Central Federal Bancshares, Inc. Announces Operating Results For The Quarter Ended September 30, 2019

Central Federal Bancshares, Inc. Announces Operating Results For The Quarter Ended September 30, 2019

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