COLUMBUS, Ohio, May 6, 2020 /PRNewswire/ -- Central Federal
Corporation (NASDAQ: CFBK) (the "Company"), the parent of CFBank,
today announced financial results for the first quarter ended
March 31, 2020.
First Quarter 2020 Highlights
- Net income increased 19%, up $325,000, compared to the same quarter of
2019.
- Book Value per common share at March
31, 2020 increased $0.45 to
$12.85 per share, compared to
December 31, 2019.
- Assets topped $900 million at
March 31, 2020.
- Net loans and leases increased $44.6
million (up 6.7%) from December 31,
2019.
- Noninterest income for the quarter increased by 103% when
compared to the same quarter of 2019 due primarily to net gains on
sales of loans related to the investment in expanding our
residential mortgage lending business, coupled with swap fee
income. Although noninterest income more than doubled, the rate of
growth on our net gains on sales of loans was adversely impacted by
market conditions and the widening of credit spreads which affected
our residential mortgage lending business.
- Credit quality remains strong as nonperforming assets to
total assets decreased to 0.07% at March 31,
2020 from 0.28% at December 31,
2019.
Timothy T. O'Dell, President and
CEO, commented, "CFBank posted solid performance results for the
first quarter, particularly considering the adverse market
conditions encountered for residential mortgage lending. Net income
was up 19%, loans grew 6.7%, or nearly $45
million during the first quarter lifting our assets above
$900 million. Our Commercial Business
model with our Team business development and relationship building
approach, continues to generate quality growth by driving new
business banking relationships. Our expanding market presence in
three major regional metro markets (Columbus, Cleveland and Cincinnati), provides enhanced business and
growth opportunities along with increased geographic
diversification.
"Subsequent to quarter end, CFBank began making loans to
qualifying small business through the U.S. Small Business
Administration's Paycheck Protection Program (PPP) and we expect to
complete loans to more than 500 small businesses under this
program. Through helping these businesses access PPP loans, we have
opened the door to banking numerous new to CFBank business
customers.
"The environment for us and our industry is currently
challenging, and the Covid-19 economic impact is difficult to
predict. However, we enter the second quarter well
capitalized and with strong Credit Quality. Subsequent to
quarter end we have seen signs of stabilization in the mortgage
lending markets. Our approach is to power through the prevailing
headwinds by continuing to focus on adding quality new customers
while overcoming the margin pressures with fee income growth. First
quarter fee income was up double (up more than 100%) as compared to
the first quarter of 2019, even during a period in which we
experienced volatility in mortgage lending market conditions.
"We believe our job as business leaders is to adapt and overcome
obstacles to meet Earnings and Performance expectations."
Robert E. Hoeweler, Chairman of
the Board, added, "Our Leadership Team and Bank are well
experienced and prepared to tackle the currently challenging
economic environment. Our historically disciplined credit culture
along with having strong capital positions and capital available
has us well positioned to remain stable and capitalize on resultant
business opportunities that come to us from others that might not
be as well positioned."
Overview of Results
Net income for the three months ended March 31, 2020 totaled $2.0 million (or $0.30 per diluted common share) and increased
$325,000, or 19.3%, compared to net
income of $1.7 million (or
$0.39 per diluted common share) for
the three months ended March 31,
2019.
Net interest income. Net interest income
totaled $6.1 million for the quarter
ended March 31, 2020 and increased
$1.0 million, or 20.1%, compared to
net interest income of $5.1 million
for the quarter ended March 31,
2019. The increase in net interest income was primarily due
to a $2.0 million, or 25.2%, increase
in interest income, partially offset by a $982,000, or 34.6%, increase in interest
expense. The increase in interest income was primarily
attributed to a $216.7 million, or
34.0%, increase in average interest-earning assets outstanding,
resulting primarily from an increase in net loans and loans held
for sale, partially offset by a 32bps decrease in average yield on
interest-earning assets. The increase in interest expense was
attributed to a $192.3 million, or
38.4%, increase in average interest-bearing liabilities, partially
offset by a 6bps decrease in the average cost of funds on
interest-bearing liabilities. The net interest margin of
2.87% for the quarter ended March 31,
2020 decreased 33bps compared to the net interest margin of
3.20% for the quarter ended March 31,
2019.
