News Column

Central Federal Corporation Announces 2nd Quarter 2014 Results

August 30, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- 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."

Keywords for this news article include: Investment and Finance, Central Federal Corporation.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Investment Weekly News


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters