CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 2nd QUARTER 2025
CF Bankshares Inc. (NASDAQ: CFBK) reported strong Q2 2025 financial results, with net income of $5.0 million ($0.77 per diluted share), marking a 197% increase from Q2 2024. The company achieved significant milestones including a pre-provision, pre-tax net revenue (PPNR) of $7.8 million, up 42% year-over-year.
Key performance metrics showed notable improvements with ROE at 11.47%, ROA at 0.97%, and an improved efficiency ratio of 49.8%. The bank's net interest margin expanded for the fifth consecutive quarter, increasing 19bps from the previous quarter. The board declared a cash dividend of $0.08 per common share.
Total deposits grew to $1.81 billion, while net loans reached $1.8 billion. Asset quality metrics showed nonaccrual loans at 0.94% of total loans, with the allowance for credit losses increasing to $19.1 million, representing 1.08% of total loans.
CF Bankshares Inc. (NASDAQ: CFBK) ha riportato solidi risultati finanziari per il secondo trimestre 2025, con un utile netto di 5,0 milioni di dollari (0,77 dollari per azione diluita), segnando un aumento del 197% rispetto al secondo trimestre 2024. L'azienda ha raggiunto importanti traguardi, tra cui un ricavo netto pre-provision e pre-tasse (PPNR) di 7,8 milioni di dollari, in crescita del 42% su base annua.
I principali indicatori di performance hanno mostrato miglioramenti significativi con un ROE dell'11,47%, un ROA dello 0,97% e un miglioramento del rapporto di efficienza al 49,8%. Il margine di interesse netto della banca si è ampliato per il quinto trimestre consecutivo, aumentando di 19 punti base rispetto al trimestre precedente. Il consiglio di amministrazione ha dichiarato un dividendo in contanti di 0,08 dollari per azione ordinaria.
I depositi totali sono cresciuti fino a 1,81 miliardi di dollari, mentre i prestiti netti hanno raggiunto 1,8 miliardi di dollari. Gli indicatori di qualità degli attivi hanno evidenziato prestiti non in accrual pari allo 0,94% del totale prestiti, con l'allocazione per perdite su crediti aumentata a 19,1 milioni di dollari, rappresentando l'1,08% del totale prestiti.
CF Bankshares Inc. (NASDAQ: CFBK) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 5,0 millones de dólares (0,77 dólares por acción diluida), lo que representa un aumento del 197% respecto al segundo trimestre de 2024. La compañía alcanzó hitos significativos, incluyendo un ingreso neto pre-provisión y pre-impuestos (PPNR) de 7,8 millones de dólares, un incremento del 42% interanual.
Los principales indicadores de desempeño mostraron mejoras notables con un ROE del 11,47%, un ROA del 0,97% y una mejor eficiencia con una ratio del 49,8%. El margen neto de interés del banco se expandió por quinto trimestre consecutivo, aumentando 19 puntos básicos respecto al trimestre anterior. La junta declaró un dividendo en efectivo de 0,08 dólares por acción común.
Los depósitos totales crecieron hasta 1,81 mil millones de dólares, mientras que los préstamos netos alcanzaron 1,8 mil millones de dólares. Los indicadores de calidad de activos mostraron préstamos en mora del 0,94% del total de préstamos, con la provisión para pérdidas crediticias aumentando a 19,1 millones de dólares, representando el 1,08% del total de préstamos.
CF Bankshares Inc. (NASDAQ: CFBK)는 2025년 2분기 강력한 재무 실적을 보고했으며, 순이익은 500만 달러(희석 주당 0.77달러)로 2024년 2분기 대비 197% 증가했습니다. 회사는 사전 충당금 및 세전 순수익(PPNR) 780만 달러를 포함한 중요한 성과를 달성했으며, 전년 대비 42% 증가했습니다.
주요 성과 지표도 크게 개선되어 자기자본이익률(ROE) 11.47%, 총자산이익률(ROA) 0.97%, 그리고 효율성 비율이 49.8%로 향상되었습니다. 은행의 순이자마진은 5분기 연속 확대되어 전 분기 대비 19bp 상승했습니다. 이사회는 보통주 1주당 현금 배당금 0.08달러를 선언했습니다.
