SYS-CON MEDIA Authors: Adrian Bridgwater, Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman

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Central Federal Corporation Announces 2nd Quarter 2014 Results

Highlights

WORTHINGTON, Ohio, Aug. 14, 2014 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the "Company") announced that net income for the three months ended June 30, 2014 totaled $98,000 and increased $652,000 compared to a net loss of $554,000, for the three months ended June 30, 2013.  The increase in net income for the quarter was primarily due to a $749,000 increase in net interest income, a $89,000 increase in noninterest income and a $216,000 decrease in provision expense, offset by an $402,000 increase in noninterest expense.  Net income attributable to common stockholders for the three months ended June 30, 2014, totaled $39,000, or $0.00 per diluted common share, and increased $593,000 compared to a net loss attributable to common stockholders of $554,000, or $(0.04) per diluted common share, for the three months ended June 30, 2013.  For the three months ended June 30, 2014, the preferred dividend on the Company's Series B Preferred Stock reduced net income attributable to common stockholders by $59,000, while there was no impact for the three months ended June 30, 2013.

The net loss for the six months ended June 30, 2014 totaled $116,000 and decreased $1.2 million, or 91.5%, compared to a net loss of $1.4 million for the six months ended June 30, 2013, primarily due to a $1.3 million increase in net interest income, a $201,000 increase in noninterest income and a $522,000 decrease in provision expense, partially offset by a $799,000 increase in noninterest expense.

The net loss attributable to common stockholders for the six months ended June 30, 2014, totaled $175,000, or $(0.01) per diluted common share, and decreased $1.2 million, or 87.2%, compared to the net loss attributable to common shareholders of $1.4 million, or $(0.09) per diluted common share, for the six months ended June 30, 2013.  For the six months ended June 30, 2014, the preferred dividend on the Company's Series B Preferred Stock increased the net loss attributable to common stockholders by $59,000, while there was no impact for the six months ended June 30, 2013.

Timothy T O'Dell, CEO, commented:  "We are pleased that our continued focus on improving key metrics, including improving credit quality and profitability, continues to pay off and has resulted in a profitable quarter. Our key trends continue to improve and move in the right direction; our net interest income continues to grow and drive our core earnings, while our criticized and classified assets continue to decline." 

"In addition, we have invested in infrastructure by adding depth in credit and loan administration along with customer support.  Also, we are focusing on core deposit growth and seeking to expand non-credit fee income by emphasizing corporate treasury management relationships. Ongoing efforts to improve our margin continue to reflect a positive trend. All of these initiatives are directed toward increasing earnings while at the same time improving our operating risk profile.  Business banking continues to perform well particularly in developing quality loans and relationships. Residential mortgage lending volumes also are increasing.  We remain grateful to our customers for entrusting us with their business."

Overview of Results

Net interest income.  Net interest income totaled $2.0 million for the quarter ended June 30, 2014 and increased $749,000, or 57.9%, compared to $1.3 million for the quarter ended June 30, 2013. The increase in net interest income was primarily due to a $644,000, or 35.1%, increase in interest income, coupled with a $105,000, or 19.4%, decrease in interest expense.  The increase in interest income was primarily attributed to a $39.6 million, or 18.6%, increase in average interest-earning assets outstanding, a 47 bps increase in average yield and improved mix. The decrease in interest expense was attributed to a 31 bps reduction in the average cost of funds on interest-bearing liabilities, and improved mix from noninterest-bearing deposits.  As a result, the net interest margin of 3.24% for the quarter ended June 30, 2014 improved 80 bps compared to the net interest margin of 2.44% for the quarter ended June 30, 2013.

