CF Bankshares Inc. Announces Net Income Of $4.1 Million Or $0.61 Per Share For The 3rd Quarter
CF Bankshares Inc. (NASDAQ: CFBK) reported Q3 2021 net income of $4.1 million, or $0.61 per share, and $14.0 million YTD. The net interest margin increased to 3.21%, with net loans growing by $122 million. The company declared a cash dividend of $0.04 per share, representing a 33% increase, and increased its stock repurchase program. However, net income decreased from $10.2 million in Q3 2020, mainly due to lower margins in residential mortgage loans. Overall, CFBK aims for growth, targeting a doubling of SBA lending volumes in 2022.
- Net income of $4.1 million for Q3 2021.
- Earnings Per Share (EPS) of $0.61 for Q3 and $2.10 YTD.
- Net loans increased by $122 million during the quarter.
- Net Interest Income rose by 46% year-over-year.
- Dividend increased by 33%, payable on November 2, 2021.
- Stock repurchase program extended and increased from 250,000 to 350,000 shares.
- Net income decreased from $10.2 million in Q3 2020.
- Net interest income decreased by $627,000 compared to the prior quarter.
- Provision for loan and lease losses was $0 for Q3 2021, compared to $5.8 million in Q3 2020.
- Noninterest income decreased by 91.1% from $23.4 million in Q3 2020.
COLUMBUS, Ohio, Oct, 27, 2021 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial results for the third quarter and year to date (YTD) ended September 30, 2021.
Third Quarter and Year to Date 2021 Highlights
- Net income of
$4.1 million for the third quarter and$14.0 million YTD, and Earnings Per Share (EPS) of$0.61 for the quarter and$2.10 YTD. - Net interest margin (NIM) increased 26 bps during the quarter to
3.21% . - Book value per share increased to
$18.69 at September 30, 2021. - Return on average assets (ROA) and return on average equity (ROE) were
1.25% and15.96% , respectively, for the first nine months of 2021. For the third quarter, ROA was1.18% and ROE was13.43% . - Net loans and leases grew by
$122 million during the quarter, which was net of PPP repayments of$28 million . - Net Interest Income (NII) of
$10.4 million for the quarter represents a46% increase as compared to the third quarter of 2020. - During the third quarter, CFBank completed the sale of its two Columbiana County Ohio Branches resulting in a Deposit Premium of
$1.9 million . - The Tangible Common Equity (TCE) ratio increased to
9.09% at September 30, 2021. - Credit quality remains strong with nonperforming assets as a percentage of total assets of
0.07% at September 30, 2021. - ALLL reserves of
$15.5 million equals1.36% of total loans and1.37% of total non-government guaranteed loans at September 30, 2021.
Recent Developments
- On October 5, 2021, the Company's Board of Directors declared a Cash Dividend of
$0.04 per share payable to shareholders on November 2, 2021. This represents a33% increase over the previous quarterly dividend. - On September 29, 2021, the Board of Directors of the Company approved an increase in the number of shares that may be repurchased by the Company under its previously announced stock repurchase program from 250,000 to 350,000 and extended the program through June 30, 2022.
CEO and Board Chair Commentary
Timothy T. O'Dell, President and CEO, commented, "We are pleased with our Q3 Earnings & Growth performance including EPS of
During the third quarter, our strong growth continued with net Loans & Leases increasing
We have set a 2022 objective of doubling our SBA lending volumes, given the balance sheet and earnings leverage advantages of government sponsored loan programs.
Team CFBank was recently recognized by Piper Sandler as a SM-All Star performer for 2021. This is the third consecutive year we received this award and recognition for our performance, and placed us as one of only four peer banks out of the top 35 banks recognized for this repeat achievement.
We have continued to reposition our mortgage lending business from a national DTC model to a more regionally-focused loan origination model which we expect will be a hybrid of both retail and DTC originations.
Our business model and ease of doing business, resonates consistently with business owners and entrepreneurs in Metro markets across our geographic footprint.
Our CF Leadership focus is upon finishing 2021 strongly, as we position ourselves for continuing growth and expansion in 2022.
Team CFBank is just Revving Up!"
Robert E. Hoeweler, Chairman of the Board, added: "On behalf of the Board of Directors I offer sincere congratulations to the CFBank leadership team for being recognized, for the 3rd consecutive year, as a top performing bank by Piper Sandler against our peers. This honor is based on several performance categories including earnings, growth, and credit quality. We are very proud of achieving this recognition, especially in the face of extraordinary circumstances. We were able to nimbly adjust our business plan to current circumstances and from economic, industry, and governmental headwinds, while coping with the Covid 19 lock-downs."
