Note I - Other Borrowed Funds

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

Note

I

- Other Borrowed Funds

Other borrowed funds at

December 31, 2019

and

2018

are comprised of advances from the FHLB of Cincinnati and promissory notes.

	FHLB Borrowings		Promissory Notes		Totals
2019	$	29,758	$	4,233	$	33,991
2018	$	33,434	$	6,279	$	39,713

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

$301,244

in qualifying mortgage loans,

$69,683

in commercial loans and

$5,365

in FHLB stock at

December 31, 2019.

Fixed-rate FHLB advances of

$29,758

mature through

2042

and have interest rates ranging from

1.53%

to

3.31%

and a year-to-date weighted average cost of

2.39%

and

2.36%

at

December 31, 2019

and

2018,

respectively. There were

no

variable-rate FHLB borrowings at

December 31, 2019.

At

December 31, 2019,

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

December 31, 2019.

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

$205,559

at

December 31, 2019.

Of this maximum borrowing capacity of

$205,559,

the Company had

$119,302

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

May 17, 2021,

and have fixed rates ranging from

2.00%

to

4.09%

and a year-to-date weighted average cost of

2.73%

at

December 31, 2019,

as compared to

2.83%

at

December 31, 2018.

At

December 31, 2019,

there were

eight

promissory notes payable by Ohio Valley to related parties totaling

$3,558.

See Note M for further discussion of related party transactions. Promissory notes payable to other banks totaled

$405

at

December 31, 2019.

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

$56,500

at

December 31, 2019

and

$51,700

at

December 31, 2018.

Scheduled principal payments over the next

five

years: 

	FHLB Borrowings		Promissory Notes		Totals
2020	$	3,722	$	3,600	$	7,322
2021		3,000		633		3,633
2022		2,841		----		2,841
2023		2,705		----		2,705
2024		2,301		----		2,301
Thereafter		15,189		----		15,189
	$	29,758	$	4,233	$	33,991