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CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 4TH QUARTER AND FULL YEAR 2023.
COLUMBUS, Ohio, Feb. 7, 2024 /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, 2024 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, National Association (\"CFBank\"), today announced financial results for the fourth quarter and the full year ended December 31, 2023.\n\nFourth Quarter and Full Year 2023 Highlights\nNet Income was $4.2 million ($0.65 per diluted common share) for the fourth quarter and $16.9 million ($2.63 per diluted common share) for the year ended December 31, 2023. Pre-provision, pre-tax net revenue (\"PPNR\") for the fourth quarter of 2023 was $6.0 million. PPNR for the year ended December 31, 2023 was $23.3 million.For the fourth quarter of 2023, Return on Average Equity (ROE) was 11.02% and PPNR ROE was 15.72%, while Return on Average Assets (ROA) was 0.84% and PPNR ROA was 1.19%.Assets topped $2 billion at December 31, 2023.Noninterest-bearing deposits increased $21.6 million, or 10.1%, during the fourth quarter of 2023.Book value per share increased to $23.74 as of December 31, 2023.Credit quality remains strong with loans more than 30 days past due at 0.11% of total loans and nonperforming loans to total loans of 0.33% as of December 31, 2023.Recent Developments\nOn January 3, 2024, the Company's Board of Directors declared a Cash Dividend of $0.06 per share paid on January 29, 2024 to shareholders of record as of the close of business on January 16, 2024. CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented: \"Net earnings were $4.2 million for the fourth quarter, which were impacted by provisions for credit losses of $875,000. \nDuring the quarter, our charge offs were $633,000, which were related to two commercial loans in the transportation (trucking) sector. Our exposure to this sector is less than 1% of total loans and leases.\nOur Total Assets topped $2 billion at December 31, 2023, and were primarily comprised of net loans and leases totaling $1.7 billion, as we continue to have only a nominal investment portfolio.\nLoans grew by $34 million during the fourth quarter. \nOur fourth quarter Efficiency Ratio was 52.75%, demonstrating our success in managing overhead and tight expense controls.\nDeposits during the fourth quarter increased $59 million, with Non-interest bearing deposits increasing $22 million. \nCFBank moved into the top ten Central Ohio Banks ranked by deposits, toppi...