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FHLB Advances And Other Debt | 9 Months Ended
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Sep. 30, 2023
FHLB Advances And Other Debt [Abstract] |
FHLB Advances And Other Debt | NOTE 8 – FHLB ADVANCES AND OTHER DEBT Federal Home Loan Bank (“FHLB”) advances and other debt were as follows:
| Weighted |  |  |  |
| Average Rate |  | September 30, 2023 |  | December 31, 2022
|  |  | (unaudited) |  |  |
FHLB fixed rate advances: |  |  |  |  |  |  |
Maturities: |  |  |  |  |  |  |
2023 |  |  | $ | - |  | $ | 3,500
2024 | 1.46% |  |  | 18,500 |  |  | 18,500
2026 | 1.45% |  |  | 16,000 |  |  | 16,000
2027 | 3.88% |  |  | 12,500 |  |  | 12,500
2028 | 1.69% |  |  | 17,000 |  |  | -
Thereafter | 3.94% |  |  | 12,500 |  |  | 29,500
Total FHLB fixed rate advances |  |  | $ | 76,500 |  | $ | 80,000
Variable rate other debt: |  |  |  |  |  |  |
Holding Company credit facility | 3.85% |  |  | 33,487 |  |  | 29,461
Total |  |  | $ | 109,987 |  | $ | 109,461
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, 2023, the Company had an outstanding balance, net of unamortized debt issuance costs, of $33,487 on the facility. At September 30, 2023, 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, 2023 and December 31, 2022. 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. There were no outstanding borrowings with the Federal Reserve Bank (“FRB”) at September 30, 2023 and December 31, 2022.

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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 -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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