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OTHER BORROWED FUNDS | 9 Months Ended
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Sep. 30, 2020
OTHER BORROWED FUNDS [Abstract] |
OTHER BORROWED FUNDS | NOTE 6 - OTHER BORROWED FUNDS Other borrowed funds at September 30, 2020 and December 31, 2019 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.
|  | FHLB Borrowings |  |  | Promissory Notes |  |  | Totals |
September 30, 2020 |  | $ | 25,763 |  |  | $ | 3,558 |  |  | $ | 29,321 |
December 31, 2019 |  | $ | 29,758 |  |  | $ | 4,233 |  |  | $ | 33,991 |
Pursuant to collateral agreements with the FHLB, advances were secured by $305,131 in qualifying mortgage loans, $79,447 in commercial loans and $5,365 in FHLB stock at September 30, 2020. Fixed-rate FHLB advances of $25,763 mature through 2042 and have interest rates ranging from 1.53% to 3.31% and a year-to-date weighted average cost of 2.40%. There were no variable-rate FHLB borrowings at September 30, 2020. At September 30, 2020, the Company had a cash management line of credit enabling it to borrow up to $100,000 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 $100,000 available on this line of credit at September 30, 2020. 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 $203,193 at September 30, 2020. Of this maximum borrowing capacity, the Company had $109,189 available to use as additional borrowings, of which $100,000 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 18, 2021, and have fixed rates ranging from 2.00% to 2.85% and a year-to-date weighted average cost of 2.31% at September 30, 2020, as compared to 2.73% at December 31, 2019. There were seven promissory notes payable by Ohio Valley to related parties totaling $3,558 at September 30, 2020, and December 31, 2019. There were no promissory notes payable to other banks at September 30, 2020, as compared to $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 $68,240 at September 30, 2020 and $56,500 at December 31, 2019. Scheduled principal payments as of September 30, 2020:
|  | FHLB Borrowings |  |  | Promissory Notes |  |  | Totals |
2020 |  | $ | 858 |  |  | $ | 1,998 |  |  | $ | 2,856 |
2021 |  |  | 2,888 |  |  |  | 1,560 |  |  |  | 4,448 |
2022 |  |  | 2,727 |  |  |  | — |  |  |  | 2,727 |
2023 |  |  | 2,588 |  |  |  | — |  |  |  | 2,588 |
2024 |  |  | 2,214 |  |  |  | — |  |  |  | 2,214 |
Thereafter |  |  | 14,488 |  |  |  | — |  |  |  | 14,488 |
|  | $ | 25,763 |  |  | $ | 3,558 |  |  | $ | 29,321 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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