CF Bankshares (US:CFBK)2024-05-07 13:06Financial Performance - Net income for Q1 2024 was $3.1 million, or $0.47 per diluted common share, compared to $4.4 million, or $0.68 per diluted common share, for Q1 2023[11] - Net income attributable to common stockholders was $3,013,000, down 32% from $4,448,000 in Q1 2023[42] - Basic earnings per common share decreased to $0.48 from $0.69 year-over-year[42] - Net income for the quarter was $3,070,000, down from $4,448,000 in the same quarter last year[45] - Return on average assets was 0.61%, down from 0.98% in the same quarter last year[46] - Return on average equity decreased to 7.80% from 12.55% year-over-year[46] Revenue and Income Sources - Pre-provision, pretax net revenue (PPNR) for Q1 2024 was $5.0 million, down from $5.8 million in Q1 2023[11] - Total interest income for Q1 2024 was $29,086,000, a 20% increase from $24,176,000 in Q1 2023[42] - Net interest income totaled $11.3 million for Q1 2024, a decrease of $1.4 million, or 11.4%, compared to $12.7 million in Q1 2023[12] - Noninterest income for Q1 2024 increased by $186,000, or 25.9%, compared to $719,000 in Q1 2023[14] - Noninterest income increased by 26% to $905,000 from $719,000 in the previous year[42] - Noninterest income decreased to $905,000 from $1,301,000 year-over-year[45] Expenses and Provisions - Noninterest expense decreased by 7% to $7,187,000 compared to $7,691,000 in Q1 2023[42] - Provision for credit losses increased significantly by 422% to $1,237,000 compared to $237,000 in the same period last year[42] - Provision for credit losses increased to $1,237,000 compared to $237,000 in the same period last year[45] Asset and Liability Management - Total assets decreased to $2,039,473 thousand as of March 31, 2024, from $2,058,615 thousand at December 31, 2023, representing a decline of 0.9%[43] - Total liabilities decreased to $1,881,474 thousand from $1,903,241 thousand, a decline of 1.1%[43] - Stockholders' equity totaled $158.0 million at March 31, 2024, an increase of $2.6 million, or 1.7%, from December 31, 2023[33] - Stockholders' equity increased to $157,999 thousand from $155,374 thousand, reflecting a growth of 1.0%[43] Loan and Deposit Trends - Net loans and leases totaled $1.7 billion at March 31, 2024, reflecting a slight increase of $1.6 million, or 0.1%, from December 31, 2023[22] - Deposits totaled $1.7 billion at March 31, 2024, a decrease of $21.0 million, or 1.2%, compared to December 31, 2023[30] - Total deposits decreased to $1,723,070 thousand from $1,744,057 thousand, a reduction of 1.2%[43] - Nonaccrual loans increased to $7.9 million, or 0.46% of total loans, as of March 31, 2024, up from $5.7 million at December 31, 2023[26] - Nonperforming loans increased to $7,895,000 from $799,000 in the same period last year[45] Credit Quality and Capital Ratios - The allowance for credit losses on loans and leases was $18.2 million at March 31, 2024, representing a ratio of 1.06% to total loans and leases[28] - The allowance for credit losses on loans and leases increased to $18,198 thousand from $16,865 thousand, indicating a rise of 7.9%[43] - Total risk-based capital ratio improved to 13.50% from 12.93% year-over-year[45] Recognition and Growth - CFBank achieved a compound annual growth rate (CAGR) of over 20% since its recapitalization in 2012[35] - CFBank was recognized as one of the top 10% of small-cap banks in the U.S. by Piper Sandler for 2023[37] - CFBank ranked 7 on American Banker's list of Top 200 Publicly Traded Community Banks based on 3-year average return on equity as of December 31, 2022[37]