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CENTRAL FEDERAL BANCSHARES, INC. ANNOUNCES OPERATING RESULTS FOR THE QUARTER ENDED MARCH 31, 2019

Rolla, Missouri, May 16, 2019 (GLOBE NEWSWIRE) -- Central Federal Bancshares (OTC Pink: CFDB), today announced net income of $6,000, or $0.00 basic and diluted earnings per share, for the quarter ended March 31, 2019 compared to a net loss of $(50,000), or $(0.03) basic and diluted earnings per share, for the quarter ended March 31, 2018, an increase of $56,000, or 112.0%.

This increase in earnings for the quarter ended March 31, 2019 compared with March 31, 2018 was primarily attributable to an increase in net interest income of $41,000, an increase in noninterest income of $36,000, partially offset by an increase in the provision for loan losses of $6,000 and an increase in total noninterest expense of $15,000.

Total assets at March 31, 2019 were $69.6 million compared to December 31, 2018 assets of $69.0 million, an increase of $600,000, or 0.9%. Total loans at March 31, 2019 were $58.1 million compared to December 31, 2019 loans of $54.5 million, an increase of $3.7 million, or 6.7%. Total deposits at March 31, 2019 were $44.7 million compared to December 31, 2018 deposits of $43.8 million, an increase of $946,000, or 2.2%. Total equity at March 31, 2019 was $24.4 million compared to $25.0 million at December 31, 2018, a decrease of 2.4%. Central Federal Bancshares capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations.

CENTRAL FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

  March 31, 2019   December 31, 2018
  (Unaudited)    
ASSETS      
Cash and Due from Financial Institutions $   710,000     $   4,168,000  
Federal Funds Sold   854,000       561,000  
Cash and Cash Equivalents    1,564,000        4,729,000  
Certificates of Deposit in Other Financial Institutions   3,224,000       3,224,000  
Securities Available-for-Sale at Fair Value   5,071,000       5,189,000  
Federal Home Loan Bank (FHLB) Stock, at Cost   83,000        82,000  
Loans, Net of Allowance for Loan Losses of $283,000 and      
$282,000 at March 31, 2019 and December 31, 2018, respectively   58,159,000       54,493,000  
Foreclosed Assets    135,000        143,000  
Premises and Equipment, Net   732,000       717,000  
Accrued Interest Receivable   182,000       167,000  
Other Assets   445,000       297,000  
Total Assets $   69,595,000     $   69,041,000  
LIABILITIES AND STOCKHOLDERS' EQUITY      
LIABILITIES      
Deposits:      
 Noninterest-Bearing $   3,364,000     $   3,724,000  
 Interest-Bearing   41,364,000        40,058,000  
 Total Deposits    44,728,000        43,782,000  
Other Liabilities   223,000        38,000  
Total Liabilities    44,951,000        43,820,000  
Redeemable Common Stock Held By Employee Stock Ownership Plan ("ESOP")    262,000        242,000  
STOCKHOLDERS' EQUITY      
Preferred Stock, $0.01 par value; 1,000,000 shares      
authorized; none issued and outstanding    -        -  
Common Stock, $0.01 par value; 10,000,000 shares      
authorized; 1,788,020 shares issued; 1,525,624 and 1,592,920    18,000        18,000  
shares outstanding at March 31, 2019 and December 31, 2018,      
 respectively      
Retained Earnings - Substantially Restricted   12,818,000       12,811,000  
Additional Paid-In Capital    16,492,000        16,486,000  
Treasury Stock, at cost; 262,396 and 195,100 shares at      
 March 31, 2019 and December 31, 2018, respectively    (3,320,000 )      (2,660,000 )
Common Stock Acquired by the ESOP   (1,245,000 )      (1,259,000 )
Accumulated Other Comprehensive Income (Loss)   (119,000 )     (175,000 )
Total Stockholders' Equity   24,644,000        25,221,000  
Less Maximum cash obligation related to ESOP shares    262,000        242,000  
 Total Stockholders' Equity Less Maximum Cash      
 Obligations Related to ESOP shares   24,382,000        24,979,000  
Total Liabilities and Stockholders' Equity $   69,595,000     $   69,041,000  

/EIN News/ --

CENTRAL FEDERAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)

  Three Months Ended
  March 31,
    2019     2018  
  (Unaudited)
INTEREST INCOME      
Loans, Including Fees $   649,000   $   562,000  
Securities and Other    55,000     65,000  
Total Interest Income    704,000      627,000  
INTEREST EXPENSE      
Deposits    99,000     65,000  
Federal Home Loan Bank Borrowings    2,000      -  
Total Interest Expense    101,000      65,000  
NET INTEREST INCOME    603,000      562,000  
PROVISION FOR LOAN LOSSES    6,000      -  
NET INTEREST INCOME AFTER PROVISION
 FOR LOAN LOSSES
   597,000      562,000  
NONINTEREST INCOME      
Customer Service Fees    17,000     21,000  
Unrealized Gain (Loss) on Equity Securities    21,000      (18,000 )
Other Income    2,000     1,000  
Total Noninterest Income    40,000      4,000  
NONINTEREST EXPENSE      
Compensation and Employee Benefits    344,000     321,000  
Data Processing and Other Outside Services    81,000     88,000  
FDIC Insurance and Regulatory Assessment    13,000     14,000  
Occupancy and Equipment    56,000     51,000  
Legal and Professional Services    75,000     95,000  
Supplies, Telephone, and Postage    8,000     10,000  
Expense (Income) from Foreclosed Assets, net    13,000      9,000  
Other    40,000     27,000  
Total Noninterest Expense    630,000      615,000  
INCOME (LOSS) BEFORE INCOME TAXES    7,000      (49,000 )
INCOME TAX EXPENSE (BENEFIT)    1,000      1,000  
NET INCOME (LOSS) $   6,000   $   (50,000 )
       
       
Common share data      
Basic and diluted Income (Loss) per share $   0.00   $   (0.03 )

Contact:
Angela Medwick,
Chief Financial Officer,
Telephone: (573) 364-1024

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