CF Bankshares (CFBK) 8-K Central Federal Corporation Announces 36% Growth In Assets and 36% Growth In Net Interest Income In 2006

Exhibit 99

PRESS RELEASE

FOR IMMEDIATE RELEASE:	February 16, 2007
For Further Information:	Mark S. Allio, Chairman, President and CEO
	Phone: 330.576.1334
	Fax: 330.666.7959

CENTRAL FEDERAL CORPORATION ANNOUNCES 36% GROWTH IN ASSETS
AND 36% GROWTH IN NET INTEREST INCOME IN 2006

Highlights

• Total assets increased 36% or $63.0 million during 2006 to $236.0 million at December 31, 2006.

• Commercial, commercial real estate and multi-family loans grew 75% or $54.0 million during 2006 to $126.4 million at December 31, 2006.

• Net interest income increased 32% during the 4^th quarter and 36% for the year ended December 2006 compared to the prior year periods.

• 2006 core performance improved $1,360,000.

• 2006 improvement in core performance was achieved with no increase in normal, recurring operating expenses.

• Net income for the 4^th quarter of 2006 totaled $87,000, or $.02 per diluted share, up $750,000 from the prior year quarter’s net loss of ($663,000), or ($.30) per diluted share.

Fairlawn, Ohio — February 16, 2007 — Central Federal Corporation (Nasdaq: CFBK) announced profitable operations for the 4^th quarter of 2006; the third consecutive profitable quarter as the Company continued to implement its strategic commercial banking plan focused on business and consumer clients. The Company has transitioned from a retail savings and loan association to a growth-oriented community bank. We are a diversified provider of financial products focused on businesses and individuals who demand great service and access to decision-makers who provide business solutions that create value for our clients.

The Company’s performance in the 4^th quarter and year ended December 31, 2006 improved dramatically from the prior year periods. Net income for the 4^th quarter of 2006 increased $750,000 and totaled $87,000 or $.02 per diluted share compared to a net loss of ($663,000) or ($.30) per diluted share in the 4^th quarter of 2005.

Core performance improved $1,360,000 to a loss of ($37,000) or ($.01) per diluted share in 2006 compared to a loss of ($1,397,000) or ($.63) per diluted share in 2005. Core performance in 2005 is exclusive of a $1.9 million or $.86 per diluted share impairment loss on goodwill and intangibles related to the acquisition of Reserve Mortgage Services, Inc.

As a result of growth in assets, particularly commercial, commercial real estate and multi-family loans, gross interest income increased 57% from $8.7 million in 2005 to $13.7 million in 2006. The flat and inverted yield curve has put negative pressure on funding costs, and interest expense increased 85% from $3.7 million in 2005 to $6.9 million in 2006. The result was a 36% increase in net interest income from $5.0 million in 2005 to $6.8 million in 2006.

Total assets increased $63.0 million or 36.4% compared to December 31, 2005, including $54.0 million or 74.7% growth in commercial, commercial real estate and multi-family loans, the focus of the Company’s growth plan. The Company was able to significantly increase assets and revenues without an increase in normal, recurring noninterest expense, which totaled $6,849,000 in 2006 and $6,861,000 in 2005.

The Company completed its issuance of 2.3 million shares of common stock in January 2006 and the $14.6 million in net proceeds provided additional capital to execute the growth component of the business plan.

In September 2006, we announced the future relocation of our Columbus regional office to Worthington. The new high traffic, high visibility location will provide us with access to a market which has approximately $1 billion in retail deposits and a larger group of commercial and retail customers. Relocation is expected to occur in the 2^nd quarter of 2007.

Net interest income

Growth positively impacted net interest income, as mentioned above. Net interest margin increased to 3.39% during 2006 compared to 3.35% during 2005 largely due to employment of the additional capital raised in our public offering and increasing yields on adjustable rate assets tied to prime, primarily commercial loans and home equity lines of credit. Net interest margin declined from 3.56% the 1^stquarter to 3.20% in the 4^th quarter of 2006 as higher short-term market interest rates and a flat to inverted yield curve negatively impacted the cost of funding. Management of the net interest margin in the current interest rate environment will continue to be a challenge and continued downward pressure on margins is expected.

