Central Federal Corporation (CFBK) has reported a 53.03 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $0.50 million, or $0.02 a share in the quarter, compared with $0.33 million, or $0.01 a share for the same period last year.
Revenue during the quarter grew 19.72 percent to $3.27 million from $2.73 million in the previous year period. Net interest income for the quarter rose 19.64 percent over the prior year period to $2.94 million. Non-interest income for the quarter rose 8.02 percent over the last year period to $0.35 million.
Central Federal Corporation has made provision of $0.02 million for loan losses during the quarter, down 60 percent from $0.05 million in the same period last year.
Net interest margin improved 15 basis points to 3.32 percent in the quarter from 3.17 percent in the last year period. Efficiency ratio for the quarter improved to 76.45 percent from 86.32 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Timothy T. O’Dell, president and chief executive officer, commented, "Overall we are pleased with our business and earnings growth and trajectory. CFBank has successfully recruited three seasoned commercial lenders experienced in commercial and industrial lending relationships and working with closely held businesses. We believe the recent addition of these seasoned lenders will be instrumental in helping us to continue to grow as well as to diversify our Commercial Banking business."
Liabilities outpace assets growth
Total assets stood at $408.39 million as on Sep. 30, 2016, up 23.22 percent compared with $331.44 million on Sep. 30, 2015. On the other hand, total liabilities stood at $369.27 million as on Sep. 30, 2016, up 24.62 percent from $296.32 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $329.38 million as on Sep. 30, 2016, up 16.21 percent compared with $283.43 million on Sep. 30, 2015. Deposits stood at $345.85 million as on Sep. 30, 2016, up 26.31 percent compared with $273.81 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $53.52 million or 15.47 percent of total deposits on Sep. 30, 2016, compared with $29.66 million or 10.83 percent of total deposits on Sep. 30, 2015.
Investments stood at $9.23 million as on Sep. 30, 2016, down 20.28 percent or $2.35 million from year-ago. Shareholders equity stood at $39.12 million as on Sep. 30, 2016, up 11.38 percent or $4 million from year-ago.
Return on average assets moved up 13 basis points to 0.53 percent in the quarter from 0.40 percent in the last year period. At the same time, return on average equity increased 142 basis points to 5.19 percent in the quarter from 3.77 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.21 percent in the quarter, down from 0.94 percent in the last year period.
Equity to assets ratio was 9.58 percent for the quarter, down from 10.60 percent for the previous year quarter. Book value per share was $1.69 for the quarter, up 15.75 percent or $0.23 compared to $1.46 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
