Note 6 - Other Borrowed Funds

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

6

- OTHER BORROWED FUNDS

Other borrowed funds at

March 31, 2018

and

December 31, 2017

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

March 31, 2018,

and

December 31, 2017,

FHLB Borrowings included

$18

and

$29

in capitalized lease obligations, respectively.

	FHLB Borrowings		Promissory Notes		Totals
March 31, 2018	$	35,718	$	6,885	$	42,603
December 31, 2017	$	28,625	$	7,324	$	35,949

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

$295,515

in qualifying mortgage loans,

$76,898

in commercial loans and

$5,365

in FHLB stock at

March, 2018.

Fixed-rate FHLB advances of

$35,700

mature through

2042

and have interest rates ranging from

1.53%

to

3.31%

and a year-to-date weighted average cost of

2.34%.

There were

no

variable-rate FHLB borrowings at

March 31, 2018.

At

March 31, 2018,

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, 2018.

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

$235,522

at

March 31, 2018.

Of this maximum borrowing capacity, the Company had

$145,822

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

August 1, 2026,

and have fixed rates ranging from

1.50%

to

4.09%

through

August 1, 2021

and a year-to-date weighted average cost of

2.87%

at

March 31, 2018,

as compared to

2.77%

at

December 31, 2017.

Promissory notes payable by Ohio Valley to related parties totaled

$360

at

March 31, 2018,

and

December 31, 2017.

Promissory notes payable to other banks totaled

$3,323

at

March 31, 2018,

as compared to

$3,440

at

December 31, 2017.

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

$54,000

at

March 31, 2018

and

$60,000

at

December 31, 2017.

Scheduled principal payments as of

March 31, 2018:

	FHLB Borrowings		Promissory Notes		Totals
2018	$	2,651	$	1,403	$	4,054
2019		3,651		3,018		6,669
2020		3,380		519		3,899
2021		3,000		541		3,541
2022		2,841		564		3,405
Thereafter		20,195		840		21,035
	$	35,718	$	6,885	$	42,603