Business
CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 3rd QUARTER OF 2022
COLUMBUS, Ohio, Nov. 7, 2022 /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, Nov. 7, 2022 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, National Association (\"CFBank\"), today announced financial results for the third quarter and year to date (YTD) ended September 30, 2022.\nThird Quarter and Year to Date 2022 Highlights\nNet Income of $4.2 million ($0.65 per share) and Core Earnings of $5.2 million ($0.80 per share). Core Earnings represent net income adjusted for non-recurring items totaling $946,000 (after-tax) for the conversion of our operating platform and fixed asset impairment. These non-recurring items are detailed in the tables included with this press release. Core earnings increased $411,000, when compared to the previous sequential quarter.Return on Average Assets (ROA) was 1.02% and Core Return on Average Assets was 1.25% for the third quarter, while Return on Average Equity (ROE) was 12.62% and Core Return on Average Equity was 15.43%.For the first nine months of 2022, Net Income was $13.5 million ($2.06 per share), ROA was 1.14% and ROE was 13.74%.Net interest margin (NIM) increased 32 bps during the quarter to 3.36%.Book value per share increased to $20.85 at September 30, 2022.Net loans and leases grew by $96 million, or 27.8% (annualized), during the quarter. Net loans and leases totaled $1.5 billion at September 30, 2022.During the third quarter, we completed the conversion of our core processing platform, and recognized one-time conversion expenses of approximately $500,000 after-tax. These expenses are expected to be earned back over the life of the contract through reduced data processing charges.Credit quality remains strong with loans more than 30 days past due at 0.09% of total loans. There were no charge-offs during the quarter and year to date through September 30, 2022.Recent Developments\nOn October 4, 2022, the Company's Board of Directors declared a Cash Dividend of $0.05 per share payable on October 25, 2022 to shareholders of record as of the close of business on October 14, 2022.In October 2022, we opened two new banking locations, Ohio City (Cleveland) and Red Bank (Cincinnati), after opening full-service Retail branches in Polaris (Columbus, Ohio) and Indianapolis earlier this year.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented: \"Operating in the currently challenging and v...