CF Bankshares (CFBK)

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CF Bankshares (CFBK) - 2020 Q3 - Quarterly Report
2020-11-10 15:19
Financial Performance - Net income for Q3 2020 was $10.2 million, a 289.2% increase from $2.6 million in Q3 2019[263] - For the nine months ended September 30, 2020, net income was $22.3 million, a 238.4% increase from $6.6 million in the same period of 2019[278] - Noninterest income surged to $23.4 million in Q3 2020, a 611.2% increase from $3.3 million in Q3 2019, primarily due to a $20.0 million increase in net gain on sale of loans[271] - Noninterest income for the nine months ended September 30, 2020 totaled $46.7 million, a 518.6% increase from $7.5 million in the same period of 2019[283] Asset and Liability Management - Total assets increased by $456.5 million, or 51.8%, to $1.3 billion as of September 30, 2020, compared to $880.5 million at December 31, 2019[222] - Total liabilities were $1,103.8 million, with noninterest-bearing liabilities at $169.4 million[292] - Cash and cash equivalents rose by $46.9 million, or 102.2%, to $92.8 million as of September 30, 2020, attributed to increases in deposits and borrowings[223] - The total cash available from liquid assets and borrowing capacity increased to $287.9 million at September 30, 2020, from $204.8 million at December 31, 2019[308] Loan and Lease Activity - Net loans and leases rose by $208.4 million, or 31.4%, totaling $871.7 million as of September 30, 2020, driven by a $160.6 million increase in commercial loan balances[227] - CFBank originated approximately $126 million in Paycheck Protection Program (PPP) loans during the second quarter, benefiting over 550 borrowers[216] - Loans held for sale increased by $173.0 million, or 127.5%, totaling $308.7 million as of September 30, 2020[225] - The allowance for loan and lease losses (ALLL) increased by $8.4 million, or 117.0%, to $15.5 million as of September 30, 2020, with a ratio of ALLL to total loans at 1.75%[229] Credit Quality - Nonperforming loans decreased to $527,000 at September 30, 2020, down $1.9 million from $2.4 million at December 31, 2019, resulting in a nonperforming loans to total loans ratio of 0.06%[236] - Total past due loans decreased by $4.3 million to $952,000 at September 30, 2020, representing 0.1% of the loan portfolio compared to 0.8% at December 31, 2019[246] - The level of total criticized and classified loans increased by $7.0 million, or 64.4%, during the nine months ended September 30, 2020, primarily due to loan downgrades[242] - Individually evaluated impaired loans totaled $2.9 million at September 30, 2020, a decrease of $1.7 million, or 36.7%, from $4.6 million at December 31, 2019[232] Income and Expenses - Net interest income for Q3 2020 totaled $7.1 million, up 34.0% from $5.3 million in Q3 2019, driven by a 20.0% increase in interest income[266] - Noninterest expense for Q3 2020 was $11.9 million, a 123.7% increase from $5.3 million in Q3 2019, driven by higher salaries and employee benefits[272] - Income tax expense was $5.8 million for the nine months ended September 30, 2020, an increase of $4.1 million compared to $1.7 million for the same period in 2019[287] - The effective tax rate for the quarter ended September 30, 2020 was approximately 20.7%, compared to approximately 20.3% for the same quarter in 2019[287] Regulatory and Compliance - The principal executive officer and principal financial officer concluded that the disclosure controls and procedures were effective as of September 30, 2020[326] - No changes were made in internal controls over financial reporting in the third quarter of 2020 that materially affected the internal control[327] - The Holding Company is subject to various legal and regulatory policies impacting its ability to pay dividends[321] - The Holding Company declared a quarterly cash dividend of $0.03 per share, payable on November 16, 2020[314]
CF Bankshares (CFBK) - 2020 Q2 - Quarterly Report
2020-08-12 14:32
Financial Performance - Net income for the three months ended June 30, 2020 totaled $10.1 million, an increase of $7.8 million, or 341.6%, compared to $2.3 million for the same period in 2019[265]. - Net interest income for the quarter ended June 30, 2020 totaled $6.3 million, an increase of $1.1 million, or 20.2%, compared to $5.2 million for the same quarter in 2019[268]. - Interest income for the quarter ended June 30, 2020 was $9.9 million, up $1.4 million, or 16.0%, from $8.5 million in the same quarter of 2019[269]. - Noninterest income for the quarter ended June 30, 2020 totaled $19.9 million, an increase of $17.3 million, or 674.1%, compared to $2.6 million for the same quarter in 2019[273]. - Provision for loan and lease losses for the quarter ended June 30, 2020 was $3.1 million, compared to no provision for the same period in 2019, reflecting increased economic stress due to COVID-19[271]. - Net charge-offs for the quarter ended June 30, 2020 totaled $91,000, compared to net recoveries of $5,000 for the same quarter in 2019[271]. - Noninterest expense for the quarter ended June 30, 2020 totaled $10.3 million, an increase of $5.4 million, or 109.1%, compared to $4.9 million for the same quarter in 2019[274]. - Income tax expense for the quarter ended June 30, 2020 was $2.6 million, an increase of $2.0 million compared to $583,000 for the same quarter in 2019[276]. Asset and Loan Growth - Total assets increased by $265.5 million, or 30.2%, to $1.1 billion as of June 30, 2020, compared to $880.5 million at December 31, 2019[224]. - Net loans and leases rose by $183.2 million, or 27.6%, totaling $846.5 million at June 30, 2020, driven by a $156.9 million increase in commercial loan balances[229]. - Loans held for sale increased by $30.2 million, or 22.2%, totaling $165.9 million at June 30, 2020[227]. - Securities available for sale rose by $2.6 million, or 32.2%, totaling $10.8 million at June 30, 2020[226]. - Cash and cash equivalents increased by $31.5 million, or 68.7%, reaching $77.4 million at June 30, 2020, primarily due to increases in FHLB advances and other borrowings[225]. Loan Quality and Allowance for Losses - The allowance for loan and lease losses (ALLL) grew by $3.0 million, or 41.6%, totaling $10.1 million at June 30, 2020, with a ratio of ALLL to total loans at 1.18%[231]. - Individually evaluated impaired loans decreased by $1.7 million, or 36.8%, to $2.9 million at June 30, 2020, from $4.6 million at December 31, 2019[234]. - Nonperforming loans decreased by $1.9 million to $581,000 at June 30, 2020, resulting in a nonperforming loans to total loans ratio of 0.07%, down from 0.36% at December 31, 2019[238]. - Total past due loans decreased by $3.8 million to $1.4 million at June 30, 2020, representing 0.2% of the loan portfolio compared to 0.8% at December 31, 2019[248]. - The amount of the ALLL specifically allocated to individually impaired loans decreased to $22,000 at June 30, 2020, from $35,000 at December 31, 2019[235]. Deposits and Funding - Deposits increased by $102.7 million, or 13.8%, to $849.0 million at June 30, 2020, driven by increases in both interest-bearing and noninterest-bearing accounts[253]. - FHLB advances and other debt increased by $136.8 million, or 471.4%, to $165.8 million at June 30, 2020, compared to $29.0 million at December 31, 2019[255]. - The principal balance of PPPLF advances outstanding was $125.1 million at June 30, 2020, providing liquidity through term financing backed by PPP loans[260]. - Interest-bearing deposit accounts increased to $700.8 million at June 30, 2020, from $630.8 million at December 31, 2019[253]. Economic and Operational Context - CFBank's financial condition is significantly influenced by economic conditions in Ohio, where it has concentrated its business activities[213]. - The Company transitioned a majority of on-site staff to remote work arrangements to mitigate COVID-19 risks[219]. - Payment modifications were made on loans totaling approximately $100 million, representing about 12% of outstanding loan balances since the pandemic began[218]. - The level of total criticized and classified loans increased by $3.8 million, or 34.5%, during the six months ended June 30, 2020[244]. Equity and Capital Management - Stockholders' equity increased to $92.6 million at June 30, 2020, up $11.9 million, or 14.8%, from $80.7 million at December 31, 2019[262]. - The Holding Company's ability to pay dividends is contingent upon the payment of quarterly interest on subordinated debentures and compliance with fixed-to-floating rate subordinated debt terms[322]. - 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 CFBank were liquidated or if tax laws changed[323]. Internal Controls and Compliance - The principal executive officer and principal financial officer concluded that the disclosure controls and procedures were effective for the quarter ended June 30, 2020[327]. - No changes were made in internal controls over financial reporting in the second quarter of 2020 that materially affected the internal control over financial reporting[328]. - The Holding Company and CFBank may be involved in various legal proceedings in the normal course of business, but management believes there are no pending legal proceedings that would materially affect financial condition or results of operations[330][331].
CF Bankshares (CFBK) - 2019 Q4 - Annual Report
2020-03-16 15:41
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, 2019 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 CENTRAL FEDERAL CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | |- ...
CF Bankshares (CFBK) - 2019 Q3 - Quarterly Report
2019-11-12 15:27
UNITED STATES SECURITIES AND EXCHANGE COMMISION 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 September 30, 2019 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 CENTRAL FEDERAL CORPORATION (Exact name of registrant as specified in its charter) Delaware ...
CF Bankshares (CFBK) - 2019 Q2 - Quarterly Report
2019-08-12 14:30
UNITED STATES SECURITIES AND EXCHANGE COMMISION 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, 2019 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 CENTRAL FEDERAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 34-18 ...
CF Bankshares (CFBK) - 2019 Q1 - Quarterly Report
2019-05-10 14:05
UNITED STATES SECURITIES AND EXCHANGE COMMISION 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 March 31, 2019 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 CENTRAL FEDERAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 34-1 ...
CF Bankshares (CFBK) - 2018 Q4 - Annual Report
2019-03-15 15:47
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, 2018 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 CENTRAL FEDERAL CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | |- ...