8,500
Interest rate swap derivatives		657		—		657		—		657
Accrued interest payable		5,234		1		5,233		—		5,234

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

NOTE 3 – SECURITIES

The following table summarizes the amortized cost and fair value of securities AFS and securities HTM at June 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses:

Securities Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2025
U.S. Government securities	$	104,946	$	490	$	(632	)	$	104,804
U.S. Government sponsored entity securities		6,386		—		(345	)		6,041
Agency mortgage-backed securities, residential		162,409		522		(8,434	)		154,497
Total securities	$	273,741	$	1,012	$	(9,411	)	$	265,342

December 31, 2024
U.S. Government securities	$	169,203	$	210	$	(1,383	)	$	168,030
U.S. Government sponsored entity securities		6,406		—		(518	)		5,888
Agency mortgage-backed securities, residential		105,961		—		(11,759	)		94,202
Total securities	$	281,570	$	210	$	(13,660	)	$	268,120

Securities Held to Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Estimated Fair Value		Allowance for Credit Losses
June 30, 2025
Obligations of states and political subdivisions	$	6,494	$	-	$	(549	)	$	5,945	$	(1	)
Total securities	$	6,494	$	-	$	(549	)	$	5,945	$	(1	)

December 31, 2024
Obligations of states and political subdivisions	$	7,050	$	1	$	(631	)	$	6,420	$	(1	)
Total securities	$	7,050	$	1	$	(631	)	$	6,420	$	(1	)

The amortized cost and estimated fair value of debt securities at June 30, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay the debt obligations prior to their contractual maturities. Securities not due at a single maturity are shown separately.

	Available for Sale				Held to Maturity
Debt Securities:	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Due in one year or less	$	56,118	$	55,934	$	828	$	819
Due in over one to five years		55,214		54,911		2,703		2,584
Due in over five to ten years		—		—		983		838
Due after ten years		—		—		1,980		1,704
Agency mortgage-backed securities, residential		162,409		154,497		—		—
Total debt securities	$	273,741	$	265,342	$	6,494	$	5,945

There were no sales of securities during the three and six months ended June 30, 2025 and 2024, respectively.

Debt securities with a carrying value of approximately $214,115 at June 30, 2025 and $223,484 at December 31, 2024, were pledged to secure public deposits, repurchase agreements, and for other purposes required or permitted by law.

NOTE 3 – SECURITIES (Continued)

The following table summarizes debt securities AFS in an unrealized loss position for which an ACL has not been recorded at June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:

June 30, 2025	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Securities Available for Sale
U.S. Government securities	$	15,119	$	(10	)	$	24,805	$	(622	)	$	39,924	$	(632	)
U.S. Government sponsored entity securities		—		—			6,041		(345	)		6,041		(345	)
Agency mortgage-backed securities,
residential		14,413		(81	)		84,507		(8,353	)		98,920		(8,434	)
Total available for sale	$	29,532	$	(91	)	$	115,353	$	(9,320	)	$	144,885	$	(9,411	)

December 31, 2024	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Securities Available for Sale
U.S. Government securities	$	31,418	$	(329	)	$	26,802	$	(1,054	)	$	58,220	$	(1,383	)
U.S Government sponsored entity securities		—		—			5,889		(518	)		5,889		(518	)
Agency mortgage-backed securities,
residential		4,694		(130	)		89,467		(11,629	)		94,161		(11,759	)
Total available for sale	$	36,112	$	(459	)	$	122,158	$	(13,201	)	$	158,270	$	(13,660	)

Management evaluates AFS debt securities in unrealized positions to determine whether impairment is due to credit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At June 30, 2025, the Company had 89 AFS debt securities in an unrealized position without an ACL, of which 9 were from U.S. Government securities, 3 were from U.S. Government sponsored entity securities, and 77 were from Agency mortgage-backed residential securities. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2025, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions and, therefore, the Company carried no ACL on AFS debt securities at June 30, 2025.