Overview of Results
Net income for the three months ended September 30, 2021 totaled
Net income for the nine months ended September 30, 2021 totaled
Net Interest Income and Net Interest Margin
Net interest income totaled
The increase in net interest income compared to the third quarter of 2020 was primarily due to a
Noninterest Income
Noninterest income for the quarter ended September 30, 2021 totaled
Noninterest income for the quarter ended September 30, 2021 decreased
The following table represents the notional amount of loans sold during the three months ended September 30, 2021, June 30, 2021, and September 30, 2020 (in thousands).
Three Months ended | ||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||
Notional amount of loans sold | $ | 498,968 | $ | 972,250 | $ | 552,122 | ||
The following table represents the revenue recognized on mortgage activities for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020 (in thousands).
Three Months ended | ||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||
Gain on loans sold | $ | 6,415 | $ | 2,289 | $ | 19,984 | ||
Gain (loss) from change in fair value of loans held-for-sale | (1,916) | 1,012 | 4,669 | |||||
Gain (loss) from change in fair value of derivatives | (4,767) | (4,045) | (1,586) | |||||
$ | (268) | $ | (744) | $ | 23,067 | |||
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2021 totaled
Noninterest expense for the quarter ended September 30, 2021 decreased
Income Tax Expense
Income tax expense was
Loans and Loans Held For Sale
Net loans and leases totaled
The increase in total loans from December 31, 2020 was primarily due to
The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types ($ in thousands).
September 30, 2021 | June 30, 2021 | ||||
Construction - 1-4 family | $ | 17,717 | $ | 14,282 | |
Construction - Multi-family | 58,139 | 55,090 | |||
Construction - Non-residential | 29,609 | 24,091 | |||
Hotel/Motel | 20,357 | 20,412 | |||
Industrial / Warehouse | 35,821 | 40,257 | |||
Land/Land Development | 25,027 | 22,205 | |||
Medical/Healthcare/Senior Housing | 5,280 | 5,343 | |||
Multi-family | 82,452 | 65,262 | |||
Office | 43,421 | 42,633 | |||
Retail | 32,453 | 34,487 | |||
Other | $ | 57,793 | $ | 37,138 | |
Asset Quality
Nonaccrual loans were
The allowance for loan and lease losses totaled
The provision for loan and lease losses expense for the quarter ended September 30, 2021 was
Deposits
Deposits totaled
Borrowings
FHLB advances and other debt totaled
Capital
Stockholders' equity totaled
About CF Bankshares Inc. and CFBank
CF Bankshares Inc. (the Company) is a holding company that owns
CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing comprehensive Commercial, Retail and Mortgage Lending services presence. In all regional markets, CFBank provides commercial loans and equipment leases, commercial and residential real estate loans and treasury management depository services, residential mortgage lending, and full-service commercial and retail banking services and products. CFBank is differentiated by our penchant for individualized service coupled with direct customer access to decision makers, and ease of doing business. CFBank matches the sophistication of much larger banks, without the bureaucracy.
CFBank also offers its clients the convenience of online internet banking, mobile banking, and remote deposit capabilities.
CFBank has been recognized as a small cap All-Star performer by Piper Sandler for three consecutive years (2019, 2020 and 2021) and among the Top 200 Publicly Traded Community Banks by American Banker. In addition, CFBank is rated 5 Stars by Bauer.
Additional information about the Company and CFBank is available at www.CF.Bank
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 press 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, 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, as supplemented by the risk factor set forth in "Item 1A. Risk Factors" of Part II of our Quarterly Report on Form 10-Q filed with the SEC for the quarterly period ended June 30, 2021.
