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FHLB Advances
 3 Months Ended
Mar. 31, 2014
FHLB Advances [Abstract]  
FHLB ADVANCES

NOTE 6 –FHLB ADVANCES

Fixed Rate Advances from the FHLB were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rate

 

 

March 31, 2014

 

 

December 31, 2013

Fixed Rate Advances

 

 

 

 

 

 

 

Maturities:

 

 

 

 

 

 

 

January 2014
3.12% 

 

 

 

 

$
5,000 

April 2014
0.20% 

 

 
2,500 

 

 

 -

May 2014
3.06% 

 

 
5,000 

 

 
5,000 

July 2014
0.20% 

 

 
3,000 

 

 

 -

January  2015
0.35% 

 

 
2,500 

 

 

 -

Total

 

 

$
13,000 

 

$
10,000 

 

Each advance is payable at its maturity date, with a prepayment penalty for fixed-rate advances.

In January 2014, a $5,000 fixed rated advance matured and was replaced with a $2,500 advance with a 12 month term with a fixed rate of .35%, a $2,500 advance with a 3 month term with a fixed rate of .20% and a $3,000 advance with a 6 month term with a fixed rate of .20%.

The advances were collateralized as follows: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

December 31, 2013

 

 

 

 

 

 

Single-family mortgage loans

$
14,833 

 

$
14,940 

Multi-family mortgage loans

 
4,787 

 

 
4,890 

Commercial real estate loans

 
2,904 

 

 
3,339 

Securities

 
1,789 

 

 
2,024 

Cash

 
3,300 

 

 
3,300 

Total

$
27,613 

 

$
28,493 

 

Based on the collateral pledged to FHLB and CFBank’s holdings of FHLB stock, CFBank was eligible to borrow up to a total of $ 18,585 from the FHLB at March 31, 2014.  As of December 31, 2013, due to credit restrictions imposed by the FHLB due to the CFBank Order, any advances were limited to terms of no longer than one year. Effective January 24, 2014, as a result of the termination of the CFBank Order, the FHLB notified CFBank that term restrictions on the advances have been lifted.