Net interest income totaled $3.8 million for the six months ended June 30, 2014 and increased $1.3 million, or 53.4%, compared to $2.5 million for the six months ended June 30, 2013. The increase in net interest income was primarily due to a $1.1 million, or 32.1%, increase in interest income, coupled with a $188,000, or 17.7%, decrease in interest expense.  The increase in interest income was primarily attributed to a $38.4 million, or 18.8%, increase in average interest-earning assets outstanding, a 37 bps increase in average yield and improved mix. The decrease in interest expense was attributed to a 31 bps reduction in the average cost of funds on interest-bearing liabilities, and improved mix from noninterest- bearing deposits.  As a result, the net interest margin of 3.13% for the six months ended June 30, 2014 improved 70 bps compared to the net interest margin of 2.43% for the six months ended June 30, 2013.

Robert E Hoeweler, Chairman of the Board, added, "Since the recapitalization of Central Federal Corporation in August 2012, we believe the new team has returned viability to the organization through a strategy comprised of controlled relationship-driven loan growth, expense management, and prudent policies, and have returned CFBank to again being able to provide loans and banking services to the communities in which we have a presence.  All of this has been accomplished is less than two years."

Provision for loan losses.  The provision for loan losses totaled $108,000 for the quarter ended June 30, 2014 and decreased $216,000, or 66.7%, compared to $324,000 for the quarter ended June 30, 2013.  The decrease in the provision for loan losses for the quarter ended June 30, 2014 was primarily due to improved credit quality and a decrease in special mention and substandard loans, which more than offset the provision for growth in the portfolio for new loans generated in 2014, and a decrease in net recoveries. Net recoveries decreased $59,000 due to the fact that there were no net recoveries for the quarter ended June 30, 2014 compared to net recoveries of $59,000 for the quarter ended June 30, 2013. 

The provision for loan losses totaled $128,000 for the six months ended June 30, 2014 and decreased $522,000, or 80.3%, compared to $650,000 for the six months ended June 30, 2013.  The decrease in the provision for loan losses for the six months ended June 30, 2014 was primarily due to improved credit quality and a decrease in special mention and substandard loans, which more than offset the provision for growth in the portfolio for new loans generated in 2014, and a slight decrease in net recoveries. Net recoveries decreased $164,000 due to the fact that there $14,000 in net recoveries for the six months ended June 30, 2014 compared to net recoveries of $178,000 for the six months ended June 30, 2013. 

Noninterest income.  Noninterest income for the quarter ended June 30, 2014 totaled $358,000 and increased $89,000, or 33.1%, compared to $269,000 for the quarter ended June 30, 2013. The increase was primarily due to a $41,000 increase in other noninterest income, a $25,000 increase in net gain on sale of loans, and a $23,000 increase in service charges. The $41,000 increase in other noninterest income included $18,000 of revenue resulting from sales activities from the Company's joint ventures.  The increase in net gain on sales of loans was due to increases in mortgage sales activity related to the development of the mortgage department and ramp up of the mortgage business.

Noninterest income for the six months ended June 30, 2014 totaled $603,000 and increased $201,000, or 50.0%, compared to $402,000 for the six months ended June 30, 2013. The increase was primarily due to a $112,000 increase in other noninterest income, a $53,000 increase in service charges, and a $36,000 increase in net gain on sale of loans. The $112,000 increase in other noninterest income included $48,000 of revenue resulting from sales activities from the Company's joint ventures. The increase in net gains on sale of loans is due to increased sales activities associated with the Company's ramp up and expansion of the mortgage business. Service charges increased due to increases in account activity and pricing.

Noninterest expense.   Noninterest expense increased $402,000, or 22.4%, and totaled $2.2 million for the quarter ended June 30, 2014, compared to $1.8 million for the quarter ended June 30, 2013.  The increase in noninterest expense during the three months ended June 30, 2014 was primarily due to a $90,000 increase in salaries and employee benefits, an $82,000 increase in professional fees, a $69,000 increase in foreclosed asset expense and a $51,000 increase in occupancy and equipment. Salaries and benefit expenses increased primarily due to the investment in mortgage personnel as this business line was ramped up in the latter part of 2013.  Professional fees increased due to increased legal and workout fees and increased consulting fees associated with special project work related to the mortgage division.  The increase in occupancy and equipment expenses related to rent expense, leasehold improvements and associated utilities associated with our growth and expansion.

