CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 4th QUARTER AND FULL YEAR 2024.
CF Bankshares Inc. (NASDAQ: CFBK) reported its Q4 and full-year 2024 financial results. Q4 net income reached $4.4 million ($0.68 per diluted share), while full-year net income was $13.4 million ($2.06 per diluted share). Pre-provision, pre-tax net revenue (PPNR) for Q4 increased 12% to $6.5 million compared to Q3 2024.
Key highlights include: Net Interest Income rose by $1.0 million (9.4%) in Q4 compared to Q3; Net Interest Margin (NIM) improved by 16bps; noninterest income grew 40% year-over-year in Q4; and noninterest-bearing deposits increased by $38 million (16%) during 2024.
The bank's asset quality showed nonaccrual loans at 0.84% of total loans, while the allowance for credit losses stood at 1.00% of total loans. Total deposits reached $1.76 billion, representing a 0.6% increase from Q3 2024.
CF Bankshares Inc. (NASDAQ: CFBK) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Il reddito netto del quarto trimestre ha raggiunto 4,4 milioni di dollari (0,68 dollari per azione diluita), mentre il reddito netto per l'intero anno è stato di 13,4 milioni di dollari (2,06 dollari per azione diluita). Il reddito netto pre-provision, pre-imposte (PPNR) per il quarto trimestre è aumentato del 12% a 6,5 milioni di dollari rispetto al terzo trimestre del 2024.
I punti salienti includono: il reddito netto da interessi è aumentato di 1,0 milioni di dollari (9,4%) nel quarto trimestre rispetto al terzo trimestre; il margine d'interesse netto (NIM) è migliorato di 16 punti base; il reddito non da interessi è cresciuto del 40% su base annua nel quarto trimestre; e i depositi non remunerati sono aumentati di 38 milioni di dollari (16%) durante il 2024.
La qualità degli attivi della banca ha mostrato prestiti non in accrual allo 0,84% del totale dei prestiti, mentre la riserva per perdite su crediti si è attestata all'1,00% del totale dei prestiti. I depositi totali hanno raggiunto 1,76 miliardi di dollari, con un aumento dello 0,6% rispetto al terzo trimestre del 2024.
CF Bankshares Inc. (NASDAQ: CFBK) informó sus resultados financieros del cuarto trimestre y del año completo 2024. La ganancia neta del cuarto trimestre alcanzó 4,4 millones de dólares (0,68 dólares por acción diluida), mientras que la ganancia neta del año completo fue de 13,4 millones de dólares (2,06 dólares por acción diluida). Los ingresos netos previos a provisiones y antes de impuestos (PPNR) para el cuarto trimestre aumentaron un 12% a 6,5 millones de dólares en comparación con el tercer trimestre de 2024.
Los aspectos destacados incluyen: los ingresos netos por intereses aumentaron en 1,0 millones de dólares (9,4%) en el cuarto trimestre en comparación con el tercer trimestre; el margen de interés neto (NIM) mejoró en 16 puntos básicos; los ingresos no por intereses crecieron un 40% interanual en el cuarto trimestre; y los depósitos no remunerados aumentaron en 38 millones de dólares (16%) durante 2024.
La calidad de los activos del banco mostró préstamos no devengados en el 0,84% del total de los préstamos, mientras que la provisión para pérdidas de crédito se situó en el 1,00% del total de los préstamos. Los depósitos totales alcanzaron 1,76 mil millones de dólares, lo que representa un aumento del 0,6% con respecto al tercer trimestre de 2024.
CF Bankshares Inc. (NASDAQ: CFBK)는 2024년 4분기 및 전체 연도 재무 결과를 발표했습니다. 4분기 순이익은 440만 달러(희석주당 0.68달러)에 달했으며, 전체 연도 순이익은 1,340만 달러(희석주당 2.06달러)였습니다. 4분기 세전 순수익(PPNR)은 650만 달러로 12% 증가했습니다(2024년 3분기 대비).
