0001070680-21-000012.txt : 20210504 0001070680-21-000012.hdr.sgml : 20210504 20210504090343 ACCESSION NUMBER: 0001070680-21-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20210504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210504 DATE AS OF CHANGE: 20210504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CF BANKSHARES INC. CENTRAL INDEX KEY: 0001070680 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 341877137 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25045 FILM NUMBER: 21886231 BUSINESS ADDRESS: STREET 1: C/O CFBANK STREET 2: 7000 N. HIGH ST. CITY: WORTHINGTON STATE: OH ZIP: 43085 BUSINESS PHONE: 6143347979 MAIL ADDRESS: STREET 1: C/O CFBANK STREET 2: 7000 N. HIGH ST. CITY: WORTHINGTON STATE: OH ZIP: 43085 FORMER COMPANY: FORMER CONFORMED NAME: CENTRAL FEDERAL CORP DATE OF NAME CHANGE: 20030509 FORMER COMPANY: FORMER CONFORMED NAME: GRAND CENTRAL FINANCIAL CORP DATE OF NAME CHANGE: 19980918 8-K 1 cfbk-20210504x8k.htm 8-K 8-k cover page earnings release 033121

 

 





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): May 04, 2021





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 Number)



 

 



 

 

7000 N. High Street, Worthington, Ohio

43085

(614) 334-7979

(Address of principal executive offices)

(Zip Code)

 (Registrant’s Telephone Number)









(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 May 4,  2021, CF Bankshares Inc. (the “Company”) issued a press release announcing financial results for the first quarter ended March 31, 2021 (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



 



99.1Earnings Release issued by the Company on May 4, 2021, announcing financial results for the first quarter ended March 31, 2021.



 



 



 

 

 

 





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:  May 4, 2021

 

By:

/s/ Kevin J. Beerman



 

 

Kevin J. Beerman



 

 

Senior Vice President and Senior Finance Officer



 

EX-99.1 2 cfbk-20210504xex99_1.htm EX-99.1 Exhibit 991 earnings release 033121

                                                                                                                                                    Exhibit 99.1

Picture 3

Parent of CFBank, NA





 





 



 



PRESS RELEASE

 

FOR IMMEDIATE RELEASE:

May 4, 2021

For Further Information:

Timothy T. O'Dell, President & CEO



Phone:  614.318.4660



Email: timodell@cfbankmail.com





CF BANKSHARES INC. ANNOUNCES 1st QUARTER 2021 EARNINGS MORE THAN TRIPLED YEAR-OVER-YEAR.  ALSO ANNOUNCES EXPANSION INTO INDIANAPOLIS MARKET.



Columbus, Ohio – May 4, 2021 – CF Bankshares Inc. (NASDAQ: CFBK) (the “Company”), the parent of CFBank, today announced financial results for the first quarter ended March 31, 2021.



First Quarter 2021 Highlights

·

Net income of $6.4 million, an increase of 220% compared to the same quarter of 2020.  For the first quarter of 2021, return on average assets was 1.70% and return on average equity was 22.73%.

·

Earnings per share (EPS) for the quarter increased to $0.96 per share, an increase of 220% when compared to the same quarter of 2020.  Book Value per share increased 5% during Q1 to $17.55 per share.

·

Net interest margin increased 21 bps during the quarter driven primarily by a 25 bps decrease in the average rate paid on interest-bearing liabilities.

·

Total assets increased to $1.6 billion at March 31, 2021.

·

Net loans and leases increased $71 million or 8% during the quarter to $967 million.

·

Noninterest-bearing deposit account balances increased 9% during the quarter.

·

Credit quality remains strong with nonperforming loans as a percentage of total assets of 0.04% and loans more than 30 days past due also at 0.04% of total loans at March 31, 2021.

·

ALLL reserves of $17.1 million equals 1.74% of total loans and 1.95% of total non-government guaranteed loans at March 31, 2021.



Timothy T. O’Dell, President and CEO, commented, “We are pleased with our overall Q1 results, particularly given the challenging mortgage lending environment being experienced thus far in 2021. 



