Business
CF Bankshares Inc. Posts Record Earnings For 3rd Quarter And Year To Date, Also Announces Quarterly Cash Dividend
COLUMBUS, Ohio, Oct. 26, 2020 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today announced financial results for
About this update from Cf Bankshares Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Oct. 26, 2020 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the \"Company\"), the parent of CFBank, today announced financial results for the third quarter and year to date ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nDividend Announcement\nThe Board of Directors declared a quarterly cash dividend on its voting and nonvoting common stock of $0.03 per share payable on November 16, 2020 to shareholders of record as of the close of business on November 5, 2020.\nThird Quarter 2020 Highlights\nNet income of $10.2 million, an increase of 289% when compared to the same quarter of 2019. Pre-Provision, Pre-Tax Net Revenue (\"PPNR\") of $18.6 million, which represents a 465% increase compared to $3.3 million in Q3 2019. Book value per common share increased to $15.68 at September 30, 2020, which represents a $1.54 increase during the quarter and a $3.28 increase in Book Value year-to-date. Return of average assets was 3.39% for the quarter and PPNR return on average assets was 6.20%. Return on average equity for the quarter was 42.07% compared to 20.12% for the same quarter of 2019. Loan payment deferrals decreased to approximately $24 million (3% of outstanding loan balances) at September 30, 2020, down from approximately $100 million (12% of outstanding loan balances) at June 30, 2020. Nonperforming assets as a percentage of total assets remains low at 0.04%. ALLL reserves of $15.5 million equal 1.75% of total loans and 2.07% of total non-government guaranteed loans at September 30, 2020.Timothy T. O'Dell, President and CEO, commented, \"We are extremely pleased with our continued strong earnings performance which is driven by a combination of increasing core earnings bolstered by our success in home mortgage lending. Our Third Quarter Earnings of $10.2 million were on par with our previous record Q2 Results. Noteworthy is that Q3 Earnings are net of increased provisioning expense of $5.75 million. \nI am also extremely pleased to reward shareholders by announcing a $.03 per share quarterly dividend payable on November 16th to shareholders of record as of November 5th. \nOur performance and operating metrics are strong as evidenced by: ROA for the third quarter was 3.39%, along with ROE of 42.07%. Book value ended the quarter at $15.68 per share, an increase of $1.54 per share during Q3. \nTo date during 202...