CF BANKSHARES INC. ANNOUNCES NET INCOME OF $4.5 MILLION OR $0.68 PER SHARE FOR THE 4TH QUARTER AND FULL YEAR 2021 NET INCOME OF $18.5 MILLION OR $2.77 PER SHARE.
CF Bankshares Inc. (NASDAQ: CFBK) reported a net income of $4.5 million for Q4 2021 and $18.5 million for the full year. Earnings Per Share (EPS) for Q4 stood at $0.68, while the full year EPS was $2.77. The Return on Average Assets (ROA) was 1.29% for Q4 and 1.26% for 2021, with a Return on Average Equity (ROE) of 14.50% and 15.58%, respectively. Net Interest Margin (NIM) improved to 3.36% in Q4 compared to 2.48% in Q4 2020. Loans increased by $90.4 million during the quarter. A cash dividend of $0.04 per share was declared, payable on February 1, 2022.
- Net income increased to $4.5 million for Q4 2021, a rise from $4.1 million in Q3 2021.
- EPS for Q4 2021 is $0.68, compared to $0.61 in Q3 2021.
- Total loans grew by $90.4 million in Q4 2021, marking an 8% increase.
- Net Interest Income rose 33% compared to Q4 2020, totaling $11 million.
- Cash dividend of $0.04 per share declared for shareholders.
- Net income decreased from $29.6 million in 2020 to $18.5 million in 2021.
- Noninterest income for Q4 dropped 89.6% year-over-year, primarily due to reduced mortgage loan sales.
- Losses from mortgage banking activities for Q4 amount to $769,000.
COLUMBUS, Ohio, Feb. 7, 2022 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial results for Q4 and the year ended December 31, 2021.
Q4 and Full Year 2021 Highlights
- Net Income of
$4.5 million for Q4 and$18.5 million for the full year, and Earnings Per Share (EPS) of$0.68 for Q4 and$2.77 for the full year. - Return on Average Assets (ROA) and Return on Average Equity (ROE) were
1.29% and14.50% , respectively, for Q4. For 2021, ROA was1.26% and ROE was15.58% . - Book value per share increased to
$19.28 at December 31, 2021. - Net Interest Margin (NIM) for Q4 was
3.36% compared to3.21% in the preceding quarter and2.48% in Q4 of 2020. Full Year 2021 NIM was3.04% compared to2.55% for 2020. - Net Interest Income (NII) of
$11.0 million for the quarter represents a33% increase as compared to Q4 of 2020. - Net loans and leases grew by
$90.4 million during the quarter. - Credit quality remains strong with non-performing assets as a percentage of total assets of
0.07% and loans more than 30 days past due at0.29% of total loans at December 31, 2021. - ALLL reserves of
$15.5 million equals1.26% of total loans and1.27% of total non-government guaranteed loans at December 31, 2021.
Recent Developments
- On January 10, 2022, the Company's Board of Directors declared a Cash Dividend of
$0.04 per share payable to shareholders on February 1, 2022. - Subsequent to year end, two classified loans paid off in full, further reducing the criticized and classified loan totals to approximately
$4.2 million , down from$6.1 million at December 31, 2021 and$13.5 million at September 30, 2021. - In January 2022, CFBank added Chad Owens to continue building and expanding its Equipment Leasing Business, targeting a regional six state market of Ohio along with contiguous states. Chad is a proven business developer experienced in Equipment Financing.
CEO and Board Chair Commentary
Timothy T. O'Dell, President and CEO, commented, "Our CFBank Team stepped up again during 2021. We produced solid Earnings and performance results, while investing in expanding our geographic footprint and increasing our market presence, along with deepening our Commercial & Retail Bank teams, and repositioning our Residential Mortgage Lending business.
During the 4th quarter, we generated Net Earnings of
Full year 2021 Earnings were
Loans grew by
Sequential, quarter over quarter earnings increased by
Our full year and Q4 results include losses from Mortgage Banking activities of
Our 2022 objective is for the repositioned Retail focused mortgage business to begin contributing to earnings on a flow (salable) loan basis as well as from interest earned on Portfolio loans. We have successfully recruited experienced retail mortgage originators with the objective of increasing loan volumes, including salable loans.
Our Commercial and Retail Banking businesses, which we consider our Core businesses, continue to perform well. We are having good success adding quality new business and customers. For nearly a decade, and since our recap of the former Central Federal Corp., our CF Leadership Team has demonstrated its ability to consistently deliver growth rates superior to our peers while maintaining strong credit quality.