Our Commercial Banking pipelines are strong and at all-time high levels as we enter the second quarter, with the majority of these Earning Assets and accompanying deposit relationships expected to be closed and funded during Q2. We anticipate closing of our Pipelines, along with the investments made in building and strengthening our Regional Banking Teams including the expansion into Indianapolis as our 4th Major Market will position our Core for solid second half 2021 performance.  Based upon the current mortgage lending environment and volatility, we could expect to see substantial decreases in mortgage originations and earnings contribution versus 2020.



We chose to outsource the delivery and funding of Round 2 PPP loans, in order to concentrate our resources for closing and funding our traditional loan Pipelines.  While our traditional loans are larger and will be more impactful on earnings performance, we recognize the value and importance of the smaller PPP loans to our customers and communities.  As a result, we have provided a website link and contacts to facilitate applications and approvals.

 

 



In addition, we are excited to expand our Bank footprint and presence by establishing a presence in Indianapolis, our 4th Major Metropolitan Market joining the existing Columbus, Cleveland, and Cincinnati, Ohio markets. We enthusiastically welcome Dan Cobb to our team as Market President of our Indianapolis expansion market. Dan is a very experienced business banker, well connected in the Indianapolis region, along with being a proven performer and leader. We are confident Dan will hit the ground running, and will quickly assemble an excellent Team, including local Treasury Management and Commercial bankers.



We are also expanding our presence within existing Metro markets.  We are in the process of adding Branch capabilities at Our office location in Beachwood, Ohio (NE Ohio), which we expect will open in early Q3.  Additionally, in early Q4, we will be adding a micro branch location in Cincinnati, along with a full-service office in the Westerville area of the Columbus market. These Branches will serve to enhance our Footprint and presence, as well as expand the delivery of banking services available for our customers, and bolster our deposit gathering network.



The pending sale of our Columbiana County branches to Consumers Bank remains on track, with an expected July closing date. The resulting capital generated through the sale will be reinvested into the growth and expansion in our Metro markets, better fitting our CFBank Commercial Banking driven business model. 



Our key objectives remain focused on Core earnings as well as expanding franchise and shareholder value. Through increasing size and scale, expanding our market presence, and gaining market share, we intend to grow core earnings.



We are just Revving Up!”



Robert E. Hoeweler, Chairman of the Board, added: “Our leadership team has effectively guided the Bank through the Pandemic, perhaps the most difficult economic period for financial institutions in history. We have steadfastly stayed on course, understanding that providing great service to our customers and supporting our communities are fundamental to how we measure success. Our team has never permitted complacency to creep in, always striving for high level performance.   As a result, we have continued to thrive through this time. I offer my sincere thanks to our team, our stakeholders, and our regulators for their partnership and support during this challenging period.”



Overview of Results 

Net income for the three months ended March 31, 2021 totaled $6.4 million (or $0.96 per diluted common share) and increased $4.4 million, or 220.1%, compared to net income of $2.0 million (or $0.30 per diluted common share) for the three months ended March 31, 2020.  Pre-provision, pre-tax net revenue (“PPNR”) for the three months ended March 31, 2021 totaled $7.9 million and increased $5.4 million compared to PPNR of $2.5 million for the three months ended March 31, 2020.

Net interest income.  Net interest income totaled $9.6 million for the quarter ended March 31, 2021 and increased $3.5 million, or 57.1%, compared to net interest income of $6.1 million for the quarter ended March 31, 2020.  The increase in net interest income was primarily due to a $2.9 million, or 29.3%, increase in interest income and a $583,000, or 15.2%, decrease in interest expense.  The increase in interest income was primarily attributed to a $573.8 million, or 67.2%, increase in average interest-earning assets outstanding, resulting primarily from an increase in net loans and loans held for sale, partially offset by a 106bps decrease in average yield on interest-earning assets.  The decrease in interest expense was attributed to a 111bps decrease in the average cost of funds on interest-bearing liabilities, partially offset by a $480.4 million, or 69.3%, increase in average interest-bearing liabilities.  The net interest margin of 2.69% for the quarter ended March 31, 2021 decreased 18bps compared to the net interest margin of 2.87% for the quarter ended March 31, 2020 but increased 21bps compared to the net interest margin of 2.48% for the prior quarter ended December 31, 2020.

