WORTHINGTON, Ohio, May 14, 2015 /PRNewswire/ -- Central Federal
Corporation (NASDAQ: CFBK) (the "Company") announced that net
income for the three months ended March 31,
2015 totaled $251,000 and
increased $465,000 compared to a net
loss of $214,000 for the three months
ended March 31, 2014, primarily due
to a $675,000 increase in net
interest income, a $110,000 increase
in noninterest income, offset by a $265,000 increase in noninterest expense and a
$55,000 increase in provision
expense.
Net income attributable to common stockholders for the three
months ended March 31, 2015, totaled
$37,000, or $0.00 per diluted common share, and increased
$251,000 compared to a net loss
attributable to common stockholders of $214,000, or $(0.01) per diluted common share, for the three
months ended March 31, 2014.
For the three months ended March 31,
2015, preferred dividends on the Series B Preferred Stock
and accretion of discount reduced net income attributable to common
stockholders by $214,000. There
was no preferred stock outstanding at March
31, 2014.
Timothy T O'Dell, CEO, commented, "We are pleased with our
net income growth (up $465,000
compared to first quarter of 2014) and improving performance.
The investments made in strengthening our infrastructure position
our bank to continue to take advantage of quality growth and
business opportunities uniquely afforded by our presence in three
major Ohio metro markets."
Overview of Results
Net interest income. Net interest income
totaled $2.4 million for the quarter
ended March 31, 2015 and increased
$675,000, or 38.3%, compared to
$1.8 million for the quarter ended
March 31, 2014. The increase in
net interest income was primarily due to a $815,000, or 37.0%, increase in interest income,
offset by a $140,000, or 31.7%,
increase in interest expense. The increase in interest income
was primarily attributed to a $59.4
million, or 25.5%, increase in average interest-earning
assets outstanding, a 35bps increase in average yield on
interest-earning assets and improved mix. The increase in
interest expense was attributed to a $50.8
million, or 28.6%, increase in average interest-bearing
deposits outstanding and a 3bps increase in the average cost of
funds on interest bearing liabilities. As a result, the net
interest margin of 3.33% for the quarter ended March 31, 2015 improved 31 bps compared to the
net interest margin of 3.02% for the quarter ended March 31, 2014.
Robert E. Hoeweler, Chairman of
the Board, added "Since our re-capitalization that occurred in
third quarter of 2012, we have been extremely pleased with our
progress. The trends in net income, loan growth and asset
quality have been favorable and reflect consistent
improvement. Our original vision and expectations for this
institution are coming to fruition. We believe we are well
positioned to continue our prudent growth and expansion."
Provision for loan losses. The provision for
loan losses totaled $75,000 for the
quarter ended March 31, 2015 and
increased $55,000, or 275.0%,
compared to $20,000 for the quarter
ended March 31, 2014. The
increase in the provision for loan losses for the quarter ended
March 31, 2015 was primarily due to
growth in the loan portfolio, partially offset by improved credit
quality and an increase in net recoveries. Net recoveries for the
quarter ended March 31, 2015 totaled
$51,000 and increased $37,000 compared to net recoveries of
$14,000 for the quarter ended
March 31, 2014. The increase in
net recoveries is primarily related to commercial and commercial
real estate loans.
Noninterest income. Noninterest income
for the quarter ended March 31, 2015
totaled $355,000 and increased
$110,000, or 44.9%, compared to
$245,000 for the quarter ended
March 31, 2014. The increase was
primarily due to a $67,000 increase
in net gains on sales of loans and a $42,000 increase in other noninterest
income. The increase in the net gains on sales of loans is
related to an increase in sales activity as a result of the ramp up
of the mortgage business. The increase in other noninterest
income is primarily due to increased sales activity related to the
Company's real estate joint ventures at the Holding Company
level.
