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.
Dividend Announcement
The 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.
Third Quarter 2020 Highlights
- Net 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.
I 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.
Our 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.
To date during 2020, we have doubled ALLL reserves, which now
stand at 2.07% net of government guaranteed loans at 3rd
quarter end. Loan deferrals are modest while credit quality
remains stable.
Our business pipelines are gaining traction. We have captured
meaningful transactional deposit accounts, several of these deposit
customers as a result of our participation in PPP loans, in
addition to generating significant capital growth through
operations with $22 million of
retained earnings to date in 2020.
Through the great teamwork and diligence of our CF Bank Team, we
believe we are strongly positioned moving forward.
As we say at CFBank, we are just revving up!"
Robert E. Hoeweler, Chairman of
the Board, added: "Our team successfully recapitalized a troubled
institution in 2012, turning it around and building it into what is
now recognized as a top performing Bank.
We greatly appreciate the support of our shareholders during
this period, which is why we are pleased to be able to reward
shareholders by declaring our first dividend since the
recapitalization.
CFBank has come a long way accomplishing many major milestones.
Our Board and I remain bullish about our future business prospects,
as well as highly focused upon achieving attractive total returns
for our shareholders."
Overview of Results
Net income for the three months ended September 30, 2020 totaled $10.2 million (or $1.54 per diluted common share) and increased
$7.6 million, or 289.2%, compared to
net income of $2.6 million (or
$0.59 per diluted common share) for
the three months ended September 30,
2019.
Net income for the nine months ended September 30, 2020 totaled $22.3 million (or $3.36 per diluted common share) and increased
$15.7 million, or 238.4%, compared to
net income of $6.6 million (or
$1.52 per diluted common share) for
the nine months ended September 30,
2019.
Net interest income. Net interest income
totaled $7.1 million for the quarter
ended September 30, 2020 and
increased $1.8 million, or 34.0%,
compared to net interest income of $5.3
million for the quarter ended September 30, 2019. The increase in net
interest income was primarily due to a $1.8
million, or 20.0%, increase in interest income and a
$38,000, or 1.1%, decrease in
interest expense. The increase in interest income was
primarily attributed to a $426.6
million, or 60.3%, increase in average interest-earning
assets outstanding, resulting primarily from an increase in net
loans and loans held for sale, partially offset by a 125bps
decrease in average yield on interest-earning assets. The
decrease in interest expense was attributed to a 96bps decrease in
the average cost of funds on interest-bearing liabilities,
partially offset by a $361.3 million,
or 63.0%, increase in average interest-bearing liabilities.
The net interest margin of 2.52% for the quarter ended September 30, 2020 decreased 50bps compared to
the net interest margin of 3.02% for the quarter ended September 30, 2019.
Net interest income totaled $19.5
million for the nine months ended September 30, 2020 and increased $3.8 million, or 24.8%, compared to net interest
income of $15.7 million for the nine
months ended September 30,
2019. The increase in net interest income was primarily due
to a $5.1 million, or 20.3%, increase
in interest income, partially offset by a $1.3 million, or 13.0%, increase in interest
expense. The increase in interest income was primarily
attributed to a $334.7 million, or
49.6%, increase in average interest-earning assets outstanding,
resulting primarily from an increase in net loans and loans held
for sale, partially offset by a 98bps decrease in average yield on
interest-earning assets. The increase in interest expense was
attributed to a $281.5 million, or
52.3%, increase in average interest-bearing liabilities, partially
offset by a 61bps decrease in the average cost of funds on
interest-bearing liabilities. The net interest margin of
2.58% for the nine months ended September
30, 2020 decreased 52bps compared to the net interest margin
of 3.10% for the nine months ended September
30, 2019.
Provision for loan and lease losses. The
provision for loan and lease losses expense for the quarter ended
September 30, 2020 was $5.8 million, compared to no provision for loan
and lease losses expense for the quarter ended September 30, 2019. The increase in the provision
for loan and lease losses was a reflection of the increased
economic stress associated with the pandemic and specific
consideration of its impact on certain industries. Net
charge-offs for the quarter ended September
30, 2020 totaled $365,000,
compared to net recoveries of $28,000
for the quarter ended September 30,
2019.
The provision for loan and lease losses expense for the nine
months ended September 30, 2020 was
$8.9 million compared to no provision
for loan and lease losses expense for the nine months ended
September 30, 2019. As noted
above, the increase in the provision for loan and lease losses was
a reflection of the increased economic stress associated with the
pandemic and specific consideration of its impact on certain
industries. Net charge-offs for the nine months ended
September 30, 2020 totaled
$521,000, compared to net recoveries
of $45,000 for the nine months ended
September 30, 2019.
Noninterest income. Noninterest
income for the quarter ended September 30,
2020 totaled $23.4 million and
increased $20.1 million, or 611.2%,
compared to $3.3 million for the
quarter ended September 30,
2019. The increase was primarily due to a $20.0 million increase in net gain on sale of
loans. The increase in net gain on sale of loans was
primarily a result of increased sales volume related to our
residential mortgage lending business.
