CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 3rd QUARTER 2024
CF Bankshares Inc. reported Q3 2024 net income of $4.2 million ($0.65 per diluted share), with pre-provision, pre-tax net revenue of $5.8 million. Key highlights include a 10.38% Return on Average Equity and 0.84% Return on Average Assets. The company experienced notable growth with noninterest bearing deposits increasing by $40 million (18%) and commercial loans growing by $35 million during the quarter. Service charge fee income rose 65% compared to Q3 2023. The company declared a cash dividend of $0.07 per common share and $7.00 per Series D Preferred Stock, paid on October 19, 2024.
CF Bankshares Inc. ha riportato un utile netto di 4,2 milioni di dollari (0,65 dollari per azione diluita) per il terzo trimestre del 2024, con un reddito netto pre-provisionale e pre-tasse di 5,8 milioni di dollari. I principali punti salienti includono un ritorno sul capitale medio del 10,38% e un ritorno sugli attivi medi dello 0,84%. L'azienda ha registrato una crescita significativa con depositi non fruttiferi in aumento di 40 milioni di dollari (18%) e prestiti commerciali in crescita di 35 milioni di dollari durante il trimestre. Le entrate da commissioni sui servizi sono aumentate del 65% rispetto al terzo trimestre del 2023. L'azienda ha dichiarato un dividendo in contante di 0,07 dollari per azione comune e 7,00 dollari per l'azione preferenziale di Serie D, pagato il 19 ottobre 2024.
CF Bankshares Inc. reportó una ganancia neta de 4.2 millones de dólares (0.65 dólares por acción diluida) en el tercer trimestre de 2024, con un ingreso neto, previo a provisiones e impuestos, de 5.8 millones de dólares. Los aspectos más destacados incluyen un retorno sobre el patrimonio promedio del 10.38% y un retorno sobre los activos promedio del 0.84%. La compañía experimentó un crecimiento notable con depósitos no remunerados aumentando en 40 millones de dólares (18%) y préstamos comerciales creciendo en 35 millones de dólares durante el trimestre. Los ingresos por comisiones de servicios aumentaron un 65% en comparación con el tercer trimestre de 2023. La compañía declaró un dividendo en efectivo de 0.07 dólares por acción común y 7.00 dólares por acción preferente de la Serie D, pagado el 19 de octubre de 2024.
CF Bankshares Inc.는 2024년 3분기에 420만 달러의 순이익(희석주당 0.65달러)을 보고했으며, 세전 선지급 순수익은 580만 달러입니다. 주요 하이라이트로는 평균 자기자본 수익률 10.38%와 평균 자산 수익률 0.84%입니다. 회사는 비이자 예금이 4천만 달러(18%) 증가하고 상업 대출이 분기 동안 3천5백만 달러 증가하는 등의 눈에 띄는 성장을 경험했습니다. 서비스 수수료 수익은 2023년 3분기 대비 65% 증가했습니다. 회사는 보통주 0.07달러와 D 시리즈 우선주 7.00달러의 현금 배당금을 선언했으며, 2024년 10월 19일에 지급됩니다.
CF Bankshares Inc. a annoncé un revenu net de 4,2 millions de dollars (0,65 dollar par action diluée) pour le troisième trimestre de 2024, avec un revenu net avant provisions et impôts de 5,8 millions de dollars. Parmi les points forts figurent un retour sur fonds propres moyen de 10,38% et un retour sur actifs moyens de 0,84%. L'entreprise a connu une croissance notable avec une augmentation des dépôts non rémunérés de 40 millions de dollars (18%) et des prêts commerciaux croissant de 35 millions de dollars au cours du trimestre. Les revenus des frais de services ont augmenté de 65% par rapport au troisième trimestre 2023. L'entreprise a déclaré un dividende en espèces de 0,07 dollar par action ordinaire et de 7,00 dollars par action privilégiée de Série D, payé le 19 octobre 2024.