Provision for loan and lease losses.  There was no provision for loan and lease losses expense for the quarter ended March 31, 2021 or for the quarter ended March 31, 2020, which is due to strong credit quality.  Net recoveries for the quarter ended March 31, 2021 totaled $64,000, compared to net charge-offs of $65,000 for the quarter ended March 31, 2020.

Noninterest income.  Noninterest income for the quarter ended March 31, 2021 totaled $7.2 million and increased $3.8 million, or 109.9%, compared to $3.4 million for the quarter ended March 31, 2020.  The increase was primarily due to a $3.5 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.  While originations where reasonably strong during the quarter ended March 31, 2021, margins have declined substantially since the fourth quarter of 2020.

The following table represents the notional amount of loans sold during the three months ended March 31, 2021 and 2020 (in thousands).





 

 

 

 

 



Three Months ended



March 31,



2021

 

2020

Notional amount of loans sold

$

 756,886 

 

$

 362,858 





The following table represents the revenue recognized on mortgage activities for the three months ended March 31, 2021 and 2020 (in thousands).





 

 

 

 

 



Three Months ended



March 31,



2021

 

2020

Gain on loans sold

 

 11,916 

 

 

 5,582 

Gain (loss) from change in fair value of loans held-for-sale

 

 (6,937)

 

 

 1,235 

Gain (loss) from change in fair value of derivatives

 

 1,381 

 

 

 (3,973)



$

 6,360 

 

$

 2,844 



Noninterest expense.  Noninterest expense for the quarter ended March 31, 2021 totaled $9.0 million and increased $2.0 million, or 27.3%, compared to $7.0 million for the quarter ended March 31, 2020.  The increase in noninterest expense during the three months ended March 31, 2021 was primarily due to a $1.6 million increase in salaries and employee benefits expense and a $210,000 increase in professional fees expense. The increase in salaries and employee benefits expense was primarily due to the expansion of and increased volumes in our residential mortgage lending business, 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.

Income tax expense.  Income tax expense was $1.5 million for the quarter ended March 31, 2021, an increase of $940,000, compared to $517,000 for the quarter ended March 31, 2020.  The effective tax rate for the quarter ended March 31, 2021 was approximately 18.5%, as compared to approximately 20.5% for the quarter ended March 31, 2020.

Balance Sheet Activity

General.  Assets totaled $1.6 billion at March 31, 2021 and increased $128.0 million, or 8.6%, from $1.5 billion at December 31, 2020.  The increase was primarily due to a $147.3 million increase in loans held for sale and a $71.5 million increase in net loan balances, partially offset by a $95.8 million decrease in cash and cash equivalents.

Cash and cash equivalents.  Cash and cash equivalents totaled $125.8 million at March 31, 2021, and decreased $95.8 million, or 43.2%, from $221.6 million at December 31, 2020.  The decrease in cash and cash equivalents was primarily attributed to increases in loans held for sale and net loans.

Securities. Securities available for sale totaled $9.7 million at March 31, 2021, and increased $1.0 million, or 11.9%, compared to $8.7 million at December 31, 2020.  The increase was due to security purchases, partially offset by principal maturities.

Loans held for sale.  Loans held for sale totaled $430.5 million at March 31, 2021 and increased $147.3 million, or 52.0%, from $283.2 million at December 31, 2020. 

Loans and Leases.  Net loans and leases totaled $966.8 million at March 31, 2021, and increased $71.5 million, or 8.0%, from $895.3 million at December 31, 2020.  The increase was due to a $38.2 million increase in single-family residential loan balances, a $34.1 million increase in commercial real estate loan balances, a $6.1 million increase in multi-family loan balances, a $3.1 million increase in construction loans balances, and a $2.1 million increase in consumer loan balances,

 

 

partially offset by a $12.1 million decrease in commercial loan balances.  The increases in the aforementioned loan balances were related to 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).