총 예금은 18억 1천만 달러로 증가했으며, 순대출금은 18억 달러에 달했습니다. 자산 품질 지표에서는 미수이자 대출이 전체 대출의 0.94%를 차지했고, 대손충당금은 1,910만 달러로 증가하여 전체 대출의 1.08%를 나타냈습니다.
CF Bankshares Inc. (NASDAQ : CFBK) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net de 5,0 millions de dollars (0,77 dollar par action diluée), soit une hausse de 197 % par rapport au deuxième trimestre 2024. La société a atteint des jalons importants, notamment un revenu net avant provisions et impôts (PPNR) de 7,8 millions de dollars, en hausse de 42 % d'une année sur l'autre.
Les principaux indicateurs de performance ont montré des améliorations notables avec un ROE à 11,47 %, un ROA à 0,97 % et un ratio d'efficacité amélioré à 49,8 %. La marge nette d'intérêt de la banque s'est élargie pour le cinquième trimestre consécutif, augmentant de 19 points de base par rapport au trimestre précédent. Le conseil d'administration a déclaré un dividende en espèces de 0,08 dollar par action ordinaire.
Les dépôts totaux ont augmenté pour atteindre 1,81 milliard de dollars, tandis que les prêts nets ont atteint 1,8 milliard de dollars. Les indicateurs de qualité des actifs ont montré des prêts non productifs représentant 0,94 % du total des prêts, avec une provision pour pertes sur prêts en hausse à 19,1 millions de dollars, soit 1,08 % du total des prêts.
CF Bankshares Inc. (NASDAQ: CFBK) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 5,0 Millionen US-Dollar (0,77 US-Dollar je verwässerter Aktie), was einem Anstieg von 197 % gegenüber dem zweiten Quartal 2024 entspricht. Das Unternehmen erreichte bedeutende Meilensteine, darunter einen Pre-Provision, Pre-Tax Net Revenue (PPNR) von 7,8 Millionen US-Dollar, was einem Anstieg von 42 % im Jahresvergleich entspricht.
Wichtige Leistungskennzahlen zeigten deutliche Verbesserungen mit einer Eigenkapitalrendite (ROE) von 11,47 %, einer Gesamtkapitalrendite (ROA) von 0,97 % und einer verbesserten Effizienzquote von 49,8 %. Die Nettozinsmarge der Bank stieg im fünften Quartal in Folge und legte um 19 Basispunkte gegenüber dem Vorquartal zu. Der Vorstand erklärte eine Bardividende von 0,08 US-Dollar je Stammaktie.
Die Gesamteinlagen wuchsen auf 1,81 Milliarden US-Dollar, während die Nettokredite 1,8 Milliarden US-Dollar erreichten. Die Kennzahlen zur Vermögensqualität zeigten notleidende Kredite von 0,94 % der Gesamtkredite, wobei die Rückstellung für Kreditausfälle auf 19,1 Millionen US-Dollar anstieg und 1,08 % der Gesamtkredite ausmacht.
- Net income increased 197% year-over-year to $5.0 million in Q2 2025
- PPNR grew 42% year-over-year to $7.8 million
- Net Interest Margin expanded for fifth consecutive quarter
- Efficiency ratio improved to 49.8% from 56.4% year-over-year
- Deposits increased by $54.1 million (3.1%) from December 2024
- Stockholders' equity grew 5.1% to $177.0 million from December 2024
- Nonaccrual loans increased by $2.1 million to $16.6 million
- Past due loans (30+ days) increased to $15.2 million from $11.4 million in Q1
- Provision for credit losses increased to $1.4 million from $582,000 in Q1
- Specific reserve increased by $1.2 million on a loan participation
Insights
CF Bankshares reported impressive Q2 2025 results with 197% YoY net income growth and consistent NIM expansion amid strategic commercial banking focus.
CF Bankshares has delivered a remarkably strong quarter with
The bank's net interest margin (NIM) expanded by
Particularly noteworthy is the efficiency ratio improvement to
Loan growth remains modest at
Asset quality metrics show some pressure with nonaccrual loans increasing to
Deposit growth of
The bank's return metrics –
Second Quarter 2025 Highlights
- Net income for Q2 2025 was
$5.0 $0.77 $1.4 million 197% increase in net income over Q2 2024. The provision for credit losses negatively impacted earnings per share by$0.17 - Pre-provision, pre-tax net revenue (PPNR) for Q2 2025 was
$7.8 million 42% increase over Q2 2024 and a27% increase over Q1 2025. - Return on Average Equity (ROE) was
11.47% for Q2 2025, while Return on Average Assets (ROA) was0.97% . - Book value per share increased to
$26.63 - Net Interest Margin (NIM) increased 19bps when compared to the prior quarter and increased 44bps when compared to the Q2 2024. This represents the fifth consecutive quarter in which we have achieved NIM expansion.
