COLUMBUS, Ohio, Feb. 2, 2021 /PRNewswire/ -- CF Bankshares
Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, today
announced financial results for the quarter ended and year ended
December 31, 2020.
Fourth Quarter and Full Year 2020 Highlights
- Net income more than tripled for the full year to
$29.6 million (up 208%
when compared to 2019) with full year return on average assets of
2.59% and return on average equity of 32.04%.
Fourth quarter 2020 net income was $7.3
million, which was a 143% increase when compared
to the fourth quarter of 2019. For the fourth quarter of 2020,
return on average assets was 2.11% and return on average
equity was 27.92%.
- Pre-Provision, Pre-Tax Net Revenue ("PPNR") for the full year
2020 was $47.2 million, which represents a more than
threefold increase over 2019. Fourth quarter PPNR of
$10.2 million was up 171% over the comparable 2019
quarter.
- Book Value per common share increased to $16.79 per share at December 31, 2020, up 35% from
$12.40 at December 31, 2019.
- Earnings per share (EPS) for the full year 2020 increased to
$4.47 per share, an increase
of 120% when compared to 2019. EPS for the fourth
quarter of 2020 was $1.11 per
share, an increase of 118% when compared to the same quarter
of 2019.
- Noninterest-bearing deposit account balances increased
72% year-over-year.
- Total assets increased to $1.5
billion at December 31,
2020, an increase of 68% from year-end 2019.
- Noninterest income for the full year increased by 412%
when compared to 2019, driven by a strong performance in the
national mortgage lending business with volumes exceeding
$2 billion.
- Loan payment deferrals decreased to $528,000 at December 31,
2020, continuing the downward trend from approximately
$100 million at June 30, 2020 and $24
million at September 30,
2020.
- Credit quality remains strong with nonperforming assets as a
percentage of total assets of 0.05% and loans more than 30
days past due at 0.24% of total loans at December 31, 2020.
Timothy T. O'Dell, President and
CEO, commented, "I am very pleased to report that 2020 was both a
transformational and breakout performance year for CFBank, with our
2020 net income more than tripling versus the previous
year.
Full year 2020 PPNR of $47.2
million and period end assets of $1.5
billion, allowed us to make accelerated investments in
future growth which included expanding our commercial bank and
expanding our regional metro market presence and teams.
Additionally, we fortified our ALLL reserves, which were 2.15% of
Loans at December 31, 2020 (excluding
SBA and other Government Guaranteed Loans).
Our CFBank Team effectively navigated COVID, remaining highly
productive and producing record performance results including full
year PPNR ROA of 4.12% and PPNR ROE of 51.08%; along with
growing noninterest-bearing deposits by 73%.
Credit quality remains strong with low nonperforming loans as
well as low levels of delinquencies.
We enter this new year with solid Commercial Loan and Deposit
Pipelines, having also added during 2020 seasoned and proven
commercial lenders, business development and sales talent to our
regional metro market teams, which also includes product
specialists in cash management and equipment financing.
Key areas of focus for 2021 will include continuing to execute
upon our fundamentals, building upon our successful sales and
growth strategies, along with leveraging our mortgage platform for
customer acquisition leading to enhanced cross-selling
opportunities. Our assets ended the year at $1.5 billion and our Team has its sights firmly
set on attaining $2
billion.
We believe that CFBank is uniquely positioned. Our
business model combines a full service Ohio focused commercial bank with a national
mortgage lending platform which generated more than $2 billion in mortgage volume during
2020.
We are just Revving Up!"
Robert E. Hoeweler, Chairman of
the Board, added: "The Bank has carefully and successfully
navigated the waters of the most extraordinary year 2020. With all
the headwinds faced by American commerce, our team came together to
craft a record year, it was truly amazing and we are proud of the
team's commitment and performance. As our CEO says…We are just
revving up!"
Overview of Results
Net income for the three months ended December 31, 2020 totaled $7.3 million (or $1.11 per diluted common share) and increased
$4.3 million, or 143.1%, compared to
net income of $3.0 million (or
$0.51 per diluted common share) for
the three months ended December 31,
2019. Net income for the quarter ended December 31, 2020 is net of provision for loan
loss expense of $2.0 million versus
no provision expense during the comparable 2019 quarter.
Net income for the year ended December
31, 2020 totaled $29.6 million
(or $4.47 per diluted common share)
and increased $20.0 million, or
208.4%, compared to net income of $9.6
million (or $2.03 per diluted
common share) for the year ended December
31, 2019. Net income for the year ended
December 31, 2020 is net of provision
for loan loss expense of $10.9
million versus no provision expense during 2019.
