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CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 4th QUARTER AND FULL YEAR 2024.
COLUMBUS, Ohio, Feb. 12, 2025 /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. 12, 2025 /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, 2024.\n\n \n \n \n \n \n \n\n \nFourth Quarter and Full Year 2024 Highlights\nNet income was $4.4 million ($0.68 per diluted common share) for the fourth quarter and $13.4 million ($2.06 per diluted common share) for the year ended December 31, 2024.Pre-provision, pre-tax net revenue (PPNR) for the fourth quarter was $6.5 million, which represented a $706,000 (12%) increase over the third quarter of 2024. PPNR for the year ended December 31, 2024 was $22.9 million.Return on Average Equity (ROE) was 10.61% for the fourth quarter, while Return on Average Assets (ROA) was 0.86%.Net Interest Income for the fourth quarter of 2024 increased $1.0 million (9.4%) when compared to the third quarter of 2024.Net Interest Margin (NIM) increased 16bps when compared to the previous quarter. This improvement in our NIM was driven by a 30bps reduction in the average rate paid on interest-bearing liabilities. This represents the third consecutive quarter in which we have achieved NIM expansion. Noninterest income was up $413,000 (40%) for the fourth quarter of 2024 when compared to the fourth quarter of 2023, while Full Year 2024 noninterest income was up $1.1 million (28%) over 2023. The largest contributor to the noninterest income growth were Customer Fees, including Cash Management products and services, which grew $939,000 (60%) for the Full Year 2024 when compared to 2023.Noninterest bearing (NIB) deposit balances increased by $38 million (16%) during 2024.Recent Developments\nOn January 6, 2025, the Company's Board of Directors declared a cash dividend of $0.07 per share on its common stock and a corresponding cash dividend of $7.00 per share on its Series D Preferred Stock. The dividend was paid on January 27, 2025 to shareholders of record as of the close of business on January 16, 2025.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented: \"Fourth Quarter 2024 Net Income was $4.4 million, which is net of a $1 million after-tax impact from additional Credit Loss Reserves. \nThe business and operating environment which we and other Banks experienced during 2024, rema...