Noninterest income for the nine months ended September 30, 2020 totaled $46.7 million and increased $39.2 million, or 518.6%, compared to
$7.5 million for the nine months
ended September 30, 2019. The
increase was primarily due to a $38.6
million increase in net gain on sale of loans, coupled with
a $435,000 increase in swap fee
income. The increase in net gain on sale of loans was
primarily a result of increased sales volume related to our
residential mortgage lending business. The increase in swap
fee income was due to an increase in customer swap
transactions.
Noninterest expense. Noninterest
expense for the quarter ended September 30,
2020 totaled $11.9 million and
increased $6.6 million, or 123.7%,
compared to $5.3 million for the
quarter ended September 30,
2019. The increase in noninterest expense during the three
months ended September 30, 2020 was
primarily due to a $4.5 million
increase in salaries and employee benefits expense, a $966,000 increase in advertising and marketing
expense, and a $910,000 increase in
professional fees expense. The increase in salaries and employee
benefits expense was primarily due to the expansion of our
residential mortgage lending business, consistent with our focus on
driving noninterest income, coupled with an increase in personnel
to support our growth, infrastructure and risk management
practices. The increase in advertising and marketing expense was
primarily due to increased expenditures related to leads-based
marketing to drive revenue growth in our residential mortgage
lending business, coupled with increased advertising focused on
increasing core deposits. The increase in professional fees
was related to increased activities, volumes and outsourcing in our
residential mortgage business.
Noninterest expense for the nine months ended September 30, 2020 totaled $29.3 million and increased $14.3 million, or 95.8%, compared to $15.0 million for the nine months ended
September 30, 2019. The
increase in noninterest expense during the nine months ended
September 30, 2020 was primarily due
to an $8.6 million increase in
salaries and employee benefits expense, a $2.5 million increase in professional fees
expense, and a $2.2 million increase
in advertising and marketing expense. The increase in salaries and
employee benefits expense was primarily due to the expansion of our
residential mortgage lending business, consistent with our focus on
driving noninterest income, coupled with an increase in personnel
to support our growth, infrastructure and risk management
practices. The increase in professional fees was related to
increased activities, volumes and outsourcing in our residential
mortgage business. The increase in advertising and marketing
expense was primarily due to increased expenditures related to
leads-based marketing to drive revenue growth in our residential
mortgage lending business, coupled with increased advertising
focused on increasing core deposits.
Income tax expense. Income tax expense was
$2.7 million for the quarter ended
September 30, 2020, an increase of
$2.0 million, compared to
$673,000 for the quarter ended
September 30, 2019. The
effective tax rate for the quarter ended September 30, 2020 was approximately 20.7%, as
compared to approximately 20.5% for the quarter ended September 30, 2019.
Income tax expense was $5.8
million for the nine months ended September 30, 2020, an increase of $4.1 million, compared to $1.7 million for the quarter ended September 30, 2019. The effective tax rate
for the quarter ended September 30,
2020 was approximately 20.7%, as compared to approximately
20.3% for the quarter ended September 30,
2019.
Balance Sheet Activity
General. Assets totaled $1.3 billion at September
30, 2020 and increased $456.5
million, or 51.8%, from $880.5
million at December 31,
2019. The increase was primarily due to a $208.4 million increase in net loan balances, a
$173.0 million increase in loans held
for sale, and a $46.9 million
increase in cash and cash equivalents.
Cash and cash equivalents. Cash and
cash equivalents totaled $92.8
million at September 30, 2020,
and increased $46.9 million, or
102.2%, from $45.9 million at
December 31, 2019. The increase
in cash and cash equivalents was primarily attributed to increases
in deposits and in FHLB advances and other borrowings, partially
offset by an increase in net loans and loans held for sale.
Securities. Securities available for sale
totaled $9.7 million at September 30, 2020, and increased $1.5 million, or 19.2%, compared to $8.2 million at December
31, 2019. The increase was due to security purchases,
partially offset by principal maturities.
Loans held for sale. Loans held for sale
totaled $308.7 million at
September 30, 2020 and increased
$173.0 million, or 127.5%, from
$135.7 million at December 31, 2019.
Loans and Leases. Net loans and leases
totaled $871.7 million at
September 30, 2020, and increased
$208.4 million, or 31.4%, from
$663.3 million at December 31, 2019. The increase was
primarily due to a $160.6 million
increase in commercial loan balances, a $27.6 million increase in commercial real estate
loan balances, a $20.4 million
increase in single-family residential loan balances, a $6.6 million increase in multi-family loan
balances, and a $4.0 million increase
in construction loans balances, partially offset by an $8.4 million increase in the allowance for loan
losses and a $2.5 million decrease in
consumer loan balances. The increases in the aforementioned
loan balances include $125.2 million
of loans under the SBA's Paycheck Protection Program (PPP), coupled
with increased sales activity and new relationships.
