FHLB Advances And Other Debt

3 Months Ended

Mar. 31, 2024

FHLB Advances And Other Debt [Abstract]

NOTE 8 – FHLB ADVANCES AND OTHER DEBT

Federal Home Loan Bank (“FHLB”) advances and other debt were as follows:


	Weighted
	Average Rate	March 31, 2024		December 31, 2023
		(unaudited)
FHLB fixed rate advances:
Maturities:
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		17,000
2029	3.94%		12,500		12,500
Total FHLB fixed rate advances		$	76,500	$	76,500


Variable rate other debt:
Holding Company credit facility	3.85%		34,504		33,495
Total		$	111,004	$	109,995

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed-rate advances.

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. At March 31, 2024, the Company had an outstanding balance, net of unamortized debt issuance costs, of $34,504 on the facility.

At March 31, 2024, 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023.