Provision for loan and lease losses. There
was no provision for loan and lease losses for the quarter ended
March 31, 2020 or the quarter ended
March 31, 2019, which is due to
strong credit quality. Net charge-offs for the quarter ended
March 31, 2020 totaled $65,000, compared to net recoveries of
$12,000 for the quarter ended
March 31, 2019.
Noninterest income. Noninterest
income for the quarter ended March 31,
2020 totaled $3.4 million and
increased $1.7 million, or 103.3%,
compared to $1.7 million for the
quarter ended March 31, 2019.
The increase was primarily due to a $1.3
million increase in net gain on sale of loans, coupled with
a $393,000 increase in swap fee
income. The increase in net gain on sale of loans was
primarily a result of increased sales volume related to our
residential mortgage lending business; however, our gain on sale of
loans was adversely affected by market-related valuation
adjustments on customer derivatives related to the widening of
credit spreads. The increase in swap fee income was due to an
increase in customer swap transactions.
Noninterest expense. Noninterest
expense for the quarter ended March 31,
2020 totaled $7.0 million and
increased $2.3 million, or 50.1%,
compared to $4.7 million for the
quarter ended March 31, 2019.
The increase in noninterest expense during the three months ended
March 31, 2020 was primarily due to a
$717,000 increase in professional fee
expense, a $649,000 increase in
advertising and marketing expense, and a $544,000 increase in salaries and employee
benefits expense. The increase in professional fees was related to
increased activities, volumes and outsourcing in our residential
mortgage business. The increase in advertising and marketing
expense was primarily due to increased expenditures related to
leads-based marketing to drive revenue growth in our residential
mortgage lending business. The increase in salaries and
employee benefits expense was primarily due to the expansion of our
residential mortgage lending business, consistent with our focus on
driving noninterest income, coupled with an increase in personnel
to support our growth, infrastructure and risk management
practices.
Income tax expense. Income tax expense was
$517,000 for the quarter ended
March 31, 2020, an increase of
$98,000, compared to $419,000 for the quarter ended March 31, 2019. The effective tax rate for
the quarter ended March 31, 2020 was
approximately 20.5%, as compared to approximately 20.0% for the
quarter ended March 31, 2019.
Balance Sheet Activity
General. Assets totaled $945.4 million at March
31, 2020 and increased $64.9
million, or 7.4%, from $880.5 million at December 31, 2019. The increase was
primarily due to a $44.6 million
increase in net loan balances, and a $29.5
million increase in cash and cash equivalents, partially
offset by a $20.5 million
decrease in loans held for sale.
Cash and cash equivalents. Cash and
cash equivalents totaled $75.4 million at March 31, 2020, and increased $29.5 million, or 64.2%, from $45.9 million at December 31, 2019. The increase in cash and
cash equivalents was primarily attributed to an increase in FHLB
advances and other borrowings, coupled with a decrease in loans
held for sale.
Securities. Securities available for sale
totaled $11.4 million at
March 31, 2020, and increased
$3.2 million, or 39.3%, compared to
$8.2 million at December 31, 2019. The increase was due to
security purchases, partially offset by principal maturities.
Loans held for sale. Loans held for sale
totaled $115.2 million at
March 31, 2020 and decreased
$20.5 million, or 15.1%, from
$135.7 million at December 31, 2019. The decrease was due to
the timing of loan sales and purchases by investors.
Loans and Leases. Net loans and leases
totaled $707.9 million at
March 31, 2020, and increased
$44.6 million, or 6.7%, from
$663.3 million at December 31, 2019. The increase was
primarily due to a $23.9 million
increase in commercial loan balances, an $18.6 million increase in commercial real estate
loan balances, and a $15.2 million
increase in multi-family loan balances, partially offset by a
$15.4 million decrease in
construction loan balances. The increases in the
aforementioned loan balances were primarily due to increased sales
activity and new relationships. The decrease in construction
loan balances was primarily due to the completion of construction
projects.
