Financial Performance - Net income for Q2 2024 was $1.7 million, or $0.26 per diluted common share, down from $4.2 million, or $0.66 per diluted common share in Q2 2023 [2][5] - Pre-provision, pre-tax net revenue (PPNR) for Q2 2024 was $5.5 million, compared to $5.3 million in Q2 2023 [2][5] - Return on Average Equity (ROE) was 4.23% and Return on Average Assets (ROA) was 0.34% for Q2 2024 [2] Adjusted Performance Metrics - Adjusted ROA would have been 0.89% and Adjusted ROE would have been 10.25% if excluding the impact of additional specific reserves [2] - Adjusted earnings per diluted common share would have been $0.65 [2] Revenue and Income Sources - Net interest income totaled $11.4 million for Q2 2024, a slight increase of 0.7% from the previous quarter [6] - Noninterest income for Q2 2024 was $1.2 million, up 34.6% from the prior quarter, primarily due to a $244,000 increase in service charges on deposit accounts [7] Loan and Asset Quality - Net loans and leases totaled $1.7 billion at June 30, 2024, a decrease of 0.5% from the prior quarter [10] - Nonaccrual loans increased to $10.9 million, or 0.64% of total loans, reflecting a rise from $7.9 million at March 31, 2024 [12] Capital and Dividends - Stockholders' equity increased to $159.6 million at June 30, 2024, up 1.0% from the previous quarter [17] - A cash dividend of $0.06 per share was declared on July 1, 2024, and paid on July 19, 2024 [3] Market and Business Outlook - The company remains optimistic about business opportunities in the second half of 2024, citing strong commercial loan generation and an expanding loan pipeline [4] - The leadership team has successfully attracted quality new business and banking talent, enhancing the company's service offerings [4]

Deposits and Liquidity - Total deposits decreased by $21.0 million, or 1.2%, to $1.7 billion at March 31, 2024, compared to $1.7 billion at December 31, 2023[223] - Brokered deposits decreased by $51.1 million, or 11.6%, to $389.3 million as of March 31, 2024[249] - CFBank relies on competitive interest rates and customer service to retain deposits, with FDIC insurance coverage up to $250,000 per depositor[263] - Cash, unpledged securities, and deposits in other financial institutions totaled $237.3 million as of March 31, 2024, down from $262.0 million[262] - CFBank's total liquidity resources amounted to $638.4 million as of March 31, 2024, slightly down from $646.9 million[262] Loans and Credit Quality - The allowance for credit losses on loans increased by $1.3 million, or 7.9%, to $18.2 million at March 31, 2024, from $16.9 million at December 31, 2023[218] - Nonperforming loans increased by $2.2 million to $7.9 million at March 31, 2024, resulting in a ratio of nonperforming loans to total loans of 0.46%[220] - Total past due loans increased by $3.4 million to $5.4 million at March 31, 2024, representing 0.3% of the loan portfolio[221] - The level of total criticized and classified loans increased by $2.1 million, or 16.2%, during the three months ended March 31, 2024[246] - The allowance for credit losses on loans is deemed adequate as of March 31, 2024, but future additions may be necessary based on economic conditions[248] Financial Performance - Net income for the three months ended March 31, 2024, was $3.1 million, or $0.47 per diluted common share, down from $4.4 million, or $0.68 per diluted common share, for the same period in 2023[252] - Interest income increased by $4.9 million, or 20.3%, to $29.1 million for the quarter ended March 31, 2024, attributed to a 51bps increase in average yield on loans and leases[253] - Interest expense rose by $6.4 million, or 55.6%, to $17.8 million for the quarter ended March 31, 2024, primarily due to a 134bps increase in the average rate of interest-bearing deposits[253] - Net change in net interest income was a decrease of $1.45 million, reflecting a decline in interest-earning assets[259] - The effective tax rate for the quarter ended March 31, 2024, was approximately 18.5%, down from approximately 19.5% for the same quarter in 2023[255] Assets and Equity - Total assets decreased by $19.1 million, or 0.9%, to $2.0 billion as of March 31, 2024, primarily due to a $24.7 million decrease in cash and cash equivalents[242] - Stockholders' equity increased by $2.6 million, or 1.7%, to $158.0 million as of March 31, 2024, primarily due to net income, partially offset by dividend payments[251] - Total interest-earning assets amounted to $4.91 billion, with loans and leases contributing $3.67 billion, and securities at $0.86 billion[259] Securities and Borrowing - Securities available for sale decreased by $495,000, or 6.1%, to $7.6 million at March 31, 2024, compared to $8.1 million at December 31, 2023[217] - The Company had an outstanding balance of $34.5 million on its $35.0 million credit facility as of March 31, 2024[224] - CFBank's additional borrowing capacity at the FHLB increased by $8.0 million, or 4.4%, to $191.7 million as of March 31, 2024[262] - CFBank's additional borrowing capacity at the FRB rose by $8.3 million, or 6.0%, reaching $144.5 million as of March 31, 2024[262] - The Holding Company has a $35.0 million credit facility with a third-party bank, with an outstanding balance of $34.5 million as of March 31, 2024[265] Regulatory and Compliance - CFBank's Community Reinvestment Act rating is "Needs to Improve," primarily due to its legacy direct-to-consumer residential mortgage business[215] - The credit facility bears interest at a fixed rate of 3.85% until May 21, 2026, after which it will convert to a floating rate[265]