- Cost of funds declined 48bps when compared to Q2 2024.
- Efficiency Ratio improved to
49.8% compared to55.9% for the prior quarter and56.4% for Q2 2024.
Recent Developments
- On July 1, 2025, the Company's Board of Directors declared a cash dividend of
$0.08 $8.00
CEO and Board Chair Commentary
Timothy T. O'Dell, President and CEO, commented "During the first half of 2025, we continued to successfully execute our key strategic objectives, which include:
- Scaling our Commercial Bank and improving our Loan and Customer Mix through the addition of full-service C&I loan and full-service deposit and treasury management customers.
- Strengthening our Regional Market Leadership, as well as expanding our Commercial & Retail Banking teams by adding additional proven top performers.
- Improving our Deposit franchise by lowering our Cost of Funds and reducing reliance on higher cost funding.
- Reducing and Refinancing Low-Rate loans, predominantly residential mortgage portfolio loans, while we emphasize the growth of Salable Home Mortgage loans throughout our market Footprints.
In addition, to the expansion of and strengthening of our Regional Banking Teams to date, we also generated PPNR of
The significant Leadership & Banking Talent upgrades which have been accomplished, we believe bode well going forward, enabling us to accelerate the execution of our stated Key Strategic & Business Objectives.
Our Bests are yet Ahead!"
Robert E. Hoeweler, Chairman of the Board, added: "We are pleased with our Leadership Team's execution of the Bank's Strategic initiatives, which includes solid Core Earnings growth."
Overview of Results
Net income for the three months ended June 30, 2025 totaled
Net income for the six months ended June 30, 2025 totaled
Net Interest Income and Net Interest Margin
Net interest income totaled
The increase in net interest income compared to the prior quarter was primarily due to a
The increase in net interest income compared to the second quarter of 2024 was primarily due to a
Noninterest Income
Noninterest income for the three months ended June 30, 2025 totaled
Noninterest income for the three months ended June 30, 2025 increased
The following table represents the notional amount of loans sold during the three months ended June 30, 2025, March 31, 2025, and June 30, 2024 (in thousands).
Three Months ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
Notional amount of loans sold | $ | 14,023 | $ | 27,277 | $ | 10,837 | ||||||
Noninterest Expense
Noninterest expense for the quarter ended June 30, 2025 totaled
Noninterest expense for the quarter ended June 30, 2025 increased
Income Tax Expense
Income tax expense was
Loans and Loans Held For Sale
Net loans and leases totaled
The increase in loans and leases from December 31, 2024 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).
June 30, 2025 | March 31, 2025 | |||||||
Construction – 1-4 family* | $ | 29,131 | $ | 29,430 | ||||
Construction – Multi-family* | 157,743 | 155,983 | ||||||
Construction – Non-residential* | 18,785 | 23,646 | ||||||
Hotel/Motel | 11,853 | 11,926 | ||||||
Industrial / Warehouse | 75,408 | 74,068 | ||||||
Land/Land Development | 32,942 | 33,195 | ||||||
Medical/Healthcare/Senior Housing | 2,045 | 2,184 | ||||||
Multi-family | 218,523 | 211,937 | ||||||
Office | 40,150 | 41,109 | ||||||
Retail | 69,815 | 71,948 | ||||||
Other | 7,424 | 7,603 | ||||||
* CFBank possesses a core competency and deep expertise in Construction Lending. The construction lending business sector has produced many full banking relationships with proven developers with long successful track records. |
Asset Quality
Nonaccrual loans were
Loans 30 days or more past due totaled
The allowance for credit losses on loans and leases totaled
There was
Deposits
Deposits totaled
At June 30, 2025, approximately
Borrowings
FHLB advances and other debt totaled
Capital
Stockholders' equity totaled
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
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 a 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.
