OTHER BORROWED FUNDS |
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| OTHER BORROWED FUNDS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER BORROWED FUNDS |
NOTE 6 - OTHER BORROWED FUNDS
Other borrowed funds at June 30, 2026 and December 31, 2025 are comprised of advances from the Federal Home Loan Bank (“FHLB”) of Cincinnati and promissory notes.
Pursuant to collateral agreements with the FHLB, advances are
secured by $427,646 in qualifying mortgage loans, $31,972 in commercial loans
and $3,118 in FHLB stock at June 30, 2026.
Fixed-rate FHLB advances of $39,656 mature through 2042 and have
interest rates ranging from 1.53% to 4.91% and a year-to-date weighted average
cost of 3.99% at June 30, 2026 and 4.03% at December 31, 2025. There were no variable-rate FHLB borrowings
at June 30, 2026. At June 30, 2026, 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 June 30, 2026. 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 $267,679 at June 30, 2026. Of this maximum borrowing capacity, the
Company had $170,848 available to use as additional borrowings, of which
$170,848 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 $35,665 at June 30, 2026. At June 30, 2026, 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 June 30, 2026, 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 March 11, 2027, and have fixed rates of 4.25% and a
year-to-date weighted average cost of 4.43% at June 30, 2026, as compared to 4.49% at December 31, 2025. At June 30, 2026, there were five promissory notes payable by
Ohio Valley to related parties totaling $2,166, as compared to six promissory notes
totaling $2,601 at December 31, 2025. There were no promissory notes payable to other banks at June 30, 2026 and December 31, 2025, respectively. Letters of credit issued on the Bank’s behalf by the FHLB to
collateralize certain public unit deposits as required by law totaled $57,175
at June 30, 2026 and $52,000 at December 31, 2025. Scheduled principal payments as of June 30, 2026:
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