CF Bankshares Inc. Announces 1st Quarter 2021 Earnings More Than Tripled Year-Over-Year. Also Announces Expansion Into Indianapolis Market.
CF Bankshares Inc. (NASDAQ: CFBK) reported a remarkable 220% increase in net income for Q1 2021, totaling $6.4 million compared to $2 million in Q1 2020. Earnings per share (EPS) reached $0.96. Total assets grew to $1.6 billion, with net loans increasing by 8% to $967 million. The bank maintained strong credit quality, with nonperforming loans at 0.04%. However, it anticipates a decrease in mortgage originations due to a challenging lending environment. Overall, the company is focusing on expanding its market presence, including a new branch in Indianapolis.
- Net income increased by 220% to $6.4 million.
- Earnings per share (EPS) rose to $0.96, a 220% increase.
- Total assets increased to $1.6 billion, up 8.6% from Q4 2020.
- Net loans rose by 8% to $967 million.
- Noninterest income surged by 109.9% to $7.2 million.
- Expectations of significant decreases in mortgage originations due to a challenging environment.
COLUMBUS, Ohio, May 4, 2021 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights
- Net income of
$6.4 million , an increase of220% compared to the same quarter of 2020. For the first quarter of 2021, return on average assets was1.70% and return on average equity was22.73% . - Earnings per share (EPS) for the quarter increased to
$0.96 per share, an increase of220% when compared to the same quarter of 2020. Book Value per share increased5% during Q1 to$17.55 per share. - Net interest margin increased 21 bps during the quarter driven primarily by a 25 bps decrease in the average rate paid on interest-bearing liabilities.
- Total assets increased to
$1.6 billion at March 31, 2021. - Net loans and leases increased
$71 million or8% during the quarter to$967 million. - Noninterest-bearing deposit account balances increased
9% during the quarter. - Credit quality remains strong with nonperforming loans as a percentage of total assets of
0.04% and loans more than 30 days past due also at0.04% of total loans at March 31, 2021. - ALLL reserves of
$17.1 million equals1.74% of total loans and1.95% of total non-government guaranteed loans at March 31, 2021.
Timothy T. O'Dell, President and CEO, commented, "We are pleased with our overall Q1 results, particularly given the challenging mortgage lending environment being experienced thus far in 2021.
Our Commercial Banking pipelines are strong and at all-time high levels as we enter the second quarter, with the majority of these Earning Assets and accompanying deposit relationships expected to be closed and funded during Q2. We anticipate closing of our Pipelines, along with the investments made in building and strengthening our Regional Banking Teams including the expansion into Indianapolis as our 4th Major Market will position our Core for solid second half 2021 performance. Based upon the current mortgage lending environment and volatility, we could expect to see substantial decreases in mortgage originations and earnings contribution versus 2020.
We chose to outsource the delivery and funding of Round 2 PPP loans, in order to concentrate our resources for closing and funding our traditional loan Pipelines. While our traditional loans are larger and will be more impactful on earnings performance, we recognize the value and importance of the smaller PPP loans to our customers and communities. As a result, we have provided a website link and contacts to facilitate applications and approvals.
In addition, we are excited to expand our Bank footprint and presence by establishing a presence in Indianapolis, our 4th Major Metropolitan Market joining the existing Columbus, Cleveland, and Cincinnati, Ohio markets. We enthusiastically welcome Dan Cobb to our team as Market President of our Indianapolis expansion market. Dan is a very experienced business banker, well connected in the Indianapolis region, along with being a proven performer and leader. We are confident Dan will hit the ground running, and will quickly assemble an excellent Team, including local Treasury Management and Commercial bankers.
We are also expanding our presence within existing Metro markets. We are in the process of adding Branch capabilities at Our office location in Beachwood, Ohio (NE Ohio), which we expect will open in early Q3. Additionally, in early Q4, we will be adding a micro branch location in Cincinnati, along with a full-service office in the Westerville area of the Columbus market. These Branches will serve to enhance our Footprint and presence, as well as expand the delivery of banking services available for our customers, and bolster our deposit gathering network.
