Business
CF Bankshares Inc. Announces Record Net Income For 2nd Quarter, With First Half 2020 Net Income Surpassing Full Year 2019 Net Income Results
COLUMBUS, Ohio, July 28, 2020 /PRNewswire/ -- CF Bankshares Inc. (formerly known as Central Federal Corporation) (NASDAQ: CFBK) (the "Company"), the parent of
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, July 28, 2020 /PRNewswire/ -- CF Bankshares Inc. (formerly known as Central Federal Corporation) (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for the second quarter and year to date ended June 30, 2020.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2020 Highlights\nNet income of $10.1 million, an increase of 342% when compared to the same quarter of 2019. Pre-Provision, Pre-Tax Net Revenue (\"PPNR\") of $15.8 million compared to $2.9 million in Q2 2019, which represents a 453% increase. Return of average assets (ROA) was 3.70% for the quarter and PPNR return on average assets was 5.81%. Return on average equity (ROE) for the quarter was 47.0% compared to 18.8% for the same quarter of 2019. Total assets topped $1 Billion as of June 30, 2020. Book value per common share increased to $14.14 at June 30, 2020, which represents a $1.29 per share increase during the second quarter. Noninterest-bearing deposit balances increased 42% during the 2nd quarter. Funded $126.2 million of Paycheck Protection Program (\"PPP\") Loans to 558 borrowers.Timothy T. O'Dell, President and CEO, commented, \"We are extremely pleased with our record Q2 net income of $10.1 million, up 342% over Q2 2019. During the first six months of this year, we have surpassed our full year net income for 2019. For the second quarter, we achieved ROA of 3.7% coupled with ROE of 47%. Our record earnings also reflected increased provisioning, with over $3 million added to ALLL during Q2 (43% increase to ALLL).\n\"Our Q2 highlights also included our total assets topping $1 billion and book value surpassing $14/share. During the second quarter, we also achieved noninterest income of nearly $20 million, driven mostly through successful expansion of our national mortgage lending business. \n\"You might recall, we went somewhat against the prevailing grain/consensus earlier when we invested in expanding our mortgage lending business. However, based upon earlier mortgage lending industry experience, and our commitment to expanding Noninterest Income, we concluded that having a strong mortgage lending business coupled with our Commercial Banking businesses would provide business balance and diversification along with providing for increased customer acquisition and greater cross-selling opportunities. We believe the result o...