Allowance for loan and lease losses (ALLL).
The allowance for loan and lease losses totaled $7.1 million at March
31, 2020, and decreased $65,000, or 0.9%, from $7.1 million at December 31, 2019. The decrease in the ALLL
is due to net charge-offs during the quarter ended March 31, 2020. The ratio of the ALLL to
total loans was 0.99% at March 31,
2020, compared to 1.06% at December
31, 2019.
Deposits. Deposits totaled
$748.5 million at March 31, 2020, an increase of $2.2 million, or 0.3%, from $746.3 million at December
31, 2019. The increase is due to a $13.4 million increase in interest-bearing
deposit accounts, partially offset by a $11.2 million decrease in noninterest-bearing
account balances. Interest-bearing deposit accounts increased
to $644.2 million at March 31, 2020, from $630.8 million at December
31, 2019. The increase in interest-bearing accounts is
primarily attributed to a $13.3
million increase in certificate of deposit account balances,
partially offset by a $1.3 million
decrease in money market account balances. The increase in
certificate of deposit account balances was due to increases in
retail and listing service certificates of deposits, partially
offset by a decrease in brokered certificates of deposit. The
certificate of deposit and savings account balances were primarily
due to increases in customer relationships and balances from
on-going sales and marketing activities. The decrease in
noninterest-bearing checking account balances was due to the timing
of certain large customer transactions.
Stockholders' equity. Stockholders'
equity totaled $82.9 million at
March 31, 2020, an increase of
$2.2 million, or 2.7%, from
$80.7 million at December 31, 2019. The increase in total
stockholders' equity was primarily attributed to net income.
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 four major metro
Ohio markets – Columbus, Cleveland, Cincinnati and Akron- as well as its two branch locations in
Columbiana County, Ohio.
Also, in March 2019, CFBank opened a
branch location in Blue Ash, Ohio,
which is its second location in the Cincinnati market. CFBank provides
personalized 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
This earnings release and other materials we have filed or may
file with the Securities and Exchange Commission ("SEC") contain or
may contain forward-looking statements within the meaning of the
safe harbor provisions of the U.S. Private Securities Reform Act of
1995, 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 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, including, without limitation,
impacts from the ongoing COVID-19 pandemic on local, national and
global economic conditions in general and on our industry and
business in particular, including adverse impacts on our customer's
operations, financial condition and ability to repay loans, changes
in interest rates or disruptions in the mortgage market, and the
effects of various governmental responses to the pandemic,
including stimulus packages and programs, in addition to those
risks detailed from time to time in our reports filed with the SEC,
