Business
CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE THIRD QUARTER 2023.
COLUMBUS, Ohio, Nov. 8, 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, Nov. 8, 2023 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, National Association (\"CFBank\"), today announced financial results for the third quarter ended September 30, 2023.\n\nThird Quarter and Year to Date 2023 Highlights\nNet Income was $4.0 million ($0.62 per diluted common share) for the third quarter and $12.7 million ($1.97 per diluted common share) for the first nine months of 2023. Third quarter results included a $1.2 million provision for credit losses. Pre-provision, pre-tax net revenue (\"PPNR\") for the third quarter of 2023 was $6.2 million, which represented an increase of $917,000 from the second quarter 2023. PPNR for the first nine months of 2023 was $17.3 million.For the third quarter of 2023, Return on Average Assets (ROA) was 0.82% and PPNR ROA was 1.27%, while Return on Average Equity (ROE) was 10.75% and PPNR ROE was 16.55%.Book value per share increased to $23.10 as of September 30, 2023.Noninterest income for the third quarter of 2023 increased 33% when compared to the second quarter of 2023. Credit quality remains strong with nonperforming loans to total loans of 0.27% and loans more than 30 days past due at 0.14% of total loans as of September 30, 2023.Recent Developments\nOn October 3, 2023, the Company's Board of Directors declared a Cash Dividend of $0.06 per share payable on October 27, 2023 to shareholders of record as of the close of business on October 16, 2023.CEO and Board Chair Commentary\nTimothy T. O'Dell, President and CEO, commented: \"Net earnings were $4.0 Million, or $0.62 per diluted common share for the third quarter, reflecting provision for credit losses of $1.2 million. PPNR was $6.2 million for the third quarter, an increase of more than $900k versus the second quarter.\nLoan Pipelines and quality new Business Opportunities, including both Deposits and Loans, remain strong. We continue to capture additional quality business opportunities and new customers, with many coming from larger regional and other bank competitors.\nFee income also expanded significantly during the third quarter. While we expect reduced swap fee income in the fourth quarter (as our third quarter Loans with Swap fees were unusually strong), we expect other fee income businesses to continue to expand. These include Business Credit Cards and salab...