Net interest income. Net interest income
totaled $8.3 million for the quarter
ended December 31, 2020 and increased
$2.3 million, or 36.8%, compared to
net interest income of $6.0 million
for the quarter ended December 31,
2019. The increase in net interest income was primarily due
to a $2.1 million, or 21.8%, increase
in interest income and a $79,000, or
2.1%, decrease in interest expense. The increase in interest
income was primarily attributed to a $537.0
million, or 67.6%, increase in average interest-earning
assets outstanding, resulting primarily from an increase in net
loans and loans held for sale, partially offset by a 135bps
decrease in average yield on interest-earning assets. The
decrease in interest expense was attributed to a 101bps decrease in
the average cost of funds on interest-bearing liabilities,
partially offset by a $453.7 million,
or 70.9%, increase in average interest-bearing liabilities.
The net interest margin of 2.48% for the quarter ended December 31, 2020 decreased 56bps compared to the
net interest margin of 3.04% for the quarter ended December 31, 2019.
Net interest income totaled $27.8
million for the year ended December
31, 2020 and increased $6.1
million, or 28.1%, compared to net interest income of
$21.7 million for the year ended
December 31, 2019. The increase
in net interest income was primarily due to a $7.3 million, or 20.7%, increase in interest
income, partially offset by a $1.2
million, or 8.8%, increase in interest expense. The
increase in interest income was primarily attributed to a
$385.2 million, or 54.7%, increase in
average interest-earning assets outstanding, resulting primarily
from an increase in net loans and loans held for sale, partially
offset by a 109bps decrease in average yield on interest-earning
assets. The increase in interest expense was attributed to a
$324.5 million, or 57.6%, increase in
average interest-bearing liabilities, partially offset by a 74bps
decrease in the average cost of funds on interest-bearing
liabilities. The net interest margin of 2.55% for the year
ended December 31, 2020 decreased
53bps compared to the net interest margin of 3.08% for the year
ended December 31, 2019.
Provision for loan and lease losses. The
provision for loan and lease losses expense for the quarter ended
December 31, 2020 was $2.0 million, compared to no provision for loan
and lease losses expense for the quarter ended December 31, 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 December
31, 2020 totaled $510,000,
compared to net recoveries of $81,000
for the quarter ended December 31,
2019.
The provision for loan and lease losses expense for the year
ended December 31, 2020 was
$10.9 million compared to no
provision for loan and lease losses expense for the year ended
December 31, 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 year ended December 31, 2020 totaled $1.0 million, compared to net recoveries of
$126,000 for the year ended
December 31, 2019.
Noninterest income. Noninterest
income for the quarter ended December 31,
2020 totaled $13.3 million and
increased $9.1 million, or 219.1%,
compared to $4.2 million for the
quarter ended December 31,
2019. The increase was primarily due to a $9.0 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 year ended December 31, 2020 totaled $60.0 million and increased $48.3 million, or 411.9%, compared to
$11.7 million for the year ended
December 31, 2019. The increase
was primarily due to a $47.6 million
increase in net gain on sale of loans, coupled with a $489,000 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 December 31,
2020 totaled $11.3 million and
increased $4.9 million, or 76.3%,
compared to $6.4 million for the
quarter ended December 31,
2019. The increase in noninterest expense during the three
months ended December 31, 2020 was
primarily due to a $2.2 million
increase in salaries and employee benefits expense, a $1.2 million increase in other noninterest
expense, a $762,000 increase in
professional fees expense, and a $548,000 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 other
noninterest expense was primarily due to increased amortization of
a historic tax credit investment. 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.
Noninterest expense for the year ended December 31, 2020 totaled $40.6 million and increased $19.2 million, or 89.9%, compared to $21.4 million for the year ended December 31, 2019. The increase in
noninterest expense during the year ended December 31, 2020 was primarily due to a
$10.8 million increase in salaries
and employee benefits expense, a $3.2
million increase in professional fees expense, and a
$2.8 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
$861,000 for the quarter ended
December 31, 2020, an increase of
$96,000, compared to $765,000 for the quarter ended December 31, 2019. The effective tax rate
for the quarter ended December 31,
2020 was approximately 10.5%, as compared to approximately
20.2% for the quarter ended December 31,
2019. The effective tax rate for the quarter ended
December 31, 2020 was favorably
impacted by the recognition of approximately $1.0 million of historic tax credits.
Income tax expense was $6.7
million for the year ended December
31, 2020, an increase of $4.3
million, compared to $2.4
million for the year ended December
31, 2019. The effective tax rate for the year ended
December 31, 2020 was approximately
18.4%, as compared to approximately 20.3% for the year ended
December 31, 2019. The
effective tax rate for the year ended December 31, 2020 was favorably impacted by the
recognition of approximately $1.0
million of historic tax credits.
Balance Sheet Activity
General. Assets totaled $1.5 billion at December
31, 2020 and increased $596.5
million, or 67.7%, from $880.5
million at December 31,
2019. The increase was primarily due to a $232.0 million increase in net loan balances, a
$175.7 million increase in cash and
cash equivalents, and a $147.5
million increase in loans held for sale.
Cash and cash equivalents. Cash and
cash equivalents totaled $221.6
million at December 31, 2020,
and increased $175.7 million, or
383.0%, from $45.9 million at
December 31, 2019. The increase
in cash and cash equivalents was primarily attributed to increases
in deposits, FHLB advances and other borrowings, partially offset
by an increase in net loans and loans held for sale.