including those identified in "Item 1A. Risk Factors" of Part
I of our Form 10-K filed with SEC for the year ended
December 31, 2019.
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. We believe that we have 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.
|
|
|
|
|
|
|
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
|
($ in thousands,
except share data)
|
|
|
|
|
|
|
|
(unaudited)
|
Three months
ended
|
|
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
|
%
change
|
Total interest
income
|
$
|
9,946
|
|
$
|
7,941
|
|
25%
|
Total interest
expense
|
|
3,823
|
|
|
2,841
|
|
35%
|
Net interest
income
|
|
6,123
|
|
|
5,100
|
|
20%
|
|
|
|
|
|
|
|
|
Provision for loan
and lease losses
|
|
-
|
|
|
-
|
|
n/m
|
Net interest income
after provision for loan and lease losses
|
|
6,123
|
|
|
5,100
|
|
20%
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
151
|
|
|
124
|
|
22%
|
Net gain
on sales of loans
|
|
2,844
|
|
|
1,503
|
|
89%
|
Swap fee
income
|
|
393
|
|
|
-
|
|
n/m
|
Other
|
|
56
|
|
|
67
|
|
-16%
|
Noninterest
income
|
|
3,444
|
|
|
1,694
|
|
103%
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
3,045
|
|
|
2,501
|
|
22%
|
Occupancy and equipment
|
|
253
|
|
|
218
|
|
16%
|
Data
processing
|
|
447
|
|
|
316
|
|
41%
|
Franchise and other taxes
|
|
179
|
|
|
106
|
|
69%
|
Professional fees
|
|
1,005
|
|
|
288
|
|
249%
|
Director
fees
|
|
158
|
|
|
131
|
|
21%
|
Postage,
printing and supplies
|
|
58
|
|
|
67
|
|
-13%
|
Advertising and marketing
|
|
1,275
|
|
|
626
|
|
104%
|
Telephone
|
|
54
|
|
|
45
|
|
20%
|
Loan
expenses
|
|
97
|
|
|
46
|
|
111%
|
Foreclosed assets, net
|
|
-
|
|
|
(9)
|
|
n/m
|
Depreciation
|
|
86
|
|
|
71
|
|
21%
|
FDIC
premiums
|
|
157
|
|
|
152
|
|
3%
|
Regulatory assessment
|
|
45
|
|
|
42
|
|
7%
|
Other
insurance
|
|
27
|
|
|
23
|
|
17%
|
Other
|
|
158
|
|
|
71
|
|
123%
|
Noninterest
expense
|
|
7,044
|
|
|
4,694
|
|
50%
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
2,523
|
|
|
2,100
|
|
20%
|
Income tax
expense
|
|
517
|
|
|
419
|
|
23%
|
Net Income
|
|
2,006
|
|
|
1,681
|
|
19%
|
Accretion of discount
and value of warrants exercised related to Series B preferred
stock
|
|
-
|
|
|
26
|
|
n/m
|
Earnings allocated to
participating securities (Series C preferred stock)
|
|
(377)
|
|
|
-
|
|
n/m
|
Net Income
attributable to common stockholders
|
$
|
1,629
|
|
$
|
1,707
|
|
-5%
|
|
|
|
|
|
|
|
|
Share
Data
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
|
0.31
|
|
$
|
0.39
|
|
|
Diluted earnings per
common share
|
$
|
0.30
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
|
5,333,947
|
|
|
4,355,748
|
|
|
Average common shares
outstanding - diluted
|
|
5,400,318
|
|
|
4,417,775
|
|
|
|
|
|
|
|
|
|
|
n/m - not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
Mar
31,
|
|
Dec
31,
|
|
Sept
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
(unaudited)
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
75,352
|
|
$
|
45,879
|
|
$
|
37,299
|
|
$
|
34,323
|
|
$
|
95,993
|
|
Interest-bearing
deposits in other financial institutions
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Securities available
for sale