Financial Performance - Net income for Q1 2024 was $3.1 million, or $0.47 per diluted common share, compared to $4.4 million, or $0.68 per diluted common share, for Q1 2023[11] - Net income attributable to common stockholders was $3,013,000, down 32% from $4,448,000 in Q1 2023[42] - Basic earnings per common share decreased to $0.48 from $0.69 year-over-year[42] - Net income for the quarter was $3,070,000, down from $4,448,000 in the same quarter last year[45] - Return on average assets was 0.61%, down from 0.98% in the same quarter last year[46] - Return on average equity decreased to 7.80% from 12.55% year-over-year[46] Revenue and Income Sources - Pre-provision, pretax net revenue (PPNR) for Q1 2024 was $5.0 million, down from $5.8 million in Q1 2023[11] - Total interest income for Q1 2024 was $29,086,000, a 20% increase from $24,176,000 in Q1 2023[42] - Net interest income totaled $11.3 million for Q1 2024, a decrease of $1.4 million, or 11.4%, compared to $12.7 million in Q1 2023[12] - Noninterest income for Q1 2024 increased by $186,000, or 25.9%, compared to $719,000 in Q1 2023[14] - Noninterest income increased by 26% to $905,000 from $719,000 in the previous year[42] - Noninterest income decreased to $905,000 from $1,301,000 year-over-year[45] Expenses and Provisions - Noninterest expense decreased by 7% to $7,187,000 compared to $7,691,000 in Q1 2023[42] - Provision for credit losses increased significantly by 422% to $1,237,000 compared to $237,000 in the same period last year[42] - Provision for credit losses increased to $1,237,000 compared to $237,000 in the same period last year[45] Asset and Liability Management - Total assets decreased to $2,039,473 thousand as of March 31, 2024, from $2,058,615 thousand at December 31, 2023, representing a decline of 0.9%[43] - Total liabilities decreased to $1,881,474 thousand from $1,903,241 thousand, a decline of 1.1%[43] - Stockholders' equity totaled $158.0 million at March 31, 2024, an increase of $2.6 million, or 1.7%, from December 31, 2023[33] - Stockholders' equity increased to $157,999 thousand from $155,374 thousand, reflecting a growth of 1.0%[43] Loan and Deposit Trends - Net loans and leases totaled $1.7 billion at March 31, 2024, reflecting a slight increase of $1.6 million, or 0.1%, from December 31, 2023[22] - Deposits totaled $1.7 billion at March 31, 2024, a decrease of $21.0 million, or 1.2%, compared to December 31, 2023[30] - Total deposits decreased to $1,723,070 thousand from $1,744,057 thousand, a reduction of 1.2%[43] - Nonaccrual loans increased to $7.9 million, or 0.46% of total loans, as of March 31, 2024, up from $5.7 million at December 31, 2023[26] - Nonperforming loans increased to $7,895,000 from $799,000 in the same period last year[45] Credit Quality and Capital Ratios - The allowance for credit losses on loans and leases was $18.2 million at March 31, 2024, representing a ratio of 1.06% to total loans and leases[28] - The allowance for credit losses on loans and leases increased to $18,198 thousand from $16,865 thousand, indicating a rise of 7.9%[43] - Total risk-based capital ratio improved to 13.50% from 12.93% year-over-year[45] Recognition and Growth - CFBank achieved a compound annual growth rate (CAGR) of over 20% since its recapitalization in 2012[35] - CFBank was recognized as one of the top 10% of small-cap banks in the U.S. by Piper Sandler for 2023[37] - CFBank ranked 7 on American Banker's list of Top 200 Publicly Traded Community Banks based on 3-year average return on equity as of December 31, 2022[37]