주요 하이라이트에는: 4분기 순이자수익이 100만 달러(9.4%) 증가했으며, 순이자마진(NIM)은 16bp 개선되었습니다; 비이자 수익은 4분기 기준으로 연간 40% 성장했습니다; 2024년 동안 비이자성 예금이 3,800만 달러(16%) 증가했습니다.
은행의 자산 품질은 총 대출의 0.84%에 해당하는 연체 대출을 보여주었고, 신용 손실에 대한 충당금은 총 대출의 1.00%에 달했습니다. 총 예금은 17억 6천만 달러에 도달하여 2024년 3분기 대비 0.6% 증가했습니다.
CF Bankshares Inc. (NASDAQ: CFBK) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024. Le revenu net du quatrième trimestre a atteint 4,4 millions de dollars (0,68 dollar par action diluée), tandis que le revenu net pour l'année entière était de 13,4 millions de dollars (2,06 dollars par action diluée). Le revenu net avant provisions et avant impôts (PPNR) pour le quatrième trimestre a augmenté de 12 % pour atteindre 6,5 millions de dollars par rapport au troisième trimestre 2024.
Les points clés incluent : le revenu net d'intérêts a augmenté de 1,0 million de dollars (9,4 %) au quatrième trimestre par rapport au troisième trimestre ; la marge d'intérêt nette (NIM) s'est améliorée de 16 points de base ; le revenu non d'intérêts a crû de 40 % d'une année sur l'autre au quatrième trimestre ; et les dépôts non rémunérateurs ont augmenté de 38 millions de dollars (16 %) en 2024.
La qualité des actifs de la banque a montré des prêts non accumulés à 0,84 % du total des prêts, tandis que la provision pour pertes sur crédits s'élevait à 1,00 % du total des prêts. Les dépôts totaux ont atteint 1,76 milliard de dollars, représentant une augmentation de 0,6 % par rapport au troisième trimestre 2024.
CF Bankshares Inc. (NASDAQ: CFBK) hat die finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Der Nettogewinn im vierten Quartal betrug 4,4 Millionen Dollar (0,68 Dollar pro verwässerter Aktie), während der Nettogewinn für das gesamte Jahr 13,4 Millionen Dollar (2,06 Dollar pro verwässerter Aktie) betrug. Der vor Rückstellungen und Steuern liegende Nettoumsatz (PPNR) für das vierte Quartal stieg um 12% auf 6,5 Millionen Dollar im Vergleich zum dritten Quartal 2024.
Wichtige Höhepunkte sind: Die Zinserträge stiegen im vierten Quartal um 1,0 Millionen Dollar (9,4%) im Vergleich zum dritten Quartal; die Nettomarge (NIM) verbesserte sich um 16 Basispunkte; die nichtzinsbezogenen Einnahmen wuchsen im vierten Quartal im Jahresvergleich um 40%; und die nicht verzinslichen Einlagen stiegen im Jahr 2024 um 38 Millionen Dollar (16%).
Die Asset-Qualität der Bank zeigte, dass die nicht akkurale Kredite 0,84% der Gesamtkredite ausmachten, während die Rückstellungen für Kreditverluste bei 1,00% der Gesamtkredite lagen. Die Gesamteinlagen erreichten 1,76 Milliarden Dollar und stellten einen Anstieg von 0,6% im Vergleich zum dritten Quartal 2024 dar.