 

 

 

 

 



March 31, 2021

 

December 31, 2020

Construction - 1-4 family

$

 12,944 

 

$

 12,393 

Construction - Multi-family

 

 47,311 

 

 

 41,410 

Construction - Non-residential

 

 22,228 

 

 

 23,471 

Hotel/Motel

 

 20,260 

 

 

 20,295 

Industrial / Warehouse

 

 42,096 

 

 

 40,174 

Land/Land Development

 

 27,946 

 

 

 40,467 

Medical/Healthcare/Senior Housing

 

 5,412 

 

 

 5,483 

Multi-family

 

 51,606 

 

 

 35,928 

Office

 

 38,695 

 

 

 31,959 

Retail

 

 31,315 

 

 

 31,868 

Other

$

 35,639 

 

$

 29,275 



Allowance for loan and lease losses (ALLL).    The allowance for loan and lease losses totaled $17.1 million at March 31, 2021, and increased $64,000, or 0.4%, from $17.0 million at December 31, 2020.  The increase in the ALLL is due to net recoveries during the three months ended March 31, 2021.  The ratio of the ALLL to total loans was 1.74% at March 31, 2021, compared to 1.87% at December 31, 2020.  The ratio of the ALLL to total loans, excluding loan balances subject to SBA guarantees, was 1.95% at March 31, 2021, compared to 2.15% at December 31, 2020.

Deposits.  Deposits totaled $1.3 billion at March 31, 2021, an increase of $207.3 million, or 18.6%, from $1.1 billion at December 31, 2020.   The increase is due to a $189.1 million increase in interest-bearing deposit accounts and  an  $18.2 million increase in noninterest-bearing account balances.  Interest-bearing deposit accounts increased to $1.1 billion at March 31, 2021, from $914.4 billion at December 31, 2020.  The increase in interest-bearing accounts is primarily attributed to a $93.0 million increase in certificate of deposit account balances,  a $59.0 million increase in brokered demand deposit account balances, a $21.5 million increase in money market account balances, and a $13.5 million increase in interest-bearing checking account balances.  The increase in certificate of deposit account balances was due to increases in brokered, listing service and retail  certificates of deposits.   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 increases in money market account balances were primarily due to increases in customer relationships and balances from on-going sales and marketing activities.  

Stockholders’ equity. Stockholders’ equity totaled $116.7 million at March 31, 2021, an increase of $6.4 million, or 5.8%, from $110.2 million at December 31, 2020.  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 a presence in four major metro markets - Columbus, Cleveland, and Cincinnati, Ohio and Indianapolis, Indiana, 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; 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, 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

 

 



March 31,

 

 



2021

 

2020

 

% change

Total interest income

$

 12,857 

 

$

 9,946 

 

 29% 

Total interest expense

 

 3,240 

 

 

 3,823 

 

-15%

     Net interest income

 

 9,617 

 

 

 6,123 

 

 57% 



 

 

 

 

 

 

 

Provision for loan and lease losses

 

 -

 

 

 -

 

n/m

Net interest income after provision for loan and lease losses

 

 9,617 

 

 

 6,123 

 

 57% 



 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

  Service charges on deposit accounts

 

 193 

 

 

 151 

 

 28% 

  Net gain on sales of loans

 

 6,360 

 

 

 2,844 

 

 124% 

  Swap fee income

 

 182 

 

 

 393 

 

-54%

  Gain on redemption of life insurance

 

 380 

 

 

 -

 

n/m

  Other

 

 115 

 

 

 56 

 

 105% 

     Noninterest income

 

 7,230 

 

 

 3,444 

 

 110% 



 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

  Salaries and employee benefits

 

 4,609 

 

 

 3,045 

 

 51% 

  Occupancy and equipment

 

 322 

 

 

 253 

 

 27% 

  Data processing

 

 536 

 

 

 447 

 

 20% 

  Franchise and other taxes

 

 239 

 

 

 179 

 

 34% 

  Professional fees

 

 1,215 

 

 

 1,005 

 

 21% 

  Director fees

 

 152 

 

 

 158 

 

-4%

  Postage, printing, and supplies

 

 39 

 

 

 58 

 

-33%

  Advertising and marketing

 

 1,244 

 

 

 1,275 

 

-2%

  Telephone

 

 59 

 

 

 54 

 

 9% 

  Loan expenses

 

 57 

 

 

 97 

 

-41%

  Depreciation

 

 97 

 

 

 86 

 

 13% 

  FDIC premiums

 

 239 

 

 

 157 

 

 52% 

  Regulatory assessment

 

