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Central Federal Corporation Announces 2nd Quarter 2018 Financial Results

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Central Federal Corporation Announces 2nd Quarter 2018 Financial Results

PR Newswire

WORTHINGTON/COLUMBUS, Ohio, Aug. 1, 2018 /PRNewswire/ -- Central Federal Corporation (NASDAQ:CFBK) (the "Company") today announced financial results for the second quarter and year to date ended June 30, 2018.

Second Quarter Highlights

  • Net income for the quarter of $1.1 million, more than doubled (103% higher) compared to the same quarter in 2017.

  • Fully diluted EPS of $0.05 cents per share, compared to $0.02 cents per share during the same quarter in 2017.

  • Net loans increased $64.2 million, or 15.8%, to $470.6 million at June 30, 2018 compared to $406.4 million at December 31, 2017.

  • Book value per common share increased to $1.82 from $1.76 at March 31, 2018.

  • Net interest income increased 27.8% compared to the same quarter in 2017.

  • Deposits increased $69.1 million, or 16.5%, from $419.0 million at December 31, 2017.

  • Credit quality remains strong with nonperforming to total loans of .08% at June 30, 2018, net recoveries of $11,000 year to date, and the ratio of ALLL to total loans of 1.46%.

Overview of Results

The Company's income before income tax expense for the quarter ended June 30, 2018, totaled $1.4 million, and increased $583,000, or 70.6%, compared to $826,000 for the quarter ended June 30, 2017. The increase in income before income tax expense was due to a $945,000 increase in net interest income, a $555,000 increase in noninterest income, partially offset by a $917,000 increase in noninterest expense.

Net income for the three months ended June 30, 2018 totaled $1.1 million and increased $574,000, or 103.2%, compared to net income of $556,000 for the three months ended June 30, 2017.  The increase in net income was due to a $945,000 increase in net interest income, a $555,000 increase in noninterest income, partially offset by $917,000 increase in noninterest expense and a $9,000 increase in income tax expense.  On December 22, 2017, the "Tax Cuts and Jobs Act" was enacted into law reducing the federal corporate tax rate to 21%, effective January 1, 2018, which impacted the comparability of net income (after tax) between periods.

Net income attributable to common stockholders for the three months ended June 30, 2018, totaled $1.1 million or $0.05 per diluted common share, and increased $777,000, or 227.9%, compared to net income attributable to common stockholders of $341,000, or $0.02 per diluted common share, for the three months ended June 30, 2017.  For the three months ended June 30, 2018, the accretion of discount from the Company's Series B Preferred Stock reduced net income by $12,000.  For the three months ended June 30, 2017, preferred dividends on the Company's Series B Preferred Stock and accretion of discount reduced net income attributable to common stockholders by $215,000. The decrease in the preferred dividends on the Series B preferred stock and accretion of discount is due to the conversion of the Company's Preferred Stock into shares of Common Stock of the Company, effective October 6, 2017, resulting in the elimination of the preferred dividend payments beginning with the fourth quarter of 2017 of approximately $187,500 quarterly.

Income before income tax expense for the six months ended June 30, 2018 totaled $2.4 million and increased $949,000, or 66.0%, compared to $1.4 million for the six months ended June 30, 2017. The increase in income before income tax expense was due to a $1.8 million increase in net interest income, an $870,000 increase in noninterest income, partially offset by a $1.7 million increase in noninterest expense.  As discussed above, the reduction in the federal corporate tax rate under the "Tax Cuts and Jobs Act", effective January 1, 2018, impacted the comparability of net income (after tax) between periods. 

Net income for the six months ended June 30, 2018 totaled $1.9 million and increased $962,000, or 100.2%, compared to net income of $960,000 for the six months ended June 30, 2017.  The increase in net income was due to a $1.8 million increase in net interest income, an $870,000 increase in noninterest income, and a decrease in income tax expenses of $13,000, partially offset by $1.7 million increase in noninterest expense.

