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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 March 31, 2026

     ☐ 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 May 7, 2026, there were 6,421,414 shares of the registrant’s (Voting) Common Stock outstanding and 76,700 shares of the registrant’s Non-Voting Common Stock outstanding.

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CF BANKSHARES INC.

INDEX


		Page
PART I.	Financial Information	2

Item 1.	Financial Statements	2

	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	2

	Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)	4

	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	5

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	6

	Notes to Consolidated Financial Statements (unaudited))	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 4.	Controls and Procedures	47

PART II.	Other Information	48

Item 1.	Legal Proceedings	48

Item 1A.	Risk Factors	48

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48

Item 3.	Defaults Upon Senior Securities	48

Item 4.	Mine Safety Disclosures	48

Item 5.	Other Information	48

Item 6.	Exhibits	50

Signatures		51

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CF BANKSHARES INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands except per share data)


	March 31,			December 31,
	2026			2025
	(unaudited)
ASSETS
Cash and cash equivalents	$	267,759		$	258,972
Interest-bearing deposits in other financial institutions		100			100
Securities available for sale		17,395			17,496
Loans held for sale, at fair value		3,634			5,611
Loans and leases, net of allowance for credit losses of $18,641 and $17,678, respectively		1,761,262			1,738,854
FHLB and FRB stock		8,364			8,354
Premises and equipment, net		3,533			3,547
Operating lease right-of-use assets		5,859			5,680
Bank owned life insurance		28,294			28,049
Accrued interest receivable and other assets		49,576			50,658
Total assets	$	2,145,776		$	2,117,321

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest bearing	$	240,645		$	285,523
Interest bearing		1,568,797			1,495,166
Total deposits		1,809,442			1,780,689
FHLB advances and other debt		100,973			100,964
Advances by borrowers for taxes and insurance		1,292			2,523
Operating lease liabilities		6,071			5,878
Accrued interest payable and other liabilities		23,995			27,802
Subordinated debentures		15,048			15,039
Total liabilities		1,956,821			1,932,895
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: 6,887,577 at March 31, 2026 and 6,800,762 at December 31, 2025		69			68
Non-voting common stock, $0.01 par value; shares issued: 76,700 at March 31, 2026 and December 31, 2025		1			1
Series D preferred stock, $0.01 par value; 5,000 shares authorized; 2,000 shares issued at March 31, 2026 and December 31, 2025		—			—
Additional paid-in capital		93,983			93,618
Retained earnings		108,324			103,883
Accumulated other comprehensive loss		(1,489	)		(1,371	)
Treasury stock, at cost; 464,660 shares of voting common stock at March 31, 2026 and 459,113 shares of voting common stock at December 31, 2025		(11,933	)		(11,773	)
Total stockholders' equity		188,955			184,426
Total liabilities and stockholders' equity	$	2,145,776		$	2,117,321

See accompanying notes to unaudited consolidated financial statements.

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CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share data)

(Unaudited)


	Three months ended
	March 31,
	2026		2025
Interest and dividend income
Loans and leases, including fees	$	25,809	$	26,815
Securities		187		139
FHLB and FRB stock dividends		142		174
Federal funds sold and other		1,992		2,072
		28,130		29,200
Interest expense
Deposits		13,484		15,253
FHLB advances and other debt		1,026		714
Subordinated debentures		300		324
		14,810		16,291
Net interest income		13,320		12,909
Provision for credit losses
Provision for credit losses-loans		979		352
Provision for (recovery of) credit losses-unfunded commitments		(375)		230
		604		582
Net interest income after provision for credit losses		12,716		12,327
Noninterest income
Service charges on deposit accounts		839		667
Net gains on sales of residential mortgage loans		145		114
Net loss on sales of commercial loans		—		(18)
Net loss on sale of equity security		—		(103)
Swap fee income		30		—
Earnings on bank owned life insurance		245		225
Other		228		321
		1,487		1,206
Noninterest expense
Salaries and employee benefits		4,328		4,183
Occupancy and equipment		427		434
Data processing		769		674
Franchise and other taxes		386		303
Professional fees		819		787
Director fees		167		177
Postage, printing and supplies		48		49
Advertising and marketing		336		44
Telephone		45		55
Loan expenses		198		325
Foreclosed assets, net		4		1
Depreciation		123		118
FDIC premiums		385		546
Regulatory assessment		45		65
Other insurance		50		46
Other		181		147
		8,311		7,954
Income before incomes taxes		5,892		5,579
Income tax expense		868		1,149
Net income	$	5,024	$	4,430
Earnings allocated to participating securities (Series D preferred stock)		(155)		(136)
Net income attributable to common stockholders	$	4,869	$	4,294

