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Employee Benefits
 12 Months Ended
Dec. 31, 2024
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 $267 and $270 for 2024 and 2023.

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 340,562 and 317,860 at December 31, 2024 and 2023, respectively.  In addition, the subsidiaries made contributions to the ESOP as follows:

   
Years ended December 31
  
   
2024
    
2023
  
             
Number of shares issued
    
20,542
      
4,746
  
                 
Fair value of stock contributed
  
$
500
    
$
125
  
                 
Cash contributed
    
55
      
473
  
                 
Total expense
  
$
555
    
$
598
  


Life insurance contracts with a cash surrender value of $40,127 and annuity assets of $1,921 at December 31, 2024 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 $10,054 and $9,716 at December 31, 2024 and 2023, respectively. Expenses related to the plans for each of the last two years amounted to $707 and $807, respectively. In association with the split-dollar life insurance plan, the present value of the postretirement benefit totaled $3,570 at December 31, 2024 and $3,526 at December 31, 2023.