Central Federal Corporation Announces 2nd Quarter 2015 Results

Highlights

- Net income for the three months ended June 30, 2015 totaled $467,000 and increased $369,000 compared to net income of $98,000 for the three months ended June 30, 2014.

- Net income for the six months ended June 30, 2015 totaled $718,000 and increased $834,000 compared to the net loss of $116,000 for the six months ended June 30, 2014.

- Net interest income of $2.5 million for the quarter ended June 30, 2015, increased $413,000, or 20.2%, compared to net interest income of $2.0 million for the quarter ended June 30, 2014.

- Criticized and classified loans decreased by $3.9 million, or 25.8%, since December 31, 2014.

Aug 13, 2015, 14:35 ET from Central Federal Corporation

WORTHINGTON, Ohio, Aug. 13, 2015 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the "Company") announced that net income for the three months ended June 30, 2015 totaled $467,000 and increased $369,000, or 376.5%, compared to a net income of $98,000 for the three months ended June 30, 2014, primarily due to a $413,000 increase in net interest income, a $106,000 increase in noninterest income, and a $33,000 decrease in provision expense, partially offset by a $183,000 increase in noninterest expense.

Net income attributable to common stockholders for the three months ended June 30, 2015, totaled $252,000, or $0.02 per diluted common share, and increased $213,000, or 546.2%, compared to net income attributable to common stockholders of $39,000, or $0.00 per diluted common share, for the three months ended June 30, 2014.  For the three months ended June 30, 2015, preferred dividends on the Series B Preferred Stock and accretion of discount reduced net income attributable to common stockholders by $215,000 compared to $59,000 for the three months ended June 30, 2014.  The amount of the preferred dividends and accretion of discount was lower in 2014 because only a pro-rated dividend was paid in the second quarter of 2014 due to the completion of the Company's private placement of Series B Preferred Stock pursuant to two closings in May and July of 2014.

Net income for the six months ended June 30, 2015 totaled $718,000 and increased $834,000 compared to a net loss of $116,000 for the six months ended June 30, 2014.  The increase in net income was primarily due to a $1.1 million increase in net interest income and a $216,000 increase in noninterest income, partially offset by a $448,000 increase in noninterest expense and a $22,000 increase in provision expense.

Net income attributable to common stockholders for the six months ended June 30, 2015 totaled $289,000, or $0.02 per diluted common share, and increased $464,000 compared to a net loss attributable to common stockholders of $175,000, or $(0.01) per diluted common share, for the six months ended June 30, 2014.  For the six months ended June 30, 2015, preferred dividends on the Series B Preferred Stock and accretion of discount reduced net income attributable to common stockholders by $429,000 compared to $59,000 at June 30, 2014. The amount of the preferred dividends and accretion of discount was lower in 2014 because only a pro-rated dividend was paid in the second quarter of 2014 due to the completion of the Company's private placement of Series B Preferred Stock pursuant to two closings in May and July of 2014.

Timothy T. O'Dell, CEO, commented, "We are pleased with our net income growth, which has improved significantly compared to prior year.  Our focus remains on achieving continued improvements in credit quality and reducing enterprise risk, coupled with driving improved earnings performance."

Overview of Results

Net interest income.  Net interest income totaled $2.5 million for the quarter ended June 30, 2015 and increased $413,000, or 20.2%, compared to $2.0 million for the quarter ended June 30, 2014.  The increase in net interest income was primarily due to a $635,000, or 25.6%, increase in interest income, partially offset by a $222,000, or 51.0%, increase in interest expense.  The increase in interest income was primarily attributed to a $52.8 million, or 20.9%, increase in average interest-earning assets outstanding, and a 16bps increase in average yield on interest-earning assets.  The increase in interest expense was attributed to a $47.8 million, or 24.7%, increase in average interest-bearing deposits outstanding and a 19bps increase in the average cost of funds on interest bearing liabilities.  As a result, the net interest margin of 3.22% for the quarter ended June 30, 2015 decreased 2bps compared to the net interest margin of 3.24% for the quarter ended June 30, 2014.

