FHLB Advances

3 Months Ended

Mar. 31, 2013

FHLB Advances [Abstract]

FHLB ADVANCES

NOTE 6 –FHLB ADVANCES

Variable and Fixed Rate Advances from the FHLB were as follows:

	Rate		March 31, 2013		December 31, 2012
Variable Rate Advances
Maturities less than 30 days	0.22%	$	5,955	$	-
			5,955		-
Fixed Rate Advances
Maturities:
January 2014	3.12%		5,000		5,000
May 2014	3.06%		5,000		5,000
			10,000		10,000
Total		$	15,955	$	10,000

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

The advances were collateralized as follows:

	March 31, 2013		December 31, 2012
Single-family mortgage loans	$	12,216	$	9,917
Multi-family mortgage loans		4,903		4,968
Commercial real estate loans		1,330		1,185
Securities		4,841		4,707
Cash		3,300		3,300
Total	$	26,590	$	24,077

Based on the collateral pledged to FHLB and CFBank’s holdings of FHLB stock, CFBank was eligible to borrow up to a total of $16,276 from the FHLB at March 31, 2013.  In May 2011, CFBank was notified by the FHLB that, due to regulatory considerations, CFBank was only eligible for future advances with a maximum maturity of one year. CFBank was subsequently notified by the FHLB that the maximum maturity for future advances was further reduced to 180 days in November 2011 and 30 days in April 2012 .

As of March 31, 2013, all variable rate advance payments are due in April 2013. All fixed rate advance payments are due in 2014.