Noninterest expense. Noninterest
expense increased $265,000, or 12.0%,
and totaled $2.5 million for the
quarter ended March 31, 2015,
compared to $2.2 million for the
quarter ended March 31, 2014. The
increase in noninterest expense during the three months ended
March 31, 2015 was primarily due to a
$117,000 increase in salaries and
employee benefits, a $42,000 increase
in data processing expenses, a $42,000 increase in advertising and promotion
expense and a $35,000 increase in
foreclosed asset 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 is driven by expanded
information technology services associated with the Company's
growth and expansion, along with investments in our
infrastructure. Foreclosed asset expense increased related to
maintenance and light rehabilitation incurred to increase occupancy
levels, along with increased operating costs.
Thad Perry, President, commented,
"The Cleveland market has become
increasingly important to our overall success. Our
relationship approach to business banking is resonating with our
closely held business owners."
Balance Sheet Activity
General. Assets totaled $317.9 million at March
31, 2015 and increased $2.3
million, or 0.7%, from $315.6
million at December 31,
2014. The increase was primarily due to a $9.2 million increase in net loan balances,
partially offset by a $4.3 million
decrease in cash and cash equivalents, a $1.1 million decrease in loans held for sale and
a $1.1 million decrease in securities
available for sale.
Cash and cash equivalents. Cash and
cash equivalents totaled $23.9
million at March 31, 2015 and
decreased $4.3 million, or 15.3%,
from $28.2 million at December 31, 2014. The decrease was
primarily due to funding loan growth.
Loans. Net loans totaled $266.3 million at March
31, 2015 and increased $9.2
million, or 3.6%, from $257.1
million at December 31,
2014. The increase was primarily due to a $6.1 million increase in single-family
residential loan balances, a $4.5
million increase in construction loan balances, a
$1.4 million increase in home equity
lines of credit and a $1.2 million
increase in commercial loan balances, partially offset by a
$3.7 million decrease in commercial
real estate loan balances and a $353,000 decrease in multi-family loan
balances.
Allowance for loan losses (ALLL). The ALLL
totaled $6.4 million at March 31, 2015 and increased $126,000, or 2.0%, from $6.3 million at December
31, 2014. The increase in the ALLL was primarily due
to a 3.5% increase in overall loan balances and net recoveries
during the three months ended March 31,
2015. The ratio of the ALLL to total loans was 2.36% at
March 31, 2015 compared to 2.39%
December 31, 2014. In addition,
the ratio of the ALLL to nonperforming loans was 321.0% at
March 31, 2015, compared to 408.0% at
December 31, 2014.
Foreclosed assets. Foreclosed assets
totaled $1.6 million at March 31, 2015, and remained constant compared to
$1.6 million at December 31, 2014. Foreclosed assets at
March 31, 2015 and December 31, 2014 consisted of one multi-family
property in Mansfield, Ohio.
