false000107068000010706802024-08-062024-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2024

CF BANKSHARES INC.

(Exact name of registrant as specified in its charter)

Delaware

0-25045

34-1877137

(State or other jurisdiction of

(Commission

(IRS Employer

incorporation)

File Number)

Identification No.)

4960 E. Dublin Granville Road, Suite #400, Columbus, Ohio

43081

(614) 334-7979

(Address of principal executive offices)

(Zip Code)

(Registrant’s Telephone Number)

N/A

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

CFBK

The NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02. Results of Operations and Financial Condition.

On August 6, 2024, CF Bankshares Inc. (the “Company”) issued a press release announcing financial results for the second quarter ended June 30, 2024 (the “Earnings Release”). A copy of the Earnings Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

(a)

Not applicable

(b)

Not applicable

(c)

Not applicable

(d)

Exhibits

99.1 Earnings Release issued by the Company on August 6, 2024, announcing financial results for the second quarter ended June 30, 2024.

104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CF Bankshares Inc.

Date: August 6, 2024

By:

/s/ Kevin J. Beerman

Kevin J. Beerman

Executive Vice President and Chief Financial Officer

                                                                                                                                                    Exhibit 99.1

Picture 3

Parent of CFBank, NA





 





 



 



PRESS RELEASE

 

FOR IMMEDIATE RELEASE:

August 6, 2024

For Further Information:

Timothy T. O'Dell, President & CEO



Phone:  614.318.4660



Email: timodell@cfbankmail.com





CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 2nd QUARTER 2024.



Columbus, Ohio – August 6, 2024  – CF Bankshares Inc. (NASDAQ: CFBK) (the “Company”), the parent of CFBank, National Association (“CFBank”), today announced financial results for the second quarter ended June 30, 2024.



Second Quarter 2024 and YTD Highlights

·

Net income for Q2 2024 was $1.7 million ($0.26 earnings per diluted common share). Pre-provision, pre-tax net revenue (PPNR) for Q2 2024 was $5.5 million.  Q2 2024 net income was negatively impacted by $3.1 million of additional specific reserves placed on two loan participations acquired from regional banks.

·

Return on Average Equity (ROE) was 4.23% and PPNR ROE was 13.71% for Q2 2024, while Return on Average Assets (ROA) was 0.34% and PPNR ROA was 1.10%.

·

Excluding the impact of the additional specific reserves on noncore assets in Q2 2024, second quarter adjusted core performance metrics would have been: Adjusted ROA: 0.89%, Adjusted ROE: 10.25% and Adjusted earnings per diluted common share:  $0.65.



·

Net Interest Margin (NIM) increased 3bps when compared to the previous quarter. 

·

Service charge income increased $244,000 (64%) when compared to Q2 2023 and $64,000 (11%) when compared to the previous quarter.  Year to date, income from service charges is up $499,000 (73%) when compared to the first six months of 2023.

·

New commercial loan production totaled $16.8 million during Q2 2024. Loan and business pipelines along with quality new business opportunities in our four major regional markets (Columbus, Cleveland, Cincinnati & Indianapolis) are expanding.



Recent Developments

·

On July 1, 2024, the Company’s Board of Directors declared a cash dividend of $0.06 per share on its common stock and a corresponding cash dividend of $6.00 per share on its Series D Preferred Stock.  The dividend was paid on July 19, 2024 to shareholders of record as of the close of business on July 11, 2024.    



CEO and Board Chair Commentary



Timothy T. O’Dell, President and CEO, commented: “Net After Tax Consolidated Earnings for Q2 were $1.7 million (or $0.26 per diluted common share), which included the impact from $3.6 million in elevated loan provision expense. The increased provisioning was related mostly to two acquired loan participations whose performance we have been tracking closely. Both are loan participations led by regional banks.


 

 



The two loan participations mentioned are not considered core assets because no underlying customer relationship exists.  These earning assets were purchased in 2021 to hedge the earning asset loan runoff impact and redeploy excess liquidity following our exit of the DTC Mortgage Lending business and payoffs of PPP loans.



Including noncore assets as of June 30, 2024, loans past due 30+ days equaled 0.45% of total loans, classified assets equaled 0.48% of total assets and we held no OREO.



Our core customer loan book continues to perform well as evidenced by the following metrics as of June 30, 2024: core loans past due 30+ days equaled 0.23% of core loans and core classified assets equaled 0.13% of core assets.



Commercial loan generation and loan pipelines remain strong and are increasing.  To date, commercial real estate loan payoffs received are offsetting net loan growth.



In the coming quarters, we foresee lessening amounts of loan payoff's, which would contribute to stronger net loan growth performance.



Earlier investment in strengthening our Regional Banking teams is producing increased business opportunities including loans, deposits and fee income business across our entire footprint. For example, new leadership in Treasury Management has increased fee income by 64% year over year.  Additionally, as of this quarter end, we now have a fully staffed, well-seasoned Commercial Banking team in our Indianapolis Market.


We remain bullish about our business opportunities for the second half of 2024 and believe Our Best is Yet Ahead!”



Robert E. Hoeweler, Chairman of the Board, added: “Our underpinning business fundamentals remain very strong. We are buoyed by our continuing success attracting quality new business and banking talent, as our business model and delivery of commercial banking services resonates strongly with entrepreneurs and closely held businesses.”





Overview of Results 

Net income for the three months ended June 30, 2024 totaled $1.7 million (or $0.26 per diluted common share) compared to net income of $3.1 million (or $0.47 per diluted common share) for the three months ended March 31, 2024 and net income of $4.2 million (or $0.66 per diluted common share) for the three months ended June 30, 2023.  Pre-provision, pre-tax net revenue (“PPNR”) for the three months ended June 30, 2024 was $5.5 million compared to PPNR of $5.0 million for the three months ended March 31, 2024 and PPNR of $5.3 million for the three months ended June 30, 2023.

