CF Bankshares Q3 net income jumps 158% on loan growth
CFBK•CF Bankshares’ third-quarter net income rose 158% year over year to $6 million. Net interest income increased 8% to $14.9 million, net interest margin reached 2.96%, and commercial loans grew by $42 million.
1. Loan growth lifts income
CF Bankshares said higher average loans and leases, improved yields and increased customer and treasury management fees drove its third-quarter results. The bank reported $42 million in net commercial loan growth.
2. Expansion and outlook
Recruiting and expanding commercial banking teams increased noninterest expense. The company expects business generation and team capabilities to continue growing in coming quarters, with growth rates expected to accelerate and earnings growth opportunities to improve. It also plans to expand mortgage lending through regional team growth.