With our significantly deepened teams with added business development and lending horsepower, plus our expanding footprint with the addition of Indianapolis as our fourth major metro market, CFBank is ready to continue to build upon its previous successes in 2022."
Robert E. Hoeweler, Chairman of the Board, added: "The CF Team has once again shown its ability to be nimble in the face of dramatic changes in the economy in our diverse major metropolitan markets. We continue to add quality to the Team as we grow. We have been recognized as a Small Cap All-Star performer by Piper Sandler for 3 consecutive years and by Bank Director as #4 in Performance and #2 in Growth Strategy. This national recognition we have received speaks to the success of the Team CF has built. We look forward to the opportunities that will present to the Bank in 2022."
We are just Revving Up!
Overview of Results
Net income for the three months ended December 31, 2021 totaled
Net income for the year ended December 31, 2021 totaled
Net Interest Income and Net Interest Margin
Net interest income totaled
The increase in net interest income compared to the fourth quarter of 2020 was primarily due to a
Noninterest Income
Noninterest income for the quarter ended December 31, 2021 totaled
Noninterest income for the quarter ended December 31, 2021 decreased
The following table represents the notional amount of loans sold during the three months ended December 31, 2021, September 30, 2021, and December 31, 2020 (in thousands).
Three Months ended | ||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||
Notional amount of loans sold | $ | 130,407 | $ | 498,968 | $ | 2,229,042 | ||
The following table represents the revenue recognized on mortgage activities for the three months ended December 31, 2021, September 30, 2021, and December 31, 2020 (in thousands). | ||||||||
Three Months ended | ||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||
Gain on loans sold | $ | 1,025 | $ | 6,415 | $ | 61,147 | ||
Gain (loss) from change in fair value of loans held-for-sale | (567) | (1,916) | 7,046 | |||||
Gain (loss) from change in fair value of derivatives | 110 | (4,767) | (9,895) | |||||
$ | 568 | $ | (268) | $ | 58,298 | |||
Noninterest Expense
Noninterest expense for the quarter ended December 31, 2021 totaled
Noninterest expense for the quarter ended December 31, 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 a
The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types ($ in thousands).
December 31, 2021 | September 30, 2021 | ||||
Construction - 1-4 family | $ | 24,660 | $ | 17,717 | |
Construction - Multi-family | 54,165 | 58,139 | |||
Construction - Non-residential | 34,183 | 29,609 | |||
Hotel/Motel | 17,118 | 20,357 | |||
Industrial / Warehouse | 28,133 | 35,821 | |||
Land/Land Development | 22,579 | 25,027 | |||
Medical/Healthcare/Senior Housing | 5,213 | 5,280 | |||
Multi-family | 68,591 | 82,452 | |||
Office | 41,513 | 43,421 | |||
Retail | 30,540 | 32,453 | |||
Other | $ | 58,955 | $ | 57,793 | |
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 December 31, 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 has been recognized as among the Top 200 Publicly Traded Community Banks by American Banker, and in addition, as a Small Cap All-Star performer by Piper Sandler in 2021, 2020, and 2019. CFBank is the only Ohio-based bank and 1 of only 4 banks in the country that have achieved this award for the past 3 consecutive years. In addition, CFBank has been ranked #4 in Performance and #2 in Growth Strategy by Bank Director.
