CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 3rd QUARTER 2025.

COLUMBUS, Ohio, Nov. 3, 2025 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, National Association ("CFBank"), today announced financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

Recent Developments

CEO and Board Chair Commentary

Timothy T. O'Dell, President and CEO, commented "Q3 Earnings were impacted by the full charge-off of a non-customer loan which represented a $7 million nonperforming asset. This exposure, when purchased, was investment grade rated. Based upon recent declines in potential asset realization values we have written off 100% of the loan as of September 30, 2025, which resulted in a $3.7 million increase to provision expense for Q3.

As a result, our Credit Quality Metrics have returned to more normalized historical experience levels. The Credit Quality Metrics of our Customer Loan Portfolio (Core Assets) continued to be sound at September 30, 2025.

Loan delinquencies were 0.32% of total loans with Nonperforming Assets (NPAs) of 0.57% of total loans as of September 30, 2025.

Core Earnings continue to be solid, expanding during Q3, with a quarterly run rate approximating $5.5 million, which includes the assumption of $1 million per quarter of provision expense. This adjusted run rate equates to ROE over 12% and ROA above 1.0%. PPNR during Q3 was $7.8 million, up 33%, from the same period prior year. At this point, we are not aware of any extraordinary items to impact meaningfully upon Q4 operating results.

Capital ratios remain strong with our Tier 1 Leverage Ratio of 11.19% and Total Capital Ratio of 14.88%.

Our CFBank Commercial Loan production and pipelines remain strong. Significantly elevated loan payoffs and paydowns totaling $118 million through the first nine months of 2025, are netted against our year-to-date Commercial Loan growth of $37 million. This equates to over $150 million of new Commercial Loan production through the first nine months. With payoffs expected to appreciably decline by the beginning of 2026, we anticipate our net Commercial Loan growth to accelerate and return to our historical double digit growth rates.

Among the strengths of our Banking franchise is the demonstrated ability to consistently compete effectively with Regional Banks for quality Commercial Business relationships. Additionally, we expect expanding saleable Residential Mortgage Loan volumes to add to Fee Income. Also, we are making strides with refinancing low-rate Residential Mortgage Portfolio loans.

The experienced banking talent added to our Commercial Team during 2025, is expected to raise new business production moving forward, including targeted growth of full C&I Business Banking Relationships.

Our Bests are yet ahead!"

Robert E. Hoeweler, Chairman of the Board, underscored the solid Core Earnings performance and business growth outlook for 2026 and added "The CFBank Leadership team continues to execute the strategic plan which includes scaling the Commercial Bank and reducing lower-rate Residential Mortgage portfolio loans, along with further reductions in deposit costs (COF)."

Overview of Results

Net income for the three months ended September 30, 2025 totaled $2.3 million (or $0.36 per diluted common share) compared to net income of $5.0 million (or $0.77 per diluted common share) for the three months ended June 30, 2025 and net income of $4.2 million (or $0.65 per diluted common share) for the three months ended September 30, 2024. PPNR for the three months ended September 30, 2025 was $7.8 million compared to PPNR of $7.8 million for the three months ended June 30, 2025 and PPNR of $5.8 million for the three months ended September 30, 2024.

Net income for the nine months ended September 30, 2025 totaled $11.8 million (or $1.81 per diluted common share) compared to net income of $9.0 million (or $1.38 per diluted common share) for the nine months ended September 30, 2024. Pre-provision, pre-tax net revenue for the nine months ended September 30, 2025 was $21.8 million compared to PPNR of $16.3 million for the nine months ended September 30, 2024.

Net Interest Income and Net Interest Margin

Net interest income totaled $13.8 million for the quarter ended September 30, 2025 and decreased $211,000, or 1.5%, compared to $14.0 million for the prior quarter, and increased $2.3 million, or 20.3%, compared to $11.5 million for the third quarter of 2024.

