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v3.23.1

Employee Benefits | 12 Months Ended
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Dec. 31, 2022
Employee Benefits [Abstract] |
Employee Benefits | Note N - Employee Benefits The Bank has a profit-sharing plan for the benefit of its employees and their beneficiaries. Contributions to the plan are determined by the Board of Directors of Ohio Valley. Contributions charged to expense were $256 and $265 for 2022 and 2021. Ohio Valley maintains an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees of the Company. Ohio Valley issues shares to the ESOP, purchased by the ESOP with subsidiary cash contributions, which are allocated to ESOP participants based on relative compensation. The total number of shares held by the ESOP, all of which have been allocated to participant accounts, were 313,114 and 292,680 at December 31, 2022 and 2021. In addition, the subsidiaries made contributions to the ESOP as follows:
|  | Years ended December 31 |
|  | 2022 |  |  | 2021 |
Number of shares issued |  |  | 18,522 |  |  |  | — |
Fair value of stock contributed |  | $ | 575 |  |  | $ | — |
Cash contributed |  |  | 0 |  |  |  | 580 |
Total expense |  | $ | 575 |  |  | $ | 580 |
Life insurance contracts with a cash surrender value of $37,317 and annuity assets of $2,310 at December 31, 2022 have been purchased by the Company, the owner of the policies. The purpose of these contracts was to replace a current group life insurance program for executive officers, implement a deferred compensation plan for directors and executive officers, implement a director retirement plan and implement supplemental retirement plans for certain officers. Under the deferred compensation plan, Ohio Valley pays each participant the amount of fees deferred plus interest over the participant’s desired term, upon termination of service. Under the director retirement plan, participants are eligible to receive ongoing compensation payments upon retirement subject to length of service. The supplemental retirement plans provide payments to select executive officers upon retirement based upon a compensation formula determined by Ohio Valley’s Board of Directors. The present value of payments expected to be provided are accrued during the service period of the covered individuals and amounted to $9,192 and $8,973 at December 31, 2022 and 2021. Expenses related to the plans for each of the last two years amounted to $458 and $830. In association with the split-dollar life insurance plan, the present value of the postretirement benefit totaled $3,309 at December 31, 2022 and $3,843 at December 31, 2021.

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