Exhibit 99
Exhibit 99
PRESS RELEASE
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FOR IMMEDIATE RELEASE:
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August 12, 2011 |
For Further Information:
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Eloise L. Mackus, CEO |
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Phone: 330.576.1208 |
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Fax: 330.666.7959 |
CENTRAL FEDERAL CORPORATION ANNOUNCES RESULTS FOR THE QUARTER AND
YEAR TO DATE PERIODS ENDED JUNE 30, 2011
Highlights
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Nonperforming loans declined for the 4th consecutive quarter, and decreased 29%
since December 31, 2010 and 33% since June 30, 2010. |
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Criticized and classified loans declined for the 4th consecutive quarter, and
decreased 11% since December 31, 2010 and 22% since June 30, 2010. |
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The ratio of nonperforming loans to total loans improved to 3.98% at June 30, 2011,
compared to 5.02% at December 31, 2010. |
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The Company announced a common stock offering of up to $30.0
million on August 9, 2011. |
Fairlawn, Ohio August 12, 2011 Central Federal Corporation (Nasdaq: CFBK) announced a net
loss of $1.9 million, or $(.49) per diluted common share, for the quarter ended June 30, 2011,
compared to a net loss of $5.6 million, or $(1.38) per diluted common share, for the quarter ended
June 30, 2010.
For the six months ended June 30, 2011, the net loss totaled $3.6 million, or $(.93) per diluted
common share, compared to a net loss of $5.6 million, or $(1.43) per diluted common share for the
six months ended June 30, 2010.
The $3.7 million decrease in the net loss for the three months ended June 30, 2011 was primarily
due to a $5.5 million decrease in the provision for loan losses, partially offset by a $546,000
decrease in net interest income and a $1.2 million increase in foreclosed assets expense as
compared to the three months ended June 30, 2010.
The $2.0 million decrease in the net loss for the six months ended June 30, 2011 was primarily due
to a $4.8 million decrease in the provision for loan losses, partially offset by a $1.0 million
decrease in net interest income, a $505,000 decrease in noninterest income and a $1.2 million
increase in foreclosed assets expense as compared to the six months ended June 30, 2010.
Managements ongoing assessment of CFBanks loan portfolio resulted in a decrease of $5.5 million
and $4.8 million, respectively, in the provision for loan losses during the quarter and six months
ended June 30, 2011, compared to the same periods last year. The decrease in the provision for
both current year periods was due to a decrease in nonperforming loans, classified and criticized
loans and overall loan portfolio balances since the beginning of the year. Nonperforming loans
decreased $2.9 million, or 28.9%, and totaled $7.2 million at June 30, 2011, compared to $10.1
million at December 31, 2010. The ratio of nonperforming loans to
total loans improved to 3.98% at June 30, 2011, compared to 5.02% at December 31, 2010.
Criticized
and classified loans decreased $5.6 million, or 11.2%, and totaled $44.0 million at June 30, 2011,
compared to $49.6 million at December 31, 2010. Overall loan portfolio balances decreased $21.0
million, or 10.5%, during the six months ended June 30, 2011. The ratio of the allowance for loan
losses (ALLL) to total loans was 4.48% at June 30, 2011, compared to 4.87% at December 31, 2010.
Eloise L. Mackus, CEO commented, The level of nonperforming loans and criticized and classified
loans have improved in each of the last four quarters and these balances have decreased by 33% and
22%, respectively, since last June. This continued improvement is a result of the hard work and
determination of the CFBank team. We remain focused on successfully working through the asset
quality issues and resulting regulatory situation.
Net interest income decreased $546,000 and $1.0 million, respectively, for the three and six months
ended June 30, 2011, compared to the prior year periods. The decrease was due to lower margins in
both current year periods. Net interest margin totaled 2.44% for the quarter ended June 30, 2011,
compared to 3.23% for the quarter ended June 30, 2010. Net interest margin totaled 2.55% for the
six months ended June 30, 2011, compared to 3.31% for the six months ended June 30, 2010. The
decrease in net interest margin during the three and six month periods ended June 30, 2011 was due
to an increase in on-balance-sheet liquidity and a decrease in the average balance of loans
outstanding, partially offset by a decrease in funding costs. See the section titled Net interest
income for additional details. The average balance of cash and cash equivalents, which was
invested in low-yielding overnight investments for liquidity purposes, increased $40.7 million and
$38.5 million, respectively, during the three and six months ended June 30, 2011. The high level of
on-balance-sheet liquidity was in response to uncertain regulatory conditions. As a result of the
losses suffered in 2009, 2010 and the first quarter of 2011, management was concerned that CFBank
would be restricted from accepting or renewing brokered deposits, in addition to other regulatory
restrictions, and moved aggressively in 2011, prior to receipt of the CFBank Cease and Desist Order
(the CFBank Order) in May 2011, to build liquidity to deal with potential retail deposit outflows
and potential decreased borrowing capacity from the Federal Home Loan Bank (FHLB) and the Federal
Reserve Bank (FRB). Average loan balances decreased $45.1 million and $44.6 million, respectively,
during the three and six months ended June 30, 2011 compared to the prior year period as we slowed
new lending to increase our capital ratios and, since receipt of the CFBank Order, to comply with
lending restrictions.
Foreclosed assets expense increased $1.2 million for both the three and six months ended June 30,
2011, compared to the prior year periods. The increase was primarily due to a $1.1 million charge
related to approximately 42 acres of undeveloped land located in Columbus, Ohio held in foreclosed
assets. A revaluation of this property during the current quarter evidenced a decline in value
which resulted in the charge during the quarter ended June 30, 2011.
