Business
CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 4th QUARTER AND FULL YEAR 2022
COLUMBUS, Ohio, Feb. 7, 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, Feb. 7, 2023 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, National Association (\"CFBank\"), today announced financial results for the fourth quarter and year to date (YTD) ended December 31, 2022.\nFourth Quarter and Full Year 2022 Highlights\nNet Income of $4.7 million ($0.72 per share) for Q4 2022 which represents a 10% increase over Q3 2022. Pre-provision, pre-tax net revenue (\"PPNR\") of $6.5 million for Q4 2022 was up 20% as compared to Q3 2022. For the full year 2022, net income was $18.2 million ($2.78 per share) and PPNR was $23.4 million.Return on Average Assets (ROA) was 1.04% and PPNR ROA was 1.46% for the fourth quarter, while Return on Average Equity (ROE) was 13.55% and PPNR ROE was 18.96%.For the year ended December 31, 2022, ROA was 1.11% and ROE was 13.69%.Book value per share increased to $21.43 at December 31, 2022.Net loans and leases grew by $98 million during the quarter. Net loans and leases totaled $1.6 billion at December 31, 2022.Credit quality remains strong with nonperforming loans to total loans of 0.05% and loans more than 30 days past due at 0.13% of total loans.Recent Developments\nIn February 2023, the Company will be relocating its headquarters to Hamilton Quarter, near New Albany, Ohio. This new location consolidates two (2) existing offices as well as provides significantly increased presence and visibility. Additionally, we expect increased banking opportunities given its proximity to the Intel growth corridor. Boutique delivery of Commercial and Personal Banking services will be provided at the new HQ location.On January 4, 2023, the Company's Board of Directors declared a Cash Dividend of $0.05 per share payable on January 31, 2023 to shareholders of record as of the close of business on January 17, 2023.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented: \"Our Business model with Boutique delivery continues to resonate with Business Owners and Entrepreneurs located in the metro markets we serve. Over the past 12–15 months, we have successfully doubled the size of our Commercial Banking teams, adding experienced Talent mostly coming to us from Regional Banks. The additions of this top Commercial Banking talent has enabled us to continue shifting our business mix toward Commercial and Industrial (\"C...