COLUMBUS, Ohio, May 7, 2024 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, National Association ("CFBank"), today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Net income for Q1 2024 was $3.1 million ($0.47 per diluted common share). Pre-provision, pre-tax net revenue (PPNR) for Q1 2024 was $5.0 million.  Book value per share increased to $24.17 as of March 31, 2024. Return on Average Equity (ROE) was 7.80% an ...

COLUMBUS, Ohio, April 23, 2024 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, NA, on behalf of Brad Ringwald, CFBank President, and Tim O'Dell, CEO, is pleased to announce the recent additions of the following 3 Key Leaders, in the CFBank Commercial Banking Division.  Shanda Miller joined CFBank on February 7th as SVP and leader of CFBank's Treasury Management line of business across our multi-market footprint. Shanda brings her innovative approach and more than 20 ...

COLUMBUS, Ohio, April 8, 2024 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, NA, today announced that the Board of Directors of the Company declared a $0.06 per share quarterly cash dividend on its common stock and a corresponding $6.00 per share quarterly cash dividend on its Series D preferred stock.  Each share of Series D preferred stock is convertible into 100 shares of common stock.  The dividends are payable on April 29, 2024 to shareholders of record as of t ...

57 The critical audit matter communicated below is a matter arising from the current-period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated finan ...

COLUMBUS, Ohio, Feb. 7, 2024 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, National Association ("CFBank"), today announced financial results for the fourth quarter and the full year ended December 31, 2023. Fourth Quarter and Full Year 2023 Highlights Net Income was $4.2 million ($0.65 per diluted common share) for the fourth quarter and $16.9 million ($2.63 per diluted common share) for the year ended December 31, 2023.   Pre-provision, pre-tax net revenue ("PPN ...

The carrying amounts and estimated fair values of financial instruments at December 31, 2022 were as follows: 2003 Subordinated debentures: 2018 Fixed-to-floating rate subordinated notes: The subordinated notes initially bear interest at 7.00%, from and including December 20, 2018, to but excluding December 30, 2023, payable semi-annually in arrears on June 30 and December 30 of each year. From and including December 30, 2023, to but excluding December 30, 2028 or the earlier redemption of the notes, the in ...

