WORTHINGTON, Ohio, May 8, 2017 /PRNewswire/ -- Central Federal
Corporation (NASDAQ: CFBK) (the "Company") today announced
financial results for the first quarter ended March 31, 2017.
Highlights
- Net income for the three months ended March 31, 2017 totaled $404,000 and increased $88,000, or 27.8%, compared to net income of
$316,000 for the three months ended
March 31, 2016.
- Net interest income totaled $3.1
million for the quarter ended March
31, 2017 and increased $400,000, or 15.0%, compared to $2.7 million for the quarter ended March 31, 2016.
- Net loans increased $14.9
million, or 4.3%, to $361.0
million at March 31, 2017
compared to $346.1 million at
December 31, 2016.
- Credit quality remains strong, with net recoveries of
$17,000 for the quarter.
Criticized and classified assets decreased 3.9% since December 31, 2016.
- The Board of Directors approved an extension of the
Company's stock repurchase program for an additional six months
commencing May 10, 2017.
Net income for the three months ended March 31, 2017 totaled $404,000 and increased $88,000, or 27.8%, compared to net income of
$316,000 for the three months ended
March 31, 2016. The increase in
net income was due to a $400,000
increase in net interest income and a $50,000 decrease in provision expense, partially
offset by a $166,000 increase in
noninterest expense, a $138,000
decrease in noninterest income and a $58,000 increase in income tax expense.
Net income attributable to common stockholders for the three
months ended March 31, 2017, totaled
$190,000, or $0.01 per diluted common share, and increased
$88,000, or 86.3%, compared to net
income attributable to common stockholders of $102,000, or $0.01
per diluted common share, for the three months ended March 31, 2016. For the three months ended
March 31, 2017 and 2016, preferred
dividends on the Company's Series B Preferred Stock and accretion
of discount reduced net income attributable to common stockholders
by $214,000 for each period.
Timothy T. O'Dell, President and
CEO, commented, "We remain pleased with our earnings trajectory
which has been positively impacted by continued solid loan growth
(net income increased 27.8% during the first quarter of 2017 vs.
the first quarter of 2016). We are also encouraged by our loan
pipelines and the increasing commercial and industrial (C&I)
lending activity. The investment which we made last year in
expanding our Commercial Lending team is yielding encouraging new
business opportunities. Our key focus for 2017 continues to be
driving increased earnings along with improving operating
metrics."
Overview of Results
Net interest income. Net interest income
totaled $3.1 million for the quarter
ended March 31, 2017 and increased
$400,000, or 15.0%, compared to
$2.7 million for the quarter ended
March 31, 2016. The increase in
net interest income was primarily due to a $499,000, or 14.9%, increase in interest income,
partially offset by a $99,000, or
14.3%, increase in interest expense. The increase in interest
income was primarily attributed to a $66.8
million, or 20.6%, increase in average interest-earning
assets outstanding partially offset by a 19bps decrease in average
yield on interest-earning assets due to the mix of interest-earning
assets. The increase in interest expense was primarily
attributed to a $37.1 million, or
13.8%, increase in average interest-bearing liabilities. As a
result, net interest margin of 3.14% for the quarter ended
March 31, 2017 decreased 15bps
compared to the net interest margin of 3.29% for the quarter ended
March 31, 2016.
Robert E. Hoeweler, Chairman of
the Board, added "Our CF Team continues to produce solid loan
growth along with increasing earnings, while maintaining a strong
credit culture. We believe that we are well positioned to
build upon this momentum in 2017."
Provision for loan and lease losses. The
provision for loan losses totaled $0
for the quarter ended March 31, 2017
and decreased $50,000, compared to
$50,000 for the quarter ended
March 31, 2016. The decrease in
the provision for loan losses for the quarter ended March 31, 2017 was primarily due to continued
improvement in credit quality, favorable trends in certain
qualitative factors and net recoveries for the quarter. Net
recoveries for the quarter ended March 31,
2017 totaled $17,000 compared
to net recoveries of $46,000 for the
quarter ended March 31, 2016.
The ratio of the ALLL to nonperforming loans was 501.2% as of
March 31, 2017.
