Central Federal Corporation 8-K

0000950152-08-002841.txt : 20080418 0000950152-08-002841.hdr.sgml : 20080418 20080418110241 ACCESSION NUMBER: 0000950152-08-002841 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080418 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080418 DATE AS OF CHANGE: 20080418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL FEDERAL CORP CENTRAL INDEX KEY: 0001070680 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 341877137 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25045 FILM NUMBER: 08763701 BUSINESS ADDRESS: STREET 1: C/O CENTRAL FEDERAL BANK STREET 2: 601 MAIN ST CITY: WELLSVILLE STATE: OH ZIP: 43968 BUSINESS PHONE: 3305321517 MAIL ADDRESS: STREET 1: C/O CENTRAL FEDERAL BANK STREET 2: 601 MAIN ST CITY: WELLSVILLE STATE: OH ZIP: 43968 FORMER COMPANY: FORMER CONFORMED NAME: GRAND CENTRAL FINANCIAL CORP DATE OF NAME CHANGE: 19980918 8-K 1 l31105ae8vk.htm CENTRAL FEDERAL CORPORATION 8-K Central Federal Corporation 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 18, 2008

CENTRAL FEDERAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)


Delaware	0-25045	34-1877137

(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

2923 Smith Road, Fairlawn, Ohio	44333	(330) 666-7979

(Address of Principal Executive Offices)	(Zip Code)	(Registrant’s Telephone Number)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On April 18, 2008, the registrant issued a press release announcing performance for the quarter ended March 31, 2008. A copy of the press release is included as Exhibit 99 to this report.

Item 9.01 Financial Statements and Exhibits


99		Press release issued on April 18, 2008 announcing performance for the quarter ended March 31, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		Central Federal Corporation
Date: April 18, 2008	By:	/s/ Therese Ann Liutkus
		Therese Ann Liutkus, CPA
		Treasurer and Chief Financial Officer

EX-99 2 l31105aexv99.htm EX-99 EX-99

Exhibit 99

PRESS RELEASE


		*FOR IMMEDIATE RELEASE:*		April 18, 2008
		For Further Information:		Mark S. Allio, Chairman, President and CEO
				Phone: 330.576.1334
				Fax: 330.666.7959

CENTRAL FEDERAL CORPORATION ANNOUNCES EARNINGS
FOR THE 1^st QUARTER OF 2008

	•		Net income increased 46% and totaled $124,000, or $.03 per diluted share, for the quarter ended March 31, 2008, compared to $85,000 or $.02 per diluted share, for the prior year quarter.

	•		Net interest income increased 13% during the 1^st quarter of 2008 compared to the prior year quarter.

Fairlawn, Ohio — April 18, 2008 — Central Federal Corporation (Nasdaq: CFBK) announced net income for the 1^st quarter of 2008 of $124,000, or $.03 per diluted share, compared to net income of $85,000, or $.02 per diluted share, in the 1^st quarter of 2007.

Net interest income

Net interest income increased $242,000, to $2.0 million, during the quarter ended March 31, 2008 compared to $1.8 million for the quarter ended March 31, 2007. The increase was primarily due to $36.0 million growth in average interest earning assets from the 1^st quarter 2007 to the 1^stquarter 2008, partially offset by a decline in the average yield on interest earning assets. Gross interest income increased 10.1% and interest expense increased 7.4%, resulting in a 13.4% increase in net interest income for the 1^st quarter of 2008 compared to the prior year quarter.

Reductions in the Federal Funds rate, the prime rate and other market indices resulted in a decrease in both asset yields and funding costs. The yield on interest earning assets decreased 36 basis points (bp) to 6.77% in the 1^st quarter of 2008, from 7.13% in the 1^st quarter of 2007, due to lower interest rates on new loan originations and downward repricing on existing adjustable rate loans. The cost of interest bearing liabilities decreased 41bp to 3.96% in the 1^st quarter of 2008, from 4.37% in the 1^st quarter of 2007, due to lower borrowing costs and reduced pricing on deposit accounts. Net interest margin decreased 6bp to 3.18% in the 1^st quarter of 2008 compared to 3.24% in the 1^st quarter of 2007, primarily as a result of an increase in nonaccrual loans.

