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 equivalents. Cash 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.
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|
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|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/central-federal-corporation-announces-2nd-quarter-2015-results-300128347.html
SOURCE Central Federal Corporation