Net income for the six months ended June 30, 2024 totaled $4.8 million (or $0.74 per diluted common share) compared to net income of $8.7 million (or $1.35 per diluted common share) for the six months ended June 30, 2023. Pre-provision, pre-tax net revenue (“PPNR”) for the six months ended June 30, 2024 was $10.5 million compared to PPNR of $11.1 million for the six months ended June 30, 2023.

Net Interest Income and Net Interest Margin

Net interest income totaled $11.4 million for the quarter ended June 30, 2024 and increased $83,000, or 0.7%, compared to $11.3 million for the prior quarter, and decreased $119,000, or 1.0%, compared to $11.5 million for the second quarter of 2023.

The increase in net interest income compared to the prior quarter was primarily due to a $229,000, or 0.8%, increase in interest income, partially offset by a $146,000, or 0.8%, increase in interest expense.  The increase in interest income was primarily attributed to a 9bps increase in the average yield on interest-earning assets, partially offset by  an  $11.6 million, or 0.6%, decrease in average interest-earning assets. The increase in interest expense when compared to the prior quarter was attributed to a 6bps increase in the average cost of funds on interest-bearing liabilities, partially offset by an $8.3 million, or 0.5%, decrease in average interest-bearing liabilities. The net interest margin of 2.39% for the quarter ended June 30, 2024 increased 3bps compared to the net interest margin of 2.36% for the prior quarter.

The decrease in net interest income compared to the second quarter of 2023 was primarily due to a $3.2 million, or 21.8%, increase in interest expense, partially offset by a $3.1 million, or 11.8%, increase in interest income.  The increase in interest


 

 

expense was attributed to a 68bps increase in the average cost of funds on interest-bearing liabilities, coupled with a $56.6 million, or 3.7%, increase in average interest-bearing liabilities. The increase in interest income was primarily attributed to a 40bps increase in the average yield on interest-earning assets, coupled with a $84.4 million, or 4.6%, increase in average interest-earning assets outstanding. The net interest margin of 2.39% for the quarter ended June 30, 2024 decreased 13bps compared to the net interest margin of 2.52% for the second quarter of 2023.

Noninterest Income

Noninterest income for the quarter ended June 30, 2024 totaled $1.2 million and increased $313,000, or 34.6%, compared to $905,000 for the prior quarter.  The increase was primarily due to a $419,000 increase in other noninterest income, partially offset by a $167,000 decrease in net gain on sales of commercial loans.

Noninterest income for the quarter ended June 30, 2024 increased $240,000, or 24.5%, compared to $978,000 for the quarter ended June 30, 2023.  The increase was primarily due to a $244,000 increase in service charges on deposit accounts.

The following table represents the notional amount of loans sold during the three months ended June 30, 2024, March 31, 2024, and June 30, 2023 (in thousands).







 

 

 

 

 

 

 

 



Three Months ended



June 30, 2024

 

March 31, 2024

 

June 30, 2023

Notional amount of loans sold

$

10,837 

 

$

9,037 

 

$

3,171 





Noninterest Expense

Noninterest expense for the quarter ended June 30, 2024 totaled $7.1 million and decreased $95,000, or 1.3%, compared to $7.2 million for the prior quarter.  The decrease in noninterest expense was primarily due to a $188,000 decrease in loan expense, partially offset by a $70,000 increase in franchise taxes.    

Noninterest expense for the quarter ended June 30, 2024 decreased $81,000, or 1.1%, compared to $7.2 million for the quarter ended June 30, 2023.  The decrease in noninterest expense was primarily due to a $208,000 decrease in salaries and employee benefits, partially offset by a $162,000 increase in data processing expense. The decrease in salaries and employee benefits was primarily related to a $62,000 decrease in payroll related taxes, due to a one-time tax rate adjustment payment of approximately $54,000 that occurred in the second quarter of 2023, a $50,000 decrease in incentive expense, and a $36,000 decrease in the deferred compensation plan expense. The increase in data processing expense was primarily due to an increase in our average monthly core processing charges of approximately $26,000 per month coupled with a $37,000 one-time implementation fee.

Income Tax Expense

Income tax expense was $237,000 for the quarter ended June 30, 2024 (effective tax rate of 12.3%), compared to $695,000 for the prior quarter (effective tax rate of 18.5%) and $1.1 million for the quarter ended June 30, 2023 (effective tax rate of 20.0%).

Loans and Loans Held For Sale

Net loans and leases totaled $1.7 billion at June 30, 2024 and decreased $8.0 million, or 0.5%, from the prior quarter and decreased $6.4 million, or 0.4%, from December 31, 2023. The decrease in net loans and leases during the quarter was primarily due to a $6.9 million decrease in loans and leases balances coupled with a $1.1 million increase in the allowance for credit losses.  The decrease in loans and leases balances was primarily due to an $8.5 million decrease in commercial loan balances, a $7.4 million decrease in single-family residential loan balances, $2.0 million decrease in commercial real estate loan balances, and a $447,000 decrease in multi-family loan balances, partially offset by a $6.5 million increase in construction loan balances and a $4.8 million increase in home equity lines of creditThe increase in the allowance for credit losses was primarily driven by the provision for credit losses of $3.2 million, partially offset by net charge-offs of $2.1 million

The decrease in net loans and leases from December 31, 2023, was primarily due to $4.0 million decrease in loans and leases balances coupled with a $2.4 million increase in the allowance for credit losses.  The decrease in loans and leases balances was primarily due to a $17.9 million decrease in commercial loan balances, a $10.4 million decrease in single-family


 

 

residential loan balances, a $5.8 million decrease in construction loan balances, and a $2.4 million decrease in multi-family loan balances, partially offset by a  $26.8 million increase in commercial real estate loan balances and a $4.9 million increase in home equity lines of creditThe increase in the allowance for credit losses was primarily driven by the provision for credit losses of $4.5 million, partially offset by net charge-offs of $2.1 million

The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types (in thousands).