Additional information about the Company and CFBank is available at www.CF.Bank
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
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)
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(unaudited) | Three months ended | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||
2025 | 2024 | % change | 2025 | 2024 | % change | ||||||||||||||||||||||
Total interest income | $ | 30,359 | $ | 29,315 | 4 | % | $ | 59,559 | $ | 58,401 | 2 | % | |||||||||||||||
Total interest expense | 16,358 | 17,948 | -9 | % | 32,649 | 35,750 | -9 | % | |||||||||||||||||||
Net interest income | 14,001 | 11,367 | 23 | % | 26,910 | 22,651 | 19 | % | |||||||||||||||||||
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Provision for credit losses | |||||||||||||||||||||||||||
Provision for credit losses-loans | 1,370 | 3,195 | -57 | % | 1,722 | 4,512 | -62 | % | |||||||||||||||||||
Provision for credit losses-unfunded | 57 | 366 | -84 | % | 287 | 286 | 0 | % | |||||||||||||||||||
1,427 | 3,561 | -60 | % | 2,009 | 4,798 | -58 | % | ||||||||||||||||||||
Net interest income after provision for | 12,574 | 7,806 | 61 | % | 24,901 | 17,853 | 39 | % | |||||||||||||||||||
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Noninterest income | |||||||||||||||||||||||||||
Service charges on deposit accounts | 721 | 623 | 16 | % | 1,388 | 1,182 | 17 | % | |||||||||||||||||||
Net gain on sales of residential | 206 | 87 | 137 | % | 320 | 177 | 81 | % | |||||||||||||||||||
Net gain (loss) on sales of | — | — | n/m | (18) | 167 | n/m | |||||||||||||||||||||
Net loss on sale of equity security | — | — | n/m | (103) | — | n/m | |||||||||||||||||||||
Swap fee income | 196 | — | n/m | 196 | — | n/m | |||||||||||||||||||||
Other | 457 | 508 | -10 | % | 1,003 | 597 | 68 | % | |||||||||||||||||||
Noninterest income | 1,580 | 1,218 | 30 | % | 2,786 | 2,123 | 31 | % | |||||||||||||||||||
| |||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||
Salaries and employee benefits | 3,954 | 3,570 | 11 | % | 8,137 | 7,078 | 15 | % | |||||||||||||||||||
Occupancy and equipment | 417 | 471 | -11 | % | 851 | 905 | -6 | % | |||||||||||||||||||
Data processing | 683 | 649 | 5 | % | 1,357 | 1,264 | 7 | % | |||||||||||||||||||
Franchise and other taxes | 304 | 356 | -15 | % | 607 | 642 | -5 | % | |||||||||||||||||||
Professional fees | 899 | 590 | 52 | % | 1,686 | 1,253 | 35 | % | |||||||||||||||||||
Director fees | 180 | 143 | 26 | % | 357 | 268 | 33 | % | |||||||||||||||||||
Postage, printing, and supplies | 46 | 42 | 10 | % | 95 | 86 | 10 | % | |||||||||||||||||||
Advertising and marketing | 84 | 38 | 121 | % | 128 | 52 | 146 | % | |||||||||||||||||||
Telephone | 43 | 52 | -17 | % | 98 | 103 | -5 | % | |||||||||||||||||||
Loan expenses | 196 | 259 | -24 | % | 521 | 706 | -26 | % | |||||||||||||||||||
Foreclosed assets, net | 3 | — | n/m | 4 | — | n/m | |||||||||||||||||||||
Depreciation | 118 | 122 | -3 | % | 236 | 252 | -6 | % | |||||||||||||||||||
FDIC premiums | 534 | 499 | 7 | % | 1,080 | 1,099 | -2 | % | |||||||||||||||||||
Regulatory assessment | 64 | 66 | -3 | % | 129 | 131 | -2 | % | |||||||||||||||||||
Other insurance | 50 | 51 | -2 | % | 96 | 107 | -10 | % | |||||||||||||||||||
Other | 179 | 184 | -3 | % | 326 | 333 | -2 | % | |||||||||||||||||||
Noninterest expense | 7,754 | 7,092 | 9 | % | 15,708 | 14,279 | 10 | % | |||||||||||||||||||