Securities. Securities available for sale
totaled $8.7 million at December 31, 2020, and increased $527,000, or 6.5%, compared to $8.2 million at December
31, 2019. The increase was due to security purchases,
partially offset by principal maturities. Equity securities totaled
$5.0 million at December 31, 2020. The increase was due to
a purchase during the fourth quarter of 2020.
Loans held for sale. Loans held for sale
totaled $283.2 million at
December 31, 2020 and increased
$147.5 million, or 108.7%, from
$135.7 million at December 31, 2019.
Loans and Leases. Net loans and leases
totaled $895.3 million at
December 31, 2020, and increased
$232.0 million, or 35.0%, from
$663.3 million at December 31, 2019. The increase was
primarily due to a $167.6 million
increase in commercial loan balances, a $29.5 million increase in commercial real estate
loan balances, a $27.6 million
increase in single-family residential loan balances, a $12.8 million increase in construction loans
balances, and a $6.1 million increase
in multi-family loan balances, partially offset by a $9.9 million increase in the allowance for loan
losses and a $1.7 million decrease in
consumer loan balances. The increase in the aforementioned
commercial loan balances includes $107.0
million of loans under the SBA's Paycheck Protection Program
(PPP), coupled with increased sales activity and new
relationships.
The following table presents the recorded investment in loans
and leases for certain non-owner-occupied loan types ($ in
thousands)
|
|
|
|
|
|
|
December 31,
2020
|
|
September 30,
2020
|
Construction - 1-4
family
|
$
|
12,393
|
|
$
|
10,651
|
Construction -
Multi-family
|
|
41,410
|
|
|
36,675
|
Construction -
Non-residential
|
|
23,471
|
|
|
26,440
|
Hotel/Motel
|
|
20,295
|
|
|
16,246
|
Industrial /
Warehouse
|
|
40,174
|
|
|
40,192
|
Land/Land
Development
|
|
40,467
|
|
|
28,408
|
Medical/Healthcare/Senior Housing
|
|
5,483
|
|
|
5,529
|
Multi-family
|
|
35,928
|
|
|
42,643
|
Office
|
|
31,959
|
|
|
32,016
|
Retail
|
|
31,868
|
|
|
31,554
|
Other
|
$
|
29,275
|
|
$
|
32,010
|
Allowance for loan and lease losses (ALLL).
The allowance for loan and lease losses totaled $17.0 million at December
31, 2020, and increased $9.9
million, or 138.5%, from $7.1 million at December 31, 2019. The increase in the ALLL
is due to $10.9 million in the
provision for loan and lease losses expense, partially offset by
net charge-offs of $1.0 million
during the year ended December 31,
2020. The ratio of the ALLL to total loans was 1.87% at
December 31, 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 2.15% at December 31,
2020, compared to 1.07% at December
31, 2019.
Deposits. Deposits totaled
$1.1 billion at December 31, 2020, an increase of $366.7 million, or 49.1%, from $746.3 million at December
31, 2019. The increase is due to a $283.6 million increase in interest-bearing
deposit accounts and an $83.1 million
increase in noninterest-bearing account balances.
Interest-bearing deposit accounts increased to $914.4 million at December
31, 2020, from $630.8 million
at December 31, 2019. The
increase in interest-bearing accounts is primarily attributed to a
$194.3 million increase in
certificate of deposit account balances, a $70.1 million increase in money market account
balances, and a $16.4 million
increase in interest-bearing checking account balances. The
increase in certificate of deposit account balances was due to
increases in retail, brokered, and listing service certificates of
deposits. 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.
Stockholders' equity. Stockholders'
equity totaled $110.2 million at
December 31, 2020, an increase of
$29.5 million, or 36.6%, from
$80.7 million at December 31, 2019. The increase in total
stockholders' equity was primarily attributed to net income.
Sale of Columbiana County
Branches. On December 29,
2020, CFBank and Consumers National Bank ("Consumers")
announced the signing of a branch purchase and assumption agreement
pursuant to which CFBank will sell to Consumers its Wellsville, Ohio drive-up branch and its
Calcutta, Ohio branch. The purchase and assumption
agreement provides for the transfer by CFBank to Consumers of the
land, buildings and other associated assets of the two branches,
approximately $100 million in
deposits, and certain loans and other interest earning
assets. In exchange, Consumers will pay to CFBank the
net book value of the land, building and associated assets of
the branches, the par value of the earning assets, and a deposit
premium equal to 1.75% of the average daily deposits for the 30
days preceding closing. The sale of the branches to Consumers
is subject to regulatory approval and satisfaction of certain
customary closing conditions and is expected to close in the second
calendar quarter of 2021. The divestiture of CFBank's two
branches in Columbiana County is
consistent with our strategic business plan and the overarching
objective to deploy capital into areas that yield the greatest
opportunity to strengthen franchise value. We expect
that the sale of the Columbiana County branches will further allow
us to gain greater efficiencies in our core markets and to focus
our sales efforts in those communities.