The following table presents the recorded investment in loans
and leases for certain non-owner-occupied loan types ($ in
thousands)
|
|
|
|
|
|
|
September 30,
2020
|
|
June 30,
2020
|
Construction - 1-4
family
|
$
|
10,651
|
|
$
|
10,555
|
Construction -
Multi-family
|
|
36,675
|
|
|
30,404
|
Construction -
Non-residential
|
|
26,440
|
|
|
26,333
|
Hotel/Motel
|
|
16,246
|
|
|
12,983
|
Industrial /
Warehouse
|
|
40,192
|
|
|
38,361
|
Land/Land
Development
|
|
28,408
|
|
|
27,871
|
Medical/Healthcare/Senior Housing
|
|
5,529
|
|
|
5,582
|
Multi-family
|
|
42,643
|
|
|
42,651
|
Office
|
|
32,016
|
|
|
26,972
|
Retail
|
|
31,554
|
|
|
32,042
|
Other
|
$
|
32,010
|
|
$
|
29,430
|
Allowance for loan and lease losses (ALLL).
The allowance for loan and lease losses totaled $15.5 million at September
30, 2020, and increased $8.4
million, or 117.0%, from $7.1 million at December 31, 2019. The increase in the ALLL
is due to $8.9 million in the
provision for loan and lease losses expense, partially offset by
net charge-offs of $521,000 during
the nine months ended September 30,
2020. The ratio of the ALLL to total loans was 1.75% at
September 30, 2020, compared to 1.06%
at December 31, 2019. The ratio
of the ALLL to total loans, excluding loan balances subject to SBA
guarantees, was 2.07% at September 30,
2020, compared to 1.07% at December
31, 2019.
Deposits. Deposits totaled
$974.0 million at September 30, 2020, an increase of $227.7 million, or 30.5%, from $746.3 million at December
31, 2019. The increase is due to a $193.3 million increase in interest-bearing
deposit accounts and a $34.4 million
increase in noninterest-bearing account balances.
Interest-bearing deposit accounts increased to $824.1 million at September 30, 2020, from $630.8 million at December
31, 2019. The increase in interest-bearing accounts is
primarily attributed to a $109.4
million increase in certificate of deposit account balances,
a $65.8 million increase in money
market account balances, and a $15.5
million increase in interest-bearing checking account
balances. The increase in certificate of deposit account balances
was due to increases in retail and listing service certificates of
deposits, partially offset by a decrease in brokered certificates
of deposit. The increases in retail certificate of deposits
and money market account balances were primarily due to increases
in customer relationships and balances from on-going sales and
marketing activities. The increase in interest-bearing checking is
primarily related to the balances in the Insured Cash Sweep (ICS)
programs offered through Promontory Interfinancial Network.
The increase in noninterest bearing checking account balances
was primarily driven by PPP loan proceeds being deposited into
customers' accounts.
Stockholders' equity. Stockholders'
equity totaled $103.0 million at
September 30, 2020, an increase of
$22.3 million, or 27.7%, from
$80.7 million at December 31, 2019. The increase in total
stockholders' equity was primarily attributed to net income.
About CF Bankshares Inc. and CFBank
CF Bankshares Inc. is a financial holding company that owns 100%
of the stock of CFBank, National Association (CFBank). CFBank is a
boutique Commercial bank headquartered in Columbus, Ohio. CFBank has focused on
bettering the Ohio economy and
serving the financial needs of closely held businesses since 1892.
Over a century has passed, and yet, our focus remains the same:
guide fellow Ohioans to financial stability and success with
agility, ease, and care. CFBank grew from a Federal Savings
Association to a National Bank in December of 2016. As CFBank has
expanded, we have maintained our penchant for individualized
service and direct customer access to decision makers. CFBank now
has locations in four major metro Ohio markets - Columbus, Cleveland, Cincinnati, and Akron, as well as branch locations in
Columbiana Country (two locations). In every location, CFBank
provides commercial loans and leases, commercial and residential
real estate loans and treasury management depository services,
corporate treasury management, residential lending, and
full-service retail banking services and products. In addition,
CFBank also has a national residential lending platform.
CFBank is also glad to offer its clients the convenience of online
internet banking, mobile banking, and remote deposit.
Additional information about the Company and CFBank is available
at www.CFBankOnline.com
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).
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. 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. Non-GAAP
financial measures included in this earnings release include
Pre-Provision, Pre-Tax Net Revenue (PPNR) and PPNR Return on
Average Assets. 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
"GAAP TO NON-GAAP RECONCILIATION."
FORWARD LOOKING STATEMENTS
This earnings 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,
impacts from the ongoing COVID-19 pandemic on local, national and
global economic conditions in general and on our industry and
business in particular, including adverse impacts on our customer's
operations, financial condition and ability to repay loans, changes
in interest rates or disruptions in the mortgage market, and the
effects of various governmental responses to the pandemic,
including stimulus packages and programs; potential
litigation or other risks related to participating in the U.S.