Deposits. Deposits totaled
$260.7 million at March 31, 2015 and increased $2.4 million, or 0.9%, from $258.3 million at December
31, 2014. The increase is primarily attributed to a
$7.9 million increase in money market
account balances, a $2.8 million
increase in certificates of deposits and a $250,000 increase in savings account balances,
offset by a $8.6 million decrease in
checking account balances. Also, the majority of the deposit
increase is 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 $34.7 million at
March 31, 2015, an increase of
$145,000, or 0.4%, 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 dividend paid on the Company's Series B
Preferred Stock for the three months ended March 31, 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
|
|
|
|
March
31,
|
|
|
|
2015
|
|
2014
|
|
%
change
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
|
3,018
|
|
$
|
2,203
|
|
37%
|
Total interest
expense
|
|
582
|
|
|
442
|
|
32%
|
Net interest
income
|
|
2,436
|
|
|
1,761
|
|
38%
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
75
|
|
|
20
|
|
275%
|
Net interest income
after provision for loan losses
|
|
2,361
|
|
|
1,741
|
|
36%
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
116
|
|
|
103
|
|
13%
|
Net gain
on sales of loans
|
|
84
|
|
|
17
|
|
394%
|
Net gain
on sale of securities
|
|
(12)
|
|
|
-
|
|
n/m
|
Other
|
|
167
|
|
|
125
|
|
34%
|
Noninterest
income
|
|
355
|
|
|
245
|
|
45%
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
1,220
|
|
|
1,103
|
|
11%
|
Occupancy and equipment
|
|
139
|
|
|
158
|
|
-12%
|
Data
processing
|
|
249
|
|
|
207
|
|
20%
|
Franchise taxes
|
|
80
|
|
|
50
|
|
60%
|
Professional fees
|
|
244
|
|
|
297
|
|
-18%
|
Director
fees
|
|
33
|
|
|
12
|
|
175%
|
Postage,
printing and supplies
|
|
72
|
|
|
84
|
|
-14%
|
Advertising and promotion
|
|
45
|
|
|
3
|
|
1400%
|
Telephone
|
|
25
|
|
|
25
|
|
0%
|
Loan
expenses
|
|
37
|
|
|
4
|
|
825%
|
Foreclosed assets, net
|
|
46
|
|
|
11
|
|
318%
|
Depreciation
|
|
52
|
|
|
52
|
|
0%
|
FDIC
premiums
|
|
104
|
|
|
79
|
|
32%
|
Regulatory assessment
|
|
51
|
|
|
39
|
|
31%
|
Other
insurance
|
|
30
|
|
|
36
|
|
-17%
|
Other
|
|
38
|
|
|
40
|
|
-5%
|
Noninterest
expense
|
|
2,465
|
|
|
2,200
|
|
12%
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
251
|
|
|
(214)
|
|
n/m
|
Income tax expense
(benefit)
|
|
-
|
|
|
-
|
|
n/m
|
Net Income
(loss)
|
$
|
251
|
|
$
|
(214)
|
|
n/m
|
Dividends on Series B
preferred stock and accretion of discount
|
|
(214)
|
|
|
-
|
|
n/m
|
Earnings (loss)
attributable to common stockholders
|
$
|
37
|
|
$
|
(214)
|
|
n/m
|
|
|
|
|
|
|
|
|
Share
Data
|
|
|
|
|
|
|
|
Basic earnings (loss)
per common share
|
$
|
0.00
|
|
$
|
(0.01)
|
|
|
Diluted earnings
(loss) per common share
|
$
|
0.00
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
|
15,823,710
|
|
|
15,823,710
|
|
|
Average common shares
outstanding - diluted
|
|
15,831,154
|
|
|
15,823,710
|
|
|
|
|
|
|
|
|
|
|
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)
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
23,894
|
|
$
|
28,207
|
|
$
|