Net income attributable to common stockholders for the six months ended June 30, 2018, totaled $1.9 million or $0.08 per diluted common share, and increased $1.4 million, or 254.8%, compared to net income attributable to common stockholders of $531,000, or $0.03 per diluted common shares, for the six months ended June 30, 2017.  For the six months ended June 30, 2018, the accretion of discount from the Company's Series B Preferred Stock reduced net income by $38,000.  For the six months ended June 30, 2017, preferred dividends on the Company's Series B Preferred Stock and accretion of discount reduced net income attributable to common stockholders by $429,000. The decrease in the preferred dividends on the Series B preferred stock and accretion of discount is due to the conversion of the Company's Preferred Stock into shares of Common Stock of the Company, effective October 6, 2017, as discussed above.

Timothy T. O'Dell, President and CEO, commented, "We are pleased with our excellent Loan, Deposit and Earnings growth for the quarter and the first half of 2018.  Loans grew by $64.2 million (up 15.8% year to date), while deposits increased by $69.1 million during the first half of the year. In addition, Net Income also increased 58%.  In addition, CFBank has surpassed the important $500 million milestone in interest-earning average assets, and we also continue to experience success with increasing Mortgage Loans.  We believe that our solid Loan Pipelines and good business prospects across our lines of business and markets bode well for the second half of this year."

Net interest income.  Net interest income totaled $4.3 million for the quarter ended June 30, 2018 and increased $945,000, or 27.8%, compared to $3.4 million for the quarter ended June 30, 2017.  The increase in net interest income was primarily due to a $1.7 million, or 40.2%, increase in interest income, partially offset by a $738,000, or 94.4%, increase in interest expense.  The increase in interest income was primarily attributed to a $117.6 million, or 30.2%, increase in average interest-earning assets outstanding, resulting primarily from an increase in net loans, and a 33bp increase in average yield on interest-earning assets.  The increase in interest expense was primarily attributed to a $92.6 million, or 31.4%, increase in average interest-bearing liabilities and a 51bps increase in the average cost of funds on interest-bearing liabilities.  As a result, net interest margin of 3.43% for the quarter ended June 30, 2018 decreased 7bps compared to the net interest margin of 3.50% for the quarter ended June 30, 2017.

Net interest income totaled $8.3 million for the six months ended June 30, 2018 and increased $1.8 million, or 27.7%, compared to $6.5 million for the six months ended June 30, 2017.  The increase in net interest income was primarily due to a $2.9 million, or 36.4%, increase in interest income, partially offset by a $1.1 million or 72.5%, increase in interest expense.  The increase in interest income was primarily attributed to a $93.0 million, or 23.8%, increase in average interest-earning assets outstanding, resulting primarily from an increase in net loans, and a 42bp increase in average yield on interest-earning assets.  The increase in interest expense was primarily attributed to a $71.5 million, or 23.8%, increase in average interest-bearing liabilities and a 41bps increase in the average cost of funds on interest-bearing liabilities.  As a result, net interest margin of 3.42% for the six months ended June 30, 2018 increased 10bps compared to the net interest margin of 3.32% for the six months ended June 30, 2017.

Robert E. Hoeweler, Chairman of the Board, added "At CFBank, we are extremely excited about the prospects of continuing our growth and expansion during the second half of this year and beyond. Our credit quality remains strong, and we have invested in Credit and Risk Management infrastructure to support growing our business. Expansion of our balance sheet with surpassing half a billion in asset size, is providing earnings leverage. Our Management Team and Board are creating significant Franchise value as evidenced by our book value having increased 6 cents during the second quarter. Our team is charging ahead to take advantage of quality business and lending opportunities in our 4 major metro markets."

Provision for loan and lease losses.  The provision for loan and lease losses totaled $0 and $0 for the quarters ended June 30, 2018 and June 30, 2017, respectively, which is due to strong credit quality, favorable trends in certain qualitative factors and net recoveries.  Net recoveries for the quarter ended June 30, 2018 totaled $5,000, compared to net recoveries of $16,000 for the quarter ended June 30, 2017. 

The provision for loan and lease losses totaled $0 and $0 for the six months ended June 30, 2018 and June 30, 2017, respectively, which is due to strong credit quality, favorable trends in certain qualitative factors and net recoveries.  Net recoveries for the six months ended June 30, 2018 totaled $11,000, compared to net recoveries of $33,000 for the six months ended June 30, 2017.