 

 

 

 



June 30, 2024

March 31, 2024

Construction – 1-4 family*

$

22,877 

$

23,622 

Construction – Multi-family*

 

118,815 

 

106,251 

Construction – Non-residential*

 

41,271 

 

46,594 

Hotel/Motel

 

12,144 

 

12,214 

Industrial / Warehouse

 

57,368 

 

57,837 

Land/Land Development

 

17,139 

 

16,348 

Medical/Healthcare/Senior Housing

 

318 

 

346 

Multi-family

 

180,511 

 

189,539 

Office

 

40,312 

 

44,819 

Retail

 

53,397 

 

53,701 

Other

 

30,856 

 

31,316 



*CFBank possesses a core competency and deep expertise in Construction Lending.  The construction lending business sector has produced many full banking relationships with proven developers with long successful track records.

Asset Quality

Nonaccrual loans were $10.9 million, or 0.64%, of total loans at June 30, 2024, an increase of $3.0 million from $7.9 million at March 31, 2024 and an increase of $5.2 million from $5.7 million at December 31, 2023.  The increase in nonaccrual loans when compared to the prior quarter end was primarily due to two commercial loans, totaling $4.7 million, and one single-family residential loan, totaling $547,000,  becoming nonaccrual during the second quarter of 2024, partially offset by charge-offs of $1.8 million on loans that went into nonaccrual status during the first quarter of 2024.    

The increase in nonaccrual loans when compared to December 31, 2023 was primarily driven by five commercial loans, totaling $4.9 million, and two single-family residential loans, totaling $919,000, becoming nonaccrual during the six months ended June 30, 2024.  Loans past due more than 30 days totaled $7.6 million at June 30, 2024 compared to $5.4 million at March 31, 2024 and $2.0 million at December 31, 2023

The allowance for credit losses on loans and leases totaled $19.3 million at June 30, 2024 compared to $18.2 million at March 31, 2024 and $16.9 million at December 31, 2023.  The ratio of the allowance for credit losses on loans and leases to total loans and leases was 1.13% at June 30, 2024 compared to 1.06% at March 31, 2024 and 0.99% at December 31, 2023.  The increase in the allowance for credit losses during the quarter ended June 30, 2024 was primarily driven by additional reserves placed on two individually-evaluated commercial loan participations, totaling $3.1 million, which were acquired from regional banks, partially offset by charge-offs of $2.1 million.

There was $3.6 million in provision for credit losses expense for the quarter ended June 30, 2024, compared to $1.2 million for the quarter ended March 31, 2024 and $12,000 for the quarter ended June 30, 2023.  The increase in the provision for credit losses was primarily driven by additional reserves placed on two individually-evaluated commercial loan participations which were acquired from regional banksNet charge-offs for the quarter ended June 30, 2024 totaled $2.1 million compared to net recoveries of $16,000 for the prior quarter and net recoveries of $108,000 for the quarter ended June 30, 2023.

Deposits

Deposits totaled $1.7 billion at June 30, 2024, a decrease of $26.6 million, or 1.5%, compared to $1.7 billion at March 31, 2024, and  a decrease of $47.6 million, or 2.7%, when compared to $1.7 billion at December 31, 2023.  The decrease when compared to March 31, 2024 was primarily due to a $19.1 million decrease in noninterest-bearing account balances, coupled with a $7.5 million decrease in interest-bearing accounts balances.  The decrease when compared to December 31, 2023, was primarily due to a $29.4 million decrease in interest-bearing account balances, coupled with a $18.2 million decrease in


 

 

noninterest-bearing account balances.  The decrease in interest-bearing account balances when compared to December 31, 2023 included a $14.2 million reduction in brokered deposits.

At June 30, 2024, approximately 28.6% of our deposit balances exceeded the FDIC insurance limit of $250,000, as compared to approximately 29.8% at March 31, 2024 and approximately 29.2% at December 31, 2023.

Borrowings

FHLB advances and other debt totaled $137.2 million at June 30, 2024 and increased $26.2 million, or 23.6%, when compared to $111.0 million at March 31, 2024 and increased $27.2 million when compared to $110.0 million at December 31, 2023. The increase when compared to March 31, 2024 and to December 31, 2023 was primarily due to a $26.0 million short-term borrowing

Capital

Stockholders’ equity totaled $159.6 million at June 30 2024, an increase of $1.6 million, or 1.0%, when compared to $158.0 million at March 31, 2024, and an increase of $4.2 million, or 2.7%, from $155.4 million at December 31, 2023.  The increase in total stockholders’ equity during the three months ended June 30, 2024 was primarily attributed to net income, partially offset by $387,000 in dividend payments. The increase in stockholders’ equity during the six months ended June 30, 2024 was primarily attributed to net income, partially offset by $773,000 in dividend payments.

Use of Non-GAAP Financial Measures

This earnings release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Non-GAAP financial measures included in this earnings release include Pre-Provision, Pre-Tax Net Revenue (PPNR), PPNR Return on Average Assets (PPNR ROA), PPNR Return on Average Equity (PPNR ROE), as well as Net income adjusted for impairment expenses (additional specific reserves) on noncore assets and certain credit quality metrics for core assets (Adjusted Core Net Income), Adjusted Return on Average Assets (Adjusted ROA), Adjusted Return on Average Equity (Adjusted ROE) and Adjusted Diluted Earnings Per Share (Adjusted EPS).  Management uses these "non-GAAP" financial measures in its analysis of the Company’s performance and believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers.  Additionally, Management believes these financial measures provide additional clarity regarding the performance of the Company’s core assets.  These disclosures should not be viewed as substitutes for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.  A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included at the end of this earnings release under the heading " NON-GAAP FINANCIAL MEASURES."