Noninterest income. Noninterest income
for the quarter ended March 31, 2017
totaled $166,000 and decreased
$138,000, or 45.4%, compared to
$304,000 for the quarter ended
March 31, 2016. The decrease was
primarily due to a $84,000 decrease
in service charges on deposit accounts and a $49,000 decrease in other noninterest
income. The decrease in service charges on deposit accounts
was primarily related to a decrease in overdraft fee income. The
decrease in other noninterest income was related to decreased
activity related to the Company's joint ventures.
Noninterest expense. Noninterest
expense increased $166,000, or 6.8%,
and totaled $2.6 million for the
quarter ended March 31, 2017,
compared to $2.5 million for the
quarter ended March 31, 2016.
The increase in noninterest expense during the three months ended
March 31, 2017 was primarily due to a
$262,000 increase in salaries and
employee benefits expense, which was partially offset by a
$76,000 decrease in professional
fees. The increase in salaries and employee benefits was due to an
increase in experienced commercial lenders, coupled with an
increase in personnel in operations, credit and information
technology to support our growth, infrastructure and risk
management practices. The decrease in professional fees was
primarily due to elevated expenses incurred during the first
quarter of 2016 for recruiting, work-out expenses and one-time
expenses related to a mortgage consulting project.
Income tax expense. Income tax expense was
$208,000 for the three months ended
March 31, 2017, an increase of
$58,000, or 38.7%, compared to
$150,000 for the three months ended
March 31, 2016. The effective
tax rate for the quarter ended March 31,
2017, was approximately 34.0%, which management believes is
a reasonable estimate for the effective tax rate.
Balance Sheet Activity
General. Assets totaled $416.5 million at March
31, 2017 and decreased $19.7
million, or 4.5%, from $436.1
million at December 31,
2016. The increase was primarily due to a $33.6 million decrease in cash and cash
equivalents, partially offset by a $14.8
million increase in net loan balances.
Cash and cash equivalents. Cash and
cash equivalents totaled $24.3
million at March 31, 2017 and
decreased $33.6 million, or 58.0%,
from $57.9 million at December 31, 2016. The decrease in cash and
cash equivalents was a result of funding loan growth.
Securities. Securities available for sale
totaled $14.0 million at March 31, 2017 and decreased $51,000, or 0.4%, from $14.1 million at December
31, 2016.
Loans and Leases. Net loans totaled
$361.0 million at March 31, 2017 and increased $14.9 million, or 4.3%, from $346.1 million at December
31, 2016. The increase was primarily due to a
$14.6 million increase in commercial
loan balances, a $6.9 million
increase in construction loan balances, and a $2.2 million increase in commercial real estate
loan balances, partially offset by a $5.4
million decrease in single-family residential loans balances
and a $3.2 million decrease in
multi-family loan balances. The increase in commercial loan
balances, construction loan balances and commercial real estate
loans was due to increased sales activity. The decrease in
single-family residential and multi-family loans was primarily
attributed to payoffs and maturities.
Allowance for loan and lease losses (ALLL).
The ALLL totaled $6.9 million at
March 31, 2017 and increased
$17,000, or 0.2%, from $6.9 million at December
31, 2016. The increase in the ALLL was primarily due
to net recoveries for the quarter. The ratio of the ALLL to
total loans was 1.89% at March 31,
2017 compared to 1.96% at December
31, 2016. The ratio of the ALLL to nonperforming loans
was 501.2% at March 31, 2017,
compared to 983.7% at December 31,
2016.
Foreclosed assets. Foreclosed assets
totaled $204,000 at March 31, 2017 and remained constant compared to
$204,000 at December 31, 2016. Foreclosed assets at
March 31, 2017 consisted of one
single-family residential property that was transferred into REO at
fair value in December 2016.
Deposits. Deposits totaled
$348.2 million at March 31, 2017 and decreased $27.1 million, or 7.2%, from $375.4 million at December
31, 2016. The decrease was primarily attributed to a
$15.4 million decrease in money
market account balances and a $12.0
million decrease in certificates of deposits, partially
offset by a $891,000 increase in
savings account balances. The majority of the decrease in
deposit balances is related to a decline in money market balances
as certain promotional rates expired, coupled with a decline in
listing service and brokered CD balances.