The pending sale of our Columbiana County branches to Consumers Bank remains on track, with an expected July closing date. The resulting capital generated through the sale will be reinvested into the growth and expansion in our Metro markets, better fitting our CFBank Commercial Banking driven business model.
Our key objectives remain focused on Core earnings as well as expanding franchise and shareholder value. Through increasing size and scale, expanding our market presence, and gaining market share, we intend to grow core earnings.
We are just Revving Up!"
Robert E. Hoeweler, Chairman of the Board, added: "Our leadership team has effectively guided the Bank through the Pandemic, perhaps the most difficult economic period for financial institutions in history. We have steadfastly stayed on course, understanding that providing great service to our customers and supporting our communities are fundamental to how we measure success. Our team has never permitted complacency to creep in, always striving for high level performance. As a result, we have continued to thrive through this time. I offer my sincere thanks to our team, our stakeholders, and our regulators for their partnership and support during this challenging period."
Overview of Results
Net income for the three months ended March 31, 2021 totaled
Net interest income. Net interest income totaled
Provision for loan and lease losses. There was no provision for loan and lease losses expense for the quarter ended March 31, 2021 or for the quarter ended March 31, 2020, which is due to strong credit quality. Net recoveries for the quarter ended March 31, 2021 totaled
Noninterest income. Noninterest income for the quarter ended March 31, 2021 totaled
The following table represents the notional amount of loans sold during the three months ended March 31, 2021 and 2020 (in thousands).
Three Months ended | |||||
March 31, | |||||
2021 | 2020 | ||||
Notional amount of loans sold | $ | 756,886 | $ | 362,858 |
The following table represents the revenue recognized on mortgage activities for the three months ended March 31, 2021 and 2020 (in thousands).
Three Months ended | |||||
March 31, | |||||
2021 | 2020 | ||||
Gain on loans sold | 11,916 | 5,582 | |||
Gain (loss) from change in fair | (6,937) | 1,235 | |||
Gain (loss) from change in | 1,381 | (3,973) | |||
$ | 6,360 | $ | 2,844 |
Noninterest expense. Noninterest expense for the quarter ended March 31, 2021 totaled
Income tax expense. Income tax expense was
Balance Sheet Activity
General. Assets totaled
Cash and cash equivalents. Cash and cash equivalents totaled
Securities. Securities available for sale totaled
Loans held for sale. Loans held for sale totaled
Loans and Leases. Net loans and leases totaled
The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types ($ in thousands).
March 31, 2021 | December 31, 2020 | ||||
Construction - 1-4 family | $ | 12,944 | $ | 12,393 | |
Construction - Multi-family | 47,311 | 41,410 | |||
Construction - Non-residential | 22,228 | 23,471 | |||
Hotel/Motel | 20,260 | 20,295 | |||
Industrial / Warehouse | 42,096 | 40,174 | |||
Land/Land Development | 27,946 | 40,467 | |||
Medical/Healthcare/Senior Housing | 5,412 | 5,483 | |||
Multi-family | 51,606 | 35,928 | |||
Office | 38,695 | 31,959 | |||
Retail | 31,315 | 31,868 | |||
Other | $ | 35,639 | $ | 29,275 |
Allowance for loan and lease losses (ALLL). The allowance for loan and lease losses totaled
Deposits. Deposits totaled
Stockholders' equity. Stockholders' equity totaled
About CF Bankshares Inc. and CFBank
CF Bankshares Inc. is a financial holding company that owns
Additional information about the Company and CFBank is available at www.CFBankOnline.com
USE OF NON-GAAP FINANCIAL MEASURES
This earnings release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (GAAP). Management uses these "non-GAAP" financial measures in its analysis of the Company's performance and believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Non-GAAP financial measures included in this earnings release include Pre-Provision, Pre-Tax Net Revenue (PPNR), PPNR Return on Average Assets and PPNR Return on Average Equity. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included at the end of this earnings release under the heading "GAAP TO NON-GAAP RECONCILIATION."