CF Bankshares Inc. berichtete im dritten Quartal 2024 einen Nettogewinn von 4,2 Millionen Dollar (0,65 Dollar pro verwässerter Aktie) mit einem vor Absetzungen und Steuern erzielten Nettoertrag von 5,8 Millionen Dollar. Zu den wichtigsten Highlights gehören eine Rendite auf das durchschnittliche Eigenkapital von 10,38% und eine Rendite auf die durchschnittlichen Vermögenswerte von 0,84%. Das Unternehmen verzeichnete ein bemerkenswertes Wachstum, wobei zinsenlose Einlagen um 40 Millionen Dollar (18%) anstiegen und die gewerblichen Darlehen im Quartal um 35 Millionen Dollar wuchsen. Die Servicegebühreneinnahmen stiegen im Vergleich zum dritten Quartal 2023 um 65%. Das Unternehmen erklärte eine Bardividende von 0,07 Dollar je Stammaktie und 7,00 Dollar je Serie D Vorzugsaktie, die am 19. Oktober 2024 ausgezahlt wird.
- Net income increased to $4.2 million in Q3 2024 from $1.7 million in Q2 2024
- Noninterest bearing deposits grew by 18% ($40 million) during Q3
- Commercial loans increased by $35 million during the quarter
- Service charge fee income increased 65% year-over-year
- Net Interest Margin expanded for second consecutive quarter
- Net interest income decreased 1.8% year-over-year
- Nonaccrual loans increased to $14.6 million from $5.7 million at December 2023
- Net charge-offs increased to $3.3 million compared to $126,000 in Q3 2023
- YTD net income decreased to $9.0 million from $12.7 million in prior year
Insights
CF Bankshares delivered a solid Q3 2024 with net income of
However, there are some concerns: The allowance for credit losses decreased to
The strategic shift toward commercial banking and reduction in residential mortgages should help improve margins long-term, though execution risks exist. With
Third Quarter 2024 and YTD Highlights
- Net income for Q3 2024 was
$4.2 million $0.65 $5.8 million - Return on Average Equity (ROE) was
10.38% for the third quarter, while Return on Average Assets (ROA) was 0.84% . - Net Interest Margin (NIM) increased 2bps when compared to the previous quarter. This represents the second consecutive quarter where we have achieved NIM expansion.
- Noninterest bearing deposits grew by
$40 million 18% ) during the quarter. Total core deposits are up$57 million - Commercial loans increased
$35 $27 - Service charge fee income increased
$259,000 65% ) when compared to Q3 2023. Year to date, income from service charges is up$758,000 70% ) when compared to the first nine months of 2023.
Recent Developments
- On October 1, 2024, the Company's Board of Directors declared a cash dividend of
$0.07 $7.00
CEO and Board Chair Commentary
Timothy T. O'Dell, President and CEO, commented: "Net Earnings for the third quarter were
Our CFBank growth trajectory is continuing. Commercial Bank business pipelines, with loans, deposits and fee income are continuing to expand. A key strategic focus remains to expand the size and scope of our Commercial Banking franchise. Additionally, we are focused on market share expansion in all four major Metro markets (
Non-interest-bearing deposits grew by
Strategically, our business intents include repositioning our balance sheet, by reducing the portfolio of residential home mortgage loans, channeling refinancing and/or sale proceeds to fund commercial banking pipelines and growth opportunities. We have introduced initiatives coupled with incentives to accelerate refinancing of lower rate residential home mortgage loans. This approach will result in a long-term benefit to our net interest margin. Furthermore, commercial loans are typically accompanied by attractive full-service deposit and treasury management relationships.
Our business initiatives include efforts aimed at continued expansion of our shareholder base, including both institutional and retail investors. CF has strong insider ownership, with roughly
During October we moved into our new
We believe Our Bests are yet Ahead!"
Robert E. Hoeweler, Chairman of the Board, added: "Our CF Leadership Team has continued to successfully adapt to the challenging interest rate environment. We maintain our focus on executing solid fundamentals, including at the forefront serving the needs of entrepreneurs and closely-held businesses."
Overview of Results
Net income for the three months ended September 30, 2024 totaled
Net income for the nine months ended September 30, 2024 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 decrease in net interest income compared to the third quarter of 2023 was primarily due to a
Noninterest Income
Noninterest income for the quarter ended September 30, 2024 totaled
Noninterest income for the quarter ended September 30, 2024 increased
The following table represents the notional amount of loans sold during the three months ended September 30, 2024, June 30, 2024, and September 30, 2023 (in thousands).