 65 

 

 

 45 

 

 44% 

  Other insurance

 

 28 

 

 

 27 

 

 4% 

  Other

 

 68 

 

 

 158 

 

-57%

     Noninterest expense

 

 8,969 

 

 

 7,044 

 

 27% 



 

 

 

 

 

 

 

Income before income taxes

 

 7,878 

 

 

 2,523 

 

 212% 

Income tax expense

 

 1,457 

 

 

 517 

 

 182% 

Net Income

 

 6,421 

 

 

 2,006 

 

 220% 

Earnings allocated to participating securities (Series C preferred stock)

 

 -

 

 

 (377)

 

n/m

Net Income attributable to common stockholders

$

 6,421 

 

$

 1,629 

 

 294% 



 

 

 

 

 

 

 

Share Data

 

 

 

 

 

 

 

Basic earnings per common share

$

 0.98 

 

$

 0.31 

 

 

Diluted earnings per common share

$

 0.96 

 

$

 0.30 

 

 



 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 6,537,751 

 

 

 5,333,947 

 

 

Average common shares outstanding - diluted 

 

 6,670,591 

 

 

 5,400,318 

 

 



 

 

 

 

 

 

 

n/m - not meaningful

 

 

 

 

 

 

 



 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

Mar 31,

 

Dec 31,

 

Sept 30,

 

Jun 30,

 

Mar 31,

 

(unaudited)

2021

 

2020

 

2020

 

2020

 

2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 125,814 

 

$

 221,594 

 

$

 92,784 

 

$

 77,376 

 

$

 75,352 

 

Interest-bearing deposits in other financial institutions

 

 100 

 

 

 100 

 

 

 100 

 

 

 100 

 

 

 100 

 

Securities available for sale

 

 9,738 

 

 

 8,701 

 

 

 9,746 

 

 

 10,802 

 

 

 11,390 

 

Equity Securities

 

 5,000 

 

 

 5,000 

 

 

 -

 

 

 -

 

 

 -

 

Loans held for sale

 

 430,453 

 

 

 283,165 

 

 

 308,691 

 

 

 165,891 

 

 

 115,197 

 

Loans and leases

 

 983,888 

 

 

 912,366 

 

 

 887,201 

 

 

 856,636 

 

 

 714,941 

 

 Less allowance for loan and lease losses

 

 (17,086)

 

 

 (17,022)

 

 

 (15,492)

 

 

 (10,107)

 

 

 (7,073)

 

    Loans and leases, net

 

 966,802 

 

 

 895,344 

 

 

 871,709 

 

 

 846,529 

 

 

 707,868 

 

FHLB and FRB stock

 

 6,164 

 

 

 5,847 

 

 

 5,377 

 

 

 5,216 

 

 

 4,510 

 

Premises and equipment, net

 

 3,769 

 

 

 3,730 

 

 

 3,937 

 

 

 4,005 

 

 

 4,040 

 

Operating lease right of use assets

 

 1,537 

 

 

 1,387 

 

 

 1,488 

 

 

 1,588 

 

 

 1,685 

 

Bank owned life insurance

 

 25,302 

 

 

 17,490 

 

 

 5,453 

 

 

 5,416 

 

 

 5,381 

 

Accrued interest receivable and other assets

 

 29,958 

 

 

 34,637 

 

 

 37,754 

 

 

 29,165 

 

 

 19,842 

 

Total assets

$

 1,604,637 

 

$

 1,476,995 

 

$

 1,337,039 

 

$

 1,146,088 

 

$

 945,365 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Noninterest bearing

$

 216,935 

 

$

 198,675 

 

$

 149,886 

 

$

 148,188 

 

$

 104,322 

 

    Interest bearing

 

 1,103,445 

 

 

 914,395 

 

 

 824,082 

 

 

 700,850 

 

 

 644,183 

 

         Total deposits

 

 1,320,380 

 

 

 1,113,070 

 

 

 973,968 

 

 

 849,038 

 

 

 748,505 

 

FHLB advances and other debt

 

 137,894 

 

 

 214,426 

 

 

 224,521 

 

 

 165,806 

 

 

 82,594 

 

Advances by borrowers for taxes and insurance

 

