FHLB Advances And Other Debt

3 Months Ended

Mar. 31, 2023

FHLB Advances And Other Debt [Abstract]

NOTE 8 – FHLB ADVANCES AND OTHER DEBT

FHLB advances and other debt were as follows:


	Weighted
	Average Rate	March 31, 2023		December 31, 2022
		(unaudited)
Variable Rate Advances
Maturities less than 30 days	4.84%	$	27,000	$	-
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%		33,470		29,461
Total		$	136,970	$	109,461

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

Prior to May 21, 2021, the Holding Company had a term loan in the original principal amount of $5,000 with an additional $10,000 revolving line-of-credit with a third-party bank. That credit facility was refinanced into a new $35 million facility on May 21, 2021. 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, 2023, the Company had an outstanding balance, net of unamortized debt issuance costs, of $33,470 on the facility.

At March 31, 2023, 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, 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 March 31, 2023 and December 31, 2022.