Small Business Administration Paycheck Protection Program; the
impacts of the upcoming U.S. elections on the regulatory landscape,
capital markets and responses to the COVID-19 pandemic; and those
additional risks detailed from time to time in our reports filed
with the SEC, including those 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, 2019,
and in "Item 1A. Risk Factors" of Part II of our Quarterly Reports
on Form 10-Q filed with the SEC for the quarters ended March 31, 2020 and June
30, 2020.
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 earnings 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
|
|
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
2020
|
|
2019
|
|
%
change
|
|
2020
|
|
2019
|
|
%
change
|
Total interest
income
|
$
|
10,617
|
|
$
|
8,845
|
|
20%
|
|
$
|
30,431
|
|
$
|
25,291
|
|
20%
|
Total interest
expense
|
|
3,476
|
|
|
3,514
|
|
-1%
|
|
|
10,884
|
|
|
9,631
|
|
13%
|
Net interest
income
|
|
7,141
|
|
|
5,331
|
|
34%
|
|
|
19,547
|
|
|
15,660
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
and lease losses
|
|
5,750
|
|
|
-
|
|
n/m
|
|
|
8,875
|
|
|
-
|
|
n/m
|
Net interest income
after provision for loan and lease losses
|
|
1,391
|
|
|
5,331
|
|
-74%
|
|
|
10,672
|
|
|
15,660
|
|
-32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
161
|
|
|
146
|
|
10%
|
|
|
451
|
|
|
408
|
|
11%
|
Net gain
on sales of loans
|
|
23,087
|
|
|
3,070
|
|
652%
|
|
|
45,556
|
|
|
6,935
|
|
557%
|
Swap fee
income
|
|
28
|
|
|
-
|
|
n/m
|
|
|
435
|
|
|
-
|
|
n/m
|
Other
|
|
100
|
|
|
71
|
|
41%
|
|
|
234
|
|
|
203
|
|
15%
|
Noninterest
income
|
|
23,376
|
|
|
3,287
|
|
611%
|
|
|
46,676
|
|
|
7,546
|
|
519%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
7,352
|
|
|
2,865
|
|
157%
|
|
|
16,647
|
|
|
8,009
|
|
108%
|
Occupancy and equipment
|
|
254
|
|
|
278
|
|
-9%
|
|
|
754
|
|
|
724
|
|
4%
|
Data
processing
|
|
434
|
|
|
335
|
|
30%
|
|
|
1,308
|
|
|
944
|
|
39%
|
Franchise and other taxes
|
|
180
|
|
|
106
|
|
70%
|
|
|
543
|
|
|
318
|
|
71%
|
Professional fees
|
|
1,358
|
|
|
448
|
|
203%
|
|
|
3,545
|
|
|
1,092
|
|
225%
|
Director
fees
|
|
134
|
|
|
137
|
|
-2%
|
|
|
513
|
|
|
401
|
|
28%
|
Postage,
printing, and supplies
|
|
19
|
|
|
51
|
|
-63%
|
|
|
135
|
|
|
177
|
|
-24%
|
Advertising and marketing
|
|
1,613
|
|
|
647
|
|
149%
|
|
|
4,136
|
|
|
1,889
|
|
119%
|
Telephone
|
|
59
|
|
|
54
|
|
9%
|
|
|
165
|
|
|
144
|
|
15%
|
Loan
expenses
|
|
72
|
|
|
80
|
|
-10%
|
|
|
234
|
|
|
171
|
|
37%
|
Foreclosed assets, net
|
|
-
|
|
|
-
|
|
n/m
|
|
|
-
|
|
|
(9)
|
|
n/m
|
Depreciation
|
|
98
|
|
|
82
|
|
20%
|
|
|
278
|
|
|
231
|
|
20%
|
FDIC
premiums
|
|
150
|
|
|
47
|
|
219%
|
|
|
441
|
|
|
351
|
|
26%
|
Regulatory assessment
|
|
46
|
|
|
42
|
|
10%
|
|
|
136
|
|
|
124
|
|
10%
|
Other
insurance
|
|
25
|
|
|
25
|
|
0%
|
|
|
79
|
|
|
72
|
|
10%
|
Other
|
|
123
|
|
|
131
|
|
-6%
|
|
|
360
|
|
|
315
|
|
14%
|
Noninterest
expense
|
|
11,917
|
|
|
5,328
|
|
124%
|
|
|
29,274
|
|
|
14,953
|
|
96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
12,850
|
|
|
3,290
|
|
291%
|
|
|
28,074
|
|
|
8,253
|
|
240%
|
Income tax
expense
|
|
2,664
|
|
|
673
|
|
296%
|
|
|
5,814
|
|
|
1,675
|
|
247%
|
Net Income
|
|
10,186
|
|
|
2,617
|
|
289%
|
|
$
|
22,260
|
|
$
|
6,578
|
|
238%
|
Accretion of discount
and value of warrants exercised related to Series B preferred
