Note Q - Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note

Q

- Parent Company Only Condensed Financial Information

Below is condensed financial information of Ohio Valley. In this information, Ohio Valley

’s investment in its subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries since acquisition. This information should be read in conjunction with the consolidated financial statements of the Company.

CONDENSED STATEMENTS OF CONDITION

	Years ended December 31:
Assets	20 17		201 6
Cash and cash equivalents	$	3,292	$	2,747
Investment in subsidiaries		118,775		115,057
Notes receivable – subsidiaries		3,320		3,420
Other assets		67		52
Total assets	$	125,454	$	121,276
Liabilities
Notes payable	$	7,324	$	7,882
Subordinated debentures		8,500		8,500
Other liabilities		269		366
Total liabilities		16,093		16,748
Shareholders ’ Equity
Total shareholders ’ equity		109,361		104,528
Total liabilities and shareholders ’ equity	$	125,454	$	121,276

CONDENSED STATEMENTS OF INCOME

	Years ended December 31:
Income:	201 7		201 6		201 5
Interest on notes	$	51	$	52	$	53
Dividends from subsidiaries		4,400		6,900		3,500
Expenses:
Interest on notes		211		136		53
Interest on subordinated debentures		248		204		170
Operating expenses		332		667		345
Income before income taxes and equity in undistributed earnings of subsidiaries		3,660		5,945		2,985
Income tax benefit		244		256		167
Equity in undistributed earnings of subsidiaries		3,605		719		5,422
Net Income	$	7,509	$	6,920	$	8,574
Comprehensive Income	$	7,622	$	5,624	$	7,919

CONDENSED STATEMENTS OF CASH FLOWS

	Years ended December 31:
Cash flows from operating activities:	20 17			201 6			201 5
Net Income	$	7,509		$	6,920		$	8,574
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(3,605	)		(719	)		(5,422	)
Common stock issued to ESOP		428			575			----
Change in other assets		(15	)		11			(16	)
Change in other liabilities		(97	)		318			(141	)
Net cash provided by operating activities		4,220			7,105			2,995
Cash flows from investing activities:
Cash paid for Milton Bancorp, Inc. acquisition		----			(7,431	)		----
Change in notes receivable		100			461			(100	)
Net cash provided by (used in) investing activities		100			(6,970	)		(100	)
Cash flows from financing activities:
Change in notes payable		(558	)		3,964			128
Proceeds from common stock through dividend reinvestment		715			----			----
Cash dividends paid		(3,932	)		(3,585	)		(3,665	)
Net cash provided by (used in) financing activities		(3,775	)		379			(3,537	)
Cash and cash equivalents:
Change in cash and cash equivalents		545			514			(642	)
Cash and cash equivalents at beginning of year		2,747			2,233			2,875
Cash and cash equivalents at end of year	$	3,292		$	2,747		$	2,233