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), PPNR Return on Average
Assets and PPNR Return on Average Equity. 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;
uncertainty regarding the impact of changes in the U.S.
presidential administration and Congress 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, June 30, 2020, and September 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.
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Consolidated
Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
Three months
ended
|
|
|
|
Year
ended
|
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
|
2020
|
|
2019
|
|
%
change
|
|
2020
|
|
2019
|
|
%
change
|
Total interest
income
|
$
|
11,955
|
|
$
|
9,813
|
|
22%
|
|
$
|
42,386
|
|
$
|
35,104
|
|
21%
|
Total interest
expense
|
|
3,694
|
|
|
3,773
|
|
-2%
|
|
|
14,578
|
|
|
13,404
|
|
9%
|
Net interest
income
|
|
8,261
|
|
|
6,040
|
|
37%
|
|
|
27,808
|
|
|
21,700
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
and lease losses
|
|
2,040
|
|
|
-
|
|
n/m
|
|
|
10,915
|
|
|
-
|
|
n/m
|
Net interest income
after provision for loan and lease losses
|
|
6,221
|
|
|
6,040
|
|
3%
|
|
|
16,893
|
|
|
21,700
|
|
-22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
182
|
|
|
145
|
|
26%
|
|
|
633
|
|
|
553
|
|
14%
|
Net gain
on sales of loans
|
|
12,810
|
|
|
3,832
|
|
234%
|
|
|
58,366
|
|
|
10,767
|
|
442%
|
Swap fee
income
|
|
216
|
|
|
143
|
|
51%
|
|
|
651
|
|
|
162
|
|
302%
|
Other
|
|
109
|
|
|
54
|
|
102%
|
|
|
343
|
|
|
238
|
|
44%
|
Noninterest
income
|
|
13,317
|
|
|
4,174
|
|
219%
|
|
|
59,993
|
|
|
11,720
|
|
412%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
5,340
|
|
|
3,161
|
|
69%
|
|
|
21,987
|
|
|
11,170
|
|
97%
|
Occupancy and equipment
|
|
323
|
|
|
241
|
|
34%
|
|
|
1,077
|
|
|
965
|
|
12%
|
Data
processing
|
|
504
|
|
|
406
|
|
24%
|
|
|
1,812
|
|
|
1,350
|
|
34%
|
Franchise and other taxes
|
|
197
|
|
|
136
|
|
45%
|
|
|
740
|
|
|
454
|
|
63%
|
Professional fees
|
|
1,525
|
|
|
763
|
|
100%
|
|
|
5,070
|
|
|
1,855
|
|
173%
|
Director
fees
|
|
135
|
|
|
146
|
|
-8%
|
|
|
648
|
|
|
547
|
|
18%
|
Postage,
printing, and supplies
|
|
37
|
|
|
48
|
|
-23%
|
|
|
172
|
|
|
225
|
|
-24%
|
Advertising and marketing
|
|
1,488
|
|
|
940
|
|
58%
|
|
|
5,624
|
|
|
2,829
|
|
99%
|
Telephone
|
|
54
|
|
|
57
|
|
-5%
|
|
|
219
|
|
|
201
|
|
9%
|
Loan
expenses
|
|
70
|
|
|
61
|
|
15%
|
|
|
304
|
|
|
232
|
|
31%
|
Foreclosed assets, net
|
|
-
|
|
|
-
|
|
n/m
|
|
|
-
|
|
|
(9)
|
|
n/m
|
Depreciation
|
|
103
|
|
|
85
|
|
21%
|
|
|
381
|
|
|
316
|
|
21%
|
FDIC
premiums
|
|
147
|
|
|
178
|
|
-17%
|
|
|
588
|
|
|
529
|
|
11%
|
Regulatory assessment
|
|
45
|
|
|
41
|
|
10%
|
|
|
181
|
|
|
165
|
|
10%
|
Other
insurance
|
|
27
|
|
|
27
|
|
0%
|
|
|
106
|
|
|
99
|
|
7%
|
Other
|
|
1,334
|
|
|
136
|
|
881%
|
|
|
1,694
|
|
|
451
|
|
276%
|
Noninterest
expense
|
|
11,329
|
|
|
6,426
|
|
76%
|
|
|
40,603
|
|
|
21,379
|
|
90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
8,209
|
|
|
3,788
|
|
117%
|
|
|
36,283
|
|
|
12,041
|
|
201%
|
Income tax
expense
|
|
861
|
|
|
765
|
|
13%
|
|
|
6,675
|
|
|
2,440
|
|
174%
|
Net Income
|
|
7,348
|
|
|
3,023
|
|
143%
|
|
$
|
29,608
|
|
$
|
9,601
|
|
208%
|
Accretion of discount
and value of warrants exercised related to Series B preferred
stock
|
|
-
|
|
|
-
|
|
n/m
|
|
|
-
|
|
|
219
|
|
n/m
|
Earnings allocated to
participating securities (Series C preferred stock)
|
|
-
|
|
|
-
|
|
n/m
|
|
|
(2,280)
|
|
|
-
|
|
n/m
|
Net Income
attributable to common stockholders
|
$
|
7,348
|
|
$
|
3,023
|
|
143%
|
|
$
|
27,328
|
|
$
|
9,820
|
|
178%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
|
1.13
|
|
$
|
0.51
|
|
|
|
$
|
4.53
|
|
$
|
2.05
|
|
|
Diluted earnings per
common share
|
$
|
1.11
|
|
$
|
0.51
|
|
|
|
$
|
4.47
|
|
$
|
2.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
|
6,517,248
|
|
|
5,062,244
|
|
|
|
|
6,029,097
|
|
|
4,581,465
|
|
|
Average common shares
outstanding - diluted
|
|
6,617,254
|
|
|
5,111,603
|
|
|
|
|
6,106,987
|
|
|
4,628,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
thousands)
|
Dec
31,
|
|
Sept
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
Dec
31,
|
|
(unaudited)
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
221,594
|
|
$
|
92,784
|
|
$
|
77,376
|
|
$
|
75,352
|
|
$
|
45,879
|
|
Interest-bearing
deposits in other financial institutions
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Securities available
for sale
|
|
8,701
|
|
|
9,746
|
|
|
10,802
|
|
|
11,390
|
|
|
8,174
|
|
Equity
Securities
|
|
5,000
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Loans held for
sale
|
|
283,165
|
|
|
308,691
|
|
|
165,891
|
|
|
115,197
|
|
|
135,711
|
|
Loans and
leases
|
|
912,366
|
|
|
887,201
|
|
|
856,636
|
|
|
714,941
|
|
|
670,441
|
|
Less allowance
for loan and lease losses
|
|
(17,022)
|
|
|
(15,492)
|
|
|
(10,107)
|
|
|
(7,073)
|
|
|
(7,138)
|
|
Loans and leases,
net
|
|
895,344
|
|
|
871,709
|
|
|
846,529
|
|
|
707,868
|
|
|
663,303
|
|
FHLB and FRB
stock
|
|
5,847
|
|
|
5,377
|
|
|
5,216
|
|
|
4,510
|
|
|
4,008
|
|
Premises and
equipment, net
|
|
3,730
|
|
|
3,937
|
|
|
4,005
|
|
|
4,040
|
|
|
3,991
|
|
Operating lease right
of use assets
|
|
1,387
|
|
|
1,488
|
|
|
1,588
|
|
|
1,685
|
|
|
1,780
|
|
Bank owned life
insurance
|
|
17,490
|
|
|
5,453
|
|
|
5,416
|
|
|
5,381
|
|
|
5,345
|
|
Accrued interest
receivable and other assets
|
|
34,637
|
|
|
37,754
|
|
|
29,165
|
|
|
19,842
|
|
|
12,254
|
|
Total
assets
|
$
|
1,476,995
|
|
$
|
1,337,039
|
|
$
|
1,146,088
|
|
$
|
945,365
|
|
$
|
880,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
$
|
198,675
|
|
$
|
149,886
|
|
$
|
148,188
|
|
$
|
104,322
|
|
$
|
115,530
|
|
Interest bearing
|
|
914,395
|
|
|
824,082
|
|
|
700,850
|
|
|
644,183
|
|
|
630,793
|
|
Total deposits
|
|
1,113,070
|
|
|
973,968
|
|
|
849,038
|
|
|
748,505
|
|
|
746,323
|
|
FHLB advances and
other debt
|
|
214,426
|
|
|
224,521
|
|
|
165,806
|
|
|
82,594
|
|
|
29,017
|
|
Advances by borrowers
for taxes and insurance
|
|
1,029
|
|
|
537
|
|
|
782
|
|
|
636
|
|
|
929
|
|
Operating lease
liabilities
|
|
1,532
|
|
|
1,642
|
|
|
1,750
|
|
|
1,856
|
|
|
1,960
|
|
Accrued interest
payable and other liabilities
|
|
21,884
|
|
|
18,567
|
|
|
21,320
|
|
|
14,078
|
|
|
6,846
|
|
Subordinated
debentures
|
|
14,844
|
|
|
14,835
|
|
|
14,825
|
|
|
14,815
|
|
|
14,806
|
|
Total liabilities
|
|
1,366,785
|
|
|
1,234,070
|
|
|
1,053,521
|
|
|
862,484
|
|
|
799,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
110,210
|
|
