CF Bankshares (CFBK)

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CF Bankshares (CFBK) - 2023 Q1 - Quarterly Report
2023-05-14 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark one) Or Commission File Number 0-25045 Delaware 34-1877137 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered (Voting) Common Stock, $.01 par value CFBK The NASDAQ Capital Market Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted p ...
CF Bankshares (CFBK) - 2022 Q4 - Annual Report
2023-03-30 16:00
Loan Portfolio and Performance - The allowance for loan and lease losses (ALLL) totaled $16.1 million at December 31, 2022, an increase of $554,000, or 3.6%, from $15.5 million at December 31, 2021[140]. - The ratio of ALLL to total loans was 1.01% at December 31, 2022, compared to 1.26% at December 31, 2021[140]. - Gross loans receivable increased approximately $358.7 million, or 29.2%, to $1.6 billion at December 31, 2022, from $1.2 billion at December 31, 2021[153]. - Commercial, commercial real estate, and multi-family mortgage loans totaled $1.1 billion, representing 66.9% of the gross loan portfolio at December 31, 2022[153]. - Nonperforming loans decreased by $236,000 in 2022 compared to 2021, primarily due to two nonaccrual consumer loans paying off[135]. - The amount of additional interest income that would have been recognized on nonaccrual loans was approximately $47,000 if they had continued to perform according to their contractual terms[136]. - Nonaccrual loans included $80,000 in troubled debt restructurings (TDRs) at December 31, 2022, down from $147,000 at December 31, 2021[137]. - Total loans receivable as of December 31, 2022, amounted to $1,588.3 million, with real estate mortgage loans at $1,024.9 million and commercial loans at $338.7 million[156]. - Commercial loan balances increased by $90.5 million, or 26.9%, to $427.4 million at year-end 2022[169]. - Commercial real estate and multi-family residential mortgage loan balances increased by $42.9 million to $479.2 million at December 31, 2022, representing a 9.8% increase from $436.3 million in 2021[165]. - Portfolio single-family mortgage loans originated by the company totaled $146.1 million, or 9.2% of total loans, with ARM loans totaling $56.5 million, or 12.2% of the single-family mortgage loan portfolio[163]. Strategic Business Changes - The company strategically repositioned its Residential Mortgage Business, exiting the direct-to-consumer mortgage business in favor of regional lending[152]. - The company exited the direct-to-consumer mortgage business in favor of lending in regional markets due to a shift in the mortgage industry[162]. Interest Rate Risk and Market Conditions - The company has utilized interest-rate swaps to protect fixed-rate loans from changes in value due to interest rate fluctuations[157]. - The company's market risk primarily arises from interest rate risk, with a hedging policy allowing activities up to a notional amount of 10% of total assets and a value at risk of 10% of core capital[502]. - At December 31, 2022, the economic value ratio (EVE) under various interest rate shocks shows a range from 8.1% with a +400 bps rise to 12.4% with a -400 bps decline[504]. - Changes in market interest rates could materially affect net interest income, loan volume, asset quality, and overall profitability[505]. - Rising interest rates are generally associated with lower residential mortgage loan origination volumes, while falling rates typically lead to higher origination volumes[506]. - The company originates various types of loans, many of which have adjustable interest rates, which can mitigate the adverse effects of rising rates[506]. - In a rising interest rate environment, increased payments on adjustable-rate loans could lead to higher delinquencies and defaults[506]. - Cash flows are influenced by market interest rates, with prepayment rates likely declining in rising rate environments and increasing in falling rate environments[507]. Credit Quality Monitoring - The company continues to monitor credit quality and may need to increase the ALLL based on economic conditions and credit quality factors[142]. Loan Origination and Offerings - Single-family mortgage loans originated for sale in 2022 totaled $97.3 million, a decrease of $2.3 billion, or 95.9%, compared to $2.4 billion in 2021[162]. - The company offers both fixed-rate and adjustable-rate loans, with fixed-rate loans typically limited to terms of three to five years[169]. - The company participates in various loan programs offered by the Small Business Administration, enabling access to funding for small business owners[157]. Stock Options and Equity Compensation - As of December 31, 2022, the company has 11,089 common shares subject to outstanding stock option awards, with a weighted-average exercise price of $7.63 and 115,818 shares remaining available for future issuance under equity compensation plans[174].