FORWARD LOOKING STATEMENTS
This earnings release and other materials we have filed or may file with the Securities and Exchange Commission ("SEC") contain or may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Reform Act of 1995, which are made in good faith by us. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of CF Bankshares Inc. or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements. Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements, including, without limitation, impacts from the ongoing COVID-19 pandemic on local, national and global economic conditions in general and on our industry and business in particular, including adverse impacts on our customer's operations, financial condition and ability to repay loans, changes in interest rates or disruptions in the mortgage market, and the effects of various governmental responses to the pandemic, including stimulus packages and programs; uncertainty regarding the impact of changes in the U.S. presidential administration and Congress on the regulatory landscape, capital markets and responses to the COVID-19 pandemic; and those additional risks detailed from time to time in our reports filed with the SEC, including those identified in "Item 1A. Risk Factors" of Part I of our Annual Report on Form 10-K filed with SEC for the year ended December 31, 2020.
Forward-looking statements are not guarantees of performance or results. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The forward-looking statements included in this earnings release speak only as of the date hereof. We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.
Consolidated Statements of Income | |||||||
($ in thousands, except share data) | |||||||
(unaudited) | Three months ended | ||||||
March 31, | |||||||
2021 | 2020 | % change | |||||
Total interest income | $ | 12,857 | $ | 9,946 | |||
Total interest expense | 3,240 | 3,823 | - | ||||
Net interest income | 9,617 | 6,123 | |||||
Provision for loan and lease losses | - | - | n/m | ||||
Net interest income after provision for loan and lease losses | 9,617 | 6,123 | |||||
Noninterest income | |||||||
Service charges on deposit accounts | 193 | 151 | |||||
Net gain on sales of loans | 6,360 | 2,844 | |||||
Swap fee income | 182 | 393 | - | ||||
Gain on redemption of life insurance | 380 | - | n/m | ||||
Other | 115 | 56 | |||||
Noninterest income | 7,230 | 3,444 | |||||
Noninterest expense | |||||||
Salaries and employee benefits | 4,609 | 3,045 | |||||
Occupancy and equipment | 322 | 253 | |||||
Data processing | 536 | 447 | |||||
Franchise and other taxes | 239 | 179 | |||||
Professional fees | 1,215 | 1,005 | |||||
Director fees | 152 | 158 | - | ||||
Postage, printing, and supplies | 39 | 58 | - | ||||
Advertising and marketing | 1,244 | 1,275 | - | ||||
Telephone | 59 | 54 | |||||
Loan expenses | 57 | 97 | - | ||||
Depreciation | 97 | 86 | |||||
FDIC premiums | 239 | 157 | |||||
Regulatory assessment | 65 | 45 | |||||
Other insurance | 28 | 27 | |||||
Other | 68 | 158 | - | ||||
Noninterest expense | 8,969 | 7,044 | |||||
Income before income taxes | 7,878 | 2,523 | |||||
Income tax expense | 1,457 | 517 | |||||
Net Income | 6,421 | 2,006 | |||||
Earnings allocated to participating securities (Series C preferred stock) | - | (377) | n/m | ||||
Net Income attributable to common stockholders | $ | 6,421 | $ | 1,629 | |||
Share Data | |||||||
Basic earnings per common share | $ | 0.98 | $ | 0.31 | |||
Diluted earnings per common share | $ | 0.96 | $ | 0.30 | |||
