Note 6 - Other Borrowed Funds

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

6

- OTHER BORROWED FUNDS

Other borrowed funds at

September 30, 2019

and

December 31, 2018

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

	FHLB Borrowings		Promissory Notes		Totals
September 30, 2019	$	30,417	$	4,381	$	34,798
December 31, 2018	$	33,434	$	6,279	$	39,713

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

$305,754

in qualifying mortgage loans,

$66,441

in commercial loans and

$5,365

in FHLB stock at

September 30, 2019.

Fixed-rate FHLB advances of

$30,417

mature through

2042

and have interest rates ranging from

1.53%

to

3.31%

and a year-to-date weighted average cost of

2.39%.

There were

no

variable-rate FHLB borrowings at

September 30, 2019.

At

September 30, 2019,

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

September 30, 2019.

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

$206,171

at

September 30, 2019.

Of this maximum borrowing capacity of

$206,171,

the Company had

$115,754

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 final maturity date of

May 17, 2021,

and have fixed rates ranging from

1.75%

to

4.09%

and a year-to-date weighted average cost of

2.77%

at

September 30, 2019,

as compared to

2.83%

at

December 31, 2018.

There were

eight

promissory notes payable by Ohio Valley to related parties totaling

$3,558

at

September 30, 2019,

and

December 31, 2018.

Promissory notes payable to other banks totaled

$553

at

September 30, 2019,

as compared to

$2,451

at

December 31, 2018.

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

September 30, 2019

and

$51,700

at

December 31, 2018.

Scheduled principal payments as of

September 30, 2019:

	FHLB Borrowings		Promissory Notes		Totals
2019	$	1,000	$	1,615	$	2,615
2020		3,380		2,133		5,513
2021		3,000		633		3,633
2022		2,842		----		2,842
2023		2,705		----		2,705
Thereafter		17,490		----		17,490
	$	30,417	$	4,381	$	34,798