|
|
11,390
|
|
|
8,174
|
|
|
9,183
|
|
|
10,189
|
|
|
9,144
|
|
Loans held for
sale
|
|
115,197
|
|
|
135,711
|
|
|
82,382
|
|
|
52,184
|
|
|
27,920
|
|
Loans and
leases
|
|
714,941
|
|
|
670,441
|
|
|
637,516
|
|
|
605,724
|
|
|
571,580
|
|
Less allowance
for loan and lease losses
|
|
(7,073)
|
|
|
(7,138)
|
|
|
(7,057)
|
|
|
(7,029)
|
|
|
(7,024)
|
|
Loans and leases,
net
|
|
707,868
|
|
|
663,303
|
|
|
630,459
|
|
|
598,695
|
|
|
564,556
|
|
FHLB and FRB
stock
|
|
4,510
|
|
|
4,008
|
|
|
3,969
|
|
|
3,816
|
|
|
3,816
|
|
Foreclosed assets,
net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Premises and
equipment, net
|
|
4,040
|
|
|
3,991
|
|
|
4,052
|
|
|
4,032
|
|
|
3,875
|
|
Operating lease right
of use assets
|
|
1,685
|
|
|
1,780
|
|
|
1,874
|
|
|
1,967
|
|
|
2,057
|
|
Bank owned life
insurance
|
|
5,381
|
|
|
5,345
|
|
|
5,309
|
|
|
5,272
|
|
|
5,237
|
|
Accrued interest
receivable and other assets
|
|
19,842
|
|
|
12,254
|
|
|
11,810
|
|
|
10,415
|
|
|
7,781
|
|
Total
assets
|
$
|
945,365
|
|
$
|
880,545
|
|
$
|
786,437
|
|
$
|
720,993
|
|
$
|
720,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
$
|
104,322
|
|
$
|
115,530
|
|
$
|
110,378
|
|
$
|
106,716
|
|
$
|
130,563
|
|
Interest bearing
|
|
644,183
|
|
|
630,793
|
|
|
575,569
|
|
|
521,870
|
|
|
501,266
|
|
Total deposits
|
|
748,505
|
|
|
746,323
|
|
|
685,947
|
|
|
628,586
|
|
|
631,829
|
|
FHLB advances and
other debt
|
|
82,594
|
|
|
29,017
|
|
|
22,500
|
|
|
18,500
|
|
|
18,500
|
|
Advances by borrowers
for taxes and insurance
|
|
636
|
|
|
929
|
|
|
509
|
|
|
340
|
|
|
398
|
|
Operating lease
liabilities
|
|
1,856
|
|
|
1,960
|
|
|
2,062
|
|
|
2,163
|
|
|
2,261
|
|
Accrued interest
payable and other liabilities
|
|
14,078
|
|
|
6,846
|
|
|
6,741
|
|
|
5,698
|
|
|
5,081
|
|
Subordinated
debentures
|
|
14,815
|
|
|
14,806
|
|
|
14,796
|
|
|
14,786
|
|
|
14,776
|
|
Total liabilities
|
|
862,484
|
|
|
799,881
|
|
|
732,555
|
|
|
670,073
|
|
|
672,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
82,881
|
|
|
80,664
|
|
|
53,882
|
|
|
50,920
|
|
|
47,634
|
|
Total liabilities and
stockholders' equity
|
$
|
945,365
|
|
$
|
880,545
|
|
$
|
786,437
|
|
$
|
720,993
|
|
$
|
720,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
6,123
|
|
$
|
6,040
|
|
$
|
5,331
|
|
$
|
5,229
|
|
$
|
5,100
|
Provision for loan
and lease losses
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
Noninterest
income
|
|
$
|
3,444
|
|
$
|
4,174
|
|
$
|
3,287
|
|
$
|
2,565
|
|
$
|
1,694
|
Noninterest
expense
|
|
$
|
7,044
|
|
$
|
6,426
|
|
$
|
5,328
|
|
$
|
4,931
|
|
$
|
4,694
|
Net Income
|
|
$
|
2,006
|
|
$
|
3,023
|
|
$
|
2,617
|
|
$
|
2,280
|
|
$
|
1,681
|
Basic earnings per
common share
|
|
$
|
0.31
|
|
$
|
0.51
|
|
$
|
0.59
|
|
$
|
0.55
|
|
$
|
0.39
|
Diluted earnings per
common share
|
|
$
|
0.30
|
|
$
|
0.51
|
|
$
|
0.59
|
|
$
|
0.55
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.90%
|
|
|
1.45%
|
|
|
1.41%
|
|
|
1.28%
|
|
|
1.00%
|
Return on average
equity
|
|
|
9.81%
|
|
|
16.83%
|
|
|
20.12%
|
|
|
18.77%
|
|
|
14.57%
|
Average yield on
interest-earning assets
|
|
|
4.66%
|
|
|
4.94%
|
|
|
5.00%
|
|