Net interest income totaled $4.9 million for the six months ended June 30, 2015 and increased $1.1 million, or 28.6%, compared to $3.8 million for the six months ended June 30, 2014.  The increase in net interest income was primarily due to a $1.5 million, or 31.0%, increase in interest income, partially offset by a $362,000, or 41.3%, increase in interest expense.  The increase in interest income was primarily attributed to a $56.1 million, or 23.1%, increase in average interest-earning assets outstanding, and a 25bps increase in average yield on interest-earning assets.  The increase in interest expense was attributed to a $49.3 million, or 26.6%, increase in average interest-bearing deposits outstanding and a 11bps increase in the average cost of funds on interest bearing liabilities.  As a result, the net interest margin of 3.28% for the six months ended June 30, 2015 improved 15bps compared to the net interest margin of 3.13% for the six months ended June 30, 2014.

Robert E. Hoeweler, Chairman of the Board, added "We believe the investments made in strengthening our infrastructure have positioned us well to support our expansion and prudent growth strategies. The trends in net income, loan growth and asset quality have been favorable, and we have been extremely pleased with our progress."

Provision for loan losses.  The provision for loan losses totaled $75,000 for the quarter ended June 30, 2015 and decreased $33,000, or 30.6%, compared to $108,000 for the quarter ended June 30, 2014.  The decrease in the provision for loan losses for the quarter ended June 30, 2015 was primarily due to improved credit quality as criticized and classified assets continued to decrease, partially offset by growth in the loan portfolio.  Net charge-offs for the quarter ended June 30, 2015 totaled $37,000 and increased $37,000 compared to net charge-offs of $0 for the quarter ended June 30, 2014.  The increase in net charge-offs is primarily related to single-family residential and commercial real estate loans.  The ratio of the ALLL to nonperforming loans improved to 421.3% as of June 30, 2015.

The provision for loan losses totaled $150,000 for the six months ended June 30, 2015 and increased $22,000, or 17.2%, compared to $128,000 for the six months ended June 30, 2014.  The increase in the provision for loan losses for the six months ended June 30, 2015 was primarily due to growth in the loan portfolio, partially offset by improved credit quality.  Net recoveries for the six months ended June 30, 2015 and June 30, 2014 totaled $14,000 and $14,000, respectively.

Noninterest income.  Noninterest income for the quarter ended June 30, 2015 totaled $464,000 and increased $106,000, or 29.6%, compared to $358,000 for the quarter ended June 30, 2014. The increase was primarily due to a $77,000 increase in net gains on sales of loans, a $18,000 increase in other noninterest income, and a $10,000 increase in service charges on deposit accounts.  The increase in the net gains on sales of loans was positively impacted by the sale of an SBA loan that occurred during the second quarter of 2015.  The increase in service charges was related to increased deposit growth and account relationships.  The increase in other noninterest income was primarily due to increased sales activity related to the Company's joint ventures at the Holding Company level.

Noninterest income for the six months ended June 30, 2015 totaled $819,000 and increased $216,000, or 35.8%, compared to $603,000 for the six months ended June 30, 2014. The increase was primarily due to a $144,000 increase in net gains on sales of loans and a $60,000 increase in other noninterest income.  The increase in the net gains on sales of loans was related to the gain on the sale of an SBA loan and an increase in sales activity from the mortgage business.  The increase in other noninterest income was primarily due to increased sales activity related to the Company's joint ventures at the Holding Company level.

Noninterest expense.  Noninterest expense increased $183,000, or 8.3%, and totaled $2.4 million for the quarter ended June 30, 2015, compared to $2.2 million for the quarter ended June 30, 2014. The increase in noninterest expense during the three months ended June, 30 2015 was primarily due to a $166,000 increase in salaries and employee benefits, a $44,000 increase in data processing expenses, and a $44,000 increase in advertising and promotion expense, partially offset by decreases in professional fees and foreclosed asset related expenses.  Salaries and benefit expenses increased primarily due to an increase in personnel in the credit administration, operations, and treasury management areas.  The increase in data processing expenses was driven by expanded information technology services associated with the Company's growth and expansion, along with investments in our infrastructure.  The increase in advertising and promotion expense was due to CFBank's focus on increasing core deposits.

