Note 6 - Other Borrowed Funds

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

6

- OTHER BORROWED FUNDS

Other borrowed funds at

March 31, 2020

and

December 31, 2019

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

	FHLB Borrowings		Promissory Notes		Totals
March 31, 2020	$	28,375	$	4,084	$	32,459
December 31, 2019	$	29,758	$	4,233	$	33,991

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

$299,428

in qualifying mortgage loans,

$65,741

in commercial loans and

$5,365

in FHLB stock at

March 31, 2020.

Fixed-rate FHLB advances of

$28,375

mature through

2042

and have interest rates ranging from

1.53%

to

3.31%

and a year-to-date weighted average cost of

2.41%.

There were

no

variable-rate FHLB borrowings at

March 31, 2020.

At

March 31, 2020,

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

March 31, 2020.

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

$202,356

at

March 31, 2020. 

Of this maximum borrowing capacity, the Company had

$110,295

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

2.00%

to

4.09%

and a year-to-date weighted average cost of

2.56%

at

March 31, 2020,

as compared to

2.73%

at

December 31, 2019.

There were

eight

promissory notes payable by Ohio Valley to related parties totaling

$3,558

at

March 31, 2020,

and

December 31, 2019.

Promissory notes payable to other banks totaled

$256

at

March 31, 2020,

as compared to

$405

at

December 31, 2019.

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

$63,687

at

March 31, 2020

and

$56,500

at

December 31, 2019.

Scheduled principal payments as of

March 31, 2020:

	FHLB Borrowings		Promissory Notes		Totals
2020	$	2,339	$	3,451	$	5,790
2021		3,000		633		3,633
2022		2,841		----		2,841
2023		2,705		----		2,705
2024		2,301		----		2,301
Thereafter		15,189		----		15,189
	$	28,375	$	4,084	$	32,459