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CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 2ND QUARTER 2023.
COLUMBUS, Ohio, Aug. 3, 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, Aug. 3, 2023 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, National Association (\"CFBank\"), today announced financial results for the second quarter ended June 30, 2023.\nSecond Quarter and First Half 2023 Highlights\nNet Income was $4.2 million ($0.66 per diluted common share) for the second quarter and $8.7 million YTD ($1.35 per diluted common share). Pre-provision, pre-tax net revenue (\"PPNR\") for Q2 2023 was $5.3 million and $11.1 million YTD.Return on Average Assets (ROA) was 0.88% and PPNR ROA was 1.11% for the second quarter, while Return on Average Equity (ROE) was 11.60% and PPNR ROE was 14.54%.Book value per share increased to $22.49 at June 30, 2023.Noninterest income for Q2 2023 was up 36% when compared to Q1 2023.Deposit balances increased $56 million, or 4% during the quarter.Credit quality remains strong with nonperforming loans to total loans of 0.05% and loans more than 30 days past due at 0.11% of total loans. At June 30, 2023, CFBank's primary and secondary liquidity (cash plus available borrowing capacity) totaled $638 million. The estimated amount of CFBank's uninsured customer deposit accounts was $480 million, or approximately 28.9% of total deposit balances, as of June 30, 2023.Recent Developments\nOn July 10, 2023, the Company's Board of Directors declared a Cash Dividend of $0.06 per share payable on August 1, 2023 to shareholders of record as of the close of business on July 21, 2023. CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented: \"Our CFBK Earnings were $4.2 Million, or $0.66 cents per share, for Q2. Our Book Value at June 30, 2023 was $22.49 per share.\nOur CF Team has been proactive in responding early on to Margin pressures boosting loan pricing and deposit requirements beginning early this year.\nLoan growth has been modest during the first half of the year. Presently, we are pleased to report that both our Loan and Deposit Pipelines are increasing. Our objective and expectation for the second half of 2023 is to outrun elevated loan payoffs experienced during the second quarter and anticipated during the third quarter of this year. These payoffs are mostly Commercial Real Estate loans moving to permanent financing sources. Our business objectives include taking advantage of continuing quality new b...