NOTE 3 – SECURITIES (Continued)

The following table presents the activity in the ACL for HTM debt securities:

Held to Maturity Debt Securities	Six months ended June 30, 2025		Six months ended June 30, 2024
Allowance for credit losses:
Beginning balance	$	1	$	2
Provision for (recovery of) credit loss expense		—		—
Allowance for credit losses ending balance	$	1	$	2

The Company’s HTM securities primarily consist of obligations of states and political subdivisions. The ACL on HTM securities is estimated at each measurement date on a collective basis by major security type. Risk factors such as issuer bond ratings, historical loss rates, financial condition of issuer, and timely principal and interest payments of issuer were evaluated to determine if a credit reserve was required within the portfolio. At June 30, 2025, there were no past due principal and interest payments related to HTM securities. During the second quarter of 2025 and 2024, the cumulative loss rate remained at 0.02%, resulting in no change to provision expense during the three and six months ended June 30, 2025 and 2024, respectively.

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans are comprised of the following:

	June 30, 2025			December 31, 2024

Residential real estate	$	360,726		$	373,534
Commercial real estate:
Owner-occupied		100,487			86,471
Nonowner-occupied		247,907			206,847
Construction		70,942			79,669
Commercial and industrial		176,208			158,440
Consumer:
Automobile		42,345			50,246
Home equity		45,527			42,473
Other		57,125			64,145
		1,101,267			1,061,825
Less: Allowance for credit losses		(10,856	)		(10,088	)

Loans, net	$	1,090,411		$	1,051,737

At June 30, 2025 and December 31, 2024, net deferred loan origination costs were $52 and $363, respectively. At June 30, 2025 net unaccreted loan purchase discounts were $1,575. At December 31, 2024 net unamortized loan purchase premiums were $398.

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES (Continued)

The following table presents the recorded investment of nonaccrual loans and loans past due 90 days or more and still accruing by class of loans as of June 30, 2025 and December 31, 2024:

June 30, 2025	Loans Past Due 90 Days And Still Accruing		Nonaccrual Loans With No ACL		Nonaccrual Loans With an ACL		Total Nonaccrual Loans

Residential real estate	$	48	$	—	$	2,195	$	2,195
Commercial real estate:
Owner-occupied		131		679		—		679
Nonowner-occupied		—		—		136		136
Construction		—		—		—		—
Commercial and industrial		—		952		12		964
Consumer:
Automobile		37		—		254		254
Home equity		—		25		307		332
Other		27		—		127		127
Total	$	243	$	1,656	$	3,031	$	4,687

December 31, 2024	Loans Past Due 90 Days And Still Accruing		Nonaccrual Loans With No ACL		Nonaccrual Loans With an ACL		Total Nonaccrual Loans

Residential real estate	$	49	$	—	$	1,931	$	1,931
Commercial real estate:
Owner-occupied		—		680		136		816
Nonowner-occupied		—		—		158		158
Construction		—		—		—		—
Commercial and industrial		—		962		90		1,052
Consumer:
Automobile		39		—		379		379
Home equity		—		26		338		364
Other		28		—		117		117
Total	$	116	$	1,668	$	3,149	$	4,817

The Company recognized $28 and $46 of interest income in nonaccrual loans during the three and six months ended June 30, 2025, respectively. This is compared to $15 and $19 of interest income in nonaccrual loans during the three and six months ended June 30, 2024, respectively.

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES (Continued)

The following table presents the aging of the recorded investment of past due loans by class of loans as of June 30, 2025 and December 31, 2024:

June 30, 2025	30-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Loans Not Past Due		Total

Residential real estate	$	2,401	$	1,586	$	960	$	4,947	$	355,779	$	360,726
Commercial real estate:
Owner-occupied		860		211		810		1,881		98,606		100,487
Nonowner-occupied		665		102		—		767		247,140		247,907
Construction		-		—		—		-		70,942		70,942
Commercial and industrial		530		22		952		1,504		174,704		176,208
Consumer:
Automobile		648		263		208		1,119		41,226		42,345
Home equity		493		170		182		845		44,682		45,527
Other		411		158		77		646		56,479		57,125
Total	$	6,008	$	2,512	$	3,189	$	11,709	$	1,089,558	$	1,101,267

