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FHLB Advances And Other Debt | 9 Months Ended
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Sep. 30, 2020
FHLB Advances And Other Debt [Abstract] |
FHLB Advances And Other Debt | NOTE 8 – FHLB ADVANCES AND OTHER DEBT FHLB advances and other debt were as follows: ﻿
﻿ |  |  |  |  |  |  |
﻿ | Weighted |  |  |  |
﻿ | Average Rate |  | September 30, 2020 |  | December 31, 2019
﻿FHLB fixed rate advances: |  |  |  |  |  |  |
﻿Maturities: |  |  |  |  |  |  |
﻿2020 | 1.86% |  | $ | 1,000 |  | $ | 4,500
﻿2021 | 1.63% |  |  | 7,500 |  |  | 4,000
﻿2022 | 1.16% |  |  | 10,000 |  |  | 1,500
﻿2023 | 0.92% |  |  | 3,500 |  |  | -
﻿2024 | 1.90% |  |  | 6,500 |  |  | 6,500
﻿Total FHLB fixed rate advances |  |  |  | 28,500 |  |  | 16,500
﻿ |  |  |  |  |  |  |
﻿Fixed rate other debt: |  |  |  |  |  |  |
﻿FRB PPPLF advances | 0.35% |  |  | 124,086 |  |  | -
﻿ |  |  |  |  |  |  |
﻿Variable rate other debt: |  |  |  |  |  |  |
﻿Holding Company credit facility | 4.00% |  |  | 9,625 |  |  | 5,000
﻿Warehouse facility | 3.50% |  |  | 62,310 |  |  | 7,517
﻿Total variable rate other debt |  |  |  | 71,935 |  |  | 12,517
﻿Total |  |  | $ | 224,521 |  | $ | 29,017
﻿ Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed-rate advances. The Holding Company had an existing credit facility with a third-party bank which was modified to a $10,000 revolving line-of-credit in December 2018. In December 2019, the $5,000 outstanding balance on the existing line-of-credit was converted to a $5,000 term loan with an additional $10,000 revolving line-of-credit. The term loan requires quarterly principal payments of $125 plus accrued interest. Any remaining principal is due and payable on the maturity date, which is December 23, 2022. Loans under the credit facility bear interest at a rate equal to the Prime Rate plus 0.75%. 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. As of September 30, 2020, the Company had an outstanding balance of $4,625 on the term loan and a $5,000 outstanding balance on the revolving line-of-credit. At December 31, 2019, the term loan had an outstanding balance of $5,000 and no outstanding balance on the line of credit facility. At September 30, 2020, CFBank had availability in unused lines of credit at two commercial banks in amounts of $50,000 and $15,000. There were no outstanding borrowings on either line at September 30, 2020 and December 31, 2019. Interest on any principal amounts outstanding from time to time under these lines accrues daily at a variable rate based on the commercial bank’s cost of funds and current market returns. During the fourth quarter of 2019, CFBank entered into a $25,000 warehouse facility with a commercial bank. The warehouse facility is used to periodically fund loans held for sale from the close (funding) date until they are sold in the secondary market. Borrowings on the facility bear interest at the greater of (a) the 30-day LIBOR plus 2.00% or (b) 4.00% and are secured by the specific loans that were funded. This warehouse facility had no outstanding balance at September 30, 2020, and an outstanding balance of $7,517 at December 31, 2019. During the second quarter of 2020, CFBank entered into an additional $75,000 warehouse facility with a commercial bank. The warehouse facility is used to periodically fund loans held for sale from the close (funding) date until they are sold in the secondary market. Borrowings on the facility bear interest at the greater of (a) the 30-day LIBOR plus 1.75% or (b) 3.50% and are secured by the specific loans that were funded. This warehouse facility had an outstanding balance of $62,310 at September 30, 2020, and no outstanding balance at December 31, 2019. To support the effectiveness of the PPP, the Federal Reserve introduced the PPPLF to extend credit to financial institutions that made PPP loans, with the related PPP loans used as collateral on the borrowings. The PPPLF borrowings have a fixed interest rate of 0.35% and a maturity equal to the maturity date of the related PPP loans, with the PPP loans maturing two years from the origination date of the PPP loan. At September 30, 2020, the Company’s PPP loans and related PPPLF funding had a weighted average life of approximately 1.5 years. At September 30, 2020, the principal balance of PPPLF advances outstanding was $124,086.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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