Note 6 - Other Borrowed Funds

6 Months Ended

Jun. 30, 2015

Disclosure Text Block [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at June 30, 2015 and December 31, 2014 were comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

	FHLB Borrowings		Promissory Notes		Totals
June 30, 2015	$	20,531	$	3,791	$	24,322
December 31, 2014	$	21,181	$	3,791	$	24,972

Pursuant to collateral agreements with the FHLB, advances were secured by $215,102 in qualifying mortgage loans, $82,900 in commercial loans and $5,081 in FHLB stock at June 30, 2015. Fixed-rate FHLB advances of $20,531 mature through 2042 and have interest rates ranging from 1.34% to 3.31% and a year-to-date weighted average cost of 2.09%. There were no variable-rate FHLB borrowings at June 30, 2015.

At June 30, 2015, the Company had a cash management line of credit enabling it to borrow up to $75,000 from the FHLB. All cash management advances have an original maturity of 90 days. The line of credit must be renewed on an annual basis. There was $75,000 available on this line of credit at June 30, 2015.

Based on the Company's current FHLB stock ownership, total assets and pledgeable loans, the Company had the ability to obtain borrowings from the FHLB up to a maximum of $174,081 at June 30, 2015. Of this maximum borrowing capacity, the Company had $115,749 available to use as additional borrowings, of which $75,000 could be used for short-term, cash management advances, as mentioned above.

Promissory notes, issued primarily by Ohio Valley, have fixed rates of 1.15% to 1.50% and are due at various dates through a final maturity date of December 8, 2016. At June 30, 2015, there were no promissory notes payable by Ohio Valley to related parties.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $37,800 at June 30, 2015 and $29,500 at December 31, 2014.

Scheduled principal payments as of June 30, 2015:

	FHLB Borrowings		Promissory Notes		Totals
2015	$	1,123	$	2,456	$	3,579
2016		1,594		1,335		2,929
2017		4,534		----		4,534
2018		1,484		----		1,484
2019		1,443		----		1,443
Thereafter		10,353		----		10,353
	$	20,531	$	3,791	$	24,322