Business
CF Bankshares Inc. Announces Record Annual Earnings For 2020. Net Income For The Full Year More Than Tripled Compared To Prior Year.
COLUMBUS, Ohio, Feb. 2, 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, Feb. 2, 2021 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for the quarter ended and year ended December 31, 2020.\nFourth Quarter and Full Year 2020 Highlights\nNet income more than tripled for the full year to $29.6 million (up 208% when compared to 2019) with full year return on average assets of 2.59% and return on average equity of 32.04%. Fourth quarter 2020 net income was $7.3 million, which was a 143% increase when compared to the fourth quarter of 2019. For the fourth quarter of 2020, return on average assets was 2.11% and return on average equity was 27.92%. Pre-Provision, Pre-Tax Net Revenue (\"PPNR\") for the full year 2020 was $47.2 million, which represents a more than threefold increase over 2019. Fourth quarter PPNR of $10.2 million was up 171% over the comparable 2019 quarter. Book Value per common share increased to $16.79 per share at December 31, 2020, up 35% from $12.40 at December 31, 2019. Earnings per share (EPS) for the full year 2020 increased to $4.47 per share, an increase of 120% when compared to 2019. EPS for the fourth quarter of 2020 was $1.11 per share, an increase of 118% when compared to the same quarter of 2019. Noninterest-bearing deposit account balances increased 72% year-over-year. Total assets increased to $1.5 billion at December 31, 2020, an increase of 68% from year-end 2019. Noninterest income for the full year increased by 412% when compared to 2019, driven by a strong performance in the national mortgage lending business with volumes exceeding $2 billion. Loan payment deferrals decreased to $528,000 at December 31, 2020, continuing the downward trend from approximately $100 million at June 30, 2020 and $24 million at September 30, 2020. Credit quality remains strong with nonperforming assets as a percentage of total assets of 0.05% and loans more than 30 days past due at 0.24% of total loans at December 31, 2020.Timothy T. O'Dell, President and CEO, commented, \"I am very pleased to report that 2020 was both a transformational and breakout performance year for CFBank, with our 2020 net income more than tripling versus the previous year. \nFull year 2020 PPNR of $47.2 million and period end assets of $1.5 billion, allowed us to make accelerated investments in future growth which included ex...