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Note 6 - Other Borrowed Funds
 6 Months Ended
Jun. 30, 2014
Disclosure Text Block [Abstract]  
Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 6 - OTHER BORROWED FUNDS


Other borrowed funds at June 30, 2014 and December 31, 2013 were comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.


   

FHLB Borrowings

   

Promissory Notes

   

Totals

 
                         

June 30, 2014

  $ 18,322     $ 3,579     $ 21,901  

December 31, 2013

  $ 15,219     $ 3,529     $ 18,748  

Pursuant to collateral agreements with the FHLB, advances were secured by $191,095 in qualifying mortgage loans, $91,681 in commercial loans and $5,081 in FHLB stock at June 30, 2014. Fixed-rate FHLB advances of $18,322 mature through 2042 and have interest rates ranging from 1.53% to 3.31% and a year-to-date weighted average cost of 2.22%. There were no variable-rate FHLB borrowings at June 30, 2014.


At June 30, 2014, the Company had a cash management line of credit enabling it to borrow up to $75,000 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 $75,000 available on this line of credit at June 30, 2014.


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 $200,741 at June 30, 2014. Of this maximum borrowing capacity, the Company had $154,920 available to use as additional borrowings, of which $75,000 could be used for short-term, cash management advances, as mentioned above.


Promissory notes, issued primarily by Ohio Valley, have fixed rates of 1.15% to 5.00% and are due at various dates through a final maturity date of December 3, 2015. At June 30, 2014, there were no promissory notes payable by Ohio Valley to related parties.


Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $27,500 at June 30, 2014 and $25,000 at December 31, 2013.


Scheduled principal payments as of June 30, 2014:


   

FHLB

Borrowings

   

Promissory

Notes

   

Totals

 
                         

2014

  $ 1,189     $ 2,161     $ 3,350  

2015

    1,646       1,418       3,064  

2016

    1,574       ----       1,574  

2017

    1,512       ----       1,512  

2018

    1,462       ----       1,462  

Thereafter

    10,939       ----       10,939  
    $ 18,322     $ 3,579     $ 21,901