About CF Bankshares Inc. and CFBank

CF Bankshares Inc. (the “Company”) is a holding company that owns 100% of the stock of CFBank, National Association (“CFBank”). CFBank is a nationally chartered boutique Commercial bank operating primarily in Four (4) Major Metro Markets: Columbus, Cleveland, and Cincinnati, Ohio, and Indianapolis, Indiana. The current Leadership Team and Board recapitalized the Company and CFBank in 2012 during the financial crisis, repositioning CFBank as a full-service Commercial Bank model. Since the 2012 recapitalization, CFBank has achieved a CAGR in excess of 20%.

CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing a comprehensive Commercial, Retail, and Mortgage Lending services presence. In all regional markets, CFBank provides commercial loans and equipment leases, commercial and residential real estate loans and treasury management depository services, residential mortgage lending, and full-service commercial and retail banking services and products.  CFBank is differentiated by our penchant for individualized service coupled with direct customer access to decision-makers, and ease of doing business. CFBank matches the sophistication of much larger banks, without the bureaucracy.

CFBank was named one of Piper Sandler’s “Bank & Thrift Sm-All Stars” for 2023.  This recognition places us among the top 10% of small-cap banks and thrifts in the United States.  In addition, CFBank ranked #7 on American Banker’s listing of Top 200 Publicly Traded Community Banks based on 3-year average return on equity as of December 31, 2022.

Additional information about the Company and CFBank is available at www.CF.Bank




 

 



FORWARD LOOKING STATEMENTS

This press release and other materials we have filed or may file with the Securities and Exchange Commission (“SEC”) contain or may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Reform Act of 1995, which are made in good faith by us.  Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of CF Bankshares Inc. or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements.  Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.  Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements, including, without limitation those risks detailed from time to time in our reports filed with the SEC, including those risk factors identified in “Item 1A.  Risk Factors” of Part I of our Annual Report on Form 10-K filed with SEC for the year ended December 31, 2023.

Forward-looking statements are not guarantees of performance or results.  A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement.  We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.  We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material.  The forward-looking statements included in this press release speak only as of the date hereof.  We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law. 



 


 

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

Three months ended

 

 

 

Six months ended

 

 



June 30,

 

 

 

June 30,

 

 



2024

 

2023

 

% change

 

2024

 

2023

 

% change

Total interest income

$

29,315 

 

$

26,225 

 

12% 

 

$

58,401 

 

 

50,401 

 

16% 

Total interest expense

 

17,948 

 

 

14,739 

 

22% 

 

 

35,750 

 

 

26,182 

 

37% 

     Net interest income

 

11,367 

 

 

11,486 

 

-1%

 

 

22,651 

 

 

24,219 

 

-6%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Provision for credit losses-loans

 

3,195 

 

 

(63)

 

n/m

 

 

4,512 

 

 

204 

 

2112% 

  Provision for credit losses-unfunded commitments

 

366 

 

 

75 

 

388% 

 

 

286 

 

 

45 

 

536% 



 

3,561 

 

 

12 

 

29575% 

 

 

4,798 

 

 

249 

 

1827% 

Net interest income after provision for credit losses

 

7,806 

 

 

11,474 

 

-32%

 

 

17,853 

 

 

23,970 

 

-26%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Service charges on deposit accounts

 

623 

 

 

379 

 

64% 

 

 

1,182 

 

 

683 

 

73% 

  Net gain (loss) on sales of residential mortgage loans

 

87 

 

 

40 

 

118% 

 

 

177 

 

 

37 

 

378% 

  Net gains on sale of commercial loans

 

 -

 

 

 -

 

n/m

 

 

167 

 

 

 -

 

n/m

  Swap fee income

 

 -

 

 

142 

 

-100%

 

 

 -

 

 

172 

 

-100%

  Other

 

508 

 

 

417 

 

22% 

 

 

597 

 

 

805 

 

-26%

     Noninterest income

 

1,218 

 

 

978 

 

25% 

 

 

2,123 

 

 

1,697 

 

25% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Salaries and employee benefits

 

3,570 

 

 

3,778 

 

-6%

 

 

7,078 

 

 

7,764 

 

-9%

  Occupancy and equipment

 

471 

 

 

456 

 

3% 

 

 

905 

 

 

837 

 

8% 

  Data processing

 

649 

 

 

487 

 

33% 

 

 

1,264 

 

 

1,036 

 

22% 

  Franchise and other taxes

 

356 

 

 

328 

 

9% 

 

 

642 

 

 

627 

 

2% 

  Professional fees

 

590 

 

 

632 

 

-7%

 

 

1,253 

 

 

1,238 

 

1% 

  Director fees

 

143 

 

 

164 

 

-13%

 

 

268 

 

 

334 

 

-20%

  Postage, printing, and supplies

 

42 

 

 

37 

 

14% 

 

 

86 

 

 

92 

 

-7%

  Advertising and marketing

 

38 

 

 

71 

 

-46%

 

 

52 

 

 

254 

 

-80%

  Telephone

 

52 

 

 

72 

 

-28%

 

 

103 

 

 

136 

 

-24%

  Loan expenses

 

259 

 

 

187 

 

39% 

 

 

706 

 

 

359 

 

97% 

  Depreciation

 

122 

 

 

148 

 

-18%

 

 

252 

 

 

281 

 

-10%

  FDIC premiums

 

499 

 

 

519 

 

-4%

 

 

1,099 

 

 

1,022 

 

8% 

  Regulatory assessment

 

66 

 

 

60 

 

10% 

 

 

131 

 

 

118 

 

11% 

  Other insurance

 

51 

 

 

52 

 

-2%

 

 

107 

 

 

99 

 

8% 

  Other

 

184 

 

 

182 

 

1% 

 

 

333 

 

 

667 

 

-50%

     Noninterest expense

 

7,092 

 

 

7,173 

 

-1%

 

