Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2019

NOTE 21 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Central Federal Corporation follows:



	2019		2018
Assets
Cash and cash equivalents	$	10,037	$	2,675
Investment in banking subsidiary		88,317		62,479
Investment in and advances to other subsidiary		238		233
Other assets		2,045		1,213
Total assets	$	100,637	$	66,600

Liabilities and Equity
Subordinated debentures	$	14,806	$	14,767
Other borrowings		5,000		6,000
Accrued expenses and other liabilities		167		274
Stockholders' equity		80,664		45,559
Total liabilities and stockholders' equity	$	100,637	$	66,600



	2019		2018

Interest income	$	-	$	-
Other income		70		95
Interest expense		1,353		604
Other expense		758		877
Loss before income tax and before undistributed subsidiary income		(2,041)		(1,386)
Tax effect		427		290
Loss after income tax and before undistributed subsidiary income		(1,614)		(1,096)
Equity in undistributed subsidiary income		11,215		5,369
Net income	$	9,601	$	4,273
Comprehensive income	$	9,702	$	4,247


	2019		2018
Cash flows from operating activities
Net Income	$	9,601	$	4,273
Adjustments:
Effect of subsidiaries' operations		(11,215)		(5,369)
Amortization, net		39		-
Change in other assets and other liabilities		(939)		95
Net cash used by operating activities		(2,514)		(1,001)

Cash flows from investing activities
Investments in banking subsidiary		(14,000)		(13,133)
Net cash used by investing activities		(14,000)		(13,133)

Cash flows from financing activities
Proceeds from other borrowings		4,000		8,000
Repayments of other borrowings		(5,000)		(2,000)
Net proceeds from issuance of subordinated debentures		-		9,612
Net proceeds from the issuance of preferred stock private placement		14,000		-
Net proceeds from the issuance of common stock private placement		9,641		-
Acquisition of treasury shares surrendered upon vesting of restricted stock for payment of taxes		(23)		(42)
Exercise of warrants to common stock		1,258		716
Net cash from financing activities		23,876		16,286
Net change in cash and cash equivalents		7,362		2,152
Beginning cash and cash equivalents		2,675		523
Ending cash and cash equivalents	$	10,037	$	2,675