Earnings per common share:
Basic	$	0.77	$	0.68
Diluted	$	0.77	$	0.68

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
	March 31,
	2026			2025
Net income	$	5,024		$	4,430
Other comprehensive income:
Unrealized holding (losses) gains arising during the period related to securities available for sale, net of tax of $32 and $20		(118	)		78
Other comprehensive income, net of tax		(118	)		78
Comprehensive income	$	4,906		$	4,508

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 March 31, 2026	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, 2026	$	68	$	1	$	—	$	93,618	$	103,883	$	(1,371)	$	(11,773)	$	184,426
Net income		—		—		—		—		5,024		—		—		5,024
Other comprehensive loss		—		—		—		—		—		(118)		—		(118)
Issuance of 90,200 stock based incentive plan shares, net of forfeitures		1		—		—		(1)		—		—		—		—
Restricted stock expense, net of forfeitures		—		—		—		366		—		—		—		366
Acquisition of 5,547 treasury shares surrendered upon vesting of restricted stock for payment of taxes		—		—		—		—		—		—		(160)		(160)
Cash dividends declared on common stock ($0.09 per share)		—		—		—		—		(565)		—		—		(565)
Cash dividends declared on Series D preferred Stock ($9.00 per share)		—		—		—		—		(18)		—		—		(18)
Balance at March 31, 2026	$	69	$	1	$	—	$	93,983	$	108,324	$	(1,489)	$	(11,933)	$	188,955


Three months ended March 31, 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		—		—		—		—		4,430		—		—		4,430
Other comprehensive income		—		—		—		—		—		78		—		78
Issuance of 79,425 stock based incentive plan shares, net of forfeitures		1		—		—		(1)		—		—		—		—
Restricted stock expense, net of forfeitures		—		—		—		303		—		—		—		303
Acquisition of 4,581 treasury shares surrendered upon vesting of restricted stock for payment of taxes		—		—		—		—		—		—		(113)		(113)
Cash dividends declared on common stock ($0.07 per share)		—		—		—		—		(439)		—		—		(439)
Cash dividends declared on Series D preferred stock ($7.00 per share)		—		—		—		—		(14)		—		—		(14)
Balance at March 31, 2025	$	56	$	13	$	—	$	92,527	$	92,267	$	(1,725)	$	(10,456)	$	172,682

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)


	Three months ended March 31,
	2026			2025
Net Income	$	5,024		$	4,430
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses		604			582
Depreciation		123			118
Accretion, net		(588	)		(384	)
Deferred income tax benefit		(246	)		(97	)
Net loss on sale of equity security		—			103
Originations of loans held for sale		(13,481	)		(9,173	)
Proceeds from sale of loans held for sale		15,430			8,405
Net gains on sales of residential mortgage loans		(145	)		(114	)
Net losses on sales of commercial loans		—			18
Earnings on bank owned life insurance		(245	)		(225	)
Stock-based compensation expense		366			303
Net change in:
Operating lease right-of-use asset		176			162
Accrued interest receivable and other assets		1,304			185
Operating lease liability		(162	)		(146	)
Accrued interest payable and other liabilities		(3,431	)		(1,961	)
Net cash from operating activities		4,729			2,206
Cash flows used by investing activities:
Available-for-sale securities:
Maturities, prepayments and calls		34			—
Proceeds from the sale of equity security		—			4,897
Loan and lease originations and payments, net		(21,688	)		(49,284	)
Purchase of loans and leases		(1,003	)		—
Proceeds from the sale of loans		—			20,441
Additions to premises and equipment		(109	)		(54	)
Redemption (purchase) of FHLB and FRB stock		(10	)		896
Other adjustments		55			176
Net cash used by investing activities		(22,721	)		(22,928	)
Cash flows from financing activities:
Net change in deposits		28,753			27,894
Proceeds from FHLB advances and other debt		50			30
Repayments on FHLB advances and other debt		(50	)		(30	)
Net change in advances by borrowers for taxes and insurance		(1,231	)		(892	)
Cash dividends paid		(583	)		(453	)
Acquisition of treasury shares surrendered upon vesting of restricted stock for payment of taxes		(160	)		(113	)
Net cash from financing activities		26,779			26,436
Net change in cash and cash equivalents		8,787			5,714
Beginning cash and cash equivalents		258,972			235,272
Ending cash and cash equivalents	$	267,759		$	240,986

