CF Bankshares (US:CFBK)2025-02-12 14:07Financial Performance - Net income for Q4 2024 was $4.4 million ($0.68 per diluted common share), and for the full year 2024, it was $13.4 million ($2.06 per diluted common share) [4] - Pre-provision, pre-tax net revenue (PPNR) for Q4 2024 was $6.5 million, a 12% increase from Q3 2024, and total PPNR for the year was $22.9 million [4][12] - Net interest income for Q4 2024 increased by $1.0 million (9.4%) compared to Q3 2024, totaling $12.5 million [13] - Noninterest income for Q4 2024 rose by $413,000 (40%) compared to Q4 2023, driven by a 60% increase in customer fees for the full year 2024 [4][18] - Net interest income for the three months ended December 31, 2024, was $12.5 million, a 7% increase from $11.8 million in the same period of 2023 [43] - Noninterest income for the three months ended December 31, 2024, was $1.4 million, a 40% increase from $1.0 million in the same period of 2023 [43] - Net income attributable to common stockholders was $4.3 million for the three months ended December 31, 2024, a 1% increase from $4.2 million in the same period of 2023 [43] - Net income for Q4 2024 was $4,417,000, compared to $4,205,000 in Q3 2024 [49] Deposits and Assets - Total deposits reached $1.76 billion as of December 31, 2024, reflecting a 0.6% increase from $1.75 billion at September 30, 2024, and a 0.7% increase from $1.74 billion at December 31, 2023 [32] - Noninterest-bearing account balances increased by $15.9 million compared to September 30, 2024, while interest-bearing accounts decreased by $5.7 million [32] - Total assets as of December 31, 2024, amounted to $2,065,523,000, a slight increase from $2,064,306,000 on September 30, 2024 [45] - Total deposits increased to $1,755,795,000 from $1,745,576,000, marking a growth of 0.57% quarter-over-quarter [46] Loans and Credit Quality - Nonaccrual loans were $14.5 million (0.84% of total loans) at December 31, 2024, a decrease from $14.6 million at September 30, 2024 [28] - The allowance for credit losses on loans and leases was $17.5 million at December 31, 2024, representing 1.00% of total loans and leases [30] - Provision for credit losses on loans increased by 228% year-over-year, totaling $6.1 million for the year ended December 31, 2024 [43] - Nonperforming loans increased to $14,719,000 in Q4 2024 from $14,597,000 in Q3 2024 [49] - The allowance for credit losses on loans and leases was $17,474,000, compared to $16,780,000 in the previous quarter, reflecting an increase of 4.14% [45] Equity and Dividends - Stockholders' equity rose to $168.4 million at December 31, 2024, a 2.7% increase from $164.0 million at September 30, 2024, and an 8.4% increase from $155.4 million at December 31, 2023 [37] - The company declared a cash dividend of $0.07 per share on common stock, paid on January 27, 2025 [3] Future Outlook - The company anticipates a more stabilized operating environment and strong business opportunities for 2025 [10] Interest Rates and Margins - The net interest margin (NIM) for Q4 2024 was 2.57%, an increase of 16 basis points from the previous quarter [15] - The average yield on loans and leases was 6.31% for the quarter ended December 31, 2024, compared to 6.39% in the previous quarter [47] - Interest-earning assets totaled $1,945,165,000, generating interest income of $29,992,000, resulting in a yield of 6.16% [47] Debt and Liabilities - FHLB advances and other debt decreased to $92.7 million at December 31, 2024, a 14.7% decrease from $108.7 million at September 30, 2024 [34] - Total liabilities decreased slightly to $1,897,086,000 from $1,900,303,000, a decline of 0.11% [46]