CENTRAL FEDERAL BANCSHARES, INC. ANNOUNCES OPERATING RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

Rolla, Missouri, Aug. 23, 2019 (GLOBE NEWSWIRE) -- Central Federal Bancshares (OTC Pink: CFDB), today announced net income of $4,000, or $0.00 basic and diluted earnings per share, for the quarter ended June 30, 2019 compared to a net loss of $(1,000), or $0.00 basic and diluted earnings per share, for the quarter ended June 30, 2018, an increase of $5,000, or 500.0%.

This increase in earnings for the quarter ended June 30, 2019 compared with June 30, 2018 was primarily attributable to an increase in net interest income of $70,000, an increase in noninterest income of $24,000, primarily offset by an increase in the provision for loan losses of $12,000 and an increase in total noninterest expense of $71,000.

Total assets at June 30, 2019 were $70.3 million compared to December 31, 2018 assets of $69.0 million, an increase of $1.3 million, or 1.9%. Total loans at June 30, 2019 were $56.8 million compared to December 31, 2019 loans of $54.5 million, an increase of $3.7 million, or 4.2%. Total deposits at June 30, 2019 were $45.7 million compared to December 31, 2018 deposits of $43.8 million, an increase of $1.9 million, or 4.3%. Total equity at June 30, 2019 was $24.1 million compared to $25.0 million at December 31, 2018, a decrease of 3.6%.

On May 20, 2019, Central Federal Bancshares announced their third share repurchase program where they may repurchase an additional 65,000 shares of stock.

Contact:

Angela Medwick, CFO

Telephone: (573) 364-1024