CFC Quarterly Financial Performance
Efficiency Ratio (%)
Net Income ($mm)
HISTORIC PROFITABILITY AND EFFICIENCY
Net Income and Return on Average Assets
$40.6
$40.0
1.75%
1.52%
$35.0
1.38%
1.41%
1.28%
1.50%
1.24%
$30.0
1.14%
1.25%
$25.0
0.98%
0.90%
$27.0
1.00%
$20.0
0.76%
$15.1
$15.0
0.49%
0.52%
$13.2
0.75%
$12.9
$9.7
$10.2
0.50%
$10.0
$6.7
$5.0
$5.0
$2.3
$3.0
0.25%
2014
2015
2016
201 (1)
2018
-%
2019
2020
2021
2022
2Q2022 2Q2023
Net Income
Return on Average Assets
Efficiency Ratio (%) and Noninterest Expense ("NIE") to Average Assets (%)
100.0%
(2)
6.11% (2)
5.65%
5.29%
6.00%
5.00%
3.92%
75.0%
3.51%
3.28%
(1)
3.00%
3.09%
3.01%
2.90%
2.47%
4.00%
3.00%
50.0%
78.5%
79.0%
69.7%
67.2%
2.00%
65.1%
61.8%
58.1%
58.8%
56.3%
58.4%
1.00%
42.9%
25.0%
2014
2015
2016
2017
2018
2019
2020
2021
2022
Efficiency Ratio
NIE / Average Assets
-%
2Q2022
2Q2023
Note: Annual data is as of and for the year ended December 31 of each respective year. Quarterly data is as of or for the three months ended of each respective quarter.
(1) Adjusted to exclude the impact of deferred tax asset revaluation due to the enactment of the Tax Cuts and Jobs Act. Refer to "Non-GAAP Reconciliation" in the Appendix for additional details.
(2) Change in NIE / Average Assets: 2Q2023 includes $23.6 million in BaaS loan and fraud expense compared to $18.7 million in 2Q2022. 2022 includes $82.9 million in BaaS loan and fraud
expense compared to $4.5 million in 2021 and $0 in all previous years. This negatively affected the NIE to average asset ratio even though our partners covered 100% of these losses.
(3) Impacted by the $31.9 million increase in credit and fraud enhancement for the three months ended June 30, 2023 compared to the three months ended June 30, 2022.
5
NIE / Average Assets (%)
ROAA(%)View entire presentation