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<SEC-DOCUMENT>0000950152-03-009146.txt : 20031029
<SEC-HEADER>0000950152-03-009146.hdr.sgml : 20031029
<ACCEPTANCE-DATETIME>20031029073537
ACCESSION NUMBER:		0000950152-03-009146
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031028
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031029

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL FEDERAL CORP
		CENTRAL INDEX KEY:			0001070680
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				341877137
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25045
		FILM NUMBER:		03962206

	BUSINESS ADDRESS:	
		STREET 1:		C/O CENTRAL FEDERAL BANK
		STREET 2:		601 MAIN ST
		CITY:			WELLSVILLE
		STATE:			OH
		ZIP:			43968
		BUSINESS PHONE:		3305321517

	MAIL ADDRESS:	
		STREET 1:		C/O CENTRAL FEDERAL BANK
		STREET 2:		601 MAIN ST
		CITY:			WELLSVILLE
		STATE:			OH
		ZIP:			43968

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAND CENTRAL FINANCIAL CORP
		DATE OF NAME CHANGE:	19980918
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l03830ae8vk.txt
<DESCRIPTION>CENTRAL FEDERAL CORPORATION
<TEXT>
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                                    FORM 8-K

                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of Earliest Event Reported): October 28, 2003

                           CENTRAL FEDERAL CORPORATION
             (Exact name of registrant as specified in its charter)

           Delaware                       0-25045              34-1877137
(State or other jurisdiction of        (Commission           (IRS employer
incorporation or organization)         file number)       identification number)

601 Main Street, Wellsville, Ohio              43968            (330) 531-1517
(Address of Principal Executive Offices)     (Zip Code)       (Telephone Number)























<PAGE>




Item 7 Financial Statements, Pro Forma Financial Information and Exhibits.

      (c) Exhibits

         99  Press Release dated October 27, 2003 announcing the financial
         results of Central Federal Corporation for the fiscal quarter ended
         September 30, 2003

Item 12 Results of Operations and Financial Condition

On October 27, 2003, Central Federal Corporation announced financial results for
the fiscal quarter ended September 30, 2003. A copy of the press release
announcing the company's financial results for the third quarter is included as
Exhibit 99 to this Current Report on Form 8-K.





















<PAGE>



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

CENTRAL FEDERAL CORPORATION

Dated: October 29, 2003


By: /s/ David C. Vernon
- ---------------------
David C. Vernon
Chairman, President & CEO



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>l03830aexv99.txt
<DESCRIPTION>EX-99   PRESS RELEASE
<TEXT>
<PAGE>


                                                                      Exhibit 99

                                  PRESS RELEASE
                                  -------------

FOR IMMEDIATE RELEASE

DATE:        October 27, 2003
COMPANY:     Central Federal Corporation
CONTACT:     David C. Vernon
PHONE:       330.666.7979
FAX:         330.666.7959


FAIRLAWN, OHIO-October 24, 2003 - Central Federal Corporation (NASDAQ: GCFC)
today announced financial results for the third quarter ended September 30,
2003.

Central Federal Corporation (Company), parent company of Central Federal Bank
(Bank), reported a 2003 third quarter net loss of $34,000, a decrease from the
2002 third quarter net income of $114,000. Basic and diluted earnings (loss) per
share for the 2003 third quarter were ($.02) compared with $.08 basic and $.07
diluted for the same period in 2002.

"The third quarter of 2003 was another busy one for us at Central Federal," said
David C. Vernon, Chairman, President and Chief Executive Officer. He added:

          Our performance was notable given the initiatives we have undertaken
          as part of our strategic plan to expand into business financial
          services and position ourselves for growth in the Fairlawn and
          Columbus, Ohio markets. During the quarter we added seventeen
          experienced banking professionals to our management team and staff. We
          completed a core data processing system upgrade. Our Fairlawn office
          opened for business in a temporary location. Construction of the
          building for our permanent Fairlawn office commenced and our Columbus
          office is scheduled to open in the fourth quarter 2003."

The Company's net interest margin increased to 3.51%, an 18.58% increase from
the prior years 2.96%. The improvement in the net interest margin resulted from
a 6% decrease or $6.3 million in consolidated assets to $107.2 million at
September 30, 2003 from $113.4 million at September 30, 2002. The decrease was
caused by repayment of the remaining $4.9 million balance of a loan, which had
been obtained to fund payment of a return of capital dividend declared in 2000.








<PAGE>



A 4% decrease in deposits offset in part by the 18% increase in equity, also
contributed to the decline.

