CF Bankshares (US:CFBK)2024-10-30 13:22Financial Performance - Net income for Q3 2024 was $4.2 million, or $0.65 per diluted common share, compared to $1.7 million in Q2 2024 and $4.0 million in Q3 2023[2][11]. - Net income attributable to common stockholders was $4.065 million for the three months ended September 30, 2024, a 1% increase from $4.031 million in the same period of 2023[39]. - Net income for the quarter was $4,205,000, a substantial increase from $1,695,000 in the prior quarter, representing a growth of 147%[44]. - Net income for the three months ended September 30, 2024, was $4,205 million, an increase from $4,031 million for the same period in 2023, representing a growth of 4.3%[46]. - For the nine months ended September 30, 2024, net income totaled $8,970 million, down from $12,702 million for the same period in 2023, a decline of 29.0%[46]. Income and Revenue - Net interest income totaled $11.5 million for Q3 2024, a slight increase of $93,000, or 0.8%, from the prior quarter[13]. - Noninterest income for Q3 2024 was $1.6 million, an increase of $388,000, or 31.9%, compared to the prior quarter[16]. - Total interest income for the three months ended September 30, 2024, was $29.996 million, a 6% increase compared to $28.166 million in the same period of 2023[39]. - Noninterest income increased by 23% to $1.606 million for the three months ended September 30, 2024, compared to $1.301 million in the same period of 2023[39]. - Noninterest income rose to $1,606,000, up from $1,218,000 in the previous quarter, marking a growth of 32%[44]. Asset and Deposit Growth - Total assets increased to $2,064,306 thousand as of September 30, 2024, compared to $1,992,452 thousand a year earlier, reflecting a growth of approximately 3.6%[40]. - Total deposits reached $1.75 billion as of September 30, 2024, reflecting a 2.9% increase from $1.70 billion at June 30, 2024[30]. - Total deposits rose to $1,745,576 thousand, up from $1,684,993 thousand a year ago, representing an increase of about 3.6%[41]. - Noninterest-bearing deposits grew by $40 million, or 18%, during the quarter, contributing to a total core deposit increase of $57 million compared to June 30, 2024[3][7]. - Noninterest-bearing deposits increased to $257,715 thousand from $214,334 thousand year-over-year, reflecting a growth of approximately 20.2%[41]. Loan Performance - Commercial loans increased by $35 million during the quarter, with total loans and leases (gross) increasing by $27 million[3]. - Nonaccrual loans increased to $14.6 million, or 0.84% of total loans, up from $10.9 million at June 30, 2024[26]. - The allowance for credit losses on loans and leases was $16.8 million, with a ratio of 0.97% to total loans and leases as of September 30, 2024[28]. - Provision for credit losses on loans was $786,000 for the three months ended September 30, 2024, a significant increase of 278% from $1.198 million in the same period of 2023[39]. - Nonperforming loans increased to $14,597,000, up from $10,909,000 in the previous quarter, resulting in a nonperforming loans to total loans ratio of 0.84%[44]. Capital and Equity - Stockholders' equity increased to $164.0 million, up 2.8% from $159.6 million at June 30, 2024, and up 5.6% from $155.4 million at December 31, 2023[33]. - The company reported a total stockholders' equity of $164,003 thousand, up from $151,270 thousand a year earlier, reflecting an increase of about 8.4%[41]. - The average stockholders' equity for the nine months ended September 30, 2024, was $159,875 million, compared to $145,820 million for the same period in 2023, reflecting an increase of 9.0%[46]. Efficiency and Ratios - Return on Average Equity (ROE) was 10.38% and Return on Average Assets (ROA) was 0.84% for Q3 2024[3]. - The efficiency ratio improved to 55.30% from 56.35% in the previous quarter, indicating better cost management[44]. - Tier 1 capital leverage ratio improved to 10.36% from 10.11% in the previous quarter, indicating a stronger capital position[44]. Other Financial Metrics - The percentage of deposit balances exceeding the FDIC insurance limit of $250,000 was approximately 30.2% as of September 30, 2024, up from 28.6% at June 30, 2024[31]. - FHLB advances and other debt decreased to $108.7 million, a 20.8% decrease from $137.2 million at June 30, 2024[32]. - The company achieved a compound annual growth rate (CAGR) in excess of 20% since its recapitalization in 2012[35]. - Average assets increased to $2,000,421 million for the three months ended September 30, 2024, compared to $1,957,019 million for the same period in 2023, showing a growth of 2.2%[46]. - Provision for credit losses decreased significantly to $558,000 from $3,561,000 in the prior quarter, indicating improved asset quality[44].