Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2011

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:

CONDENSED BALANCE SHEETS

December 31, (dollars in thousands except per share data)

	2011		2010
Assets
Cash and cash equivalents	$	560	$	745
Investment in banking subsidiary		13,827		18,661
Investment in and advances to other subsidiaries		1,212		1,851
Other assets		264		94
Total assets	$	15,863	$	21,351
Liabilities and Equity
Subordinated debentures	$	5,155	$	5,155
Accrued expenses and other liabilities		764		207
Stockholders’ equity		9,944		15,989
Total liabilities and stockholders’ equity	$	15,863	$	21,351

CONDENSED STATEMENTS OF OPERATIONS

Years ended December 31, (dollars in thousands except per share data)

	2011			2010			2009
Interest income	$	—		$	—		$	20
Other income		—			—			208
Interest expense		168			167			196
Other expense		663			567			425
Loss before income tax and undistributed subsidiaries’ operations		(831	)		(734	)		(393	)
Income tax expense		—			—			(346	)
Effect of subsidiaries’ operations		(4,594	)		(6,136	)		(9,152	)
Net loss	$	(5,425	)	$	(6,870	)	$	(9,891	)

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31, (dollars in thousands except per share data)

	2011			2010			2009
Cash flows from operating activities
Net loss	$	(5,425	)	$	(6,870	)	$	(9,891	)
Adjustments:
Effect of subsidiaries’ operations		4,594			6,136			9,152
Net gain on acquisition		—			—			(208	)
Stock-based compensation expense		—			2			2
Change in other assets and other liabilities		11			(51	)		848
Net cash from operating activities		(820	)		(783	)		(97	)
Cash flows from investing activities
Investments in banking subsidiary		—			—			(7,225	)
Investments in other subsidiaries		635			(8	)		(677	)
Net cash from investing activities		635			(8	)		(7,902	)
Cash flows from financing activities
Costs associated with issuance of preferred stock		—			—			(13	)
Dividends paid		—			(271	)		(546	)
Net cash from financing activities		—			(271	)		(559	)
Net change in cash and cash equivalents		(185	)		(1,062	)		(8,558	)
Beginning cash and cash equivalents		745			1,807			10,365
Ending cash and cash equivalents	$	560		$	745		$	1,807