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 press 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 | Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||||
2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||
Total interest income | $ | 12,703 | $ | 10,617 | $ | 39,221 | $ | 30,431 | |||||||
Total interest expense | 2,290 | 3,476 | - | 8,151 | 10,884 | - | |||||||||
Net interest income | 10,413 | 7,141 | 31,070 | 19,547 | |||||||||||
Provision for loan and lease losses | - | 5,750 | n/m | (1,600) | 8,875 | n/m | |||||||||
Net interest income after provision for loan and lease losses | 10,413 | 1,391 | 32,670 | 10,672 | |||||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 213 | 161 | 612 | 451 | |||||||||||
Net gain (loss) on sales of residential mortgage loans | (268) | 23,067 | - | 5,348 | 45,488 | - | |||||||||
Net gain on sale of SBA loans | (1) | 20 | n/m | 1,158 | 68 | n/m | |||||||||
Swap fee income | - | 28 | n/m | 182 | 435 | - | |||||||||
Gain on redemption of life insurance | - | - | n/m | 383 | - | n/m | |||||||||
Gain on sale of deposits | 1,893 | - | n/m | 1,893 | - | n/m | |||||||||
Other | 240 | 100 | 682 | 234 | |||||||||||
Noninterest income | 2,077 | 23,376 | - | 10,258 | 46,676 | - | |||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 4,250 | 7,352 | - | 13,410 | 16,647 | - | |||||||||
Occupancy and equipment | 254 | 254 | 835 | 754 | |||||||||||
Data processing | 520 | 434 | 1,580 | 1,308 | |||||||||||
Franchise and other taxes | 241 | 180 | 723 | 543 | |||||||||||
Professional fees | 959 | 1,358 | - | 3,555 | 3,545 | ||||||||||
Director fees | 156 | 134 | 466 | 513 | - | ||||||||||
Postage, printing, and supplies | 34 | 19 | 120 | 135 | - | ||||||||||
Advertising and marketing | 45 | 1,613 | - | 2,572 | 4,136 | - | |||||||||
Telephone | 65 | 59 | 191 | 165 | |||||||||||
Loan expenses | 99 | 72 | 187 | 234 | - | ||||||||||
Depreciation | 108 | 98 | 311 | 278 | |||||||||||
FDIC premiums | 476 | 150 | 1,095 | 441 | |||||||||||
Regulatory assessment | 66 | 46 | 196 | 136 | |||||||||||
Other insurance | 45 | 25 | 113 | 79 | |||||||||||
Other | 111 | 123 | - | 311 | 360 | - | |||||||||
Noninterest expense | 7,429 | 11,917 | - | 25,665 | 29,274 | - | |||||||||
Income before income taxes | 5,061 | 12,850 | - | 17,263 | 28,074 | - | |||||||||
Income tax expense | 985 | 2,664 | - | 3,277 | 5,814 | - | |||||||||
Net Income | 4,076 | 10,186 | - | $ | 13,986 | $ | 22,260 | - | |||||||
Earnings allocated to participating securities (Series C preferred stock) | - | - | n/m | - | (2,289) | n/m | |||||||||
Net Income attributable to common stockholders | $ | 4,076 | $ | 10,186 | - | $ | 13,986 | $ | 19,971 | - | |||||
Share Data | |||||||||||||||
Basic earnings per common share | $ | 0.63 | $ | 1.56 | $ | 2.14 | $ | 3.41 | |||||||
Diluted earnings per common share | $ | 0.61 | $ | 1.54 | $ | 2.10 | $ | 3.36 | |||||||
Average common shares outstanding - basic | 6,510,504 | 6,515,389 | 6,528,126 | 5,865,193 | |||||||||||
Average common shares outstanding - diluted | 6,657,250 | 6,596,996 | 6,672,314 | 5,935,700 | |||||||||||
n/m - not meaningful | |||||||||||||||
Consolidated Statements of Financial Condition | |||||||||||||||
($ in thousands) | Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||
(unaudited) | 2021 | 2021 | 2021 | 2020 | 2020 | ||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 68,161 | $ | 134,321 | $ | 125,814 | $ | 221,594 | $ | 92,784 | |||||
Interest-bearing deposits in other financial institutions | 100 | 100 | 100 | 100 | 100 | ||||||||||
Securities available for sale | 17,128 | 17,661 | 9,738 | 8,701 | 9,746 | ||||||||||
Equity Securities | 5,000 | 5,000 | 5,000 | 5,000 | - | ||||||||||
Loans held for sale | 77,946 | 254,327 | 430,453 | 283,165 | 308,691 | ||||||||||
Loans and leases | 1,139,199 | 1,016,972 | 983,888 | 912,366 | 887,201 | ||||||||||