CF Bankshares (CFBK) - 2022 Q3 - Quarterly Report
2022-11-08 16:00
Financial Performance - Net income for the three months ended September 30, 2022, totaled $4.2 million, an increase of $173,000, or 4.2%, compared to $4.1 million for the same period in 2021[202]. - Net income for the nine months ended September 30, 2022 was $13.5 million, a decrease of $493,000, or 3.5%, compared to $14.0 million for the same period in 2021[213]. - Net interest income for the quarter ended September 30, 2022, totaled $13.3 million, an increase of $2.9 million, or 27.9%, compared to $10.4 million for the same quarter in 2021[203]. - Net interest income for the nine months ended September 30, 2022 was $35.6 million, an increase of $4.5 million, or 14.7%, compared to $31.1 million for the same period in 2021[215]. - Noninterest income for Q3 2022 was $705,000, a decrease of $1.4 million, or 66.1%, from $2.1 million in Q3 2021, primarily due to a $1.9 million decrease in gain on sale of deposits[209]. Asset and Liability Management - Total assets increased to $1.8 billion as of September 30, 2022, representing an 18.0% increase from $1.5 billion at December 31, 2021[173]. - Total liabilities rose to $1,527,385 thousand in 2022, up from $1,257,855 thousand in 2021, indicating a growth of approximately 21%[226]. - Deposits totaled $1.5 billion at September 30, 2022, an increase of $243.6 million, or 19.6%, compared to $1.2 billion at December 31, 2021[193]. - Total criticized and classified loans decreased by $2.8 million, or 44.8%, during the nine months ended September 30, 2022[186]. - Total past due loans decreased by $2.3 million, totaling $1.3 million at September 30, 2022, compared to $3.6 million at December 31, 2021[188]. Loan and Lease Performance - Net loans and leases reached $1.5 billion, up $259.7 million or 21.4% from $1.2 billion at December 31, 2021, driven by increases in various loan categories[175]. - The allowance for loan and lease losses (ALLL) totaled $15.7 million, a slight increase of $179,000 or 1.2% from $15.5 million at December 31, 2021[177]. - Nonperforming loans totaled $1.0 million, with a ratio of 0.07% to total loans, compared to 0.08% at December 31, 2021[181]. - Individually evaluated impaired loans decreased to $203,000, down $2.8 million or 93.2% from $3.0 million at December 31, 2021[179]. - Interest income increased by $5.3 million, or 41.7%, totaling $18.0 million for the quarter ended September 30, 2022, compared to $12.7 million for the same period in 2021[204]. Capital and Equity - Stockholders' equity increased by $9.6 million, or 7.6%, totaling $134.9 million at September 30, 2022, compared to $125.3 million at December 31, 2021[199]. - The average yield on loans and leases was 4.74% in 2022, up from 4.05% in 2021, indicating an increase of 69 basis points[226]. - The net interest margin for the nine months ended September 30, 2022 was 3.17%, an increase of 23 basis points from 2.94% in 2021[215]. - Net interest margin improved to 3.36% in 2022, compared to 3.21% in 2021, showing an increase of 15 basis points[226]. Operational Changes and Strategy - The company exited the direct-to-consumer mortgage business in favor of portfolio lending, which has become the primary driver of earnings[170]. - CFBank originated approximately $126 million in Paycheck Protection Program (PPP) loans during Q2 2020, benefiting over 550 borrowers[168]. - The company opened two new banking offices in Ohio City (Cleveland) and Red Bank (Cincinnati) in October 2022, expanding its market presence[167]. Liquidity and Funding - Total cash available from liquid assets and borrowing capacity was $534.7 million at September 30, 2022, compared to $419.2 million at December 31, 2021[242]. - Additional borrowing capacity at the FHLB increased by $49.0 million, or 43.3%, to $162.1 million at September 30, 2022, compared to $113.1 million at December 31, 2021[243]. - CFBank's liquidity management is a daily and long-term responsibility, adjusting investments based on expected loan demand and deposit flows[239]. - The Holding Company had adequate funds and sources of liquidity at September 30, 2022, to meet current and anticipated operating needs[247]. Regulatory and Compliance - The principal executive officer and principal financial officer concluded that the disclosure controls and procedures were effective as of the quarter ended September 30, 2022[257]. - No changes were made in internal controls over financial reporting in Q3 2022 that materially affected the internal control over financial reporting[257]. - The company is not involved in any pending legal proceedings that management believes would have a material adverse effect on its financial condition or results of operations[260].
