Welcome to our dedicated page for Cf Bankshares news (Ticker: CFBK), a resource for investors and traders seeking the latest updates and insights on Cf Bankshares stock.
CF Bankshares Inc. (NASDAQ: CFBK), the parent company of CFBank, is a well-established financial institution with roots dating back to 1892. Originally founded in Wellsville, Ohio, as Central Federal Savings and Loan, the company has evolved into a full-service commercial banking entity serving four major metro markets: Columbus, Cleveland, and Cincinnati in Ohio, and Indianapolis in Indiana.
Core Business and Services:
CFBank offers a comprehensive suite of financial services tailored to both businesses and individuals. These include:
- Commercial Loans and Leases: CFBank provides commercial loans, equipment leasing, and SBA loans to support business growth.
- Real Estate Loans: Both commercial and residential real estate loans are available for property development and home ownership.
- Treasury Management: Advanced depository services to manage liquidity efficiently.
- Retail Banking: Full-service banking products, including checking and savings accounts, certificates of deposit, and money market accounts.
Current Projects and Achievements:
CFBank has been proactive in enhancing shareholder value and operational efficiency. Recently, the company authorized a stock repurchase program, reflecting confidence in its intrinsic value. This program allows for the repurchase of up to 250,000 shares of its common stock on or before June 30, 2024. Additionally, CFBank's leadership team, which recapitalized the company in 2012, has transformed it into a high-growth entity with a CAGR exceeding 20% since recapitalization.
For the third quarter of 2023, CFBank reported net earnings of $4.0 million, marking steady financial performance with a robust loan pipeline and expanding fee income. The company's assets reached $1.96 billion, with expectations to surpass $2 billion in 2024. Moreover, CFBank has been recognized for its durable performance and ranked #7 on American Banker's 2023 listing of Top 200 Publicly Traded Community Banks based on a 3-year average return on equity.
Financial Condition:
As of the latest quarter, CFBank's net interest income has shown stability despite a challenging high-interest-rate environment. The company maintains a strong credit quality with minimal nonaccrual loans and a strategic focus on increasing loan and deposit pipelines.
Partnerships and Community Engagement:
CFBank is committed to serving closely held businesses and entrepreneurs, providing personalized service and direct access to decision-makers. This customer-centric approach differentiates CFBank from larger institutions. The bank also actively engages with local communities, contributing to regional economic development.
For more information, visit the company's website at www.CF.Bank.
CF Bankshares Inc. (NASDAQ: CFBK) reported its Q4 and full-year 2024 financial results. Q4 net income reached $4.4 million ($0.68 per diluted share), while full-year net income was $13.4 million ($2.06 per diluted share). Pre-provision, pre-tax net revenue (PPNR) for Q4 increased 12% to $6.5 million compared to Q3 2024.
Key highlights include: Net Interest Income rose by $1.0 million (9.4%) in Q4 compared to Q3; Net Interest Margin (NIM) improved by 16bps; noninterest income grew 40% year-over-year in Q4; and noninterest-bearing deposits increased by $38 million (16%) during 2024.
The bank's asset quality showed nonaccrual loans at 0.84% of total loans, while the allowance for credit losses stood at 1.00% of total loans. Total deposits reached $1.76 billion, representing a 0.6% increase from Q3 2024.
CF Bankshares (NASDAQ: CFBK) has announced a new stock repurchase program authorized by its Board of Directors. The program allows the company to repurchase up to 325,000 shares, representing approximately 5% of its outstanding common stock, through January 31, 2026.
The repurchases may be conducted through various means, including open market and privately negotiated transactions, in compliance with securities laws and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934. The timing, manner, and amount of repurchases will be determined by management based on factors such as trading price, market conditions, and regulatory requirements. The program can be suspended or discontinued at any time.
CF Bankshares (NASDAQ: CFBK) has announced a quarterly cash dividend declaration. The company's Board of Directors has approved a $0.07 per share dividend on common stock and a corresponding $7.00 per share dividend on Series D preferred stock. The dividends will be paid on January 27, 2025, to shareholders recorded as of January 16, 2025. Each share of Series D preferred stock can be converted into 100 shares of common stock.
CF Bankshares Inc. reported Q3 2024 net income of $4.2 million ($0.65 per diluted share), with pre-provision, pre-tax net revenue of $5.8 million. Key highlights include a 10.38% Return on Average Equity and 0.84% Return on Average Assets. The company experienced notable growth with noninterest bearing deposits increasing by $40 million (18%) and commercial loans growing by $35 million during the quarter. Service charge fee income rose 65% compared to Q3 2023. The company declared a cash dividend of $0.07 per common share and $7.00 per Series D Preferred Stock, paid on October 19, 2024.
CF Bankshares Inc. (NASDAQ: CFBK), the parent company of CFBank, NA, has announced a 17% increase in its quarterly cash dividend. The Board of Directors declared a $0.07 per share quarterly cash dividend on its common stock and a corresponding $7.00 per share quarterly cash dividend on its Series D preferred stock. The dividend will be payable on October 19, 2024 to shareholders of record as of the close of business on October 11, 2024.
Timothy T. O'Dell, President and CEO, expressed satisfaction with the company's ability to reward shareholders with this increased dividend, emphasizing that it enhances total shareholder returns. He also acknowledged the confidence and support of the shareholders.
CF Bankshares Inc. (NASDAQ: CFBK) reported financial results for Q2 2024. Key highlights include:
- Net income of $1.7 million ($0.26 per diluted share)
- Pre-provision, pre-tax net revenue (PPNR) of $5.5 million
- Return on Average Equity (ROE) of 4.23% and PPNR ROE of 13.71%
- Return on Average Assets (ROA) of 0.34% and PPNR ROA of 1.10%
- Net Interest Margin (NIM) increased 3bps compared to previous quarter
- Service charge income up 64% year-over-year
- New commercial loan production of $16.8 million
Results were impacted by $3.1 million in additional specific reserves on two loan participations. Excluding this impact, adjusted core performance metrics would have been higher. The company declared a cash dividend of $0.06 per common share.
CF Bankshares Inc. (NASDAQ: CFBK), the parent company of CFBank, NA, announced a quarterly cash dividend. Shareholders of common stock will receive $0.06 per share, while Series D preferred stockholders will receive $6.00 per share. Each Series D preferred stock is convertible into 100 shares of common stock. The dividends are payable on July 19, 2024, to shareholders registered by July 11, 2024.
CF Bankshares Inc., parent of CFBank NA, reported strong financial results for the first quarter of 2024. Net income was $3.1 million with a ROE of 7.80% and PPNR ROE of 12.71%. Core deposit balances increased, new commercial loan production was $37.3 million, and key leadership additions were made. A cash dividend was declared, and business initiatives aim for fee income growth. Nonaccrual loans increased, but the company remains well-positioned for new business opportunities.
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