Business
Central Federal Corporation, Parent of CFBank, Announces 1st Quarter 2020 Earnings Representing a 19% Year-Over-Year Increase.
COLUMBUS, Ohio, May 6, 2020 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, May 6, 2020 /PRNewswire/ -- Central Federal Corporation (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for the first quarter ended March 31, 2020.\nFirst Quarter 2020 Highlights\nNet income increased 19%, up $325,000, compared to the same quarter of 2019. Book Value per common share at March 31, 2020 increased $0.45 to $12.85 per share, compared to December 31, 2019. Assets topped $900 million at March 31, 2020. Net loans and leases increased $44.6 million (up 6.7%) from December 31, 2019. Noninterest income for the quarter increased by 103% when compared to the same quarter of 2019 due primarily to net gains on sales of loans related to the investment in expanding our residential mortgage lending business, coupled with swap fee income. Although noninterest income more than doubled, the rate of growth on our net gains on sales of loans was adversely impacted by market conditions and the widening of credit spreads which affected our residential mortgage lending business. Credit quality remains strong as nonperforming assets to total assets decreased to 0.07% at March 31, 2020 from 0.28% at December 31, 2019.Timothy T. O'Dell, President and CEO, commented, \"CFBank posted solid performance results for the first quarter, particularly considering the adverse market conditions encountered for residential mortgage lending. Net income was up 19%, loans grew 6.7%, or nearly $45 million during the first quarter lifting our assets above $900 million. Our Commercial Business model with our Team business development and relationship building approach, continues to generate quality growth by driving new business banking relationships. Our expanding market presence in three major regional metro markets (Columbus, Cleveland and Cincinnati), provides enhanced business and growth opportunities along with increased geographic diversification.\n\"Subsequent to quarter end, CFBank began making loans to qualifying small business through the U.S. Small Business Administration's Paycheck Protection Program (PPP) and we expect to complete loans to more than 500 small businesses under this program. Through helping these businesses access PPP loans, we have opened the door to banking numerous new to CFBank business customers. \n\"The environment for us and our industry is currently challenging, a...