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Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Subsequent Events [Abstract] |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS Sale of Branches: On December 29, 2020, CFBank entered into a Branch Purchase and Assumption Agreement (the “P&A Agreement”) with Consumers National Bank (“Consumers”) providing for the acquisition by Consumers of two branches of CFBank in Columbiana County, Ohio – CFBank’s drive-up branch location in Wellsville, Ohio and CFBank’s branch location in Calcutta, Ohio (the “Branches”). Pursuant to the terms of the P&A Agreement, Consumers agreed to acquire certain loans and fixed assets associated with the Branches and to assume certain deposit liabilities. The loan balances totaled approximately $28.9 million and the net book value of the fixed assets was $0.4 million at June 30, 2021, and are shown as other assets held for sale on the consolidated balance sheet. The deposit balances totaled approximately $107.2 million at June 30, 2021 and are shown as other liabilities held for sale on the consolidated balance sheet. The closing of the transaction contemplated by the P&A Agreement occurred on July 16, 2021. Upon the closing, CFBank sold and transferred to Consumers the land, buildings, fixtures, equipment and other associated assets of the Branches; $104.3 million in deposits attributable to the Branches; $15.0 million in aggregate principal amount of subordinated debt securities issued by unrelated financial institutions and held in CFBank’s portfolio; $2.5 million in aggregate principal amount of loans attributable to the Branches; and $10.7 million in aggregate principal amount of single family residential mortgage loans and home equity lines of credit from CFBank’s Northeast Ohio loan portfolio. In exchange, Consumers paid to CFBank the net book value of the land, building, fixtures, equipment and other associated assets of the Branches, a deposit premium in the amount of $1.9 million (equal to 1.75% of the average daily deposits of the Branches calculated over a 30 day period prior to the closing), and the par value of the subordinated debt securities and loans acquired by Consumers. Dividend Declaration: On July 6, 2021, the Board of Directors declared a quarterly cash dividend in the amount of $0.03 per share, which was payable on August 2, 2021 to holders of record of the Company’s voting and non-voting common stock as of the close of business on July 22, 2021. Wind Down of Direct to Consumer (DTC) Mortgage Lending: On July 1 st, 2021 CFBank announced that in view of the changing market conditions, it made the decision to wind down and exit the DTC mortgage lending business following the end of the second quarter and reposition the mortgage lending business to a more traditional retail business model. The repositioning of the mortgage lending business is expected to be completed during the quarter ended September 30, 2021.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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