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 September 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 | Year ended | |||||||||||||
December 31, | December 31, | ||||||||||||||
2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||
Total interest income | $ | 13,127 | $ | 11,955 | $ | 52,348 | $ | 42,386 | |||||||
Total interest expense | 2,158 | 3,694 | - | 10,309 | 14,578 | - | |||||||||
Net interest income | 10,969 | 8,261 | 42,039 | 27,808 | |||||||||||
Provision for loan and lease losses | - | 2,040 | n/m | (1,600) | 10,915 | n/m | |||||||||
Net interest income after provision for loan and lease losses | 10,969 | 6,221 | 43,639 | 16,893 | |||||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 233 | 182 | 845 | 633 | |||||||||||
Net gain on sales of residential mortgage loans | 568 | 12,810 | - | 5,916 | 58,298 | - | |||||||||
Net gain on sale of SBA loans | 285 | - | n/m | 1,443 | 68 | n/m | |||||||||
Swap fee income | 12 | 216 | n/m | 194 | 651 | - | |||||||||
Gain on redemption of life insurance | - | - | n/m | 383 | - | n/m | |||||||||
Gain on sale of deposits | - | - | n/m | 1,893 | - | n/m | |||||||||
Other | 284 | 109 | 966 | 343 | |||||||||||
Noninterest income | 1,382 | 13,317 | - | 11,640 | 59,993 | - | |||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 3,538 | 5,340 | - | 16,948 | 21,987 | - | |||||||||
Occupancy and equipment | 285 | 323 | - | 1,120 | 1,077 | ||||||||||
Data processing | 506 | 504 | 2,086 | 1,812 | |||||||||||
Franchise and other taxes | 252 | 197 | 975 | 740 | |||||||||||
Professional fees | 793 | 1,525 | - | 4,348 | 5,070 | - | |||||||||
Director fees | 156 | 135 | 622 | 648 | - | ||||||||||
Postage, printing, and supplies | 26 | 37 | - | 146 | 172 | - | |||||||||
Advertising and marketing | 489 | 1,488 | - | 3,061 | 5,624 | - | |||||||||
Telephone | 72 | 54 | 263 | 219 | |||||||||||
Loan expenses | 165 | 70 | 352 | 304 | |||||||||||
Depreciation | 124 | 103 | 435 | 381 | |||||||||||
FDIC premiums | 143 | 147 | - | 1,238 | 588 | ||||||||||
Regulatory assessment | 65 | 45 | 261 | 181 | |||||||||||
Other insurance | 45 | 27 | 158 | 106 | |||||||||||
Other | 137 | 1,334 | - | 448 | 1,694 | - | |||||||||
Noninterest expense | 6,796 | 11,329 | - | 32,461 | 40,603 | - | |||||||||
Income before income taxes | 5,555 | 8,209 | - | 22,818 | 36,283 | - | |||||||||
Income tax expense | 1,088 | 861 | 4,365 | 6,675 | - | ||||||||||
Net Income | 4,467 | 7,348 | - | $ | 18,453 | $ | 29,608 | - | |||||||
Earnings allocated to participating securities (Series C preferred stock) | - | - | n/m | - | (2,280) | n/m | |||||||||
Net Income attributable to common stockholders | $ | 4,467 | $ | 7,348 | - | $ | 18,453 | $ | 27,328 | - | |||||
Share Data | |||||||||||||||
Basic earnings per common share | $ | 0.69 | $ | 1.13 | $ | 2.84 | $ | 4.53 | |||||||
Diluted earnings per common share | $ | 0.68 | $ | 1.11 | $ | 2.77 | $ | 4.47 | |||||||
Average common shares outstanding - basic | 6,448,896 | 6,517,248 | 6,508,156 | 6,029,097 | |||||||||||
Average common shares outstanding - diluted | 6,585,511 | 6,617,254 | 6,650,447 | 6,106,987 | |||||||||||
n/m - not meaningful | |||||||||||||||
Consolidated Statements of Financial Condition | |||||||||||||||
($ in thousands) | Dec 31, | Sept 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||
(unaudited) | 2021 | 2021 | 2021 | 2021 | 2020 | ||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 166,591 | $ | 68,161 | $ | 134,321 | $ | 125,814 | $ | 221,594 | |||||
Interest-bearing deposits in other financial institutions | 100 | 100 | 100 | 100 | 100 | ||||||||||
Securities available for sale | 16,347 | 17,128 | 17,661 | 9,738 | 8,701 | ||||||||||
Equity Securities | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | ||||||||||