Other changes in the composition of our balance sheet at September 30, 2003
compared to September 30, 2002 were the substantial increase in commercial loans
to $5.3 million from $256,000 as we began to originate loans to businesses; a
decrease in mortgage loans of 22% to $37.0 million from $47.6 million as loans
were prepaid and allowed to run off; a decrease in consumer loans of 10% to
$13.1 million from $14.5 million and a 116% increase in cash equivalents of
$11.8 million to $22.0 million at September 30, 2003 from $10.2 million at
September 30, 2002.

Net interest income decreased $23,000 or 3% during the 2003 third quarter to
$704,000 compared with $727,000 for the third quarter of 2002. Interest income
decreased by 17% to $1,318,000 for the third quarter of 2003 compared to
$1,592,000 for the third quarter of 2002. Mortgage loans were allowed to run off
and investments were held to lower rate, short term maturities in order to
reduce interest rate risk and make funds available for growth in commercial
loans. Interest expense decreased by 29% to $613,000 for the third quarter of
2003 from $865,000 for the third quarter of 2002 as a result of the decrease in
interest rates paid on deposits, and reduced interest expense for borrowed
funds.

Non-interest income increased by 56% to $391,000 in the third quarter of 2003
compared with $250,000 for the third quarter of 2002. The increase in
non-interest income was due to increased gains on the sale of mortgage loans
originated during the quarter and the recognition of deferred mortgage loan fees
which resulted from prepaid loans during the quarter.

Non-interest expense increased $361 thousand or 44% to $1,177,000 for the third
quarter of 2003 from $816,000 for the third quarter of 2002. The increase was
primarily due to increased compensation expenses of $272,000 to $571,000 in the
third quarter 2003 from $299,000 in the third quarter 2002. In addition, costs
of $77,000 were incurred for company-wide training on the new core data
processing system.

At September 30, 2003, shareholders' equity was $21.0 million compared to $17.7
million in the prior year. The increase was the result of the Company completing
the private placement of over 310,000 shares at $9.95 per share. The Bank
continues to exceed all applicable regulatory capital requirements. Under
Federal Deposit Insurance Corporation (FDIC) guidelines, the Bank is categorized
as "well capitalized," which is the highest rating category available.
















<PAGE>



FINANCIAL HIGHLIGHTS
(In thousands, except per share data; unaudited)

<TABLE>
<CAPTION>

                                            Three months ended September 30,
                                      ----------------------------------------------
                                                                           Percent
                                       2003               2002             Change
                                       ----               ----             ------
<S>                                      <C>              <C>               <C>
Net interest income                          $704             $727           (3%)
Interest Income                             1,318            1,592          (17%)
Interest Expense                              613              865          (29%)
Net income (loss)                             (34)             114         (130%)
Earnings (loss) per share, basic             (.02)             .08          (75%)
Earnings (loss) per share, diluted           (.02)             .07          (71%)
Dividends per share declared                  .09              .09        No change
Total assets                              107,173          113,450           (6%)
Mortgage loans, held for investment        36,953           47,636          (22%)
Mortgage loans, held for sale                 201              925          (78%)
Commercial loans                            5,341              256         1986%
Consumer loans                             13,074           14,500          (10%)
Total deposits                             73,764           77,036           (4%)
Borrowings                                 11,211           16,463          (32%)
Total shareholder's equity                 20,959           17,771           18%
Return on average assets                     (.03%)            .38%         n/a
Return on average equity                     (.16%)           2.53%         n/a
Net interest margin                          3.51%            2.96%          19%

</TABLE>

ABOUT CENTRAL FEDERAL CORPORATION

Central Federal Corporation was organized as a Delaware corporation in September
1998 as the holding company for Central Federal Bank in connection with its
conversion from a mutual to stock organization. Central Federal Bank is a
community-oriented savings institution which was originally organized in 1892.

This release contains certain forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended. We intend these
forward-looking statements to be subject to the safe harbor created by that
provision. These forward-looking statements involve risks and uncertainties and
include, but are not limited to, statements regarding future events and our
plans, goals and objectives. Our actual results may differ materially from these
statements. Although we believe the assumptions underlying the forward-looking
statements are reasonable, any of the





<PAGE>


assumptions could prove to be inaccurate. Therefore, we can give no assurance
that the results contemplated in these forward-looking statements will be
realized. The inclusion of this forward-looking information should not be
regarded as a representation by our company or by any person that the future
events, plans or expectations contemplated by our company will be achieved.
Furthermore, past performance in operations and share price is not necessarily
predictive of future performance.
























</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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