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)


	Three months ended March 31,
	2026		2025
Supplemental cash flow information:
Interest paid	$	14,483	$	16,084
Income tax paid		—		—

Supplemental noncash disclosures:
Transfer from loans to foreclosed assets	$	—	$	524
Loans transferred from held for sale to portfolio		173		—
Initial recognition of operating right-of-use lease asset		355		—
Initial recognition of operating lease liability		355		—

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”). On December 1, 2016, CFBank converted from a federal savings institution to a national bank. Prior to December 1, 2016, the Holding Company was a registered savings and loan holding company. Effective as of December 1, 2016 and in conjunction with the conversion of CFBank to a national bank, the Holding Company became a registered bank holding company and elected financial holding company status with the Board of Governors of the Federal Reserve System (the "Federal Reserve"). Effective as of August 26, 2025, the Holding Company decertified its financial holding company status with the Federal Reserve. 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 months ended March 31, 2026 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 2025 Annual Report to Stockholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (referred to herein as the “2025 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 status 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 status 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 March 31, 2026 and December 31, 2025, 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. There were no foreclosed assets at March 31, 2026 and December 31, 2025.

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.

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 March 31, 2026 and December 31, 2025 was $798 and $853, respectively, and is included in accrued interest receivable and other assets on the Consolidated Balance Sheets. Income recognized, including incentive payments, was $15 for the three months ended March 31, 2026 and $54 for the three months ended March 31, 2025 and is included in Other noninterest income in the Consolidated Statements of Income.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

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 March 31, 2026 and December 31, 2025.

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 months ended March 31, 2026. There were 11,504 shares of anti-dilutive securities for the three months ended March 31, 2025. The factors used in the earnings per share computation follow:


	Three months ended
	March 31,
	2026			2025
	(unaudited)
Basic
Net income	$	5,024		$	4,430
Earnings allocated to participating securities		(155	)		(136	)
Net income allocated to common shareholders	$	4,869		$	4,294

Weighted average common shares outstanding including unvested share-based payment awards		6,453,084			6,406,483
Less: Unvested share-based payment awards- 2019 Incentive Plan		(166,787	)		(120,834	)
Average shares		6,286,297			6,285,649
Basic earnings per common share	$	0.77		$	0.68

Diluted
Net income allocated to common shareholders	$	4,869		$	4,294

Weighted average common shares outstanding for basic earnings per common share		6,286,297			6,285,649
Add: Dilutive effects of unvested share-based payment awards-2019 Plan		21,774			—
Average shares and dilutive potential common shares		6,308,071			6,285,649
Diluted earnings per common share	$	0.77		$	0.68

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.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

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 Consolidated Statements of 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 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. The Company adopted ASU 2023-09 effective for its fiscal year ended December 31, 2025, which had an immaterial impact on income tax disclosures in the Company’s Consolidated Financial Statements.

Future Accounting Matters:

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.

In November 2025, the FASB issued ASU No. 2025-08, "Financial Instruments - Credit Losses (Topic 326): Purchased Loans." The pronouncement amends the guidance on the accounting for certain purchased loans. The new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to the current expected credit loss model. The amendments in ASU 2025-08 apply prospectively and will be effective for the Company beginning January 1, 2027, with early adoption permitted, and is not expected to have a significant impact on the Company's Consolidated Financial Statements.

In November 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." The pronouncement is intended to provide clarity about the current interim reporting requirements, provides a list of the interim disclosures required by all other Codification topics and establishes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 will be effective for the Company beginning January 1, 2028, with early adoption permitted, and is not expected to have a significant impact on the Company's Consolidated Financial Statements.

