COLUMBUS, Ohio, May 29, 2020 /PRNewswire/ -- Central Federal
Corporation (NASDAQ: CFBK) (the "Company"), the parent of CFBank,
released a slide presentation in conjunction with its Annual
Meeting of Stockholders held on May 27,
2020, to provide additional information regarding the
Company's 2019 and first quarter 2020 financial performance and
condition. The slide presentation illustrates the growth in
the Company's income, its continued strong credit quality and
capital position and additional information regarding current
conditions. Some highlights include:
- Annual Income Before Income Taxes grew to $12.0 million in 2019, reflecting a five-year
trend of continuous income growth from $1.3
million in 2015.
- Noninterest income increased to $11.7
million in 2019 from $1.3
million in 2015.
- Strong Credit Quality with nonperforming loans as a percentage
of total loans of 0.10% at March 31,
2020.
- Strong Capital Position of CFBank, with additional capital
available if and when necessary from Holding Company sources.
The Company encourages you to view the complete slide
presentation, which is available at:
http://investor.cfbankonline.com/
About Central Federal Corporation and CFBank
Central Federal Corporation is a financial holding company that
owns 100% of the stock of CFBank, National Association (CFBank),
which was formed in Ohio in 1892
and converted from a federal savings association to a national bank
on December 1, 2016. CFBank has a presence in four major metro
Ohio markets – Columbus, Cleveland, Cincinnati and Akron- as well as its two branch locations in
Columbiana County, Ohio.
Also, in March 2019, CFBank opened a
branch location in Blue Ash, Ohio,
which is its second location in the Cincinnati market. CFBank provides
personalized Business Banking products and services including
commercial loans and leases, commercial and residential real estate
loans and treasury management depository services. In
addition, CFBank also has a national residential lending
platform. As a full-service commercial bank, our business,
along with our products and services, is focused on serving the
banking and financial needs of closely held businesses. Our
business model emphasizes personalized service, customer access to
decision makers, quick execution, and the convenience of online
internet banking, mobile banking, remote deposit and corporate
treasury management. In addition, CFBank provides residential
lending and full service retail banking services and
products.
Additional information about the Company and CFBank is available
at www.CFBankOnline.com
FORWARD LOOKING STATEMENTS
This press release and other materials we have filed or may file
with the Securities and Exchange Commission ("SEC") contain or may
contain forward-looking statements within the meaning of the safe
harbor provisions of the U.S. Private Securities Reform Act of
1995, which are made in good faith by us. Forward-looking
statements include, but are not limited to: (1) projections of
revenues, income or loss, earnings or loss per common share,
capital structure and other financial items; (2) plans and
objectives of the management or Boards of Directors of Central
Federal Corporation or CFBank; (3) statements regarding future
events, actions or economic performance; and (4) statements of
assumptions underlying such statements. Words such as
"estimate," "strategy," "may," "believe," "anticipate," "expect,"
"predict," "will," "intend," "plan," "targeted," and the negative
of these terms, or similar expressions, are intended to identify
forward-looking statements, but are not the exclusive means of
identifying such statements. Various risks and uncertainties
may cause actual results to differ materially from those indicated
by our forward-looking statements, including, without limitation
those risks detailed from time to time in our reports filed with
the SEC, including those identified in "Item 1A. Risk
Factors" of Part I of our Annual Report on Form 10-K filed with SEC
for the year ended December 31, 2019, as supplemented by "Item
1A. Risk Factors" of Part II of the Quarterly Report on Form 10-Q
filed with the SEC for the quarterly period ended March 31, 2020.
Forward-looking statements are not guarantees of performance or
results. A forward-looking statement may include a statement
of the assumptions or bases underlying the forward-looking
statement. We believe that we have chosen these assumptions
or bases in good faith and that they are reasonable. We
caution you, however, that assumptions or bases almost always vary
from actual results, and the differences between assumptions or
bases and actual results can be material. The forward-looking
statements included in this press release speak only as of the date
hereof. We undertake no obligation to publicly release
revisions to any forward-looking statements to reflect events or
circumstances after the date of such statements, except to the
extent required by law.
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SOURCE Central Federal Corporation