Noninterest income decreased $151,000 and $505,000, respectively, for the three and six months
ended June 30, 2011, compared to the prior year periods. The decrease was due to lower gains on
sales of loans and securities. Net gains on sales of loans decreased $157,000 and $267,000,
respectively, for the three and six months ended June 30, 2011, compared to the prior year periods,
primarily due to lower mortgage loan originations and, consequently, fewer loan sales in the
current year periods. Additionally, noninterest income for the six months ended June 30, 2010
included $240,000 in net gain on sales of securities. There were no gains on sales of securities
in the current year periods.
The Company announced the terms of a proposed registered common stock offering of up to
$30.0 million, consisting of a $25.0 million rights offering and a $5.0 million offering to a group
of standby purchasers on August 9, 2011. Under the terms of the rights offering, all record holders of the Companys
common stock as of a date to be determined will receive, at no charge, one subscription right for
each share of common stock held as of the record date. Each subscription right will entitle the
holder of the right to purchase a to-be-determined number of shares of Company common stock at a
subscription price of $1.00 per share. The rights offering will commence as soon as practicable
after the filing with and review by the SEC of the registration statement relating to the offering.
Any shares not subscribed for in the rights offering
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may be
offered in a public offering. In addition, for each four shares of
common stock purchased, purchasers will receive, at no charge, one warrant to purchase one additional share of common stock
at a purchase price of $1.00 per share. The warrants will be exercisable for three years. The
Company has separately entered into a series of standby purchase agreements with a group of
investors led by Timothy ODell, Thad R. Perry and Robert E. Hoeweler. Under the standby purchase
agreements the standby purchasers will acquire 5.0 million shares of Company common stock at a price of
$1.00 per share and receive warrants with the same terms and conditions as all purchasers in the
rights offering. The standby purchasers have conditioned their purchase of shares of common stock
upon the receipt by the Company of at least $16.5 million in net proceeds from the rights offering.
Jerry F. Whitmer, Chairman of the Board, added, We were pleased to announce the common stock
offering of up to $30.0 million on August 9, 2011. We believe this level of capital will satisfy
the capital requirements of the Cease and Desist Orders.
Net interest income
Net interest income totaled $1.6 million for the quarter ended June 30, 2011 and decreased
$546,000, or 25.0%, compared to $2.2 million for the quarter ended June 30, 2010. The margin
decreased 79 basis points (bp) to 2.44% in the second quarter of 2011, compared to 3.23% in the
second quarter of 2010. The decrease in margin was due to a larger decrease in the yield on
interest-earning assets than in the cost of interest-bearing liabilities. The average yield on
interest-earning assets decreased 103 bp and the average cost of interest-bearing liabilities
decreased 32 bp in the quarter ended June 30, 2011, compared to the quarter ended June 30, 2010.
The average yield on interest-earning assets decreased due to a decrease in average loan balances
and an increase in average securities and other earning asset balances, primarily cash, which
provide lower yields than loans. The average cost of interest-bearing liabilities decreased due to
the sustained low market interest rate environment and reduced deposit pricing in the current year
quarter.
Interest income totaled $2.6 million and decreased $714,000, or 21.8%, for the quarter ended June
30, 2011, compared to $3.3 million for the quarter ended June 30, 2010. The decrease in interest
income was primarily due to a decrease in income on loans.
Interest expense decreased $168,000, or 15.3%, to $933,000 for the second quarter of 2011, compared
to $1.1 million in the second quarter of 2010. The decrease in interest expense resulted from
lower deposit costs and a decrease in the average balance of borrowings outstanding, partially
offset by an increase in the average balance of deposits and an increase in borrowing costs.
Net interest income totaled $3.4 million for the six months ended June 30, 2011 and decreased $1.0
million, or 23.5%, compared to $4.4 million for the six months ended June 30, 2010. The decrease in
net interest income was due to a lower net interest margin for the six months ended June 30, 2011
compared to the prior year period. Net interest margin decreased 76 bp to 2.55% for the six months
ended June 30, 2011, compared to 3.31% for the six months ended June 30, 2010. The decrease in
margin was due to a larger decrease in the yield on interest-earning assets than in the cost of
interest-bearing liabilities. The average yield on interest-earning assets decreased 104 bp, while
the average cost of interest-bearing liabilities decreased 39 bp for the six months ended June 30,
2011, compared to the six months ended June 30, 2010.
The average yield on interest-earning assets decreased due to a decrease in average loan balances
and an increase in average securities and other earning asset balances, primarily cash, which
provide lower yields than loans. The average cost of interest-bearing liabilities decreased due to
the sustained low market interest rate environment and reduced deposit pricing in the current year
period.
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Interest income totaled $5.2 million and decreased $1.5 million, or 21.6%, for the six months ended
June 30, 2011, compared to $6.7 million for the six months ended June 30, 2010. The decrease in
interest income was primarily due to a decrease in income on loans.
Interest expense decreased $401,000, or 17.9%, to $1.8 million for the six months ended June 30,
2011, compared to $2.2 million for the six months ended June 30, 2010. The decrease in interest
expense resulted from lower deposit costs and a decrease in the average balance of borrowings
outstanding, partially offset by an increase in the average balance of deposits.
Provision for loan losses
The provision for loan losses totaled $432,000 for the quarter ended June 30, 2011, and decreased
$5.5 million compared to $5.9 million for the quarter ended June 30, 2010. The provision for loan
losses totaled $1.9 million for the six months ended June 30, 2011, and decreased $4.8 million
compared to $6.7 million for the six months ended June 30, 2010. The decrease in the provision for
loan losses for the three and six months ended June 30, 2011 was due to a 33.2% decrease in
nonperforming loans, a 21.7% decrease in classified and criticized loans and an 18.1% decrease in
overall loan portfolio balances compared to balances at June 30, 2010.
Nonperforming loans, which are nonaccrual loans and loans at least 90 days past due but still
accruing interest, decreased $2.9 million, or 28.9%, and totaled $7.2 million at June 30, 2011,
compared to $10.1 million at December 31, 2010. The decrease in nonperforming loans was primarily
due to $3.8 million in loan charge-offs, and, to a lesser extent, loan payments and proceeds from
the sale of the underlying collateral of various loans, partially offset by $1.5 million in
additional loans that became nonperforming during 2011. The ratio of nonperforming loans to total
loans improved to 3.98% at June 30, 2011, compared to 5.02% at December 31, 2010.
Nonaccrual loans include some loans that were modified and identified as troubled debt
restructurings, where concessions had been granted to borrowers experiencing financial
difficulties. These concessions could include a reduction in the interest rate, payment extensions,
principal forgiveness and other actions intended to maximize collection. Troubled debt
restructurings included in nonaccrual loans totaled $2.5 million at June 30, 2011 and $4.5 million
at December 31, 2010.
Nonaccual loans at June 30, 2011 and December 31, 2010 do not include $839,000 in troubled debt
restructurings where customers have established a sustained period of repayment performance,
generally six months, the loans are current according to their modified terms and repayment of the
remaining contractual payments is expected. These loans are included in total impaired loans.
Individually impaired loans totaled $6.8 million at June 30, 2011 and decreased $3.9 million, or
36.8%, from $10.7 million at December 31, 2010. The decrease in individually impaired loans was
primarily due to loan charge-offs, which totaled $3.8 million during the six months ended June 30,
2011. The amount of the ALLL specifically allocated to individually impaired loans totaled $1.3
million at June 30, 2011 and $2.9 million at December 31, 2010.
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The level of criticized and classified assets continues to be negatively impacted by the increasing
duration and lingering nature of the current recessionary economic environment and its continued
detrimental effects on our borrowers, including deterioration in client business performance,
declines in borrowers cash flows and lower collateral values. Loans classified as special mention
totaled $17.1 million at June 30, 2011, and decreased $3.9 million, or 18.5%, compared to $21.0
million at December 31, 2010. Loans classified as substandard totaled $26.9 million at June 30,
2011, and decreased $1.7 million, or 5.8%, compared to $28.6 million at December 31, 2010. No
loans were classified doubtful or loss at either date. The decrease in loans classified as special
mention and substandard was due to charge-offs totaling $3.8 million and, to a lesser extent,
principal repayments and payoffs since December 31, 2010.
Noninterest income
Noninterest income for the quarter ended June 30, 2011 totaled $142,000 and decreased $151,000,
compared to the quarter ended June 30, 2010. The decrease was due to a $157,000 decline in net
gains on sales of loans in the current year quarter.
Noninterest income for the six months ended June 30, 2011 totaled $298,000 and decreased $505,000,
compared to the six months ended June 30, 2010. The decrease was due to a $240,000 decrease in
gains on sales of securities and a $267,000 decrease in net gains on sales of loans in the current
year period.
Net gains on sales of loans totaled $24,000 for the second quarter of 2011 and decreased $157,000,
or 86.7%, compared to $181,000 for the second quarter of 2010. The decrease in net gains on sales
of loans in the current year quarter was due to lower mortgage loan originations than in the
quarter ended June 30, 2010. Originations totaled $6.4 million for the quarter ended June 30, 2011
and decreased $12.8 million, or 66.5%, compared to $19.2 million in the prior year quarter.
Net gains on sales of loans totaled $64,000 for the six months ended June 30, 2011 and decreased
$267,000, or 80.7%, compared to $331,000 for the six months ended June 30, 2010. The decrease in
net gains on sales of loans in the current year period was due to lower mortgage loan originations
than in the prior year period. Originations totaled $18.9 million for the six months ended June 30,
2011, and decreased $16.1 million, or 45.9%, compared to $35.0 million in the prior year period.
The decrease in originations during the three and six months ended June 30, 2011 was partially due
to five fewer mortgage loan originators in the current year periods. The number of originators
decreased as a result of attrition and termination of originators with low production.
Additionally, the First-Time Home Buyer Credit, which was extended for purchases made through April
30, 2010 by The Worker, Homeownership and Business Assistance Act of 2009, positively impacted
originations in the second quarter of 2010.
There were no sales of securities in the current year period. Gains on sales of securities totaled
$240,000 in the prior year period. The proceeds from sales in the prior year period were reinvested
in securities with a 0% total risk-based capital requirement. The gains on sales positively
impacted CFBanks core capital ratio, and reinvestment in 0% risk-weighted assets had a positive
impact on CFBanks total risk-based capital ratio.
Noninterest expense
Noninterest expense increased $1.2 million, or 55.4%, and totaled $3.3 million for the second
quarter of 2011, compared to $2.1 million for the second quarter of 2010. Noninterest expense
increased $1.3 million, or 29.7%, and totaled $5.5 million for the six months ended June 30, 2011,
compared to $4.2 million for the six months ended June 30, 2010. The increase in noninterest
expense during the three and six months ended June 30, 2011 was primarily due to
an increase in foreclosed assets expense which included a $1.1 million charge on a commercial real
estate property held in foreclosed assets, as previously discussed.
5
The ratio of noninterest expense to average assets increased to 4.57% for the quarter ended June
30, 2011, compared to 2.92% for the quarter ended June 30, 2010. The ratio of noninterest expense
to average assets increased to 3.81% for the six months ended June 30, 2011, compared to 2.94% for
the six months ended June 30, 2010. The ratio of noninterest expense to average assets for the
three and six months ended June 30, 2011 was significantly impacted by the $1.1 million charge on
foreclosed assets.
The efficiency ratio increased to 118.91% for the quarter ended June 30, 2011, compared to 84.44%
for the quarter ended June 30, 2010. The efficiency ratio increased to 116.91% for the six months
ended June 30, 2011, compared to 84.15% for the six months ended June 30, 2010. The increase in
the efficiency ratio for the quarter and six months ended June 30, 2011 was due to a decrease in
net interest income and noninterest income in the current year periods.
Balance sheet activity
Assets totaled $277.8 million at June 30, 2011 and increased $2.6 million, or .9%, from $275.2
million at December 31, 2010. The increase was due to a $26.2 million increase in cash and cash
equivalents, partially offset by a $19.3 million decrease in net loan balances and a $2.1 million
decrease in foreclosed assets.
Cash and cash equivalents totaled $60.4 million at June 30, 2011 and increased $26.2 million, or
76.3%, from $34.3 million at December 31, 2010. The increase in cash and cash equivalents was a
result of building on-balance-sheet liquidity, as discussed previously. The increase in liquidity
was primarily due to an $18.7 million increase in certificate of deposit account balances since
December 31, 2010. Liquidity was also increased by cash flows from the loan portfolio which were
not redeployed into new loan originations. The increase in liquidity had a negative impact on net
interest margin.
Securities available for sale totaled $27.3 million at June 30, 2011, and decreased $1.5 million,
or 5.1%, compared to $28.8 million at December 31, 2010 due to scheduled maturities and repayments
in excess of purchases during the current year period.
Net loans totaled $171.5 million at June 30, 2011 and decreased $19.3 million, or 10.1%, from
$190.8 million at December 31, 2010. The decrease was primarily due to lower commercial,
multi-family residential, commercial real estate and single family residential loan balances and,
to a lesser extent, lower consumer loan balances. Commercial, commercial real estate and
multi-family loans, including related construction loans, decreased $16.2 million, or 10.3%, and
totaled $140.6 million at June 30, 2011. The decrease was primarily in commercial real estate loan
balances, including related construction loans, which decreased $8.3 million, or 10.0%, due to
principal repayments and payoffs in excess of current year originations and $1.4 million in
charge-offs related to two borrowers. Commercial loans decreased by $5.2 million, or 13.5%, due to
principal repayments and payoffs in excess of current year originations and $1.1 million in
charge-offs related to two borrowers. Multi-family residential loans decreased by $2.8 million
primarily related to principal repayments and payoffs in excess of current year originations and
$1.3 million in charge-offs related to two borrowers. Single-family residential mortgage loans,
including related construction loans, totaled $21.5 million at June 30, 2011 and decreased $4.1
million, or 16.1%, from $25.6 million at December 31, 2010. The decrease in mortgage loans was due
to current period principal repayments and payoffs in excess of loans originated for portfolio.
Consumer loans totaled $17.5 million at June 30, 2011 and decreased $651,000, or 3.6%, due to
repayments of auto loans and home equity lines of credit.
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The ALLL totaled $8.1 million at June 30, 2011 and decreased $1.7 million, or 17.5%, from $9.8
million at December 31, 2010. The decrease in the ALLL was due to a 10.5% decrease in overall loan
balances, the charge-off of certain nonperforming loans, a 28.9% decrease in nonperforming loans
and an 11.2% decrease in criticized and classified loans during the six months ended June 30, 2011.
The ratio of the ALLL to total loans was 4.48% at June 30, 2011, compared to 4.87% at December 31,
2010.
Foreclosed assets totaled $2.4 million at June 30, 2011 and decreased $2.1 million, or 47.4%, from
$4.5 million at December 30, 2010. The decrease was due to the sale of $1.0 million in inventory
from a jewelry manufacturer that had been foreclosed in December 2010, which resulted in no
additional loss, and a $1.1 million charge to foreclosed assets expense related to a commercial
real estate property, as described previously. There were no assets acquired by CFBank through
foreclosure during the six months ended June 30, 2011.
Deposits totaled $238.2 million at June 30, 2011 and increased $10.8 million, or 4.8%, from $227.4
million at December 31, 2010. The increase was primarily due to an $18.7 million increase in
certificate of deposit account balances and a $3.6 million increase in interest bearing checking
account balances, partially offset by an $11.9 million decrease in money market account balances.
Certificate of deposit account balances increased $18.7 million during the six months ended June
30, 2011 due to a $23.2 million increase in retail deposit accounts, partially offset by a $4.5
million decrease in brokered deposits. Retail certificate of deposit account balances increased
primarily due to competitive pricing strategies related to accounts with maturities of two years
and longer. Due to the low market interest rate environment, we were able to extend these
maturities with a small increase in the weighted average cost of certificates of deposit, which
increased to 1.72% at June 30, 2011, from 1.70% at December 31, 2010.
Money market account balances totaled $44.9 million at June 30, 2011 and decreased $11.9 million,
or 21.0%, from $56.8 million at December 31, 2010. The decrease was due to customers seeking higher
yields on these short-term funds than management was willing to offer based on asset/liability
management strategies.
Long-term FHLB advances totaled $18.7 million at June 30, 2011 and decreased $5.2 million, or
21.7%, from $23.9 million at December 31, 2010 due to repayment of maturing advances. The advances
were repaid with the increase in deposit balances in accordance with the Companys liquidity
management program in order to maintain borrowing capacity with the FHLB.
Stockholders equity totaled $12.3 million at June 30, 2011 and decreased $3.7 million, or 23.2%,
from $16.0 million at December 31, 2010. The decrease was due to the $3.6 million net loss,
$210,000 in preferred stock dividends accrued but not paid and accretion of discount on preferred
stock related to the Troubled Asset Relief Program (TARP) Capital Purchase Program, partially
offset by an $84,000 increase in unrealized gains in the securities portfolio.
With the capital provided by the TARP Capital Purchase Program, we have continued to make financing
available to businesses and consumers in our market areas. Since receipt of $7.2 million in TARP
Capital Purchase Program proceeds in December 2008 and through June 30, 2011, we have originated
or renewed $232.9 million in loans.
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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. Additional information about CFBanks banking services
and the Company is available at www.CFBankOnline.com.
Forward-Looking Information
Statements in this earnings release 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
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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 Company, management or Boards of Directors; (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:
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a continuation of current high unemployment rates and difficult economic conditions or
adverse changes in general economic conditions and 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; |
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changes in interest rates that may reduce net interest margin and impact funding
sources; |
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our ability to maintain sufficient liquidity to continue to fund our operations; |
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changes in market rates and prices, including real estate values, which may adversely
impact the value of financial products including securities, loans and deposits; |
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the possibility of other-than-temporary impairment of securities held in CFBanks
securities portfolio; |
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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; |
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our ability to meet the requirements of the Holding Company and CFBank Cease and
Desist Orders issued by regulators; |
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the uncertainties arising from the Companys participation in the TARP Capital
Purchase Program, including the impacts on employee recruitment and retention and other
business and practices, and uncertainties concerning the potential redemption by us of
Treasurys preferred stock investment under the program, including the timing of,
regulatory approvals for, and conditions placed upon, any such redemption; |
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changes in tax laws, rules and regulations; |
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various monetary and fiscal policies and regulations, including those determined by
the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC) and the
Office of the Comptroller of the Currency (OCC); |
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competition with other local and regional commercial banks, savings banks, credit
unions and other non-bank financial institutions; |
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our ability to grow our core businesses; |
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technological factors which may affect our operations, pricing, products and services; |
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unanticipated litigation, claims or assessments; and |
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managements ability to manage these and other risks. |
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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.
9
Consolidated Statements of Operations
($ in thousands, except share data)
(unaudited)
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2011 |
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2010 |
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% change |
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2011 |
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2010 |
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% change |
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Total interest income |
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2,568 |
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|
