Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2013

Parent Company Only Condensed Financial Information [Abstract]

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

NOTE 22 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Central Federal Corporation follows:

		2013		2012
Assets
Cash and cash equivalents	$	3,263	$	4,673
Investment in banking subsidiary		23,592		23,060
Investment in and advances to other subsidiaries		273		1,226
Other assets		1,155		-
Total assets	$	28,283	$	28,959
Liabilities and Equity
Subordinated debentures	$	5,155	$	5,155
Accrued expenses and other liabilities		264		161
Stockholders' equity		22,864		23,643
Total liabilities and stockholders' equity	$	28,283	$	28,959

		2013		2012		2011
Interest income	$	17	$	3	$	-
Other income		103		-		-
Interest expense		167		180		168
Other expense		666		400		663
Loss before income tax and undistributed subsidiaries' operations		(713)		(577)		(831)
Effect of subsidiaries' operations		(205)		(3,189)		(4,594)
Net loss	$	(918)	$	(3,766)	$	(5,425)
Comprehensive Loss	$	(927)	$	(4,045)	$	(5,711)

		2013		2012		2011
Cash flows from operating activities
Net loss	$	(918)	$	(3,766)	$	(5,425)
Adjustments:
Effect of subsidiaries' operations		205		3,189		4,594
Change in other assets and other liabilities		(1,052)		173		11
Net cash from operating activities		(1,765)		(404)		(820)
Cash flows from investing activities
Investment in bank subsidiary		(1,500)		(13,500)		-
Investments in other subsidiaries		1,866		(3)		635
Net cash from investing activities		366		(13,503)		635
Cash flows from financing activities
Stock issuance costs		(11)		-		-
Redemption of TARP obligation		-		(3,000)		-
Net proceeds from issuance of common stock		-		21,020		-
Net cash from financing activities		(11)		18,020		-
Net change in cash and cash equivalents		(1,410)		4,113		(185)
Beginning cash and cash equivalents		4,673		560		745
Ending cash and cash equivalents	$	3,263	$	4,673	$	560

During 2013, the Company invested funds into three joint ventures (equity stake) for the purpose of allocating excess liquidity into higher earning assets while diversifying its revenue sources.  Each of these joint ventures is related to the development of single family real estate in the form of condominiums.  The total original investment into these three joint ventures total $1,275, of which $1,139 was outstanding at December 31, 2013.  Income is recognized based on a preferred rate of return on the outstanding investment balance.  As units are sold, the Company also receives a return of capital and an additional incentive payment.  The incentive payment is recognized as income.  During 2013, the Company recognized $102 in income associated with these joint ventures.