Financial Performance - Interest income for the six months ended June 30, 2023, totaled $50.4 million, an increase of $22.5 million, or 80.9%, compared to $27.9 million for the same period in 2022[122]. - Interest expense for the six months ended June 30, 2023, totaled $26.2 million, an increase of $20.6 million, or 372.8%, compared to $5.5 million for the same period in 2022[123]. - Noninterest income for the six months ended June 30, 2023, totaled $1.7 million, a decrease of $157,000, or 8.5%, compared to $1.9 million for the same period in 2022[124]. - Net income for the three months ended June 30, 2023, totaled $4.2 million, a decrease of $503,000, or 10.6%, compared to $4.7 million for the same period in 2022[141]. - Net interest income for the quarter ended June 30, 2023, totaled $11.5 million, a decrease of $59,000, or 0.5%, compared to the same quarter in 2022[142]. - The net interest margin for the quarter ended June 30, 2023, was 2.52%, a decrease of 52 basis points compared to 3.04% for the same quarter in 2022[142]. - Noninterest income for Q2 2023 totaled $978,000, an increase of $170,000 or 21.0% compared to $808,000 in Q2 2022[147]. - Noninterest expense for Q2 2023 was $7.2 million, up $701,000 or 10.8% from $6.5 million in Q2 2022, primarily due to a $292,000 increase in FDIC premiums and a $200,000 increase in salaries and employee benefits[147]. - Income tax expense for Q2 2023 was $1.1 million, a decrease of $99,000 from $1.2 million in Q2 2022, with an effective tax rate of approximately 20.0%[148]. Assets and Liabilities - Total assets as of June 30, 2023, were $1.909 billion, compared to $1.597 billion as of June 30, 2022[155]. - Total liabilities as of June 30, 2023, were $1.764 billion, up from $1.468 billion in the previous year[155]. - Total interest-earning assets for Q2 2023 were $1.817 billion, with interest earned of $26.225 million and an average yield of 5.76%[155]. - The average outstanding balance of loans and leases for Q2 2023 was $1.628 billion, with interest earned of $23.684 million and an average yield of 5.82%[155]. - Total interest-earning assets increased to $1,776,957 thousand in June 2023, up from $1,447,152 thousand in June 2022, representing a growth of 22.7%[157]. - Total assets reached $1,867,082 thousand as of June 30, 2023, up from $1,526,465 thousand in June 2022, marking an increase of 22.4%[157]. - Total liabilities increased to $1,723,393 thousand in June 2023, compared to $1,398,654 thousand in June 2022, reflecting a growth of 23.2%[157]. Equity and Capital - Stockholders' equity increased to $147.3 million at June 30, 2023, an increase of $8.1 million, or 5.8%, from $139.2 million at December 31, 2022[139]. - Equity increased to $143,689 thousand in June 2023, up from $127,811 thousand in June 2022, representing a growth of 12.4%[157]. - Cash, unpledged securities, and deposits in other financial institutions increased by $78.7 million, or 50.9%, to $233.1 million at June 30, 2023, compared to $154.4 million at December 31, 2022[169]. - Additional borrowing capacity at the FHLB increased by $18.3 million, or 9.8%, to $206.2 million at June 30, 2023, from $187.9 million at December 31, 2022[170]. - Additional borrowing capacity at the FRB rose by $28.9 million, or 27.5%, to $134.0 million at June 30, 2023, compared to $105.1 million at December 31, 2022[171]. Risk and Compliance - Management believes there has been no material change in the Company's market risk as of June 30, 2023[180]. - The Company maintains effective disclosure controls and procedures as of the quarter ended June 30, 2023[187]. - There are various legal proceedings involving CFBank, but management does not believe any pending legal proceedings would materially affect financial condition[189]. - The Company has not made any changes in internal controls over financial reporting that materially affect its reporting[187]. - Risks and uncertainties could cause actual results to differ materially from anticipated results, as detailed in the risk factors section of the Annual Report[190]. Other Information - The company recorded a net current-period other comprehensive loss of $148,000 for Q2 2023, compared to a loss of $217,000 in Q2 2022[151]. - The company completed the sale of its Worthington headquarters building in May 2023, which was initially contracted for $2.010 million[152]. - Annual debt service on the subordinated debentures is approximately $413,000, with a total rate of 8.01% in effect at June 30, 2023[176]. - The annual debt service on the Company's $10 million of fixed-to-floating rate subordinated notes is $700,000, with a fixed rate of 7.00% until December 2023[177]. - The FDIC provides deposit insurance coverage up to $250,000 per depositor, which supports CFBank's deposit retention strategy[174]. - CFBank had $65.0 million of availability in unused lines of credit with two commercial banks as of June 30, 2023[172].