$ |
3,282 |
|
|
|
-22 |
% |
|
$ |
5,217 |
|
|
$ |
6,654 |
|
|
|
-22 |
% |
Total interest expense |
|
|
933 |
|
|
|
1,101 |
|
|
|
-15 |
% |
|
|
1,843 |
|
|
|
2,244 |
|
|
|
-18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
1,635 |
|
|
|
2,181 |
|
|
|
-25 |
% |
|
|
3,374 |
|
|
|
4,410 |
|
|
|
-23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
432 |
|
|
|
5,938 |
|
|
|
-93 |
% |
|
|
1,851 |
|
|
|
6,686 |
|
|
|
-72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (loss) after provision for loan losses |
|
|
1,203 |
|
|
|
(3,757 |
) |
|
|
n/m |
|
|
|
1,523 |
|
|
|
(2,276 |
) |
|
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
69 |
|
|
|
74 |
|
|
|
-7 |
% |
|
|
130 |
|
|
|
144 |
|
|
|
-10 |
% |
Net gain on sales of loans |
|
|
24 |
|
|
|
181 |
|
|
|
-87 |
% |
|
|
64 |
|
|
|
331 |
|
|
|
-81 |
% |
Net gain on sale of securities |
|
|
|
|
|
|
|
|
|
|
n/m |
|
|
|
|
|
|
|
240 |
|
|
|
n/m |
|
Other |
|
|
49 |
|
|
|
38 |
|
|
|
29 |
% |
|
|
104 |
|
|
|
88 |
|
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
142 |
|
|
|
293 |
|
|
|
-52 |
% |
|
|
298 |
|
|
|
803 |
|
|
|
-63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,033 |
|
|
|
1,060 |
|
|
|
-3 |
% |
|
|
2,074 |
|
|
|
2,113 |
|
|
|
-2 |
% |
Occupancy and equipment |
|
|
69 |
|
|
|
45 |
|
|
|
53 |
% |
|
|
154 |
|
|
|
113 |
|
|
|
36 |
% |
Data processing |
|
|
145 |
|
|
|
164 |
|
|
|
-12 |
% |
|
|
289 |
|
|
|
319 |
|
|
|
-9 |
% |
Franchise taxes |
|
|
64 |
|
|
|
85 |
|
|
|
-25 |
% |
|
|
130 |
|
|
|
178 |
|
|
|
-27 |
% |
Professional fees |
|
|
258 |
|
|
|
272 |
|
|
|
-5 |
% |
|
|
559 |
|
|
|
478 |
|
|
|
17 |
% |
Director fees |
|
|
45 |
|
|
|
26 |
|
|
|
73 |
% |
|
|
91 |
|
|
|
52 |
|
|
|
75 |
% |
Postage, printing and supplies |
|
|
39 |
|
|
|
43 |
|
|
|
-9 |
% |
|
|
87 |
|
|
|
102 |
|
|
|
-15 |
% |
Advertising and promotion |
|
|
14 |
|
|
|
27 |
|
|
|
-48 |
% |
|
|
24 |
|
|
|
55 |
|
|
|
-56 |
% |
Telephone |
|
|
18 |
|
|
|
27 |
|
|
|
-33 |
% |
|
|
40 |
|
|
|
51 |
|
|
|
-22 |
% |
Loan expenses |
|
|
20 |
|
|
|
16 |
|
|
|
25 |
% |
|
|
30 |
|
|
|
43 |
|
|
|
-30 |
% |
Foreclosed assets, net |
|
|
1,152 |
|
|
|
1 |
|
|
|
n/m |
|
|
|
1,185 |
|
|
|
1 |
|
|
|
n/m |
|
Depreciation |
|
|
104 |
|
|
|
133 |
|
|
|
-22 |
% |
|
|
218 |
|
|
|
264 |
|
|
|
-17 |
% |
FDIC premiums |
|
|
175 |
|
|
|
101 |
|
|
|
73 |
% |
|
|
350 |
|
|
|
250 |
|
|
|
40 |
% |
Amortization of intangibles |
|
|
10 |
|
|
|
10 |
|
|
|
0 |
% |
|
|
20 |
|
|
|
20 |
|
|
|
0 |
% |
OTS assessment |
|
|
38 |
|
|
|
23 |
|
|
|
65 |
% |
|
|
75 |
|
|
|
45 |
|
|
|
67 |
% |
Other |
|
|
78 |
|
|
|
66 |
|
|
|
18 |
% |
|
|
126 |
|
|
|
121 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
3,262 |
|
|
|
2,099 |
|
|
|
55 |
% |
|
|
5,452 |
|
|
|
4,205 |
|
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(1,917 |
) |
|
|
(5,563 |
) |
|
|
n/m |
|
|
|
(3,631 |
) |
|
|
(5,678 |
) |
|
|
n/m |
|
Income tax benefit |
|
|
|
|
|
|
(10 |
) |
|
|
n/m |
|
|
|
|
|
|
|
(30 |
) |
|
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,917 |
) |
|
$ |
(5,553 |
) |
|
|
n/m |
|
|
$ |
(3,631 |
) |
|
$ |
(5,648 |
) |
|
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
$ |
(2,023 |
) |
|
$ |
(5,655 |
) |
|
|
n/m |
|
|
$ |
(3,841 |
) |
|
$ |
(5,852 |
) |
|
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m |
|
Basic loss per common share |
|
$ |
(0.49 |
) |
|
$ |
(1.38 |
) |
|
|
n/m |
|
|
$ |
(0.93 |
) |
|
$ |
(1.43 |
) |
|
|
n/m |
|
Diluted loss per common share |
|
$ |
(0.49 |
) |
|
$ |
(1.38 |
) |
|
|
n/m |
|
|
$ |
(0.93 |
) |
|
$ |
(1.43 |
) |
|
|
n/m |
|
Average common shares outstanding basic |
|
|
4,101,331 |
|
|
|
4,095,993 |
|
|
|
|
|
|
|
4,099,807 |
|
|
|
4,095,607 |
|
|
|
|
|
Average common shares outstanding diluted |
|
|
4,101,331 |
|
|
|
4,095,993 |
|
|
|
|
|
|
|
4,099,807 |
|
|
|
4,095,607 |
|
|
|
|
|
n/m not meaningful
10
Consolidated Statements of Financial Condition
($ in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2011 |
|
|
2011 |
|
|
2010 |
|
|
2010 |
|
|
2010 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
60,436 |
|
|
$ |
69,558 |
|
|
$ |
34,275 |
|
|
$ |
34,015 |
|
|
$ |
13,406 |
|
Securities available for sale |
|
|
27,333 |
|
|
|
25,896 |
|
|
|
28,798 |
|
|
|
29,501 |
|
|
|
24,282 |
|
Loans held for sale |
|
|
1,810 |
|
|
|
1,361 |
|
|
|
1,953 |
|
|
|
1,875 |
|
|