stock
|
|
-
|
|
|
36
|
|
n/m
|
|
|
-
|
|
|
219
|
|
n/m
|
Earnings allocated to
participating securities (Series C preferred stock)
|
|
-
|
|
|
-
|
|
n/m
|
|
|
(2,289)
|
|
|
-
|
|
n/m
|
Net Income
attributable to common stockholders
|
$
|
10,186
|
|
$
|
2,653
|
|
284%
|
|
$
|
19,971
|
|
$
|
6,797
|
|
194%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
|
1.56
|
|
$
|
0.59
|
|
|
|
$
|
3.41
|
|
$
|
1.54
|
|
|
Diluted earnings per
common share
|
$
|
1.54
|
|
$
|
0.59
|
|
|
|
$
|
3.36
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
|
6,515,389
|
|
|
4,488,399
|
|
|
|
|
5,865,193
|
|
|
4,419,444
|
|
|
Average common shares
outstanding - diluted
|
|
6,596,996
|
|
|
4,525,449
|
|
|
|
|
5,935,700
|
|
|
4,465,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
Sept
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
Dec
31,
|
|
Sept
30,
|
|
(unaudited)
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
92,784
|
|
$
|
77,376
|
|
$
|
75,352
|
|
$
|
45,879
|
|
$
|
37,299
|
|
Interest-bearing
deposits in other financial institutions
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Securities available
for sale
|
|
9,746
|
|
|
10,802
|
|
|
11,390
|
|
|
8,174
|
|
|
9,183
|
|
Loans held for
sale
|
|
308,691
|
|
|
165,891
|
|
|
115,197
|
|
|
135,711
|
|
|
82,382
|
|
Loans and
leases
|
|
887,201
|
|
|
856,636
|
|
|
714,941
|
|
|
670,441
|
|
|
637,516
|
|
Less allowance
for loan and lease losses
|
|
(15,492)
|
|
|
(10,107)
|
|
|
(7,073)
|
|
|
(7,138)
|
|
|
(7,057)
|
|
Loans and leases,
net
|
|
871,709
|
|
|
846,529
|
|
|
707,868
|
|
|
663,303
|
|
|
630,459
|
|
FHLB and FRB
stock
|
|
5,377
|
|
|
5,216
|
|
|
4,510
|
|
|
4,008
|
|
|
3,969
|
|
Premises and
equipment, net
|
|
3,937
|
|
|
4,005
|
|
|
4,040
|
|
|
3,991
|
|
|
4,052
|
|
Operating lease right
of use assets
|
|
1,488
|
|
|
1,588
|
|
|
1,685
|
|
|
1,780
|
|
|
1,874
|
|
Bank owned life
insurance
|
|
5,453
|
|
|
5,416
|
|
|
5,381
|
|
|
5,345
|
|
|
5,309
|
|
Accrued interest
receivable and other assets
|
|
37,754
|
|
|
29,165
|
|
|
19,842
|
|
|
12,254
|
|
|
11,810
|
|
Total
assets
|
$
|
1,337,039
|
|
$
|
1,146,088
|
|
$
|
945,365
|
|
$
|
880,545
|
|
$
|
786,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
$
|
149,886
|
|
$
|
148,188
|
|
$
|
104,322
|
|
$
|
115,530
|
|
$
|
110,378
|
|
Interest bearing
|
|
824,082
|
|
|
700,850
|
|
|
644,183
|
|
|
630,793
|
|
|
575,569
|
|
Total deposits
|
|
973,968
|
|
|
849,038
|
|
|
748,505
|
|
|
746,323
|
|
|
685,947
|
|
FHLB advances and
other debt
|
|
224,521
|
|
|
165,806
|
|
|
82,594
|
|
|
29,017
|
|
|
22,500
|
|
Advances by borrowers
for taxes and insurance
|
|
537
|
|
|
782
|
|
|
636
|
|
|
929
|
|
|
509
|
|
Operating lease
liabilities
|
|
1,642
|
|
|
1,750
|
|
|
1,856
|
|
|
1,960
|
|
|
2,062
|
|
Accrued interest
payable and other liabilities
|
|
18,567
|
|
|
21,320
|
|
|
14,078
|
|
|
6,846
|
|
|
6,741
|
|
Subordinated
debentures
|
|
14,835
|
|
|
14,825
|
|
|
14,815
|
|
|
14,806
|
|
|
14,796
|
|
Total liabilities
|
|
1,234,070
|
|
|
1,053,521
|
|
|
862,484
|
|
|
799,881
|
|
|
732,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
102,969
|
|
|
92,567
|
|
|
82,881
|
|
|
80,664
|
|
|
53,882
|
|
Total liabilities and
stockholders' equity
|
$
|
1,337,039
|
|
$
|
1,146,088
|
|
$
|
945,365
|
|
$
|
880,545
|
|
$
|