Noninterest income.  Noninterest income for the quarter ended June 30, 2018 totaled $732,000 and increased $555,000, or 313.6%, compared to $177,000 for the quarter ended June 30, 2017.  The increase was primarily due to a $485,000 increase in net gain on sale of loans, a $46,000 increase in other noninterest income, and a $23,000 increase in service charges on deposit accounts.  The increase in net gain on sale of loans was a result of increased sales volume due to the expansion of the mortgage business.

Noninterest income for the six months ended June 30, 2018 totaled $1.2 million and increased $870,000, or 253.6%, compared to $343,000 for the six months ended June 30, 2017.  The increase was primarily due to a $770,000 increase in net gain on sale of loans and a $52,000 increase in service charges on deposit accounts.  The increase in net gain on sale of loans was a result of increased sales volume due to the expansion of the mortgage business.  The increase in service charges on deposit accounts was related to increased account relationships and pricing.

Noninterest expense.  Noninterest expense for the quarter ended June 30, 2018 totaled $3.7 million and increased $917,000, or 33.3%, compared to $2.8 million for the quarter ended June 30, 2017.  The increase in noninterest expense during the three months ended June 30, 2018 was primarily due to a $521,000 increase in salaries and employee benefits expense and a $338,000 increase in advertising and marketing expense.  The increase in salaries and employee benefits was primarily due to the hiring of mortgage personnel in connection with the expansion of our mortgage business, consistent with our focus on driving noninterest income. The increase in salaries and employee benefits also resulted from an increase in personnel associated with the opening of our Glendale branch, the addition of experienced treasury management personnel, and an increase in credit and finance personnel to support our growth, infrastructure and risk management practices. The increase in advertising and marketing expense is primarily due to increased expenditures in this area related to the expansion of our mortgage business, coupled with increased advertising focused on increasing core deposits.

Noninterest expense for the six months ended June 30, 2018 totaled $7.1 million and increased $1.7 million, or 31.8%, compared to $5.4 million for the six months ended June 30, 2017.  The increase in noninterest expense during the six months ended June 30, 2018 was primarily due to a $1.0 million increase in salaries and employee benefits expense and a $588,000 increase in advertising and marketing expense.  The increase in salaries and employee benefits was primarily due to the hiring of mortgage personnel in connection with the expansion of our mortgage business, consistent with our focus on driving noninterest income. The increase in salaries and employee benefits also resulted from an increase in personnel associated with the opening of our Glendale branch, the addition of experienced treasury management personnel, and an increase in credit and finance personnel to support our growth, infrastructure and risk management practices.  The increase in advertising and marketing expense is primarily due to increased expenditures in this area related to the expansion of our mortgage business, coupled with increased advertising focused on increasing core deposits.

Income tax expense.  Income tax expense was $279,000 for the quarter ended June 30, 2018, an increase of $9,000 compared to $270,000 for the quarter ended June 30, 2017.  The increase was due to higher income partially offset by the tax benefit from the "Tax Cuts and Jobs Act" which reduced the federal corporate tax rate to 21%, effective January 1, 2018.  As a result, the effective tax rate for the quarter ended June 30, 2018 decreased to approximately 19.8%, as compared to approximately 32.7% for the quarter ended June 30, 2017.

Income tax expense was $465,000 for the six months ended June 30, 2018, a decrease of $13,000 compared to $478,000 for the six months ended June 30, 2017.  The decrease was due to the "Tax Cuts and Jobs Act" which reduced the federal corporate tax rate to 21%, effective January 1, 2018.  As a result, the effective tax rate for the six months ended June 30, 2018 decreased to approximately 19.5%, as compared to approximately 33.2% for the six months ended June 30, 2017.

Balance Sheet Activity

General.  Assets totaled $558.9 million at June 30, 2018 and increased $77.5 million, or 16.1%, from $481.4 million at December 31, 2017.  The increase was primarily due to a $64.2 million increase in net loan balances and a $25.3 million increase in loans held for sale, partially offset by $12.8 million decrease in cash and cash equivalents

Cash and cash equivalentsCash and cash equivalents totaled $32.7 million at June 30, 2018, and decreased $12.8 million, or 28.0%, from $45.5 million at December 31, 2017.  The decrease in cash and cash equivalents was primarily attributed to the funding of loan growth.

Securities.  Securities available for sale totaled $11.6 million at June 30, 2018, and decreased $159,000, or 1.4%, compared to $11.8 million at December 31, 2017.  The decrease was primarily due to change in market value.

