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Note 6 - Other Borrowed Funds
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Federal Home Loan Bank Advances, Disclosure [Text Block]
NOTE
6
- OTHER BORROWED FUNDS
 
Other borrowed funds at
September 30, 2017
and
December 31, 2016
are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes. At
September 30, 2017
and
December 31, 2016,
FHLB Borrowings included
$48
and
$73
in capitalized lease obligations, respectively.
 
   
FHLB
Borrowings
    
Promissory
Notes
    
Totals
  
                         
September
30, 2017
   $
29,235
     $
7,540
     $
36,775
  
December 31, 20
16
   $
29,203
     $
7,882
     $
37,085
  
 
Pursuant to collateral agreements with the FHLB, advances
were secured by
$305,490
in qualifying mortgage loans,
$75,032
in commercial loans and
$5,365
in FHLB stock at
September 30, 2017.
Fixed-rate FHLB advances of
$29,195
mature through
2042
and have interest rates ranging from
1.53%
to
3.31%
and a year-to-date weighted average cost of
2.14%.
There were
no
variable-rate FHLB borrowings at
September 30, 2017.
 
At
September 30, 2017,
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
September 30, 2017.
 
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
$221,723
at
September 30, 2017.
Of this maximum borrowing capacity, the Company had
$146,529
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
1.25%
to
4.09%
through
August 1, 2021
and a year-to-date weighted average cost of
2.77%
at Septe
mber
30,
2017,
as compared to
2.34%
at
December 31, 2016.  
Promissory notes payable by Ohio Valley to related parties totaled
$360
at
September 30, 2017
and
December 31, 2016. 
Promissory notes payable to other banks totaled
$3,556
at
September 30, 2017,
as compared to
$3,899
at
December 31, 2016.
 
Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required
by law totaled
$46,000
at
September 30, 2017
and
$45,000
at
December 31, 2016.
 
Scheduled principal payments as of
September 30, 2017:
 
   
FHLB
Borrowings
    
Promissory
Notes
    
 
Totals
  
                         
20
17
   $
973
     $
964
     $
1,937
  
201
8
    
2,891
      
2,261
      
5,152
  
2
019
    
2,724
      
1,852
      
4,576
  
2
020
    
2,541
      
519
      
3,060
  
20
21
    
2,240
      
541
      
2,781
  
Thereafter
    
17,866
      
1,403
      
19,269
  
    $
29,235
     $
7,540
     $
36,775