- Q4 net income increased to $4.4 million from $4.2 million in Q3 2024
- Pre-provision, pre-tax net revenue grew 12% quarter-over-quarter
- Net Interest Income rose 9.4% in Q4 compared to Q3
- Noninterest income increased 40% year-over-year in Q4
- Noninterest-bearing deposits grew by 16% during 2024
- Full-year net income decreased to $13.4 million from $16.9 million in 2023
- Nonaccrual loans increased by $8.8 million year-over-year
- Past due loans increased to $12.1 million from $2.0 million year-over-year
- Provision for credit losses increased to $1.4 million in Q4 from $558,000 in Q3
Insights
The Q4 2024 results reveal a complex picture of CF Bankshares' operational performance and strategic positioning. The headline earnings of
The bank's margin management deserves particular attention. The 16bps NIM expansion to
However, credit quality metrics warrant careful monitoring. Nonaccrual loans increased significantly to
The loan portfolio composition shows strategic shifts, with construction lending remaining a core focus. The
The efficiency in deposit gathering has reduced reliance on wholesale funding, with brokered deposits down
Fourth Quarter and Full Year 2024 Highlights
- Net income was
$4.4 million $0.68 $13.4 million $2.06 - Pre-provision, pre-tax net revenue (PPNR) for the fourth quarter was
$6.5 million $706,000 12% ) increase over the third quarter of 2024. PPNR for the year ended December 31, 2024 was$22.9 million - Return on Average Equity (ROE) was
10.61% for the fourth quarter, while Return on Average Assets (ROA) was0.86% . - Net Interest Income for the fourth quarter of 2024 increased
$1.0 million 9.4% ) when compared to the third quarter of 2024. - Net Interest Margin (NIM) increased 16bps when compared to the previous quarter. This improvement in our NIM was driven by a 30bps reduction in the average rate paid on interest-bearing liabilities. This represents the third consecutive quarter in which we have achieved NIM expansion.
- Noninterest income was up
$413,000 40% ) for the fourth quarter of 2024 when compared to the fourth quarter of 2023, while Full Year 2024 noninterest income was up$1.1 million 28% ) over 2023. The largest contributor to the noninterest income growth were Customer Fees, including Cash Management products and services, which grew$939,000 60% ) for the Full Year 2024 when compared to 2023. - Noninterest bearing (NIB) deposit balances increased by
$38 million 16% ) during 2024.
Recent Developments
- On January 6, 2025, 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: "Fourth Quarter 2024 Net Income was
The business and operating environment which we and other Banks experienced during 2024, remained volatile and punctuated by periods of elevated interest rates.
I am particularly pleased that our CF Team remained nimble, adjusting successfully to this period of interest rate volatility which included an inverted interest rate yield curve.
Our fourth quarter results reflect improving results and stabilized performance achieved through ongoing operating adjustments made to our business and pricing models. We believe these recent results will bode well for continued success in 2025.
Performance results for the fourth quarter of 2024 included PPNR of
Additionally, NIB deposits grew by
Having opportunistically added more proven Bankers, CFBank has in place stronger and deeper Regional Banking Teams entering the new year. Our business opportunities and Pipelines continue to be strong, as evidenced by our ability to outrun heavy loan payoff's driven by CRE Development Construction projects successfully moving onto permanent financing.
We believe a more stabilized operating and interest rate environment, coupled with our deepened team and continued strong business opportunities, positions CFBank well for 2025!
Our Bests are yet ahead!"
Robert E. Hoeweler, Chairman of the Board, added: "Our team is navigating through some of the most challenging and disruptive financial times in memory. At times it is amazing to witness how our entire team navigates seamlessly through these challenges. Our focus remains providing our customers with comprehensive solutions to their financial needs while building long-term mutually beneficial relationships."
Overview of Results
Net income for the three months ended December 31, 2024 totaled
Net income for the year ended December 31, 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 increase in net interest income compared to the fourth quarter of 2023 was primarily due to a
Noninterest Income
Noninterest income for the quarter ended December 31, 2024 totaled
Noninterest income for the quarter ended December 31, 2024 increased
The following table represents the notional amount of loans sold during the three months ended December 31, 2024, September 30, 2024, and December 31, 2023 (in thousands).
Three Months ended | ||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||
Notional amount of loans sold | $ | 15,670 | $ | 12,053 | $ | 1,990 | ||
Noninterest Expense
Noninterest expense for the quarter ended December 31, 2024 totaled
Noninterest expense for the quarter ended December 31, 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).