Less allowance for loan and lease losses | (15,487) | (15,495) | (17,086) | (17,022) | (15,492) | ||||||||||
Loans and leases, net | 1,123,712 | 1,001,477 | 966,802 | 895,344 | 871,709 | ||||||||||
FHLB and FRB stock | 6,475 | 6,164 | 6,164 | 5,847 | 5,377 | ||||||||||
Premises and equipment, net | 3,944 | 3,765 | 3,769 | 3,730 | 3,937 | ||||||||||
Other assets held for sale | - | 29,308 | - | - | - | ||||||||||
Operating lease right of use assets | 1,462 | 1,584 | 1,537 | 1,387 | 1,488 | ||||||||||
Bank owned life insurance | 25,582 | 25,439 | 25,302 | 17,490 | 5,453 | ||||||||||
Accrued interest receivable and other assets | 25,446 | 28,635 | 29,958 | 34,637 | 37,754 | ||||||||||
Total assets | $ | 1,354,956 | $ | 1,507,781 | $ | 1,604,637 | $ | 1,476,995 | $ | 1,337,039 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits | |||||||||||||||
Noninterest bearing | $ | 243,153 | $ | 249,557 | $ | 216,935 | $ | 198,675 | $ | 149,886 | |||||
Interest bearing | 913,637 | 922,312 | 1,103,445 | 914,395 | 824,082 | ||||||||||
Total deposits | 1,156,790 | 1,171,869 | 1,320,380 | 1,113,070 | 973,968 | ||||||||||
FHLB advances and other debt | 41,218 | 74,290 | 137,894 | 214,426 | 224,521 | ||||||||||
Advances by borrowers for taxes and insurance | 1,756 | 1,412 | 921 | 1,029 | 537 | ||||||||||
Operating lease liabilities | 1,578 | 1,709 | 1,672 | 1,532 | 1,642 | ||||||||||
Other liabilities held for sale | - | 107,229 | - | - | - | ||||||||||
Accrued interest payable and other liabilities | 15,571 | 16,549 | 12,265 | 21,884 | 18,567 | ||||||||||
Subordinated debentures | 14,874 | 14,864 | 14,854 | 14,844 | 14,835 | ||||||||||
Total liabilities | 1,231,787 | 1,387,922 | 1,487,986 | 1,366,785 | 1,234,070 | ||||||||||
Stockholders' equity | 123,169 | 119,859 | 116,651 | 110,210 | 102,969 | ||||||||||
Total liabilities and stockholders' equity | $ | 1,354,956 | $ | 1,507,781 | $ | 1,604,637 | $ | 1,476,995 | $ | 1,337,039 | |||||
Average Balance Sheet and Yield Analysis | ||||||||||||||||||||||||||
For Three Months Ended | ||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 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) | $ | 22,312 | $ | 230 | $ | 18,310 | $ | 166 | $ | 10,432 | $ | 40 | ||||||||||||||
Loans held for sale | 174,298 | 1,008 | 373,025 | 2,119 | 210,457 | 1,467 | ||||||||||||||||||||
Loans and leases (3) | 1,049,570 | 11,389 | 1,006,079 | 11,295 | 847,387 | 9,037 | ||||||||||||||||||||
Other earning assets | 45,174 | 21 | 92,589 | 24 | 60,268 | 22 | ||||||||||||||||||||
FHLB and FRB stock | 6,221 | 55 | 6,164 | 57 | 5,251 | 51 | ||||||||||||||||||||
Total interest-earning assets | 1,297,575 | 12,703 | 1,496,167 | 13,661 | 1,133,795 | 10,617 | ||||||||||||||||||||
Noninterest-earning assets | 81,674 | 80,786 | 66,864 | |||||||||||||||||||||||
Total assets | $ | 1,379,249 | $ | 1,576,953 | $ | 1,200,659 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Deposits | $ | 912,533 | 1,777 | $ | 1,084,719 | 2,108 | $ | 741,945 | 2,803 | |||||||||||||||||
FHLB advances and other borrowings | 67,853 | 513 | 125,046 | 513 | 192,457 | 673 | ||||||||||||||||||||
Total interest-bearing liabilities | 980,386 | 2,290 | 1,209,765 | 2,621 | 934,402 | 3,476 | ||||||||||||||||||||
Noninterest-bearing liabilities | 277,469 | 251,071 | 169,400 | |||||||||||||||||||||||
Total liabilities | 1,257,855 | 1,460,836 | 1,103,802 | |||||||||||||||||||||||
Equity | 121,394 | 116,117 | 96,857 | |||||||||||||||||||||||
Total liabilities and equity | $ | 1,379,249 | $ | 1,576,953 | $ | 1,200,659 | ||||||||||||||||||||
Net interest-earning assets | $ | 317,189 | $ | 286,402 | $ | 199,393 | ||||||||||||||||||||
Net interest income/interest rate spread | $ | 10,413 | $ | 11,040 | $ | 7,141 | ||||||||||||||||||||
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 | At or for the nine months ended | ||||||||||||||||||||
