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Other Borrowed Funds
 12 Months Ended
Dec. 31, 2024
Other Borrowed Funds [Abstract]  
Other Borrowed Funds
Note I - Other Borrowed Funds

Other borrowed funds at December 31, 2024 and 2023 are comprised of advances from the FHLB of Cincinnati and promissory notes.
FHLB
Borrowings
    
Promissory
Notes
    
Totals
  
2024
  
$
37,239
    
$
2,501
    
$
39,740
  
2023
  
$
42,199
    
$
2,394
    
$
44,593
  
 

Pursuant to collateral agreements with the FHLB, advances are secured by $365,491 in qualifying mortgage loans, $33,745 in commercial loans and $2,866 in FHLB stock at December 31, 2024. Fixed-rate FHLB advances of $37,239 mature through 2042 and have interest rates ranging from 1.53% to 4.91% and a year-to-date weighted average cost of 4.02% and 3.50% at December 31, 2024 and 2023, respectively. There were no variable-rate FHLB borrowings at December 31, 2024.



At December 31, 2024, 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 below. 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 December 31, 2024.

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 $183,374 at December 31, 2024. Of this maximum borrowing capacity, the Company had $87,635 available to use as additional borrowings, of which $87,635 could be used for short term, cash management advances, as mentioned above. Furthermore, the Company pledged collateral to the FRB to establish a borrowing line, which had availability of $54,156 at December 31, 2024.



At December 31, 2024, the Company had a federal funds line of credit with two correspondent banks totaling $25,000. The lines of credit are not committed and are provided at the discretion of the correspondent bank. No collateral has been pledged to the lines of credit. Any advance is due to be repaid the next business day. At December 31, 2024, there was $25,000 available on these lines of credit.



Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of July 18, 2025, and have fixed rates ranging from 4.65% to 5.25% and a year-to-date weighted average cost of 4.71% at December 31, 2024, as compared to 3.79% at December 31, 2023. At December 31, 2024 and 2023, there were six promissory notes payable by Ohio Valley to related parties totaling $2,501 and $2,394, respectively. See Note M for further discussion of related party transactions. There were no promissory notes payable to other banks at December 31, 2024 and 2023, respectively.


Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $58,500 at December 31, 2024 and $52,350 at December 31, 2023.



Scheduled principal payments over the next five years:
FHLB
Borrowings
    
Promissory
Notes
    
Totals
  
2025
  
$
5,435
    
$
2,501
    
$
7,936
  
2026
    
12,908
      
—
      
12,908
  
2027
    
11,397
      
—
      
11,397
  
2028
    
1,349
      
—
      
1,349
  
2029
    
1,733
      
—
      
1,733
  
Thereafter
    
4,417
      
—
      
4,417
  

 
$
37,239
    
$
2,501
    
$
39,740