In December 2025, the FASB issued ASU No. 2025-12, "Codification Improvements." The pronouncement includes updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications and other minor improvements. The amendments in ASU 2025-12 will be effective for the Company beginning January 1, 2029 and are not expected to have a significant impact on the Company's Consolidated Financial Statements.

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.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

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 March 31, 2026 and December 31, 2025, 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
March 31, 2026 (unaudited)
Corporate debt	$	9,986	$	—	$	1,686	$	8,300
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		1,000		—		—		1,000
Collateralized mortgage obligations		8,294		—		199		8,095
Total	$	19,280	$	—	$	1,885	$	17,395

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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025
Corporate debt	$	9,985	$	—	$	1,585	$	8,400
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		998		2		—		1,000
Collateralized mortgage obligations		8,248		—		152		8,096
Total	$	19,231	$	2	$	1,737	$	17,496

There was no impairment recognized in accumulated other comprehensive loss for securities available for sale at March 31, 2026 or March 31, 2025.

There were no sales of securities during the three months ended March 31, 2026 and 2025.

The amortized cost and fair value of debt securities at March 31, 2026 and December 31, 2025 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.


	March 31, 2026					December 31, 2025
	(unaudited)
	Amortized Cost		Fair Value		Amortized Cost			Fair Value
Due in one year or less	$	1,000	$	1,000	$		998	$	1,000
Due from five to ten years		9,986		8,300			9,985		8,400
Collateralized mortgage obligations		8,294		8,095			8,248		8,096
Total	$	19,280	$	17,395	$		19,231	$	17,496

Fair value of securities pledged as collateral was as follows:


	March 31, 2026		December 31, 2025
	(unaudited)
Pledged as collateral for:
Public deposits		750		750
Total	$	750	$	750

At March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

The following table summarizes securities with unrealized losses at March 31, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position.


March 31, 2026 (unaudited)	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt	$	—	$	—	$	8,300	$	1,686	$	8,300	$	1,686
Issued by U.S. government-sponsored entities and agencies:
Collateralized mortgage obligations		8,095		199		—		—		8,095		199
Total temporarily impaired	$	8,095	$	199	$	8,300	$	1,686	$	16,395	$	1,885


December 31, 2025	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt	$	—	$	—	$	8,400	$	1,585	$	8,400	$	1,585
Issued by U.S. government-sponsored entities and agencies:
Collateralized mortgage obligations		8,096		152		—		—		8,096		152
Total temporarily impaired	$	8,096	$	152	$	8,400	$	1,585	$	16,496	$	1,737

At March 31, 2026 and December 31, 2025, 94.3% of the Company’s available for sale securities were reported at less than historical cost.

The unrealized losses at March 31, 2026 and December 31, 2025 were related to one Corporate debt security and one Collateralized mortgage obligation security. Because the decline in fair values were attributable to changes in market conditions, and not credit quality, and because the Company did not have the intent to sell these securities and it was likely that it would not be required to sell these securities before their anticipated recovery, the Company did not record an allowance for credit losses with respect to these securities at March 31, 2026 and December 31, 2025.

NOTE 4 – LOANS AND LEASES

The following table presents the recorded investment in loans and leases by portfolio segment. The recorded investment in loans and leases includes the principal balance outstanding adjusted for purchase premiums and discounts, and deferred loan fees and costs.


	March 31, 2026			December 31, 2025
	(unaudited)
Commercial (1)	$	378,164		$	369,430
Real estate:
Single-family residential		417,385			427,905
Multi-family residential		161,088			170,972
Commercial		560,871			533,923
Construction		217,192			208,936
Consumer:
Home equity lines of credit		41,452			41,983
Other		3,751			3,383
Subtotal		1,779,903			1,756,532
Less: ACL – Loans		(18,641	)		(17,678	)
Loans and leases, net	$	1,761,262		$	1,738,854

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

(1)

Includes $1,778 and $2,710 of commercial leases at March 31, 2026 and December 31, 2025, respectively.

Allowance for Credit Losses on Loans (ACL – Loans)

The ACL - Loans is a valuation account that is deducted from the amortized cost basis of loans and leases 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. The ACL - Loans is adjusted by the provision for credit losses, which is reported in earnings, and reduced by charge offs for loans, net of recoveries. Provision for credit losses on loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. 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.