December 31, 2024	30-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Loans Not Past Due		Total

Residential real estate	$	3,294	$	1,097	$	984	$	5,375	$	368,159	$	373,534
Commercial real estate:
Owner-occupied		773		—		816		1,589		84,882		86,471
Nonowner-occupied		2,294		—		—		2,294		204,553		206,847
Construction		—		—		—		—		79,669		79,669
Commercial and industrial		533		58		745		1,336		157,104		158,440
Consumer:
Automobile		791		414		349		1,554		48,692		50,246
Home equity		402		141		243		786		41,687		42,473
Other		716		260		98		1,074		63,071		64,145
Total	$	8,803	$	1,970	$	3,235	$	14,008	$	1,047,817	$	1,061,825

Credit Quality Indicators:

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. These risk categories are represented by a loan grading scale from 1 through 11. The Company analyzes loans individually with a higher credit risk rating and groups these loans into categories called “criticized” and “classified” assets. The Company considers its criticized assets to be loans that are graded 8 and its classified assets to be loans that are graded 9 through 11. The Company’s risk categories are reviewed at least annually on loans that have aggregate borrowing amounts that meet or exceed $1,000.

The Company uses the following definitions for its criticized loan risk ratings:

Special Mention. Loans classified as “special mention” are graded 8 and indicate considerable risk due to deterioration of repayment (in the earliest stages) due to potential weak primary repayment source, or payment delinquency. These loans will be under constant supervision, are not classified and do not expose the institution to sufficient risks to warrant classification. These deficiencies should be correctable within the normal course of business, although significant changes in company structure or policy may be necessary to correct the deficiencies. These loans are considered bankable assets with no apparent loss of principal or interest envisioned. The perceived risk in continued lending is considered to have increased beyond the level where such loans would normally be granted.

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES (Continued)

The Company uses the following definitions for its classified loan risk ratings:

Substandard. Loans classified as “substandard” are graded 9 and represent very high risk, serious delinquency, nonaccrual, or unacceptable credit. Repayment through the primary source of repayment is in jeopardy due to the existence of one or more well-defined weaknesses, and the collateral pledged may inadequately protect collection of the loans. Loss of principal is not likely if weaknesses are corrected, although financial statements normally reveal significant weakness. Loans are still considered collectible, although loss of principal is more likely than with special mention loans. Collateral liquidation is considered likely to satisfy debt.

Doubtful. Loans classified as “doubtful” are graded 10 and display a high probability of loss, although the amount of actual loss at the time of classification is undetermined. This classification should be temporary until such time that actual loss can be identified, or improvements are made to reduce the seriousness of the classification. These loans exhibit all substandard characteristics with the addition that weaknesses make collection or liquidation in full highly questionable and improbable. This classification consists of loans where the possibility of loss is high after collateral liquidation based upon existing facts, market conditions, and value. Loss is deferred until certain important and reasonable specific pending factors that may strengthen the credit can be more accurately determined. These factors may include proposed acquisitions, liquidation procedures, capital injection, receipt of additional collateral, mergers, or refinancing plans. A doubtful classification for an entire credit should be avoided when collection of a specific portion appears highly probable with the adequately secured portion graded substandard.

Loss. Loans classified as “loss” are graded 11 and are considered uncollectible and are of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the credit has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset yielding such a minimum value even though partial recovery may be affected in the future. Amounts classified as loss should be promptly charged off.

