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OVBC > SEC Filings for OVBC > Form 8-K on 7-Nov-2013All Recent SEC Filings

Show all filings for OHIO VALLEY BANC CORP



Results of Operations and Financial Condition, Financial Statements and Exh

Item 2.02. Results of Operations and Financial Condition

On October 24, 2013, Ohio Valley Banc Corp. issued a press release announcing financial results for its third quarter and year-to-date periods ended September 30, 2013. A copy of the press release was attached as Exhibit 99.1 to the Form 8-K filed on October 24, 2013. On November 7, 2013, the Company will issue a press release revising the previously reported earnings. The revised press release is furnished with this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Subsequent to the earnings announcement, management obtained new information related to the collateral value of an impaired loan that resulted in an additional allocation within the allowance for loan losses. Based on the new collateral value assessment, the total specific allocation associated with the loan relationship increased $524,000 from management's previous estimate. The additional impairment resulted in an increase in provision for loan loss expense of $524,000, which reduced net income by $346,000.

The revised net income for the third quarter of 2013 was $1,061,000 or $.26 per share. The original third quarter earnings reported net income of $1,407,000 or $.35 per share. For the nine months ended September 30, 2013, net income was revised to $6,226,000, or $1.53 per share, from the previously reported $6,572,000, or $1.62 per share.

Item 9.01. Financial Statements and Exhibits

(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits - The following exhibit is being filed with this Current Report on Form 8-K:

   Exhibit Number                        Description

        99.1               Press release to be issued by Ohio
                           Valley Banc Corp. on November 7, 2013.

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