786,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheet and Yield Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Three Months
Ended
|
|
September 30,
2020
|
|
June 30,
2020
|
|
September 30,
2019
|
|
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)
|
$
|
10,432
|
|
$
|
40
|
|
|
1.56%
|
|
$
|
11,023
|
|
$
|
42
|
|
|
1.55%
|
|
$
|
9,839
|
|
$
|
45
|
|
|
1.83%
|
Loans held for
sale
|
|
210,457
|
|
|
1,467
|
|
|
2.79%
|
|
|
165,529
|
|
|
1,257
|
|
|
3.04%
|
|
|
60,371
|
|
|
486
|
|
|
3.22%
|
Loans and leases
(3)
|
|
847,387
|
|
|
9,037
|
|
|
4.27%
|
|
|
801,373
|
|
|
8,502
|
|
|
4.24%
|
|
|
611,536
|
|
|
8,102
|
|
|
5.30%
|
Other earning
assets
|
|
60,268
|
|
|
22
|
|
|
0.15%
|
|
|
56,302
|
|
|
17
|
|
|
0.12%
|
|
|
21,612
|
|
|
161
|
|
|
2.98%
|
FHLB and FRB
stock
|
|
5,251
|
|
|
51
|
|
|
3.88%
|
|
|
5,011
|
|
|
50
|
|
|
3.99%
|
|
|
3,823
|
|
|
51
|
|
|
5.34%
|
Total interest-earning
assets
|
|
1,133,795
|
|
|
10,617
|
|
|
3.75%
|
|
|
1,039,238
|
|
|
9,868
|
|
|
3.80%
|
|
|
707,181
|
|
|
8,845
|
|
|
5.00%
|
Noninterest-earning
assets
|
|
66,864
|
|
|
|
|
|
|
|
|
49,418
|
|
|
|
|
|
|
|
|
34,535
|
|
|
|
|
|
|
Total
assets
|
$
|
1,200,659
|
|
|
|
|
|
|
|
$
|
1,088,656
|
|
|
|
|
|
|
|
$
|
741,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
741,945
|
|
|
2,803
|
|
|
1.51%
|
|
$
|
693,823
|
|
|
3,001
|
|
|
1.73%
|
|
$
|
529,833
|
|
|
3,055
|
|
|
2.31%
|
FHLB advances and other
borrowings
|
|
192,457
|
|
|
673
|
|
|
1.40%
|
|
|
138,648
|
|
|
584
|
|
|
1.68%
|
|
|
43,297
|
|
|
459
|
|
|
4.24%
|
Total interest-bearing
liabilities
|
|
934,402
|
|
|
3,476
|
|
|
1.49%
|
|
|
832,471
|
|
|
3,585
|
|
|
1.72%
|
|
|
573,130
|
|
|
3,514
|
|
|
2.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
|
169,400
|
|
|
|
|
|
|
|
|
170,533
|
|
|
|
|
|
|
|
|
116,568
|
|
|
|
|
|
|
Total
liabilities
|
|
1,103,802
|
|
|
|
|
|
|
|
|
1,003,004
|
|
|
|
|
|
|
|
|
689,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
96,857
|
|
|
|
|
|
|
|
|
85,652
|
|
|
|
|
|
|
|
|
52,018
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
|
1,200,659
|
|
|
|
|
|
|
|
$
|
1,088,656
|
|
|
|
|
|
|
|
$
|
741,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets
|
$
|
199,393
|
|
|
|
|
|
|
|
$
|
206,767
|
|
|
|
|
|
|
|
$
|
134,051
|
|
|
|
|
|
|
Net interest
income/interest rate spread
|
|
|
|
$
|
7,141
|
|
|
2.26%
|
|
|
|
|
$
|
6,283
|
|
|
2.08%
|
|
|
|
|
$
|
5,331
|
|
|
2.55%
|
Net interest
margin
|
|
|
|
|
|
|
|
2.52%
|
|
|
|
|
|
|
|
|
2.42%
|
|
|
|
|
|
|
|
|
3.02%
|
Average
interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average
interest-bearing liabilities
|
|
121.34%
|
|
|
|
|
|
|
|
|
124.84%
|
|
|
|
|
|
|
|
|
123.39%
|
|
|
|
|
|
|
|
|
(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 ALLL and
includes nonperforming loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
three months ended
|
|
|
At or for the nine
months ended
|
($ in thousands
except per share data)
|
|
Sept
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
Dec
31,
|
|
Sept
30,
|
|
|
September
30,
|
(unaudited)
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
|
2020
|
|
|
2019
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
7,141
|
|
$
|
6,283
|
|
$
|
6,123
|
|
$
|
6,040
|
|
$
|
5,331
|
|
$
|
19,547
|
|
$
|
15,660
|
Provision for loan
and lease losses
|
|
$
|
5,750
|
|
$
|
3,125
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