Noninterest expense increased $799,000, or 22.2%, and totaled $4.4 million for the six months ended June 30, 2014, compared to $3.6 million for the six months ended June 30, 2013.  The increase in noninterest expense during the six months ended June 30, 2014 was primarily due to a $301,000 increase in salaries and employee benefits, a $167,000 increase in professional fees, a $134,000 increase in occupancy and equipment and a $99,000 increase in foreclosed asset expense. Salaries and benefit expenses increased primarily due to the investment in the mortgage personnel as this business line was ramped up in the latter part of 2013.  Professional fees increased due to increased legal and workout fees, increased audit, tax and accounting fees, and increased consulting fees associated with special project work related to the mortgage division.  The increase in occupancy and equipment expenses related to rent expense, leasehold improvements and utilities associated with our growth and expansion. The increase in foreclosed asset expense was due to increased expenses associated with one multi-family REO property in Mansfield, Ohio.

Thad Perry, President, commented, "Our loan production office in the greater Cleveland area, which we opened during the first quarter, has been serving us well in bringing in new business relationships, as well as enabling us to continue to build our operations and infrastructure commensurate with our growth." 

Balance Sheet Activity

General.  Assets totaled $294.5 million at June 30, 2014 and increased $38.7 million, or 15.1%, from $255.7 million at December 31, 2013.  The increase was primarily due to a $40.5 million increase in net loan balances, partially offset by a $1.0 decrease in securities available for sale and a $496,000 decrease in interest bearing deposits in other financial institutions related to repayments and maturities.

Cash and cash equivalentsCash and cash equivalents totaled $18.9 million at June 30, 2014 and decreased $279,000, or 1.5%, from $19.2 million at December 31, 2013. The decrease was a result of funding loan growth in the pipeline. 

Securities.  Securities available for sale totaled $8.6 million at June 30, 2014 and decreased $1.0 million, or 10.7%, compared to $9.7 million at December 31, 2013.  The decrease was due to maturities and repayments.

Loans.  Net loans totaled $247.7 million at June 30, 2014 and increased 40.5 million, or 19.6%, from $207.1 million at December 31, 2013. The increase was primarily due to a $12.3 million increase in commercial loan balances, a $13.2 million increase in construction loan balances and a $8.4 million increase in single-family residential loan balances, as a result of an increase in Northpointe loan balances, partially offset by a $3.9 million decrease in multi-family loan balances.

Allowance for loan losses (ALLL). The ALLL totaled $5.9 million at June 30, 2014 and increased $142,000, or 2.5%, from $5.7 million at December 31, 2013.  The increase in the ALLL was due to a 19.1% increase in overall loan balances and net recoveries during the six months ended June 30, 2014. The provision for growth was partially offset by continuous improvement in credit quality.  The ratio of the ALLL to total loans was 2.32% at June 30, 2014, compared to 2.69% at December 31, 2013. In addition, the ratio of the ALLL to nonperforming loans improved to 133.4% at June 30, 2014, compared to 99.9% at December 31, 2013.

Foreclosed assets.  Foreclosed assets totaled $1.6 million at June 30, 2014, and remained constant compared to $1.6 million at December 31, 2013.  Foreclosed assets at June 30, 2014 consisted of one multi-family property in Mansfield, Ohio.

The level of foreclosed assets and charges to foreclosed assets expense may increase in the future as we increase our workout efforts related to foreclosed assets, nonperforming and other loans with credit issues.

Deposits.  Deposits totaled $242.7 million at June 30, 2014 and increased $34.4 million, or 16.5%, from $208.3 million at December 31, 2013.  The increase is primarily attributed to a $26.0 million increase in certificate of deposit account balances, a $3.6 million increase in checking account balances, a $2.8 million increase in saving account balances and a $2.0 million increase in money market account balances.

