Business
CF Bankshares Inc. Announces Net Income Of $4.1 Million Or $0.61 Per Share For The 3rd Quarter
COLUMBUS, Ohio, Oct, 27, 2021 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial results for
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Oct, 27, 2021 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for the third quarter and year to date (YTD) ended September 30, 2021.\nThird Quarter and Year to Date 2021 Highlights\nNet income of $4.1 million for the third quarter and $14.0 million YTD, and Earnings Per Share (EPS) of $0.61 for the quarter and $2.10 YTD. Net interest margin (NIM) increased 26 bps during the quarter to 3.21%. Book value per share increased to $18.69 at September 30, 2021. Return on average assets (ROA) and return on average equity (ROE) were 1.25% and 15.96%, respectively, for the first nine months of 2021. For the third quarter, ROA was 1.18% and ROE was 13.43%. Net loans and leases grew by $122 million during the quarter, which was net of PPP repayments of $28 million. Net Interest Income (NII) of $10.4 million for the quarter represents a 46% increase as compared to the third quarter of 2020. During the third quarter, CFBank completed the sale of its two Columbiana County Ohio Branches resulting in a Deposit Premium of $1.9 million. The Tangible Common Equity (TCE) ratio increased to 9.09% at September 30, 2021. Credit quality remains strong with nonperforming assets as a percentage of total assets of 0.07% at September 30, 2021. ALLL reserves of $15.5 million equals 1.36% of total loans and 1.37% of total non-government guaranteed loans at September 30, 2021.Recent Developments\nOn October 5, 2021, the Company's Board of Directors declared a Cash Dividend of $0.04 per share payable to shareholders on November 2, 2021. This represents a 33% increase over the previous quarterly dividend. On September 29, 2021, the Board of Directors of the Company approved an increase in the number of shares that may be repurchased by the Company under its previously announced stock repurchase program from 250,000 to 350,000 and extended the program through June 30, 2022.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented, \"We are pleased with our Q3 Earnings & Growth performance including EPS of $0.61 per share. Additionally, subsequent to quarter end, we announced a 33% increase in our quarterly Cash Dividend. We reinvested the deposit premium from the sale of our Columbiana county branch banks to propel our investment in establishing our ...