($ in thousands except per share data) | Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | September 30, | |||||||||||||||
(unaudited) | 2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||
Earnings and Dividends | |||||||||||||||||||||
Net interest income | $ | 10,413 | $ | 11,040 | $ | 9,617 | $ | 8,261 | $ | 7,141 | $ | 31,070 | $ | 19,547 | |||||||
Provision for loan and lease losses | $ | - | $ | (1,600) | $ | - | $ | 2,040 | $ | 5,750 | $ | (1,600) | $ | 8,875 | |||||||
Noninterest income | $ | 2,077 | $ | 951 | $ | 7,230 | $ | 13,317 | $ | 23,376 | $ | 10,258 | $ | 46,676 | |||||||
Noninterest expense | $ | 7,429 | $ | 9,267 | $ | 8,969 | $ | 11,329 | $ | 11,917 | $ | 25,665 | $ | 29,274 | |||||||
Net Income | $ | 4,076 | $ | 3,489 | $ | 6,421 | $ | 7,348 | $ | 10,186 | $ | 13,986 | $ | 22,260 | |||||||
Basic earnings per common share | $ | 0.63 | $ | 0.53 | $ | 0.98 | $ | 1.13 | $ | 1.56 | $ | 2.14 | $ | 3.41 | |||||||
Diluted earnings per common share | $ | 0.61 | $ | 0.52 | $ | 0.96 | $ | 1.11 | $ | 1.54 | $ | 2.10 | $ | 3.36 | |||||||
Dividends declared per share | $ | 0.03 | $ | 0.03 | $ | 0.03 | $ | 0.03 | $ | - | $ | 0.09 | $ | - | |||||||
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 | $ | 18.69 | $ | 18.07 | $ | 17.55 | $ | 16.79 | $ | 15.68 | $ | 18.69 | $ | 15.68 | |||||||
Tangible book value per common share | $ | 18.69 | $ | 18.07 | $ | 17.55 | $ | 16.79 | $ | 15.68 | $ | 18.69 | $ | 15.68 | |||||||
Period-end market value per common share | $ | 20.45 | $ | 19.48 | $ | 19.96 | $ | 17.69 | $ | 12.08 | $ | 20.45 | $ | 12.08 | |||||||
Period-end common shares outstanding | 6,588,343 | 6,631,589 | 6,645,956 | 6,564,304 | 6,566,256 | 6,588,343 | 6,566,256 | ||||||||||||||
Average basic common shares outstanding | 6,510,504 | 6,536,422 | 6,537,751 | 6,517,248 | 6,515,389 | 6,528,126 | 5,865,193 | ||||||||||||||
Average diluted common shares outstanding | 6,657,250 | 6,689,253 | 6,670,591 | 6,617,254 | 6,596,996 | 6,672,314 | 5,935,700 | ||||||||||||||
Asset Quality | |||||||||||||||||||||
Nonperforming loans | $ | 1,011 | $ | 327 | $ | 641 | $ | 695 | $ | 527 | $ | 1,011 | $ | 527 | |||||||
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) | $ | 8 | $ | (9) | $ | (64) | $ | 510 | $ | 365 | $ | (65) | $ | 521 | |||||||
Annualized net charge-offs (recoveries) to average loans | ( | ( | |||||||||||||||||||
Average Balances | |||||||||||||||||||||
Loans | $ | 1,065,069 | $ | 1,023,152 | $ | 931,323 | $ | 889,460 | $ | 859,097 | $ | 1,006,514 | $ | 782,678 | |||||||
Assets | $ | 1,379,249 | $ | 1,576,953 | $ | 1,507,362 | $ | 1,395,411 | $ | 1,200,659 | $ | 1,487,855 | $ | 1,061,647 | |||||||
Stockholders' equity | $ | 121,394 | $ | 116,117 | $ | 112,978 | $ | 105,283 | $ | 96,857 | $ | 116,830 | $ | 88,109 | |||||||
(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 | Nine Months Ended | |||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||
Net income | $ | 4,076 | $ | 3,489 | $ | 10,186 | $ | 13,986 | $ | 22,260 | ||||
Add: Provision for credit losses | - | (1,600) | 5,750 | (1,600) | 8,875 | |||||||||
Add: Income tax expense | 985 | 835 | 2,664 | 3,277 | 5,814 | |||||||||
Pre-provision, pre-tax net revenue | $ | 5,061 | $ | 2,724 | $ | 18,600 | $ | 15,663 | $ | 36,949 | ||||
Average Assets | $ | 1,379,249 | $ | 1,576,953 | $ | 1,200,659 | $ | 1,487,855 | $ | 1,061,647 | ||||
Average Stockholders' Equity | $ | 121,394 | $ | 116,117 | $ | 96,857 | $ | 116,830 | $ | 88,109 | ||||
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 | ||||||||||||||
View original content:https://www.prnewswire.com/news-releases/cf-bankshares-inc-announces-net-income-of-4-1-million-or-0-61-per-share-for-the-3rd-quarter-301409219.html
SOURCE CF Bankshares Inc.
FAQ
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