CF Bankshares (CFBK) - 2022 Q2 - Quarterly Report
2022-08-08 16:00
Financial Performance - Net income for the three months ended June 30, 2022, totaled $4.7 million, an increase of $1.2 million, or 35.5%, compared to $3.5 million for the same period in 2021[196]. - Net income for the six months ended June 30, 2022, totaled $9.2 million, a decrease of $666,000, or 6.7%, compared to $9.9 million for the same period in 2021[208]. - Noninterest income for the six months ended June 30, 2022, totaled $1.9 million, a decrease of $6.3 million, or 77.3%, compared to $8.2 million for the same period in 2021[215]. - Noninterest expense for the six months ended June 30, 2022, was $12.7 million, a decrease of $5.5 million, or 30.1%, compared to $18.2 million for the same period in 2021[216]. - The provision for loan and lease losses for the six months ended June 30, 2022, was zero, compared to a negative provision of $1.6 million for the same period in 2021[213]. - Income tax expense for the six months ended June 30, 2022, was $2.2 million, a decrease of $112,000 compared to $2.3 million for the same period in 2021[218]. - The effective tax rate for the six months ended June 30, 2022, was approximately 19.1%, compared to approximately 18.8% for the same period in 2021[218]. Assets and Liabilities - Total assets increased by $123.9 million, or 8.3%, to $1.6 billion as of June 30, 2022, compared to $1.5 billion at December 31, 2021[167]. - Total liabilities amounted to $1,398,654 thousand, with noninterest-bearing liabilities at $268,594 thousand[224]. - Total criticized and classified loans decreased by $2.9 million, or 47.7%, during the six months ended June 30, 2022[180]. - Total past due loans decreased by $2.8 million, totaling $716,000 at June 30, 2022, compared to $3.6 million at December 31, 2021, representing 0.1% of the loan portfolio[182]. - CFBank's total cash available from liquid assets and borrowing capacity was $473.9 million at June 30, 2022, compared to $419.2 million at December 31, 2021[238]. Loans and Leases - Net loans and leases rose by $164.1 million, or 13.5%, totaling $1.4 billion at June 30, 2022, driven by increases in commercial loans, single-family residential loans, and construction loans[169]. - The allowance for loan and lease losses (ALLL) was $15.5 million at June 30, 2022, with a ratio of ALLL to total loans at 1.11%, down from 1.26% at December 31, 2021[170]. - Individually evaluated impaired loans decreased by $2.8 million, or 92.7%, to $216,000 at June 30, 2022, primarily due to payoffs of three impaired loans[174]. - Nonperforming loans totaled $921,000 at June 30, 2022, a decrease of $76,000 from $997,000 at December 31, 2021, with a nonperforming loan ratio of 0.07%[175]. Income and Expenses - Net interest income for the quarter ended June 30, 2022, totaled $11.5 million, an increase of $505,000, or 4.6%, compared to $11.0 million for the same quarter in 2021[198]. - Interest income increased by $1.0 million, or 7.6%, totaling $14.7 million for the quarter ended June 30, 2022, compared to $13.7 million for the same quarter in 2021[198]. - Net interest income for the six months ended June 30, 2022, was $22.3 million, an increase of $1.6 million, or 8.1%, compared to $20.7 million for the same period in 2021[209]. - Interest expense for the quarter ended June 30, 2022, totaled $3.2 million, an increase of $539,000, or 20.6%, compared to $2.6 million for the same quarter in 2021[199]. - Interest expense for the six months ended June 30, 2022, was $5.5 million, a decrease of $323,000, or 5.5%, compared to $5.9 million for the same period in 2021[211]. Deposits and Equity - Deposits totaled $1.4 billion at June 30, 2022, an increase of $131.1 million, or 10.5%, compared to $1.2 billion at December 31, 2021[187]. - Stockholders' equity increased by $7.4 million, or 5.9%, totaling $132.7 million at June 30, 2022, compared to $125.3 million at December 31, 2021[191]. Strategic Initiatives - The company exited the saleable-to-investors mortgage business in favor of portfolio lending with servicing retained, reflecting a strategic repositioning of its residential mortgage business model[164]. - The company continues to focus on serving closely held businesses and entrepreneurs, providing comprehensive commercial, retail, and mortgage lending services[160]. Regulatory and Compliance - The Holding Company is subject to various legal and regulatory policies impacting its ability to pay dividends on its stock[248]. - Management has concluded that the disclosure controls and procedures were effective as of the quarter ended June 30, 2022[253]. - No changes were made in internal controls over financial reporting in Q2 2022 that materially affected the internal control[253]. - The Company is not involved in any pending legal proceedings that would materially adversely affect its financial condition or results of operations[256].