Stockholders' equity. Stockholders' equity
totaled $39.6 million at March 31, 2017, an increase of $277,000, or 0.7%, from $39.3 million at December
31, 2016. The increase in total stockholders' equity
was primarily attributed to net income, which was partially offset
by the dividends paid on the Company's Series B Preferred Stock
during the three months ended March
31, 2017.
Stock Repurchase Program
On April 26, 2017, the Company's
Board of Directors authorized an extension of the Company's stock
repurchase program for an additional six months commencing
May 10, 2017. Any
purchases under the repurchase program will be made from time to
time in the open market in accordance with applicable federal and
state securities laws and regulations. The timing and amount
of any stock repurchases will be determined by the Company's
management based on its evaluation of market conditions, regulatory
requirements and other corporate considerations. Since the
commencement of the stock repurchase program in May 2016, the Company has repurchased a total of
21,300 common shares for an aggregate purchase price of
$30,000 as of March 31, 2017. All repurchased shares are
held by the Company as treasury stock. No common shares of
stock were repurchased during the three months ended March 31, 2017.
About Central Federal Corporation and CFBank
Central Federal Corporation is a financial holding company that
owns 100% of the stock of CFBank, National Association (CFBank),
which was formed in Ohio in 1892
and converted from a federal savings association to a national bank
on December 1, 2016. CFBank has a
presence in three major metro Ohio
markets – Columbus, Cleveland, and Akron markets – as well as its two locations
in Columbiana County, Ohio.
CFBank provides Business Banking products and services including
commercial loans and leases, commercial and residential real estate
loans and treasury management depository services. As a full
service commercial bank, our business, along with our products and
services, is focused on serving the banking and financial needs of
closely held businesses. Our business model emphasizes
personalized service, customer access to decision makers, quick
execution, and the convenience of online internet banking, mobile
banking, remote deposit and corporate treasury management. In
addition, CFBank provides residential lending and full service
retail banking services and products.
Additional information about the Company and CFBank is available
at www.CFBankOnline.com
FORWARD LOOKING STATEMENTS
Statements in this earnings release 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:
- changes in economic and political conditions could adversely
affect our earnings through declines in deposits, loan demand, the
ability of our customers to repay loans and the value of the
collateral securing our loans;
- 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 and lease losses;
- our ability to maintain sufficient liquidity to continue to
fund our operations;
- our ability to effectively manage our growth;
- 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 and lease losses or write-down assets;
- our ability to continue to meet regulatory requirements and
