Business
Central Federal Corporation Announces 1st Quarter 2019 Financial Results
WORTHINGTON/COLUMBUS, Ohio, April 24, 2019 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the "Company") today announced financial results for
About this update from Cf Bankshares Inc.
[{"type":"text","content":"WORTHINGTON/COLUMBUS, Ohio, April 24, 2019 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the \"Company\") today announced financial results for the first quarter ended March 31, 2019.\nFirst Quarter Highlights\nNet income more than doubled (up 112%) when compared to the same quarter of 2018. Assets topped $700 million at March 31, 2019. Net gain on sales of loans increased by 388% due primarily to the investment in and expansion of our residential mortgage lending business. Net interest income increased $1.2 million, or 30% compared to the same quarter of 2018. Deposits increased by $52 million, or 9% during the quarter. We expanded our presence in the Cincinnati market, with the opening of our second branch location, and continue to gain business traction.Timothy T. O'Dell, President and CEO, commented, \"We are pleased with our solid start, with first quarter earnings more than doubling the first quarter pace of 2018. This comes on top of 2018 in which earnings for the year increased by 54%. Earnings growth continues to be driven by improving scale along with a lift from residential mortgage lending fee income. Our earlier investment in expanding the Residential Mortgage Lending business produced encouraging results during the quarter. Our Commercial Banking business also continues to perform well. Additionally, our experienced leadership team of David Jackson and Brian Brockhoff are successfully expanding our presence and growing our business pipelines in the Cincinnati regional market, our 4th major Ohio market. Our CFBank Team believes that we are just getting revved up.\"\nRobert E. Hoeweler, Chairman of the Board, added \"We are well pleased with the results of our proven Leadership Team and our accelerating earnings growth rates and overall top performance. We are now realizing bottom line benefits from earlier investments made in expanding our geographic presence to a fourth major market, hiring top performers, and in expanding the Residential Mortgage Lending business. With all of these factors in place, we are excited about our potential for 2019. We believe that CFBank is well positioned in every way to continue our successful growth and expansion.\"\nOverview of Results \nNet income for the three months ended March 31, 2019 totaled $1.7 million and increased $889,000, or 112.2%, compared to net income ...