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OTHER BORROWED FUNDS
 9 Months Ended
Sep. 30, 2025
OTHER BORROWED FUNDS [Abstract]  
OTHER BORROWED FUNDS
NOTE 6 – OTHER BORROWED FUNDS

Other borrowed funds at September 30, 2025 and December 31, 2024 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.

 
FHLB
Borrowings
    
Promissory
Notes
    
Totals
  
                   
September 30, 2025
  
$
33,436
    
$
2,588
    
$
36,024
  
December 31, 2024
  
$
37,239
    
$
2,501
    
$
39,740
  

Pursuant to collateral agreements with the FHLB, advances are secured by $365,406 in qualifying mortgage loans, $36,416 in commercial loans and $2,866 in FHLB stock at September 30, 2025.  Fixed-rate FHLB advances of $33,436 mature through 2042 and have interest rates ranging from 1.53% to 4.91% and a year-to-date weighted average cost of 4.04% at September 30, 2025 and 4.02% at December 31, 2024.  There were no variable-rate FHLB borrowings at September 30, 2025.

At September 30, 2025, 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 September 30, 2025.

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 $209,154 at September 30, 2025.  Of this maximum borrowing capacity, the Company had $116,143 available to use as additional borrowings, of which $116,143 could be used for short term, cash management advances, as mentioned above.

At September 30, 2025, 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 September 30, 2025, 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 June 15, 2026, and have fixed rates ranging from 4.25% to 4.60% and a year-to-date weighted average cost of 4.59% at September 30, 2025, as compared to 4.71% at December 31, 2024.  At September 30, 2025, there were six promissory notes payable by Ohio Valley to related parties totaling $2,588. There were no promissory notes payable to other banks at September 30, 2025 or December 31, 2024, respectively.

Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $59,575 at September 30, 2025 and $58,500 at December 31, 2024.

Scheduled principal payments as of September 30, 2025:

 
FHLB
Borrowings
    
Promissory
Notes
    
Totals
  
                   
2025
  
$
1,632
    
$
419
    
$
2,051
  
2026
    
12,908
      
2,169
      
15,077
  
2027
    
11,397
      
—
      
11,397
  
2028
    
1,349
      
—
      
1,349
  
2029
    
1,733
      
—
      
1,733
  
Thereafter
    
4,417
      
—
      
4,417
  
   
$
33,436
    
$
2,588
    
$
36,024