8,875
|
|
$
|
-
|
Noninterest
income
|
|
$
|
23,376
|
|
$
|
19,856
|
|
$
|
3,444
|
|
$
|
4,174
|
|
$
|
3,287
|
|
$
|
46,676
|
|
$
|
7,546
|
Noninterest
expense
|
|
$
|
11,917
|
|
$
|
10,313
|
|
$
|
7,044
|
|
$
|
6,426
|
|
$
|
5,328
|
|
$
|
29,274
|
|
$
|
14,953
|
Net Income
|
|
$
|
10,186
|
|
$
|
10,068
|
|
$
|
2,006
|
|
$
|
3,023
|
|
$
|
2,617
|
|
$
|
22,260
|
|
$
|
6,578
|
Basic earnings per
common share
|
|
$
|
1.56
|
|
$
|
1.54
|
|
$
|
0.31
|
|
$
|
0.51
|
|
$
|
0.59
|
|
$
|
3.41
|
|
$
|
1.54
|
Diluted earnings per
common share
|
|
$
|
1.54
|
|
$
|
1.53
|
|
$
|
0.30
|
|
$
|
0.51
|
|
$
|
0.59
|
|
$
|
3.36
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
3.39%
|
|
|
3.70%
|
|
|
0.90%
|
|
|
1.45%
|
|
|
1.41%
|
|
|
2.80%
|
|
|
1.24%
|
Return on average
equity
|
|
|
42.07%
|
|
|
47.02%
|
|
|
9.81%
|
|
|
16.83%
|
|
|
20.12%
|
|
|
33.69%
|
|
|
17.93%
|
Average yield on
interest-earning assets
|
|
|
3.75%
|
|
|
3.80%
|
|
|
4.66%
|
|
|
4.94%
|
|
|
5.00%
|
|
|
4.02%
|
|
|
5.00%
|
Average rate paid on
interest-bearing liabilities
|
|
|
1.49%
|
|
|
1.72%
|
|
|
2.21%
|
|
|
2.36%
|
|
|
2.45%
|
|
|
1.77%
|
|
|
2.38%
|
Average interest rate
spread
|
|
|
2.26%
|
|
|
2.08%
|
|
|
2.45%
|
|
|
2.58%
|
|
|
2.55%
|
|
|
2.25%
|
|
|
2.62%
|
Net interest margin,
fully taxable equivalent
|
|
|
2.52%
|
|
|
2.42%
|
|
|
2.87%
|
|
|
3.04%
|
|
|
3.02%
|
|
|
2.58%
|
|
|
3.10%
|
Efficiency
ratio
|
|
|
39.05%
|
|
|
39.45%
|
|
|
73.63%
|
|
|
62.91%
|
|
|
61.82%
|
|
|
44.21%
|
|
|
64.44%
|
Noninterest expense
to average assets
|
|
|
3.97%
|
|
|
3.79%
|
|
|
3.15%
|
|
|
3.09%
|
|
|
2.87%
|
|
|
3.68%
|
|
|
2.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
leverage ratio (1)
|
|
|
10.89%
|
|
|
10.44%
|
|
|
10.68%
|
|
|
10.58%
|
|
|
10.03%
|
|
|
10.89%
|
|
|
10.03%
|
Total risk-based
capital ratio (1)
|
|
|
13.89%
|
|
|
14.01%
|
|
|
13.23%
|
|
|
12.96%
|
|
|
12.09%
|
|
|
13.89%
|
|
|
12.09%
|
Tier 1 risk-based
capital ratio (1)
|
|
|
12.63%
|
|
|
12.77%
|
|
|
12.29%
|
|
|
11.97%
|
|
|
11.01%
|
|
|
12.63%
|
|
|
11.01%
|
Common equity tier 1
capital to risk weighted assets (1)
|
|
|
12.63%
|
|
|
12.77%
|
|
|
12.29%
|
|
|
11.97%
|
|
|
11.01%
|
|
|
12.63%
|
|
|
11.01%
|
Equity to total
assets at end of period
|
|
|
7.70%
|
|
|
8.08%
|
|
|
8.77%
|
|
|
9.16%
|
|
|
6.85%
|
|
|
7.70%
|
|
|
6.85%
|
Book value per common
share
|
|
$
|
15.68
|
|
$
|
14.14
|
|
$
|
12.85
|
|
$
|
12.40
|
|
$
|
12.00
|
|
$
|
15.68
|
|
$
|
12.00
|
Tangible book value
per common share
|
|
$
|
15.68
|
|
$
|
14.14
|
|
$
|
12.85
|
|
$
|
12.40
|
|
$
|
12.00
|
|
$
|
15.68
|
|
$
|
12.00
|
Period-end market
value per common share
|
|
$
|
12.08
|
|
$
|
10.43
|
|
$
|
10.52
|
|
$
|
13.95
|
|
$
|
12.45
|
|
$
|
12.08
|
|
$
|
12.45
|
Period-end common
shares outstanding
|
|
|
6,566,256
|
|
|
6,546,596
|
|
|
5,337,598
|
|
|
5,376,454
|
|
|
4,490,275
|
|
|
6,566,256
|
|
|
4,490,275
|
Average basic common
shares outstanding
|
|
|
6,515,389
|
|
|
5,739,097
|
|
|
5,333,947
|
|
|
5,062,244
|
|
|
4,488,399
|
|
|
5,865,193
|
|
|
4,419,444
|
Average diluted
common shares outstanding
|
|
|
6,596,996
|
|
|
5,802,578
|
|
|
5,400,318
|
|
|
5,111,603
|
|
|
4,525,449
|
|
|
5,935,700
|
|
|
4,465,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
$
|
527
|
|
$
|
581
|
|
$
|
696
|
|
$
|
2,439
|
|
$
|
2,423
|
|
$
|
527
|
|
$