CF Bankshares (CFBK) - 2022 Q1 - Quarterly Report
2022-05-09 16:00
Financial Position - Total assets increased by $48.6 million, or 3.3%, to $1.5 billion at March 31, 2022, compared to December 31, 2021[162]. - Cash and cash equivalents increased by $1.7 million, or 1.0%, to $168.3 million at March 31, 2022, attributed to net deposit balances and security maturities[162]. - Securities available for sale decreased by $3.3 million, or 20.5%, to $13.0 million at March 31, 2022, due to principal maturities[163]. - Total assets as of March 31, 2022, were $1,456.0 million, a decrease from $1,507.4 million in the same period of 2021[203]. - CFBank's cash, unpledged securities, and deposits in other financial institutions increased by $928,000, or 0.55%, to $169.9 million as of March 31, 2022, compared to $169.0 million at December 31, 2021[217]. Loan and Lease Performance - Net loans and leases rose by $67.2 million, or 5.5%, to $1.3 billion at March 31, 2022, driven by increases in single-family residential, commercial, and construction loan balances[164]. - The allowance for loan and lease losses (ALLL) was $15.5 million at March 31, 2022, with a ratio of ALLL to total loans at 1.20%, down from 1.26% at December 31, 2021[165]. - Individually evaluated impaired loans decreased by $2.0 million, or 65.9%, to $1.0 million at March 31, 2022, primarily due to the payoff of two impaired loans[169]. - Nonperforming loans totaled $1.0 million at March 31, 2022, with a ratio of nonperforming loans to total loans remaining stable at 0.08%[170]. - Total criticized and classified loans decreased by $2.0 million, or 32.7%, during the three months ended March 31, 2022[175]. - Total past due loans decreased by $2.6 million, totaling $946,000 at March 31, 2022, compared to $3.6 million at December 31, 2021[177]. Income and Expenses - Net income for the three months ended March 31, 2022, totaled $4.5 million, a decrease of $1.9 million, or 29.6%, compared to $6.4 million for the same period in 2021[190]. - Net interest income increased by $1.2 million, or 12.0%, totaling $10.8 million for the quarter ended March 31, 2022[192]. - Interest income increased by $295,000, or 2.3%, totaling $13.2 million for the quarter ended March 31, 2022[192]. - Interest expense decreased by $862,000, or 26.6%, totaling $2.4 million for the quarter ended March 31, 2022[193]. - Noninterest income decreased by $6.2 million, or 85.5%, to $1.0 million for the quarter ended March 31, 2022, primarily due to a $5.8 million decrease in net gain on the sale of residential mortgage loans[197]. - Noninterest expense for the quarter ended March 31, 2022, totaled $6.3 million, a decrease of $2.7 million, or 30.0%, compared to $9.0 million for the same quarter in 2021[198]. - Income tax expense was $1.0 million for the quarter ended March 31, 2022, a decrease of $432,000 compared to $1.5 million for the same quarter in 2021, with an effective tax rate of approximately 18.5%[199]. Deposits and Equity - Deposits totaled $1.3 billion at March 31, 2022, an increase of $52.4 million, or 4.2%, compared to $1.2 billion at December 31, 2021[182]. - Stockholders' equity increased by $3.0 million, or 2.4%, totaling $128.3 million at March 31, 2022[186]. - FHLB advances and other debt decreased by $6.5 million, or 7.2%, totaling $83.2 million at March 31, 2022[183]. Strategic Changes - The company strategically repositioned its Residential Mortgage Business, exiting the saleable-to-investors mortgage business in favor of portfolio lending[159]. - The company strategically scaled down its residential mortgage lending business in response to shifts in the mortgage industry, impacting both income and expenses[197][198]. Liquidity and Borrowing Capacity - Additional borrowing capacity at the FHLB increased by $14.9 million, or 13.2%, to $128.0 million at March 31, 2022, from $113.1 million at December 31, 2021[218]. - Additional borrowing capacity at the FRB increased by $17.2 million, or 23.8%, to $89.4 million at March 31, 2022, from $72.2 million at December 31, 2021[218]. - CFBank had $65.0 million of availability in unused lines of credit with two commercial banks as of March 31, 2022, unchanged from December 31, 2021[219]. - The Holding Company had an outstanding balance of $24.3 million on a $35.0 million credit facility as of March 31, 2022, which is revolving until May 21, 2024[225]. - Management believes that the Holding Company had adequate funds and sources of liquidity at March 31, 2022, to meet its current and anticipated operating needs[222]. - CFBank's liquidity management involves adjusting investments in liquid assets based on expected loan demand and deposit flows[214]. Regulatory and Compliance - The Holding Company is subject to various legal and regulatory policies impacting its ability to pay dividends on its stock, which depend on cash and liquidity available at the Holding Company level[227]. - Federal income tax laws provided deductions totaling $2.3 million for thrift bad debt reserves established before 1988, which could create a tax liability if certain conditions are met[228]. - The company maintains effective disclosure controls and procedures as of March 31, 2022[232]. - No changes were made to internal controls over financial reporting in Q1 2022 that materially affected the reporting[232]. - The company is not involved in any pending legal proceedings that would materially adversely affect its financial condition or results of operations[235].
CF Bankshares (CFBK) - 2021 Q4 - Annual Report
2022-03-15 16:00
Loan and Lease Losses - The Allowance for Loan and Lease Losses (ALLL) totaled $15.5 million at December 31, 2021, a decrease of $1.5 million, or 8.9%, from $17.0 million at December 31, 2020[57]. - The ratio of ALLL to total loans was 1.26% at December 31, 2021, compared to 1.87% at December 31, 2020[57]. - Nonperforming loans increased by $302,000 in 2021 compared to 2020, primarily due to one consumer loan and one mortgage loan going into nonaccrual status[52]. - The amount of additional interest income that would have been recognized on nonaccrual loans was approximately $39,000 if they had continued to perform according to their contractual terms[53]. - At year-end 2021, there were a total of $2.8 million of Troubled Debt Restructurings (TDRs), including $2.7 million in commercial real estate loans[55]. - The company had no loans restructured in 2021 identified as TDRs[54]. - The net charge-offs for the year were $1.031 million, with a provision for loan and lease losses of negative $1.6 million[58]. - The ALLL to nonperforming loans ratio was 1555.47% at December 31, 2021, compared to 2449.21% at December 31, 2020[61]. Deposits and Liquidity - CFBank's total deposits reached $1,212.5 million in 2021, with certificates of deposit accounting for 48.5% of average deposit balances[78]. - Brokered deposits amounted to $278.1 million as of December 31, 2021, with cash and unpledged securities totaling $169.0 million[75]. - CFBank had $65.0 million in FHLB advances at year-end 2021, with eligibility to borrow up to $178.4 million based on collateral pledged[79]. - The Holding Company's available cash and cash equivalents totaled $819,000 at December 31, 2021, indicating adequate liquidity for operating needs[71]. - Customer balances in the CDARS reciprocal and ICS programs increased by $11.5 million, or 24.4%, from $46.9 million at December 31, 2020[76]. - CFBank's average interest-bearing checking accounts had an average balance of $92.1 million, representing 7.6% of total average deposits[78]. - At December 31, 2021, deposits exceeding the FDIC insured limit of $250,000 totaled $504.9 million, up from $433.2 million in 2020[77]. Capital and Regulatory Compliance - The Basel III Capital Rules require a minimum common equity tier 1 capital ratio of 4.5%, a minimum Tier 1 capital ratio of 6.0%, and a minimum total capital ratio of 8.0%[103]. - The Company is subject to extensive