|
102,969
|
|
|
92,567
|
|
|
82,881
|
|
|
80,664
|
|
Total liabilities and
stockholders' equity
|
$
|
1,476,995
|
|
$
|
1,337,039
|
|
$
|
1,146,088
|
|
$
|
945,365
|
|
$
|
880,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheet and Yield Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Three Months
Ended
|
|
December 31,
2020
|
|
September 30,
2020
|
|
December 31,
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)
|
$
|
9,549
|
|
$
|
36
|
|
|
1.53%
|
|
$
|
10,432
|
|
$
|
40
|
|
|
1.56%
|
|
$
|
8,757
|
|
$
|
42
|
|
|
1.93%
|
Loans held for
sale
|
|
342,105
|
|
|
2,312
|
|
|
2.70%
|
|
|
210,457
|
|
|
1,467
|
|
|
2.79%
|
|
|
116,419
|
|
|
1,178
|
|
|
4.05%
|
Loans and leases
(3)
|
|
872,950
|
|
|
9,524
|
|
|
4.36%
|
|
|
847,387
|
|
|
9,037
|
|
|
4.27%
|
|
|
641,085
|
|
|
8,410
|
|
|
5.25%
|
Other earning
assets
|
|
100,883
|
|
|
29
|
|
|
0.11%
|
|
|
60,268
|
|
|
22
|
|
|
0.15%
|
|
|
23,948
|
|
|
134
|
|
|
2.24%
|
FHLB and FRB
stock
|
|
5,673
|
|
|
54
|
|
|
3.81%
|
|
|
5,251
|
|
|
51
|
|
|
3.88%
|
|
|
3,981
|
|
|
49
|
|
|
4.92%
|
Total interest-earning
assets
|
|
1,331,160
|
|
|
11,955
|
|
|
3.59%
|
|
|
1,133,795
|
|
|
10,617
|
|
|
3.75%
|
|
|
794,190
|
|
|
9,813
|
|
|
4.94%
|
Noninterest-earning
assets
|
|
64,251
|
|
|
|
|
|
|
|
|
66,864
|
|
|
|
|
|
|
|
|
38,296
|
|
|
|
|
|
|
Total
assets
|
$
|
1,395,411
|
|
|
|
|
|
|
|
$
|
1,200,659
|
|
|
|
|
|
|
|
$
|
832,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
883,612
|
|
|
2,791
|
|
|
1.26%
|
|
$
|
741,945
|
|
|
2,803
|
|
|
1.51%
|
|
$
|
598,212
|
|
|
3,320
|
|
|
2.22%
|
FHLB advances and other
borrowings
|
|
210,069
|
|
|
903
|
|
|
1.72%
|
|
|
192,457
|
|
|
673
|
|
|
1.40%
|
|
|
41,811
|
|
|
453
|
|
|
4.33%
|
Total interest-bearing
liabilities
|
|
1,093,681
|
|
|
3,694
|
|
|
1.35%
|
|
|
934,402
|
|
|
3,476
|
|
|
1.49%
|
|
|
640,023
|
|
|
3,773
|
|
|
2.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
|
196,447
|
|
|
|
|
|
|
|
|
169,400
|
|
|
|
|
|
|
|
|
120,614
|
|
|
|
|
|
|
Total
liabilities
|
|
1,290,128
|
|
|
|
|
|
|
|
|
1,103,802
|
|
|
|
|
|
|
|
|
760,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
105,283
|
|
|
|
|
|
|
|
|
96,857
|
|
|
|
|
|
|
|
|
71,849
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
|
1,395,411
|
|
|
|
|
|
|
|
$
|
1,200,659
|
|
|
|
|
|
|
|
$
|
832,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets
|
$
|
237,479
|
|
|
|
|
|
|
|
$
|
199,393
|
|
|
|
|
|
|
|
$
|
154,167
|
|
|
|
|
|
|
Net interest
income/interest rate spread
|
|
|
|
$
|
8,261
|
|
|
2.24%
|
|
|
|
|
$
|
7,141
|
|
|
2.26%
|
|
|
|
|
$
|
6,040
|
|
|
2.58%
|
Net interest
margin
|
|
|
|
|
|
|
|
2.48%
|
|
|
|
|
|
|
|
|
2.52%
|
|
|
|
|
|
|
|
|
3.04%
|
Average
interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average
interest-bearing liabilities
|
|
121.71%
|
|
|
|
|
|
|
|
|
121.34%
|
|
|
|
|
|
|
|
|
124.09%
|
|
|
|
|
|
|
|
|
(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 year
ended
|
($ in thousands
except per share data)
|
|
Dec
31,
|
|
Sept
30,
|
|
Jun
30,
|
|
Mar
31,
|
|
Dec
31,
|
|
|
December
31,
|
(unaudited)
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
|
2020
|
|
|
2019
|
Earnings and
Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
8,261
|
|
$
|
7,141
|
|
$
|
6,283
|
|
$
|
6,123
|
|
$
|
6,040
|
|
$
|
27,808