December 31, 2024 | September 30, 2024 | |||
Construction – 1-4 family* | $ | 26,786 | $ | 23,046 |
Construction – Multi-family* | 144,879 | 111,897 | ||
Construction – Non-residential* | 29,582 | 35,608 | ||
Hotel/Motel | 12,001 | 12,074 | ||
Industrial / Warehouse | 58,480 | 56,571 | ||
Land/Land Development | 25,123 | 23,595 | ||
Medical/Healthcare/Senior Housing | 2,333 | 2,479 | ||
Multi-family | 199,269 | 227,895 | ||
Office | 42,412 | 43,407 | ||
Retail | 62,652 | 63,074 | ||
Other | 8,533 | 7,732 | ||
*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 four commercial loans, totaling
The allowance for credit losses on loans and leases totaled
There was
Deposits
Deposits totaled
At December 31, 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.
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 | Year ended | |||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | % | 2024 | 2023 | % | ||||||||||
Total interest income | $ | 29,992 | $ | 29,712 | 1 % | $ | 118,389 | 108,279 | 9 % | ||||||
Total interest expense | 17,459 | 17,958 | -3 % | 71,745 | 60,639 | 18 % | |||||||||
Net interest income | 12,533 | 11,754 | 7 % | 46,644 | 47,640 | -2 % | |||||||||
Provision for credit losses | |||||||||||||||
Provision for credit losses-loans | 789 | 456 | n/m | 6,087 | 1,858 | 228 % | |||||||||
Provision for credit losses-unfunded commitments | 592 | 419 | 41 % | 650 | 459 | 42 % | |||||||||
1,381 | 875 | 58 % | 6,737 | 2,317 | 191 % | ||||||||||
Net interest income after provision for credit losses | 11,152 | 10,879 | 3 % | 39,907 | 45,323 | -12 % | |||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 668 | 487 | 37 % | 2,505 | 1,566 | 60 % | |||||||||
Net gain on sales of residential mortgage loans | 148 | 34 | 335 % | 435 | 119 | 266 % | |||||||||
Net gain on sale of commercial loans | 79 | 54 | n/m | 246 | 66 | n/m | |||||||||
Swap fee income | 69 | 99 | -30 % | 321 | 715 | -55 % | |||||||||
Other | 482 | 359 | 34 % | 1,668 | 1,565 | 7 % | |||||||||
Noninterest income | 1,446 | 1,033 | 40 % | 5,175 | 4,031 | 28 % | |||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 3,555 | 3,329 | 7 % | 14,172 | 14,513 | -2 % | |||||||||
Occupancy and equipment | 444 | 430 | 3 % | 1,821 | 1,694 | 7 % | |||||||||
Data processing | 682 | 604 | 13 % | 2,569 | 2,172 | 18 % | |||||||||
Franchise and other taxes | 301 | 328 | -8 % | 1,269 | 1,263 | 0 % | |||||||||
Professional fees | 822 | 597 | 38 % | 2,729 | 2,470 | 10 % | |||||||||
Director fees | 153 | 162 | -6 % | 574 | 658 | -13 % | |||||||||
Postage, printing, and supplies | 37 | 26 | 42 % | 152 | 149 | 2 % | |||||||||
Advertising and marketing | 35 | 29 | 21 % | 134 | 336 | -60 % | |||||||||
Telephone | 56 | 60 | -7 % | 210 | 257 | -18 % | |||||||||
Loan expenses | 461 | 109 | 323 % | 1,400 | 619 | 126 % | |||||||||
Depreciation | 115 | 141 | -18 % | 486 | 567 | -14 % | |||||||||