Noninterest income

Noninterest income totaled $184,000 for the quarter ended March 31, 2008, compared to $200,000 in the prior year quarter. The decrease in noninterest income was primarily due to lower mortgage loan originations in the current year quarter, which resulted in lower net gains

on sales of loans, partially offset by a $23,000 gain recognized on the redemption of VISA, Inc. shares.

Provision for loan losses

Provisions for loan losses are provided in relation to loan growth, portfolio composition, current economic conditions and trends, and ascertainable credit risk information available. The provision totaled $224,000 in the three months ended March 31, 2008 compared to $35,000 for the same period in 2007. The increase in the provision was due to an increase in nonperforming loans and loan charge-offs. Nonperforming loans increased $1.1 million and totaled $1.6 million, or 0.71% of total loans, at March 31, 2008 compared to $488,000, or 0.21% of total loans, at December 31, 2007. The increase in nonperforming loans was due to three multi-family loans to one borrower, totaling $1.3 million and secured by apartment buildings in the Columbus, Ohio area, which were past due and nonaccrual at March 31, 2008. For the quarter ended March 31, 2008, CFBank had net charge-offs of $179,000, or 0.32% on an annualized basis of average loans, that were principally related to one home equity line of credit on property located outside of our market area.

The ratio of the allowance for loan losses to total loans was 1.20% at March 31, 2008 compared to 1.15% at December 31, 2007. The company stated that it believes that the allowance for loan losses is adequate to absorb probable incurred credit losses in the loan portfolio at March 31, 2008; however, future additions to the allowance may be necessary based on factors such as changes in client business performance, economic conditions, and sudden changes in real estate values. Management continues to diligently monitor credit quality in the existing portfolio and analyzes potential loan opportunities carefully in order to manage credit risk.

Noninterest expense

Noninterest expense in the 1^st quarter of 2008 totaled $1,839,000 and was comparable to $1,852,000 in the prior year quarter. The ratio of noninterest expense to average assets improved to 2.67% in the 1^st quarter of 2008 compared to 3.11% in the prior year quarter due to growth in total assets over the last 12-month period.

Balance sheet activity

Assets totaled $276.4 million at March 31, 2008, a decrease of $3.2 million, or 1.1%, from $279.6 million at December 31, 2007. The decline was primarily due to a decrease in commercial real estate loan balances.

Net loans totaled $224.7 million at March 31, 2008 and decreased $5.8 million, or 2.5%, from $230.5 million at December 31, 2007. Commercial, commercial real estate and multi-family loans totaled $169.6 million at March 31, 2008 and decreased $4.3 million, or 2.5%, from $173.9 million at December 31, 2007. The decrease was due to loan payoffs primarily in the commercial real estate loan portfolio. Consumer loans decreased $1.3 million and totaled $26.9 million at March 31, 2008 compared to $28.2 million at December 31, 2007. The decrease was primarily due to repayments on auto loans and home equity lines of credit. Mortgage loans totaled $30.9 million at March 31, 2008, a decrease of $54,000 from $31.0 million at December 31, 2007.

Deposits totaled $186.4 million at March 31, 2008 and decreased $8.0 million, or 4.1%, from $194.3 million at December 31, 2007. Certificate of deposit accounts decreased $8.1 million, which included $6.7 million in brokered accounts where CFBank exercised its call option. These callable accounts, which had an average cost of 5.50%, were replaced at lower current market funding rates at an annual cost savings of approximately $133,000. Money market

account balances increased $370,000, traditional savings account balances increased by $355,000 and interest bearing checking account balances decreased $611,000 during the quarter.

FHLB advances totaled $55.2 million at March 31, 2008 and increased $5.7 million, or 11.5%, compared to $49.5 million at December 31, 2007. FHLB advances were used to fund the decrease in deposits.

Shareholders’ equity totaled $27.6 million at March 31, 2008 and increased $172,000, or 0.6%, compared to $27.4 million at December 31, 2007. The increase in equity was due to current quarter net income and an increase in the market value of securities, offset by dividends to shareholders.