Stockholders' equity.  Stockholders' equity totaled $29.2 million at June 30, 2014, an increase of $6.3 million, or 27.6%, from $22.9 million at December 31, 2013.  The increase in total stockholders' equity was primarily attributed to the Company's completion of  the sale of 270,000 shares of its newly designated 6.25% Non-Cumulative Convertible Perpetual Preferred Stock, Series B, with a liquidation preference of $25.00 per share ("Series B Preferred Stock"), for an aggregate offering price of $6,750,000.  The 270,000 shares of Series B Preferred Stock were sold pursuant to the Company's private placement of up to 480,000 shares of Series B Preferred Stock for an offering price of $25.00 per share.    After payment of offering expenses, the Company's net proceeds from its sale of the 270,000 shares of Series B Preferred Stock were approximately $6,358,000.

Subsequent to the end of the quarter, the Company completed the sale of the remaining 210,000 shares of Series B Preferred Stock on July 15, 2014 for an aggregate offering price of $5,250,000.  After payment of offering expenses, the Company's net proceeds from its sale of the 210,000 additional shares of Series B Preferred Stock in the private placement were approximately $5,020,000.  

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.  Additionally, CFBank entered into a new lease agreement in Woodmere, Ohio in Cuyahoga County for the location of a loan production office effective January 2014.  Additional information about CFBank's banking services and the Company is available at www.CFBankOnline.com

FORWARD LOOKING STATEMENTS

Statements in this quarterly report 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:

  • a continuation of difficult economic conditions including high unemployment rates or other adverse changes in general economic conditions, 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;
  • 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 (the "SEC") detail other risks, all of which are difficult to predict and many of which are beyond our control.

















Consolidated Statements of Operations

($ in thousands, except share data)

(unaudited)


Three months ended




Six months ended





June 30,




June 30,





2014



2013


% change



2014



2013


% change

















Total interest income

$

2,478


$

1,834


35%


$

4,681


$

3,545


32%

Total interest expense


435



540


-19%



877



1,065


-18%

      Net interest income


2,043



1,294


58%



3,804



2,480


53%

















Provision for loan losses


108



324


-67%



128



650


-80%

Net interest income after provision for loan losses


1,935



970


99%



3,676



1,830


101%

















Noninterest income
















   Service charges on deposit accounts


106



83


28%



209



156


34%

   Net gain on sales of loans


132



107


23%



149



113


32%

   Other


120



79


52%



245



133


84%

      Noninterest income


358



269


33%



603



402


50%

















Noninterest expense
















   Salaries and employee benefits


1,051



961


9%



2,154



1,853


16%

   Occupancy and equipment


135



84


61%



293



159


84%

   Data processing


224



143


57%



431



306


41%

   Franchise taxes


49



85


-42%



99



170


-42%

   Professional fees


257



175


47%



554



387


43%

   Director fees


13



3


333%



25



8


213%

   Postage, printing and supplies


57



69


-17%



141



127


11%

   Advertising and promotion


1



6


-83%



4



12


-67%

   Telephone


27



21


29%



52



37


41%

   Loan expenses


11



9


22%



15



26


-42%

   Foreclosed assets, net


70



1


n/m



81



(18)


n/m

   Depreciation


70



53


32%



122



107


14%

   FDIC premiums


85



36


136%



164



147


12%

   Amortization of intangibles


-



10


-100%



-



19


-100%

   Regulatory assessment


39



39


0%



78



78


0%

   Other insurance


33



36


-8%



69



73


-5%

   Other


73



62


18%



113



105


8%

      Noninterest expense


2,195



1,793


22%



4,395



3,596


22%

















Income (loss) before income taxes


98



(554)


n/m



(116)



(1,364)


-91%

Income tax expense (benefit)


-



-


n/m



-



-


n/m

Net Income (loss)

$

98


$

(554)


n/m


$

(116)


$

(1,364)


-91%

Dividends on Series B stock


(59)



-


n/m



(59)



-


n/m

Earnings (loss) attributable to common stockholders

$

39


$

(554)


n/m


$

(175)


$

(1,364)


-87%

















Share Data
















Basic earnings (loss) per common share

$

0.00


$

(0.04)


-100%


$

(0.01)


$

(0.09)


-89%

Diluted earnings (loss) per common share

$

0.00


$

(0.04)


-100%


$

(0.01)


$

(0.09)


-89%

















Average common shares outstanding - basic


15,823,710



15,823,544





15,823,710



15,823,570



Average common shares outstanding - diluted


15,863,968



15,823,544





15,863,968



15,823,570



















n/m - not meaningful

 

 

















Consolidated Statements of Financial Condition



















At or for the three months ended


($ in thousands)

June 30,


March 31,


December 31,


September 30,


June 30,


(unaudited)

2014


2014


2013


2013


2013


Assets
















Cash and cash equivalents

$

18,881


$

21,578


$

19,160


$

46,785


$

33,197


Interest-bearing deposits in other financial institutions


1,486



1,486



1,982



1,982



2,726


Securities available for sale


8,635



9,074



9,672



10,544



12,155


Loans held for sale


3,259



4,090



3,285



4,856



629


Loans


253,546



214,665



212,870



176,496



185,942


  Less allowance for loan losses


(5,871)



(5,763)



(5,729)



(6,171)



(6,065)


     Loans, net


247,675



208,902



207,141



170,325



179,877


FHLB stock


1,942



1,942



1,942



1,942



1,942


Foreclosed assets, net


1,636



1,636



1,636



1,464



1,538


Premises and equipment, net


3,839



3,753



3,547



3,451



5,252


Assets held for sale


-



-



-



2,070



167


Other intangible assets


-



-



-



20



30


Bank owned life insurance


4,600



4,567



4,535



4,503



4,470


Accrued interest receivable and other assets


2,504



1,961



2,848



2,450



2,631


Total assets

$

294,457


$

258,989


$

255,748


$

250,392


$

244,614


































Liabilities and Stockholders' Equity
















Deposits
















     Noninterest bearing

$

30,215


$

30,772


$

27,652


$

24,795


$

23,536


     Interest bearing


212,506



184,916



180,657



185,881



181,143


          Total deposits


242,721



215,688



208,309



210,676



204,679


Short-term Federal Home Loan Bank advances














-


FHLB advances


13,000



13,000



10,000



10,000



10,000


Other secured borrowings


-



-



6,526



-



-


Advances by borrowers for taxes and insurance


168



137



575



174



187


Accrued interest payable and other liabilities


4,240



2,309



2,319



2,428



2,285


Subordinated debentures


5,155



5,155



5,155



5,155



5,155


          Total liabilities


265,284



236,289



232,884



228,433



222,306


















Stockholders' equity


29,173



22,700



22,864



21,959



22,308


Total liabilities and stockholders' equity

$

294,457


$

258,989


$

255,748


$

250,392


$

244,614


 

 























Consolidated Financial Highlights

























At or for the three months ended


At or for six months ended

($ in thousands except per share data)


Jun 30,


Mar 31,


Dec 31,


Sept 30,


Jun 30,



June 30,

(unaudited)


2014


2014


2013


2013


2013



2014



2013























Earnings (loss)






















Net interest income


$

2,043


$

1,761


$

1,514


$

1,393


$

1,294


$

3,804


$

2,480

Provision for loan losses


$

108


$

20


$

(230)


$

76


$

324


$

128


$

650

Noninterest income


$

358


$

245


$

1,315


$

176


$

269


$

603


$

402

Noninterest expense


$

2,195


$

2,200


$

2,228


$

1,878


$

1,793


$

4,395


$

3,596

Net Income (loss)


$

98


$

(214)


$

831


$

(385)


$

(554)


$

(116)


$

(1,364)

Preferred dividends on Series B stock


$

(59)



n/a



n/a



n/a



n/a



(59)



n/a

Earnings (loss) available to common stockholders


$

39


$

(214)


$

831


$

(385)


$

(554)


$

(175)


$

(1,364)

Basic earnings (loss) per common share


$

0.00


$

(0.01)


$

0.05


$

(0.02)


$

(0.04)