Average common shares outstanding - basic | 6,537,751 | 5,333,947 | |||||
Average common shares outstanding - diluted | 6,670,591 | 5,400,318 | |||||
n/m - not meaningful |
Consolidated Statements of Financial Condition | |||||||||||||||
($ in thousands) | Mar 31, | Dec 31, | Sept 30, | Jun 30, | Mar 31, | ||||||||||
(unaudited) | 2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 125,814 | $ | 221,594 | $ | 92,784 | $ | 77,376 | $ | 75,352 | |||||
Interest-bearing deposits in other financial institutions | 100 | 100 | 100 | 100 | 100 | ||||||||||
Securities available for sale | 9,738 | 8,701 | 9,746 | 10,802 | 11,390 | ||||||||||
Equity Securities | 5,000 | 5,000 | - | - | - | ||||||||||
Loans held for sale | 430,453 | 283,165 | 308,691 | 165,891 | 115,197 | ||||||||||
Loans and leases | 983,888 | 912,366 | 887,201 | 856,636 | 714,941 | ||||||||||
Less allowance for loan and lease losses | (17,086) | (17,022) | (15,492) | (10,107) | (7,073) | ||||||||||
Loans and leases, net | 966,802 | 895,344 | 871,709 | 846,529 | 707,868 | ||||||||||
FHLB and FRB stock | 6,164 | 5,847 | 5,377 | 5,216 | 4,510 | ||||||||||
Premises and equipment, net | 3,769 | 3,730 | 3,937 | 4,005 | 4,040 | ||||||||||
Operating lease right of use assets | 1,537 | 1,387 | 1,488 | 1,588 | 1,685 | ||||||||||
Bank owned life insurance | 25,302 | 17,490 | 5,453 | 5,416 | 5,381 | ||||||||||
Accrued interest receivable and other assets | 29,958 | 34,637 | 37,754 | 29,165 | 19,842 | ||||||||||
Total assets | $ | 1,604,637 | $ | 1,476,995 | $ | 1,337,039 | $ | 1,146,088 | $ | 945,365 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits | |||||||||||||||
Noninterest bearing | $ | 216,935 | $ | 198,675 | $ | 149,886 | $ | 148,188 | $ | 104,322 | |||||
Interest bearing | 1,103,445 | 914,395 | 824,082 | 700,850 | 644,183 | ||||||||||
Total deposits | 1,320,380 | 1,113,070 | 973,968 | 849,038 | 748,505 | ||||||||||
FHLB advances and other debt | 137,894 | 214,426 | 224,521 | 165,806 | 82,594 | ||||||||||
Advances by borrowers for taxes and insurance | 921 | 1,029 | 537 | 782 | 636 | ||||||||||
Operating lease liabilities | 1,672 | 1,532 | 1,642 | 1,750 | 1,856 | ||||||||||
Accrued interest payable and other liabilities | 12,265 | 21,884 | 18,567 | 21,320 | 14,078 | ||||||||||
Subordinated debentures | 14,854 | 14,844 | 14,835 | 14,825 | 14,815 | ||||||||||
Total liabilities | 1,487,986 | 1,366,785 | 1,234,070 | 1,053,521 | 862,484 | ||||||||||
Stockholders' equity | 116,651 | 110,210 | 102,969 | 92,567 | 82,881 | ||||||||||
Total liabilities and stockholders' equity | $ | 1,604,637 | $ | 1,476,995 | $ | 1,337,039 | $ | 1,146,088 | $ | 945,365 |
Average Balance Sheet and Yield Analysis | ||||||||||||||||||||||||||
For Three Months Ended | ||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | Average | Interest | Average | ||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | ||||||||||||||||||
Balance | Paid | Rate | Balance | Paid | Rate | Balance | Paid | Rate | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||
Securities (1) (2) | $ | 14,854 | $ | 133 | $ | 9,549 | $ | 36 | $ | 10,136 | $ | 43 | ||||||||||||||
Loans held for sale | 385,811 | 2,220 | 342,105 | 2,312 | 138,619 | 1,197 | ||||||||||||||||||||
Loans and leases (3) | 914,296 | 10,421 | 872,950 | 9,524 | 672,579 | 8,555 | ||||||||||||||||||||
Other earning assets | 106,657 | 28 | 100,883 | 29 | 28,351 | 107 | ||||||||||||||||||||
FHLB and FRB stock | 5,974 | 55 | 5,673 | 54 | 4,091 | 44 | ||||||||||||||||||||
