Cf Bankshares Inc Stock Price, News & Analysis

CF Bankshares Inc. (NASDAQ: CFBK) reported a net income of $3.5 million for Q2 2021, down 65.3% year-over-year. Earnings per share were $0.52, while year-to-date net income reached $9.9 million with EPS of $1.48. The company decided to exit its direct-to-consumer mortgage lending business, which incurred a $2.2 million loss, and is transitioning to a traditional retail model. Net interest income surged 76% to $11 million, driven by a 53% annualized loan growth, but noninterest income plummeted 95.2%. Credit quality remained strong with nonperforming loans at 0.02% of total assets.

CFBank, a subsidiary of CF Bankshares Inc. (NASDAQ: CFBK), announced the sale of its two branches in Columbiana County, Ohio, to Consumers National Bank for a deposit premium of approximately $1.9 million. This transaction involves the transfer of $104 million in deposits and $28 million in earning assets. The sale aligns with CFBank's strategy to focus on growth in Metro markets and is expected to enhance operational efficiencies.

CF Bankshares Inc. (NASDAQ: CFBK) has announced a quarterly cash dividend of $0.03 per share, scheduled for payment on August 2, 2021. Shareholders of record by the close of business on July 22, 2021 will receive this dividend. The company, based in Ohio, has been providing personalized banking services since 1892, focusing on closely held businesses and offering a range of financial products.

CFBank, a subsidiary of CF Bankshares Inc. (NASDAQ: CFBK), announced on July 1, 2021, its decision to wind down its direct-to-consumer (DTC) mortgage lending business due to challenging market conditions. This includes price volatility, diminished refinance volumes, and increased competition, resulting in significant early payoff (EPO) expenses expected to exceed $2 million year-to-date. Consequently, an after-tax loss of approximately $2.5 million for the DTC mortgage segment is anticipated for Q2 2021, impacting the Company's consolidated financial results for that quarter. The earnings release is set for August 4, 2021.

CF Bankshares Inc. (NASDAQ: CFBK) reported a remarkable 220% increase in net income for Q1 2021, totaling $6.4 million compared to $2 million in Q1 2020. Earnings per share (EPS) reached $0.96. Total assets grew to $1.6 billion, with net loans increasing by 8% to $967 million. The bank maintained strong credit quality, with nonperforming loans at 0.04%. However, it anticipates a decrease in mortgage originations due to a challenging lending environment. Overall, the company is focusing on expanding its market presence, including a new branch in Indianapolis.

CF Bankshares Inc. (NASDAQ: CFBK) has declared a quarterly cash dividend of $0.03 per share, payable on May 3, 2021, to shareholders of record as of April 22, 2021. This announcement reinforces the company's commitment to returning value to its shareholders. CF Bank, the company's national bank, operates across major Ohio markets including Columbus, Cleveland, Cincinnati, and Akron, providing various personalized banking and financing services. The company continues to focus on closely held businesses, ensuring quick access to decision makers and efficient service.

Orion First Financial has been chosen by CF Bankshares Inc. (NASDAQ: CFBK) and its subsidiary CFBank to provide primary management services for their equipment finance and leasing operations. This partnership will enable CFBank to support its recent expansion into commercial equipment financing, catering to middle-market and small-ticket transactions. Orion will manage portfolio services such as contract booking and payment processing, while CFBank focuses on credit underwriting and origination. In 2019, the U.S. saw $51.4 billion in small-ticket equipment financing, indicating a growing market.

CF Bankshares (CFBK) reported impressive financial results for the year and quarter ending December 31, 2020, with net income more than tripling to $29.6 million, a 208% increase from 2019. Fourth quarter net income reached $7.3 million, up 143%. Return on average assets and equity were strong at 2.59% and 32.04%, respectively. Book value per share grew 35% to $16.79. Noninterest income surged 412% due to robust mortgage lending. Despite the pandemic, overall credit quality remained strong. The company plans to expand and leverage growth opportunities in 2021.

CF Bankshares Inc. (NASDAQ: CFBK) announced a stock repurchase program allowing the repurchase of up to 250,000 shares by February 27, 2022. The program aims to enhance shareholder value and reflects management's confidence in the company's intrinsic value. Shares may be repurchased through various means, including open market transactions, subject to regulatory compliance. President Timothy T. O'Dell emphasized that the buyback program demonstrates commitment to boosting shareholder value amidst ongoing economic challenges.