Income before income taxes | 6,400 | 1,932 | 231 | % | 11,979 | 5,697 | 110 | % | |||||||||||||||||||
Income tax expense | 1,365 | 237 | 476 | % | 2,514 | 932 | 170 | % | |||||||||||||||||||
Net income | 5,035 | 1,695 | 197 | % | 9,465 | 4,765 | 99 | % | |||||||||||||||||||
Earnings allocated to participating | (155) | (54) | n/m | (292) | (121) | n/m | |||||||||||||||||||||
Net Income attributable to common | $ | 4,880 | $ | 1,641 | 197 | % | $ | 9,173 | $ | 4,644 | 98 | % | |||||||||||||||
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Share Data | |||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.77 | $ | 0.26 | $ | 1.46 | $ | 0.74 | |||||||||||||||||||
Diluted earnings per common share | $ | 0.77 | $ | 0.26 | $ | 1.45 | $ | 0.74 | |||||||||||||||||||
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Average common shares | 6,300,427 | 6,256,457 | 6,293,078 | 6,293,178 | |||||||||||||||||||||||
Average common shares | 6,344,833 | 6,256,457 | 6,315,281 | 6,306,878 | |||||||||||||||||||||||
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n/m - not meaningful | |||||||||||||||||||||||||||
Consolidated Statements of Financial Condition
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($ in thousands) | Jun 30, | Mar 31, | Dec 31, | Sept 30, | Jun 30, | |||||||||||||||||||
(unaudited) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 275,684 | $ | 240,986 | $ | 235,272 | $ | 233,520 | $ | 241,775 | ||||||||||||||
Interest-bearing deposits in other | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
Securities available for sale | 8,996 | 8,793 | 8,683 | 8,690 | 8,323 | |||||||||||||||||||
Equity securities | - | - | 5,000 | 5,000 | 5,000 | |||||||||||||||||||
Loans held for sale | 1,613 | 3,505 | 2,623 | 5,240 | 3,187 | |||||||||||||||||||
Loans and leases | 1,773,930 | 1,767,942 | 1,739,493 | 1,733,855 | 1,706,980 | |||||||||||||||||||
Less allowance for credit losses | (19,122) | (17,803) | (17,474) | (16,780) | (19,285) | |||||||||||||||||||
Loans and leases, net | 1,754,808 | 1,750,139 | 1,722,019 | 1,717,075 | 1,687,695 | |||||||||||||||||||
FHLB and FRB stock | 8,031 | 8,022 | 8,918 | 8,908 | 9,830 | |||||||||||||||||||
Foreclosed assets, net | 524 | 524 | - | - | - | |||||||||||||||||||
Premises and equipment, net | 3,469 | 3,472 | 3,536 | 3,480 | 3,571 | |||||||||||||||||||
Operating lease right of use | 5,760 | 5,925 | 6,087 | 6,259 | 4,858 | |||||||||||||||||||
Bank owned life insurance | 27,573 | 27,341 | 27,116 | 26,899 | 26,683 | |||||||||||||||||||
Accrued interest receivable and | 46,979 | 45,874 | 46,169 | 51,323 | 49,612 | |||||||||||||||||||
Total assets | $ | 2,133,537 | $ | 2,094,681 | $ | 2,065,523 | $ | 2,066,494 | $ | 2,040,634 | ||||||||||||||
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Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Noninterest bearing | $ | 296,348 | $ | 291,800 | $ | 273,668 | $ | 257,715 | $ | 217,771 | ||||||||||||||
Interest bearing | 1,513,500 | 1,491,889 | 1,482,127 | 1,487,861 | 1,478,705 | |||||||||||||||||||
Total deposits | 1,809,848 | 1,783,689 | 1,755,795 | 1,745,576 | 1,696,476 | |||||||||||||||||||
FHLB advances and other debt | 100,947 | 92,689 | 92,680 | 108,672 | 137,163 | |||||||||||||||||||
Advances by borrowers for taxes | 374 | 1,346 | 2,238 | 1,214 | 154 | |||||||||||||||||||
Operating lease liabilities | 5,932 | 6,083 | 6,229 | 6,387 | 4,949 | |||||||||||||||||||
Accrued interest payable and | 24,394 | 23,183 | 25,144 | 25,652 | 27,322 | |||||||||||||||||||