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 CFBank’s banking services and the Company is available at www.CFBankOnline.com.

Forward-Looking Information

Certain statements contained in this earnings release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying those statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including: (i) changes in political, economic or other factors such as inflation rates, recessionary or expansive trends, and taxes; (ii) competitive pressures; (iii) fluctuations in interest rates; (iv) the level of defaults and prepayments on loans made by CFBank; (v) unanticipated litigation, claims or assessments; (vi) fluctuations in the cost of obtaining funds to make loans; and (vii) regulatory changes. Further information on these risk factors is included in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events.


Consolidated Statements of Operations	Three months ended
($ in thousands, except share data)	March 31,
(unaudited)	2008			2007		% change
Total interest income	$	4,359		$	3,958		10	%
Total interest expense		2,315			2,156		7	%

Net interest income		2,044			1,802		13	%

Provision for loan losses		224			35		n/m

Net interest income after provision for loan losses		1,820			1,767		3	%

Noninterest income
Service charges on deposit accounts		82			57		44	%
Net gain on sales of loans		36			75		-52	%
Net gain on sale of securities		23			—		n/m
Other		43			68		-37	%

Noninterest income		184			200		-8	%

Noninterest expense
Salaries and employee benefits		1,048			1,063		-1	%
Occupancy and equipment		106			119		-11	%
Data processing		145			134		8	%
Franchise taxes		82			69		19	%
Professional fees		70			88		-20	%
Director fees		34			37		-8	%
Postage, printing and supplies		51			51		0	%
Advertising and promotion		12			24		-50	%
Telephone		22			29		-24	%
Loan expenses		7			5		40	%
Foreclosed assets, net		(1	)		6		n/m
Depreciation		175			143		22	%
Other		88			84		5	%

Noninterest expense		1,839			1,852		-1	%

Income before income taxes		165			115		43	%
Income tax expense		41			30		37	%

Net income	$	124		$	85		46	%


Share Data
Basic earnings per share	$	0.03		$	0.02
Diluted earnings per share	$	0.03		$	0.02
Cash dividends per share	$	0.05		$	0.09
Average shares outstanding — basic		4,429,487			4,532,596
Average shares outstanding — diluted		4,429,913			4,532,638

n/m — not meaningful


Consolidated Statements of Financial Condition
($ in thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
(unaudited)	2008			2007			2007			2007			2007
Assets
Cash and cash equivalents	$	6,914		$	3,894		$	3,559		$	3,370		$	4,278
Securities available for sale		27,607			28,398			28,927			30,770			30,519
Loans held for sale		1,965			457			721			795			1,029
Loans
Mortgages		30,944			30,998			30,618			29,569			29,508
Commercial, commercial real estate and multi-family		169,649			173,916			164,740			150,709			132,606
Consumer		26,884			28,245			28,885			30,828			30,491

Total loans		227,477			233,159			224,243			211,106			192,605
Less allowance for loan losses		(2,729	)		(2,684	)		(2,584	)		(2,272	)		(2,150	)

Loans, net		224,748			230,475			221,659			208,834			190,455
Federal Home Loan Bank stock		2,054			1,963			1,963			1,963			1,963
Loan servicing rights		146			157			172			183			197
Foreclosed assets, net		—			86			109			262			—
Premises and equipment, net		5,544			5,717			5,834			5,835			4,535
Bank owned life insurance		3,798			3,769			3,742			3,710			3,678
Deferred tax asset		1,777			1,995			2,181			2,036			1,958
Accrued interest receivable and other assets		1,841			2,671			2,391			2,162			2,120

	$	276,394		$	279,582		$	271,258		$	259,920		$	240,732


Liabilities and Shareholders’ Equity
Deposits
Noninterest bearing	$	12,166		$	12,151		$	12,040		$	11,505		$	9,872
Interest bearing		174,192			182,157			174,450			165,612			155,647

Total deposits		186,358			194,308			186,490			177,117			165,519
Federal Home Loan Bank advances		55,150			49,450			50,175			48,045			38,170
Advances by borrowers for taxes and insurance		71			154			85			100			79
Accrued interest payable and other liabilities		2,109			3,136			2,274			2,007			2,946
Subordinated debentures		5,155			5,155			5,155			5,155			5,155

