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FHLB Advances And Other Debt | 9 Months Ended
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Sep. 30, 2022
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, 2022 |  | December 31, 2021
|  |  | (unaudited) |  |  |
FHLB fixed rate advances: |  |  |  |  |  |  |
Maturities: |  |  |  |  |  |  |
2022 |  |  | $ | - |  | $ | 10,000
2023 | 0.92% |  |  | 3,500 |  |  | 3,500
2024 | 1.46% |  |  | 18,500 |  |  | 18,500
2026 | 1.45% |  |  | 16,000 |  |  | 16,000
2028 | 3.88% |  |  | 12,500 |  |  | -
Thereafter | 2.64% |  |  | 29,500 |  |  | 17,000
Total FHLB fixed rate advances |  |  |  | 80,000 |  |  | 65,000
Fixed rate other debt: |  |  |  |  |  |  |
FRB PPPLF advances |  |  |  | - |  |  | 450
Variable rate other debt: |  |  |  |  |  |  |
Holding Company credit facility | 3.85% |  |  | 22,803 |  |  | 24,277
Total |  |  | $ | 102,803 |  | $ | 89,727
Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed-rate advances. Prior to May 21, 2021, the Holding Company had a term loan in the original principal amount of $5,000 with an additional $10,000 revolving line-of-credit with a third-party bank. That credit facility was refinanced into a new $35 million facility on May 21, 2021. The credit facility is revolving until May 21, 2024, at which time any then-outstanding balance will be converted to a 10-year term note on a graduated 10-year amortization. Borrowings on the credit facility bear interest at a fixed rate of 3.85% until May 21, 2026, and the interest rate then converts to a floating rate equal to PRIME with a floor of 3.25%. 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. At September 30, 2022, the Company had an outstanding balance, net of unamortized debt issuance costs, of $22,803 on the facility. At September 30, 2022, 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, 2022 and December 31, 2021. 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 2019, CFBank entered into a $25,000 warehouse facility with a commercial bank. The warehouse facility was used to periodically fund loans held for sale from the close (funding) date until they were sold in the secondary market. Borrowings on the facility bore interest at the greater of (a) the 30-day LIBOR plus 2.00% or (b) 4.00% and were secured by the specific loans that were funded. This warehouse facility, which was closed during the third quarter of 2021, had no outstanding balance at September 30, 2022 and December 31, 2021. During 2020, CFBank entered into an additional $75,000 warehouse facility with a commercial bank. The purpose of the warehouse facility was to periodically fund loans held for sale from the close (funding) date until sold in the secondary market. Borrowings on the facility bore interest at the greater of (a) the 30-day LIBOR plus 2.35% or (b) 2.90% and were secured by the specific loans that were funded. This warehouse facility, which was closed during the second quarter of 2021, had no outstanding balance at September 30, 2022 and December 31, 2021. The CARES Act amended the SBA loan program, in which CFBank participates, to create the PPP as a guaranteed, unsecured loan program to fund operational costs of eligible businesses, organizations and self-employed persons during COVID-19. During 2020, CFBank processed 558 PPP loans totaling approximately $126 million. To support the effectiveness of the PPP, the Federal Reserve Board (the “FRB”) 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. If a PPP loan pays off early, the corresponding PPPLF borrowing must be paid off as well. At September 30, 2022 and December 31, 2021, the principal balance of PPPLF advances outstanding was $0 and $450, respectively. At December 31, 2021, the Company’s PPP loans and related PPPLF funding had a weighted average life of approximately 0.2 years. There were no outstanding borrowings with the FRB at September 30, 2022. Other than the PPPLF borrowing, there were no outstanding borrowings with the FRB at December 31, 2021.

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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 https://asc.fasb.org/extlink&oid=126897435&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 https://asc.fasb.org/extlink&oid=123599511&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 https://asc.fasb.org/extlink&oid=123465755&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 https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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