Subordinated debentures | 15,019 | 15,009 | 15,000 | 14,990 | 14,980 | |||||||||||||||||||
Total liabilities | 1,956,514 | 1,921,999 | 1,897,086 | 1,902,491 | 1,881,044 | |||||||||||||||||||
Stockholders' equity | 177,023 | 172,682 | 168,437 | 164,003 | 159,590 | |||||||||||||||||||
Total liabilities and stockholders' | $ | 2,133,537 | $ | 2,094,681 | $ | 2,065,523 | $ | 2,066,494 | $ | 2,040,634 | ||||||||||||||
Average Balance Sheet and Yield Analysis
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For Three Months Ended | ||||||||||||||||||||||||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||||
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) | $ | 8,830 | $ | 40 | 1.45 % | $ | 13,632 | $ | 139 | 3.49 % | $ | 12,902 | $ | 133 | 3.37 % | |||||||||||
Loans and leases and loans held for sale (3) | 1,760,308 | 27,907 | 6.34 % | 1,747,968 | 26,815 | 6.14 % | 1,688,522 | 26,339 | 6.24 % | |||||||||||||||||
Other earning assets | 200,614 | 2,259 | 4.50 % | 183,421 | 2,072 | 4.52 % | 191,199 | 2,679 | 5.60 % | |||||||||||||||||
FHLB and FRB stock | 8,028 | 153 | 7.62 % | 8,151 | 174 | 8.54 % | 8,646 | 164 | 7.59 % | |||||||||||||||||
Total interest-earning assets | 1,977,780 | 30,359 | 6.13 % | 1,953,172 | 29,200 | 5.97 % | 1,901,269 | 29,315 | 6.16 % | |||||||||||||||||
Noninterest-earning assets | 97,153 | 99,873 | 96,107 | |||||||||||||||||||||||
Total assets | $ | 2,074,933 | $ | 2,053,045 | $ | 1,997,376 | ||||||||||||||||||||
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Interest-bearing liabilities: | ||||||||||||||||||||||||||
Deposits | $ | 1,464,909 | $ | 15,186 | 4.15 % | $ | 1,465,045 | $ | 15,253 | 4.16 % | $ | 1,443,860 | $ | 16,784 | 4.65 % | |||||||||||
FHLB advances and other borrowings | 107,248 | 1,172 | 4.37 % | 107,690 | 1,038 | 3.86 % | 126,918 | 1,164 | 3.67 % | |||||||||||||||||
Total interest-bearing liabilities | 1,572,157 | 16,358 | 4.16 % | 1,572,735 | 16,291 | 4.14 % | 1,570,778 | 17,948 | 4.57 % | |||||||||||||||||
Noninterest-bearing liabilities | 327,187 | 309,457 | 266,393 | |||||||||||||||||||||||
Total liabilities | 1,899,344 | 1,882,192 | 1,837,171 | |||||||||||||||||||||||
Equity | 175,589 | 170,853 | 160,205 | |||||||||||||||||||||||
Total liabilities and equity | $ | 2,074,933 | $ | 2,053,045 | $ | 1,997,376 | ||||||||||||||||||||
Net interest-earning assets | $ | 405,623 | $ | 380,437 | $ | 330,491 | ||||||||||||||||||||
Net interest income/interest rate spread | $ | 14,001 | 1.97 % | $ | 12,909 | 1.83 % | $ | 11,367 | 1.59 % | |||||||||||||||||
Net interest margin | 2.83 % | 2.64 % | 2.39 % | |||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 125.80 % | 124.19 % | 121.04 % | |||||||||||||||||||||||
(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 allowance for credit losses on loans and leases and includes nonperforming loans and leases. |
Consolidated Financial Highlights
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At or for the three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
($ in thousands except per share | Jun 30, | Mar 31, | Dec 31, | Sept 30, | Jun 30, | June 30, | |||||||||||||||||||||||||||||
(unaudited) | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
Earnings and Dividends | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 14,001 | $ | 12,909 | $ | 12,533 | $ | 11,460 | $ | 11,367 | $ | 26,910 | $ | 22,651 | |||||||||||||||||||||