Total interest-earning assets | 1,427,592 | 12,857 | 1,331,160 | 11,955 | 853,776 | 9,946 | ||||||||||||||||||||
Noninterest-earning assets | 79,770 | 64,251 | 41,849 | |||||||||||||||||||||||
Total assets | $ | 1,507,362 | $ | 1,395,411 | $ | 895,625 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Deposits | $ | 991,325 | 2,497 | $ | 883,612 | 2,791 | $ | 638,466 | 3,316 | |||||||||||||||||
FHLB advances and other borrowings | 181,869 | 743 | 210,069 | 903 | 54,375 | 507 | ||||||||||||||||||||
Total interest-bearing liabilities | 1,173,194 | 3,240 | 1,093,681 | 3,694 | 692,841 | 3,823 | ||||||||||||||||||||
Noninterest-bearing liabilities | 221,190 | 196,447 | 120,968 | |||||||||||||||||||||||
Total liabilities | 1,394,384 | 1,290,128 | 813,809 | |||||||||||||||||||||||
Equity | 112,978 | 105,283 | 81,816 | |||||||||||||||||||||||
Total liabilities and equity | $ | 1,507,362 | $ | 1,395,411 | $ | 895,625 | ||||||||||||||||||||
Net interest-earning assets | $ | 254,398 | $ | 237,479 | $ | 160,935 | ||||||||||||||||||||
Net interest income/interest rate spread | $ | 9,617 | $ | 8,261 | $ | 6,123 | ||||||||||||||||||||
Net interest margin | ||||||||||||||||||||||||||
Average interest-earning assets | ||||||||||||||||||||||||||
to average interest-bearing liabilities |
(1) | Average balance is computed using the carrying value of securities. Average yield is computed using the historical amortized cost average balance for available for sale securities. |
(2) | Average yields and interest earned are stated on a fully taxable equivalent basis. |
(3) | Average balance is computed using the recorded investment in loans net of the ALLL and includes nonperforming loans. |
Consolidated Financial Highlights | |||||||||||||||
At or for the three months ended | |||||||||||||||
($ in thousands except per share data) | Mar 31, | Dec 31, | Sept 30, | Jun 30, | Mar 31, | ||||||||||
(unaudited) | 2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||
Earnings and Dividends | |||||||||||||||
Net interest income | $ | 9,617 | $ | 8,261 | $ | 7,141 | $ | 6,283 | $ | 6,123 | |||||
Provision for loan and lease losses | $ | - | $ | 2,040 | $ | 5,750 | $ | 3,125 | $ | - | |||||
Noninterest income | $ | 7,230 | $ | 13,317 | $ | 23,376 | $ | 19,856 | $ | 3,444 | |||||
Noninterest expense | $ | 8,969 | $ | 11,329 | $ | 11,917 | $ | 10,313 | $ | 7,044 | |||||
Net Income | $ | 6,421 | $ | 7,348 | $ | 10,186 | $ | 10,068 | $ | 2,006 | |||||
Basic earnings per common share | $ | 0.98 | $ | 1.13 | $ | 1.56 | $ | 1.54 | $ | 0.31 | |||||
Diluted earnings per common share | $ | 0.96 | $ | 1.11 | $ | 1.54 | $ | 1.53 | $ | 0.30 | |||||
Dividends declared per share | $ | 0.03 | $ | 0.03 | $ | - | $ | - | $ | - | |||||
Performance Ratios (annualized) | |||||||||||||||
Return on average assets | |||||||||||||||
Return on average equity | |||||||||||||||
Average yield on interest-earning assets | |||||||||||||||
Average rate paid on interest-bearing liabilities | |||||||||||||||
Average interest rate spread | |||||||||||||||
Net interest margin, fully taxable equivalent | |||||||||||||||
Efficiency ratio | |||||||||||||||
Noninterest expense to average assets | |||||||||||||||
Capital | |||||||||||||||
Tier 1 capital leverage ratio (1) | |||||||||||||||
Total risk-based capital ratio (1) | |||||||||||||||
Tier 1 risk-based capital ratio (1) | |||||||||||||||
Common equity tier 1 capital to risk weighted assets (1) | |||||||||||||||