regulation by the Federal Reserve Board, which includes regular examinations and the ability to impose civil money penalties[91]. - The Economic Growth, Regulatory Relief and Consumer Protection Act eased certain restrictions for bank holding companies with consolidated assets of less than $100 billion[97]. - CFBank is subject to regulation and examination by the Office of the Comptroller of the Currency and the FDIC, which insures its deposits[89]. - The Company must maintain a capital conservation buffer of greater than 2.5% to avoid restrictions on capital distributions, including dividends[108]. - CFBank did not utilize the Community Bank Leverage Ratio (CBLR) framework and continued to follow existing capital rules[109]. - As of December 31, 2021, CFBank met the requirements to be deemed "well-capitalized" with a common equity tier I capital ratio of at least 6.5%, total risk-based capital of at least 10.0%, and a leverage ratio of at least 5.0%[110]. Tax and Ownership Changes - The Company had net operating loss carryforwards of $22.3 million as of year-end 2021, which expire between 2024 and 2032[147]. - Due to an ownership change, the Company's ability to utilize carryforwards from before the 2012 stock offering is limited to $163,000 per year[147]. - The Company determined that $20.5 million of net operating loss carryforwards will likely expire unutilized due to limitations imposed by tax laws[147]. - Federal income tax laws provided additional deductions totaling $2.3 million for thrift bad debt reserves established before 1988[148]. - The Company incurred an ownership change as a result of a recapitalization program through the sale of $22.5 million in common stock[146]. Interest Rate Risk Management - CFBank's Economic Value Ratio (EVE) is projected to be 11.8% at current interest rates, with a potential increase to 11.9% if rates decrease by 100 basis points[349]. - The EVE ratio could drop to 8.6% if interest rates rise by 400 basis points, indicating significant sensitivity to interest rate changes[349]. - Changes in market interest rates could adversely affect net interest income, loan volume, asset quality, and overall profitability[350]. - Rising interest rates are generally associated with a lower volume of residential mortgage loan originations, while falling rates typically lead to higher originations[351]. - CFBank's portfolio includes adjustable-rate loans, which may mitigate some risks associated with rising interest rates, but could also lead to increased delinquencies[351]. - The company has a hedging policy allowing interest rate swaps up to 10% of total assets and a value at risk of 10% of core capital[347]. - Cash flows are influenced by market interest rates, with prepayment rates likely declining in rising rate environments[352]. - The company does not engage in trading accounts, commodities, or foreign exchange, limiting its exposure to certain market risks[347]. - CFBank actively monitors and manages interest rate risk to limit adverse impacts on net interest income and capital[347]. - The company’s market risk primarily arises from interest rate risk inherent in its lending, investing, deposit gathering, and borrowing activities[347]. Employment and Corporate Structure - The Company employed 129 full-time and 5 part-time employees as of December 31, 2021[86]. - The Holding Company became a financial holding company effective December 1, 2016, allowing it to engage in a broader range of financial activities[94]. Compliance and Cybersecurity - CFBank is required to establish policies compliant with the Patriot Act and has done so[127]. - The Anti-Money Laundering Act of 2020 codifies a risk-based approach to compliance for financial institutions[128]. - CFBank is responsible for blocking accounts and transactions with specially designated targets under OFAC regulations[129]. - The Company has implemented significant resources and technology to manage and maintain cybersecurity controls[142].
