OTHER BORROWED FUNDS

9 Months Ended

Sep. 30, 2022

OTHER BORROWED FUNDS [Abstract]

OTHER BORROWED FUNDS

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at September 30, 2022 and December 31, 2021 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

	FHLB Borrowings		Promissory Notes		Totals
September 30, 2022	$	15,947	$	2,138	$	18,085
December 31, 2021	$	17,476	$	2,138	$	19,614

Pursuant to collateral agreements with the FHLB, advances are secured by $265,986 in qualifying mortgage loans, $30,420 in commercial loans and $3,813 in FHLB stock at September 30, 2022.  Fixed-rate FHLB advances of $15,947 mature through 2042 and have interest rates ranging from 1.53% to 2.97% and a year-to-date weighted average cost of 2.35% at September 30, 2022 and 2.39% at December 31, 2021.  There were no variable-rate FHLB borrowings at September 30, 2022.

At September 30, 2022, the Company had a cash management line of credit enabling it to borrow up to $100,000 from the FHLB, subject to the stock ownership and collateral limitations described below.  All cash management advances have an original maturity of 90 days.  The line of credit must be renewed on an annual basis.  There was $100,000 available on this line of credit at September 30, 2022.

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 $183,760 at September 30, 2022.  Of this maximum borrowing capacity, the Company had $96,813 available to use as additional borrowings, of which $96,813 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 April 13, 2023, and have fixed rates ranging from 1.25% to 1.30% and a year-to-date weighted average cost of 1.25% at September 30,2022, as compared to 1.23% at December 31, 2021.  At September 30, 2022, there were six promissory notes payable by Ohio Valley to related parties totaling $2,138. There were no promissory notes payable to other banks at September 30, 2022 or December 31, 2021.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $71,000 at September 30, 2022 and $68,380 at December 31, 2021.

Scheduled principal payments as of September 30, 2022:

	FHLB Borrowings		Promissory Notes		Totals
2022	$	580	$	530	$	1,110
2023		1,784		1,608		3,392
2024		1,693		—		1,693
2025		1,560		—		1,560
2026		1,434		—		1,434
Thereafter		8,896		—		8,896
	$	15,947	$	2,138	$	18,085