Equity to total assets at end of period | |||||||||||||||
Book value per common share | $ | 17.55 | $ | 16.79 | $ | 15.68 | $ | 14.14 | $ | 12.85 | |||||
Tangible book value per common share | $ | 17.55 | $ | 16.79 | $ | 15.68 | $ | 14.14 | $ | 12.85 | |||||
Period-end market value per common share | $ | 19.96 | $ | 17.69 | $ | 12.08 | $ | 10.43 | $ | 10.52 | |||||
Period-end common shares outstanding | 6,645,956 | 6,564,304 | 6,566,256 | 6,546,596 | 5,337,598 | ||||||||||
Average basic common shares outstanding | 6,537,751 | 6,517,248 | 6,515,389 | 5,739,097 | 5,333,947 | ||||||||||
Average diluted common shares outstanding | 6,670,591 | 6,617,254 | 6,596,996 | 5,802,578 | 5,400,318 | ||||||||||
Asset Quality | |||||||||||||||
Nonperforming loans | $ | 641 | $ | 695 | $ | 527 | $ | 581 | $ | 696 | |||||
Nonperforming loans to total loans | |||||||||||||||
Nonperforming assets to total assets | |||||||||||||||
Allowance for loan and lease losses to total loans | |||||||||||||||
Allowance for loan and lease losses to nonperforming loans | |||||||||||||||
Net charge-offs (recoveries) | $ | (64) | $ | 510 | $ | 365 | $ | 91 | $ | 65 | |||||
Annualized net charge-offs (recoveries) to average loans | ( | ||||||||||||||
Average Balances | |||||||||||||||
Loans | $ | 931,323 | $ | 889,460 | $ | 859,097 | $ | 809,217 | $ | 679,720 | |||||
Assets | $ | 1,507,362 | $ | 1,395,411 | $ | 1,200,659 | $ | 1,088,656 | $ | 895,625 | |||||
Stockholders' equity | $ | 112,978 | $ | 105,283 | $ | 96,857 | $ | 85,652 | $ | 81,816 |
(1) Regulatory capital ratios of CFBank |
GAAP TO NON-GAAP RECONCILIATION
This press release contains certain non-GAAP disclosures for: (1) PPNR, (2) PPNR return on average assets and (3) PPNR return on average equity. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company's operations performance and to enhance investors' overall understanding of such financial performance. In particular, the use of PPNR is prevalent among banking regulators, investors, and analysts. Accordingly, we disclose the non-GAAP measures in addition to the related GAAP measures of: (1) net earnings (2) return on average assets and (3) return on average equity.
The table below presents the reconciliation of these GAAP financial measures to the related non-GAAP financial measures:
Pre-provision, pre-tax net revenue ("PPNR"), | |||||||||
PPNR Return on Average Assets and PPNR Return on Average Equity | |||||||||
Three Months Ended | |||||||||
March 31, | December 31, | March 31, | |||||||
2021 | 2020 | 2020 | |||||||
Net income | $ | 6,421 | $ | 7,348 | $ | 2,006 | |||
Add: Provision for credit losses | - | 2,040 | - | ||||||
Add: Income tax expense | 1,457 | 861 | 517 | ||||||
Pre-provision, pre-tax net revenue | $ | 7,878 | $ | 10,249 | $ | 2,523 | |||
Average Assets | $ | 1,507,362 | $ | 1,395,411 | $ | 895,625 | |||
Average Stockholders' Equity | $ | 112,978 | $ | 105,283 | $ | 81,816 | |||
Return on average assets (1) | |||||||||
PPNR return on average assets (2) | |||||||||
Return on average equity (3) | |||||||||
PPNR return on average equity (4) | |||||||||
(1) Annualized net income divided by average assets | |||||||||
(2) Annualized PPNR divided by average assets | |||||||||
(3) Annualized net income divided by average stockholders' equity | |||||||||
(4) Annualized PPNR divided by average stockholders' equity |
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SOURCE CF Bankshares Inc.
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