Three Months ended | ||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||
Notional amount of loans sold | $ | 12,053 | $ | 10,837 | $ | 3,646 | ||
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2024 totaled
Noninterest expense for the quarter ended September 30, 2024 increased
Income Tax Expense
Income tax expense was
Loans and Loans Held For Sale
Net loans and leases totaled
The increase in net loans and leases from December 31, 2023 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).
September 30, 2024 | June 30, 2024 | |||
Construction – 1-4 family* | $ | 23,046 | $ | 22,877 |
Construction – Multi-family* | 111,897 | 118,815 | ||
Construction – Non-residential* | 35,608 | 41,271 | ||
Hotel/Motel | 12,074 | 12,144 | ||
Industrial / Warehouse | 56,571 | 58,927 | ||
Land/Land Development | 23,595 | 21,017 | ||
Medical/Healthcare/Senior Housing | 2,479 | 2,617 | ||
Multi-family | 227,895 | 181,553 | ||
Office | 43,407 | 43,817 | ||
Retail | 63,074 | 63,604 | ||
Other | 7,732 | 8,366 | ||
*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
The increase in nonaccrual loans when compared to December 31, 2023 was primarily driven by six commercial loans, totaling
The allowance for credit losses on loans and leases totaled
There was
Deposits
Deposits totaled
At September 30, 2024, 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.
CFBank was named one of Piper Sandler's "Bank & Thrift Sm-All Stars" for 2023. This recognition placed us among the top
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) | |||||||||||||||
(unaudited) | Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||||
2024 | 2023 | % | 2024 | 2023 | % | ||||||||||
Total interest income | $ | 29,996 | $ | 28,166 | 6 % | $ | 88,397 | 78,567 | 13 % | ||||||
Total interest expense | 18,536 | 16,499 | 12 % | 54,286 | 42,681 | 27 % | |||||||||
Net interest income | 11,460 | 11,667 | -2 % | 34,111 | 35,886 | -5 % | |||||||||
Provision for credit losses | |||||||||||||||
Provision for credit losses-loans | 786 | 1,198 | n/m | 5,298 | 1,402 | 278 % | |||||||||
Provision for credit losses-unfunded commitments | (228) | (5) | 4460 % | 58 | 40 | 45 % | |||||||||
558 | 1,193 | -53 % | 5,356 | 1,442 | 271 % | ||||||||||
Net interest income after provision for credit losses | 10,902 | 10,474 | 4 % | 28,755 | 34,444 | -17 % | |||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 655 | 396 | 65 % | 1,837 | 1,079 | 70 % | |||||||||
Net gain on sales of residential mortgage loans | 110 | 48 | 129 % | 287 | 85 | 238 % | |||||||||
Net gain on sale of commercial loans | - | 12 | n/m | 167 | 12 | n/m | |||||||||
Swap fee income | 252 | 444 | -43 % | 252 | 616 | -59 % | |||||||||
Other | 589 | 401 | 47 % | 1,186 | 1,206 | -2 % | |||||||||
Noninterest income | 1,606 | 1,301 | 23 % | 3,729 | 2,998 | 24 % | |||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 3,539 | 3,420 | 3 % | 10,617 | 11,184 | -5 % | |||||||||
Occupancy and equipment | 472 | 427 | 11 % | 1,377 | 1,264 | 9 % | |||||||||
Data processing | 623 | 532 | 17 % | 1,887 | 1,568 | 20 % | |||||||||
Franchise and other taxes | 326 | 308 | 6 % | 968 | 935 | 4 % | |||||||||
Professional fees | 654 | 635 | 3 % | 1,907 | 1,873 | 2 % | |||||||||
