Business
CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS NET EARNINGS OF $4.5 MILLION OR $0.69 PER SHARE FOR THE 1ST QUARTER OF 2022
COLUMBUS, Ohio, May 5, 2022 /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, May 5, 2022 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for first quarter ended March 31, 2022.\nQ1 2022 Highlights\nNet Income of $4.5 million and Earnings Per Share (EPS) of $0.69 for Q1.Return on Average Assets (ROA) and Return on Average Equity (ROE) were 1.24% and 14.32%, respectively.Book value per share increased to $19.70 at March 31, 2022.Loans grew by $67 million, or 5.5%, during the first quarter of 2022. Net loans and leases totaled $1.3 billion at March 31, 2022.Deposits increased by $52 million, or 4.2%, during the quarter.Improved Efficiency Ratio of 53.10% for Q1 2022 reflects ongoing operating efficiencies being achieved through the repositioning of our residential mortgage lending business to a downsized and traditional Retail Originations model. As a result, noninterest expense decreased $519,000 when compared to Q4 2021 and decreased $2.7 million when compared to Q1 2021.Credit quality remains strong with loans more than 30 days past due at 0.07% of total loans at March 31, 2022.Recent Developments\nOn April 4, 2022, the Company's Board of Directors declared a Cash Dividend of $0.04 per share payable to shareholders on April 25, 2022.Subsequent to quarter end, an additional substandard loan paid off in full, further reducing the criticized and classified loan totals to approximately $3.4 million, down from $4.1 million at March 31, 2022 and $6.1 million at December 31, 2021.In March 2022, CFBank opened a full-service branch on Polaris Parkway in Columbus.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented, \"Earnings for Q1 remain level with Q4 earnings with EPS of $0.69 and $0.68 respectively and Net Interest Income remained consistent despite some large early payoff fees received during Q4 2021. During the first quarter, we continued with our nearly 10-year long track record of consistently achieving quality growth of both loans and deposits. Commercial loans grew by over 5% during Q1 net of elevated loan payoffs, mostly CRE projects refinanced by permanent lenders. Our loan and business pipelines remain strong.\nWe are investing in expanding our Commercial & Retail Teams as well as our footprint and market presence in our Regional metro markets. Indianapolis, our newest regional mark...