Noninterest expense increased $448,000, or 10.2%, and totaled $4.8 million for the six months ended June 30, 2015, compared to $4.4 million for the six months ended June 30, 2014. The increase in noninterest expense during the six months ended June 30, 2015 was primarily due to a $283,000 increase in salaries and employee benefits, a $86,000 increase in data processing expenses, and an $86,000 increase in advertising and promotion expense.  Salaries and benefit expenses increased primarily due to an increase in personnel in the credit administration, operations, and treasury management areas.  The increase in data processing expenses was driven by expanded information technology services associated with the Company's growth and expansion, along with investments in our infrastructure.  The increase in advertising and promotion expense was due to CFBank's focus on increasing core deposits.

Thad Perry, President, commented, "The Cleveland market continues to be increasingly important to our overall success and strategy.  Our focus remains on our relationship approach to business banking with our closely held business owners, and providing value-added services."

Balance Sheet Activity

General.  Assets totaled $339.3 million at June 30, 2015 and increased $23.7 million, or 7.5%, from $315.6 million at December 31, 2014.  The increase was primarily due to a $27.1 million increase in net loan balances, partially offset by a $1.5 million decrease in loans held for sale and a $1.3 million decrease in securities available for sale.

Cash and cash equivalentsCash and cash equivalents totaled $28.3 million at June 30, 2015 and increased $86,000, or 0.3%, from $28.2 million at December 31, 2014.  The increase was primarily due to an increase in deposit balances, providing additional liquidity.

Securities.  Securities available for sale totaled $9.1 million at June 30, 2015 and decreased $1.3 million, or 12.5%, compared to $10.4 million at December 31, 2014.  The decrease was due to maturities, repayments and an early redemption of a $885,000 municipal security.

Loans.  Net loans totaled $284.2 million at June 30, 2015 and increased $27.1 million, or 10.5%, from $257.1 million at December 31, 2014.  The increase was primarily due to a $20.1 million increase in single-family residential loan balances, a $6.3 million increase in construction loan balances, a $3.2 million increase in home equity lines of credit, a $2.1 million increase in multi-family loan balances and a $583,000 increase in commercial loan balances, partially offset by a $7.2 million decrease in commercial real estate loan balances.  The increase in single-family residential loan balances was primarily attributed to an increase in balances associated with our Northpointe mortgage program.  The decrease in commercial real estate loan balances was affected by a sale of an SBA loan, the exit of one large substandard commercial loan credit, and paydown activity resulting in diversification of the loan portfolio.

Allowance for loan losses (ALLL).  The ALLL totaled $6.5 million at June 30, 2015 and increased $164,000, or 2.6%, from $6.3 million at December 31, 2014.  The increase in the ALLL was primarily due to an increase in overall loan balances and net recoveries during the six months ended June 30, 2015, which was partially offset by continued improvement in credit quality. The ratio of the ALLL to total loans was 2.23% at June 30, 2015 compared to 2.39% December 31, 2014.  In addition, the ratio of the ALLL to nonperforming loans was 421.3% at June 30, 2015, compared to 408.0% at December 31, 2014.

Foreclosed assets. Foreclosed assets totaled $1.6 million at June 30, 2015, and remained constant compared to $1.6 million at December 31, 2014.  Foreclosed assets at June 30, 2015 and December 31, 2014 consisted of one multi-family property in Mansfield, Ohio.

Deposits. Deposits totaled $282.0 million at June 30, 2015 and increased $23.7 million, or 9.2%, from $258.3 million at December 31, 2014.  The increase was primarily attributed to a $14.8 million increase in money market account balances, a $12.2 million increase in certificates of deposits and a $200,000 increase in savings account balances, offset by a $3.5 million decrease in checking account balances.  Also, the majority of the deposit increase was a result of management's focused sales and marketing efforts to grow core deposits to fund loan growth.  The increase in core deposits was partially offset by a decrease in listing service deposits.

Stockholders' equity.  Stockholders' equity totaled $34.9 million at June 30, 2015, an increase of $437,000, or 1.3%, from $34.5 million at December 31, 2014.  The increase in total stockholders' equity was primarily attributed to net income for the quarter, which was partially offset by the dividends paid on the Company's Series B Preferred Stock for the three and six months ended June 30, 2015.