Director fees | 153 | 162 | -6 % | 421 | 496 | -15 % | |||||||||
Postage, printing, and supplies | 29 | 31 | -6 % | 115 | 123 | -7 % | |||||||||
Advertising and marketing | 47 | 53 | -11 % | 99 | 307 | -68 % | |||||||||
Telephone | 51 | 61 | -16 % | 154 | 197 | -22 % | |||||||||
Loan expenses | 233 | 151 | 54 % | 939 | 510 | 84 % | |||||||||
Depreciation | 119 | 145 | -18 % | 371 | 426 | -13 % | |||||||||
FDIC premiums | 529 | 568 | -7 % | 1,628 | 1,590 | 2 % | |||||||||
Regulatory assessment | 63 | 63 | 0 % | 194 | 181 | 7 % | |||||||||
Other insurance | 45 | 55 | -18 % | 152 | 154 | -1 % | |||||||||
Other | 343 | 149 | 130 % | 676 | 816 | -17 % | |||||||||
Noninterest expense | 7,226 | 6,760 | 7 % | 21,505 | 21,624 | -1 % | |||||||||
Income before income taxes | 5,282 | 5,015 | 5 % | 10,979 | 15,818 | -31 % | |||||||||
Income tax expense | 1,077 | 984 | 9 % | 2,009 | 3,116 | -36 % | |||||||||
Net income | 4,205 | 4,031 | 4 % | 8,970 | 12,702 | -29 % | |||||||||
Earnings allocated to participating securities (Series D preferred stock) | (140) | - | n/m | (251) | - | n/m | |||||||||
Net Income attributable to common stockholders | $ | 4,065 | $ | 4,031 | 1 % | $ | 8,719 | $ | 12,702 | -31 % | |||||
Share Data | |||||||||||||||
Basic earnings per common share | $ | 0.65 | $ | 0.63 | $ | 1.39 | $ | 1.98 | |||||||
Diluted earnings per common share | $ | 0.65 | $ | 0.62 | $ | 1.38 | $ | 1.97 | |||||||
Average common shares outstanding - basic | 6,253,716 | 6,429,198 | 6,279,928 | 6,416,883 | |||||||||||
Average common shares outstanding - diluted | 6,293,908 | 6,456,575 | 6,302,459 | 6,439,931 | |||||||||||
n/m - not meaningful | |||||||||||||||
Consolidated Statements of Financial Condition | |||||||||||||||
($ in thousands) | Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||
(unaudited) | 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 233,520 | $ | 241,775 | $ | 236,892 | $ | 261,595 | $ | 229,763 | |||||
Interest-bearing deposits in other financial institutions | 100 | 100 | 100 | 100 | 100 | ||||||||||
Securities available for sale | 8,690 | 8,323 | 7,597 | 8,092 | 8,480 | ||||||||||
Equity securities | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | ||||||||||
Loans held for sale | 5,240 | 3,187 | 2,241 | 1,849 | 1,355 | ||||||||||
Loans and leases | 1,733,855 | 1,706,980 | 1,713,929 | 1,710,998 | 1,676,806 | ||||||||||
Less allowance for credit losses on loans and leases | (16,780) | (19,285) | (18,198) | (16,865) | (17,032) | ||||||||||
Loans and leases, net | 1,717,075 | 1,687,695 | 1,695,731 | 1,694,133 | 1,659,774 | ||||||||||
FHLB and FRB stock | 8,908 | 9,830 | 8,491 | 8,482 | 8,499 | ||||||||||
Premises and equipment, net | 3,480 | 3,571 | 3,685 | 3,812 | 3,940 | ||||||||||
Operating lease right of use assets | 6,259 | 4,858 | 5,041 | 5,221 | 5,138 | ||||||||||
Bank owned life insurance | 26,899 | 26,683 | 26,470 | 26,266 | 26,103 | ||||||||||
Accrued interest receivable and other assets | 49,135 | 49,612 | 48,225 | 44,065 | 44,300 | ||||||||||
Total assets | $ | 2,064,306 | $ | 2,040,634 | $ | 2,039,473 | $ | 2,058,615 | $ | 1,992,452 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits | |||||||||||||||