Total liabilities		248,843			252,203			244,179			232,424			211,869

Shareholders’ equity		27,551			27,379			27,079			27,496			28,863

	$	276,394		$	279,582		$	271,258		$	259,920		$	240,732


Consolidated Financial Highlights	At or for the three months ended
($ in thousands except per share data)	March 31,			December 31,			September 30,			June 30,			March 31,
(unaudited)	2008			2007			2007			2007			2007
Earnings
Net interest income	$	2,044		$	2,100		$	1,981		$	1,845		$	1,802
Provision for loan losses	$	224		$	104		$	293		$	107		$	35
Noninterest income	$	184		$	149		$	164		$	215		$	200
Noninterest expense	$	1,839		$	1,721		$	2,588		$	1,836		$	1,852
Net income (loss)	$	124		$	297		$	(483	)	$	84		$	85
Basic earnings (loss) per share	$	0.03		$	0.07		$	(0.11	)	$	0.02		$	0.02
Diluted earnings (loss) per share	$	0.03		$	0.07		$	(0.11	)	$	0.02		$	0.02

Performance Ratios (annualized)
Return on average assets		0.18	%		0.43	%		(0.72	%)		0.13	%		0.14	%
Return on average equity		1.79	%		4.34	%		(7.04	%)		1.18	%		1.17	%
Average yield on interest-earning assets		6.77	%		7.27	%		7.38	%		7.11	%		7.13	%
Average rate paid on interest-bearing liabilities		3.96	%		4.46	%		4.68	%		4.48	%		4.37	%
Average interest rate spread		2.81	%		2.81	%		2.70	%		2.64	%		2.75	%
Net interest margin, fully taxable equivalent		3.18	%		3.24	%		3.15	%		3.12	%		3.24	%
Efficiency ratio		83.40	%		76.52	%		120.65	%		89.13	%		92.51	%
Noninterest expense to average assets		2.67	%		2.48	%		3.84	%		2.90	%		3.11	%

Capital
Equity to total assets at end of period		9.97	%		9.79	%		9.98	%		10.58	%		11.99	%
Tangible equity to tangible assets		9.97	%		9.79	%		9.98	%		10.58	%		11.99	%
Book value per share	$	6.17		$	6.17		$	6.11		$	6.20		$	6.33
Tangible book value per share	$	6.17		$	6.17		$	6.11		$	6.20		$	6.33
Period-end market value per share	$	4.50		$	3.86		$	5.48		$	7.00		$	6.90
Dividends declared per common share	$	0.05		$	0.05		$	0.05		$	0.09		$	0.09
Period-end common shares outstanding		4,467,662			4,434,787			4,434,787			4,434,787			4,559,787
Average basic shares outstanding		4,429,487			4,421,255			4,417,040			4,501,889			4,532,596
Average diluted shares outstanding		4,429,913			4,421,255			4,417,040			4,501,889			4,532,638

Asset Quality
Nonperforming loans	$	1,623		$	488		$	196		$	168		$	296
Nonperforming loans to total loans		0.71	%		0.21	%		0.09	%		0.08	%		0.15	%
Nonperforming assets to total assets		0.59	%		0.21	%		0.11	%		0.17	%		0.12	%
Allowance for loan losses to total loans		1.20	%		1.15	%		1.15	%		1.08	%		1.12	%
Allowance for loan losses to nonperforming loans		168.15	%		550.00	%		1318.37	%		1352.38	%		726.35	%
Net charge-offs (recoveries)	$	179		$	3		$	(18	)	$	(16	)	$	(5	)
Annualized net charge-offs (recoveries) to average loans		0.32	%		0.01	%		-0.03	%		-0.03	%		-0.01	%

Average Balances
Loans	$	226,893		$	227,943		$	218,917		$	201,737		$	187,684
Assets	$	275,811		$	277,094		$	269,763		$	253,579		$	237,906
Shareholders’ equity	$	27,677		$	27,363		$	27,453		$	28,378		$	29,013

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