About Central Federal Corporation and CFBank

Central Federal Corporation is the holding company for CFBank, a federally chartered savings association formed in Ohio in 1892.  CFBank has four full-service banking offices in Fairlawn, Calcutta, Wellsville and Worthington, Ohio and a loan production office in Woodmere, Ohio (Cuyahoga County).  Additional information about CFBank's banking services and the Company is available at www.CFBankOnline.com

FORWARD LOOKING STATEMENTS

Statements in this earnings release and in other communications by the Company that are not statements of historical fact are forward-looking statements which are made in good faith by us. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of Central Federal Corporation (the Holding Company) or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements.  Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.  Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements.  The following factors could cause such differences:

  • difficult economic conditions including high unemployment rates or other adverse changes in general economic conditions and/or economic conditions in the markets we serve, any of which may affect, among other things, our level of nonperforming assets, charge-offs, and provision for loan loss expense;
  • changes in interest rates that may reduce net interest margin and impact funding sources;
  • the possibility that we will need to make increased provisions for loan losses;
  • our ability to maintain sufficient liquidity to continue to fund our operations;
  • our ability to reduce our high level of nonperforming assets and the associated operating expenses;
  • changes in market rates and prices, including real estate values, which may adversely impact the value of financial products including securities, loans and deposits;
  • the possibility of other-than-temporary impairment of securities held in our securities portfolio;
  • results of examinations of the Holding Company and CFBank by the regulators, including the possibility that the regulators may, among other things, require CFBank to increase its allowance for loan losses or write-down assets;
  • our ability to continue to meet regulatory guidelines, commitments or requirements to which we are subject;
  • our ability to generate profits in the future;
  • our ability to raise additional capital in the future, if necessary;
  • changes in tax laws, rules and regulations;
  • increases in deposit insurance rates or premiums;
  • further legislative and regulatory changes which may increase compliance costs and burdens;
  • unexpected losses of key management;
  • various monetary and fiscal policies and regulations, including those determined by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency;
  • competition with other local and regional commercial banks, savings banks, credit unions and other non-bank financial institutions;
  • our ability to grow our core businesses;
  • our ability to effectively manage our growth;
  • any failure, interruption or breach in security of our communications and information systems;
  • technological factors which may affect our operations, pricing, products and services;
  • unanticipated litigation, claims or assessments; and
  • Management's ability to manage these and other risks.

Forward-looking statements are not guarantees of performance or results.  A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement.  The Company believes it has chosen these assumptions or bases in good faith and that they are reasonable.  We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material.  The forward-looking statements included in this report speak only as of the date of the report.  We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.

Our filings with the Securities and Exchange Commission detail other risks, all of which are difficult to predict and many of which are beyond our control.

 

 

Consolidated Statements of Operations

($ in thousands, except share data)

(unaudited)

Three months ended

Six months ended

June 30,

June 30,

2015

2014

% change

2015

2014

% change

Total interest income

$

3,113

$

2,478

26%

$

6,131

$

4,681

31%

Total interest expense

657

435

51%

1,239

877

41%

      Net interest income

2,456

2,043

20%

4,892

3,804

29%

Provision for loan losses

75

108

-31%

150

128

17%

Net interest income after provision for loan losses

2,381

1,935

23%

4,742

3,676

29%

Noninterest income

   Service charges on deposit accounts

116

106

9%

232

209

11%

   Net gain on sales of loans

209

132

58%

293

149

97%

   Net gain on sale of securities

-

-

n/m

(12)

-

n/m

   Other

139

120

16%

306

245

25%

      Noninterest income

464

358

30%

819

603

36%

Noninterest expense

   Salaries and employee benefits

1,217

1,051

16%

2,437

2,154

13%

   Occupancy and equipment

134

135

-1%

273

293

-7%

   Data processing

268

224

20%

517

431

20%

   Franchise and other taxes

81

49

65%

161

99

63%

   Professional fees

202

257

-21%

446

554

-19%

   Director fees

33

13

154%

66

25

164%

   Postage, printing and supplies

58

57

2%

130

141

-8%

   Advertising and promotion

45

1

n/m

90

4

n/m

   Telephone

31

27

15%

56

52

8%

   Loan expenses

6

11

-45%

43

15

187%

   Foreclosed assets, net

28

70

-60%

74

81

-9%

   Depreciation

52

70

-26%

104

122

-15%

   FDIC premiums

103

85

21%

207

164

26%

   Regulatory assessment

47

39

21%

98

78

26%

   Other insurance

31

33

-6%

61

69

-12%

   Other

42

73

-42%

80

113

-29%

      Noninterest expense

2,378

2,195

8%

4,843

4,395

10%

Income (loss) before income taxes

467

98

377%

718

(116)

n/m

Income tax expense (benefit)

