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OTHER BORROWED FUNDS
 6 Months Ended
Jun. 30, 2022
OTHER BORROWED FUNDS [Abstract]  
OTHER BORROWED FUNDS
NOTE 6 - OTHER BORROWED FUNDS

Other borrowed funds at June 30, 2022 and December 31, 2021 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

 
FHLB Borrowings
    
Promissory Notes
    
Totals
  
                   
June 30, 2022
  
$
16,345
    
$
2,139
    
$
18,484
  
December 31, 2021
  
$
17,476
    
$
2,138
    
$
19,614
  

Pursuant to collateral agreements with the FHLB, advances are secured by $300,856 in qualifying mortgage loans, $32,788 in commercial loans and $5,125 in FHLB stock at June 30, 2022.  Fixed-rate FHLB advances of $16,345 mature through 2042 and have interest rates ranging from 1.53% to 2.97% and a year-to-date weighted average cost of 2.36% at June 30, 2022 and 2.39% at December 31, 2021.  There were no variable-rate FHLB borrowings at June 30, 2022.

At June 30, 2022, 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 June 30, 2022.

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 $198,114 at June 30, 2022.  Of this maximum borrowing capacity, the Company had $116,069 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 April 13, 2023, and have fixed rates ranging from 1.25% to 1.30% and a year-to-date weighted average cost of 1.23% at June 30, 2022 and December 31, 2021.  At June 30, 2022, there were six promissory notes payable by Ohio Valley to related parties totaling $2,139. There were no promissory notes payable to other banks at June 30, 2022 and December 31, 2021, respectively.

Letters of credit issued on the Bank's behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $65,700 at June 30, 2022 and $68,380 at December 31, 2021.

Scheduled principal payments as of June 30, 2022:

 
FHLB
Borrowings
    
Promissory
Notes
    
Totals
  
                   
2022
  
$
978
    
$
531
    
$
1,509
  
2023
    
1,784
      
1,608
      
3,392
  
2024
    
1,693
      
—
      
1,693
  
2025
    
1,560
      
—
      
1,560
  
2026
    
1,434
      
—
      
1,434
  
Thereafter
    
8,896
      
—
      
8,896
  
   
$
16,345
    
$
2,139
    
$
18,484