Business
CF BANKSHARES INC. ANNOUNCES NET INCOME OF $4.5 MILLION OR $0.68 PER SHARE FOR THE 4TH QUARTER AND FULL YEAR 2021 NET INCOME OF $18.5 MILLION OR $2.77 PER SHARE.
COLUMBUS, Ohio, Feb. 7, 2022 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial results for Q4
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Feb. 7, 2022 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for Q4 and the year ended December 31, 2021.\nQ4 and Full Year 2021 Highlights\nNet Income of $4.5 million for Q4 and $18.5 million for the full year, and Earnings Per Share (EPS) of $0.68 for Q4 and $2.77 for the full year. Return on Average Assets (ROA) and Return on Average Equity (ROE) were 1.29% and 14.50%, respectively, for Q4. For 2021, ROA was 1.26% and ROE was 15.58%. Book value per share increased to $19.28 at December 31, 2021. Net Interest Margin (NIM) for Q4 was 3.36% compared to 3.21% in the preceding quarter and 2.48% in Q4 of 2020. Full Year 2021 NIM was 3.04% compared to 2.55% for 2020. Net Interest Income (NII) of $11.0 million for the quarter represents a 33% increase as compared to Q4 of 2020. Net loans and leases grew by $90.4 million during the quarter. Credit quality remains strong with non-performing assets as a percentage of total assets of 0.07% and loans more than 30 days past due at 0.29% of total loans at December 31, 2021. ALLL reserves of $15.5 million equals 1.26% of total loans and 1.27% of total non-government guaranteed loans at December 31, 2021.Recent Developments\nOn January 10, 2022, the Company's Board of Directors declared a Cash Dividend of $0.04 per share payable to shareholders on February 1, 2022. Subsequent to year end, two classified loans paid off in full, further reducing the criticized and classified loan totals to approximately $4.2 million, down from $6.1 million at December 31, 2021 and $13.5 million at September 30, 2021. In January 2022, CFBank added Chad Owens to continue building and expanding its Equipment Leasing Business, targeting a regional six state market of Ohio along with contiguous states. Chad is a proven business developer experienced in Equipment Financing.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented, \"Our CFBank Team stepped up again during 2021. We produced solid Earnings and performance results, while investing in expanding our geographic footprint and increasing our market presence, along with deepening our Commercial & Retail Bank teams, and repositioning our Residential Mortgage Lending business. \nDuring the 4th quarter, we generated Net Earnings of $4.5 million, whi...