Noninterest bearing | $ | 257,715 | $ | 217,771 | $ | 236,841 | $ | 235,916 | $ | 214,334 | |||||
Interest bearing | 1,487,861 | 1,478,705 | 1,486,229 | 1,508,141 | 1,470,659 | ||||||||||
Total deposits | 1,745,576 | 1,696,476 | 1,723,070 | 1,744,057 | 1,684,993 | ||||||||||
FHLB advances and other debt | 108,672 | 137,163 | 111,004 | 109,995 | 109,987 | ||||||||||
Advances by borrowers for taxes and insurance | 1,214 | 154 | 1,093 | 2,179 | 1,737 | ||||||||||
Operating lease liabilities | 6,387 | 4,949 | 5,127 | 5,302 | 5,216 | ||||||||||
Accrued interest payable and other liabilities | 23,464 | 27,322 | 26,209 | 26,747 | 24,298 | ||||||||||
Subordinated debentures | 14,990 | 14,980 | 14,971 | 14,961 | 14,951 | ||||||||||
Total liabilities | 1,900,303 | 1,881,044 | 1,881,474 | 1,903,241 | 1,841,182 | ||||||||||
Stockholders' equity | 164,003 | 159,590 | 157,999 | 155,374 | 151,270 | ||||||||||
Total liabilities and stockholders' equity | $ | 2,064,306 | $ | 2,040,634 | $ | 2,039,473 | $ | 2,058,615 | $ | 1,992,452 | |||||
Average Balance Sheet and Yield Analysis | ||||||||||||||||||||||||||
For Three Months Ended | ||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||
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) | $ | 13,333 | $ | 144 | 3.56 % | $ | 12,902 | $ | 133 | 3.37 % | $ | 13,802 | $ | 101 | 2.40 % | |||||||||||
Loans and leases and loans held for sale (3) | 1,702,563 | 27,189 | 6.39 % | 1,688,522 | 26,339 | 6.24 % | 1,642,029 | 25,121 | 6.12 % | |||||||||||||||||
Other earning assets | 177,710 | 2,496 | 5.62 % | 191,199 | 2,679 | 5.60 % | 197,434 | 2,778 | 5.63 % | |||||||||||||||||
FHLB and FRB stock | 9,115 | 167 | 7.33 % | 8,646 | 164 | 7.59 % | 8,568 | 166 | 7.75 % | |||||||||||||||||
Total interest-earning assets | 1,902,721 | 29,996 | 6.30 % | 1,901,269 | 29,315 | 6.16 % | 1,861,833 | 28,166 | 6.04 % | |||||||||||||||||
Noninterest-earning assets | 97,700 | 96,107 | 95,186 | |||||||||||||||||||||||
Total assets | $ | 2,000,421 | $ | 1,997,376 | $ | 1,957,019 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Deposits | $ | 1,454,433 | 17,382 | 4.78 % | $ | 1,443,860 | 16,784 | 4.65 % | $ | 1,430,568 | 15,421 | 4.31 % | ||||||||||||||
FHLB advances and other borrowings | 123,872 | 1,154 | 3.73 % | 126,918 | 1,164 | 3.67 % | 124,930 | 1,078 | 3.45 % | |||||||||||||||||
Total interest-bearing liabilities | 1,578,305 | 18,536 | 4.70 % | 1,570,778 | 17,948 | 4.57 % | 1,555,498 | 16,499 | 4.24 % | |||||||||||||||||
Noninterest-bearing liabilities | 260,077 | 266,393 | 251,509 | |||||||||||||||||||||||
Total liabilities | 1,838,382 | 1,837,171 | 1,807,007 | |||||||||||||||||||||||
Equity | 162,039 | 160,205 | 150,012 | |||||||||||||||||||||||
Total liabilities and equity | $ | 2,000,421 | $ | 1,997,376 | $ | 1,957,019 | ||||||||||||||||||||
Net interest-earning assets | $ | 324,416 | $ | 330,491 | $ | 306,335 | ||||||||||||||||||||
Net interest income/interest rate spread | $ | 11,460 | 1.60 % | $ | 11,367 | 1.59 % | $ | 11,667 | 1.80 % | |||||||||||||||||
Net interest margin | 2.41 % | 2.39 % | 2.50 % | |||||||||||||||||||||||
Average interest-earning assets | ||||||||||||||||||||||||||
