CENTRAL FEDERAL BANCSHARES, INC. ANNOUNCES OPERATING RESULTS FOR THE QUARTER ENDED MARCH 31, 2019


Rolla, Missouri, May 16, 2019 (GLOBE NEWSWIRE) -- Central Federal Bancshares (OTC Pink: CFDB), today announced net income of $6,000, or $0.00 basic and diluted earnings per share, for the quarter ended March 31, 2019 compared to a net loss of $(50,000), or $(0.03) basic and diluted earnings per share, for the quarter ended March 31, 2018, an increase of $56,000, or 112.0%.

This increase in earnings for the quarter ended March 31, 2019 compared with March 31, 2018 was primarily attributable to an increase in net interest income of $41,000, an increase in noninterest income of $36,000, partially offset by an increase in the provision for loan losses of $6,000 and an increase in total noninterest expense of $15,000.

Total assets at March 31, 2019 were $69.6 million compared to December 31, 2018 assets of $69.0 million, an increase of $600,000, or 0.9%. Total loans at March 31, 2019 were $58.1 million compared to December 31, 2019 loans of $54.5 million, an increase of $3.7 million, or 6.7%. Total deposits at March 31, 2019 were $44.7 million compared to December 31, 2018 deposits of $43.8 million, an increase of $946,000, or 2.2%. Total equity at March 31, 2019 was $24.4 million compared to $25.0 million at December 31, 2018, a decrease of 2.4%. Central Federal Bancshares capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations.

CENTRAL FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 March 31, 2019 December 31, 2018
 (Unaudited)  
ASSETS   
Cash and Due from Financial Institutions$  710,000  $  4,168,000 
Federal Funds Sold 854,000   561,000 
Cash and Cash Equivalents  1,564,000    4,729,000 
Certificates of Deposit in Other Financial Institutions 3,224,000   3,224,000 
Securities Available-for-Sale at Fair Value 5,071,000   5,189,000 
Federal Home Loan Bank (FHLB) Stock, at Cost 83,000    82,000 
Loans, Net of Allowance for Loan Losses of $283,000 and   
$282,000 at March 31, 2019 and December 31, 2018, respectively 58,159,000   54,493,000 
Foreclosed Assets  135,000    143,000 
Premises and Equipment, Net 732,000   717,000 
Accrued Interest Receivable 182,000   167,000 
Other Assets 445,000   297,000 
Total Assets$  69,595,000  $  69,041,000 
LIABILITIES AND STOCKHOLDERS' EQUITY   
LIABILITIES   
Deposits:   
 Noninterest-Bearing$  3,364,000  $  3,724,000 
 Interest-Bearing 41,364,000    40,058,000 
 Total Deposits  44,728,000    43,782,000 
Other Liabilities 223,000    38,000 
Total Liabilities  44,951,000    43,820,000 
Redeemable Common Stock Held By Employee Stock Ownership Plan ("ESOP")  262,000    242,000 
STOCKHOLDERS' EQUITY   
Preferred Stock, $0.01 par value; 1,000,000 shares   
authorized; none issued and outstanding  -    - 
Common Stock, $0.01 par value; 10,000,000 shares   
authorized; 1,788,020 shares issued; 1,525,624 and 1,592,920  18,000    18,000 
shares outstanding at March 31, 2019 and December 31, 2018,   
 respectively   
Retained Earnings - Substantially Restricted 12,818,000   12,811,000 
Additional Paid-In Capital  16,492,000    16,486,000 
Treasury Stock, at cost; 262,396 and 195,100 shares at   
 March 31, 2019 and December 31, 2018, respectively  (3,320,000)   (2,660,000)
Common Stock Acquired by the ESOP (1,245,000)   (1,259,000)
Accumulated Other Comprehensive Income (Loss) (119,000)  (175,000)
Total Stockholders' Equity 24,644,000    25,221,000 
Less Maximum cash obligation related to ESOP shares  262,000    242,000 
 Total Stockholders' Equity Less Maximum Cash   
 Obligations Related to ESOP shares 24,382,000    24,979,000 
Total Liabilities and Stockholders' Equity$  69,595,000  $  69,041,000 


CENTRAL FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)

 Three Months Ended
 March 31,
  2019  2018 
 (Unaudited)
INTEREST INCOME   
Loans, Including Fees$  649,000 $  562,000 
Securities and Other  55,000  65,000 
Total Interest Income  704,000   627,000 
INTEREST EXPENSE   
Deposits  99,000  65,000 
Federal Home Loan Bank Borrowings  2,000   - 
Total Interest Expense  101,000   65,000 
NET INTEREST INCOME  603,000   562,000 
PROVISION FOR LOAN LOSSES  6,000   - 
NET INTEREST INCOME AFTER PROVISION
 FOR LOAN LOSSES
  597,000   562,000 
NONINTEREST INCOME   
Customer Service Fees  17,000  21,000 
Unrealized Gain (Loss) on Equity Securities  21,000   (18,000)
Other Income  2,000  1,000 
Total Noninterest Income  40,000   4,000 
NONINTEREST EXPENSE   
Compensation and Employee Benefits  344,000  321,000 
Data Processing and Other Outside Services  81,000  88,000 
FDIC Insurance and Regulatory Assessment  13,000  14,000 
Occupancy and Equipment  56,000  51,000 
Legal and Professional Services  75,000  95,000 
Supplies, Telephone, and Postage  8,000  10,000 
Expense (Income) from Foreclosed Assets, net  13,000   9,000 
Other  40,000  27,000 
Total Noninterest Expense  630,000   615,000 
INCOME (LOSS) BEFORE INCOME TAXES  7,000   (49,000)
INCOME TAX EXPENSE (BENEFIT)  1,000   1,000 
NET INCOME (LOSS)$  6,000 $  (50,000)
    
    
Common share data   
Basic and diluted Income (Loss) per share$  0.00 $  (0.03)

Contact:
Angela Medwick,
Chief Financial Officer,
Telephone: (573) 364-1024