|
2,423
|
Nonperforming loans
to total loans
|
|
|
0.06%
|
|
|
0.07%
|
|
|
0.10%
|
|
|
0.36%
|
|
|
0.38%
|
|
|
0.06%
|
|
|
0.38%
|
Nonperforming assets
to total assets
|
|
|
0.04%
|
|
|
0.05%
|
|
|
0.07%
|
|
|
0.28%
|
|
|
0.31%
|
|
|
0.04%
|
|
|
0.31%
|
Allowance for loan
and lease losses to total loans
|
|
|
1.75%
|
|
|
1.18%
|
|
|
0.99%
|
|
|
1.06%
|
|
|
1.11%
|
|
|
1.75%
|
|
|
1.11%
|
Allowance for loan
and lease losses to nonperforming loans
|
|
|
2939.66%
|
|
|
1739.59%
|
|
|
1016.24%
|
|
|
292.66%
|
|
|
291.25%
|
|
|
2939.66%
|
|
|
291.25%
|
Net charge-offs
(recoveries)
|
|
$
|
365
|
|
$
|
91
|
|
$
|
65
|
|
$
|
(81)
|
|
$
|
(28)
|
|
$
|
521
|
|
$
|
(45)
|
Annualized net
charge-offs (recoveries) to average loans
|
|
|
0.17%
|
|
|
0.04%
|
|
|
0.04%
|
|
|
(0.05%)
|
|
|
(0.02%)
|
|
|
0.09%
|
|
|
(0.01%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
859,097
|
|
$
|
809,217
|
|
$
|
679,720
|
|
$
|
648,160
|
|
$
|
618,586
|
|
$
|
782,678
|
|
$
|
588,734
|
Assets
|
|
$
|
1,200,659
|
|
$
|
1,088,656
|
|
$
|
895,625
|
|
$
|
832,486
|
|
$
|
741,716
|
|
$
|
1,061,647
|
|
$
|
708,296
|
Stockholders'
equity
|
|
$
|
96,857
|
|
$
|
85,652
|
|
$
|
81,816
|
|
$
|
71,849
|
|
$
|
52,018
|
|
$
|
88,109
|
|
$
|
48,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Regulatory capital ratios of CFBank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION
This press release contains certain non-GAAP disclosures for:
(1) PPNR and (2) PPNR return on average assets. The Company
uses these non-GAAP financial measures to provide meaningful
supplemental information regarding the Company's operations
performance and to enhance investors' overall understanding of such
financial performance. In particular, the use of PPNR is
prevalent among banking regulators, investors, and analysts.
Accordingly, we disclose the non-GAAP measures in addition to the
related GAAP measures of: (1) net earnings and (2) return on
average assets.
The table below presents the reconciliation of these GAAP
financial measures to the related non-GAAP financial measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-provision,
pre-tax net revenue ("PPNR")
|
|
|
|
|
|
|
|
|
|
and PPNR Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income
|
$
|
10,186
|
|
$
|
10,068
|
|
$
|
2,617
|
|
$
|
22,260
|
|
$
|
6,578
|
Add: Provision for
credit losses
|
|
5,750
|
|
|
3,125
|
|
|
-
|
|
|
8,875
|
|
|
-
|
Add: Income tax
expense
|
|
2,664
|
|
|
2,633
|
|
|
673
|
|
|
5,814
|
|
|
1,675
|
Pre-provision,
pre-tax net revenue
|
$
|
18,600
|
|
$
|
15,826
|
|
$
|
3,290
|
|
$
|
36,949
|
|
$
|
8,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
|
1,200,659
|
|
$
|
1,088,656
|
|
$
|
741,716
|
|
$
|
1,061,647
|
|
$
|
708,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
|
3.39%
|
|
|
3.70%
|
|
|
1.41%
|
|
|
2.80%
|
|
|
1.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPNR return on
average assets (2)
|
|
6.20%
|
|
|
5.81%
|
|
|
1.77%
|
|
|
4.64%
|
|
|
1.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized net income divided by
average assets
|
|
|
|
|
|
|
|
|
|
(2) Annualized PPNR divided by
average assets
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cf-bankshares-inc-posts-record-earnings-for-3rd-quarter-and-year-to-date-also-announces-quarterly-cash-dividend-301159548.html
SOURCE CF Bankshares Inc.