Provision for credit losses | $ | 1,427 | $ | 582 | $ | 1,381 | $ | 558 | $ | 3,561 | $ | 2,009 | $ | 4,798 | |||||||||||||||||||||
Noninterest income | $ | 1,580 | $ | 1,206 | $ | 1,446 | $ | 1,606 | $ | 1,218 | $ | 2,786 | $ | 2,123 | |||||||||||||||||||||
Noninterest expense | $ | 7,754 | $ | 7,954 | $ | 7,433 | $ | 7,226 | $ | 7,092 | $ | 15,708 | $ | 14,279 | |||||||||||||||||||||
Net income | $ | 5,035 | $ | 4,430 | $ | 4,417 | $ | 4,205 | $ | 1,695 | $ | 9,465 | $ | 4,765 | |||||||||||||||||||||
Basic earnings per common share | $ | 0.77 | $ | 0.68 | $ | 0.68 | $ | 0.65 | $ | 0.26 | $ | 1.46 | $ | 0.74 | |||||||||||||||||||||
Diluted earnings per common share | $ | 0.77 | $ | 0.68 | $ | 0.68 | $ | 0.65 | $ | 0.26 | $ | 1.45 | $ | 0.74 | |||||||||||||||||||||
Dividends declared per share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.06 | $ | 0.14 | $ | 0.12 | |||||||||||||||||||||
Performance Ratios (annualized) | |||||||||||||||||||||||||||||||||||
Return on average assets | 0.97 | % | 0.86 | % | 0.86 | % | 0.84 | % | 0.34 | % | 0.92 | % | 0.48 | % | |||||||||||||||||||||
Return on average equity | 11.47 | % | 10.37 | % | 10.61 | % | 10.38 | % | 4.23 | % | 10.93 | % | 6.00 | % | |||||||||||||||||||||
Average yield on interest-earning | 6.13 | % | 5.97 | % | 6.16 | % | 6.30 | % | 6.16 | % | 6.05 | % | 6.12 | % | |||||||||||||||||||||
Average rate paid on interest-bearing | 4.16 | % | 4.14 | % | 4.40 | % | 4.70 | % | 4.57 | % | 4.15 | % | 4.54 | % | |||||||||||||||||||||
Average interest rate spread | 1.97 | % | 1.83 | % | 1.76 | % | 1.60 | % | 1.59 | % | 1.90 | % | 1.58 | % | |||||||||||||||||||||
Net interest margin, fully taxable | 2.83 | % | 2.64 | % | 2.57 | % | 2.41 | % | 2.39 | % | 2.74 | % | 2.37 | % | |||||||||||||||||||||
Efficiency ratio (3) | 49.77 | % | 55.94 | % | 53.17 | % | 55.30 | % | 56.35 | % | 52.90 | % | 57.64 | % | |||||||||||||||||||||
Noninterest expense to average | 1.49 | % | 1.55 | % | 1.45 | % | 1.44 | % | 1.42 | % | 1.52 | % | 1.43 | % | |||||||||||||||||||||
Capital | |||||||||||||||||||||||||||||||||||
Tier 1 capital leverage ratio (1) | 11.20 | % | 10.55 | % | 10.33 | % | 10.36 | % | 10.11 | % | 11.20 | % | 10.11 | % | |||||||||||||||||||||
Total risk-based capital ratio (1) | 14.69 | % | 13.76 | % | 13.60 | % | 13.43 | % | 13.48 | % | 14.69 | % | 13.48 | % | |||||||||||||||||||||
Tier 1 risk-based capital ratio (1) | 13.45 | % | 12.59 | % | 12.45 | % | 12.35 | % | 12.23 | % | 13.45 | % | 12.23 | % | |||||||||||||||||||||
Common equity tier 1 capital to risk weighted assets (1) | 13.45 | % | 12.59 | % | 12.45 | % | 12.35 | % | 12.23 | % | 13.45 | % | 12.23 | % | |||||||||||||||||||||
Equity to total assets at end of period | 8.30 | % | 8.24 | % | 8.15 | % | 7.94 | % | 7.82 | % | 8.30 | % | 7.82 | % | |||||||||||||||||||||
Book value per common share | $ | 26.63 | $ | 25.86 | $ | 25.51 | $ | 24.83 | $ | 24.17 | $ | 26.63 | $ | 24.17 | |||||||||||||||||||||
Tangible book value per common | $ | 26.63 | $ | 25.86 | $ | 25.51 | $ | 24.83 | $ | 24.17 | $ | 26.63 | $ | 24.17 | |||||||||||||||||||||
Period-end market value per | $ | 23.97 | $ | 22.04 | $ | 25.54 | $ | 21.65 | $ | 18.76 | $ | 23.97 | $ | 18.76 | |||||||||||||||||||||
Period-end common shares | 6,447,692 | 6,476,759 | 6,402,085 | 6,388,110 | 6,387,655 | 6,447,692 | 6,387,655 | ||||||||||||||||||||||||||||
Average basic common shares | 6,300,427 | 6,285,649 | 6,258,616 | 6,253,716 | 6,256,457 | 6,293,078 | 6,293,178 | ||||||||||||||||||||||||||||