 

14,279 

 

 

14,864 

 

-4%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,932 

 

 

5,279 

 

-63%

 

 

5,697 

 

 

10,803 

 

-47%

Income tax expense

 

237 

 

 

1,056 

 

-78%

 

 

932 

 

 

2,132 

 

-56%

Net income

 

1,695 

 

 

4,223 

 

-60%

 

 

4,765 

 

 

8,671 

 

-45%

Earnings allocated to participating securities (Series D preferred stock)

 

(54)

 

 

 -

 

n/m

 

 

(121)

 

 

 -

 

n/m

Net Income attributable to common stockholders

$

1,641 

 

$

4,223 

 

-61%

 

$

4,644 

 

$

8,671 

 

-46%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.26 

 

$

0.66 

 

 

 

$

0.74 

 

$

1.35 

 

 

Diluted earnings per common share

$

0.26 

 

$

0.66 

 

 

 

$

0.74 

 

$

1.35 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

6,256,457 

 

 

6,418,305 

 

 

 

 

6,293,178 

 

 

6,410,624 

 

 

Average common shares outstanding - diluted 

 

6,256,457 

 

 

6,433,623 

 

 

 

 

6,306,878 

 

 

6,431,508 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

n/m - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

Jun 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

Jun 30,

 

(unaudited)

2024

 

2024

 

2023

 

2023

 

2023

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

241,775 

 

$

236,892 

 

$

261,595 

 

$

229,763 

 

$

231,600 

 

Interest-bearing deposits in other financial institutions

 

100 

 

 

100 

 

 

100 

 

 

100 

 

 

100 

 

Securities available for sale

 

8,323 

 

 

7,597 

 

 

8,092 

 

 

8,480 

 

 

8,966 

 

Equity securities

 

5,000 

 

 

5,000 

 

 

5,000 

 

 

5,000 

 

 

5,000 

 

Loans held for sale

 

3,187 

 

 

2,241 

 

 

1,849 

 

 

1,355 

 

 

1,355 

 

Loans and leases

 

1,706,980 

 

 

1,713,929 

 

 

1,710,998 

 

 

1,676,806 

 

 

1,647,103 

 

 Less allowance for credit losses on loans and leases

 

(19,285)

 

 

(18,198)

 

 

(16,865)

 

 

(17,032)

 

 

(15,960)

 

    Loans and leases, net

 

1,687,695 

 

 

1,695,731 

 

 

1,694,133 

 

 

1,659,774 

 

 

1,631,143 

 

FHLB and FRB stock

 

9,830 

 

 

8,491 

 

 

8,482 

 

 

8,499 

 

 

8,736 

 

Premises and equipment, net

 

3,571 

 

 

3,685 

 

 

3,812 

 

 

3,940 

 

 

4,085 

 

Operating lease right of use assets

 

4,858 

 

 

5,041 

 

 

5,221 

 

 

5,138 

 

 

5,313 

 

Bank owned life insurance

 

26,683 

 

 

26,470 

 

 

26,266 

 

 

26,103 

 

 

25,946 

 

Accrued interest receivable and other assets

 

49,612 

 

 

48,225 

 

 

44,065 

 

 

44,300 

 

 

40,605 

 

Total assets

$

2,040,634 

 

$

2,039,473 

 

$

2,058,615 

 

$

1,992,452 

 

$

1,962,849 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Noninterest bearing

$

217,771 

 

$

236,841 

 

$

235,916 

 

$

214,334 

 

$

216,966 

 

    Interest bearing

 

1,478,705 

 

 

1,486,229 

 

 

1,508,141 

 

 

1,470,659 

 

 

1,443,117 

 

         Total deposits

 

1,696,476 

 

 

1,723,070 

 

 

1,744,057 

 

 

1,684,993 

 

 

1,660,083 

 

FHLB advances and other debt

 

137,163 

 

 

111,004 

 

 

109,995 

 

 

109,987 

 

 

109,978 

 

Advances by borrowers for taxes and insurance

 

154 

 

 

1,093 

 

 

2,179 

 

 

1,737 

 

 

2,034 

 

Operating lease liabilities

 

4,949 

 

 

5,127 

 

 

5,302 

 

 

5,216 

 

 

5,388 

 

Accrued interest payable and other liabilities

 

27,322 

 

 

26,209 

 

 

26,747 

 

 

24,298 

 

 

23,084 

 

Subordinated debentures

 

14,980 

 

 

14,971 

 

 

14,961 

 

 

14,951 

 

 

14,941 

 

         Total liabilities

 

1,881,044 

 

 

1,881,474 

 

 

1,903,241 

 

 

1,841,182 

 

 

1,815,508 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

159,590 

 

 

157,999 

 

 

155,374 

 

 

151,270 

 

 

147,341 

 

Total liabilities and stockholders' equity

$

2,040,634 

 

$

2,039,473 

 

$

2,058,615 

 

$

1,992,452 

 

$

1,962,849 

 







 


 

 











 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balance Sheet and Yield Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For Three Months Ended



June 30, 2024

 

March 31, 2024

 

June 30, 2023



Average

 

Interest

 

Average

 

Average

 

Interest

 

Average

 

Average

 

Interest

 

Average



Outstanding

 

Earned/

 

Yield/

 

Outstanding

 

Earned/

 

Yield/

 

Outstanding

 

Earned/

 

Yield/



Balance

 

Paid

 

Rate

 

Balance

 

Paid

 

Rate

 

Balance

 

Paid

 

Rate



(Dollars in thousands)

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities (1) (2)

$

12,902 

 

$

133 

 

 

3.37% 

 

$

13,077 

 

$

129 

 

 

3.23% 

 

$

14,406 

 

$

213 

 

 

4.94% 

Loans and leases and loans held for sale (3)

 

1,688,522 

 

 

26,339 

 

 

6.24% 

 

 

1,694,701 

 

