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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

     ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    

For the quarterly period ended June 30, 2025

     ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    

For the transition period from _________________to ________________

Commission File Number: 0-25045

CF BANKSHARES INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware	34-1877137
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
4960 E. Dublin Granville Road Suite #400 Columbus, OH	43081
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (614) 334-7979

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     (Voting) Common Stock, $.01 par value

     CFBK

     The NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 4, 2025, there were 5,772,207 shares of the registrant’s (Voting) Common Stock outstanding and 675,300 shares of the registrant’s Non-Voting Common Stock outstanding.

Table of Contents

CF BANKSHARES INC.

INDEX


		Page
PART I.	Financial Information	2

Item 1.	Financial Statements	2

	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	2

	Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 (unaudited)	3

	Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 (unaudited)	4

	Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024 (unaudited)	5

	Consolidated Statements of Cash Flows for the three and six months ended June 30, 2025 and 2024 (unaudited)	7

	Notes to Consolidated Financial Statements (unaudited))	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Controls and Procedures	50

PART II.	Other Information	51

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51

Item 3.	Defaults Upon Senior Securities	51

Item 4.	Mine Safety Disclosures	51

Item 5.	Other Information	51

Item 6.	Exhibits	52

Signatures		53

Table of Contents

CF BANKSHARES INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands except per share data)


	June 30,			December 31,
	2025			2024
	(unaudited)
ASSETS
Cash and cash equivalents	$	275,684		$	235,272
Interest-bearing deposits in other financial institutions		100			100
Securities available for sale		8,996			8,683
Equity securities		—			5,000
Loans held for sale, at fair value		1,613			2,623
Loans and leases, net of allowance for credit losses of $19,122 and $17,474, respectively		1,754,808			1,722,019
FHLB and FRB stock		8,031			8,918
Foreclosed assets, net		524			-
Premises and equipment, net		3,469			3,536
Operating lease right-of-use assets		5,760			6,087
Bank owned life insurance		27,573			27,116
Accrued interest receivable and other assets		46,979			46,169
Total assets	$	2,133,537		$	2,065,523

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest bearing	$	296,348		$	273,668
Interest bearing		1,513,500			1,482,127
Total deposits		1,809,848			1,755,795
FHLB advances and other debt		100,947			92,680
Advances by borrowers for taxes and insurance		374			2,238
Operating lease liabilities		5,932			6,229
Accrued interest payable and other liabilities		24,394			25,144
Subordinated debentures		15,019			15,000
Total liabilities		1,956,514			1,897,086
Commitments and contingent liabilities		—			—
Stockholders' equity
Common stock, $0.01 par value; shares authorized: 9,090,909, including 1,260,700 shares of non-voting common stock
Voting common stock, $0.01 par value; shares issued: 5,983,814 at June 30, 2025 and 5,539,586 at December 31, 2024		60			55
Non-voting common stock, $0.01 par value; shares issued: 900,300 at June 30, 2025 and 1,260,700 at December 31, 2024		9			13
Series D preferred stock, $0.01 par value; 5,000 shares authorized; 2,000 shares issued at June 30, 2025 and December 31, 2024		—			—
Additional paid-in capital		92,928			92,225
Retained earnings		96,846			88,290
Accumulated other comprehensive loss		(1,567	)		(1,803	)
Treasury stock, at cost; 436,422 shares of voting common stock at June 30, 2025 and 398,201 shares of voting common stock at December 31, 2024		(11,253	)		(10,343	)
Total stockholders' equity		177,023			168,437
Total liabilities and stockholders' equity	$	2,133,537		$	2,065,523

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share data)

(Unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Interest and dividend income
Loans and leases, including fees	$	27,907	$	26,339	$	54,722	$	52,349
Securities		40		133		179		262
FHLB and FRB stock dividends		153		164		327		329
Federal funds sold and other		2,259		2,679		4,331		5,461
		30,359		29,315		59,559		58,401
Interest expense
Deposits		15,186		16,784		30,439		33,434
FHLB advances and other debt		846		800		1,560		1,585
Subordinated debentures		326		364		650		731
		16,358		17,948		32,649		35,750
Net interest income		14,001		11,367		26,910		22,651
Provision for credit losses
Provision for credit losses-loans		1,370		3,195		1,722		4,512
Provision for credit losses-unfunded commitments		57		366		287		286
		1,427		3,561		2,009		4,798
Net interest income after provision for credit losses		12,574		7,806		24,901		17,853
Noninterest income
Service charges on deposit accounts		721		623		1,388		1,182
Net gains on sales of residential mortgage loans		206		87		320		177
Net gains (losses) on sales of commercial loans		—		—		(18)		167
Net loss on sale of equity security		—		—		(103)		—
Swap fee income		196		—		196		—
Earnings on bank owned life insurance		232		213		457		417
Other		225		295		546		180
		1,580		1,218		2,786		2,123
Noninterest expense
Salaries and employee benefits		3,954		3,570		8,137		7,078
Occupancy and equipment		417		471		851		905
Data processing		683		649		1,357		1,264
Franchise and other taxes		304		356		607		642
Professional fees		899		590		1,686		1,253
Director fees		180		143		357		268
Postage, printing and supplies		46		42		95		86
Advertising and marketing		84		38		128		52
Telephone		43		52		98		103
Loan expenses		196		259		521		706
Foreclosed assets, net		3		—		4		—
Depreciation		118		122		236		252
FDIC premiums		534		499		1,080		1,099
Regulatory assessment		64		66		129		131
Other insurance		50		51		96		107
Other		179		184		326		333
		7,754		7,092		15,708		14,279
Income before incomes taxes		6,400		1,932		11,979		5,697
Income tax expense		1,365		237		2,514		932
Net income	$	5,035	$	1,695	$	9,465	$	4,765
Earnings allocated to participating securities (Series D preferred stock)		(155)		(54)		(292)		(121)
Net income attributable to common stockholders	$	4,880	$	1,641	$	9,173	$	4,644

Earnings per common share:
Basic	$	0.77	$	0.26	$	1.46	$	0.74
Diluted	$	0.77	$	0.26	$	1.45	$	0.74

See accompanying notes to unaudited consolidated financial statements.

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CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands except per share data)

(Unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Net income	$	5,035	$	1,695	$	9,465	$	4,765
Other comprehensive income:
Unrealized holding gains arising during the period related to securities available for sale, net of tax of $42 and $12 and $62 and $14, respectively		158		44		236		53
Other comprehensive income, net of tax		158		44		236		53
Comprehensive income	$	5,193	$	1,739	$	9,701	$	4,818

See accompanying notes to unaudited consolidated financial statements.

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CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands except per share data)

(Unaudited)


Three months ended June 30, 2025	Voting Common Stock		Non- Voting Common Stock		Series D Preferred Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Stockholders' Equity
Balance at April 1, 2025	$	56	$	13	$	—	$	92,527	$	92,267	$	(1,725)	$	(10,456)	$	172,682
Net income		—		—		—		—		5,035		—				5,035
Other comprehensive income		—		—		—		—		—		158		—		158
Issuance of 5,200 stock based incentive plan shares, net of forfeitures		—		—		—		—		—		—		—		—
Restricted stock expense, net of forfeitures		—		—		—		401		—		—		—		401
Acquisition of 1,502 treasury shares surrendered upon vesting of restricted stock for payment of taxes		—		—		—		—		—		—		(30)		(30)
Purchase of 32,138 treasury shares		—		—				—		—		—		(767)		(767)
Conversion of 360,400 shares of non-voting common stock to voting common stock		4		(4)		—		—		—		—		—		—
Cash dividends declared on common stock ($0.07 per share)		—		—		—		—		(442)		—		—		(442)
Cash dividends declared on Series D preferred Stock ($7.00 per share)		—		—		—		—		(14)		—		—		(14)
Balance at June 30, 2025	$	60	$	9	$	—	$	92,928	$	96,846	$	(1,567)	$	(11,253)	$	177,023


Six months ended June 30, 2025	Voting Common Stock		Non- Voting Common Stock		Series D Preferred Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Stockholders' Equity
Balance at January 1, 2025	$	55	$	13	$	—	$	92,225	$	88,290	$	(1,803)	$	(10,343)	$	168,437
Net income		—		—		—		—		9,465		—		—		9,465
Other comprehensive income		—		—		—		—		—		236		—		236
Issuance of 84,625 stock based incentive plan shares, net of forfeitures		1		—		—		(1)		—		—		—		—
Restricted stock expense, net of forfeitures		—		—		—		704		—		—		—		704
Acquisition of 6,083 treasury shares surrendered upon vesting of restricted stock for payment of taxes		—		—		—		—		—		—		(143)		(143)
Purchase of 32,138 treasury shares		—		—		—		—		—		—		(767)		(767)
Conversion of 360,400 shares of non-voting common stock to voting common stock		4		(4)		—		—		—		—		—		-
Cash dividends declared on common stock ($0.14 per share)		—		—		—		—		(881)		—		—		(881)
Cash dividends declared on Series D preferred Stock ($14.00 per share)		—		—		—		—		(28)		—		—		(28)
Balance at June 30, 2025	$	60	$	9	$	—	$	92,928	$	96,846	$	(1,567)	$	(11,253)	$	177,023

See accompanying notes to unaudited consolidated financial statements.