As of June 30, 2025 and December 31, 2024, and based on the most recent analysis performed, the risk category of commercial loans by class of loans was as follows:

													Revolving
													Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized
June 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		Total

Commercial real estate:
Owner-occupied
Risk Rating
Pass	$	16,023	$	13,547	$	18,973	$	7,213	$	5,472	$	18,053	$	1,226	$	80,507
Special Mention		—		—		—		—		12,565		—		—		12,565
Substandard		—		73		—		—		4,239		2,204		899		7,415
Doubtful		—		—		—		—		—		—		—		—
Total	$	16,023	$	13,620	$	18,973	$	7,213	$	22,276	$	20,257	$	2,125	$	100,487

Current Period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES (Continued)

													Revolving
													Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized
June 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		Total

Commercial real estate:
Nonowner-occupied
Risk Rating
Pass	$	26,382	$	37,302	$	22,360	$	38,263	$	29,949	$	80,387	$	7,175	$	241,818
Special Mention		—		—		1,622		—		—		—		—		1,622
Substandard		—		217		—		980		—		3,270		—		4,467
Doubtful		—		—		—		—		—		—		—		—
Total	$	26,382	$	37,519	$	23,982	$	39,243	$	29,949	$	83,657	$	7,175	$	247,907

Current Period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

													Revolving
													Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized
June 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		Total

Commercial real estate:
Construction
Risk Rating
Pass	$	14,368	$	11,990	$	19,706	$	20,139	$	1,094	$	2,634	$	357	$	70,288
Special Mention		—		—		—		—		—		29		—		29
Substandard		—		—		625		—		—		—		—		625
Doubtful		—		—		—		—		—		—		—		—
Total	$	14,368	$	11,990	$	20,331	$	20,139	$	1,094	$	2,663	$	357	$	70,942

Current Period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

													Revolving
													Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized
June 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		Total

Commercial and Industrial
Risk Rating
Pass	$	19,136	$	14,793	$	6,808	$	22,594	$	24,414	$	44,865	$	26,566	$	159,176
Special Mention		—		—		—		—		—		—		5,187		5,187
Substandard		—		1,359		147		39		222		6,407		3,671		11,845
Doubtful		—		—		—		—		—		—		—		—
Total	$	19,136	$	16,152	$	6,955	$	22,633	$	24,636	$	51,272	$	35,424	$	176,208

Current Period gross charge-offs	$	—	$	45	$	—	$	12	$	58	$	—	$	45	$	160

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES (Continued)

													Revolving
													Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized
December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total

Commercial real estate:
Owner-occupied
Risk Rating
Pass	$	13,762	$	17,199	$	7,441	$	10,094	$	4,787	$	16,336	$	583	$	70,202
Special Mention		—		—		—		12,896		—		1,415		299		14,610
Substandard		79		—		—		—		136		844		600		1,659
Doubtful		—		—		—		—		—		—		—		—
Total	$	13,841	$	17,199	$	7,441	$	22,990	$	4,923	$	18,595	$	1,482	$	86,471

Current Period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

													Revolving
													Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized
December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total

Commercial real estate:
Nonowner-occupied
Risk Rating
Pass	$	35,216	$	11,377	$	30,773	$	31,465	$	19,351	$	66,312	$	6,172	$	200,666
Special Mention		—		1,636		—		—		—		—		—		1,636
Substandard		220		—		996		—		3,329		—		—		4,545
Doubtful		—		—		—		—		—		—		—		—
Total	$	35,436	$	13,013	$	31,769	$	31,465	$	22,680	$	66,312	$	6,172	$	206,847

Current Period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

													Revolving
													Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized
December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total

Commercial real estate:
Construction
Risk Rating
Pass	$	13,865	$	33,162	$	27,678	$	1,111	$	266	$	2,647	$	93	$	78,822
Special Mention		—		—		—		—		—		38		—		38
Substandard		—		638		—		—		—		171		—		809
Doubtful		—		—		—		—		—		—		—		—
Total	$	13,865	$	33,800	$	27,678	$	1,111	$	266	$	2,856	$	93	$	79,669

Current Period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES (Continued)

									Revolving
									Loans
	Term Loans Amortized Cost Basis by Origination Year								Amortized
December 31, 2024	2024		2023		2022	2021	2020	Prior	Cost Basis	Total

Commercial and Industrial
Risk Rating
Pass	$	17,260	$	7,875	$

OHIO VALLEY BANC CORP 10-Q