FHLB Advances And Other Debt

9 Months Ended

Sep. 30, 2018

FHLB Advances And Other Debt [Abstract]

NOTE 7 – FHLB ADVANCES AND OTHER DEBT

FHLB fixed rate advances and other debt were as follows:


	Weighted
	Average Rate	September 30, 2018		December 31, 2017
FHLB fixed rate advances :
Maturities:
2019	1.62%	$	3,500	$	3,500
2020	1.98%		4,500		4,500
2021	2.32%		4,000		4,000
2022	2.05%		1,500		1,500
Total FHLB fixed rate advances			13,500		13,500

Variable rate other debt:
Maturities:
2020	5.61%		8,000		-
Total variable rate other debt			8,000		-
Total		$	21,500	$	13,500

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

In February 2018, the Holding Company entered into a credit facility with a third-party bank pursuant to which the Holding Company could borrow up to an aggregate principal amount of $6,000. In July 2018, the Holding Company increased the credit facility by $2,000, which increased the total borrowing limit to $8,000. The purpose of the credit facility is to provide an additional source of liquidity for the Holding Company and to provide funds for the Holding Company to downstream as additional capital to CFBank to support growth. During the first quarter of 2018, the Holding Company drew $6,000 on the credit facility and downstreamed $5,000 as a capital contribution to CFBank. During the third quarter of 2018, the Holding Company drew an additional $2,000 on the credit facility and downstreamed $1,500 as a capital contribution to CFBank. As of September 30, 2018, the outstanding principal balance under the credit facility was $8,000. Loans under the credit facility bear interest at a rate equal to the Prime Rate plus 0.75%. The credit facility is secured by a pledge of the Holding Company’s stock of CFBank. The credit facility will expire in February 2020 unless extended or replaced.