 921 

 

 

 1,029 

 

 

 537 

 

 

 782 

 

 

 636 

 

Operating lease liabilities

 

 1,672 

 

 

 1,532 

 

 

 1,642 

 

 

 1,750 

 

 

 1,856 

 

Accrued interest payable and other liabilities

 

 12,265 

 

 

 21,884 

 

 

 18,567 

 

 

 21,320 

 

 

 14,078 

 

Subordinated debentures

 

 14,854 

 

 

 14,844 

 

 

 14,835 

 

 

 14,825 

 

 

 14,815 

 

         Total liabilities

 

 1,487,986 

 

 

 1,366,785 

 

 

 1,234,070 

 

 

 1,053,521 

 

 

 862,484 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 116,651 

 

 

 110,210 

 

 

 102,969 

 

 

 92,567 

 

 

 82,881 

 

Total liabilities and stockholders' equity

$

 1,604,637 

 

$

 1,476,995 

 

$

 1,337,039 

 

$

 1,146,088 

 

$

 945,365 

 







 

 

 











 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balance Sheet and Yield Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For Three Months Ended



March 31, 2021

 

December 31, 2020

 

March 31, 2020



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)

$

 14,854 

 

$

 133 

 

 

 3.61% 

 

$

 9,549 

 

$

 36 

 

 

 1.53% 

 

$

 10,136 

 

$

 43 

 

 

 1.71% 

Loans held for sale

 

 385,811 

 

 

 2,220 

 

 

 2.30% 

 

 

 342,105 

 

 

 2,312 

 

 

 2.70% 

 

 

 138,619 

 

 

 1,197 

 

 

 3.45% 

Loans and leases (3)

 

 914,296 

 

 

 10,421 

 

 

 4.56% 

 

 

 872,950 

 

 

 9,524 

 

 

 4.36% 

 

 

 672,579 

 

 

 8,555 

 

 

 5.09% 

Other earning assets

 

 106,657 

 

 

 28 

 

 

 0.11% 

 

 

 100,883 

 

 

 29 

 

 

 0.11% 

 

 

 28,351 

 

 

 107 

 

 

 1.51% 

FHLB and FRB stock

 

 5,974 

 

 

 55 

 

 

 3.68% 

 

 

 5,673 

 

 

 54 

 

 

 3.81% 

 

 

 4,091 

 

 

 44 

 

 

 4.30% 

Total interest-earning assets

 

 1,427,592 

 

 

 12,857 

 

 

 3.60% 

 

 

 1,331,160 

 

 

 11,955 

 

 

 3.59% 

 

 

 853,776 

 

 

 9,946 

 

 

 4.66% 

Noninterest-earning assets

 

 79,770 

 

 

 

 

 

 

 

 

 64,251 

 

 

 

 

 

 

 

 

 41,849 

 

 

 

 

 

 

Total assets

$

 1,507,362 

 

 

 

 

 

 

 

$

 1,395,411 

 

 

 

 

 

 

 

$

 895,625 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

 991,325 

 

 

 2,497 

 

 

 1.01% 

 

$

 883,612 

 

 

 2,791 

 

 

 1.26% 

 

$

 638,466 

 

 

 3,316 

 

 

 2.08% 

FHLB advances and other borrowings

 

 181,869 

 

 

 743 

 

 

 1.63% 

 

 

 210,069 

 

 

 903 

 

 

 1.72% 

 

 

 54,375 

 

 

 507 

 

 

 3.73% 

Total interest-bearing liabilities

 

 1,173,194 

 

 

 3,240 

 

 

 1.10% 

 

 

 1,093,681 

 

 

 3,694 

 

 

 1.35% 

 

 

 692,841 

 

 

 3,823 

 

 

 2.21% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities

 

 221,190 

 

 

 

 

 

 

 

 

 196,447 

 

 

 

 

 

 

 

 

 120,968 

 

 

 

 

 

 

Total liabilities

 

 1,394,384 

 

 

 

 

 

 

 

 

 1,290,128 

 

 

 

 

 

 

 

 

 813,809 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 112,978 

 

 

 

 

 

 

 

 

 105,283 

 

 

 

 

 

 

 

 

 81,816 

 

 

