Rolla, Missouri, Nov. 01, 2019 (GLOBE NEWSWIRE) -- Central Federal Bancshares (OTC Pink: CFDB), today announced a net loss of $(2,000), or $0.00 basic and diluted earnings per share, for the quarter ended September 30, 2019 compared to net income of $47,000 or $0.03 basic and diluted earnings per share, for the quarter ended September 30, 2018, a decrease of $49,000, or 104.3%.
The decrease in earnings for the quarter ended September 30, 2019 compared with September 30, 2018 was composed of an increase in net interest income of $92,000, resulting in a net interest margin of 3.59% as compared to 3.46% at September 30, 2018, and an increase in noninterest income of $21,000. The increase in income was offset by an increase in compensation expense of $91,000, this includes $23,000 related to the amortization expense of our stock-based benefit plans. An increase of $33,000 in marketing, an increase of $26,000 in legal fees and an increase of $12,000 in expense from foreclosed assets also contributed to the decrease in earnings for the third quarter.
Total assets at September 30, 2019 were $69.5 million compared to December 31, 2018 assets of $69.0 million, an increase of $500,000, or 0.7%. Total loans at September 30, 2019 were $53.2 million compared to December 31, 2019 loans of $54.5 million, a decrease of $1.3 million, or 2.4%. Total deposits at September 30, 2019 were $45.6 million compared to December 31, 2018 deposits of $43.8 million, an increase of $1.8 million, or 4.1%. Total equity at September 30, 2019 was $23.7 million compared to $25.0 million at December 31, 2018, a decrease of 6.5%.
In September 2019, Central Federal Bancshares completed their third share repurchase program for an additional 65,000 shares of stock.
Consolidated Financial Statements are published under Investors at www.centralfederal.com.
Contact:
Angela Medwick, CFO
Telephone: (573) 364-1024