Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2022

Parent Company Only Condensed Financial Information [Abstract]

Parent Company Only Condensed Financial Information

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	2022		2021
Cash and cash equivalents	$	4,697	$	5,366
Investment in subsidiaries		141,402		147,214
Notes receivable – subsidiaries		2,365		2,123
Other assets		259		38
Total assets	$	148,723	$	154,741
Liabilities
Notes payable	$	2,376	$	2,138
Subordinated debentures		8,500		8,500
Other liabilities		2,819		2,747
Total liabilities		13,695		13,385
Shareholders’ Equity
Total shareholders’ equity		135,028		141,356
Total liabilities and shareholders’ equity	$	148,723	$	154,741

CONDENSED STATEMENTS OF INCOME

	Years ended December 31:
Income:	2022			2021
Interest on notes	$	29		$	20
Dividends from subsidiaries		4,180			6,650
Expenses:
Interest on notes		29			31
Interest on subordinated debentures		296			158
Operating expenses		396			379
Income before income taxes and equity in undistributed earnings of subsidiaries		3,488			6,102
Income tax benefit		141			112
Equity in undistributed earnings of subsidiaries		9,709			5,518
Net Income	$	13,338		$	11,732
Other Comprehensive Income (loss), net of tax		(15,521	)		(1,728	)
Comprehensive Income	$	(2,183	)	$	10,004

CONDENSED STATEMENTS OF CASH FLOWS

	Years ended December 31:
Cash flows from operating activities:	2022			2021
Net Income	$	13,338		$	11,732
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(9,709	)		(5,518	)
Common stock issued to ESOP		575			—
Change in other assets		(221	)		(6	)
Change in other liabilities		72			1,598
Net cash provided by operating activities		4,055			7,806
Cash flows from investing activities:
Change in notes receivable		(242	)		(520	)
Net cash used in investing activities		(242	)		(520	)
Cash flows from financing activities:
Change in notes payable		238			(1,060	)
Purchases of treasury stock		—			(954	)
Cash dividends paid		(4,720	)		(4,018	)
Net cash used in financing activities		(4,482	)		(6,032	)
Cash and cash equivalents:
Change in cash and cash equivalents		(669	)		1,254
Cash and cash equivalents at beginning of year		5,366			4,112
Cash and cash equivalents at end of year	$	4,697		$	5,366