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CF Bankshares Q3 net income increased 289%

Christian Fernsby ▼ | October 26, 2020
CF Bankshares, the parent of CFBank, announced financial results for the third quarter ended September 30, 2020.
CF Bankshares   Net income was $10.2 million
Third quarter 2020 highlights

Topics: CF Bankshares

Net income of $10.2 million, an increase of 289% when compared to the same quarter of 2019.

Pre-Provision, Pre-Tax Net Revenue ("PPNR") of $18.6 million, which represents a 465% increase compared to $3.3 million in Q3 2019.

Book value per common share increased to $15.68 at September 30, 2020, which represents a $1.54 increase during the quarter and a $3.28 increase in Book Value year-to-date.

Return of average assets was 3.39% for the quarter and PPNR return on average assets was 6.20%.

Loan payment deferrals decreased to approximately $24 million (3% of outstanding loan balances) at September 30, 2020, down from approximately $100 million (12% of outstanding loan balances) at June 30, 2020.

Nonperforming assets as a percentage of total assets remains low at 0.04%. ALLL reserves of $15.5 million equal 1.75% of total loans and 2.07% of total non-government guaranteed loans at September 30, 2020.