Loans held for sale | 27,988 | 77,946 | 254,327 | 430,453 | 283,165 | ||||||||||
Loans and leases | 1,229,657 | 1,139,199 | 1,016,972 | 983,888 | 912,366 | ||||||||||
Less allowance for loan and lease losses | (15,508) | (15,487) | (15,495) | (17,086) | (17,022) | ||||||||||
Loans and leases, net | 1,214,149 | 1,123,712 | 1,001,477 | 966,802 | 895,344 | ||||||||||
FHLB and FRB stock | 7,315 | 6,475 | 6,164 | 6,164 | 5,847 | ||||||||||
Premises and equipment, net | 5,869 | 3,944 | 3,765 | 3,769 | 3,730 | ||||||||||
Other assets held for sale | - | - | 29,308 | - | - | ||||||||||
Operating lease right of use assets | 1,925 | 1,462 | 1,584 | 1,537 | 1,387 | ||||||||||
Bank owned life insurance | 25,743 | 25,582 | 25,439 | 25,302 | 17,490 | ||||||||||
Accrued interest receivable and other assets | 24,562 | 25,446 | 28,635 | 29,958 | 34,637 | ||||||||||
Total assets | $ | 1,495,589 | $ | 1,354,956 | $ | 1,507,781 | $ | 1,604,637 | $ | 1,476,995 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits | |||||||||||||||
Noninterest bearing | $ | 284,935 | $ | 243,153 | $ | 249,557 | $ | 216,935 | $ | 198,675 | |||||
Interest bearing | 961,417 | 913,637 | 922,312 | 1,103,445 | 914,395 | ||||||||||
Total deposits | 1,246,352 | 1,156,790 | 1,171,869 | 1,320,380 | 1,113,070 | ||||||||||
FHLB advances and other debt | 89,727 | 41,218 | 74,290 | 137,894 | 214,426 | ||||||||||
Advances by borrowers for taxes and insurance | 2,752 | 1,756 | 1,412 | 921 | 1,029 | ||||||||||
Operating lease liabilities | 2,032 | 1,578 | 1,709 | 1,672 | 1,532 | ||||||||||
Other liabilities held for sale | - | - | 107,229 | - | - | ||||||||||
Accrued interest payable and other liabilities | 14,513 | 15,571 | 16,549 | 12,265 | 21,884 | ||||||||||
Subordinated debentures | 14,883 | 14,874 | 14,864 | 14,854 | 14,844 | ||||||||||
Total liabilities | 1,370,259 | 1,231,787 | 1,387,922 | 1,487,986 | 1,366,785 | ||||||||||
Stockholders' equity | 125,330 | 123,169 | 119,859 | 116,651 | 110,210 | ||||||||||
Total liabilities and stockholders' equity | $ | 1,495,589 | $ | 1,354,956 | $ | 1,507,781 | $ | 1,604,637 | $ | 1,476,995 | |||||
Average Balance Sheet and Yield Analysis | ||||||||||||||||||||||||||
For Three Months Ended | ||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 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) | $ | 21,768 | $ | 227 | $ | 22,312 | $ | 230 | $ | 9,549 | $ | 36 | ||||||||||||||
Loans held for sale | 47,523 | 225 | 174,298 | 1,008 | 342,105 | 2,312 | ||||||||||||||||||||
Loans and leases (3) | 1,158,355 | 12,579 | 1,049,570 | 11,389 | 872,950 | 9,524 | ||||||||||||||||||||
Other earning assets | 71,647 | 29 | 45,174 | 21 | 100,883 | 29 | ||||||||||||||||||||
FHLB and FRB stock | 6,520 | 67 | 6,221 | 55 | 5,673 | 54 | ||||||||||||||||||||
Total interest-earning assets | 1,305,813 | 13,127 | 1,297,575 | 12,703 | 1,331,160 | 11,955 | ||||||||||||||||||||
Noninterest-earning assets | 75,345 | 81,674 | 64,251 | |||||||||||||||||||||||
Total assets | $ | 1,381,158 | $ | 1,379,249 | $ | 1,395,411 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Deposits | $ | 924,453 | 1,632 | $ | 912,533 | 1,777 | $ | 883,612 | 2,791 | |||||||||||||||||
FHLB advances and other borrowings | 59,782 | 526 | 67,853 | 513 | 210,069 | 903 | ||||||||||||||||||||
Total interest-bearing liabilities | 984,235 | 2,158 | 980,386 | 2,290 | 1,093,681 | 3,694 | ||||||||||||||||||||
Noninterest-bearing liabilities | 273,691 | 277,469 | 196,447 | |||||||||||||||||||||||
Total liabilities | 1,257,926 | 1,257,855 | 1,290,128 | |||||||||||||||||||||||
Equity | 123,232 | 121,394 | 105,283 | |||||||||||||||||||||||
Total liabilities and equity | $ | 1,381,158 | $ | 1,379,249 | $ | 1,395,411 | ||||||||||||||||||||
Net interest-earning assets | $ | 321,578 | $ | 317,189 | $ | 237,479 | ||||||||||||||||||||
