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CF Bankshares Inc. Announces 1st Quarter 2021 Earnings More Than Tripled Year-Over-Year. Also Announces Expansion Into Indianapolis Market.
COLUMBUS, Ohio, May 4, 2021 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial results for the
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, May 4, 2021 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for the first quarter ended March 31, 2021.\nFirst Quarter 2021 Highlights\nNet income of $6.4 million, an increase of 220% compared to the same quarter of 2020. For the first quarter of 2021, return on average assets was 1.70% and return on average equity was 22.73%. Earnings per share (EPS) for the quarter increased to $0.96 per share, an increase of 220% when compared to the same quarter of 2020. Book Value per share increased 5% during Q1 to $17.55 per share. Net interest margin increased 21 bps during the quarter driven primarily by a 25 bps decrease in the average rate paid on interest-bearing liabilities. Total assets increased to $1.6 billion at March 31, 2021. Net loans and leases increased $71 million or 8% during the quarter to $967 million. Noninterest-bearing deposit account balances increased 9% during the quarter. Credit quality remains strong with nonperforming loans as a percentage of total assets of 0.04% and loans more than 30 days past due also at 0.04% of total loans at March 31, 2021. ALLL reserves of $17.1 million equals 1.74% of total loans and 1.95% of total non-government guaranteed loans at March 31, 2021.Timothy T. O'Dell, President and CEO, commented, \"We are pleased with our overall Q1 results, particularly given the challenging mortgage lending environment being experienced thus far in 2021. \nOur Commercial Banking pipelines are strong and at all-time high levels as we enter the second quarter, with the majority of these Earning Assets and accompanying deposit relationships expected to be closed and funded during Q2. We anticipate closing of our Pipelines, along with the investments made in building and strengthening our Regional Banking Teams including the expansion into Indianapolis as our 4th Major Market will position our Core for solid second half 2021 performance. Based upon the current mortgage lending environment and volatility, we could expect to see substantial decreases in mortgage originations and earnings contribution versus 2020.\nWe chose to outsource the delivery and funding of Round 2 PPP loans, in order to concentrate our resources for closing and funding our traditional loan Pipelines. While our traditional loans are larger and...