guidelines to which we are subject;
- our ability to maintain consistent earnings or profitability in
the future;
- our ability to raise additional capital if and when necessary
in the future;
- changes in tax laws, rules and regulations;
- increases in deposit insurance rates or premiums;
- 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;
- further increases in competition from other local and regional
commercial banks, savings banks, credit unions and other non-bank
financial institutions;
- 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
earnings release speak only as of the date hereof. 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 Income
|
|
|
|
|
|
|
|
($ in thousands,
except share data)
|
|
|
|
|
|
|
|
(unaudited)
|
Three months
ended
|
|
|
|
March
31,
|
|
|
|
2017
|
|
2016
|
|
%
change
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
|
3,857
|
|
$
|
3,358
|
|
15%
|
Total interest
expense
|
|
791
|
|
|
692
|
|
14%
|
Net interest
income
|
|
3,066
|
|
|
2,666
|
|
15%
|
|
|
|
|
|
|
|
|
Provision for loan
and lease losses
|
|
-
|
|
|
50
|
|
-100%
|
Net interest income
after provision for loan and lease losses
|
|
3,066
|
|
|
2,616
|
|
17%
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
89
|
|
|
173
|
|
-49%
|
Net gain
on sales of loans
|
|
23
|
|
|
28
|
|
-18%
|
Other
|
|
54
|
|
|
103
|
|
-48%
|
Noninterest
income
|
|
166
|
|
|
304
|
|
-45%
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
1,414
|
|
|
1,152
|
|
23%
|
Occupancy and equipment
|
|
152
|
|
|
134
|
|
13%
|
Data
processing
|
|
277
|
|
|
275
|
|
1%
|
Franchise and other taxes
|
|
91
|
|
|
88
|
|
3%
|
Professional fees
|
|
248
|
|
|
324
|
|
-23%
|
Director
fees
|
|
69
|
|
|
47
|
|
47%
|
Postage,
printing and supplies
|
|
43
|
|
|
54
|
|
-20%
|
Advertising and promotion
|
|
17
|
|
|
17
|
|
0%
|
Telephone
|
|
32
|
|
|
31
|
|
3%
|
Loan
expenses
|
|
38
|
|
|
31
|
|
23%
|
Foreclosed assets, net
|
|
7
|
|
|
33
|
|
-79%
|
Depreciation
|
|
51
|
|
|
53
|
|
-4%
|
FDIC
premiums
|
|
71
|
|
|
114
|
|
-38%
|
Regulatory assessment
|
|
32
|
|
|
28
|
|
14%
|
Other
insurance
|
|
26
|
|
|
31
|
|
-16%
|
Other
|
|
52
|
|
|
42
|
|
24%
|
Noninterest
expense
|
|
2,620
|
|
|
2,454
|
|
7%
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
612
|
|
|
466
|
|
31%
|
Income tax
expense
|
|
208
|
|
|
150
|
|
39%
|
Net Income
|
$
|
404
|
|
$
|
316
|
|
28%
|
Dividends on Series B
preferred stock and accretion of discount
|
|
(214)
|
|
|
(214)
|
|
0%
|
Earnings attributable
to common stockholders
|
$
|
190
|
|
$
|
102
|
|
86%
|
|
|
|
|
|
|
|
|
Share
Data
|
|
|
|
|
|
|
|
Basic earnings (loss)
per common share
|
$
|
0.01
|
|
$
|
0.01
|
|
|
Diluted earnings
(loss) per common share
|
$
|
0.01
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
|
16,292,166
|
|
|
16,024,210
|
|
|
Average common shares
outstanding - diluted
|
|
17,634,698
|
|
|
16,033,988
|
|
|
|
|
|
|
|
|
|
|
n/m - not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
three months ended
|
|
($ in
thousands)
|
Mar
31,
|
|
Dec
31,
|
|
Sept
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
(unaudited)
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
24,307
|
|
$
|
57,941
|
|
$
|
52,302
|
|
$
|
13,007
|
|
$
|
24,779
|
|
Interest-bearing
