CF Bankshares Q2 net income drops to $1.7M; $3.1M additional reserves on loan participations

CF BANKSHARES INC.

2024-Q2 EPS reported $0.74

Net income of $1.7M ($0.26 diluted EPS) vs $4.2M ($0.66) year ago; adjusted EPS $0.65 excluding $3.1M specific reserves.
Provision for credit losses surged to $3.6M from $12K year ago, driven by two regional bank loan participations placed on nonaccrual.
Net interest margin improved 3bps sequentially to 2.39%; PPNR was $5.5M compared to $5.0M prior quarter.
Nonaccrual loans rose to $10.9M (0.64% of loans) from $7.9M at March 31; core loan book past due 30+ days at 0.23%.
Board declared $0.06 per share quarterly dividend, payable July 19; deposits down 1.5% sequentially.

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