CF Bankshares (US:CFBK) Prnewswireยท2024-08-06 14:46Financial Performance - Net income for Q2 2024 was $1.7 million, or $0.26 per diluted common share, down from $4.2 million, or $0.66 per diluted common share in Q2 2023 [2][5] - Pre-provision, pre-tax net revenue (PPNR) for Q2 2024 was $5.5 million, compared to $5.3 million in Q2 2023 [2][5] - Return on Average Equity (ROE) was 4.23% and Return on Average Assets (ROA) was 0.34% for Q2 2024 [2] Adjusted Performance Metrics - Adjusted ROA would have been 0.89% and Adjusted ROE would have been 10.25% if excluding the impact of additional specific reserves [2] - Adjusted earnings per diluted common share would have been $0.65 [2] Revenue and Income Sources - Net interest income totaled $11.4 million for Q2 2024, a slight increase of 0.7% from the previous quarter [6] - Noninterest income for Q2 2024 was $1.2 million, up 34.6% from the prior quarter, primarily due to a $244,000 increase in service charges on deposit accounts [7] Loan and Asset Quality - Net loans and leases totaled $1.7 billion at June 30, 2024, a decrease of 0.5% from the prior quarter [10] - Nonaccrual loans increased to $10.9 million, or 0.64% of total loans, reflecting a rise from $7.9 million at March 31, 2024 [12] Capital and Dividends - Stockholders' equity increased to $159.6 million at June 30, 2024, up 1.0% from the previous quarter [17] - A cash dividend of $0.06 per share was declared on July 1, 2024, and paid on July 19, 2024 [3] Market and Business Outlook - The company remains optimistic about business opportunities in the second half of 2024, citing strong commercial loan generation and an expanding loan pipeline [4] - The leadership team has successfully attracted quality new business and banking talent, enhancing the company's service offerings [4]