Commitments and Contingencies

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

(14)	COMMITMENTS AND CONTINGENCIES

At September 30, 2015, the Company had $19.7 million in outstanding commitments to originate loans and undisbursed commitments on loans outstanding of $109.3 million. Management believes that the Company’s sources of funds are sufficient to fund all of its outstanding commitments. Certificates of deposits scheduled to mature in one year or less from September 30, 2015, totaled $200.1 million. Management believes that a significant percentage of such deposits will remain with the Company. At September 30, 2015, the Company has deposit balances totaling $30.2 million that exceed FDIC insurance limits without additional collateral pledged.

The Company’s FHLB borrowings are secured by a blanket security agreement pledging the Company’s 1-4 family first mortgage loans and non-residential real estate loans. At September 30, 2015, the Company has pledged all eligible 1-4 family first mortgages.

At September 30, 2015, the Company has outstanding borrowings of $25.0 million from the FHLB. At September 30, 2015, the Company’s has a $4.0 million borrowing that matures on March 17, 2016, with an interest rate of 5.34% and $6.0 million that matures on July 6, 2018, with an interest rate of 1.18%. The Federal Home Loan Bank of Cincinnati has issued letters of credit in the Bank’s name totaling $13.0 million secured by the Company’s loan portfolio to secure select municipal deposits with balances in excess of FDIC insurance limits.

At September 30, 2015, the Company had $45.6 million in additional borrowing capacity with the FHLB. The Company’s borrowing capacity with the FHLB includes an overnight line of credit of $30.0 million. At September 30, 2015, the Company’s had $15.0 million outstanding against the overnight line of credit. The Company has an $8.0 million unsecured overnight borrowing capacity from a correspondent bank.

The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit and financial guarantees written is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making these commitments and conditional obligations as it does for on-balance-sheet instruments.

At September 30, 2015, the Company had the following off-balance sheet commitments (in thousands):


Standby letters of credit	$	47
Unused home equity lines of credit	$	30,034
Unused commercial lines of credit	$	51,767
Unused unsecured personal lines of credit	$	27,458
Unfunded commitments on commercial loans	$	19,726