Business
Central Federal Corporation Announces 2nd Quarter 2019 Financial Results
WORTHINGTON/COLUMBUS, Ohio, Aug. 12, 2019 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the "Company") today announced financial results for the
About this update from Cf Bankshares Inc.
[{"type":"text","content":"WORTHINGTON/COLUMBUS, Ohio, Aug. 12, 2019 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the \"Company\") today announced financial results for the second quarter and year to date ended June 30, 2019.\nSecond Quarter Highlights\nNet income for the quarter more than doubled (up 102%) when compared to the same quarter of 2018. Net income is up 106% for the first half of 2019 compared to the same six month period of 2018. Return on average assets increased to 1.28% for the quarter. Diluted earnings per share (EPS) increased $0.16, or 41%, compared to the prior quarter. Book Value per common share increased year-to-date by $0.88, or 8.4%, to $11.39. Net gain on sales of loans increased by 364% for the quarter when compared to the same quarter of 2018 due primarily to the investment in expanding the residential mortgage lending business.Timothy T. O'Dell, President and CEO, commented, \"We remain pleased with our continued expansion of and progression of earnings, with earnings more than doubling for the first half of 2019. We feel our loan and deposit pipelines are strong making us bullish for continued strong growth performance during the second half of 2019. We are gaining traction in Cincinnati, our newest regional market, and our mortgage lending is giving a solid lift to our fee income up 364% when compared to the same quarter of 2018. We are growing book value, and we believe also franchise value, at an accelerating pace.\"\nRobert E. Hoeweler, Chairman of the Board, added, \"Our experienced leadership team continues to execute well. We are benefitting from the resulting increased scale from our organic growth. Our loan growth for the first half of 2019 is solid, up $48.0 million or 8.7%, following a year in which our loan growth was up 35% for 2018. Our business approach and philosophy resonates with our targeted market including entrepreneurs and closely held businesses. Our team has achieved top-tier loan growth among our peers, while maintaining strong credit quality. We believe we have a strong infrastructure in place to be able to pursue potential strategic acquisitions to augment our strong organic growth.\"\nOverview of Results \nNet income for the three months ended June 30, 2019 totaled $2.3 million and increased $1.2 million, or 101.8%, compared to net income of $1.1 million for the three months ended J...