Loans and Leases.  Net loans and leases totaled $470.6 million at June 30, 2018, and increased $64.2 million, or 15.8%, from $406.4 million at December 31, 2017.  The increase was primarily due to a $23.1 million increase in commercial real estate loan balances, a $14.8 million increase in commercial loan balances, a $10.2 million increase in multi-family residential loan balances, a $8.7 million increase in single-family residential loan balances, a $5.1 million increase in total consumer loan balances, and a $2.2 million increase in construction loan balances.  The increases in the aforementioned loan balances were primarily due to increased sales activity, new relationships, and to a lesser extent, the purchase of a pool of primarily residential mortgage loans.

Allowance for loan and lease losses (ALLL).  The allowance for loan and lease losses totaled $7.0 million at June 30, 2018, and increased $11,000, or 0.2%, from $7.0 million at December 31, 2017.  The increase in the ALLL is due to net recoveries during the six months ended June 30, 2018.  The ratio of the ALLL to total loans was 1.46% at June 30, 2018, compared to 1.69% at December 31, 2017.  In addition, the ratio of the ALLL to nonperforming loans was 1799.2% at June 30, 2018, compared to 1483.0% at December 31, 2017.  

Deposits.  Deposits totaled $488.1 million at June 30, 2018, an increase of $69.1 million, or 16.5%, from $419.0 million at December 31, 2017.  The increase is primarily attributed to a $56.0 million increase in certificate of deposit account balances and $16.3 million increase in checking account balances, partially offset by a $3.1 million decrease in money market account balances.  The increase in certificate of deposit accounts was primarily attributed to management's use of short-term CDARS deposits in anticipation of quarter end fluctuations associated with its mortgage business, along with ongoing efforts to grow core certificate of deposits to fund loan growth.  The increase in checking account balances is primarily due to an increase in new account relationships and deposit balances.   

Stockholders' equity. Stockholders' equity totaled $42.4 million at June 30, 2018, an increase of $2.2 million, or 5.4%, from $40.3 million at December 31, 2017.  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 branch presence in four major metro Ohio markets – Columbus, Cleveland, Cincinnati and Akron markets – as well as its two branch locations in Columbiana County, Ohio.  Additionally, in February 2018, CFBank opened an additional loan production office in Columbus, Ohio in Franklin County.  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 or 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 (the "Holding Company") or CFBank, National Association ("CFBank" and together with the Holding Company, the "Company"); (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, those 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, 2017.

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




Six months ended




June 30,




June 30,




2018


2017


% change


2018


2017


% change

















Total interest income

$

5,867


$

4,184


40%


$

10,971


$

8,041


36%

Total interest expense


1,520



782


94%



2,713



1,573


72%

      Net interest income


4,347



3,402


28%



8,258



6,468


28%

















Provision for loan and lease losses


-



-


n/m



-



-


n/m

Net interest income after provision for loan and lease
losses


4,347



3,402


28%



8,258



6,468


28%

















Noninterest income
















   Service charges on deposit accounts


118



95


24%



236



184


28%

   Net gain on sales of loans


509



24


2021%



817



47


1638%

   Other


105



58


81%



160



112


43%

      Noninterest income


732



177


314%



1,213



343


254%

















Noninterest expense
















   Salaries and employee benefits


2,013



1,492


35%



3,910



2,906


35%

   Occupancy and equipment


182



181


1%



349



333


5%

   Data processing


227



301


-25%



458



578


-21%

   Franchise and other taxes


103



85


21%



205



176


16%

   Professional fees


254



228


11%



504



476


6%

   Director fees


98



73


34%



195



142


37%

   Postage, printing and supplies


52



49


6%



101



92


10%

   Advertising and marketing


370



32


1056%



637



49


1200%

   Telephone


38



28


36%



70



60


17%

   Loan expenses


28



41


-32%



43



79


-46%

   Foreclosed assets, net


-



11


-100%



-



18


-100%

   Depreciation


62



50


24%



121



101


20%

   FDIC premiums


99



86


15%



187



157


19%

   Regulatory assessment


35



32


9%



69



64


8%

   Other insurance


19



23


-17%



41



49


-16%

   Other


90



41


120%



194



93


109%

      Noninterest expense


3,670



2,753


33%



7,084



5,373


32%

















Income before income taxes


1,409



826


71%



2,387



1,438


66%

Income tax expense


279



270


3%



465



478


-3%

Net Income

$

1,130


$

556


103%


$

1,922


$

960


100%

Dividends on Series B preferred stock and accretion of
discount


(12)