FDIC premiums | 451 | 625 | -28 % | 2,079 | 2,215 | -6 % | |||||||||
Regulatory assessment | 64 | 61 | 5 % | 258 | 242 | 7 % | |||||||||
Other insurance | 46 | 55 | -16 % | 198 | 209 | -5 % | |||||||||
Other | 211 | 189 | 12 % | 887 | 1,005 | -12 % | |||||||||
Noninterest expense | 7,433 | 6,745 | 10 % | 28,938 | 28,369 | 2 % | |||||||||
Income before income taxes | 5,165 | 5,167 | 0 % | 16,144 | 20,985 | -23 % | |||||||||
Income tax expense | 748 | 932 | -20 % | 2,757 | 4,048 | -32 % | |||||||||
Net income | 4,417 | 4,235 | 4 % | 13,387 | 16,937 | -21 % | |||||||||
Earnings allocated to participating securities (Series D | (144) | - | n/m | (361) | - | n/m | |||||||||
Net Income attributable to common stockholders | $ | 4,273 | $ | 4,235 | 1 % | $ | 13,026 | $ | 16,937 | -23 % | |||||
Share Data | |||||||||||||||
Basic earnings per common share | $ | 0.68 | $ | 0.66 | $ | 2.08 | $ | 2.64 | |||||||
Diluted earnings per common share | $ | 0.68 | $ | 0.65 | $ | 2.06 | $ | 2.63 | |||||||
Average common shares outstanding - basic | 6,258,616 | 6,433,568 | 6,274,571 | 6,421,088 | |||||||||||
Average common shares outstanding - diluted | 6,328,710 | 6,469,862 | 6,308,992 | 6,447,447 | |||||||||||
n/m - not meaningful | |||||||||||||||
Consolidated Statements of Financial Condition | |||||||||||||||
($ in thousands) | Dec 31, | Sept 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||
(unaudited) | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 235,272 | $ | 233,520 | $ | 241,775 | $ | 236,892 | $ | 261,595 | |||||
Interest-bearing deposits in other financial institutions | 100 | 100 | 100 | 100 | 100 | ||||||||||
Securities available for sale | 8,683 | 8,690 | 8,323 | 7,597 | 8,092 | ||||||||||
Equity securities | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | ||||||||||
Loans held for sale | 2,623 | 5,240 | 3,187 | 2,241 | 1,849 | ||||||||||
Loans and leases | 1,739,493 | 1,733,855 | 1,706,980 | 1,713,929 | 1,710,998 | ||||||||||
Less allowance for credit losses on loans and leases | (17,474) | (16,780) | (19,285) | (18,198) | (16,865) | ||||||||||
Loans and leases, net | 1,722,019 | 1,717,075 | 1,687,695 | 1,695,731 | 1,694,133 | ||||||||||
FHLB and FRB stock | 8,918 | 8,908 | 9,830 | 8,491 | 8,482 | ||||||||||
Premises and equipment, net | 3,536 | 3,480 | 3,571 | 3,685 | 3,812 | ||||||||||
Operating lease right of use assets | 6,087 | 6,259 | 4,858 | 5,041 | 5,221 | ||||||||||
Bank owned life insurance | 27,116 | 26,899 | 26,683 | 26,470 | 26,266 | ||||||||||
Accrued interest receivable and other assets | 46,169 | 49,135 | 49,612 | 48,225 | 44,065 | ||||||||||
Total assets | $ | 2,065,523 | $ | 2,064,306 | $ | 2,040,634 | $ | 2,039,473 | $ | 2,058,615 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits | |||||||||||||||
Noninterest bearing | $ | 273,668 | $ | 257,715 | $ | 217,771 | $ | 236,841 | $ | 235,916 | |||||
