UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number 0-25045
NOTIFICATION OF LATE FILING
[X] Form 10-QSB
For Period Ended March 31, 2003
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates: Not applicable
PART I
REGISTRANT INFORMATION
Full Name of Registrant: Central Federal Corporation
Former Name: Grand Central Financial Corporation
Address of Principal Executive
Office: 601 Main Street
City, State and Zip Code: Wellsville, Ohio 43968
PART II
RULES 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule12b-25(b), the following should
be completed. (Check box if appropriate.)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
[X] (b) The subject quarterly report on Form 10-QSB will be filed on or
before the fifth calendar day following the prescribed due date;
and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons that the required Form 10-QSB could
not be filed within the prescribed period.
The registrant worked diligently to prepare and file its quarterly report on
Form 10-QSB for its fiscal quarter ended March 31, 2003, but it was unable to
complete necessary reviews of the financial statements included in the report by
the prescribed filing date, May 15, 2003. The impediment to completing those
reviews could not be eliminated without unreasonable effort or expense. The
registrant's Form 10-QSB for the fiscal quarter ended March 31, 2003 will be
filed no later than May 20, 2003, within the time period prescribed by Rule
12b-25(b)(2)(ii) promulgated under the Securities Exchange Act of 1934.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Kelley L. Nanna 330 532-1517
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) been filed? If the answer is
no, identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof? [X ] Yes [ ] No
(4) If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
CENTRAL FEDERAL CORPORATION
(Exact name of registrant as specified in its charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 16, 2003 By: /s/ Kelley L. Nanna
--------------------------------
Kelley L. Nanna, CPA
Treasurer
(principal financial officer)
CHANGE IN RESULTS OF OPERATIONS
The registrant suffered a net loss of $1.123 million for the quarter ended March
31, 2003, as compared to a net gain of $209 thousand for the quarter ended March
31, 2002, a decline in net income of more than $1.3 million. Earnings per share
for the quarter ended March 31, 2002 were $0.13, while there was a net loss of
$0.74 per share for the quarter ended March 31, 2003.
The reduction in net income primarily was attributable to a significant increase
in non-interest expense for the quarter ended March 31, 2003. Non-interest
expense for the quarter ended March 31, 2003 was $2.787 million as compared to
$804 thousand for the quarter ended March 31, 2002. There also was a significant
decrease in interest income, but that decrease was substantially offset by a
decrease in interest expense. Interest income for the quarter ended March 31,
2003 was $1.468 million as compared to $1.940 million for the quarter ended
March 31, 2002, while interest expense for the quarter ended March 31, 2003 was
$601 thousand as compared to $944 thousand for the quarter ended March 31, 2002.
More complete information regarding the registrant's results of operations for
the quarter ended March 31, 2003 is set forth in the financial statements and
related Management's Discussion and Analysis included in the registrant's Form
10-QSB for the quarter ended March 31, 2003, which will be filed with the
Securities and Exchange Commission no later than May 20, 2003.