 

 

 

 

Total liabilities and equity

$

 1,507,362 

 

 

 

 

 

 

 

$

 1,395,411 

 

 

 

 

 

 

 

$

 895,625 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest-earning assets

$

 254,398 

 

 

 

 

 

 

 

$

 237,479 

 

 

 

 

 

 

 

$

 160,935 

 

 

 

 

 

 

Net interest income/interest rate spread

 

 

 

$

 9,617 

 

 

 2.50% 

 

 

 

 

$

 8,261 

 

 

 2.24% 

 

 

 

 

$

 6,123 

 

 

 2.45% 

Net interest margin

 

 

 

 

 

 

 

 2.69% 

 

 

 

 

 

 

 

 

 2.48% 

 

 

 

 

 

 

 

 

 2.87% 

Average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to average interest-bearing liabilities

 

 121.26% 

 

 

 

 

 

 

 

 

 121.71% 

 

 

 

 

 

 

 

 

 123.23% 

 

 

 

 

 

 







(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

($ in thousands except per share data)

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

Jun 30,

 

Mar 31,

(unaudited)

 

2021

 

2020

 

2020

 

2020

 

2020

Earnings and Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

 9,617 

 

$

 8,261 

 

$

 7,141 

 

$

 6,283 

 

$

 6,123 

Provision for loan and lease losses

 

$

 -

 

$

 2,040 

 

$

 5,750 

 

$

 3,125 

 

$

 -

Noninterest income

 

$

 7,230 

 

$

 13,317 

 

$

 23,376 

 

$

 19,856 

 

$

 3,444 

Noninterest expense

 

$

 8,969 

 

$

 11,329 

 

$

 11,917 

 

$

 10,313 

 

$

 7,044 

Net Income

 

$

 6,421 

 

$

 7,348 

 

$

 10,186 

 

$

 10,068 

 

$

 2,006 

Basic earnings per common share

 

$

 0.98 

 

$

 1.13 

 

$

 1.56 

 

$

 1.54 

 

$

 0.31 

Diluted earnings per common share

 

$

 0.96 

 

$

 1.11 

 

$

 1.54 

 

$

 1.53 

 

$

 0.30 

Dividends declared per share

 

$

 0.03 

 

$

 0.03 

 

$

 -

 

$

 -

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios (annualized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

 1.70% 

 

 

 2.11% 

 

 

 3.39% 

 

 

 3.70% 

 

 

 0.90% 

Return on average equity

 

 

 22.73% 

 

 

 27.92% 

 

 

 42.07% 

 

 

 47.02% 

 

 

 9.81% 

Average yield on interest-earning assets

 

 

 3.60% 

 

 

 3.59% 

 

 

 3.75% 

 

 

 3.80% 

 

 

 4.66% 

Average rate paid on interest-bearing liabilities

 

 

 1.10% 

 

 

 1.35% 

 

 

 1.49% 

 

 

 1.72% 

 

 

 2.21% 

Average interest rate spread

 

 

 2.50% 

 

 

 2.24% 

 

 

 2.26% 

 

 

 2.08% 

 

 

 2.45% 

Net interest margin, fully taxable equivalent

 

 

 2.69% 

 

 

 2.48% 

 

 

 2.52% 

 

 

 2.42% 

 

 

 2.87% 

Efficiency ratio

 

 

 53.24% 

 

 

 52.50% 

 

 

 39.05% 

 

 

 39.45% 

 

 

 73.63% 

Noninterest expense to average assets

 

 

 2.38% 

 

 

 3.25% 

 

 

 3.97% 

 

 

 3.79% 

 

 

 3.15% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital leverage ratio (1)

 

 

 9.37% 

 

 

 9.74% 

 

 

 10.89% 

 

 

 10.44% 

 

 

 10.68% 

Total risk-based capital ratio (1)

 

 

 13.18% 

 

 

 14.31% 

 

 

 13.89% 

 

 

 14.01% 

 

 

 13.23% 

Tier 1 risk-based capital ratio (1)

 

 

 11.92% 

 

 

 13.05% 

 

 

 12.63% 

 

 

 12.77% 

 

 

 12.29% 

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

 

 

 11.92% 

 

 