Interest bearing | 1,482,127 | 1,487,861 | 1,478,705 | 1,486,229 | 1,508,141 | ||||||||||
Total deposits | 1,755,795 | 1,745,576 | 1,696,476 | 1,723,070 | 1,744,057 | ||||||||||
FHLB advances and other debt | 92,680 | 108,672 | 137,163 | 111,004 | 109,995 | ||||||||||
Advances by borrowers for taxes and insurance | 2,238 | 1,214 | 154 | 1,093 | 2,179 | ||||||||||
Operating lease liabilities | 6,229 | 6,387 | 4,949 | 5,127 | 5,302 | ||||||||||
Accrued interest payable and other liabilities | 25,144 | 23,464 | 27,322 | 26,209 | 26,747 | ||||||||||
Subordinated debentures | 15,000 | 14,990 | 14,980 | 14,971 | 14,961 | ||||||||||
Total liabilities | 1,897,086 | 1,900,303 | 1,881,044 | 1,881,474 | 1,903,241 | ||||||||||
Stockholders' equity | 168,437 | 164,003 | 159,590 | 157,999 | 155,374 | ||||||||||
Total liabilities and stockholders' equity | $ | 2,065,523 | $ | 2,064,306 | $ | 2,040,634 | $ | 2,039,473 | $ | 2,058,615 | |||||
Average Balance Sheet and Yield Analysis | ||||||||||||||||||||||||||
For Three Months Ended | ||||||||||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 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) | $ | 13,664 | $ | 143 | 3.54 % | $ | 13,333 | $ | 144 | 3.56 % | $ | 13,412 | $ | 129 | 3.14 % | |||||||||||
Loans and leases and loans held | 1,723,753 | 27,212 | 6.31 % | 1,702,563 | 27,189 | 6.39 % | 1,682,498 | 26,240 | 6.24 % | |||||||||||||||||
Other earning assets | 198,834 | 2,458 | 4.94 % | 177,710 | 2,496 | 5.62 % | 222,764 | 3,176 | 5.70 % | |||||||||||||||||
FHLB and FRB stock | 8,914 | 179 | 8.03 % | 9,115 | 167 | 7.33 % | 8,496 | 167 | 7.86 % | |||||||||||||||||
Total interest-earning assets | 1,945,165 | 29,992 | 6.16 % | 1,902,721 | 29,996 | 6.30 % | 1,927,170 | 29,712 | 6.16 % | |||||||||||||||||
Noninterest-earning assets | 100,867 | 97,700 | 96,301 | |||||||||||||||||||||||
Total assets | $ | 2,046,032 | $ | 2,000,421 | $ | 2,023,471 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
Deposits | $ | 1,465,595 | 16,342 | 4.46 % | $ | 1,454,433 | 17,382 | 4.78 % | $ | 1,475,357 | 16,863 | 4.57 % | ||||||||||||||
FHLB advances and other | 121,193 | 1,117 | 3.69 % | 123,872 | 1,154 | 3.73 % | 124,948 | 1,095 | 3.51 % | |||||||||||||||||
Total interest-bearing liabilities | 1,586,788 | 17,459 | 4.40 % | 1,578,305 | 18,536 | 4.70 % | 1,600,305 | 17,958 | 4.49 % | |||||||||||||||||
Noninterest-bearing liabilities | 292,733 | 260,077 | 269,442 | |||||||||||||||||||||||
Total liabilities | 1,879,521 | 1,838,382 | 1,869,747 | |||||||||||||||||||||||
Equity | 166,511 | 162,039 | 153,724 | |||||||||||||||||||||||
Total liabilities and equity | $ | 2,046,032 | $ | 2,000,421 | $ | 2,023,471 | ||||||||||||||||||||
Net interest-earning assets | $ | 358,377 | $ | 324,416 | $ | 326,865 | ||||||||||||||||||||
Net interest income/interest rate | $ | 12,533 | 1.76 % | $ | 11,460 | 1.60 % | $ | 11,754 | 1.67 % | |||||||||||||||||