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CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands except per share data)

(Unaudited)


Three months ended June 30, 2024	Voting Common Stock		Non- Voting Common Stock		Series D Preferred Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Stockholders' Equity

Balance at April 1, 2024	$	55	$	13	$	—	$	91,303	$	79,201	$	(2,281)	$	(10,292)	$	157,999
Net income		—		—		—		—		1,695		—		—		1,695
Other comprehensive income		—		—		—		—		—		44		—		44
Issuance of 67,750 stock based incentive plan shares, net of forfeitures		—		—		—		—		—		—		—		—
Restricted stock expense, net of forfeitures		—		—		—		283		—		—		—		283
Purchase of 2,245 treasury shares		—		—		—		—		—		—		(44)		(44)
Conversion of 16,000 shares of voting common stock to 160 shares of Series D Preferred Stock		—		—		—		—		—		—		—		—
Cash dividends declared on common stock ($0.06 per share)		—		—		—		—		(374)		—		—		(374)
Cash dividends declared on Series D preferred stock ($6.00 per share)		—		—		—		—		(13)		—		—		(13)
Balance at June 30, 2024	$	55	$	13	$	—	$	91,586	$	80,509	$	(2,237)	$	(10,336)	$	159,590


Six months ended June 30, 2024	Voting Common Stock		Non- Voting Common Stock		Series D Preferred Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Stockholders' Equity
Balance at January 1, 2024	$	57	$	13	$	—	$	91,068	$	76,517	$	(2,290)	$	(9,991)	$	155,374
Net income		—		—		—		—		4,765		—		—		4,765
Other comprehensive income		—		—		—		—		—		53		—		53
Issuance of 74,818 stock based incentive plan shares, net of forfeitures		—		—		—		—		—		—		—		—
Restricted stock expense, net of forfeitures		—		—		—		516		—		—		—		516
Acquisition of 5,663 treasury shares surrendered upon vesting of restricted stock for payment of taxes		—		—		—		—		—		—		(122)		(122)
Purchase of 11,095 treasury shares		—		—		—		—		—		—		(223)		(223)
Conversion of 216,000 shares of voting common stock to 2,160 shares of Series D Preferred Stock		(2)		—		—		2		—		—		—		—
Cash dividends declared on common stock ($0.12 per share)		—		—		—		—		(760)		—		—		(760)
Cash dividends declared on Series D preferred stock ($6.00 per share)		—		—		—		—		(13)		—		—		(13)
Balance at June 30, 2024	$	55	$	13	$	—	$	91,586	$	80,509	$	(2,237)	$	(10,336)	$	159,590

See accompanying notes to unaudited consolidated financial statements.

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CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands, except per share data)

(Unaudited)


	Six months ended June 30,
	2025			2024
Net Income	$	9,465		$	4,765
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses		2,009			4,798
Depreciation		236			252
Accretion, net		(974	)		(509	)
Deferred income tax benefit		(344	)		(554	)
Net loss on sale of equity security		103			—
Originations of loans held for sale		(23,197	)		(19,874	)
Proceeds from sale of loans held for sale		24,527			18,713
Net gains on sales of residential mortgage loans		(320	)		(177	)
Net losses (gains) on sales of commercial loans		18			(167	)
Earnings on bank owned life insurance		(457	)		(417	)
Stock-based compensation expense		704			516
Net change in:
Operating lease right-of-use asset		327			363
Accrued interest receivable and other assets		112			890
Operating lease liability		(297	)		(353	)
Accrued interest payable and other liabilities		(1,750	)		(5,426	)
Net cash from operating activities		10,162			2,820
Cash flows used by investing activities:
Available-for-sale securities:
Maturities, prepayments and calls		1,000			1,004
Purchases		(1,000	)		(1,170	)
Proceeds from the sale of equity security		4,897			—
Loan and lease originations and payments, net		(52,436	)		(1,653	)
Purchase of loans and leases		(2,336	)		—
Proceeds from the sale of loans		20,441			4,011
Additions to premises and equipment		(169	)		(11	)
Redemption (purchase) of FHLB and FRB stock		887			(1,348	)
Other adjustments		346			100
Net cash (used by) from investing activities		(28,370	)		933
Cash flows from financing activities:
Net change in deposits		54,053			(47,581	)
Proceeds from FHLB advances and other debt		10,080			27,151
Repayments on FHLB advances and other debt		(1,830	)		—
Net change in advances by borrowers for taxes and insurance		(1,864	)		(2,025	)
Cash dividends paid		(909	)		(773	)
Acquisition of treasury shares surrendered upon vesting of restricted stock for payment of taxes		(143	)		(122	)
Purchase of treasury shares		(767	)		(223	)
Net cash from (used by) financing activities		58,620			(23,573	)
Net change in cash and cash equivalents		40,412			(19,820	)
Beginning cash and cash equivalents		235,272			261,595
Ending cash and cash equivalents	$	275,684		$	241,775

