Tue, May 14, 6:25 PM (220 days ago)
For the quarter ending March 31, 2024, CF Bankshares Inc. reported a net income of $3.1 million, down from $4.4 million in the same quarter of 2023. This decline was primarily due to a decrease in net interest income and an increase in provision for credit losses, although these were partially offset by a decrease in noninterest expense and an increase in noninterest income. Net interest income fell by $1.4 million to $11.3 million, driven by a significant rise in interest expenses due to higher average rates on interest-bearing liabilities, despite an increase in interest income from a larger loan portfolio. The provision for credit losses increased substantially to $1.2 million, reflecting higher reserves for nonaccrual loans. Nonperforming loans rose to $7.9 million, up by $2.2 million from December 2023. Deposits decreased by $21 million, primarily due to a reduction in brokered deposits. The company's total assets decreased slightly to $2.04 billion. Stockholders' equity grew by $2.6 million to $158 million, supported by retained earnings. The company's liquidity remains robust with substantial borrowing capacity from the FHLB and FRB.