CF Bankshares (CFBK) - 2021 Q3 - Quarterly Report
2021-11-14 16:00
Financial Position - Total assets decreased by $122 million, or 8.3%, to $1.4 billion as of September 30, 2021, from $1.5 billion at December 31, 2020[183] - Cash and cash equivalents decreased by $153.4 million, or 69.2%, to $68.2 million as of September 30, 2021, from $221.6 million at December 31, 2020[184] - Loans held for sale decreased by $205.3 million, or 72.5%, to $77.9 million as of September 30, 2021, from $283.2 million at December 31, 2020[185] - Total criticized and classified loans decreased by $681,000, or 4.8%, during the nine months ended September 30, 2021[199] - Deposits increased by $43.7 million, or 3.9%, totaling $1.2 billion at September 30, 2021, primarily due to a $44.5 million increase in noninterest-bearing deposit accounts[204] - Brokered deposits, including CDARS and ICS deposits, totaled $269.1 million at September 30, 2021, an increase of $100.4 million, or 59.5%, from $168.7 million at December 31, 2020[205] - Stockholders' equity increased by $13.0 million, or 11.8%, totaling $123.2 million at September 30, 2021, primarily attributed to net income[211] Loan Performance - Net loans and leases increased by $228.4 million, or 25.5%, to $1.1 billion as of September 30, 2021, compared to $895.3 million at December 31, 2020[186] - The allowance for loan and lease losses (ALLL) decreased by $1.5 million, or 9.0%, to $15.5 million as of September 30, 2021, from $17.0 million at December 31, 2020[189] - Individually evaluated impaired loans decreased by $80,000, or 2.6%, to $3.0 million as of September 30, 2021, from $3.1 million at December 31, 2020[191] - Nonperforming loans totaled $1.0 million at September 30, 2021, an increase of $316,000 from $695,000 at December 31, 2020, resulting in a ratio of nonperforming loans to total loans of 0.09%[194] - Total past due loans decreased by $111,000, totaling $2.1 million at September 30, 2021, remaining at 0.2% of the loan portfolio[201] - The ratio of the ALLL to total loans was 1.36% at September 30, 2021, compared to 1.87% at December 31, 2020[189] Income and Expenses - Net income for the quarter ended September 30, 2021 was $4.1 million, a decrease of $6.1 million or 60.0% compared to $10.2 million for the same period in 2020[214] - Net interest income for the quarter ended September 30, 2021 totaled $10.4 million, an increase of $3.3 million or 45.8% compared to $7.1 million for the same period in 2020[217] - Noninterest income for the quarter ended September 30, 2021 was $2.1 million, a decrease of $21.3 million or 91.1% compared to $23.4 million for the same quarter in 2020[221] - Noninterest expense for the quarter ended September 30, 2021 totaled $7.4 million, a decrease of $4.5 million or 37.7% compared to $11.9 million for the same period in 2020[222] - Net income for the nine months ended September 30, 2021 was $14.0 million, a decrease of $8.3 million or 37.2% compared to $22.3 million for the same period in 2020[226] - Net interest income for the nine months ended September 30, 2021 was $31.1 million, an increase of $11.6 million or 59.0% compared to $19.5 million for the same period in 2020[228] - Noninterest income for the nine months ended September 30, 2021 was $10.3 million, a decrease of $36.4 million or 78.0% compared to $46.7 million for the same period in 2020[230] Liquidity and Capital Management - CFBank has excess cash or sources of liquidity to cover expenses for the foreseeable future and could inject capital into CFBank if necessary[213] - CFBank's liquidity management is a daily and long-term responsibility, adjusting investments based on expected loan demand and deposit flows[252] - Management believes that CFBank's current liquidity is sufficient to meet its daily operating needs and fulfill its strategic planning[252] - The Holding Company had $14.2 million of availability on its credit facility at September 30, 2021, in addition to existing liquid assets[259] - CFBank's additional borrowing capacity with the FHLB increased by $34.8 million, or 64.8%, to $88.4 million at September 30, 2021, compared to $53.6 million at December 31, 2020[255] - CFBank's additional borrowing capacity at the FRB decreased by $16.1 million, or 19.8%, to $65.4 million at September 30, 2021, from $81.5 million at December 31, 2020[256] Regulatory and Compliance - As of September 30, 2021, there has been no material change in the Company's market risk compared to the previous year[268] - Management concluded that the disclosure controls and procedures were effective for the quarter ended September 30, 2021[270] - No changes were made in internal controls over financial reporting in Q3 2021 that materially affected the internal control[270] - The Company is not involved in any pending legal proceedings that would materially adversely affect its financial condition or results of operations[273]
CF Bankshares (CFBK) - 2021 Q2 - Quarterly Report
2021-08-15 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to______________ Commission File Number 0-25045 CF BANKSHARES INC. (Exact name of registrant as specified in its charter) Delaware 34-1877137 (S ...