Net interest margin | 2.57 % | 2.41 % | 2.44 % | |||||||||||||||||||||||
Average interest-earning assets | ||||||||||||||||||||||||||
to average interest-bearing | 122.59 % | 120.55 % | 120.43 % | |||||||||||||||||||||||
(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 | Year ended | ||||||||||||||||||||
($ in thousands except per share data) | Dec 31, | Sept 30, | Jun 30, | Mar 31, | Dec 31, | December 31, | |||||||||||||||
(unaudited) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
Earnings and Dividends | |||||||||||||||||||||
Net interest income | $ | 12,533 | $ | 11,460 | $ | 11,367 | $ | 11,284 | $ | 11,754 | $ | 46,644 | $ | 47,640 | |||||||
Provision for credit losses | $ | 1,381 | $ | 558 | $ | 3,561 | $ | 1,237 | $ | 875 | $ | 6,737 | $ | 2,317 | |||||||
Noninterest income | $ | 1,446 | $ | 1,606 | $ | 1,218 | $ | 905 | $ | 1,033 | $ | 5,175 | $ | 4,031 | |||||||
Noninterest expense | $ | 7,433 | $ | 7,226 | $ | 7,092 | $ | 7,187 | $ | 6,745 | $ | 28,938 | $ | 28,369 | |||||||
Net income | $ | 4,417 | $ | 4,205 | $ | 1,695 | $ | 3,070 | $ | 4,235 | $ | 13,387 | $ | 16,937 | |||||||
Basic earnings per common share | $ | 0.68 | $ | 0.65 | $ | 0.26 | $ | 0.48 | $ | 0.66 | $ | 2.08 | $ | 2.64 | |||||||
Diluted earnings per common share | $ | 0.68 | $ | 0.65 | $ | 0.26 | $ | 0.47 | $ | 0.65 | $ | 2.06 | $ | 2.63 | |||||||
Dividends declared per share | $ | 0.07 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.25 | $ | 0.23 | |||||||
Performance Ratios (annualized) | |||||||||||||||||||||
Return on average assets | 0.86 % | 0.84 % | 0.34 % | 0.61 % | 0.84 % | 0.67 % | 0.88 % | ||||||||||||||
Return on average equity | 10.61 % | 10.38 % | 4.23 % | 7.80 % | 11.02 % | 8.29 % | 11.46 % | ||||||||||||||
Average yield on interest-earning assets | 6.16 % | 6.30 % | 6.16 % | 6.07 % | 6.16 % | 6.17 % | 5.89 % | ||||||||||||||
Average rate paid on interest-bearing | 4.40 % | 4.70 % | 4.57 % | 4.51 % | 4.49 % | 4.54 % | 3.99 % | ||||||||||||||
Average interest rate spread | 1.76 % | 1.60 % | 1.59 % | 1.56 % | 1.67 % | 1.63 % | 1.90 % | ||||||||||||||
Net interest margin, fully taxable | 2.57 % | 2.41 % | 2.39 % | 2.36 % | 2.44 % | 2.43 % | 2.59 % | ||||||||||||||
Efficiency ratio (3) | 53.17 % | 55.30 % | 56.35 % | 58.96 % | 52.75 % | 55.84 % | 54.90 % | ||||||||||||||
Noninterest expense to average assets | 1.45 % | 1.44 % | 1.42 % | 1.43 % | 1.33 % | 1.44 % | 1.47 % | ||||||||||||||
Capital | |||||||||||||||||||||
Tier 1 capital leverage ratio (1) | 10.33 % | 10.36 % | 10.11 % | 10.05 % | 9.76 % | 10.33 % | 9.76 % | ||||||||||||||
Total risk-based capital ratio (1) | 13.60 % | 13.43 % | 13.48 % | 13.50 % | 13.30 % | 13.60 % | 13.30 % | ||||||||||||||
Tier 1 risk-based capital ratio (1) | 12.45 % | 12.35 % | 12.23 % | 12.31 % | 12.17 % | 12.45 % | 12.17 % | ||||||||||||||
Common equity tier 1 capital to risk | 12.45 % | 12.35 % | 12.23 % | 12.31 % | 12.17 % | 12.45 % | 12.17 % | ||||||||||||||