The decrease in net interest income compared to the prior quarter was primarily due to a $221,000, or 1.4%, increase in interest expense, partially offset by a $10,000 increase in interest income. The increase in interest expense when compared to the prior quarter was attributed to a $37.0 million, or 2.4%, increase in average interest-bearing liabilities, partially offset by a 4bps decrease in the average cost of funds on interest-bearing liabilities. The increase in interest income was primarily attributed to a $19.4 million, or 1.0%, increase in average interest-earning assets outstanding, partially offset by a 5bps decrease in the average yield on interest-earning assets. The net interest margin of 2.76% for the quarter ended September 30, 2025 decreased 7bps compared to the net interest margin of 2.83% for the prior quarter. The decline in the average yield on interest-earning assets and the net interest margin was driven by a $185,000 decline in loan prepayment and late fee income during Q3 2025 when compared to Q2 2025.

The increase in net interest income compared to the third quarter of 2024 was primarily due to a $2.0 million, or 10.6%, decrease in interest expense, coupled with a $373,000, or 1.2%, increase in interest income. The decrease in interest expense was attributed to a 58bps decrease in the average cost of funds on interest-bearing liabilities, partially offset by a $30.8 million, or 2.0%, increase in average interest-bearing liabilities. The increase in interest income was primarily attributed to a $94.5 million, or 5.0%, increase in average interest-earning assets outstanding, partially offset by a 22bps decrease in the average yield on interest-earning assets. The net interest margin of 2.76% for the quarter ended September 30, 2025 increased 35bps compared to the net interest margin of 2.41% for the third quarter of 2024.

Noninterest Income

Noninterest income for the three months ended September 30, 2025 totaled $1.7 million and increased $138,000, or 8.7%, compared to $1.6 million for the prior quarter. The increase was primarily due to a $133,000 increase in income from Small Business Investment Company (SBIC) investments.

Noninterest income for the three months ended September 30, 2025 increased $112,000, or 7.0%, compared to $1.6 million for the three months ended September 30, 2024. The increase was primarily due to a $99,000 increase in gain on sales of residential mortgage loans.

The following table represents the notional amount of loans sold during the three months ended September 30, 2025, June 30, 2025, and September 30, 2024 (in thousands).

Three Months ended

September 30,

2025

June 30,

2025

September 30,

2024

Notional amount of loans sold

12,486

14,023

12,053

Noninterest Expense

Noninterest expense for the quarter ended September 30, 2025 totaled $7.7 million and decreased $28,000, or 0.4%, compared to $7.8 million for the prior quarter.

Noninterest expense for the quarter ended September 30, 2025 increased $500,000, or 6.9%, compared to $7.2 million for the quarter ended September 30, 2024. The increase in noninterest expense was primarily due to a $261,000 increase in salaries and employee benefits and a $174,000 increase in professional fee expense. The increase in salaries and employee benefits was primarily driven by increased salary expense and accruals related to staff incentives and deferred compensation incentives in the third quarter of 2025 when compared to the third quarter of 2024. The increase in professional fee expense was predominantly due to increased recruiting expenses in the third quarter of 2025 when compared to the third quarter of 2024.

Income Tax Expense

Income tax expense was $373,000 for the quarter ended September 30, 2025 (effective tax rate of 13.8%), compared to $1.4 million for the prior quarter (effective tax rate of 21.3%) and $1.1 million for the quarter ended September 30, 2024 (effective tax rate of 20.4%). The decline in the effective tax rate for the quarter ended September 30, 2025 was driven by the impact of low-income housing and historic tax credit investments.

Loans and Loans Held For Sale

Net loans and leases totaled $1.7 billion at September 30, 2025 and decreased $26.5 million, or 1.5%, from the prior quarter and increased $6.3 million, or 0.4%, from December 31, 2024. The decrease in loans and leases balances from the prior quarter was primarily due to a $35.2 million decrease in commercial and industrial (C&I) loan balances, a $7.5 million decrease in single-family residential loan balances, and a $5.5 million decrease in construction loan balances, partially offset by an $11.0 million increase in Multi-family residential loan balances, a $7.8 million increase in commercial real estate loan balances, a $499,000 increase in home equity lines of credit balances, and a $2.3 million decrease in the allowance for credit losses on loans.

The increase in loans and leases from December 31, 2024 was primarily due to a $54.3 million increase in commercial real estate loan balances, a $17.2 million increase in Multi-family residential loan balances, and a $3.8 million increase in home equity lines of credit balances, partially offset by a $35.4 million decrease in single-family residential loan balances, a $32.2 million decrease in commercial and industrial (C&I) loan balances, and a $2.8 million decrease in construction loan balances. The decrease in single-family residential loan balances includes the sale of two portfolios of loans in the first quarter of 2025 totaling $18.1 million.