30,184
|
|
$
|
18,881
|
|
$
|
21,578
|
|
Interest-bearing
deposits in other financial institutions
|
|
494
|
|
|
494
|
|
|
742
|
|
|
1,486
|
|
|
1,486
|
|
Securities available
for sale
|
|
9,385
|
|
|
10,445
|
|
|
8,143
|
|
|
8,635
|
|
|
9,074
|
|
Loans held for
sale
|
|
2,412
|
|
|
3,505
|
|
|
5,861
|
|
|
3,259
|
|
|
4,090
|
|
Loans
|
|
272,701
|
|
|
263,401
|
|
|
254,424
|
|
|
253,546
|
|
|
214,665
|
|
Less allowance
for loan losses
|
|
(6,442)
|
|
|
(6,316)
|
|
|
(6,256)
|
|
|
(5,871)
|
|
|
(5,763)
|
|
Loans, net
|
|
266,259
|
|
|
257,085
|
|
|
248,168
|
|
|
247,675
|
|
|
208,902
|
|
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
|
|
3,731
|
|
|
3,775
|
|
|
3,823
|
|
|
3,839
|
|
|
3,753
|
|
Bank owned life
insurance
|
|
4,697
|
|
|
4,665
|
|
|
4,633
|
|
|
4,600
|
|
|
4,567
|
|
Accrued interest
receivable and other assets
|
|
3,472
|
|
|
3,834
|
|
|
2,498
|
|
|
2,504
|
|
|
1,961
|
|
Total
assets
|
$
|
317,922
|
|
$
|
315,588
|
|
$
|
307,630
|
|
$
|
294,457
|
|
$
|
258,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
$
|
28,310
|
|
$
|
37,035
|
|
$
|
33,012
|
|
$
|
30,215
|
|
$
|
30,772
|
|
Interest bearing
|
|
232,428
|
|
|
221,280
|
|
|
217,951
|
|
|
212,506
|
|
|
184,916
|
|
Total deposits
|
|
260,738
|
|
|
258,315
|
|
|
250,963
|
|
|
242,721
|
|
|
215,688
|
|
Short-term Federal
Home Loan Bank advances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
|
14,500
|
|
|
14,500
|
|
|
14,500
|
|
|
13,000
|
|
|
13,000
|
|
Other secured
borrowings
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Advances by borrowers
for taxes and insurance
|
|
301
|
|
|
401
|
|
|
212
|
|
|
168
|
|
|
137
|
|
Accrued interest
payable and other liabilities
|
|
2,574
|
|
|
2,708
|
|
|
2,443
|
|
|
4,240
|
|
|
2,309
|
|
Subordinated
debentures
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
Total liabilities
|
|
283,268
|
|
|
281,079
|
|
|
273,273
|
|
|
265,284
|
|
|
236,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
34,654
|
|
|
34,509
|
|
|
34,357
|
|
|
29,173
|
|
|
22,700
|
|
Total liabilities and
stockholders' equity
|
$
|
317,922
|
|
$
|
315,588
|
|
$
|
307,630
|
|
$
|
294,457
|
|
$
|
258,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,436
|
|
$
|
2,481
|
|
$
|
2,437
|
|
$
|
2,043
|
|
$
|
1,761
|
|
Provision for loan
losses
|
|
$
|
75
|
|
$
|
75
|
|
$
|
75
|
|
$
|
108
|
|
$
|
20
|
|
Noninterest
income
|
|
$
|
355
|
|
$
|
443
|
|
$
|
446
|
|
$
|
358
|
|
$
|
245
|
|
Noninterest
expense
|
|
$
|
2,465
|
|
$
|
2,540
|
|
$
|
2,522
|
|
$
|
2,195
|
|
$
|
2,200
|
|
Net Income
(loss)
|
|
$
|
251
|
|
$
|
309
|
|
$
|
286
|
|
$
|
98
|
|
$
|
(214)
|
|
Dividends on Series B
preferred stock and accretion of discount
|
|
$
|
(214)
|
|
$
|
(188)
|
|
$
|
(174)
|
|
$
|
(59)
|
|
|
n/a
|
|
Earnings (loss)
available to common stockholders
|
|
$
|
37
|
|
$
|
121
|
|
$
|
112
|
|
$
|
39
|
|
$
|
(214)
|
|
Basic earnings (loss)
per common share
|
|
$
|
0.00
|
|
$
|
0.01
|
|
$
|
0.01
|
|
$
|
0.00
|
|
$
|
(0.01)
|
|
Diluted earnings
(loss) per common share
|
|
$
|
0.00
|
|
$
|
0.01
|
|
$
|
0.01
|
|
$
|
0.00
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.32%