|
5.01%
|
|
|
4.98%
|
Average rate paid on
interest-bearing liabilities
|
|
|
2.21%
|
|
|
2.36%
|
|
|
2.45%
|
|
|
2.42%
|
|
|
2.27%
|
Average interest rate
spread
|
|
|
2.45%
|
|
|
2.58%
|
|
|
2.55%
|
|
|
2.59%
|
|
|
2.71%
|
Net interest margin,
fully taxable equivalent
|
|
|
2.87%
|
|
|
3.04%
|
|
|
3.02%
|
|
|
3.08%
|
|
|
3.20%
|
Efficiency
ratio
|
|
|
73.63%
|
|
|
62.91%
|
|
|
61.82%
|
|
|
63.27%
|
|
|
69.09%
|
Noninterest expense
to average assets
|
|
|
3.15%
|
|
|
3.09%
|
|
|
2.87%
|
|
|
2.77%
|
|
|
2.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
leverage ratio (1)
|
|
|
10.68%
|
|
|
10.58%
|
|
|
10.03%
|
|
|
9.44%
|
|
|
9.60%
|
Total risk-based
capital ratio (1)
|
|
|
13.23%
|
|
|
12.96%
|
|
|
12.09%
|
|
|
11.95%
|
|
|
12.45%
|
Tier 1 risk-based
capital ratio (1)
|
|
|
12.29%
|
|
|
11.97%
|
|
|
11.01%
|
|
|
10.79%
|
|
|
11.20%
|
Common equity tier 1
capital to risk weighted
assets (1)
|
|
|
12.29%
|
|
|
11.97%
|
|
|
11.01%
|
|
|
10.79%
|
|
|
11.20%
|
Equity to total
assets at end of period
|
|
|
8.77%
|
|
|
9.16%
|
|
|
6.85%
|
|
|
7.06%
|
|
|
6.61%
|
Book value per common
share
|
|
$
|
12.85
|
|
$
|
12.40
|
|
$
|
12.00
|
|
$
|
11.39
|
|
$
|
10.84
|
Tangible book value
per common share
|
|
$
|
12.85
|
|
$
|
12.40
|
|
$
|
12.00
|
|
$
|
11.39
|
|
$
|
10.84
|
Period-end market
value per common share
|
|
$
|
10.52
|
|
$
|
13.95
|
|
$
|
12.45
|
|
$
|
12.04
|
|
$
|
12.82
|
Period-end common
shares outstanding
|
|
|
5,337,598
|
|
|
5,376,454
|
|
|
4,490,275
|
|
|
4,471,365
|
|
|
4,392,296
|
Average basic common
shares outstanding
|
|
|
5,333,947
|
|
|
5,062,244
|
|
|
4,488,399
|
|
|
4,412,726
|
|
|
4,355,748
|
Average diluted
common shares outstanding
|
|
|
5,400,318
|
|
|
5,111,603
|
|
|
4,525,449
|
|
|
4,452,637
|
|
|
4,417,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
$
|
696
|
|
$
|
2,439
|
|
$
|
2,423
|
|
$
|
2,418
|
|
$
|
2,078
|
Nonperforming loans
to total loans
|
|
|
0.10%
|
|
|
0.36%
|
|
|
0.38%
|
|
|
0.40%
|
|
|
0.36%
|
Nonperforming assets
to total assets
|
|
|
0.07%
|
|
|
0.28%
|
|
|
0.31%
|
|
|
0.34%
|
|
|
0.29%
|
Allowance for loan
and lease losses to total loans
|
|
|
0.99%
|
|
|
1.06%
|
|
|
1.11%
|
|
|
1.16%
|
|
|
1.23%
|
Allowance for loan
and lease losses to
nonperforming loans
|
|
|
1016.24%
|
|
|
292.66%
|
|
|
291.25%
|
|
|
290.69%
|
|
|
388.02%
|
Net charge-offs
(recoveries)
|
|
$
|
65
|
|
$
|
(81)
|
|
$
|
(28)
|
|
$
|
(5)
|
|
$
|
(12)
|
Annualized net
charge-offs (recoveries) to
average loans
|
|
|
0.04%
|
|
|
(0.05%)
|
|
|
(0.02%)
|
|
|
0.00%
|
|
|
(0.01%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
679,720
|
|
$
|
648,160
|
|
$
|
618,586
|
|
$
|
590,088
|
|
$
|
557,527
|
Assets
|
|
$
|
895,625
|
|
$
|
832,486
|
|
$
|
741,716
|
|
$
|
712,132
|
|
$
|
671,038
|
Stockholders'
equity
|
|
$
|
81,816
|
|
$
|
71,849
|
|
$
|
52,018
|
|
$
|
48,576
|
|
$
|
46,142
|
|
(1) Regulatory
capital ratios of CFBank
|
View original
content:http://www.prnewswire.com/news-releases/central-federal-corporation-parent-of-cfbank-announces-1st-quarter-2020-earnings-representing-a-19-year-over-year-increase-301053935.html
SOURCE Central Federal Corporation