Net interest income/interest rate spread | $ | 10,969 | $ | 10,413 | $ | 8,261 | ||||||||||||||||||||
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 year ended | ||||||||||||||||||||
($ in thousands except per share data) | Dec 31, | Sept 30, | Jun 30, | Mar 31, | Dec 31, | December 31, | |||||||||||||||
(unaudited) | 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Earnings and Dividends | |||||||||||||||||||||
Net interest income | $ | 10,969 | $ | 10,413 | $ | 11,040 | $ | 9,617 | $ | 8,261 | $ | 42,039 | $ | 27,808 | |||||||
Provision for loan and lease losses | $ | - | $ | - | $ | (1,600) | $ | - | $ | 2,040 | $ | (1,600) | $ | 10,915 | |||||||
Noninterest income | $ | 1,382 | $ | 2,077 | $ | 951 | $ | 7,230 | $ | 13,317 | $ | 11,640 | $ | 59,993 | |||||||
Noninterest expense | $ | 6,796 | $ | 7,429 | $ | 9,267 | $ | 8,969 | $ | 11,329 | $ | 32,461 | $ | 40,603 | |||||||
Net Income | $ | 4,467 | $ | 4,076 | $ | 3,489 | $ | 6,421 | $ | 7,348 | $ | 18,453 | $ | 29,608 | |||||||
Basic earnings per common share | $ | 0.69 | $ | 0.63 | $ | 0.53 | $ | 0.98 | $ | 1.13 | $ | 2.84 | $ | 4.53 | |||||||
Diluted earnings per common share | $ | 0.68 | $ | 0.61 | $ | 0.52 | $ | 0.96 | $ | 1.11 | $ | 2.77 | $ | 4.47 | |||||||
Dividends declared per share | $ | 0.04 | $ | 0.03 | $ | 0.03 | $ | 0.03 | $ | 0.03 | $ | 0.13 | $ | 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 | $ | 19.28 | $ | 18.69 | $ | 18.07 | $ | 17.55 | $ | 16.79 | $ | 19.28 | $ | 16.79 | |||||||
Tangible book value per common share | $ | 19.28 | $ | 18.69 | $ | 18.07 | $ | 17.55 | $ | 16.79 | $ | 19.28 | $ | 16.79 | |||||||
Period-end market value per common share | $ | 20.53 | $ | 20.45 | $ | 19.48 | $ | 19.96 | $ | 17.69 | $ | 20.53 | $ | 17.69 | |||||||
Period-end common shares outstanding | 6,500,248 | 6,588,343 | 6,631,589 | 6,645,956 | 6,564,304 | 6,500,248 | 6,564,304 | ||||||||||||||
Average basic common shares outstanding | 6,448,896 | 6,510,504 | 6,536,422 | 6,537,751 | 6,517,248 | 6,508,156 | 6,029,097 | ||||||||||||||
Average diluted common shares outstanding | 6,585,511 | 6,657,250 | 6,689,253 | 6,670,591 | 6,617,254 | 6,650,447 | 6,106,987 | ||||||||||||||
Asset Quality | |||||||||||||||||||||
Nonperforming loans | $ | 997 | $ | 1,011 | $ | 327 | $ | 641 | $ | 695 | $ | 997 | $ | 695 | |||||||
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) | $ | (21) | $ | 8 | $ | (9) | $ | (64) | $ | 510 | $ | (86) | $ | 1,031 | |||||||
Annualized net charge-offs (recoveries) to average loans | ( | ( | ( | ||||||||||||||||||
Average Balances | |||||||||||||||||||||
Loans | $ | 1,173,853 | $ | 1,065,069 | $ | 1,023,152 | $ | 931,323 | $ | 889,460 | $ | 1,048,349 | $ | 809,374 | |||||||
Assets | $ | 1,381,158 | $ | 1,379,249 | $ | 1,576,953 | $ | 1,507,362 | $ | 1,395,411 | $ | 1,461,180 | $ | 1,145,088 | |||||||
Stockholders' equity | $ | 123,232 | $ | 121,394 | $ | 116,117 | $ | 112,978 | $ | 105,283 | $ | 118,430 | $ | 92,402 | |||||||
(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 | Year Ended | |||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||
Net income | $ | 4,467 | $ | 4,076 | $ | 7,348 | $ | 18,453 | $ | 29,608 | ||||
Add: Provision for credit losses | - | - | 2,040 | (1,600) | 10,915 | |||||||||
Add: Income tax expense | 1,088 | 985 | 861 | 4,365 | 6,675 | |||||||||
Pre-provision, pre-tax net revenue | $ | 5,555 | $ | 5,061 | $ | 10,249 | $ | 21,218 | $ | 47,198 | ||||
Average Assets | $ | 1,381,158 | $ | 1,379,249 | $ | 1,395,411 | $ | 1,461,180 | $ | 1,145,088 | ||||
Average Stockholders' Equity | $ | 123,232 | $ | 121,394 | $ | 105,283 | $ | 118,430 | $ | 92,402 | ||||
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:SOURCE CF BANKSHARES INC.
FAQ
What were CF Bankshares's Q4 2021 earnings?
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