-

-

n/m

-

-

n/m

Net Income (loss)

$

467

$

98

377%

$

718

$

(116)

n/m

Dividends on Series B preferred stock and accretion of discount

(215)

(59)

n/m

(429)

(59)

n/m

Earnings (loss) attributable to common stockholders

$

252

$

39

546%

$

289

$

(175)

n/m

Share Data

Basic earnings (loss) per common share

$

0.02

$

0.00

$

0.02

$

(0.01)

Diluted earnings (loss) per common share

$

0.02

$

0.00

$

0.02

$

(0.01)

Average common shares outstanding - basic

15,823,710

15,823,710

15,823,710

15,823,710

Average common shares outstanding - diluted

15,836,192

15,863,968

15,833,673

15,863,968

n/m - not meaningful

 

 

Consolidated Statements of Financial Condition

At or for the three months ended

($ in thousands)

Jun 30,

Mar 31,

Dec 31,

Sept 30,

Jun 30,

(unaudited)

2015

2015

2014

2014

2014

Assets

Cash and cash equivalents

$

28,293

$

23,894

$

28,207

$

30,184

$

18,881

Interest-bearing deposits in other financial institutions

494

494

494

742

1,486

Securities available for sale

9,135

9,385

10,445

8,143

8,635

Loans held for sale

1,992

2,412

3,505

5,861

3,259

Loans

290,640

272,701

263,401

254,424

253,546

  Less allowance for loan losses

(6,480)

(6,442)

(6,316)

(6,256)

(5,871)

     Loans, net

284,160

266,259

257,085

248,168

247,675

FHLB stock

1,942

1,942

1,942

1,942

1,942

Foreclosed assets, net

1,636

1,636

1,636

1,636

1,636

Premises and equipment, net

3,691

3,731

3,775

3,823

3,839

Bank owned life insurance

4,730

4,697

4,665

4,633

4,600

Accrued interest receivable and other assets

3,240

3,472

3,834

2,498

2,504

Total assets

$

339,313

$

317,922

$

315,588

$

307,630

$

294,457

Liabilities and Stockholders' Equity

Deposits

     Noninterest bearing

$

31,549

$

28,310

$

37,035

$

33,012

$

30,215

     Interest bearing

250,500

232,428

221,280

217,951

212,506

          Total deposits

282,049

260,738

258,315

250,963

242,721

Short-term Federal Home Loan Bank advances

FHLB advances

14,500

14,500

14,500

14,500

13,000

Other secured borrowings

-

-

-

-

-

Advances by borrowers for taxes and insurance

280

301

401

212

168

Accrued interest payable and other liabilities

2,383

2,574

2,708

2,443

4,240

Subordinated debentures

5,155

5,155

5,155

5,155

5,155

          Total liabilities

304,367

283,268

281,079

273,273

265,284

Stockholders' equity

34,946

34,654

34,509

34,357

29,173

Total liabilities and stockholders' equity

$

339,313

$

317,922

$

315,588

$

307,630

$

294,457

 

 

Consolidated Financial Highlights

At or for the three months ended

At or six months ended

($ in thousands except per share data)

Jun 30,

Mar 31,

Dec 31,

Sept 30,

Jun 30,

June 30,

(unaudited)

2015

2015

2014

2014

2014

2015

2014

Earnings (loss)

Net interest income

$

2,456

$

2,436

$

2,481

$

2,437

$

2,043

$

4,892

$

3,804

Provision for loan losses

$

75

$

75

$

75

$

75

$

108

$

150

$

128

Noninterest income

$

464

$

355

$

443

$

446

$

358

$

819

$

603

Noninterest expense

$

2,378

$

2,465

$

2,540

$

2,522

$

2,195

$

4,843

$

4,395

Net Income (loss)

$

467

$

251

$

309

$

286

$

98

$

718

$

(116)

Dividends on Series B preferred stock and accretion of discount

$

(215)

$

(214)

$

(188)

$

(174)

$

(59)

$

(429)

(59)