See accompanying notes to unaudited consolidated financial statements.

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CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands, except per share data)

(Unaudited)


	Six months ended June 30,
	2025		2024
Supplemental cash flow information:
Interest paid	$	32,678	$	35,372
Income tax paid		1,305		358

Supplemental noncash disclosures:
Transfer from loans to foreclosed assets	$	524	$	—
Investment payable on limited partnerships	$	1,000	$	6,000

See accompanying notes to unaudited consolidated financial statements.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation:

The consolidated financial statements consist of CF Bankshares Inc. (the “Holding Company”) and its wholly-owned subsidiary, CFBank, National Association (“CFBank”). The Holding Company and CFBank are sometimes collectively referred to herein as the “Company.” Intercompany transactions and balances are eliminated in consolidation. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions for Form 10-Q and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Because this report is based on an interim period, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted.

In the opinion of the management of the Company, the accompanying unaudited interim consolidated financial statements include all adjustments necessary for a fair presentation of the Company’s financial condition and the results of operations for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report on Form 10-Q. The financial performance reported for the Company for the three and six months ended June 30, 2025 is not necessarily indicative of the results that may be expected for the full year. This information should be read in conjunction with the Company’s latest Annual Report to Stockholders and Annual Report on Form 10-K on file with the SEC. Reference is made to the accounting policies of the Company described in Note 1 to the Audited Consolidated Financial Statements contained in the Company’s 2024 Annual Report to Stockholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (referred to herein as the “2024 Audited Financial Statements”). The Company has consistently followed those policies in preparing this Quarterly Report on Form 10-Q.

Loans and Leases: Loans and leases that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, adjusted for purchase premiums and discounts, deferred loan fees and costs and an allowance for credit losses on loans and leases. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level yield method without anticipating prepayments.

The accrual of interest income on all classes of loans, except other consumer loans, is discontinued and the loan is placed on nonaccrual status at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Other consumer loans are typically charged off no later than 90 days past due. Past due status is based on the contractual terms of the loan for all classes of loans. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated loans.

All interest accrued but not received for each loan placed on nonaccrual status is reversed against interest income in the period in which it is placed on nonaccrual status. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual status. Loans are considered for return to accrual status provided all the principal and interest amounts that are contractually due are brought current, there is a current and well documented credit analysis, there is reasonable assurance of repayment of principal and interest, and the customer has demonstrated sustained, amortizing payment performance of at least six months.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

Allowance for credit losses on investment securities available for sale: For investment securities available for sale in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For investment securities available for sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value is less than the amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income. Adjustments to the allowance for credit losses are reported in the income statement as a component of the provision for credit loss. The Company has made the accounting policy election to exclude accrued interest receivable on investment securities available for sale from the estimate of credit losses. Investment securities available for sale are charged off against the allowance or, in the absence of any allowance, written down through the income statement when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company did not record an allowance for credit losses on its investment securities available for sale as of June 30, 2025 and December 31, 2024, as the unrealized losses were attributable to changes in interest rates, not credit quality.

Allowance for Credit Losses – Loans and Leases ("ACL - Loans"): The ACL - Loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on loans over the contractual term. Loans and leases are collectively referred to as “loans” for the purpose of discussing the allowance for credit losses. Loans are charged off against the allowance when the uncollectibility of the loan is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Adjustments to the ACL - Loans are reported in the income statement as a component of provision for credit loss. The Company has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding the policies and methodology used to estimate the ACL - Loans is detailed in Note 4 - Loans and Leases to the Consolidated Financial Statements.

