CF Bankshares Q2 net income $3.5M, EPS $0.52; winding down DTC mortgage business

CF BANKSHARES INC.

2021-Q2 EPS reported $1.48

Net income $3.5M ($0.52 diluted EPS) for Q2 2021, down from $10.1M ($1.53) YoY; YTD net income $9.9M ($1.48).
Mortgage lending posted $2.2M net loss in Q2; company winding down direct-to-consumer (DTC) segment, transitioning to retail model.
Net interest margin improved to 2.95% in Q2, up 53 bps YoY; net interest income $11M, up 75.7% YoY.
Net loans grew $35M in Q2 (53% annualized, excl. PPP and branch reclass); total loans $1.0B.
Book value per share $18.07; declared Q2 cash dividend $0.03/share; completed sale of two Columbiana County branches on July 16 for $1.8M deposit premium.

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