|
|
$
|
21,700
|
Provision for loan
and lease losses
|
|
$
|
2,040
|
|
$
|
5,750
|
|
$
|
3,125
|
|
$
|
-
|
|
$
|
-
|
|
$
|
10,915
|
|
$
|
-
|
Noninterest
income
|
|
$
|
13,317
|
|
$
|
23,376
|
|
$
|
19,856
|
|
$
|
3,444
|
|
$
|
4,174
|
|
$
|
59,993
|
|
$
|
11,720
|
Noninterest
expense
|
|
$
|
11,329
|
|
$
|
11,917
|
|
$
|
10,313
|
|
$
|
7,044
|
|
$
|
6,426
|
|
$
|
40,603
|
|
$
|
21,379
|
Net Income
|
|
$
|
7,348
|
|
$
|
10,186
|
|
$
|
10,068
|
|
$
|
2,006
|
|
$
|
3,023
|
|
$
|
29,608
|
|
$
|
9,601
|
Basic earnings per
common share
|
|
$
|
1.13
|
|
$
|
1.56
|
|
$
|
1.54
|
|
$
|
0.31
|
|
$
|
0.51
|
|
$
|
4.53
|
|
$
|
2.05
|
Diluted earnings per
common share
|
|
$
|
1.11
|
|
$
|
1.54
|
|
$
|
1.53
|
|
$
|
0.30
|
|
$
|
0.51
|
|
$
|
4.47
|
|
$
|
2.03
|
Dividends declared
per share
|
|
$
|
0.03
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
0.03
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
2.11%
|
|
|
3.39%
|
|
|
3.70%
|
|
|
0.90%
|
|
|
1.45%
|
|
|
2.59%
|
|
|
1.30%
|
Return on average
equity
|
|
|
27.92%
|
|
|
42.07%
|
|
|
47.02%
|
|
|
9.81%
|
|
|
16.83%
|
|
|
32.04%
|
|
|
17.57%
|
Average yield on
interest-earning assets
|
|
|
3.59%
|
|
|
3.75%
|
|
|
3.80%
|
|
|
4.66%
|
|
|
4.94%
|
|
|
3.89%
|
|
|
4.98%
|
Average rate paid on
interest-bearing liabilities
|
|
|
1.35%
|
|
|
1.49%
|
|
|
1.72%
|
|
|
2.21%
|
|
|
2.36%
|
|
|
1.64%
|
|
|
2.38%
|
Average interest rate
spread
|
|
|
2.24%
|
|
|
2.26%
|
|
|
2.08%
|
|
|
2.45%
|
|
|
2.58%
|
|
|
2.25%
|
|
|
2.60%
|
Net interest margin,
fully taxable equivalent
|
|
|
2.48%
|
|
|
2.52%
|
|
|
2.42%
|
|
|
2.87%
|
|
|
3.04%
|
|
|
2.55%
|
|
|
3.08%
|
Efficiency
ratio
|
|
|
52.50%
|
|
|
39.05%
|
|
|
39.45%
|
|
|
73.63%
|
|
|
62.91%
|
|
|
46.24%
|
|
|
63.97%
|
Noninterest expense
to average assets
|
|
|
3.25%
|
|
|
3.97%
|
|
|
3.79%
|
|
|
3.15%
|
|
|
3.09%
|
|
|
3.55%
|
|
|
2.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
leverage ratio (1)
|
|
|
9.74%
|
|
|
10.89%
|
|
|
10.44%
|
|
|
10.68%
|
|
|
10.58%
|
|
|
9.74%
|
|
|
10.58%
|
Total risk-based
capital ratio (1)
|
|
|
14.31%
|
|
|
13.89%
|
|
|
14.01%
|
|
|
13.23%
|
|
|
12.96%
|
|
|
14.31%
|
|
|
12.96%
|
Tier 1 risk-based
capital ratio (1)
|
|
|
13.05%
|
|
|
12.63%
|
|
|
12.77%
|
|
|
12.29%
|
|
|
11.97%
|
|
|
13.05%
|
|
|
11.97%
|
Common equity tier 1
capital to risk weighted assets (1)
|
|
|
13.05%
|
|
|
12.63%
|
|
|
12.77%
|
|
|
12.29%
|
|
|
11.97%
|
|
|
13.05%
|
|
|
11.97%
|
Equity to total
assets at end of period
|
|
|
7.46%
|
|
|
7.70%
|
|
|
8.08%
|
|
|
8.77%
|
|
|
9.16%
|
|
|
7.46%
|
|
|
9.16%
|
Book value per common
share
|
|
$
|
16.79
|
|
$
|
15.68
|
|
$
|
14.14
|
|
$
|
12.85
|
|
$
|
12.40
|
|
$
|
16.79
|
|
$
|
12.40
|
Tangible book value
per common share
|
|
$
|
16.79
|
|
$
|
15.68
|
|
$
|
14.14
|
|
$
|
12.85
|
|
$
|
12.40
|
|
$
|
16.79
|
|
$
|
12.40
|
Period-end market
value per common share
|
|
$
|
17.69
|
|
$
|
12.08
|
|
$
|
10.43
|
|
$
|
10.52
|
|
$
|
13.95
|
|
$
|
17.69
|
|
$
|
13.95
|
Period-end common
shares outstanding
|
|
|
6,564,304
|
|
|
6,566,256
|
|
|
6,546,596
|
|
|
5,337,598
|
|
|
5,376,454
|
|
|
6,564,304
|
|
|
5,376,454
|
Average basic common
shares outstanding
|
|
|
6,517,248
|
|
|
6,515,389
|
|
|
5,739,097
|
|
|
5,333,947
|
|
|
5,062,244
|
|
|
6,029,097
|
|
|
4,581,465
|
