Core Insights - CF Bankshares Inc. reported a net income of $4.4 million for Q4 2024, reflecting a stable performance despite a challenging operating environment characterized by elevated interest rates [4][10][12] - The company experienced a 12% increase in pre-provision, pre-tax net revenue (PPNR) to $6.5 million in Q4 2024 compared to the previous quarter [6][10] - Noninterest income for Q4 2024 rose by 40% year-over-year, driven by increased customer fees and cash management services [17][10] Financial Performance - Net income for the full year 2024 was $13.4 million, down from $16.9 million in 2023, with diluted earnings per share of $2.06 [12][10] - Net interest income for Q4 2024 increased by $1 million (9.4%) to $12.5 million compared to Q3 2024 [13][10] - The net interest margin (NIM) expanded by 16 basis points to 2.57% in Q4 2024, marking the third consecutive quarter of NIM growth [14][10] Deposits and Loans - Total deposits reached $1.76 billion at the end of Q4 2024, reflecting a 0.6% increase from the previous quarter [32][10] - Noninterest-bearing deposits grew by $38 million (16%) during 2024, attributed to a strategic focus on commercial treasury management [7][10] - Net loans and leases totaled $1.7 billion, with a slight increase of 0.3% from the prior quarter [24][10] Asset Quality - Nonaccrual loans were $14.5 million, representing 0.84% of total loans, a slight decrease from the previous quarter but an increase from $5.7 million a year earlier [28][10] - The allowance for credit losses on loans and leases was $17.5 million, equating to 1.00% of total loans [30][10] Capital and Equity - Stockholders' equity increased to $168.4 million at the end of Q4 2024, up 2.7% from the previous quarter and 8.4% year-over-year [36][10] - The company declared a cash dividend of $0.07 per share on common stock and $7.00 per share on Series D Preferred Stock [3][10]

Financial Performance - Net income for Q3 2024 was $4.2 million, or $0.65 per diluted share, compared to $4.0 million, or $0.62 per diluted share in Q3 2023, reflecting a positive trend[205]. - Noninterest income for Q3 2024 totaled $1.6 million, an increase of $305,000, or 23.4%, compared to $1.3 million in Q3 2023[211]. - Noninterest expense increased by $466,000, or 6.9%, to $7.2 million in Q3 2024, driven by higher salaries and employee benefits[211]. - Net interest income decreased by $207,000, or 1.8%, to $11.5 million in Q3 2024, primarily due to a $2.0 million increase in interest expense[206]. - Provision for credit losses decreased to $558,000 in Q3 2024 from $1.2 million in Q3 2023, while net charge-offs increased to $3.3 million from $126,000[208]. - Noninterest income totaled $3.7 million for the nine months ended September 30, 2024, an increase of $731,000, or 24.4%, compared to $3.0 million in 2023, mainly from service charges on deposit accounts[219]. - Noninterest expense decreased to $21.5 million for the nine months ended September 30, 2024, down $119,000, or 0.6%, from $21.6 million in 2023, primarily due to a decrease in salaries and employee benefits[219]. - Income tax expense was $2.0 million for the nine months ended September 30, 2024, a decrease of $1.1 million compared to $3.1 million in 2023, with an effective tax rate of approximately 18.3%[221]. Asset and Loan Management - Total assets increased by $7.9 million, or 0.4%, to $2.07 billion as of September 30, 2024, compared to $2.06 billion at December 31, 2023[180]. - Net loans and leases rose by $22.9 million, or 1.4%, totaling $1.72 billion as of September 30, 2024, driven by increases in multi-family loans and commercial real estate loans[182]. - Loans held for sale surged by $3.4 million, or 183.4%, reaching $5.2 million as of September 30, 2024, due to higher volumes of loans to be sold[182]. - Total past due loans increased by $5.7 million, totaling $7.7 million at September 30, 2024, representing 0.4% of the loan portfolio[191]. - Nonperforming loans increased by $8.9 million to $14.6 million as of September 30, 2024, resulting in a ratio of 0.84% to total loans, up from 0.33% at December 31, 2023[188]. - Total criticized and classified loans rose by $6.2 million, or 46.9%, during the nine months ended September 30, 2024[190]. - The allowance for credit losses on loans decreased by $85,000, or 0.5%, totaling $16.8 million as of September 30, 2024, with a ratio of 0.97% to total loans[183]. Deposits and Funding - Total deposits reached $1.75 billion at September 30, 2024, a slight increase of $1.5 million, or 0.1%, from $1.74 billion at December 31, 2023[196]. - Approximately 30.2% of deposit balances exceeded the FDIC insurance limit of $250,000 as of September 30, 2024, up