|
10,069 |
|
Loans |
|
|
179,532 |
|
|
|
188,389 |
|
|
|
200,525 |
|
|
|
213,509 |
|
|
|
219,096 |
|
Less allowance for loan losses |
|
|
(8,050 |
) |
|
|
(9,417 |
) |
|
|
(9,758 |
) |
|
|
(10,057 |
) |
|
|
(10,074 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
|
171,482 |
|
|
|
178,972 |
|
|
|
190,767 |
|
|
|
203,452 |
|
|
|
209,022 |
|
Federal Home Loan Bank stock |
|
|
1,942 |
|
|
|
1,942 |
|
|
|
1,942 |
|
|
|
1,942 |
|
|
|
1,942 |
|
Loan servicing rights |
|
|
47 |
|
|
|
54 |
|
|
|
57 |
|
|
|
63 |
|
|
|
72 |
|
Foreclosed assets, net |
|
|
2,370 |
|
|
|
3,509 |
|
|
|
4,509 |
|
|
|
2,348 |
|
|
|
2,348 |
|
Premises and equipment, net |
|
|
5,851 |
|
|
|
5,903 |
|
|
|
6,016 |
|
|
|
6,661 |
|
|
|
6,783 |
|
Assets held for sale |
|
|
|
|
|
|
535 |
|
|
|
535 |
|
|
|
|
|
|
|
|
|
Other intangible assets |
|
|
109 |
|
|
|
119 |
|
|
|
129 |
|
|
|
139 |
|
|
|
149 |
|
Bank owned life insurance |
|
|
4,208 |
|
|
|
4,175 |
|
|
|
4,143 |
|
|
|
4,111 |
|
|
|
4,083 |
|
Accrued interest receivable and other assets |
|
|
2,202 |
|
|
|
2,082 |
|
|
|
2,108 |
|
|
|
2,845 |
|
|
|
2,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
277,790 |
|
|
$ |
294,106 |
|
|
$ |
275,232 |
|
|
$ |
286,952 |
|
|
$ |
275,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing |
|
$ |
19,638 |
|
|
$ |
18,886 |
|
|
$ |
20,392 |
|
|
$ |
20,337 |
|
|
$ |
20,687 |
|
Interest bearing |
|
|
218,585 |
|
|
|
229,999 |
|
|
|
206,989 |
|
|
|
217,390 |
|
|
|
205,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
|
238,223 |
|
|
|
248,885 |
|
|
|
227,381 |
|
|
|
237,727 |
|
|
|
226,255 |
|
Long-term Federal Home Loan Bank advances |
|
|
18,742 |
|
|
|
21,742 |
|
|
|
23,942 |
|
|
|
23,942 |
|
|
|
23,942 |
|
Other borrowings |
|
|
|
|
|
|
1,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advances by borrowers for taxes and insurance |
|
|
79 |
|
|
|
141 |
|
|
|
213 |
|
|
|
93 |
|
|
|
48 |
|
Accrued interest payable and other liabilities |
|
|
3,309 |
|
|
|
2,552 |
|
|
|
2,552 |
|
|
|
3,484 |
|
|
|
2,549 |
|
Subordinated debentures |
|
|
5,155 |
|
|
|
5,155 |
|
|
|
5,155 |
|
|
|
5,155 |
|
|
|
5,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
265,508 |
|
|
|
279,975 |
|
|
|
259,243 |
|
|
|
270,401 |
|
|
|
257,949 |
|
Stockholders equity |
|
|
12,282 |
|
|
|
14,131 |
|
|
|
15,989 |
|
|
|
16,551 |
|
|
|
17,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
277,790 |
|
|
$ |
294,106 |
|
|
$ |
275,232 |
|
|
$ |
286,952 |
|
|
$ |
275,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
Consolidated Financial Highlights
($ in thousands except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the three months ended |
|
|
At or for the six months ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
2011 |
|
|
2011 |
|
|
2010 |
|
|
2010 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
Earnings (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
1,635 |
|
|
$ |
1,739 |
|
|
$ |
1,968 |
|
|
$ |
2,056 |
|
|
$ |
2,181 |
|
|
$ |
3,374 |
|
|
$ |
4,410 |
|
Provision for loan losses |
|
$ |
432 |
|
|
$ |
1,419 |
|
|
$ |
1,165 |
|
|
$ |
617 |
|
|
$ |
5,938 |
|
|
$ |
1,851 |
|
|
$ |
6,686 |
|
Noninterest income |
|
$ |
142 |
|
|
$ |
156 |
|
|
$ |
404 |
|
|
$ |
587 |
|
|
$ |
293 |
|
|
$ |
298 |
|
|
$ |
803 |
|
Noninterest expense |
|
$ |
3,262 |
|
|
$ |
2,190 |
|
|
$ |
2,007 |
|
|
$ |
2,220 |
|
|
$ |
2,099 |
|
|
$ |
5,452 |
|
|
$ |
4,205 |
|
Net loss |
|
$ |
(1,917 |
) |
|
$ |
(1,714 |
) |
|
$ |
(990 |
) |
|
$ |
(232 |
) |
|
$ |
(5,553 |
) |
|
$ |
(3,631 |
) |
|
$ |
(5,648 |
) |
Net loss attributable to common stockholders |
|
$ |
(2,023 |
) |
|
$ |
(1,818 |
) |
|
$ |
(1,093 |
) |
|
$ |
(335 |
) |
|
$ |
(5,655 |
) |
|
$ |
(3,841 |
) |
|
$ |
(5,852 |
) |
Basic loss per common share |
|
$ |
(0.49 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.38 |
) |
|
$ |
(0.93 |
) |
|
$ |
(1.43 |
) |
Diluted loss per common share |
|
$ |
(0.49 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.08 |
) |
|
$ |
(1.38 |
) |
|
$ |
(0.93 |
) |
|
$ |
(1.43 |
) |
Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
(2.69 |
%) |
|
|
(2.39 |
%) |
|
|
(1.41 |
%) |
|
|
(0.32 |
%) |
|
|
(7.74 |
%) |
|
|
(2.54 |
%) |
|
|
(3.96 |
%) |
Return on average equity |
|
|
(58.14 |
%) |
|
|
(45.57 |
%) |
|
|
(24.31 |
%) |
|
|
(5.52 |
%) |
|
|
(106.84 |
%) |
|