 

26,010 

 

 

6.14% 

 

 

1,627,516 

 

 

23,684 

 

 

5.82% 

Other earning assets

 

191,199 

 

 

2,679 

 

 

5.60% 

 

 

196,600 

 

 

2,782 

 

 

5.66% 

 

 

165,843 

 

 

2,190 

 

 

5.28% 

FHLB and FRB stock

 

8,646 

 

 

164 

 

 

7.59% 

 

 

8,488 

 

 

165 

 

 

7.78% 

 

 

9,133 

 

 

138 

 

 

6.04% 

Total interest-earning assets

 

1,901,269 

 

 

29,315 

 

 

6.16% 

 

 

1,912,866 

 

 

29,086 

 

 

6.07% 

 

 

1,816,898 

 

 

26,225 

 

 

5.76% 

Noninterest-earning assets

 

96,107 

 

 

 

 

 

 

 

 

91,328 

 

 

 

 

 

 

 

 

92,456 

 

 

 

 

 

 

Total assets

$

1,997,376 

 

 

 

 

 

 

 

$

2,004,194 

 

 

 

 

 

 

 

$

1,909,354 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

1,443,860 

 

 

16,784 

 

 

4.65% 

 

$

1,453,397 

 

 

16,650 

 

 

4.58% 

 

$

1,388,672 

 

 

13,660 

 

 

3.93% 

FHLB advances and other borrowings

 

126,918 

 

 

1,164 

 

 

3.67% 

 

 

125,724 

 

 

1,152 

 

 

3.67% 

 

 

125,505 

 

 

1,079 

 

 

3.44% 

Total interest-bearing liabilities

 

1,570,778 

 

 

17,948 

 

 

4.57% 

 

 

1,579,121 

 

 

17,802 

 

 

4.51% 

 

 

1,514,177 

 

 

14,739 

 

 

3.89% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities

 

266,393 

 

 

 

 

 

 

 

 

267,714 

 

 

 

 

 

 

 

 

249,608 

 

 

 

 

 

 

Total liabilities

 

1,837,171 

 

 

 

 

 

 

 

 

1,846,835 

 

 

 

 

 

 

 

 

1,763,785 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

160,205 

 

 

 

 

 

 

 

 

157,359 

 

 

 

 

 

 

 

 

145,569 

 

 

 

 

 

 

Total liabilities and equity

$

1,997,376 

 

 

 

 

 

 

 

$

2,004,194 

 

 

 

 

 

 

 

$

1,909,354 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest-earning assets

$

330,491 

 

 

 

 

 

 

 

$

333,745 

 

 

 

 

 

 

 

$

302,721 

 

 

 

 

 

 

Net interest income/interest rate spread

 

 

 

$

11,367 

 

 

1.59% 

 

 

 

 

$

11,284 

 

 

1.56% 

 

 

 

 

$

11,486 

 

 

1.87% 

Net interest margin

 

 

 

 

 

 

 

2.39% 

 

 

 

 

 

 

 

 

2.36% 

 

 

 

 

 

 

 

 

2.52% 

Average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to average interest-bearing liabilities

 

121.04% 

 

 

 

 

 

 

 

 

121.13% 

 

 

 

 

 

 

 

 

119.99% 

 

 

 

 

 

 







(1)

Average balance is computed using the carrying value of securities.  Average yield is computed using the historical amortized cost average balance for available for sale securities.

(2)

Average yields and interest earned are stated on a fully taxable equivalent basis.

(3)

Average balance is computed using the recorded investment in loans net of the allowance for credit losses on loans and leases and includes nonperforming loans and leases.







 


 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

At or for the three months ended

 

At or for the six months ended

($ in thousands except per share data)

 

Jun 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

Jun 30,

 

 

June 30,

(unaudited)

 

2024

 

2024

 

2023

 

2023

 

2023

 

 

2024

 

 

2023

Earnings and Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

11,367 

 

$

11,284 

 

$

11,754 

 

$

11,667 

 

$

11,486 

 

$

22,651 

 

$

24,219 

Provision for credit losses

 

$

3,561 

 

$

1,237 

 

$

875 

 

$

1,193 

 

$

12 

 

$

4,798 

 

$

249 

Noninterest income

 

$

1,218 

 

$

905 

 

$

1,033 

 

$

1,301 

 

$

978 

 

$

2,123 

 

$

1,697 

Noninterest expense

 

$

7,092 

 

$

7,187 

 

$

6,745 

 

$

6,760 

 

$

7,173 

 

$

14,279 

 

$

14,864 

Net income

 

$

1,695 

 

$

3,070 

 

$

4,235 

 

$

4,031 

 

$

4,223 

 

$

4,765 

 

$

8,671 

Basic earnings per common share

 

$

0.26 

 

$

0.48 

 

$

0.66 

 

$

0.63 

 

$

0.66 

 

$

0.74 

 

$

1.35 

Diluted earnings per common share

 

$

0.26 

 

$

0.47 

 

$

0.65 

 

$

0.62 

 

$

0.66 

 

$

0.74 

 

$

1.35 

Dividends declared per share

 

$

0.06 

 

$

0.06 

 

$

0.06 

 

$

0.06 

 

$

0.06 

 

$

0.12 

 

$

0.11 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios (annualized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.34% 

 

 

0.61% 

 

 

0.84% 

 

 

0.82% 

 

 

0.88% 

 

 

0.48% 

 

 

0.93% 

Return on average equity

 

 

4.23% 

 

 

7.80% 

 

 

11.02% 

 

 

10.75% 

 

 

11.60% 

 

 

6.00% 

 

 

12.07% 

Average yield on interest-earning assets

 

 

6.16% 

 

 

6.07% 

 

 

6.16% 

 

 

6.04% 

 

 

5.76% 

 

 

6.12% 

 

 

5.66% 

Average rate paid on interest-bearing liabilities

 

