Business
CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS NET EARNINGS OF $4.7 MILLION OR $0.72 PER SHARE FOR THE 2nd QUARTER OF 2022.
COLUMBUS, Ohio, Aug. 3, 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, Aug. 3, 2022 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for the second quarter ended June 30, 2022.\nSecond Quarter and First Half 2022 Highlights\nNet Income of $4.7 million for the second quarter and $9.2 million YTD and Earnings Per Share (EPS) of $0.72 for Q2 and $1.41 YTD.Return on Average Assets (ROA) and Return on Average Equity (ROE) were 1.18% and 14.61%, respectively for the second quarter. For the first six months of 2022, ROA was 1.21% and ROE was 14.47%.Net interest income expanded $771,000, or 7.2%, during the second quarter, when compared to the quarter ended March 31, 2022.Book value per share increased to $20.25 at June 30, 2022.Net loans and leases grew by $97 million, or 7.6%, during the quarter. Net loans and leases totaled $1.4 billion at June 30, 2022.Credit quality remains strong with loans more than 30 days past due at 0.05% of total loans and classified and criticized loans were further reduced during the quarter to 0.23% of total loans at June 30, 2022.Recent Developments\nOn July 5, 2022, the Company's Board of Directors declared a Cash Dividend of $0.05 per share payable on July 26, 2022 to shareholders of record as of the close of business on July 15, 2022. This represented a 25% increase in our quarterly cash dividend.In June 2022, CFBank opened a full-service Retail branch and Commercial Banking presence in Indianapolis, Indiana.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented, \"Our strong growth trajectory continued during the second quarter, with loans increasing by nearly $100 million. Our ongoing acquisition of banking talent is translating into increasing business opportunities and growing pipelines. Commercial Banking is leading our growth, with Retail Mortgage Lending volumes also performing well. Our ongoing investments in proven performers and expanding our market presence is setting the table for both future growth and business diversification through adding and/or expanding business niches. Included in these specialty business niches targeted are Practice Finance, Equipment Financing and working with Non-Profit and Public Fund entities.\nWe are having good success attracting top talent to our Commercial Banking and other teams. Seasoned performers are attracte...