deposits in other financial institutions
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
-
|
|
Securities available
for sale
|
|
14,007
|
|
|
14,058
|
|
|
9,226
|
|
|
9,329
|
|
|
9,372
|
|
Loans held for
sale
|
|
830
|
|
|
2,812
|
|
|
2,466
|
|
|
2,736
|
|
|
1,598
|
|
Loans and
leases
|
|
367,916
|
|
|
353,050
|
|
|
336,269
|
|
|
330,977
|
|
|
307,195
|
|
Less allowance
for loan and lease losses
|
|
(6,942)
|
|
|
(6,925)
|
|
|
(6,893)
|
|
|
(6,613)
|
|
|
(6,716)
|
|
Loans and leases,
net
|
|
360,974
|
|
|
346,125
|
|
|
329,376
|
|
|
324,364
|
|
|
300,479
|
|
FHLB and FRB
stock
|
|
3,186
|
|
|
1,942
|
|
|
1,942
|
|
|
1,942
|
|
|
1,942
|
|
Foreclosed assets,
net
|
|
204
|
|
|
204
|
|
|
-
|
|
|
-
|
|
|
1,636
|
|
Premises and
equipment, net
|
|
3,409
|
|
|
3,429
|
|
|
3,494
|
|
|
3,530
|
|
|
3,561
|
|
Bank owned life
insurance
|
|
4,963
|
|
|
4,930
|
|
|
4,896
|
|
|
4,863
|
|
|
4,830
|
|
Accrued interest
receivable and other assets
|
|
4,481
|
|
|
4,571
|
|
|
4,592
|
|
|
4,882
|
|
|
5,154
|
|
Total
assets
|
$
|
416,461
|
|
$
|
436,112
|
|
$
|
408,394
|
|
$
|
364,753
|
|
$
|
353,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
$
|
72,001
|
|
$
|
72,779
|
|
$
|
53,515
|
|
$
|
37,182
|
|
$
|
37,266
|
|
Interest bearing
|
|
276,244
|
|
|
302,585
|
|
|
292,339
|
|
|
258,846
|
|
|
255,168
|
|
Total deposits
|
|
348,245
|
|
|
375,364
|
|
|
345,854
|
|
|
296,028
|
|
|
292,434
|
|
FHLB
advances
|
|
21,500
|
|
|
13,500
|
|
|
15,500
|
|
|
22,500
|
|
|
14,500
|
|
Advances by borrowers
for taxes and insurance
|
|
132
|
|
|
408
|
|
|
349
|
|
|
198
|
|
|
353
|
|
Accrued interest
payable and other liabilities
|
|
1,860
|
|
|
2,393
|
|
|
2,415
|
|
|
2,078
|
|
|
2,369
|
|
Subordinated
debentures
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
Total liabilities
|
|
376,892
|
|
|
396,820
|
|
|
369,273
|
|
|
325,959
|
|
|
314,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
39,569
|
|
|
39,292
|
|
|
39,121
|
|
|
38,794
|
|
|
38,540
|
|
Total liabilities and
stockholders' equity
|
$
|
416,461
|
|
$
|
436,112
|
|
$
|
408,394
|
|
$
|
364,753
|
|
$
|
353,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
three months ended
|
($ in thousands
except per share data)
|
|
Mar
31,
|
|
Dec
31,
|
|
Sept
30,
|
|
Jun
30,
|
|
Mar
31,
|
(unaudited)
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
3,066
|
|
$
|
2,876
|
|
$
|
2,936
|
|
$
|
2,835
|
|
$
|
2,666
|
Provision for loan
and lease losses
|
|
$
|
-
|
|
$
|
-
|
|
$
|
20
|
|
$
|
160
|
|
$
|
50
|
Noninterest
income
|
|
$
|
166
|
|
$
|
233
|
|
$
|
350
|
|
$
|
290
|
|
$
|
304
|
Noninterest
expense
|
|
$
|
2,620
|
|
$
|
2,518
|
|
$
|
2,512
|
|
$
|
2,339
|
|
$
|
2,454
|
Net Income
|
|
$
|
404
|
|
$
|
384
|
|
$
|
505
|
|
$
|
422
|
|
$
|
316
|
Dividends on Series B
preferred stock and accretion of discount
|
|
$
|
(214)
|
|
$
|
(214)
|
|
$
|
(214)
|
|
$
|
(215)
|
|
$
|
(214)
|
Earnings (loss)
available to common stockholders
|
|
$
|
190
|
|
$
|
170
|
|
$
|
291
|
|
$
|
207
|
|
$
|
102
|
Basic earnings (loss)
per common share
|
|
$
|
0.01
|
|
$
|
0.01
|
|
$
|
0.02
|
|
$
|
0.01
|
|
$
|
0.01
|
Diluted earnings
(loss) per common share
|
|
$
|
0.01
|
|
$
|
0.01
|
|
$
|
0.02
|
|
$
|
0.01
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.39%