Noninterest income

Noninterest income totaled $823,000 in 2006 and was $43,000 or 5.0% lower than 2005 due to a decline in gains on loan sales in 2006 partially offset by additional service charges and other income. Net gain on sales of loans declined 30.5% and totaled $326,000 in 2006 as mortgage loan production was negatively impacted by changes in staffing and processes in the mortgage division. Mortgage loan originations and sales totaled $44.0 million in 2006 compared to $55.4 million in 2005.

Provision for loan losses

The Company continued to provide appropriate reserves for loan losses in response to growth in commercial, commercial real estate and multi-family loans. The provision totaled $820,000 in 2006 compared to $674,000 in 2005. Current year amounts are higher than the prior year due to increased commercial, commercial real estate and multi-family loan growth in 2006. Periods of rapid loan growth will tend to show lower profitability levels than other periods due to the up-front provision recorded when loans are originated. However, management believes that prudent continued expansion of the loan portfolio will enhance the Company’s long-term profitability.

Consistent with all prior periods since the Company began its expansion into business lending, there were no nonperforming commercial loans at December 31, 2006. The ratio of the allowance for loan losses to total loans was 1.13% at December 31, 2006 and 1.19% at December 31, 2005. Nonperforming loans, greater than 97% of which are single-family mortgage loans, totaled $297,000 or 0.16% of total loans at year-end 2006 and declined $503,000 from $800,000 or 0.64% of total loans year-end 2005. Net charge-offs to average loans totaled 0.13% in 2006 and 0.14% in 2005.

Noninterest expense

Core noninterest expense totaled $6,849,000 in 2006, comparable to $6,861,000 in 2005. Management continues to leverage growth with existing resources and there was no increase in noninterest expense to support the 36.4% balance sheet growth achieved in 2006.

Core noninterest expense to average assets improved to 3.20% in 2006 from 4.20% in 2005 and the efficiency ratio improved to 90.20% in 2006 from 117.60% in 2005. The positive movement in these ratios resulted from control of noninterest expense, growth in the balance sheet and increased net interest income. Management anticipates favorable trends in these measures of cost and efficiency going forward as the Company continues to execute its growth strategy.

Balance Sheet Activity

Assets totaled $236.0 million at December 31, 2006, an increase of $63.0 million or 36.4% from $173.0 million at December 31, 2005 due to growth in the loan portfolio, which was funded with proceeds from the stock offering, deposit growth and Federal Home Loan Bank (FHLB) advances.

Net loans totaled $184.7 million at December 31, 2006, an increase of $60.7 million or 48.9% compared to $124.0 million at December 31, 2005. The increase was driven by growth in commercial, commercial real estate and multi-family loans, which totaled $126.4 million at December 31, 2006 and increased $54.0 million or 74.7% compared to $72.4 million at December 31, 2005. Consumer loans totaled $30.3 million at December 31, 2006 and increased $678,000 or 2.3% compared to $29.6 million at December 31, 2005. Mortgage loans totaled $30.1 million at December 31, 2006 and increased $6.5 million or 27.9% compared to $23.6 million at December 31, 2005.

Deposits totaled $167.6 million at December 31, 2006, an increase of $40.0 million or 31.4% compared to $127.6 million at December 31, 2005. The increase in deposits was due to growth of $28.8 million in certificate of deposit accounts, $12.8 million in money market accounts and $3.6 million in noninterest bearing deposits offset by a decline of $2.3 million in interest bearing checking accounts and $2.9 million in traditional savings account balances. Growth in certificate of deposit accounts included $17.4 million in brokered deposits. During the last six months of 2006, we issued $9.7 million in callable brokered certificates of deposit which will assist with asset/liability management should we see a downward shift in the short end of the yield curve and also lock in longer term funding should rates increase. Growth in noninterest bearing deposits reflected increased commercial customer relationships.

FHLB advances totaled $32.5 million at December 31, 2006, an increase of $9.5 million or 41.4% compared to $23.0 million at December 31, 2005. These borrowings were used to fund loan growth.

Shareholders’ equity totaled $29.1 million at December 31, 2006, an increase of $13.0 million or 80.9% compared to $16.1 million at December 31, 2005 as a result of proceeds from the stock offering discussed above less dividends and the net loss for 2006.