(215)


-94%



(38)



(429)


-91%

Earnings attributable to common stockholders

$

1,118


$

341


228%


$

1,884


$

531


255%

















Share Data
















Basic earnings per common share

$

0.05


$

0.02




$

0.08


$

0.03



Diluted earnings per common share

$

0.05


$

0.02




$

0.08


$

0.03



















Average common shares outstanding - basic


23,367,150



16,288,577





23,351,665



16,290,361



Average common shares outstanding - diluted


24,685,866



17,621,111





24,685,134



17,627,894



















n/m - not meaningful
















 

















Consolidated Statements of Financial Condition

































At or for the three months ended


($ in thousands)

Jun 30,


Mar 31,


Dec 31,


Sept 30,


Jun 30,


(unaudited)

2018


2018


2017


2017


2017


Assets
















Cash and cash equivalents

$

32,739


$

70,396


$

45,498


$

27,956


$

34,199


Interest-bearing deposits in other financial institutions


100



100



100



100



100


Securities available for sale


11,614



11,185



11,773



11,878



12,925


Loans held for sale


26,424



8,863



1,124



3,509



649


Loans and leases


477,538



429,471



413,376



394,713



372,807


  Less allowance for loan and lease losses


(6,981)



(6,976)



(6,970)



(6,964)



(6,958)


     Loans and leases, net


470,557



422,495



406,406



387,749



365,849


FHLB and FRB stock


3,251



3,251



3,227



3,227



3,186


Foreclosed assets, net


-



-



-



-



-


Premises and equipment, net


3,678



3,584



3,533



3,572



3,394


Bank owned life insurance


5,133



5,098



5,065



5,030



4,997


Accrued interest receivable and other assets


5,433



4,955



4,699



5,880



6,310


Total assets

$

558,929


$

529,927


$

481,425


$

448,901


$

431,609


































Liabilities and Stockholders' Equity
















Deposits
















     Noninterest bearing

$

99,579


$

91,359


$

89,588


$

76,445


$

85,129


     Interest bearing


388,546



369,686



329,440



304,508



284,182


          Total deposits


488,125



461,045



419,028



380,953



369,311


FHLB advances and other debt


19,500



19,500



13,500



19,000



13,500


Advances by borrowers for taxes and insurance


225



236



489



182



104


Accrued interest payable and other liabilities


3,480



2,889



2,992



3,061



3,543


Subordinated debentures


5,155



5,155



5,155



5,155



5,155


          Total liabilities


516,485



488,825



441,164



408,351



391,613


















Stockholders' equity


42,444



41,102



40,261



40,550



39,996


Total liabilities and stockholders' equity

$

558,929


$

529,927


$

481,425


$

448,901


$

431,609


 
























Consolidated Financial Highlights





















At or for the three months ended


At or for the six months ended

($ in thousands except per share data)


Jun 30,


Mar 31,


Dec 31,


Sept 30,


Jun 30,



June 30,

(unaudited)


2018


2018


2017


2017


2017



2018



2017























Earnings






















Net interest income


$

4,347


$

3,911


$

3,701


$

3,504


$

3,402


$

8,258


$

6,468

Provision for loan and lease losses


$

-


$

-


$

-


$

-


$

-


$

-


$

-

Noninterest income


$

732


$

481


$

205


$

195


$

177


$

1,213


$

343

Noninterest expense


$

3,670


$

3,414


$

2,900


$

2,682


$

2,753


$

7,084


$

5,373

Net Income (loss)


$

1,130


$

792


$

(299)


$

685


$

556


$

1,922


$

960

Dividends on Series B preferred stock
and accretion of discount


$

(12)


$

(26)


$

(23)


$

(214)


$

(215)


$

(38)


$

(429)

Earnings (loss) available to common stockholders


$

1,118


$

766


$

(322)


$

471


$

341


$

1,884


$

531

Basic earnings (loss) per common share


$

0.05


$

0.03


$

(0.01)


