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Other Borrowed Funds
 12 Months Ended
Dec. 31, 2021
Other Borrowed Funds [Abstract]  
Other Borrowed Funds
Note I - Other Borrowed Funds

Other borrowed funds at December 31, 2021 and 2020 are comprised of advances from the FHLB of Cincinnati and promissory notes.

   
FHLB Borrowings
    
Promissory Notes
    
Totals
  
2021
  
$
17,476
    
$
2,138
    
$
19,614
  
2020
  

24,665
    

3,198
    

27,863
  



Pursuant to collateral agreements with the FHLB, advances are secured by $265,850 in qualifying mortgage loans, $37,091 in commercial loans and $5,125 in FHLB stock at December 31, 2021. Fixed-rate FHLB advances of $17,476 mature through 2042 and have interest rates ranging from 1.53% to 2.97% and a year-to-date weighted average cost of 2.39% and 2.40% at December 31, 2021 and 2020, respectively. There were no variable-rate FHLB borrowings at December 31, 2021.

At December 31, 2021, the Company had a cash management line of credit enabling it to borrow up to $100,000 from the FHLB, subject to the stock ownership and collateral limitations described in the next paragraph. All cash management advances have an original maturity of 90 days. The line of credit must be renewed on an annual basis.

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 $176,096 at December 31, 2021. Of this maximum borrowing capacity of $176,096, the Company had $90,241 available to use as additional borrowings.

Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of March 13, 2023, and have fixed rates ranging from 1.00% to 1.30% and a year-to-date weighted average cost of 1.23% at December 31, 2021, as compared to 2.20% at December 31, 2020. At December 31, 2021, there were six promissory notes payable by Ohio Valley to related parties totaling $2,138. See Note M for further discussion of related party transactions.  There were no promissory notes payable to other banks at December 31, 2021 and 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 $68,380 at December 31, 2021 and $76,740 at December 31, 2020.


Scheduled principal payments over the next five years:



  
FHLB
Borrowings
    
Promissory
Notes
    
Totals
  
2022
  
$
2,109
    
$
1,031
    
$
3,140
  
2023
    
1,784
      
1,107
      
2,891
  
2024
    
1,693
      
—
      
1,693
  
2025
    
1,560
      
—
      
1,560
  
2026
    
1,434
      
—
      
1,434
  
Thereafter
    
8,896
      
—
      
8,896
  
   
$
17,476
    
$
2,138
    
$
19,614