Rolla, Missouri, May 16, 2019 (GLOBE NEWSWIRE) -- Central Federal Bancshares (OTC Pink: CFDB), today announced net income of $6,000, or $0.00 basic and diluted earnings per share, for the quarter ended March 31, 2019 compared to a net loss of $(50,000), or $(0.03) basic and diluted earnings per share, for the quarter ended March 31, 2018, an increase of $56,000, or 112.0%.
This increase in earnings for the quarter ended March 31, 2019 compared with March 31, 2018 was primarily attributable to an increase in net interest income of $41,000, an increase in noninterest income of $36,000, partially offset by an increase in the provision for loan losses of $6,000 and an increase in total noninterest expense of $15,000.
Total assets at March 31, 2019 were $69.6 million compared to December 31, 2018 assets of $69.0 million, an increase of $600,000, or 0.9%. Total loans at March 31, 2019 were $58.1 million compared to December 31, 2019 loans of $54.5 million, an increase of $3.7 million, or 6.7%. Total deposits at March 31, 2019 were $44.7 million compared to December 31, 2018 deposits of $43.8 million, an increase of $946,000, or 2.2%. Total equity at March 31, 2019 was $24.4 million compared to $25.0 million at December 31, 2018, a decrease of 2.4%. Central Federal Bancshares capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations.
CENTRAL FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
| March 31, 2019 | December 31, 2018 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Cash and Due from Financial Institutions | $ | 710,000 | $ | 4,168,000 | |||
| Federal Funds Sold | 854,000 | 561,000 | |||||
| Cash and Cash Equivalents | 1,564,000 | 4,729,000 | |||||
| Certificates of Deposit in Other Financial Institutions | 3,224,000 | 3,224,000 | |||||
| Securities Available-for-Sale at Fair Value | 5,071,000 | 5,189,000 | |||||
| Federal Home Loan Bank (FHLB) Stock, at Cost | 83,000 | 82,000 | |||||
| Loans, Net of Allowance for Loan Losses of $283,000 and | |||||||
| $282,000 at March 31, 2019 and December 31, 2018, respectively | 58,159,000 | 54,493,000 | |||||
| Foreclosed Assets | 135,000 | 143,000 | |||||
| Premises and Equipment, Net | 732,000 | 717,000 | |||||
| Accrued Interest Receivable | 182,000 | 167,000 | |||||
| Other Assets | 445,000 | 297,000 | |||||
| Total Assets | $ | 69,595,000 | $ | 69,041,000 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| LIABILITIES | |||||||
| Deposits: | |||||||
| Noninterest-Bearing | $ | 3,364,000 | $ | 3,724,000 | |||
| Interest-Bearing | 41,364,000 | 40,058,000 | |||||
| Total Deposits | 44,728,000 | 43,782,000 | |||||
| Other Liabilities | 223,000 | 38,000 | |||||
| Total Liabilities | 44,951,000 | 43,820,000 | |||||
| Redeemable Common Stock Held By Employee Stock Ownership Plan ("ESOP") | 262,000 | 242,000 | |||||
| STOCKHOLDERS' EQUITY | |||||||
| Preferred Stock, $0.01 par value; 1,000,000 shares | |||||||
| authorized; none issued and outstanding | - | - | |||||
| Common Stock, $0.01 par value; 10,000,000 shares | |||||||
| authorized; 1,788,020 shares issued; 1,525,624 and 1,592,920 | 18,000 | 18,000 | |||||
| shares outstanding at March 31, 2019 and December 31, 2018, | |||||||
| respectively | |||||||
| Retained Earnings - Substantially Restricted | 12,818,000 | 12,811,000 | |||||
| Additional Paid-In Capital | 16,492,000 | 16,486,000 | |||||
| Treasury Stock, at cost; 262,396 and 195,100 shares at | |||||||
| March 31, 2019 and December 31, 2018, respectively | (3,320,000 | ) | (2,660,000 | ) | |||
| Common Stock Acquired by the ESOP | (1,245,000 | ) | (1,259,000 | ) | |||
| Accumulated Other Comprehensive Income (Loss) | (119,000 | ) | (175,000 | ) | |||
| Total Stockholders' Equity | 24,644,000 | 25,221,000 | |||||
| Less Maximum cash obligation related to ESOP shares | 262,000 | 242,000 | |||||
| Total Stockholders' Equity Less Maximum Cash | |||||||
| Obligations Related to ESOP shares | 24,382,000 | 24,979,000 | |||||
| Total Liabilities and Stockholders' Equity | $ | 69,595,000 | $ | 69,041,000 | |||
CENTRAL FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
| Three Months Ended | ||||||
| March 31, | ||||||
| 2019 | 2018 | |||||
| (Unaudited) | ||||||
| INTEREST INCOME | ||||||
| Loans, Including Fees | $ | 649,000 | $ | 562,000 | ||
| Securities and Other | 55,000 | 65,000 | ||||
| Total Interest Income | 704,000 | 627,000 | ||||
| INTEREST EXPENSE | ||||||
| Deposits | 99,000 | 65,000 | ||||
| Federal Home Loan Bank Borrowings | 2,000 | - | ||||
| Total Interest Expense | 101,000 | 65,000 | ||||
| NET INTEREST INCOME | 603,000 | 562,000 | ||||
| PROVISION FOR LOAN LOSSES | 6,000 | - | ||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 597,000 | 562,000 | ||||
| NONINTEREST INCOME | ||||||
| Customer Service Fees | 17,000 | 21,000 | ||||
| Unrealized Gain (Loss) on Equity Securities | 21,000 | (18,000 | ) | |||
| Other Income | 2,000 | 1,000 | ||||
| Total Noninterest Income | 40,000 | 4,000 | ||||
| NONINTEREST EXPENSE | ||||||
| Compensation and Employee Benefits | 344,000 | 321,000 | ||||
| Data Processing and Other Outside Services | 81,000 | 88,000 | ||||
| FDIC Insurance and Regulatory Assessment | 13,000 | 14,000 | ||||
| Occupancy and Equipment | 56,000 | 51,000 | ||||
| Legal and Professional Services | 75,000 | 95,000 | ||||
| Supplies, Telephone, and Postage | 8,000 | 10,000 | ||||
| Expense (Income) from Foreclosed Assets, net | 13,000 | 9,000 | ||||
| Other | 40,000 | 27,000 | ||||
| Total Noninterest Expense | 630,000 | 615,000 | ||||
| INCOME (LOSS) BEFORE INCOME TAXES | 7,000 | (49,000 | ) | |||
| INCOME TAX EXPENSE (BENEFIT) | 1,000 | 1,000 | ||||
| NET INCOME (LOSS) | $ | 6,000 | $ | (50,000 | ) | |
| Common share data | ||||||
| Basic and diluted Income (Loss) per share | $ | 0.00 | $ | (0.03 | ) | |
Contact:
Angela Medwick,
Chief Financial Officer,
Telephone: (573) 364-1024