Allowance for Credit Losses – Unfunded Commitments: The allowance for credit losses on unfunded commitments is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Company has the unconditional right to cancel the obligation. Unfunded commitments primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance for unfunded commitments is adjusted through the income statement as a component of provision for credit loss.

Foreclosed Assets: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, an adjustment is recorded through expense. Operating costs after acquisition are expensed. Foreclosed assets at June 30, 2025 consisted of one single-family residential property that was transferred into foreclosed assets at fair value at the time of transfer in the first quarter of 2025. There were no foreclosed assets at December 31, 2024.

Low Income Housing Tax Credits (LIHTC) and Historical Tax Credits (HTC): The Company has invested in LIHTCs and HTCs through direct investments and funds that assist corporations in investing in limited partnerships and limited liability companies that own, develop and operate low income residential rental properties and historic properties for purposes of qualifying for the LIHTCs and HTCs. These investments are accounted for under the proportional amortization method using the practical expedient which recognizes the amortization of the investment in proportion to the tax credit.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

Holding Company Loans to Developers: The Holding Company engages in lending to developers for the purpose of allocating excess liquidity into higher earning assets while diversifying its revenue sources. The developers are engaged in shorter term operating activities related to single family real estate developments. Income is recognized based on the interest charged on outstanding balances and from incentive payments as the housing units are sold. The outstanding balance of these loans by the Holding Company at June 30, 2025 and December 31, 2024 was $985 and $1,331, respectively, and is included in accrued interest receivable and other assets on the Consolidated Balance Sheets. Income recognized, including incentive payments, was $54 and $108, respectively, for the three and six months ended June 30, 2025 and $42 and $129, respectively, for the three and six months ended June 30, 2024 and is included in Other noninterest income in the Consolidated Statements of Income.

Investment in Real Estate Entity: CFBank made an equity investment as a non-managing member in the real estate entity that owns and operates the building that houses the Company’s headquarters. Upon applying Accounting Standards Codification (“ASC”) 810, the Company determined that CFBank is not the primary beneficiary of the real estate entity, a variable interest entity. Therefore, the real estate entity is not consolidated in the Company’s financial statements and is instead accounted for using the equity method of accounting. As a result, the investment of $1.2 million is shown in Accrued interest receivable and other assets on the Consolidated Balance Sheets. The maximum exposure to loss related to this investment was $1.2 million at June 30, 2025 and December 31, 2024.

Earnings Per Common Share: The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities (Series D Preferred Stock) according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were no anti-dilutive securities for the three and six months ended June 30, 2025 and 2,896 anti-dilutive securities for the three and six months ended June 30, 2024. The factors used in the earnings per share computation follow:


	Three months ended						Six months ended
	June 30,						June 30,
	2025			2024			2025			2024
	(unaudited)						(unaudited)
Basic
Net income	$	5,035		$	1,695		$	9,465		$	4,765
Earnings allocated to participating securities		(155	)		(54	)		(292	)		(121	)
Net income allocated to common shareholders	$	4,880		$	1,641		$	9,173		$	4,644

Weighted average common shares outstanding including unvested share-based payment awards		6,466,518			6,374,547			6,436,666			6,396,609
Less: Unvested share-based payment awards- 2019 Incentive Plan		(166,091	)		(118,090	)		(143,588	)		(103,431	)
Average shares		6,300,427			6,256,457			6,293,078			6,293,178
Basic earnings per common share	$	0.77		$	0.26		$	1.46		$	0.74

Diluted
Net income allocated to common shareholders	$	4,880		$	1,641		$	9,173		$	4,644

Weighted average common shares outstanding for basic earnings per common share		6,300,427			6,256,457			6,293,078			6,293,178
Add: Dilutive effects of unvested share-based payment awards-2019 Plan		44,406			—			22,203			13,700
Average shares and dilutive potential common shares		6,344,833			6,256,457			6,315,281			6,306,878
Diluted earnings per common share	$	0.77		$	0.26		$	1.45		$	0.74

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

Dividend Restrictions: Banking regulations require us to maintain certain capital levels and may limit the dividends paid by CFBank to the Holding Company or by the Holding Company to stockholders. The ability of the Holding Company to pay dividends on its common stock is dependent upon the amount of cash and liquidity available at the Holding Company level, as well as the receipt of dividends and other distributions from CFBank to the extent necessary to fund such dividends. The Holding Company is a legal entity that is separate and distinct from CFBank, which has no obligation to make any dividends or other funds available for the payment of dividends by the Holding Company. The Holding Company also is subject to various legal and regulatory policies and guidelines impacting the Holding Company’s ability to pay dividends on its stock. In addition, the Holding Company’s ability to pay dividends on its stock is conditioned upon the payment, on a current basis, of quarterly interest payments on the subordinated debentures underlying the Company’s trust preferred securities. Finally, under the terms of the Holding Company’s fixed-to-floating rate subordinated notes, the Holding Company’s ability to pay dividends on its stock is conditioned upon the Holding Company continuing to make required principal and interest payments, and not incurring an event of default, with respect to the subordinated notes.