to average interest-bearing liabilities | 120.55 % | 121.04 % | 119.69 % | |||||||||||||||||||||||
(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 | |||||||||||||||||||||
At or for the three months ended | At or for the nine months | ||||||||||||||||||||
($ in thousands except per share data) | Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | September 30, | |||||||||||||||
(unaudited) | 2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||
Earnings and Dividends | |||||||||||||||||||||
Net interest income | $ | 11,460 | $ | 11,367 | $ | 11,284 | $ | 11,754 | $ | 11,667 | $ | 34,111 | $ | 35,886 | |||||||
Provision for credit losses | $ | 558 | $ | 3,561 | $ | 1,237 | $ | 875 | $ | 1,193 | $ | 5,356 | $ | 1,442 | |||||||
Noninterest income | $ | 1,606 | $ | 1,218 | $ | 905 | $ | 1,033 | $ | 1,301 | $ | 3,729 | $ | 2,998 | |||||||
Noninterest expense | $ | 7,226 | $ | 7,092 | $ | 7,187 | $ | 6,745 | $ | 6,760 | $ | 21,505 | $ | 21,624 | |||||||
Net income | $ | 4,205 | $ | 1,695 | $ | 3,070 | $ | 4,235 | $ | 4,031 | $ | 8,970 | $ | 12,702 | |||||||
Basic earnings per common share | $ | 0.65 | $ | 0.26 | $ | 0.48 | $ | 0.66 | $ | 0.63 | $ | 1.39 | $ | 1.98 | |||||||
Diluted earnings per common share | $ | 0.65 | $ | 0.26 | $ | 0.47 | $ | 0.65 | $ | 0.62 | $ | 1.38 | $ | 1.97 | |||||||
Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.17 | |||||||
Performance Ratios (annualized) | |||||||||||||||||||||
Return on average assets | 0.84 % | 0.34 % | 0.61 % | 0.84 % | 0.82 % | 0.60 % | 0.89 % | ||||||||||||||
Return on average equity | 10.38 % | 4.23 % | 7.80 % | 11.02 % | 10.75 % | 7.48 % | 11.61 % | ||||||||||||||
Average yield on interest-earning assets | 6.30 % | 6.16 % | 6.07 % | 6.16 % | 6.04 % | 6.18 % | 5.79 % | ||||||||||||||
Average rate paid on interest-bearing liabilities | 4.70 % | 4.57 % | 4.51 % | 4.49 % | 4.24 % | 4.59 % | 3.81 % | ||||||||||||||
Average interest rate spread | 1.60 % | 1.59 % | 1.56 % | 1.67 % | 1.80 % | 1.59 % | 1.98 % | ||||||||||||||
Net interest margin, fully taxable equivalent | 2.41 % | 2.39 % | 2.36 % | 2.44 % | 2.50 % | 2.38 % | 2.65 % | ||||||||||||||
Efficiency ratio (3) | 55.30 % | 56.35 % | 58.96 % | 52.75 % | 52.13 % | 56.83 % | 55.61 % | ||||||||||||||
Noninterest expense to average assets | 1.44 % | 1.42 % | 1.43 % | 1.33 % | 1.38 % | 1.43 % | 1.52 % | ||||||||||||||
Capital | |||||||||||||||||||||
Tier 1 capital leverage ratio (1) | 10.36 % | 10.11 % | 10.05 % | 9.76 % | 9.83 % | 10.36 % | 9.83 % | ||||||||||||||
Total risk-based capital ratio (1) | 13.43 % | 13.48 % | 13.50 % | 13.30 % | 13.36 % | 13.43 % | 13.36 % | ||||||||||||||
Tier 1 risk-based capital ratio (1) | 12.35 % | 12.23 % | 12.31 % | 12.17 % | 12.22 % | 12.35 % | 12.22 % | ||||||||||||||
Common equity tier 1 capital to risk weighted assets (1) | 12.35 % | 12.23 % | 12.31 % | 12.17 % | 12.22 % | 12.35 % | 12.22 % | ||||||||||||||
Equity to total assets at end of period | 7.94 % | 7.82 % | 7.75 % | 7.55 % | 7.59 % | 7.94 % | 7.59 % | ||||||||||||||
Book value per common share | $ | 24.83 | $ | 24.17 | $ | 24.17 | $ | 23.74 | $ | 23.10 | $ | 24.83 | $ | 23.10 | |||||||
Tangible book value per common share (2) | $ | 24.83 | $ | 24.17 | $ | 24.17 | $ | 23.74 | $ | 23.10 | $ | 24.83 | $ | 23.10 | |||||||