Non-GAAP Financial Measures

In addition to results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release contains certain non-GAAP financial measures. Specifically, we have provided financial measures which are based on core performance rather than net income (loss). Ratios and other financial measures with the word “core” in their title were computed using core earnings (loss) rather than net income (loss). Core performance excludes expense, gains and

losses that are unusual, not reflective of ongoing operations or not expected to reoccur. We believe that this information is useful to both investors and to management and can aid them in understanding the Company’s current performance, trends and financial condition. Core performance should not be considered a substitute for GAAP basis measures and results. Our non-GAAP measures may not be comparable to the non-GAAP measures of other companies. A reconciliation of GAAP results to the non-GAAP measures of core performance is shown in the consolidated financial highlights.

About Central Federal Corporation and CFBank

Central Federal Corporation is the holding company for CFBank, a federally chartered savings association formed in Ohio in 1892. CFBank has four full-service banking offices in Fairlawn, Calcutta, Columbus and Wellsville, Ohio and a residential mortgage loan origination office in Akron, Ohio. Additional information about mortgage loans, home equity loans, commercial loans and other services is available atwww.CFBankOnline.com.

Statements contained in this release that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cautions that such statements necessarily are based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic and market conditions. Further information on these risk factors is included in the Company’s filings with the Securities and Exchange Commission.

Consolidated Statements of Operations	Three months ended								Year ended
($ in thousands, except share data)	December 31,								December 31,
(unaudited)	2006		2005			% change			2006			2005			% change
Total interest income	$	3,881	$	2,468			57	%	$	13,654		$	8,691			57	%
Total interest expense		2,121		1,138			86	%		6,889			3,723			85	%
Net interest income		1,760		1,330			32	%		6,765			4,968			36	%
Provision for loan losses		118		272			-57	%		820			674			22	%
Net interest income after provision for loan losses		1,642		1,058			55	%		5,945			4,294			38	%
Noninterest income
Service charges on deposit accounts		68		53			28	%		232			195			19	%
Net gain on sales of loans		87		108			-19	%		326			469			-30	%
Net loss on sale of securities		—		—			n/m			(5	)		—			n/m
Other		57		32			78	%		270			202			34	%
Noninterest income		212		193			10	%		823			866			-5	%
Noninterest expense
Salaries and employee benefits		986		883			12	%		3,788			3,568			6	%
Occupancy and equipment		119		112			6	%		471			462			2	%
Data processing		139		135			3	%		492			495			-1	%
Franchise taxes		44		70			-37	%		171			233			-27	%
Professional fees		74		219			-66	%		428			595			-28	%
Director fees		34		43			-21	%		149			170			-12	%
Postage, printing and supplies		36		33			9	%		155			161			-4	%
Advertising and promotion		28		24			17	%		95			138			-31	%
Telephone		27		28			-4	%		109			122			-11	%
Loan expenses		24		7			n/m			101			32			216	%
Foreclosed assets, net		5		(4	)		n/m			8			18			-56	%
Depreciation		140		104			35	%		506			415			22	%
Amortization of intangibles		—		—			n/m			—			82			n/m
Impairment loss on goodwill and intangibles		—		—			n/m			—			1,966			n/m
Other		79		90			-12	%		376			370			2	%
Noninterest expense		1,735		1,744			-1	%		6,849			8,827			-22	%
Income (loss) before income taxes		119		(493	)		n/m			(81	)		(3,667	)		n/m
Income tax expense (benefit)		32		170			n/m			(44	)		(377	)		n/m
Net income (loss)	$	87	$	(663	)		n/m		$	(37	)	$	(3,290	)		n/m
Share Data
Basic earnings (loss) per share	$	0.02	$	(0.30	)				$	(0.01	)	$	(1.49	)
Diluted earnings (loss) per share	$	0.02	$	(0.30	)				$	(0.01	)	$	(1.49	)
Cash dividends per share	$	0.09	$	0.09					$	0.36		$	0.36
Average shares outstanding — basic		4,529,766		2,213,853						4,452,119			2,203,623
Average shares outstanding — diluted		4,529,766		2,213,853						4,452,119			2,203,623
Core Earnings (Loss)
Core earnings (loss)	$	87	$	(663	)				$	(37	)	$	(1,397	)
Basic core earnings (loss) per share	$	0.02	$	(0.30	)				$	(0.01	)	$	(0.63	)
Diluted core earnings (loss) per share	$	0.02	$	(0.30	)				$	(0.01	)	$	(0.63	)

