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FHLB Advances And Other Debt

12 Months Ended

Dec. 31, 2023

FHLB Advances And Other Debt [Abstract]

FHLB Advances And Other Debt

NOTE 10 –FHLB ADVANCES AND OTHER DEBT

FHLB advances and other debt were as follows:

	Weighted
	Average Rate		December 31, 2023			December 31, 2022
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%			33,495			29,461
Total			$	109,995		$	109,461

Each FHLB advance is payable at its maturity date, with a prepayment penalty if repaid before maturity.

The FHLB advances were collateralized as follows:

	December 31, 2023			December 31, 2022
Single-family mortgage loans	$	305,283		$	292,558
Multi-family mortgage loans		63,024			43,021
Commercial real estate loans (1-4 family)		17,757			12,938
Home equity lines of credit		4,057			4,007
Securities		497			1,004
Cash		3,300			3,300
Total	$	393,918		$	356,828

Based on the collateral pledged to the FHLB, CFBank was eligible to borrow up to a total of $260,154 from the FHLB at December 31, 2023 inclusive of the amount outstanding.

Payments due on FHLB advances over the next five years are as follows:
	December 31, 2023
2024	$	18,500
2025		-
2026		16,000
2027		12,500
2028		17,000
	$	64,000

The Holding Company has a $35,000 credit facility with a third-party bank. 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. As of December 31, 2023, the Company had an outstanding balance, net of unamortized debt issuance costs, of $33,495 the credit facility. At December 31, 2022, the Company had an outstanding balance of $29,461 on the credit facility.

At December 31, 2023, CFBank had additional 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 December 31, 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 FRB at December 31, 2023 and December 31, 2022.

Assets pledged as collateral with the FRB were as follows:

	2023			2022
Commercial loans	$	67,295		$	62,909
Commercial real estate loans		113,739			84,836
	$	181,034		$	147,745

Based on the collateral pledged, CFBank was eligible to borrow up to $136,240 from the FRB at year-end 2023.

X

- References

No definition available.

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X

- 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

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