$

0.03


$

0.02


$

0.08


$

0.03

Diluted earnings (loss) per common share


$

0.05


$

0.03


$

(0.01)


$

0.03


$

0.02


$

0.08


$

0.03























Performance Ratios (annualized)






















Return on average assets



0.85%



0.66%



(0.26%)



0.64%



0.54%



0.76%



0.46%

Return on average equity



10.88%



7.83%



(2.94%)



6.81%



5.60%



9.37%



4.85%

Average yield on interest-earning assets



4.63%



4.45%



4.38%



4.36%



4.30%



4.54%



4.12%

Average rate paid on interest-bearing liabilities



1.57%



1.34%



1.28%



1.16%



1.06%



1.46%



1.05%

Average interest rate spread



3.06%



3.11%



3.10%



3.20%



3.24%



3.08%



3.07%

Net interest margin, fully taxable equivalent



3.43%



3.41%



3.40%



3.47%



3.50%



3.42%



3.32%

Efficiency ratio



72.26%



77.73%



74.24%



72.51%



76.92%



74.80%



78.89%

Noninterest expense to average assets



2.76%



2.82%



2.51%



2.49%



2.66%



2.79%



2.58%























Capital






















Tier 1 capital leverage ratio (1)



9.56%



10.21%



9.37%



9.99%



10.16%



9.56%



10.16%

Total risk-based capital ratio (1)



11.97%



13.05%



11.91%



12.22%



12.60%



11.97%



12.60%

Tier 1 risk-based capital ratio (1)



10.71%



11.80%



10.65%



10.97%



11.35%



10.71%



11.35%

Common equity tier 1 capital to risk weighted assets (1)



10.71%



11.80%



10.65%



10.97%



11.35%



10.71%



11.35%

Equity to total assets at end of period



7.59%



7.76%



8.36%



9.03%



9.27%



7.59%



9.27%

Book value per common share


$

1.82


$

1.76


$

1.72


$

1.75


$

1.72


$

1.82


$

1.72

Tangible book value per common share


$

1.82


$

1.76


$

1.72


$

1.75


$

1.72


$

1.82


$

1.72

Period-end market value per common share


$

2.40


$

2.32


$

2.75


$

2.42


$

2.08


$

2.40


$

2.08

Period-end common shares outstanding



23,384,714



23,315,547



23,349,613



16,280,577



16,288,577



23,384,714



16,288,577

Average basic common shares outstanding



23,367,150



23,336,008



22,796,359



16,282,077



16,288,577



23,351,665



16,290,361

Average diluted common shares outstanding



24,685,867



24,692,080



22,796,359



24,520,626



17,621,111



24,685,134



17,627,894























Asset Quality






















Nonperforming loans


$

388


$

400


$

470


$

1,038


$

1,098


$

388


$

1,098

Nonperforming loans to total loans



0.08%



0.09%



0.11%



0.26%



0.29%



0.08%



0.29%

Nonperforming assets to total assets



0.07%



0.08%



0.10%



0.23%



0.25%



0.07%



0.25%

Allowance for loan and lease losses to total loans



1.46%



1.62%



1.69%



1.76%



1.87%



1.46%



1.87%

Allowance for loan and lease losses to nonperforming loans



1799.23%



1744.00%



1482.98%



670.91%



633.70%



1799.23%



633.70%

Net charge-offs (recoveries)


$

(5)


$

(6)


$

(6)


$

(6)


$

(16)


$

(11)


$

(33)

Annualized net charge-offs (recoveries) to average loans



(0.00%)



(0.01%)



(0.01%)



(0.01%)



(0.02%)



(0.01%)



(0.02%)























Average Balances






















Loans


$

448,153


$

415,262


$

389,208


$

372,346


$

361,843


$

431,708


$

345,731

Assets


$

531,353


$

483,637


$

461,945


$

431,008


$

413,786


$

507,495


$

416,063

Stockholders' equity


$

41,536


$

40,478


$

40,747


$

40,219


$

39,748


$

41,007


$

39,576

(1)  Regulatory capital ratios of CFBank
















 

Cision View original content:http://www.prnewswire.com/news-releases/central-federal-corporation-announces-2nd-quarter-2018-financial-results-300690511.html

SOURCE Central Federal Corporation

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