|
(51.44 |
%) |
|
|
(51.04 |
%) |
Average yield on interest-earning assets |
|
|
3.83 |
% |
|
|
4.07 |
% |
|
|
4.45 |
% |
|
|
4.64 |
% |
|
|
4.86 |
% |
|
|
3.95 |
% |
|
|
4.99 |
% |
Average rate paid on interest-bearing liabilities |
|
|
1.50 |
% |
|
|
1.46 |
% |
|
|
1.56 |
% |
|
|
1.62 |
% |
|
|
1.82 |
% |
|
|
1.48 |
% |
|
|
1.87 |
% |
Average interest rate spread |
|
|
2.33 |
% |
|
|
2.61 |
% |
|
|
2.89 |
% |
|
|
3.02 |
% |
|
|
3.04 |
% |
|
|
2.47 |
% |
|
|
3.12 |
% |
Net interest margin, fully taxable equivalent |
|
|
2.44 |
% |
|
|
2.67 |
% |
|
|
3.01 |
% |
|
|
3.12 |
% |
|
|
3.23 |
% |
|
|
2.55 |
% |
|
|
3.31 |
% |
Efficiency ratio |
|
|
118.91 |
% |
|
|
115.04 |
% |
|
|
84.19 |
% |
|
|
91.51 |
% |
|
|
84.44 |
% |
|
|
116.91 |
% |
|
|
84.15 |
% |
Noninterest expense to average assets |
|
|
4.57 |
% |
|
|
3.06 |
% |
|
|
2.86 |
% |
|
|
3.09 |
% |
|
|
2.92 |
% |
|
|
3.81 |
% |
|
|
2.94 |
% |
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core capital ratio (1) |
|
|
5.40 |
% |
|
|
5.68 |
% |
|
|
6.59 |
% |
|
|
6.58 |
% |
|
|
6.87 |
% |
|
|
5.40 |
% |
|
|
6.87 |
% |
Total risk-based capital ratio (1) |
|
|
10.10 |
% |
|
|
10.60 |
% |
|
|
10.68 |
% |
|
|
10.53 |
% |
|
|
10.01 |
% |
|
|
10.10 |
% |
|
|
10.01 |
% |
Tier 1 risk-based capital ratio (1) |
|
|
8.81 |
% |
|
|
9.32 |
% |
|
|
9.41 |
% |
|
|
9.25 |
% |
|
|
8.73 |
% |
|
|
8.81 |
% |
|
|
8.73 |
% |
Tangible capital ratio (1) |
|
|
5.40 |
% |
|
|
5.68 |
% |
|
|
6.59 |
% |
|
|
6.58 |
% |
|
|
6.87 |
% |
|
|
5.40 |
% |
|
|
6.87 |
% |
Equity to total assets at end of period |
|
|
4.42 |
% |
|
|
4.80 |
% |
|
|
5.81 |
% |
|
|
5.77 |
% |
|
|
6.23 |
% |
|
|
4.42 |
% |
|
|
6.23 |
% |
Tangible equity to tangible assets |
|
|
4.38 |
% |
|
|
4.77 |
% |
|
|
5.77 |
% |
|
|
5.72 |
% |
|
|
6.18 |
% |
|
|
4.38 |
% |
|
|
6.18 |
% |
Book value per common share |
|
$ |
1.26 |
|
|
$ |
1.71 |
|
|
$ |
2.16 |
|
|
$ |
2.30 |
|
|
$ |
2.47 |
|
|
$ |
1.26 |
|
|
$ |
2.47 |
|
Tangible book value per common share |
|
$ |
1.23 |
|
|
$ |
1.68 |
|
|
$ |
2.13 |
|
|
$ |
2.27 |
|
|
$ |
2.43 |
|
|
$ |
1.23 |
|
|
$ |
2.43 |
|
Period-end market value per common share |
|
$ |
0.80 |
|
|
$ |
1.30 |
|
|
$ |
0.51 |
|
|
$ |
0.95 |
|
|
$ |
1.54 |
|
|
$ |
0.80 |
|
|
$ |
1.54 |
|
Period-end common shares outstanding |
|
|
4,127,798 |
|
|
|
4,127,798 |
|
|
|
4,127,798 |
|
|
|
4,121,798 |
|
|
|
4,092,839 |
|
|
|
4,127,798 |
|
|
|
4,092,839 |
|
Average basic common shares outstanding |
|
|
4,101,331 |
|
|
|
4,098,266 |
|
|
|
4,095,064 |
|
|
|
4,092,908 |
|
|
|
4,095,993 |
|
|
|
4,099,807 |
|
|
|
4,095,607 |
|
Average diluted common shares outstanding |
|
|
4,101,331 |
|
|
|
4,098,266 |
|
|
|
4,095,064 |
|
|
|
4,092,908 |
|
|
|
4,095,993 |
|
|
|
4,099,807 |
|
|
|
4,095,607 |
|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
7,152 |
|
|
$ |
8,341 |
|
|
$ |
10,057 |
|
|
$ |
10,676 |
|
|
$ |
10,705 |
|
|
$ |
7,152 |
|
|
$ |
10,705 |
|
Nonperforming loans to total loans |
|
|
3.98 |
% |
|
|
4.43 |
% |
|
|
5.02 |
% |
|
|
5.02 |
% |
|
|
4.90 |
% |
|
|
3.98 |
% |
|
|
4.90 |
% |
Nonperforming assets to total assets |
|
|
3.43 |
% |
|
|
4.03 |
% |
|
|
5.29 |
% |
|
|
4.54 |
% |
|
|
4.74 |
% |
|
|
3.43 |
% |
|
|
4.74 |
% |
Allowance for loan losses to total loans |
|
|
4.48 |
% |
|
|
5.00 |
% |
|
|
4.87 |
% |
|
|
4.73 |
% |
|
|
4.61 |
% |
|
|
4.48 |
% |
|
|
4.61 |
% |
Allowance for loan losses to nonperforming loans |
|
|
112.56 |
% |
|
|
112.90 |
% |
|
|
97.03 |
% |
|
|
94.20 |
% |
|
|
94.11 |
% |
|
|
112.56 |
% |
|
|
94.11 |
% |
Net charge-offs |
|
$ |
1,812 |
|
|
$ |
1,746 |
|
|
$ |
1,474 |
|
|
$ |
634 |
|
|
$ |
3,272 |
|
|
$ |
3,558 |
|
|
$ |
3,702 |
|
Annualized net charge-offs to average loans |
|
|
3.92 |
% |
|
|
3.63 |
% |
|
|
2.85 |
% |
|
|
1.17 |
% |
|
|
5.81 |
% |
|
|
3.77 |
% |
|
|
3.23 |
% |
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
175,567 |
|
|
$ |
182,800 |
|
|
$ |
196,732 |
|
|
$ |
205,734 |
|
|
$ |
217,323 |
|
|
$ |
179,183 |
|
|
$ |
221,702 |
|
Assets |
|
$ |
285,538 |
|
|
$ |
286,301 |
|
|
$ |
280,407 |
|
|
$ |
287,829 |
|
|
$ |
287,152 |
|
|
$ |
285,920 |
|
|
$ |
285,578 |
|
Stockholders equity |
|
$ |
13,190 |
|
|
$ |
15,044 |
|
|
$ |
16,287 |
|
|
$ |
16,823 |
|
|
$ |
20,789 |
|
|
$ |
14,117 |
|
|
$ |
22,130 |
|
|
|
|
(1) |
|
Regulatory capital ratios of CFBank |
12