Central Federal Corp. announces net income for quarter
FAIRLAWN, Ohio -Central Federal Corp. (Nasdaq: CFBK) announced that net income for the quarter ended June 30, 2008, increased $140,000 and totaled $224,000, or $.05 per diluted share, compared to net income of $84,000, or $.02 per diluted share, for the quarter ended June 30, 2007.
Net income for the six months ended June 30, 2008 increased $179,000 and totaled $348,000, or $.08 per diluted share, compared to net income of $169,000, or $.04 per diluted share, for the six months ended June 30, 2007.
Net income for the quarter ended June 30, 2008 increased 167 percent and totaled $224,000, or $.05 per diluted share, compared to $84,000, or $.02 per diluted share, for the quarter ended June 30, 2007.
n Net income for the six months ended June 30, 2008 increased 106 percent and totaled $348,000, or $.08 per diluted share, compared to $169,000, or $.04 per diluted share, for the six months ended June 30, 2007.
Net interest income increased 20 percent during the second quarter of 2008 compared to the second quarter of 2007, and increased 17% for the six months ended June 30, 2008 compared to the six months ended June 30, 2007.
Net interest margin increased to 3.43 percent for the second quarter of 2008 from 3.12 percent for the second quarter of 2007, and increased to 3.30 percent for the six months ended June 30, 2008 from 3.18 percent for the six months ended June 30, 2007.
The efficiency ratio improved to 77.27 percent for the second quarter of 2008 from 89.13 percent for the second quarter of 2007, and improved to 80.22 percent for the six months ended June 30, 2008 from 90.78 percent for the six months ended June 30, 2007. * The ratio of noninterest expense to average assets improved to 2.70 percent in the second quarter of 2008 from 2.90 percent in the second quarter of 2007, and improved to 2.69 percent in the six months ended June 30, 2008 from 3.00 percent in the six months ended June 30, 2007.