Period-end market value per common share | $ | 21.65 | $ | 18.76 | $ | 19.97 | $ | 19.50 | $ | 16.75 | $ | 21.65 | $ | 16.75 | |||||||
Period-end common shares outstanding | 6,388,110 | 6,387,655 | 6,338,115 | 6,545,560 | 6,549,609 | 6,388,110 | 6,549,609 | ||||||||||||||
Average basic common shares outstanding | 6,253,716 | 6,256,457 | 6,329,898 | 6,433,568 | 6,429,198 | 6,279,928 | 6,416,883 | ||||||||||||||
Average diluted common shares outstanding | 6,293,908 | 6,256,457 | 6,357,298 | 6,469,862 | 6,456,575 | 6,302,459 | 6,439,931 | ||||||||||||||
Asset Quality | |||||||||||||||||||||
Nonperforming loans | $ | 14,597 | $ | 10,909 | $ | 7,895 | $ | 5,722 | $ | 4,594 | $ | 14,597 | $ | 4,594 | |||||||
Nonperforming loans to total loans | 0.84 % | 0.64 % | 0.46 % | 0.33 % | 0.27 % | 0.84 % | 0.27 % | ||||||||||||||
Nonperforming assets to total assets | 0.71 % | 0.53 % | 0.39 % | 0.28 % | 0.23 % | 0.71 % | 0.23 % | ||||||||||||||
Allowance for credit losses on loans and leases to total loans and leases | 0.97 % | 1.13 % | 1.06 % | 0.99 % | 1.02 % | 0.97 % | 1.02 % | ||||||||||||||
Allowance for credit losses on loans and leases to nonperforming loans and leases | 114.96 % | 176.78 % | 230.50 % | 294.74 % | 370.74 % | 114.96 % | 370.74 % | ||||||||||||||
Net charge-offs (recoveries) | $ | 3,291 | $ | 2,108 | $ | (16) | $ | 623 | $ | 126 | $ | 5,383 | $ | 23 | |||||||
Annualized net charge-offs (recoveries) to average loans | 0.77 % | 0.49 % | 0.00 % | 0.15 % | 0.03 % | 0.42 % | 0.00 % | ||||||||||||||
Average Balances | |||||||||||||||||||||
Loans | $ | 1,717,886 | $ | 1,704,118 | $ | 1,710,057 | $ | 1,699,323 | $ | 1,657,303 | $ | 1,710,713 | $ | 1,634,697 | |||||||
Assets | $ | 2,000,421 | $ | 1,997,376 | $ | 2,004,194 | $ | 2,023,471 | $ | 1,957,019 | $ | 2,000,666 | $ | 1,897,390 | |||||||
Stockholders' equity | $ | 162,039 | $ | 160,205 | $ | 157,359 | $ | 153,724 | $ | 150,012 | $ | 159,875 | $ | 145,820 | |||||||
(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 MEASURES
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's operating performance and trends and facilitate comparisons with the performance of peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements:
Pre-provision, pre-tax net revenue ("PPNR") | ||||||||||||||
Three Months Ended | Nine months ended | |||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
Net income | $ | 4,205 | $ | 1,695 | $ | 4,031 | $ | 8,970 | $ | 12,702 | ||||
Add: Provision for credit losses | 558 | 3,561 | 1,193 | 5,356 | 1,442 | |||||||||
Add: Income tax expense | 1,077 | 237 | 984 | 2,009 | 3,116 | |||||||||
Pre-provision, pre-tax net revenue | $ | 5,840 | $ | 5,493 | $ | 6,208 | $ | 16,335 | $ | 17,260 | ||||
Average Assets | $ | 2,000,421 | $ | 1,997,376 | $ | 1,957,019 | $ | 2,000,666 | $ | 1,897,390 | ||||
Average Stockholders' Equity | $ | 162,039 | $ | 160,205 | $ | 150,012 | $ | 159,875 | $ | 145,820 | ||||
View original content:https://www.prnewswire.com/news-releases/cf-bankshares-inc-parent-of-cfbank-na-reports-results-for-the-3rd-quarter-2024-302290823.html
SOURCE CF BANKSHARES INC.
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