Central Federal Corporation (CFBK) has reported a 27.85 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $0.40 million, or $0.01 a share in the quarter, compared with $0.32 million, or $0.01 a share for the same period last year.
Revenue during the quarter grew 10.68 percent to $3.23 million from $2.92 million in the previous year period. Net interest income for the quarter rose 15 percent over the prior year period to $3.07 million. Non-interest income for the quarter fell 45.39 percent over the last year period to $0.17 million.
Net interest margin contracted 15 basis points to 3.14 percent in the quarter from 3.29 percent in the last year period. Efficiency ratio for the quarter improved to 81.06 percent from 82.63 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Timothy T. O'Dell, President and CEO, commented, "We remain pleased with our earnings trajectory which has been positively impacted by continued solid loan growth (net income increased 27.8% during the first quarter of 2017 vs. the first quarter of 2016). We are also encouraged by our loan pipelines and the increasing commercial and industrial (C&I) lending activity. The investment which we made last year in expanding our Commercial Lending team is yielding encouraging new business opportunities. Our key focus for 2017 continues to be driving increased earnings along with improving operating metrics."
Liabilities outpace assets growth
Total assets stood at $416.46 million as on Mar. 31, 2017, up 17.86 percent compared with $353.35 million on Mar. 31, 2016. On the other hand, total liabilities stood at $376.89 million as on Mar. 31, 2017, up 19.72 percent from $314.81 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $360.97 million as on Mar. 31, 2017, up 20.13 percent compared with $300.48 million on Mar. 31, 2016. Deposits stood at $348.24 million as on Mar. 31, 2017, up 19.08 percent compared with $292.43 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $72 million or 20.68 percent of total deposits on Mar. 31, 2017, compared with $37.27 million or 12.74 percent of total deposits on Mar. 31, 2016.
Investments stood at $14.01 million as on Mar. 31, 2017, up 49.46 percent or $4.64 million from year-ago. Shareholders equity stood at $39.57 million as on Mar. 31, 2017, up 2.67 percent or $1.03 million from year-ago.
Return on average assets moved up 3 basis points to 0.39 percent in the quarter from 0.36 percent in the last year period. At the same time, return on average equity increased 81 basis points to 4.10 percent in the quarter from 3.29 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.38 percent in the quarter, down from 0.87 percent in the last year period.
Equity to assets ratio was 9.50 percent for the quarter, down from 10.91 percent for the previous year quarter. Book value per share was $1.69 for the quarter, up 1.81 percent or $0.03 compared to $1.66 for the same period last year.
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