CF Bankshares (CFBK) - 2021 Q1 - Quarterly Report
2021-05-11 16:00
Financial Performance - Net income for Q1 2021 was $6.4 million, a 220.1% increase from $2.0 million in Q1 2020[249]. - Net interest income for Q1 2021 totaled $9.6 million, up 57.1% from $6.1 million in Q1 2020, driven by a $2.9 million increase in interest income[251]. - Noninterest income for Q1 2021 was $7.2 million, a 109.9% increase from $3.4 million in Q1 2020, mainly due to a $3.5 million increase in net gain on sale of loans[257]. - Noninterest expense for Q1 2021 was $9.0 million, a 27.3% increase from $7.0 million in Q1 2020, largely due to a $1.6 million rise in salaries and employee benefits[258]. - Income tax expense for Q1 2021 was $1.5 million, an increase of $940,000 from $517,000 in Q1 2020, with an effective tax rate of approximately 18.5%[259]. Asset and Loan Growth - Total assets increased to $1.6 billion as of March 31, 2021, reflecting an increase of $128.0 million, or 8.6%, from $1.5 billion at December 31, 2020[209]. - Net loans and leases reached $966.8 million at March 31, 2021, up $71.5 million, or 8.0%, from $895.3 million at December 31, 2020[212]. - Loans held for sale increased to $430.5 million, a rise of $147.3 million, or 52.0%, from $283.2 million at December 31, 2020[211]. - Cash and cash equivalents decreased to $125.8 million at March 31, 2021, down $95.8 million, or 43.2%, from $221.6 million at December 31, 2020[210]. - Average interest-earning assets increased to $1.43 billion in Q1 2021, compared to $853.8 million in Q1 2020[264]. Loan Quality and Allowance - The allowance for loan and lease losses (ALLL) was $17.1 million at March 31, 2021, up $64,000, or 0.4%, from $17.0 million at December 31, 2020[215]. - The ratio of ALLL to total loans was 1.74% at March 31, 2021, compared to 1.87% at December 31, 2020[215]. - Nonperforming loans totaled $641,000 at March 31, 2021, a decrease of $54,000 or 7.8% from $695,000 at December 31, 2020, with a nonperforming loan ratio of 0.07%[222]. - Total past due loans decreased by $1.8 million to $417,000 at March 31, 2021, representing 0.04% of the loan portfolio compared to 0.2% at December 31, 2020[231]. - The general reserve component of the ALLL is based on historical loss experience adjusted for current factors, with management monitoring credit quality continuously[225]. Deposits and Funding - Deposits increased by $207.3 million, or 18.6%, to $1.3 billion at March 31, 2021, driven by a $189.1 million increase in interest-bearing deposit accounts[236]. - Brokered deposits, including CDARS and ICS deposits, totaled $307.6 million at March 31, 2021, an increase of $138.9 million, or 82.3%, from $168.7 million at December 31, 2020[237]. - FHLB advances and other debt decreased by $76.5 million, or 35.7%, to $137.9 million at March 31, 2021, compared to $214.4 million at December 31, 2020[238]. - The principal balance of PPPLF advances outstanding was $90.6 million at March 31, 2021, down from $107.4 million at December 31, 2020[244]. - CFBank's liquidity management involves adjusting investments in liquid assets based on expected loan demand and deposit flows[277]. Risk Management and Controls - As of March 31, 2021, there has been no material change in the Company's market risk compared to the information in the Annual Report for the year ended December 31, 2020[297]. - The Company's disclosure controls and procedures were evaluated and deemed effective for the quarter ended March 31, 2021[299]. - No changes were made in the internal controls over financial reporting in the first quarter of 2021 that materially affected the internal control[300]. - The Company is not involved in any pending legal proceedings that would have a material adverse effect on its financial condition or results of operations[303].
CF Bankshares (CFBK) - 2020 Q4 - Annual Report
2021-03-22 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year ended December 31, 2020 Or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to______________ Commission File Number 0-25045 | --- | --- | |------------------------------------------------------------------------------|----------------- ...