 

4.57% 

 

 

4.51% 

 

 

4.49% 

 

 

4.24% 

 

 

3.89% 

 

 

4.54% 

 

 

3.58% 

Average interest rate spread

 

 

1.59% 

 

 

1.56% 

 

 

1.67% 

 

 

1.80% 

 

 

1.87% 

 

 

1.58% 

 

 

2.08% 

Net interest margin, fully taxable equivalent

 

 

2.39% 

 

 

2.36% 

 

 

2.44% 

 

 

2.50% 

 

 

2.52% 

 

 

2.37% 

 

 

2.72% 

Efficiency ratio (3)

 

 

56.35% 

 

 

58.96% 

 

 

52.75% 

 

 

52.13% 

 

 

57.55% 

 

 

57.64% 

 

 

57.35% 

Noninterest expense to average assets

 

 

1.42% 

 

 

1.43% 

 

 

1.33% 

 

 

1.38% 

 

 

1.50% 

 

 

1.43% 

 

 

1.59% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital leverage ratio (1)

 

 

10.11% 

 

 

10.05% 

 

 

9.76% 

 

 

9.83% 

 

 

9.82% 

 

 

10.11% 

 

 

9.82% 

Total risk-based capital ratio (1)

 

 

13.48% 

 

 

13.50% 

 

 

13.30% 

 

 

13.36% 

 

 

13.24% 

 

 

13.48% 

 

 

13.24% 

Tier 1 risk-based capital ratio (1)

 

 

12.23% 

 

 

12.31% 

 

 

12.17% 

 

 

12.22% 

 

 

12.15% 

 

 

12.23% 

 

 

12.15% 

Common equity tier 1 capital to risk weighted assets (1)

 

 

12.23% 

 

 

12.31% 

 

 

12.17% 

 

 

12.22% 

 

 

12.15% 

 

 

12.23% 

 

 

12.15% 

Equity to total assets at end of period

 

 

7.82% 

 

 

7.75% 

 

 

7.55% 

 

 

7.59% 

 

 

7.51% 

 

 

7.82% 

 

 

7.51% 

Book value per common share

 

$

24.17 

 

$

24.17 

 

$

23.74 

 

$

23.10 

 

$

22.49 

 

$

24.17 

 

$

22.49 

Tangible book value per common share (2)

 

$

24.17 

 

$

24.17 

 

$

23.74 

 

$

23.10 

 

$

22.49 

 

$

24.17 

 

$

22.49 

Period-end market value per common share

 

$

18.76 

 

$

19.97 

 

$

19.50 

 

$

16.75 

 

$

15.00 

 

$

18.76 

 

$

15.00 

Period-end common shares outstanding

 

 

6,387,655 

 

 

6,338,115 

 

 

6,545,560 

 

 

6,549,609 

 

 

6,550,950 

 

 

6,387,655 

 

 

6,550,950 

Average basic common shares outstanding

 

 

6,256,457 

 

 

6,329,898 

 

 

6,433,568 

 

 

6,429,198 

 

 

6,418,305 

 

 

6,293,178 

 

 

6,410,624 

Average diluted common shares outstanding

 

 

6,256,457 

 

 

6,357,298 

 

 

6,469,862 

 

 

6,456,575 

 

 

6,433,623 

 

 

6,306,878 

 

 

6,431,508 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans

 

$

10,909 

 

$

7,895 

 

$

5,722 

 

$

4,594 

 

$

799 

 

$

10,909 

 

$

799 

Nonperforming loans to total loans

 

 

0.64% 

 

 

0.46% 

 

 

0.33% 

 

 

0.27% 

 

 

0.05% 

 

 

0.64% 

 

 

0.05% 

Nonperforming assets to total assets

 

 

0.53% 

 

 

0.39% 

 

 

0.28% 

 

 

0.23% 

 

 

0.04% 

 

 

0.53% 

 

 

0.04% 

Allowance for credit losses on loans and leases to total loans and leases

 

 

1.13% 

 

 

1.06% 

 

 

0.99% 

 

 

1.02% 

 

 

0.97% 

 

 

1.13% 

 

 

0.97% 

Allowance for credit losses on loans and leases to nonperforming loans and leases

 

 

176.78% 

 

 

230.50% 

 

 

294.74% 

 

 

370.74% 

 

 

1997.50% 

 

 

176.78% 

 

 

1997.50% 

Net charge-offs (recoveries)

 

$

2,108 

 

$

(16)

 

$

623 

 

$

126 

 

$

(108)

 

$

2,092 

 

$

(103)

Annualized net charge-offs (recoveries) to average loans

 

 

0.49% 

 

 

0.00% 

 

 

0.15% 

 

 

0.03% 

 

 

(0.03%)

 

 

0.25% 

 

 

(0.01%)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,704,118 

 

$

1,710,057 

 

$

1,699,323 

 

$

1,657,303 

 

$

1,642,961 

 

$

1,707,088 

 

$

1,623,207 

Assets

 

$

1,997,376 

 

$

2,004,194 

 

$

2,023,471 

 

$

1,957,019 

 

$

1,909,354 

 

$

2,000,785 

 

$

1,867,082 

Stockholders' equity

 

$

160,205 

 

$

157,359 

 

$

153,724 

 

$

150,012 

 

$

145,569 

 

$

158,782 

 

$

143,689 



(1)

Regulatory capital ratios of CFBank

(2)

There are no differences between book value per common share and tangible book value per common share since the Company does not have any intangible assets.

(3)

The efficiency ratio equals noninterest expense (excluding amortization of intangibles and foreclosed asset writedowns) divided by net interest income plus noninterest income (excluding gains or losses on securities transactions).




