CF Bankshares (US:CFBK) Prnewswireยท2025-02-12 14:00Core Insights - CF Bankshares Inc. reported a net income of $4.4 million for Q4 2024, reflecting a stable performance despite a challenging operating environment characterized by elevated interest rates [4][10][12] - The company experienced a 12% increase in pre-provision, pre-tax net revenue (PPNR) to $6.5 million in Q4 2024 compared to the previous quarter [6][10] - Noninterest income for Q4 2024 rose by 40% year-over-year, driven by increased customer fees and cash management services [17][10] Financial Performance - Net income for the full year 2024 was $13.4 million, down from $16.9 million in 2023, with diluted earnings per share of $2.06 [12][10] - Net interest income for Q4 2024 increased by $1 million (9.4%) to $12.5 million compared to Q3 2024 [13][10] - The net interest margin (NIM) expanded by 16 basis points to 2.57% in Q4 2024, marking the third consecutive quarter of NIM growth [14][10] Deposits and Loans - Total deposits reached $1.76 billion at the end of Q4 2024, reflecting a 0.6% increase from the previous quarter [32][10] - Noninterest-bearing deposits grew by $38 million (16%) during 2024, attributed to a strategic focus on commercial treasury management [7][10] - Net loans and leases totaled $1.7 billion, with a slight increase of 0.3% from the prior quarter [24][10] Asset Quality - Nonaccrual loans were $14.5 million, representing 0.84% of total loans, a slight decrease from the previous quarter but an increase from $5.7 million a year earlier [28][10] - The allowance for credit losses on loans and leases was $17.5 million, equating to 1.00% of total loans [30][10] Capital and Equity - Stockholders' equity increased to $168.4 million at the end of Q4 2024, up 2.7% from the previous quarter and 8.4% year-over-year [36][10] - The company declared a cash dividend of $0.07 per share on common stock and $7.00 per share on Series D Preferred Stock [3][10]