Summary Of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2013

Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation:

Basis of Presentation: 

The consolidated financial statements include Central Federal Corporation (the Holding Company) and its wholly owned subsidiaries, CFBank, Ghent Road, Inc., and Smith Ghent LLC (together with the Holding Company referred to as the Company).  The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and in compliance with U.S. generally accepted accounting principles (GAAP).  Because this report is based on an interim period, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted.

In the opinion of the management of the Company, the accompanying unaudited interim consolidated financial statements include all adjustments necessary for a fair presentation of the Company’s financial condition and the results of operations for the periods presented.  These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The financial performance reported for the Company for the three months ended March 31, 2013 is not necessarily indicative of the results that may be expected for the full year.  This information should be read in conjunction with the Company’s latest Annual Report to Stockholders and Form 10-K. Reference is made to the accounting policies of the Company described in Note 1 of the Notes to Consolidated Financial Statements contained in the Company’s 2012 Annual Report that was filed as Exhibit 13.1 to the Company’s Form 10-K for the year ended December 31, 2012.  The Company has consistently followed those policies in preparing this Form 10-Q.

Reclassifications and Reverse Stock Split:

Reclassifications and Reverse Stock Split:  Some items in the prior period financial statements were reclassified to conform to the current presentation.  Reclassifications did not impact prior period net loss or total stockholders' equity.  On May 4, 2012, the Company completed a 1-for-5 reverse stock split, whereby every 5 shares of the Company’s common stock were reclassified into one share of common stock. All share and per share amounts for all periods presented have been adjusted to reflect the reverse split as though it had occurred prior to the earliest period presented.

Earnings (Loss) Per Common Share:

Earnings (Loss) Per Common Share: The two-class method is used in the calculation of basic and diluted earnings per share.  Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities (unvested share-based payment awards) according to dividends declared (or accumulated) and participation rights in undistributed earnings.  The factors used in the earnings per share computation follow:

	Three months ended March 31,
	2013		2012
Basic
Net loss	$	(810)	$	(739)
Less: Preferred dividends and accretion of discount on preferred stock		-		(110)
Less: Net loss allocated to unvested share-based payment awards		-		3
Net loss allocated to common stockholders	$	(810)	$	(846)
Weighted average common shares outstanding including unvested share-based payment awards		15,824,181		825,447
Less: Unvested share-based payment awards		(854)		(3,300)
Average shares		15,823,327		822,147
Basic loss per common share	$	(0.05)	$	(1.03)
Diluted
Net loss allocated to common stockholders	$	(810)	$	(846)
Weighted average common shares outstanding for basic loss per common share		15,823,327		822,147
Add:  Dilutive effects of assumed exercises of stock options		-		-
Add:  Dilutive effects of assumed exercises of stock warrant		-		-
Average shares and dilutive potential common shares		15,823,327		822,147
Diluted loss per common share	$	(0.05)	$	(1.03)

The following stock options and warrant were not considered in computing diluted earnings (loss) per common share because the options or warrant were anti-dilutive or the Company reported a net loss for the periods presented.

	Three months ended March 31,
	2013	2012
Stock options	259,076	43,066
Stock warrant	-	67,314

Adoption of New Accounting Standards:

Adoption of New Accounting Standards: