OTHER BORROWED FUNDS

3 Months Ended

Mar. 31, 2025

OTHER BORROWED FUNDS [Abstract]

OTHER BORROWED FUNDS

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at March 31, 2025 and December 31, 2024 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

	FHLB Borrowings		Promissory Notes		Totals
March 31, 2025	$	35,856	$	2,584	$	38,440
December 31, 2024	$	37,239	$	2,501	$	39,740

Pursuant to collateral agreements with the FHLB, advances are secured by $341,287 in qualifying mortgage loans, $40,465 in commercial loans and $2,866 in FHLB stock at March 31, 2025.  Fixed-rate FHLB advances of $35,856 mature through 2042 and have interest rates ranging from 1.53% to 4.91% and a year-to-date weighted average cost of 4.05% at March 31, 2025 and 4.02% at December 31, 2024.  There were no variable-rate FHLB borrowings at March 31, 2025.

At March 31, 2025, 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 March 31, 2025.

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 $189,134 at March 31, 2025.  Of this maximum borrowing capacity, the Company had $89,603 available to use as additional borrowings, of which $89,603 could be used for short term, cash management advances, as mentioned above.

At March 31, 2025, the Company had a federal funds line of credit with two correspondent banks totaling $25,000. The lines of credit are not committed and are provided at the discretion of the correspondent bank. No collateral has been pledged to the lines of credit. Any advance is due to be repaid the next business day. At March 31, 2025, there was $25,000 available on these lines of credit.

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of March 11, 2026, and have fixed rates ranging from 4.35% to 5.00% and a year-to-date weighted average cost of 4.91% at March 31, 2025, as compared to 4.71% at December 31, 2024.  At March 31, 2025 and December 31, 2024, there were six promissory notes payable by Ohio Valley to related parties totaling $2,584.  There were no promissory notes payable to other banks at March 31, 2025 and December 31, 2024, respectively.

Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $63,675 at March 31, 2025 and $58,500 at December 31, 2024.

Scheduled principal payments as of March 31, 2025:

	FHLB Borrowings		Promissory Notes		Totals
2025	$	4,052	$	1,761	$	5,813
2026		12,908		823		13,731
2027		11,397		—		11,397
2028		1,349		—		1,349
2029		1,733		—		1,733
Thereafter		4,417		—		4,417
	$	35,856	$	2,584	$	38,440