Business
CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 1ST QUARTER 2023
COLUMBUS, Ohio, May 10, 2023 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, National Association ("CFBank"), today
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, May 10, 2023 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, National Association (\"CFBank\"), today announced financial results for the first quarter ended March 31, 2023.\nFirst Quarter 2023 Highlights\nNet Income for Q1 2023 was $4.4 million ($0.68 per diluted common share). Pre-provision, pre-tax net revenue (\"PPNR\") for Q1 2023 was $5.8 million.Return on Average Assets (ROA) was 0.98% and PPNR ROA was 1.26% for the first quarter, while Return on Average Equity (ROE) was 12.55% and PPNR ROE was 16.25%.Book value per share increased to $21.88 at March 31, 2023.Net loans and leases increased by $43.8 million during the quarter. Net loans and leases totaled $1.6 billion at March 31, 2023.Credit quality remains strong with nonperforming loans to total loans of 0.04% and loans more than 30 days past due at 0.06% of total loans.At March 31, 2023, CFBank's primary and secondary liquidity (cash plus available borrowing capacity) totaled $565 million. The estimated amount of CFBank's uninsured customer deposit accounts was $491 million, or approximately 30.5% of total deposit balances, as of March 31, 2023.Recent Developments\nOn April 6, 2023, the Company's Board of Directors declared a Cash Dividend of $0.06 per share payable on April 28, 2023 to shareholders of record as of the close of business on April 17, 2023. This represents a 20% increase over our previous quarterly dividend.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented: \"First Quarter Earnings of $0.68 per diluted common share equates to ROE of 12.55% and ROA of 0.98% respectively. \nDuring 2022, CFBank fully completed the transition to a Commercial Banking-driven business model, having exited the national direct to consumer (DTC) mortgage lending business. CFBank continues to offer traditional Retail Mortgage loans to customers within our regional market footprints. \nWe have and continue to perform a credible job of protecting our deposit base during a rapidly rising interest rate environment. Along with the industry, we are experiencing customer deposit repricing increases, which in turn place pressure on margins. \nIn response to these headwinds, your CF team has been focused on operating efficiencies as well as expanding our fee-income businesses. Thus far in 2023, we have ...