 

 

NON-GAAP FINANCIAL MEASURES



The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's operating performance and trends and facilitate comparisons with the performance of peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements:









 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-provision, pre-tax net revenue ("PPNR"),

 

 

 

 

 

 

 

 

 

 

 

PPNR Return on Average Assets and PPNR Return on Average Equity

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Six months ended



June 30,

 

March 31,

 

June 30,

 

June 30,



2024

 

2024

 

2023

 

2024

 

2023

Net income

$

1,695 

 

$

3,070 

 

$

4,223 

 

$

4,765 

 

$

8,671 

Add: Provision for credit losses

 

3,561 

 

 

1,237 

 

 

12 

 

 

4,798 

 

 

249 

Add: Income tax expense

 

237 

 

 

695 

 

 

1,056 

 

 

932 

 

 

2,132 

Pre-provision, pre-tax net revenue

$

5,493 

 

$

5,002 

 

$

5,291 

 

$

10,495 

 

$

11,052 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Assets

$

1,997,376 

 

$

2,004,194 

 

$

1,909,354 

 

$

2,000,785 

 

$

1,867,082 

Average Stockholders' Equity

$

160,205 

 

$

157,359 

 

$

145,569 

 

$

158,782 

 

$

143,689 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (GAAP) (1)

 

0.34% 

 

 

0.61% 

 

 

0.88% 

 

 

0.48% 

 

 

0.93% 

PPNR return on average assets (Non-GAAP) (2)

 

1.10% 

 

 

1.00% 

 

 

1.11% 

 

 

1.05% 

 

 

1.18% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity (GAAP) (3)

 

4.23% 

 

 

7.80% 

 

 

11.60% 

 

 

6.00% 

 

 

12.07% 

PPNR return on average equity (Non-GAAP)(4)

 

13.71% 

 

 

12.71% 

 

 

14.54% 

 

 

13.22% 

 

 

15.38% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Annualized net income divided by average assets

 

 

 

 

 

 

 

 

(2) Annualized PPNR divided by average assets

 

 

 

 

 

 

 

 

(3) Annualized net income divided by average stockholders' equity

 

 

 

 

 

 

 

 

(4) Annualized PPNR divided by average stockholders' equity

 

 

 

 

 

 

 

 




 

 

Net Income Adjusted for Impact of Additional Specific Reserves on Noncore Assets (“Adjusted Core Net Income”), Adjusted Return on Average Assets, Adjusted Return on Average Equity and Adjusted Diluted Earnings Per Share







 

 



Three Months Ended



June 30, 2024

Net income

$

1,695 

Add: Additional specific reserves on noncore assets

 

3,133 

Less: Income tax effect of additional specific reserves on noncore assets

 

(658)

Adjusted Core Net Income

$

4,170 



 

 

Average Assets

$

1,997,376 

Less: Average noncore assets (a)

 

(127,119)

Adjusted Average Assets

$

1,870,257 



 

 

Average Stockholders' Equity

$

160,205 

Add: Impact of additional specific reserves on noncore assets

 

2,475 

Adjusted Average Stockholders' Equity

$

162,680 



 

 

Diluted earnings per common share (EPS) (GAAP)

$

0.26 

After tax impact of additional specific reserves on noncore assets

 

0.39 

Adjusted Diluted EPS

$

0.65 



 

 

Return on average assets (GAAP) (b)

 

0.34% 

Adjusted return on average assets (Non-GAAP) (c)

 

0.89% 



 

 

Return on average equity (GAAP) (d)

 

4.23% 

Adjusted return on average equity (Non-GAAP)(e)

 

10.25% 



 

 

(a) Noncore assets consist of loans for which the Company doesn't have an underlying customer relationship or an expectation or intent to build a relationship.

(b) Annualized net income divided by average assets

(c) Annualized Adjusted Core net income divided by Adjusted average assets

(d) Annualized net income divided by average stockholders' equity

(e) Annualized Adjusted Core net income divided by Adjusted average stockholders' equity




 

 



 

 

Credit Quality Metrics on Core Loan Portfolio



At



June 30, 2024

Gross loans (GAAP)

$

1,706,980 

Less: Noncore loans (a)

 

(127,119)

Gross core loans (Non-GAAP)

$

1,579,861 



 

 

Loans 30 or more days past due (GAAP)

$

7,620 

Less: Noncore loans 30 or more days past due

 

(4,000)

Core loans more than 30 days past due (Non-GAAP)

$

3,620 



 

 

Loans 30 or more days past due as a percent of gross loans (GAAP)

 

0.45% 

Core loans 30 or more days past due as a percent of gross core portfolio loans (Non-GAAP)

 

0.23% 



 

 

Total assets (GAAP)

$

2,040,634 

Less: Noncore assets (a)

 

(127,119)

Total Core Assets (Non-GAAP)

$

1,913,515 



 

 

Assets designated as substandard, doubtful or loss ("Classified Assets") (GAAP)

$

9,808 

Less: Classified noncore assets (b)

 

(7,335)

Classified Core Assets (Non-GAAP)

$

2,473 



 

 

Classified assets as a percent of total assets (GAAP)

 

0.48% 

Classified core assets as a percent of total core assets (Non-GAAP)

 

0.13% 



 

 

(a) Noncore assets consist of loans for which the Company doesn't have an underlying customer relationship or an expectation or intent to build a relationship.

(b) Classified noncore assets consist of noncore assets with a risk rating of substandard, doubtful or loss








v3.24.2.u1
Document And Entity Information
Aug. 06, 2024
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Aug. 06, 2024
Entity Registrant Name CF BANKSHARES INC.
Entity Incorporation, State or Country Code DE
Entity File Number 0-25045
Entity Tax Identification Number 34-1877137
Entity Address, Address Line One 4960 E. Dublin Granville Road
Entity Address, Address Line Two Suite #400
Entity Address, City or Town Columbus
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43081
City Area Code 614
Local Phone Number 334-7979
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.01 par value
Trading Symbol CFBK
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001070680
Amendment Flag false

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