FHLB Advances And Other Debt

9 Months Ended

Sep. 30, 2019

FHLB Advances And Other Debt [Abstract]

NOTE 8 – FHLB ADVANCES AND OTHER DEBT

FHLB advances and other debt were as follows:


	Weighted
	Average Rate	September 30, 2019		December 31, 2018
FHLB fixed rate advances:
Maturities:
2019	1.42%	$	1,000	$	3,500
2020	1.98%		4,500		4,500
2021	2.32%		4,000		4,000
2022	2.05%		1,500		1,500
2024	2.10%		2,500		-
Total FHLB fixed rate advances			13,500		13,500

Variable rate other debt:
Maturities:
2020	6.11%		9,000		6,000
Total variable rate other debt			9,000		6,000
Total		$	22,500	$	19,500

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

In February 2018, the Holding Company entered into a credit facility with a third-party bank pursuant to which the Holding Company could borrow up to an aggregate principal amount of $6,000. The Holding Company increased the credit facility by $2,000 in July 2018, and by an additional $2,000 in December 2018, which increased the total borrowing limit to $10,000. In December 2018, the credit facility was also modified to a revolving line-of-credit. 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. Loans under the credit facility bear interest at a rate equal to the Prime Rate plus 0.75%. The credit facility is secured by a pledge of the Holding Company’s stock of CFBank. The credit facility will expire in February 2020 unless extended or replaced. As of September 30, 2019, the Company had an outstanding balance of $9,000 on the credit facility.

During the third quarter of 2019, CFBank added an additional $15.0 million line of credit with a commercial bank which had an outstanding balance of $0 at September 30, 2019.