Note 6 - Other Borrowed Funds

3 Months Ended

Mar. 31, 2016

Disclosure Text Block [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at March 31, 2016 and December 31, 2015 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes. At March 31, 2016 and December 31, 2015, FHLB Borrowings included $106 and $117 in capitalized lease obligations, respectively.

	FHLB Borrowings		Promissory Notes		Totals
March 31, 2016	$	24,215	$	3,918	$	28,133
December 31, 2015	$	20,028	$	3,918	$	23,946

Pursuant to collateral agreements with the FHLB, advances were secured by $218,299 in qualifying mortgage loans, $80,271 in commercial loans and $5,081 in FHLB stock at March 31, 2016. Fixed-rate FHLB advances of $24,109 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 March 31, 2016.

At March 31, 2016, 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 March 31, 2016.

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 $176,455 at March 31, 2016. Of this maximum borrowing capacity, the Company had $109,346 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, are due at various dates through a final maturity date of December 4, 2017, and have fixed rates ranging from 1.25% to 1.50% and a year-to-date weighted average cost of 1.44% at March 31, 2016, as compared to 1.38% at December 31, 2015. Promissory notes payable by Ohio Valley to related parties totaled $360 at March 31, 2016.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $43,000 at March 31, 2016 and $34,800 at December 31, 2015.

Scheduled principal payments as of March 31, 2016:

	FHLB Borrowings		Promissory Notes		Totals
2016	$	1,638	$	2,416	$	4,054
2017		4,866		1,502		6,368
2018		1,807		----		1,807
2019		1,744		----		1,744
2020		1,650		----		1,650
Thereafter		12,510		----		12,510
	$	24,215	$	3,918	$	28,133