CF Bankshares Inc., the parent company of CFBank, National Association, announced its financial results for the third quarter, ending on September 30, 2024. The company reported a net income of $4.2 million, equivalent to $0.65 per diluted common share for the quarter. Total assets as of September 30, 2024, were $1.7 billion, with an increase in noninterest-bearing deposits and total core deposits compared to the prior quarter.
Key financial highlights for the third quarter of 2024 and year-to-date include:
– Noninterest bearing deposits grew by $40 million, with total core deposits up by $57 million.
– Commercial loans rose by $35 million, while service charge fee income increased by $259,000 compared to the same period in 2023.
– The company’s Return on Average Equity (ROE) was 10.38%, and Return on Average Assets (ROA) stood at 0.84%.
CEO Timothy T. O’Dell commented on the results, highlighting the strategic focus on expansion in commercial banking and growing market share. The company continues to emphasize noninterest-bearing deposit growth to reduce higher-cost funding reliance and improve its net interest margin.
Moreover, CFBank is in a strong capital position, with total stockholders’ equity increasing to $164.0 million at the end of the third quarter. The company remains focused on its commercial lending operations, with a strategic emphasis on key metro markets and maintaining a strong shareholder base.
The financial results underscore the company’s consistent performance and strategic initiatives aimed at enhancing shareholder value and driving growth. For further details and a complete breakdown of the financial results, interested parties can access the full report on the company’s website at www.CF.Bank.
This report contains forward-looking statements, and actual results may vary due to various risk factors. The company does not undertake to update any forward-looking statements except as required by law. Non-GAAP financial measures have been used to provide additional understanding of the company’s operations alongside GAAP financial measures.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CF Bankshares’s 8K filing here.
About CF Bankshares
CF Bankshares Inc operates as the bank holding company for CFBank, National Association that provides various banking products and services in the United States. The company accepts savings, retail and business checking accounts, and money market accounts, as well as certificates of deposit. It offers single-family mortgage loans; commercial real estate and multi-family residential mortgage loans; commercial loans and equipment leases; residential real estate loans and treasury management depository services; retail banking services and products.
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