Note I - Other Borrowed Funds

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

Note

I

- Other Borrowed Funds

Other borrowed funds at

December 31,

201

7

and

2016

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

December 31, 2017

and

2016,

FHLB Borrowings included

$29

and

$73

in capitalized lease obligations, respectively.

	FHLB Borrowings		Promissory Notes		Totals
201 7	$	28,625	$	7,324	$	35,949
201 6	$	29,203	$	7,882	$	37,085

Pursuant to collateral agreements with the FHLB, advances are secured by $

299,673

in qualifying mortgage loans,

$80,036

in commercial loans and

$5,365

in FHLB stock at

December 31, 2017.

Fixed-rate FHLB advances of

$28,596

mature through

2042

and have interest rates ranging from

1.53%

to

3.31%

and a year-to-date weighted average cost of

2.15%

and

2.08%

at

December 31, 2017

and

2016,

respectively. There were

no

variable-rate FHLB borrowings at

December 31, 2017.

At

December 31,

201

7,

the Company had a cash management line of credit enabling it to borrow up to

$80,000

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

$80,000

available on this line of credit at

December 31, 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

$232,588

at

December 31, 2017.

Of this maximum borrowing capacity of

$232,588,

the Company had

$143,992

available to use as additional borrowings, of which

$80,000

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 f

inal maturity date of

August 1, 2026,

and have fixed rates ranging from

1.25%

to

4.09%

and a year-to-date weighted average cost of

2.77%

at

December 31, 2017,

as compared to

2.34%

at

December 31, 2016.

At

December 31, 2017,

there was

one

$360

promissory note payable by Ohio Valley to related parties. See Note M for further discussion of related party transactions. Promissory notes payable to other banks totaled

$3,440

at

December 31, 2017.

Letters of credit issued on the Bank

’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled

$60,000

at

December 31, 2017

and

$45,000

at

December 31, 2016.

Scheduled principal payments over the next

five

years:

	FHLB Borrowings		Promissory Notes		Totals
201 8	$	3,255	$	2,261	$	5,516
201 9		2,724		2,599		5,323
20 20		2,541		519		3,060
20 21		2,239		541		2,780
202 2		2,153		564		2,717
Thereafter		15,713		840		16,553
	$	28,625	$	7,324	$	35,949