n/m — not meaningful

Consolidated Statements of Financial Condition
($ in thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
(unaudited)	2006			2006			2006			2006			2005
Assets
Cash and cash equivalents	$	5,403		$	8,775		$	4,734		$	2,043		$	2,972
Securities available for sale		29,326			29,626			30,102			35,192			30,872
Loans held for sale		2,000			2,560			2,150			2,188			2,419
Loans
Mortgages		30,133			26,826			26,661			24,486			23,565
Commercial, commercial real estate and multi-family		126,418			113,654			107,556			90,108			72,381
Consumer		30,253			31,405			35,811			30,490			29,575
Total loans		186,804			171,885			170,028			145,084			125,521
Less allowance for loan losses		(2,109	)		(2,032	)		(1,988	)		(1,730	)		(1,495	)
Loans, net		184,695			169,853			168,040			143,354			124,026
Federal Home Loan Bank stock		2,813			2,772			2,732			2,656			2,656
Loan servicing rights		201			211			238			234			250
Foreclosed assets, net		—			75			75			60			—
Premises and equipment, net		4,105			3,806			2,875			2,984			2,934
Bank owned life insurance		3,646			3,626			3,594			3,563			3,531
Deferred tax asset		2,044			2,069			2,232			2,133			1,978
Accrued interest receivable and other assets		1,795			1,740			2,248			2,255			1,383
	$	236,028		$	225,113		$	219,020		$	196,662		$	173,021
Liabilities and Shareholders’ Equity
Deposits
Non-interest bearing	$	11,114		$	10,842		$	10,245		$	9,056		$	7,509
Interest bearing		156,477			151,713			136,423			127,368			120,079
Total deposits		167,591			162,555			146,668			136,424			127,588
Federal Home Loan Bank advances		32,520			26,270			36,449			23,795			22,995
Advances by borrowers for taxes and insurance		137			94			112			63			113
Accrued interest payable and other liabilities		1,540			1,717			1,280			1,282			1,089
Subordinated debentures		5,155			5,155			5,155			5,155			5,155
Total liabilities		206,943			195,791			189,664			166,719			156,940
Shareholders’ equity		29,085			29,322			29,356			29,943			16,081
	$	236,028		$	225,113		$	219,020		$	196,662		$	173,021

Consolidated Financial Highlights	At or for the three months ended															At or for the year ended
($ in thousands except per share data)	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
(unaudited)	2006			2006			2006			2006			2005			2006			2005
Earnings (GAAP)
Net interest income	$	1,760		$	1,759		$	1,717		$	1,529		$	1,330		$	6,765		$	4,968
Provision for loan losses	$	118		$	120		$	292		$	290		$	272		$	820		$	674
Noninterest income	$	212		$	214		$	217		$	180		$	193		$	823		$	866
Noninterest expense	$	1,735		$	1,725		$	1,620		$	1,769		$	1,744		$	6,849		$	8,827
Net income (loss)	$	87		$	94		$	6		$	(224	)	$	(663	)	$	(37	)	$	(3,290	)
Basic earnings (loss) per share	$	0.02		$	0.02		$	0.00		$	(0.05	)	$	(0.30	)	$	(0.01	)	$	(1.49	)
Diluted earnings (loss) per share	$	0.02		$	0.02		$	0.00		$	(0.05	)	$	(0.30	)	$	(0.01	)	$	(1.49	)
Performance Ratios (annualized) (GAAP)
Return on average assets		0.15	%		0.17	%		0.01	%		(0.48	%)		(1.56	%)		(0.02	%)		(2.02	%)
Return on average equity		1.19	%		1.28	%		0.08	%		(2.94	%)		(15.95	%)		(0.12	%)		(17.71	%)
Average yield on interest-earning assets		7.07	%		7.18	%		6.82	%		6.44	%		6.35	%		6.84	%		5.87	%
Average rate paid on interest-bearing liabilities		4.44	%		4.22	%		3.78	%		3.41	%		3.16	%		4.00	%		2.75	%
Average interest rate spread		2.63	%		2.96	%		3.04	%		3.03	%		3.19	%		2.84	%		3.12	%
Net interest margin, fully taxable equivalent		3.20	%		3.45	%		3.50	%		3.56	%		3.39	%		3.39	%		3.35	%
Efficiency ratio		87.98	%		87.43	%		83.55	%		103.51	%		114.51	%		90.20	%		151.30	%
Noninterest expense to average assets		2.99	%		3.11	%		3.03	%		3.80	%		4.09	%		3.20	%		5.43	%
Reconciliation of Net Income (Loss) to Core Earnings (Loss)
GAAP net income (loss)	$	87		$	94		$	6		$	(224	)	$	(663	)	$	(37	)	$	(3,290	)
Impairment loss on goodwill and intangibles		—			—			—			—			—			—			1,893
Core earnings (loss)	$	87		$	94		$	6		$	(224	)	$	(663	)	$	(37	)	$	(1,397	)
Basic core earnings (loss) per share	$	0.02		$	0.02		$	0.00		$	(0.05	)	$	(0.30	)	$	(0.01	)	$	(0.63	)
Diluted core earnings (loss) per share	$	0.02		$	0.02		$	0.00		$	(0.05	)	$	(0.30	)	$	(0.01	)	$	(0.63	)
Core Performance Ratios (annualized)
Core return on average assets		0.15	%		0.17	%		0.01	%		(0.48	%)		(1.56	%)		(0.02	%)		(0.86	%)
Core return on average equity		1.19	%		1.28	%		0.08	%		(2.94	%)		(15.95	%)		(0.12	%)		(7.27	%)
Core efficiency ratio		87.98	%		87.43	%		83.76	%		103.51	%		114.51	%		90.20	%		117.60	%
Core noninterest expense to average assets		2.99	%		3.11	%		3.03	%		3.80	%		4.09	%		3.20	%		4.20	%

