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FHLB Advances And Other Debt

12 Months Ended

Dec. 31, 2024

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, 2024			December 31, 2023
FHLB fixed rate advances
Maturities:
2024	-		$	-		$	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				58,000			76,500
Variable rate other debt:
Holding Company credit facility	3.85%			34,680			33,495
Total			$	92,680		$	109,995

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, 2024			December 31, 2023
Single-family mortgage loans	$	294,000		$	305,283
Multi-family mortgage loans		54,950			63,024
Commercial real estate loans (1-4 family)		9,974			17,757
Home equity lines of credit		3,505			4,057
Securities		-			497
Cash		3,300			3,300
Total	$	365,729		$	393,918

Based on the collateral pledged to the FHLB, CFBank was eligible to borrow up to a total of $244,603 from the FHLB at December 31, 2024 inclusive of the amount outstanding.

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%. As of December 31, 2024, the Company had an outstanding balance, net of unamortized debt issuance costs, of $34,680 on the credit facility. At December 31, 2023, the Company had an outstanding balance, net of unamortized debt issuance costs, of $33,495 on the credit facility.

Contractual maturities of the Holding Company credit facility as of December 31, 2024 are as follows:

2025	$	1,750
2026		1,750
2027		2,625
2028		2,625
2029		3,500
Thereafter		22,750
Less - unamortized debt issuance costs		(320)
	$	34,680

At December 31, 2024, 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, 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 FRB at December 31, 2024 or at December 31, 2023.

Assets pledged as collateral with the FRB were as follows:

	2024			2023
Commercial loans	$	42,807		$	67,295
Commercial real estate loans		121,196			113,739
	$	164,003		$	181,034

Based on the collateral pledged, CFBank was eligible to borrow up to $127,424 from the FRB at year-end 2024.

X

- 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
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-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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