OTHER BORROWED FUNDS

6 Months Ended

Jun. 30, 2021

OTHER BORROWED FUNDS [Abstract]

OTHER BORROWED FUNDS

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at June 30, 2021 and December 31, 2020 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

	FHLB Borrowings		Promissory Notes		Totals
June 30, 2021	$	22,165	$	2,139	$	24,304
December 31, 2020	$	24,665	$	3,198	$	27,863

Pursuant to collateral agreements with the FHLB, advances are secured by $274,680 in qualifying mortgage loans, $66,926 in commercial loans and $5,245 in FHLB stock at June 30, 2021.  Fixed-rate FHLB advances of $22,165 mature through 2042 and have interest rates ranging from 1.53% to 3.31% and a year-to-date weighted average cost of 2.42% at June 30, 2021 and 2.40% at December 31, 2020.  There were no variable-rate FHLB borrowings at June 30, 2021.

At June 30, 2021, the Company had a cash management line of credit enabling it to borrow up to $100,000 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 $99,332 available on this line of credit at June 30, 2021.

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 $188,537 at June 30, 2021.  Of this maximum borrowing capacity, the Company had $99,332 available to use as additional borrowings.

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of April 13, 2022, and have fixed rates of 1.00% and a year-to-date weighted average cost of 1.33% at June 30, 2021, as compared to 2.20% at December 31, 2020.  At June 30, 2021 there were four promissory notes payable by Ohio Valley to related parties totaling $2,139 as compared to six totaling $3,198 at December 31, 2020.  There were no promissory notes payable to other banks at June 30, 2021 and December 31, 2020, respectively.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $67,040 at June 30, 2021 and $76,740 at December 31, 2020.

Scheduled principal payments as of June 30, 2021:

	FHLB Borrowings		Promissory Notes		Totals
2021	$	1,278	$	1,639	$	2,917
2022		2,541		500		3,041
2023		2,397		—		2,397
2024		2,101		—		2,101
2025		1,857		—		1,857
Thereafter		11,991		—		11,991
	$	22,165	$	2,139	$	24,304