Earnings (loss) available to common stockholders

$

252

$

37

$

121

$

112

$

39

$

289

$

(175)

Basic earnings (loss) per common share

$

0.02

$

0.00

$

0.01

$

0.01

$

0.00

$

0.02

$

(0.01)

Diluted earnings (loss) per common share

$

0.02

$

0.00

$

0.01

$

0.01

$

0.00

$

0.02

$

(0.01)

Performance Ratios (annualized)

Return on average assets

0.57%

0.32%

0.40%

0.38%

0.14%

0.45%

(0.09%)

Return on average equity

5.37%

2.90%

3.59%

3.51%

1.57%

4.14%

(0.97%)

Average yield on interest-earning assets

4.08%

4.13%

4.18%

4.18%

3.92%

4.10%

3.85%

Average rate paid on interest-bearing liabilities

1.01%

0.94%

0.89%

0.83%

0.82%

0.97%

0.86%

Average interest rate spread

3.07%

3.19%

3.29%

3.35%

3.10%

3.13%

2.99%

Net interest margin, fully taxable equivalent

3.22%

3.33%

3.44%

3.49%

3.24%

3.28%

3.13%

Efficiency ratio

81.44%

87.94%

86.87%

87.48%

91.42%

84.62%

99.73%

Noninterest expense to average assets

2.89%

3.13%

3.26%

3.34%

3.21%

3.01%

3.32%

Capital

Core capital ratio (1)

10.85%

11.17%

11.03%

11.14%

10.45%

10.85%

10.45%

Total risk-based capital ratio (1)

13.14%

13.49%

14.18%

14.33%

13.01%

13.14%

13.01%

Tier 1 risk-based capital ratio (1)

11.88%

12.23%

12.92%

13.07%

11.75%

11.88%

11.75%

Common equity tier 1 capital to risk weighted assets (1)

11.88%

12.23%

N/A

N/A

N/A

11.88%

N/A

Equity to total assets at end of period

10.30%

10.90%

10.93%

11.17%

9.91%

10.30%

9.91%

Book value per common share

$

1.45

$

1.43

$

1.42

$

1.41

$

1.42

$

1.45

$

1.42

Tangible book value per common share

$

1.45

$

1.43

$

1.42

$

1.41

$

1.42

$

1.45

$

1.42

Period-end market value per common share

$

1.31

$

1.40

$

1.22

$

1.33

$

1.48

$

1.31

$

1.48

Period-end common shares outstanding

15,823,710

15,823,710

15,823,710

15,823,710

15,823,710

15,823,710

15,823,710

Average basic common shares outstanding

15,823,710

15,823,710

15,823,710

15,823,710

15,823,710

15,823,710

15,823,710

Average diluted common shares outstanding

15,836,192

15,831,154

15,831,154

15,831,154

15,863,968

15,833,673

15,863,968

Asset Quality

Nonperforming loans

$

1,538

$

2,007

$

1,548

$

3,733

$

4,400

$

1,538

$

4,400

Nonperforming loans to total loans

0.53%

0.74%

0.59%

1.47%

1.74%

0.53%

1.74%

Nonperforming assets to total assets

0.94%

1.15%

1.01%

1.75%

2.05%

0.94%

2.05%

Allowance for loan losses to total loans

2.23%

2.36%

2.39%

2.46%

2.32%

2.23%

2.32%

Allowance for loan losses to nonperforming loans

421.33%

320.98%

408.01%

167.59%

133.43%

421.33%

133.43%

Net charge-offs (recoveries)

$

37

$

(51)

$

15

$

(310)

$

-

$

(14)

$

(14)

Annualized net charge-offs (recoveries) to average loans

0.05%

(0.08%)

0.02%

(0.47%)

0.00%

(0.01%)

(0.01%)

Average Balances

Loans

$

276,731

$

262,753

$

251,369

$

254,699

$

227,921

$

269,742

$

218,908

Assets

$

329,230

$

315,345

$

311,491

$

302,367

$

273,941

$

322,287

$

264,524

Stockholders' equity

$

34,781

$

34,586

$

34,465

$

32,620

$

24,951

$

34,684

$

23,869

(1)  Regulatory capital ratios of CFBank

 

 

SOURCE Central Federal Corporation



RELATED LINKS

http://www.cfbankonline.com