 13.05% 

 

 

 12.63% 

 

 

 12.77% 

 

 

 12.29% 

Equity to total assets at end of period

 

 

 7.27% 

 

 

 7.46% 

 

 

 7.70% 

 

 

 8.08% 

 

 

 8.77% 

Book value per common share

 

$

 17.55 

 

$

 16.79 

 

$

 15.68 

 

$

 14.14 

 

$

 12.85 

Tangible book value per common share

 

$

 17.55 

 

$

 16.79 

 

$

 15.68 

 

$

 14.14 

 

$

 12.85 

Period-end market value per common share

 

$

 19.96 

 

$

 17.69 

 

$

 12.08 

 

$

 10.43 

 

$

 10.52 

Period-end common shares outstanding

 

 

 6,645,956 

 

 

 6,564,304 

 

 

 6,566,256 

 

 

 6,546,596 

 

 

 5,337,598 

Average basic common shares outstanding

 

 

 6,537,751 

 

 

 6,517,248 

 

 

 6,515,389 

 

 

 5,739,097 

 

 

 5,333,947 

Average diluted common shares outstanding

 

 

 6,670,591 

 

 

 6,617,254 

 

 

 6,596,996 

 

 

 5,802,578 

 

 

 5,400,318 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans

 

$

 641 

 

$

 695 

 

$

 527 

 

$

 581 

 

$

 696 

Nonperforming loans to total loans

 

 

 0.07% 

 

 

 0.08% 

 

 

 0.06% 

 

 

 0.07% 

 

 

 0.10% 

Nonperforming assets to total assets

 

 

 0.04% 

 

 

 0.05% 

 

 

 0.04% 

 

 

 0.05% 

 

 

 0.07% 

Allowance for loan and lease losses to total loans

 

 

 1.74% 

 

 

 1.87% 

 

 

 1.75% 

 

 

 1.18% 

 

 

 0.99% 

Allowance for loan and lease losses to nonperforming loans

 

 

 2665.52% 

 

 

 2449.21% 

 

 

 2939.66% 

 

 

 1739.59% 

 

 

 1016.24% 

Net charge-offs (recoveries)

 

$

 (64)

 

$

 510 

 

$

 365 

 

$

 91 

 

$

 65 

Annualized net charge-offs (recoveries) to average loans

 

 

 (0.03%)

 

 

 0.23% 

 

 

 0.17% 

 

 

 0.04% 

 

 

 0.04% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

 931,323 

 

$

 889,460 

 

$

 859,097 

 

$

 809,217 

 

$

 679,720 

Assets

 

$

 1,507,362 

 

$

 1,395,411 

 

$

 1,200,659 

 

$

 1,088,656 

 

$

 895,625 

Stockholders' equity

 

$

 112,978 

 

$

 105,283 

 

$

 96,857 

 

$

 85,652 

 

$

 81,816 



(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

 



March 31,

 

December 31,

 

March 31,

 



2021

 

2020

 

2020

 

Net income

$

 6,421 

 

$

 7,348 

 

$

 2,006 

 

Add: Provision for credit losses

 

 -

 

 

 2,040 

 

 

 -

 

Add: Income tax expense

 

 1,457 

 

 

 861 

 

 

 517 

 

Pre-provision, pre-tax net revenue

$

 7,878 

 

$

 10,249 

 

$

 2,523 

 



 

 

 

 

 

 

 

 

 

Average Assets

$

 1,507,362 

 

$

 1,395,411 

 

$

 895,625 

 

Average Stockholders' Equity

$

 112,978 

 

$

 105,283 

 

$

 81,816 

 



 

 

 

 

 

 

 

 

 

Return on average assets (1)

 

 1.70% 

 

 

 2.11% 

 

 

 0.90% 

 

PPNR return on average assets (2)

 

 2.09% 

 

 

 2.94% 

 

 

 1.13% 

 



 

 

 

 

 

 

 

 

 

Return on average equity (3)

 

 22.73% 

 

 

 27.92% 

 

 

 9.81% 

 

PPNR return on average equity (4)

 

 27.89% 

 

 

 38.94% 

 

 

 12.33% 

 



 

 

 

 

 

 

 

 

 

(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

 

 

 



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