from 29.2% at December 31, 2023[197]. - Brokered deposits decreased by $14.7 million, or 3.3%, to $425.7 million at September 30, 2024, while customer balances in CDARS and ICS programs increased by $16.6 million, or 7.0%[198]. - Cash, unpledged securities, and deposits in other financial institutions decreased by $26.1 million, or 10.0%, to $235.9 million at September 30, 2024, compared to $262.0 million at December 31, 2023[237]. - CFBank maintains $65.0 million in unused lines of credit with two commercial banks as of September 30, 2024[240]. Interest Income and Expense - Interest income increased by $1.8 million, or 6.5%, to $30.0 million in Q3 2024, attributed to a 27bps increase in average yield on loans and leases[207]. - Net interest income for the nine months ended September 30, 2024, totaled $34.1 million, a decrease of $1.8 million, or 4.9%, compared to $35.9 million for the same period in 2023[215]. - Interest income increased to $88.4 million for the nine months ended September 30, 2024, up $9.8 million, or 12.5%, from $78.6 million in 2023, primarily due to a 40bps increase in average yield on loans and leases[217]. - Interest expense rose to $54.3 million for the nine months ended September 30, 2024, an increase of $11.6 million, or 27.2%, compared to $42.7 million in 2023, driven by an 82bps increase in the average rate of interest-bearing deposits[218]. - The net interest margin for the nine months ended September 30, 2024, was 2.38%, a decrease of 27bps from 2.65% in 2023[215]. Regulatory and Compliance - CFBank's primary federal regulator, the OCC, rated its Community Reinvestment Act performance as "Needs to Improve" due to legacy issues from its residential mortgage business[176]. - The company strategically scaled down its residential mortgage business starting in 2021, focusing on lending in regional markets[176]. - CFBank has not engaged in subprime lending or used option adjustable-rate mortgage products, mitigating certain risks associated with lending[192]. - The ability to pay dividends on common stock is dependent on cash and liquidity available at the Holding Company level, as well as dividends received from CFBank[247]. - Banking regulations limit the amount of dividends that can be paid to the Holding Company by CFBank without prior regulatory approval[248]. Legal and Risk Management - The Holding Company and CFBank may be involved in various legal proceedings in the normal course of business, but no pending legal proceedings are believed to have a material adverse effect on financial condition[255]. - Management believes there has been no material change in the Company's market risk as of September 30, 2024[251]. - Disclosure controls and procedures were effective as of the quarter ended September 30, 2024[253].

Financial Performance - Net income for Q3 2024 was $4.2 million, or $0.65 per diluted common share, compared to $1.7 million in Q2 2024 and $4.0 million in Q3 2023[2][11]. - Net income attributable to common stockholders was $4.065 million for the three months ended September 30, 2024, a 1% increase from $4.031 million in the same period of 2023[39]. - Net income for the quarter was $4,205,000, a substantial increase from $1,695,000 in the prior quarter, representing a growth of 147%[44]. - Net income for the three months ended September 30, 2024, was $4,205 million, an increase from $4,031 million for the same period in 2023, representing a growth of 4.3%[46]. - For the nine months ended September 30, 2024, net income totaled $8,970 million, down from $12,702 million for the same period in 2023, a decline of 29.0%[46]. Income and Revenue - Net interest income totaled $11.5 million for Q3 2024, a slight increase of $93,000, or 0.8%, from the prior quarter[13]. - Noninterest income for Q3 2024 was $1.6 million, an increase of $388,000, or 31.9%, compared to the prior quarter[16]. - Total interest income for the three months ended September 30, 2024, was $29.996 million, a 6% increase compared to $28.166 million in the same period of 2023[39]. - Noninterest income increased by 23% to $1.606 million for the three months ended September 30, 2024, compared to $1.301 million in the same period of 2023[39]. - Noninterest income rose to $1,606,000, up from $1,218,000 in the previous quarter, marking a growth of 32%[44]. Asset and Deposit Growth - Total assets increased to $2,064,306 thousand as of September 30, 2024, compared to $1,992,452 thousand a year earlier, reflecting a growth of approximately 3.6%[40]. - Total deposits reached $1.75 billion as of September 30, 2024, reflecting a 2.9% increase from $1.70 billion at June 30, 2024[30]. - Total deposits rose to $1,745,576 thousand, up from $1,684,993 thousand a year ago, representing an increase of about 3.6%[41]. - Noninterest-bearing deposits grew by $40 million, or 18%, during the quarter, contributing to a total core deposit increase of $57 million compared to June 30, 2024[3][7]. - Noninterest-bearing deposits increased to $257,715 thousand from $214,334 thousand year-over-year, reflecting a growth of approximately 20.2%[41]. Loan Performance - Commercial loans increased by $35 million during the quarter, with total loans and leases (gross) increasing by $27 million[3]. - Nonaccrual loans increased to $14.6 million, or 0.84% of total loans, up from $10.9 million at June 30, 2024[26]. - The allowance for credit losses on loans and leases was $16.8 million, with a ratio of 0.97% to total loans and leases as of September 30, 2024[28]. - Provision for credit losses on loans was $786,000 for the three months ended September 30, 2024, a significant increase of 278% from $1.198 million in the same period of 2023[39]. - Nonperforming loans increased to $14,597,000, up from $10,909,000 in the previous quarter, resulting in a nonperforming loans to total loans ratio of 0.84%[44]. Capital and Equity - Stockholders' equity increased to $164.0 million, up 2.8% from $159.6 million at June 30, 2024, and up 5.6% from $155.4 million at December 31, 2023[33]. - The company reported a total stockholders' equity of $164,003 thousand, up from $151,270 thousand a year earlier, reflecting an increase of about 8.4%[41]. - The average stockholders' equity for the nine months ended September 30, 2024, was $159,875 million, compared to $145,820 million for the same period in 2023, reflecting an increase of 9.0%[46]. Efficiency and Ratios - Return on Average Equity (ROE) was 10.38% and Return on Average Assets (ROA) was 0.84% for Q3 2024[3]. - The efficiency ratio improved to 55.30% from 56.35% in the previous quarter, indicating better cost management[44]. - Tier 1 capital leverage ratio improved to 10.36% from 10.11% in the previous quarter, indicating a stronger capital position[44]. Other Financial Metrics - The percentage of deposit balances exceeding the FDIC insurance limit of $250,000 was approximately 30.2% as of September 30, 2024, up from 28.6% at June 30, 2024[31]. - FHLB advances and other debt decreased to $108.7 million, a 20.8% decrease from $137.2 million at June 30, 2024[32]. - The company achieved a compound annual growth rate (CAGR) in excess of 20% since its recapitalization in 2012[35]. - Average assets increased to $2,000,421 million for the three months ended September 30, 2024, compared to $1,957,019 million for the same period in 2023, showing a growth of 2.2%[46]. - Provision for credit losses decreased significantly to $558,000 from $3,561,000 in the prior quarter, indicating improved asset quality[44].

Financial Performance - Net income for Q2 2024 was $1.7 million, or $0.26 per diluted share, down from $4.2 million, or $0.66 per diluted share in Q2 2023, primarily due to increased provision for credit losses and decreased net interest income[171]. - Net interest income for Q2 2024 totaled $11.4 million, a decrease of $119,000, or 1.0%, compared to $11.5 million in Q2 2023, driven by a $3.2 million, or 21.8%, increase in interest expense[172]. - Interest income increased to $29.3 million in Q2 2024, up $3.1 million, or 11.8%, from $26.2 million in Q2 2023, attributed to a 42bps increase in average yield on loans and leases[173]. - Noninterest income for Q2 2024 was $1.2 million, an increase of $240,000, or 24.5%, compared to $978,000 in Q2 2023, mainly due to higher service charges on deposit accounts[177]. - Noninterest expense decreased by $81,000, or 1.1%, to $7.1 million in Q2 2024, primarily due to a reduction in salaries and employee benefits[178]. - Net interest income for the six months ended June 30, 2024, totaled $22.7 million, a decrease of $1.5 million, or 6.5%, compared to $24.2 million for the same period in 2023[181]. - Noninterest income for the six months ended June 30, 2024, totaled $2.1 million, an increase of $426,000, or 25.1%, compared to $1.7 million in 2023, mainly from increased service charges on deposit accounts[185]. - Noninterest expense decreased to $14.3 million for the six months ended June 30, 2024, down $585,000, or 3.9%, from $14.9 million in 2023, primarily due to a reduction in salaries and employee benefits[185]. - Income tax expense was $932,000 for the six months ended June 30, 2024, a decrease of $1.2 million compared to $2.1 million in 2023, with an effective tax rate of approximately 16.4%[186]. Asset and Liability Management - Total assets decreased by $18.0 million, or 0.9%, to $2.0 billion as of June 30, 2024, from $2.1 billion at December 31, 2023[150]. - Cash and cash equivalents decreased by $19.8 million, or 7.6%, totaling $241.8 million at June 30, 2024[150]. - Total deposits decreased by $47.6 million, or 2.7%, to $1.7 billion at June 30, 2024, mainly due to declines in both interest-bearing and noninterest-bearing account balances[164]. - FHLB advances and other debt rose to $137.2 million at June 30, 2024, an increase of $27.2 million, or 24.7%, compared to $110.0 million at December 31, 2023[165]. - Total interest-bearing liabilities increased to $1,574,950 thousand as of June 30, 2024, from $1,463,754 thousand at the end of 2023, marking an increase of 7.6%[191]. - Total assets as of June 30, 2024, were $1.997 billion, an increase from $1.909 billion in 2023[189]. - Total assets increased to $2,000,785 thousand as of June 30, 2024, compared to $1,867,082 thousand at the end of 2023, reflecting a growth of 7.1%[191]. - Cash, unpledged securities, and deposits in other financial institutions decreased by $19.3 million, or 7.4%, to $242.7 million at June 30, 2024, compared to $262.0 million at December 31, 2023[201]. Credit Quality - The allowance for credit losses on loans increased by $2.4 million, or 14.3%, totaling $19.3 million at June 30, 2024[152]. - Nonperforming loans increased by $5.2 million, totaling $10.9 million at June 30, 2024, with a ratio of 0.64% of total loans[157]. - Total criticized and classified loans increased by $4.9 million, or 37.3%, during the six months ended June 30, 2024[159]. - Total past due loans increased by $5.6 million, totaling $7.6 million at June 30, 2024, representing 0.4% of the loan portfolio[160]. - Individually evaluated loans increased by $5.7 million, or 163.9%, totaling $9.2 million at June 30, 2024[155]. - The ratio of the allowance for credit losses to total loans was 1.13% at June 30, 2024, compared to 0.99% at December 31, 2023[152]. - Provision for credit losses for Q2 2024 was $3.6 million, a significant increase from $12,000 in Q2 2023, primarily due to reserves on two commercial loan participations totaling $3.1 million[174]. - Provision for credit losses was $4.8 million for the six months ended June 30, 2024, reflecting an increase of $4.5 million compared to $249,000 in 2023, primarily due to reserves on individually evaluated commercial loans[184]. Interest Rate and Yield - Interest expense rose to $35.7 million for the six months ended June 30, 2024, an increase of $9.5 million, or 36.5%, compared to $26.2 million in 2023, driven by a 102bps increase in the average rate of interest-bearing deposits[183]. - Average yield on loans and leases increased to 6.19% for the six months ended June 30, 2024, compared to 5.73% for the same period in 2023[191]. - The net interest margin decreased to 2.37% for the six months ended June 30, 2024, down 35bps from 2.72% in 2023[182]. - Average interest-earning assets increased to $1.9 billion for the three months ended June 30, 2024, with a yield of 6.16% compared to 5.76% in 2023[189]. Liquidity and Capital - Stockholders' equity increased by $4.2 million, or 2.7%, to $159.6 million at June 30, 2024, primarily due to net income, partially offset by dividend payments[169]. - The Holding Company had adequate funds and sources of liquidity as of June 30, 2024, to meet current and anticipated operating needs[204]. - The ability to pay dividends on common stock is dependent on cash and liquidity available at the Holding Company level, as well as dividends received from CFBank[208]. - Banking regulations limit the amount of dividends that can be paid to the Holding Company by CFBank without prior regulatory approval[209]. - Annual debt service on subordinated debentures is approximately $435,000, with an interest rate of 8.41% as of June 30, 2024[206]. - The Company has $10 million of fixed-to-floating rate subordinated notes with an annual debt service of $970,000, and an interest rate of 9.73% as of June 30, 2024[206]. - The Holding Company has a $35.0 million credit facility with an outstanding balance of $34.7 million, bearing interest at a fixed rate of 3.85% until May 21, 2026[207]. Regulatory and Compliance - Federal income tax laws provided deductions totaling $2.3 million for thrift bad debt reserves established before 1988[210]. - There has been no material change in the Company's market risk as of June 30, 2024, compared to the previous year[212]. - The Company maintains effective disclosure controls and procedures as of June 30, 2024[214]. - The Holding Company and CFBank may be involved in various legal proceedings, but none are expected to have a material adverse effect on financial condition or results of operations[216].