Average diluted common shares | 6,344,833 | 6,285,649 | 6,328,710 | 6,293,908 | 6,256,457 | 6,315,281 | 6,306,878 | ||||||||||||||||||||||||||||
Asset Quality | |||||||||||||||||||||||||||||||||||
Nonperforming loans | $ | 16,632 | $ | 14,563 | $ | 14,719 | $ | 14,597 | $ | 10,909 | $ | 16,632 | $ | 10,909 | |||||||||||||||||||||
Nonperforming loans to total loans | 0.94 | % | 0.82 | % | 0.87 | % | 0.84 | % | 0.64 | % | 0.94 | % | 0.64 | % | |||||||||||||||||||||
Nonperforming assets to total assets | 0.80 | % | 0.72 | % | 0.71 | % | 0.71 | % | 0.53 | % | 0.80 | % | 0.53 | % | |||||||||||||||||||||
Allowance for credit losses on loans and leases to total loans and leases | 1.08 | % | 1.01 | % | 1.00 | % | 0.97 | % | 1.13 | % | 1.08 | % | 1.13 | % | |||||||||||||||||||||
Allowance for credit losses on loans and leases to nonperforming loans and leases | 114.97 | % | 122.25 | % | 118.72 | % | 114.96 | % | 176.78 | % | 114.97 | % | 176.78 | % | |||||||||||||||||||||
Net charge-offs (recoveries) | $ | 51 | $ | 23 | $ | 95 | $ | 3,291 | $ | 2,108 | $ | 74 | $ | 2,092 | |||||||||||||||||||||
Annualized net charge-offs (recoveries) to average loans | 0.01 | % | 0.01 | % | 0.02 | % | 0.77 | % | 0.49 | % | 0.01 | % | 0.25 | % | |||||||||||||||||||||
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Average Balances | |||||||||||||||||||||||||||||||||||
Loans | $ | 1,775,865 | $ | 1,763,827 | $ | 1,737,656 | $ | 1,717,886 | $ | 1,704,118 | $ | 1,769,879 | $ | 1,707,088 | |||||||||||||||||||||
Assets | $ | 2,074,933 | $ | 2,053,045 | $ | 2,046,032 | $ | 2,000,421 | $ | 1,997,376 | $ | 2,064,049 | $ | 2,000,785 | |||||||||||||||||||||
Stockholders' equity | $ | 175,589 | $ | 170,853 | $ | 166,511 | $ | 162,039 | $ | 160,205 | $ | 173,234 | $ | 158,782 | |||||||||||||||||||||
(1) | Regulatory capital ratios of CFBank |
(2) | There are no differences between book value per common share and tangible book value per common share since the Company does not have any intangible assets. |
(3) | The efficiency ratio equals noninterest expense (excluding amortization of intangibles and foreclosed asset writedowns) divided by net interest income plus noninterest income (excluding gains or losses on securities transactions). |
NON-GAAP FINANCIAL MEASURE
The following non-GAAP financial measure used by the Company provides information useful to investors in understanding the Company's operating performance and trends and facilitates comparisons with the performance of peers. The following table summarizes the non-GAAP financial measure derived from amounts reported in the Company's consolidated financial statements:
Pre-provision, pre-tax net revenue ("PPNR")
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Three Months Ended | Six months ended | |||||||||||||||||||||||
Jun 30, | Mar 31, | Jun 30, | Jun 30, | |||||||||||||||||||||
2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net income | $ | 5,035 | $ | 4,430 | $ | 1,695 | $ | 9,465 | $ | 4,765 | ||||||||||||||
Add: Provision for credit losses | 1,427 | 582 | 3,561 | 2,009 | 4,798 | |||||||||||||||||||
Add: Income tax expense | 1,365 | 1,149 | 237 | 2,514 | 932 | |||||||||||||||||||
Pre-provision, pre-tax net revenue | $ | 7,827 | $ | 6,161 | $ | 5,493 | $ | 13,988 | $ | 10,495 | ||||||||||||||
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SOURCE CF BANKSHARES INC.
FAQ
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