$

(0.01)


$

(0.09)

Diluted earnings (loss) per common share


$

0.00


$

(0.01)


$

0.05


$

(0.02)


$

(0.04)


$

(0.01)


$

(0.09)























Performance Ratios (annualized)






















Return on average assets



0.14%



(0.34%)



1.34%



(0.63%)



(0.94%)



(0.09%)



(1.21%)

Return on average equity



1.57%



(3.76%)



14.70%



(6.95%)



(9.77%)



(0.97%)



(11.86%)

Average yield on interest-earning assets



3.92%



3.78%



3.60%



3.50%



3.45%



3.85%



3.48%

Average rate paid on interest-bearing liabilities



0.82%



0.91%



1.04%



1.09%



1.13%



0.86%



1.17%

Average interest rate spread



3.10%



2.87%



2.56%



2.41%



2.32%



2.99%



2.31%

Net interest margin, fully taxable equivalent



3.24%



3.02%



2.69%



2.53%



2.44%



3.13%



2.43%

Efficiency ratio



91.42%



109.67%



78.05%



118.99%



114.08%



99.73%



124.08%

Noninterest expense to average assets



3.21%



3.45%



3.59%



3.06%



3.04%



3.32%



3.18%























Capital






















Core capital ratio (1)



10.45%



9.64%



9.34%



8.88%



9.19%



10.45%



9.19%

Total risk-based capital ratio (1)



13.01%



12.43%



12.08%



13.28%



13.17%



13.01%



13.17%

Tier 1 risk-based capital ratio (1)



11.75%



11.17%



10.81%



12.00%



11.89%



11.75%



11.89%

Tangible capital ratio (1)



10.45%



9.64%



9.34%



8.88%



9.19%



10.45%



9.19%

Equity to total assets at end of period



9.91%



8.76%



8.94%



8.77%



9.12%



9.91%



9.12%

Tangible equity to tangible assets



9.91%



8.76%



8.94%



8.76%



9.11%



9.91%



9.11%

Book value per common share


$

1.42


$

1.43


$

1.44


$

1.39


$

1.41


$

1.42


$

1.41

Tangible book value per common share


$

1.42


$

1.43


$

1.44


$

1.39


$

1.41


$

1.42


$

1.41

Period-end market value per common share


$

1.48


$

1.55


$

1.33


$

1.41


$

1.31


$

1.48


$

1.31

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



15,823,644



15,823,544



15,823,710



15,823,570

Average diluted common shares outstanding



15,863,968



15,823,710



15,823,710



15,823,644



15,823,544



15,863,968



15,823,570























Asset Quality






















Nonperforming loans


$

4,400


$

5,564


$

5,738


$

5,391


$

5,440


$

4,400


$

5,440

Nonperforming loans to total loans



1.74%



2.59%



2.70%



3.05%



2.93%



1.74%



2.93%

Nonperforming assets to total assets



2.05%



2.78%



2.88%



2.74%



2.85%



2.05%



2.85%

Allowance for loan losses to total loans



2.32%



2.68%



2.69%



3.50%



3.26%



2.32%



3.26%

Allowance for loan losses to nonperforming loans



133.43%



103.57%



99.85%



114.47%



111.50%



133.43%



111.50%

Net charge-offs (recoveries)


$

-


$

(14)


$

212


$

(30)


$

(59)


$

(14)


$

(178)

Annualized net charge-offs (recoveries) to average loans



0.00%



(0.03%)



0.47%



(0.07%)



(0.14%)



(0.01%)



(0.23%)























Average Balances






















Loans


$

227,921


$

209,895


$

173,064


$

167,149


$

157,435


$

218,908


$

151,163

Assets


$

273,941


$

255,107


$

248,545


$

245,279


$

235,616


$

264,524


$

225,872

Stockholders' equity


$

24,951


$

22,787


$

22,611


$

22,153


$

22,671


$

23,869


$

23,008























(1)  Regulatory capital ratios of CFBank











SOURCE Central Federal Corporation

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