The ACL - Loans represents the Company's best estimate of current expected credit losses (CECL) on loans using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The CECL calculation is performed and evaluated quarterly and losses are estimated over the expected life of the loan. The level of the ACL - Loans is believed to be adequate to absorb all expected future losses inherent in the loan portfolio at the measurement date.

In calculating the ACL - Loans, the loan portfolio is pooled into loan segments with similar risk characteristics. Common characteristics include the type or purpose of the loan, underlying collateral and historical/expected credit loss patterns. In developing the loan segments, the Company analyzes the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors.

The expected credit losses are measured over the life of each loan segment utilizing the average charge-off methodology combined with economic forecast models to estimate the current expected credit loss inherent in the loan portfolio. This approach is also leveraged to estimate the expected credit losses associated with non-cancellable unfunded loan commitments incorporating expected utilization rates.

The Company sub-segments certain commercial loan portfolios by risk level where appropriate. The Company utilizes a one-year reasonable and supportable economic forecast period.

The Company qualitatively adjusts model results for risk factors that are not inherently considered in the historical losses, but are nonetheless relevant in assessing the expected credit losses within the loan portfolio. These adjustments may increase or decrease the estimate of expected credit losses based upon the assessed level of risk for each qualitative factor. The various risks that may be considered in making qualitative adjustments include, among other things, the impact of (i) changes in economic conditions, (ii) changes in the nature and volume of the loan portfolio, (iii) changes in the existence, growth and effect of any concentrations in credit, (iv) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries, (v) changes in the quality of the credit review function, (vi) changes in the experience, ability and depth of lending management and staff, (vii) changes in the volume and severity of past due and adversely classified loans and the volume of nonaccrual loans, (viii) changes in the value of underlying collateral for collateral-dependent loans, and (ix) other environmental factors such as regulatory, legal and technological considerations, as well as competition.

In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within the loan segments. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific reserves in the allowance for credit losses are determined by analyzing the borrower's ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower's industry, among other things. A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The fair value of collateral supporting collateral dependent loans is evaluated on a quarterly basis.

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CF BANKSHARES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

The following tables present the activity in the ACL - Loans by portfolio segment for the three months ended March 31, 2026 and 2025 (unaudited).


	Three Months Ended March 31, 2026 (unaudited)
			Real Estate									Consumer
	Commercial		Single- family		Multi- family		Commercial		Construction		Home equity lines of credit		Other		Total

Allowance for credit losses
Balances, January 1, 2026	$	6,001	$	2,528	$	1,494	$	4,938	$	2,031	$	390	$	296	$	17,678
Provision (reversal) for credit losses		161		(96)		50		190		651		(12)		35		979
Recoveries on loans		51		10		—		—		—		—		—		61
Loans charged off		(77)		—		—		—		—		—		—		(77)
Balances, March 31, 2026	$	6,136	$	2,442	$	1,544	$	5,128	$	2,682	$	378	$	331	$	18,641


	Three Months Ended March 31, 2025 (unaudited)
			Real Estate									Consumer
	Commercial		Single-family		Multi-family		Commercial		Construction		Home equity lines of credit		Other		Total

Allowance for credit losses
Balances, January 1, 2025	$	7,005	$	2,787	$	1,382	$	3,918	$	1,741	$	371	$	270	$	17,474
Provision (reversal) for credit losses		831		(276)		(171)		(44)		11		19		(18)		352
Recoveries on loans		61		9		—		—		—		1		—		71
Loans charged off		(67)		(27)		—		—		—		—		—		(94)
Balances, March 31, 2025	$	7,830	$	2,493	$	1,211	$	3,874	$	1,752	$	391	$	252	$	17,803

Determining fair value for collateral dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. The fair value of other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and/or customer financial statements. Both appraised values and values based on the borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

The tables below present the amortized cost basis of collateral dependent loans by loan class and their respective collateral types, which are individually evaluated to determine expected credit losses.


	March 31, 2026 (unaudited)
	Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial	$	—	$	8,127	$	8,127	$	1,746
Real estate:
Single-family residential		77		—		77		—
Commercial:
Owner occupied		—		5,162		5,162		399
Total	$	77	$	13,289	$	13,366

CF BANKSHARES INC. 10-Q