CF Bankshares Inc., Parent of CFBank NA, Reports Results for the 1st Quarter 2024.
COLUMBUS, Ohio, May 7, 2024 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK), the parent of CFBank, National Association, announced financial results for the first quarter ending March 31, 2024.
"Overview of Results"
"Net income for the three months ended March 31, 2024 totaled $3.1 million (or $0.47 per diluted common share) compared to net income of $4.2 million (or $0.65 per diluted common share) for the three months ended December 31, 2023 and net income of $4.4 million (or $0.68 per diluted common share) for the three months ended March 31, 2023. Pre-provision, pre-tax net revenue ("PPNR") for the three months ended March 31, 2024 was $5.0 million compared to PPNR of $6.0 million for the three months ended December 31, 2023 and PPNR of $5.8 million for the three months ended March 31, 2023."
"Net Interest Income and Net Interest Margin"
"Net interest income totaled $11.3 million for the quarter ended March 31, 2024 and decreased $470,000, or 4.0%, compared to $11.8 million in the prior quarter, and decreased $1.4 million, or 11.4%, compared to $12.7 million in the first quarter of 2023."
"Noninterest Income"
"Noninterest income for the quarter ended March 31, 2024 totaled $905,000 and decreased $128,000, or 12.4%, compared to $1.0 million for the prior quarter."
"Noninterest Expense"
"Noninterest expense for the quarter ended March 31, 2024 totaled $7.2 million and increased $442,000, or 6.6%, compared to $6.7 million for the prior quarter."
"Income Tax Expense"
"Income tax expense was $695,000 for the quarter ended March 31, 2024 (effective tax rate of 18.5%), compared to $932,000 for the prior quarter (effective tax rate of 18.0%) and $1.1 million for the quarter ended March 31, 2023 (effective tax rate of 19.5%)."
"Loans and Loans Held For Sale"
"Net loans and leases totaled $1.7 billion at March 31, 2024 and increased $1.6 million, or 0.1%, from December 31, 2023."
"Asset Quality"
"Nonaccrual loans were $7.9 million, or 0.46%, of total loans at March 31, 2024, an increase of $2.2 million from $5.7 million at December 31, 2023 and an increase of $7.2 million from $718,000 at March 31, 2023."
"Deposits"
"Deposits totaled $1.7 billion at March 31, 2024, a decrease of $21.0 million, or 1.2%, when compared to $1.7 billion at December 31, 2023."
"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."