Ohio Valley Banc Corp. in Gallipolis announced Monday that it earned $1 million in the fourth quarter of 2007, compared with just $16,000 in the fourth quarter of 2006.
The $783 million-asset company attributed the increase to improved asset quality.
Its ratio of nonperforming loans to total loans was 0.57% at yearend 2007, versus 2.14% at the end of 2006. In the fourth quarter Ohio Valley took a $918,000 provision for loan losses, versus $3.7 million a year earlier.
"At this time last year, I said that our lenders, collectors and attorneys would work diligently to resolve or liquidate problem credits throughout 2007. From those efforts, the company's nonperforming loans were reduced 73%," Jeffrey E. Smith, Ohio Valley's president and chief executive, said in a press release.
For the year Ohio Valley's earnings rose 16.7%, to $6.3 million.