Financial Performance - Net income for Q2 2024 was $1.7 million, or $0.26 per diluted common share, impacted by $3.1 million in additional specific reserves on loan participations[2] - Return on Average Equity (ROE) was 4.23% and Return on Average Assets (ROA) was 0.34% for Q2 2024[2] - Net income attributable to common stockholders decreased by 61% to $1,641,000 for the three months ended June 30, 2024, compared to $4,223,000 in 2023[31] - Net income for Q2 2024 was $1,695,000, down from $3,070,000 in Q1 2024[35] - Basic earnings per common share fell to $0.26 for the three months ended June 30, 2024, down from $0.66 in 2023[31] - Adjusted diluted earnings per share (EPS) of $0.65 for the three months ended June 30, 2024[38] Revenue and Income Sources - Service charge income increased by $244,000 (64%) compared to Q2 2023, and year-to-date income from service charges is up $499,000 (73%) compared to the first half of 2023[3] - Net interest income for Q2 2024 was $11.4 million, a slight increase of $83,000 (0.7%) from the prior quarter[9] - Noninterest income for Q2 2024 totaled $1.2 million, an increase of $313,000 (34.6%) compared to the prior quarter[12] - Total interest income increased by 12% to $29,315,000 for the three months ended June 30, 2024, compared to $26,225,000 in 2023[31] - Noninterest income rose by 25% to $1,218,000 for the three months ended June 30, 2024, from $978,000 in 2023[31] Loan and Credit Quality - New commercial loan production totaled $16.8 million during Q2 2024, with expanding loan and business pipelines in major regional markets[3] - Nonaccrual loans increased to $10.9 million, or 0.64% of total loans, as of June 30, 2024, reflecting an increase from $7.9 million at March 31, 2024[20] - The allowance for credit losses on loans and leases totaled $19.3 million, representing 1.13% of total loans and leases as of June 30, 2024[21] - Provision for credit losses expense increased to $3.6 million for the quarter ended June 30, 2024, compared to $1.2 million for the prior quarter and $12,000 for the same quarter last year[22] - The company reported net charge-offs of $2.1 million for the quarter ended June 30, 2024, compared to net recoveries of $16,000 for the prior quarter[22] - Provision for credit losses on loans surged by 2112% to $4,512,000 for the six months ended June 30, 2024, from $204,000 in 2023[31] - Nonperforming loans increased to $10,909,000, representing 0.64% of total loans, up from 0.46% in Q1 2024[35] Assets and Liabilities - Total assets remained stable at $2,040,634,000 as of June 30, 2024, compared to $2,039,473,000 on March 31, 2024[32] - Total liabilities were reported at $1,837,171 thousand, with total equity of $160,205 thousand, resulting in total assets of $1,997,376 thousand[34] - Total deposits decreased by $26.6 million, or 1.5%, to $1.7 billion at June 30, 2024, compared to the previous quarter, primarily due to a $19.1 million decrease in noninterest-bearing account balances[23] - Total deposits decreased to $1,696,476,000 as of June 30, 2024, from $1,723,070,000 on March 31, 2024[33] - FHLB advances and other debt increased by $26.2 million, or 23.6%, to $137.2 million at June 30, 2024, compared to $111.0 million at March 31, 2024[24] Equity and Dividends - Stockholders' equity rose to $159.6 million at June 30, 2024, an increase of $1.6 million, or 1.0%, from the previous quarter, primarily attributed to net income[25] - The company declared a cash dividend of $0.06 per share on common stock, paid on July 19, 2024[4] - Dividends declared per share remained stable at $0.06 for both Q2 2024 and Q1 2024[35] Operational Efficiency - Efficiency ratio decreased to 56.35% in Q2 2024 from 58.96% in Q1 2024[35] - The company utilizes non-GAAP financial measures to provide a greater understanding of ongoing operations and enhance comparability of results with prior periods[26] Growth and Recognition - CFBank achieved a compound annual growth rate (CAGR) in excess of 20% since its recapitalization in 2012[27] - CFBank was recognized as one of Piper Sandler's "Bank & Thrift Sm-All Stars" for 2023, placing it among the top 10% of small-cap banks in the U.S.[29] Future Outlook - The company remains optimistic about business opportunities for the second half of 2024, supported by strong fundamentals and increased business activities[7]

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 ...