|
|
|
0.36%
|
|
|
0.53%
|
|
|
0.47%
|
|
|
0.36%
|
Return on average
equity
|
|
|
4.10%
|
|
|
3.92%
|
|
|
5.19%
|
|
|
4.37%
|
|
|
3.29%
|
Average yield on
interest-earning assets
|
|
|
3.95%
|
|
|
3.78%
|
|
|
4.22%
|
|
|
4.29%
|
|
|
4.14%
|
Average rate paid on
interest-bearing liabilities
|
|
|
1.03%
|
|
|
1.09%
|
|
|
1.08%
|
|
|
1.06%
|
|
|
1.03%
|
Average interest rate
spread
|
|
|
2.91%
|
|
|
2.69%
|
|
|
3.14%
|
|
|
3.23%
|
|
|
3.11%
|
Net interest margin,
fully taxable equivalent
|
|
|
3.14%
|
|
|
2.90%
|
|
|
3.32%
|
|
|
3.41%
|
|
|
3.29%
|
Efficiency
ratio
|
|
|
81.06%
|
|
|
80.99%
|
|
|
76.45%
|
|
|
74.85%
|
|
|
82.63%
|
Noninterest expense
to average assets
|
|
|
2.51%
|
|
|
2.38%
|
|
|
2.64%
|
|
|
2.61%
|
|
|
2.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
leverage ratio (1)
|
|
|
9.88%
|
|
|
9.66%
|
|
|
10.28%
|
|
|
10.92%
|
|
|
10.89%
|
Total risk-based
capital ratio (1)
|
|
|
12.47%
|
|
|
12.46%
|
|
|
13.11%
|
|
|
13.23%
|
|
|
13.69%
|
Tier 1 risk-based
capital ratio (1)
|
|
|
11.22%
|
|
|
11.20%
|
|
|
11.85%
|
|
|
11.97%
|
|
|
12.43%
|
Common equity tier 1
capital to risk weighted assets (1)
|
|
|
11.22%
|
|
|
11.20%
|
|
|
11.85%
|
|
|
11.97%
|
|
|
12.43%
|
Equity to total
assets at end of period
|
|
|
9.50%
|
|
|
9.01%
|
|
|
9.58%
|
|
|
10.64%
|
|
|
10.91%
|
Book value per common
share
|
|
$
|
1.69
|
|
$
|
1.67
|
|
$
|
1.69
|
|
$
|
1.67
|
|
$
|
1.66
|
Tangible book value
per common share
|
|
$
|
1.69
|
|
$
|
1.67
|
|
$
|
1.69
|
|
$
|
1.67
|
|
$
|
1.66
|
Period-end market
value per common share
|
|
$
|
2.14
|
|
$
|
1.75
|
|
$
|
1.41
|
|
$
|
1.36
|
|
$
|
1.35
|
Period-end common
shares outstanding
|
|
|
16,288,577
|
|
|
16,294,910
|
|
|
16,002,910
|
|
|
16,003,710
|
|
|
16,024,210
|
Average basic common
shares outstanding
|
|
|
16,292,166
|
|
|
16,037,823
|
|
|
16,003,363
|
|
|
16,017,997
|
|
|
16,024,210
|
Average diluted
common shares outstanding
|
|
|
17,634,698
|
|
|
16,150,989
|
|
|
16,021,023
|
|
|
16,028,990
|
|
|
16,033,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
$
|
1,385
|
|
$
|
704
|
|
$
|
868
|
|
$
|
1,397
|
|
$
|
1,442
|
Nonperforming loans
to total loans
|
|
|
0.38%
|
|
|
0.20%
|
|
|
0.26%
|
|
|
0.42%
|
|
|
0.47%
|
Nonperforming assets
to total assets
|
|
|
0.38%
|
|
|
0.21%
|
|
|
0.21%
|
|
|
0.38%
|
|
|
0.87%
|
Allowance for loan
and lease losses to total loans
|
|
|
1.89%
|
|
|
1.96%
|
|
|
2.05%
|
|
|
2.00%
|
|
|
2.19%
|
Allowance for loan
and lease losses to nonperforming loans
|
|
|
501.23%
|
|
|
983.66%
|
|
|
794.12%
|
|
|
473.37%
|
|
|
465.74%
|
Net charge-offs
(recoveries)
|
|
$
|
(17)
|
|
$
|
(32)
|
|
$
|
(260)
|
|
$
|
263
|
|
$
|
(46)
|
Annualized net
charge-offs (recoveries) to average loans
|
|
|
(0.02%)
|
|
|
(0.04%)
|
|
|
(0.32%)
|
|
|
0.34%
|
|
|
(0.06%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
329,618
|
|
$
|
333,178
|
|
$
|
327,346
|
|
$
|
313,438
|
|
$
|
298,158
|
Assets
|
|
$
|
418,340
|
|
$
|
422,681
|
|
$
|
380,319
|
|
$
|
358,290
|
|
$
|
349,991
|
Stockholders'
equity
|
|
$
|
39,404
|
|
$
|
39,204
|
|
$
|
38,949
|
|
$
|
38,632
|
|
$
|
38,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-1st-quarter-2017-financial-results-300453184.html
SOURCE Central Federal Corporation