|
|
|
0.40%
|
|
|
0.38%
|
|
|
0.14%
|
|
|
(0.34%)
|
|
Return on average
equity
|
|
|
2.90%
|
|
|
3.59%
|
|
|
3.51%
|
|
|
1.57%
|
|
|
(3.76%)
|
|
Average yield on
interest-earning assets
|
|
|
4.13%
|
|
|
4.18%
|
|
|
4.18%
|
|
|
3.92%
|
|
|
3.78%
|
|
Average rate paid on
interest-bearing liabilities
|
|
|
0.94%
|
|
|
0.89%
|
|
|
0.83%
|
|
|
0.82%
|
|
|
0.91%
|
|
Average interest rate
spread
|
|
|
3.19%
|
|
|
3.29%
|
|
|
3.35%
|
|
|
3.10%
|
|
|
2.87%
|
|
Net interest margin,
fully taxable equivalent
|
|
|
3.33%
|
|
|
3.44%
|
|
|
3.49%
|
|
|
3.24%
|
|
|
3.02%
|
|
Efficiency
ratio
|
|
|
87.94%
|
|
|
86.87%
|
|
|
87.48%
|
|
|
91.42%
|
|
|
109.67%
|
|
Noninterest expense
to average assets
|
|
|
3.13%
|
|
|
3.26%
|
|
|
3.34%
|
|
|
3.21%
|
|
|
3.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core capital ratio
(1)
|
|
|
11.17%
|
|
|
11.03%
|
|
|
11.14%
|
|
|
10.45%
|
|
|
9.64%
|
|
Total risk-based
capital ratio (1)
|
|
|
13.49%
|
|
|
14.18%
|
|
|
14.33%
|
|
|
13.01%
|
|
|
12.43%
|
|
Tier 1 risk-based
capital ratio (1)
|
|
|
12.23%
|
|
|
12.92%
|
|
|
13.07%
|
|
|
11.75%
|
|
|
11.17%
|
|
Common equity tier 1
capital to risk weighted assets (1)
|
|
|
12.23%
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Equity to total
assets at end of period
|
|
|
10.90%
|
|
|
10.93%
|
|
|
11.17%
|
|
|
9.91%
|
|
|
8.76%
|
|
Book value per common
share
|
|
$
|
1.43
|
|
$
|
1.42
|
|
$
|
1.41
|
|
$
|
1.42
|
|
$
|
1.43
|
|
Tangible book value
per common share
|
|
$
|
1.43
|
|
$
|
1.42
|
|
$
|
1.41
|
|
$
|
1.42
|
|
$
|
1.43
|
|
Period-end market
value per common share
|
|
$
|
1.40
|
|
$
|
1.22
|
|
$
|
1.33
|
|
$
|
1.48
|
|
$
|
1.55
|
|
Period-end common
shares outstanding
|
|
|
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
|
|
Average diluted
common shares outstanding
|
|
|
15,831,154
|
|
|
15,831,154
|
|
|
15,831,154
|
|
|
15,863,968
|
|
|
15,823,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
$
|
2,007
|
|
$
|
1,548
|
|
$
|
3,733
|
|
$
|
4,400
|
|
$
|
5,564
|
|
Nonperforming loans
to total loans
|
|
|
0.74%
|
|
|
0.59%
|
|
|
1.47%
|
|
|
1.74%
|
|
|
2.59%
|
|
Nonperforming assets
to total assets
|
|
|
1.15%
|
|
|
1.01%
|
|
|
1.75%
|
|
|
2.05%
|
|
|
2.78%
|
|
Allowance for loan
losses to total loans
|
|
|
2.36%
|
|
|
2.39%
|
|
|
2.46%
|
|
|
2.32%
|
|
|
2.68%
|
|
Allowance for loan
losses to nonperforming
loans
|
|
|
320.98%
|
|
|
408.01%
|
|
|
167.59%
|
|
|
133.43%
|
|
|
103.57%
|
|
Net charge-offs
(recoveries)
|
|
$
|
(51)
|
|
$
|
15
|
|
$
|
(310)
|
|
$
|
-
|
|
$
|
(14)
|
|
Annualized net
charge-offs (recoveries) to
average loans
|
|
|
(0.08%)
|
|
|
0.02%
|
|
|
(0.47%)
|
|
|
0.00%
|
|
|
(0.03%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
262,753
|
|
$
|
251,369
|
|
$
|
254,699
|
|
$
|
227,921
|
|
$
|
209,895
|
|
Assets
|
|
$
|
315,345
|
|
$
|
311,491
|
|
$
|
302,367
|
|
$
|
273,941
|
|
$
|
255,107
|
|
Stockholders'
equity
|
|
$
|
34,586
|
|
$
|
34,465
|
|
$
|
32,620
|
|
$
|
24,951
|
|
$
|
22,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-2015-results-300083549.html
SOURCE Central Federal Corporation