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