Equity to total assets at end of period | 8.15 % | 7.94 % | 7.82 % | 7.75 % | 7.55 % | 8.15 % | 7.55 % | ||||||||||||||
Book value per common share | $ | 25.51 | $ | 24.83 | $ | 24.17 | $ | 24.17 | $ | 23.74 | $ | 25.51 | $ | 23.74 | |||||||
Tangible book value per common share | $ | 25.51 | $ | 24.83 | $ | 24.17 | $ | 24.17 | $ | 23.74 | $ | 25.51 | $ | 23.74 | |||||||
Period-end market value per common | $ | 25.54 | $ | 21.65 | $ | 18.76 | $ | 19.97 | $ | 19.50 | $ | 25.54 | $ | 19.50 | |||||||
Period-end common shares outstanding | 6,402,085 | 6,388,110 | 6,387,655 | 6,338,115 | 6,545,560 | 6,402,085 | 6,545,560 | ||||||||||||||
Average basic common shares | 6,258,616 | 6,253,716 | 6,256,457 | 6,329,898 | 6,433,568 | 6,274,571 | 6,421,088 | ||||||||||||||
Average diluted common shares | 6,328,710 | 6,293,908 | 6,256,457 | 6,357,298 | 6,469,862 | 6,308,992 | 6,447,447 | ||||||||||||||
Asset Quality | |||||||||||||||||||||
Nonperforming loans | $ | 14,719 | $ | 14,597 | $ | 10,909 | $ | 7,895 | $ | 5,722 | $ | 14,719 | $ | 5,722 | |||||||
Nonperforming loans to total loans | 0.85 % | 0.84 % | 0.64 % | 0.46 % | 0.33 % | 0.85 % | 0.33 % | ||||||||||||||
Nonperforming assets to total assets | 0.71 % | 0.71 % | 0.53 % | 0.39 % | 0.28 % | 0.71 % | 0.28 % | ||||||||||||||
Allowance for credit losses on loans and | 1.00 % | 0.97 % | 1.13 % | 1.06 % | 0.99 % | 1.00 % | 0.99 % | ||||||||||||||
Allowance for credit losses on loans and | 118.72 % | 114.96 % | 176.78 % | 230.50 % | 294.74 % | 118.72 % | 294.74 % | ||||||||||||||
Net charge-offs (recoveries) | $ | 95 | $ | 3,291 | $ | 2,108 | $ | (16) | $ | 623 | $ | 5,478 | $ | 646 | |||||||
Annualized net charge-offs (recoveries) | 0.02 % | 0.77 % | 0.49 % | 0.00 % | 0.15 % | 0.32 % | 0.04 % | ||||||||||||||
Average Balances | |||||||||||||||||||||
Loans | $ | 1,737,656 | $ | 1,717,886 | $ | 1,704,118 | $ | 1,710,057 | $ | 1,699,323 | $ | 1,717,486 | $ | 1,650,987 | |||||||
Assets | $ | 2,046,032 | $ | 2,000,421 | $ | 1,997,376 | $ | 2,004,194 | $ | 2,023,471 | $ | 2,012,069 | $ | 1,929,169 | |||||||
Stockholders' equity | $ | 166,511 | $ | 162,039 | $ | 160,205 | $ | 157,359 | $ | 153,724 | $ | 161,543 | $ | 147,812 | |||||||
(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") | ||||||||||||||
Three Months Ended | Year ended | |||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
Net income | $ | 4,417 | $ | 4,205 | $ | 4,235 | $ | 13,387 | $ | 16,937 | ||||
Add: Provision for credit losses | 1,381 | 558 | 875 | 6,737 | 2,317 | |||||||||
Add: Income tax expense | 748 | 1,077 | 932 | 2,757 | 4,048 | |||||||||
Pre-provision, pre-tax net revenue | $ | 6,546 | $ | 5,840 | $ | 6,042 | $ | 22,881 | $ | 23,302 | ||||
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SOURCE CF BANKSHARES INC.
FAQ
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