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FHLB Advances And Other Debt

6 Months Ended

Jun. 30, 2024

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		June 30, 2024			December 31, 2023
			(unaudited)
FHLB variable Rate Advances
Maturities less than 30 days	5.40%		$	26,000		$	-
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%			34,663			33,495
Total			$	137,163		$	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 was revolving until May 21, 2024, at which time the outstanding balance was 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%. At June 30, 2024, the Company had an outstanding balance, net of unamortized debt issuance costs, of $34,663 on the facility.

Contractual maturities of the Holding Company credit facility as of June 30, 2024 are as follows:

2024, excluding the six months ended June 30, 2024	$	-
2025		1,750
2026		1,750
2027		2,625
2028		2,625
Thereafter		26,250
Less - unamortized debt issuance costs		(337)
	$	34,663

At June 30, 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 June 30, 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 June 30, 2024 and December 31, 2023.

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- References

No definition available.

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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 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(3)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 2: 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/1943274/2147478878/942-470-45-1

Reference 3: 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/1943274/2147477734/942-470-50-3

Reference 4: 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

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