Consolidated Financial
Highlights (continued)	At or for the three months ended															At or for the year ended
($ in thousands except per share data)	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
(unaudited)	2006			2006			2006			2006			2005			2006			2005
Capital
Equity to total assets at end of period		12.32	%		13.03	%		13.40	%		15.23	%		9.29	%		12.32	%		9.29	%
Tangible equity to tangible assets		12.32	%		13.03	%		13.40	%		15.23	%		9.29	%		12.32	%		9.29	%
Book value per share	$	6.40		$	6.45		$	6.46		$	6.59		$	7.17		$	6.40		$	7.17
Tangible book value per share	$	6.40		$	6.45		$	6.46		$	6.59		$	7.17		$	6.40		$	7.17
Period-end market value per share	$	7.36		$	8.09		$	8.05		$	7.32		$	7.66		$	7.36		$	7.66
Dividends declared per common share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09		$	0.36		$	0.36
Period-end common shares outstanding		4,543,662			4,543,662			4,543,662			4,543,662			2,243,662			4,543,662			2,243,662
Average basic shares outstanding		4,529,766			4,527,194			4,524,051			4,223,273			2,213,853			4,452,119			2,203,623
Average diluted shares outstanding		4,529,766			4,527,194			4,524,051			4,223,273			2,213,853			4,452,119			2,203,623
Asset Quality
Nonperforming loans	$	297		$	332		$	335		$	745		$	800		$	297		$	800
Nonperforming loans to total loans		0.16	%		0.19	%		0.20	%		0.51	%		0.64	%		0.16	%		0.64	%
Nonperforming assets to total assets		0.13	%		0.18	%		0.19	%		0.41	%		0.46	%		0.13	%		0.46	%
Allowance for loan losses to total loans		1.13	%		1.18	%		1.17	%		1.19	%		1.19	%		1.13	%		1.19	%
Allowance for loan losses to nonperforming loans		710.10	%		612.05	%		593.43	%		232.21	%		186.88	%		710.10	%		186.88	%
Net charge-offs	$	41		$	76		$	34		$	55		$	3		$	206		$	158
Annualized net charge-offs to average loans		0.09	%		0.18	%		0.08	%		0.16	%		0.01	%		0.13	%		0.14	%
Average Balances
Loans	$	180,417		$	169,752		$	160,840		$	134,813		$	120,445		$	161,453		$	114,157
Assets	$	232,097		$	221,946		$	214,021		$	186,288		$	170,427		$	213,761		$	162,552
Shareholders’ equity	$	29,275		$	29,456		$	29,637		$	30,441		$	16,631		$	29,702		$	18,573