Note 6 - Other Borrowed Funds

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

6

- OTHER BORROWED FUNDS

Other borrowed funds at

June 30, 2017

and

December 31, 2016

are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes. At

June 30, 2017

and

December 31, 2016,

FHLB Borrowings included

$48

and

$73

in capitalized lease obligations, respectively.

	FHLB Borrowings		Promissory Notes		Totals
June 30, 2017	$	33,000	$	7,655	$	40,655
December 31, 2016	$	29,203	$	7,882	$	37,085

Pursuant to collateral agreements with the FHLB, advances were secured by

$295,597

in qualifying mortgage loans,

$68,056

in commercial loans and

$5,365

in FHLB stock at

June 30, 2017.

Fixed-rate FHLB advances of

$32,952

mature through

2042

and have interest rates ranging from

1.34%

to

3.31%

and a year-to-date weighted average cost of

2.14%.

There were

no

variable-rate FHLB borrowings at

June 30, 2017.

At

June 30, 2017,

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, 2017.

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

$217,234

at

June 30, 2017.

Of this maximum borrowing capacity, the Company had

$143,081

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

August 1, 2026,

and have fixed rates ranging from

1.25%

to

4.09%

through

August 1, 2021

and a year-to-date weighted average cost of

2.79%

at

June 30, 2017,

as compared to

2.34%

at

December 31, 2016.

Promissory notes payable by Ohio Valley to related parties totaled

$360

at

June 30, 2017.

Promissory notes payable to other banks totaled

$3,671

at

June 30, 2017.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled

$41,200

at

June 30, 2017

and

$45,000

at

December 31, 2016.

Scheduled principal payments as of

June 30, 2017:

	FHLB Borrowings		Promissory Notes		Totals
2017	$	4,738	$	1,079	$	5,817
2018		2,891		2,261		5,152
2019		2,724		1,852		4,576
2020		2,541		519		3,060
2021		2,240		541		2,781
Thereafter		17,866		1,403		19,269
	$	33,000	$	7,655	$	40,655