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OTHER BORROWED FUNDS

3 Months Ended

Mar. 31, 2021

OTHER BORROWED FUNDS [Abstract]

OTHER BORROWED FUNDS

NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at March 31, 2021 and December 31, 2020 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

		FHLB Borrowings				Promissory Notes				Totals
March 31, 2021		$	23,493			$	3,198			$	26,691
December 31, 2020		$	24,665			$	3,198			$	27,863

Pursuant to collateral agreements with the FHLB, advances were secured by $282,889 in qualifying mortgage loans, $55,701 in commercial loans and $5,365 in FHLB stock at March 31, 2021.  Fixed-rate FHLB advances of $23,493 mature through 2042 and have interest rates ranging from 1.53% to 3.31% and a year-to-date weighted average cost of 2.43% at March 31, 2021 and 2.40% at December 31, 2020.  There were no variable-rate FHLB borrowings at March 31, 2021.

At March 31, 2021, 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 $92,178 available on this line of credit at March 31, 2021.

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 $188,666 at March 31, 2021.  Of this maximum borrowing capacity, the Company had $92,178 available to use as additional borrowings.

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of December 9, 2021, and have fixed rates ranging from 1.00% to 2.85% and a year-to-date weighted average cost of 1.41% at March 31, 2021, as compared to 2.20% at December 31, 2020.  At March 31, 2021 and December 31, 2020, there were six promissory notes payable by Ohio Valley to related parties totaling $3,198.  There were no promissory notes payable to other banks at March 31, 2021 and December 31, 2020, respectively.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $72,995 at March 31, 2021 and $76,740 at December 31, 2020.

Scheduled principal payments as of March 31, 2021:

		FHLB Borrowings				Promissory Notes				Totals
2021		$	1,962			$	3,198			$	5,160
2022			2,683				—				2,683
2023			2,542				—				2,542
2024			2,173				—				2,173
2025			1,897				—				1,897
Thereafter			12,236				—				12,236
		$	23,493			$	3,198			$	26,691

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- References

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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

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