Segment Reporting: The Company adopted Accounting Standards Update ("ASU") No 2023-07 “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures” as of January 1, 2024. The Company has determined that all of its business activities meet the aggregation criteria of ASC 280, Segment Reporting, as its current operating model is structured whereby all of its business activities serve a similar base of primarily commercial clients utilizing a company-wide offering of similar products and services managed through similar processes and platforms that are collectively reviewed by the Company’s Chief Executive Officer, who has been identified as the chief operating decision maker (“CODM”).

The CODM regularly assesses performance of the aggregated single operating and reporting segment and decides how to allocate resources based on net income calculated on the same basis as is net income reported in the Company’s consolidated statements of income and other comprehensive income. The CODM is also regularly provided with expense information at a level consistent with that disclosed in the Company’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income.

Recent Accounting Pronouncements and Developments:

In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. They provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company completed its transition from the use of LIBOR in 2023. The adoption of ASU No. 2020-04 did not have a material impact on our Consolidated Financial Statements.

In March 2023, the FASB issued ASU No. 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method”. This ASU is intended to improve the accounting and disclosures for investments in tax credit structures. It allows reporting entities to elect to adopt for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. We adopted the standard effective January 1, 2024. The adoption of ASU No. 2023-02 did not have a material impact on our Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU apply to all public entities that are required to report segment information in accordance with FASB ASC Topic 280, Segment Reporting. The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. Public entities are required to disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. In addition, public entities must provide all annual disclosures about a reportable segment's profit or loss and assets currently required by ASC Topic 280 in interim periods. The amendments clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's consolidated financial statements. The amendments require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Finally, the amendments require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in ASC Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements and disclosures.

Future Accounting Matters:

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The FASB issued ASU 2023-09 to address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is to be applied on a prospective basis and is effective for annual periods beginning after December 15, 2024 with early adoption permitted. Although ASU 2023-09 will impact income tax disclosures, the Company does not expect a material impact to the Company’s Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The pronouncement requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. The guidance is effective for public business entities for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing ASU 2024-03 and its impact on its Consolidated Financial Statements and disclosures.

General Litigation

The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. In the opinion of management, the disposition or ultimate resolution of such claims and lawsuits is not anticipated to have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company.

NOTE 2 – REVENUE RECOGNITION

GAAP requires reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

The majority of our revenue-generating transactions are not from contracts with customers, and instead consist of revenue generated from financial instruments, such as our loans, letters of credit, derivatives and investment securities, as well as revenue generated from our mortgage activities related to net gains on sale of loans.

All of the Company’s revenue from contracts with customers is recognized within Noninterest income. Descriptions of revenue-generating activities which are presented in our Consolidated Statements of Income as components of Noninterest income are as follows:

•

Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity, or transaction-based fees, and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payments for such performance obligations are generally received at the time the performance obligations are satisfied.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

NOTE 3 – SECURITIES

The following tables summarize the amortized cost and fair value of the Company’s available-for-sale securities portfolio at June 30, 2025 and December 31, 2024, and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2025 (unaudited)
Corporate debt	$	9,984	$	—	$	1,984	$	8,000
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury (1)		996		—		—		996
Total	$	10,980	$	-	$	1,984	$	8,996

(1)

Unrealized gain is less than $1 resulting in rounding to zero.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2024
Corporate debt	$	9,983	$	—	$	2,283	$	7,700
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		982		1		—		983
Total	$	10,965	$	1	$	2,283	$	8,683

There was no impairment recognized in accumulated other comprehensive loss for securities available for sale at June 30, 2025 or June 30, 2024.

There were no sales of securities during the three and six months ended June 30, 2025 and 2024.

The amortized cost and fair value of debt securities at June 30, 2025 and December 31, 2024 are shown in the table below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

          
         June 30, 2025

         December 31, 2024

          
         (unaudited)

CF BANKSHARES INC. 10-Q