Average diluted
common shares outstanding
|
|
|
6,617,254
|
|
|
6,596,996
|
|
|
5,802,578
|
|
|
5,400,318
|
|
|
5,111,603
|
|
|
6,106,987
|
|
|
4,628,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
$
|
695
|
|
$
|
527
|
|
$
|
581
|
|
$
|
696
|
|
$
|
2,439
|
|
$
|
695
|
|
$
|
2,439
|
Nonperforming loans
to total loans
|
|
|
0.08%
|
|
|
0.06%
|
|
|
0.07%
|
|
|
0.10%
|
|
|
0.36%
|
|
|
0.08%
|
|
|
0.36%
|
Nonperforming assets
to total assets
|
|
|
0.05%
|
|
|
0.04%
|
|
|
0.05%
|
|
|
0.07%
|
|
|
0.28%
|
|
|
0.05%
|
|
|
0.28%
|
Allowance for loan
and lease losses to total loans
|
|
|
1.87%
|
|
|
1.75%
|
|
|
1.18%
|
|
|
0.99%
|
|
|
1.06%
|
|
|
1.87%
|
|
|
1.06%
|
Allowance for loan
and lease losses to nonperforming loans
|
|
|
2449.21%
|
|
|
2939.66%
|
|
|
1739.59%
|
|
|
1016.24%
|
|
|
292.66%
|
|
|
2449.21%
|
|
|
292.66%
|
Net charge-offs
(recoveries)
|
|
$
|
510
|
|
$
|
365
|
|
$
|
91
|
|
$
|
65
|
|
$
|
(81)
|
|
$
|
1,031
|
|
$
|
(126)
|
Annualized net
charge-offs (recoveries) to average loans
|
|
|
0.23%
|
|
|
0.17%
|
|
|
0.04%
|
|
|
0.04%
|
|
|
(0.05%)
|
|
|
0.13%
|
|
|
(0.02%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
889,460
|
|
$
|
859,097
|
|
$
|
809,217
|
|
$
|
679,720
|
|
$
|
648,160
|
|
$
|
809,374
|
|
$
|
603,590
|
Assets
|
|
$
|
1,395,411
|
|
$
|
1,200,659
|
|
$
|
1,088,656
|
|
$
|
895,625
|
|
$
|
832,486
|
|
$
|
1,145,088
|
|
$
|
739,343
|
Stockholders'
equity
|
|
$
|
105,283
|
|
$
|
96,857
|
|
$
|
85,652
|
|
$
|
81,816
|
|
$
|
71,849
|
|
$
|
92,402
|
|
$
|
54,646
|
|
|
(1)
|
Regulatory capital
ratios of CFBank
|
GAAP TO NON-GAAP RECONCILIATION
This press release contains certain non-GAAP disclosures for:
(1) PPNR, (2) PPNR return on average assets and (3) PPNR return on
average equity. 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 (2) return on average assets and (3) return on average
equity.
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"),
|
|
|
|
|
|
|
|
|
|
|
|
PPNR Return on Average
Assets and PPNR Return on Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income
|
$
|
7,348
|
|
$
|
10,186
|
|
$
|
3,023
|
|
$
|
29,608
|
|
$
|
9,601
|
Add: Provision for
credit losses
|
|
2,040
|
|
|
5,750
|
|
|
-
|
|
|
10,915
|
|
|
-
|
Add: Income tax
expense
|
|
861
|
|
|
2,664
|
|
|
765
|
|
|
6,675
|
|
|
2,440
|
Pre-provision,
pre-tax net revenue
|
$
|
10,249
|
|
$
|
18,600
|
|
$
|
3,788
|
|
$
|
47,198
|
|
$
|
12,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
|
1,395,411
|
|
$
|
1,200,659
|
|
$
|
832,486
|
|
$
|
1,145,088
|
|
$
|
739,343
|
Average Stockholders'
Equity
|
$
|
105,283
|
|
$
|
96,857
|
|
$
|
71,849
|
|
$
|
92,402
|
|
$
|
54,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
|
2.11%
|
|
|
3.39%
|
|
|
1.45%
|
|
|
2.59%
|
|
|
1.30%
|
PPNR return on
average assets (2)
|
|
2.94%
|
|
|
6.20%
|
|
|
1.82%
|
|
|
4.12%
|
|
|
1.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity (3)
|
|
27.92%
|
|
|
42.07%
|
|
|
16.83%
|
|
|
32.04%
|
|
|
17.57%
|
PPNR return on
average equity (4)
|
|
38.94%
|
|
|
76.81%
|
|
|
21.09%
|
|
|
51.08%
|
|
|
22.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/cf-bankshares-inc-announces-record-annual-earnings-for-2020-net-income-for-the-full-year-more-than-tripled-compared-to-prior-year-301220225.html
SOURCE CF Bankshares Inc.