The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types (in thousands).

September 30, 2025

June 30, 2025

Construction – 1-4 family*

22,990

29,131

Construction – Multi-family*

156,221

157,743

Construction – Non-residential*

20,861

18,785

Hotel/Motel

11,779

11,853

Industrial / Warehouse

74,307

75,408

Land/Land Development

42,202

32,942

Medical/Healthcare/Senior Housing

686

2,045

Multi-family

226,921

218,523

Office

41,509

40,150

Retail

73,118

69,815

Other

8,296

7,424

* CFBank possesses a core competency and deep expertise in Construction Lending. The construction lending business sector has produced many full banking relationships with proven developers with long successful track records.

Asset Quality

Nonaccrual loans were $10.0 million, or 0.57% of total loans at September 30, 2025, a decrease of $6.6 million from $16.6 million at June 30, 2025, and a decrease of $4.6 million from $14.6 million at December 31, 2024.

Loans 30 days or more past due totaled $5.6 million at September 30, 2025, compared to $15.2 million at June 30, 2025 and $12.5 million at December 31, 2024.

The allowance for credit losses on loans and leases totaled $16.8 million at September 30, 2025 compared to $19.1 million at June 30, 2025 and $17.5 million at December 31, 2024. The ratio of the allowance for credit losses on loans and leases to total loans and leases was 0.97% at September 30, 2025 compared to 1.08% at June 30, 2025 and 1.00% at December 31, 2024.

There was $5.1 million in provision for credit losses expense for the quarter ended September 30, 2025, compared to $1.4 million for the quarter ended June 30, 2025 and $558,000 for the quarter ended September 30, 2024. The increase in provision expense was driven by the full charge-off of a non-core loan, which resulted in a $3.7 million increase to provision expense for Q3. Net charge-offs for the quarter ended September 30, 2025 totaled $7.1 million, compared to net charge-offs of $51,000 for the prior quarter and net charge-offs of $3.3 million for the quarter ended September 30, 2024. The increase in charge-offs was driven by the previously mentioned full charge-off of a non-core loan in Q3, which totaled $7.0 million.

Deposits

Deposits totaled $1.78 billion at September 30, 2025, a decrease of $31.2 million, or 1.7%, when compared to $1.81 billion at June 30, 2025, and an increase of $22.8 million, or 1.3%, when compared to $1.76 million at December 31, 2024. The decrease when compared to June 30, 2025 was primarily due to a $18.7 million decrease in noninterest-bearing account balances, coupled with a $12.5 million decrease in interest-bearing accounts balances. The increase when compared to December 31, 2024 was primarily due to an $18.9 million increase in interest-bearing account balances, coupled with a $4.0 million increase in noninterest-bearing accounts balances.

At September 30, 2025, approximately 29.7% of our deposit balances exceeded the FDIC insurance limit of $250,000, as compared to approximately 29.1% at June 30, 2025 and approximately 29.8% at December 31, 2024.

Borrowings

FHLB advances and other debt totaled $101.0 million at September 30, 2025, compared to $100.9 million at June 30, 2025 and $92.7 million at December 31, 2024. The increase when compared to December 31, 2024 was primarily due to a $10.0 million increase in the outstanding balance on the holding company credit facility.

Capital

Stockholders' equity totaled $179.3 million at September 30, 2025, an increase of $2.3 million, or 1.3%, when compared to $177.0 million at June 30, 2025, and an increase of $10.9 million, or 6.4%, from $168.4 million at December 31, 2024. The increase in total stockholders' equity during the three months ended September 30, 2025 was primarily attributed to net income, partially offset by $519,000 in dividend payments. The increase in stockholders' equity during the nine months ended September 30, 2025 was primarily attributed to net income, partially offset by $1.4 million in dividend payments.

USE OF NON-GAAP FINANCIAL MEASURES

This earnings release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Non-GAAP financial measures included in this earnings release include Pre-Provision, Pre-Tax Net Revenue (PPNR). Management uses this "non-GAAP" financial measure in its analysis of the Company's performance and believes that this non-GAAP financial measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is included at the end of this earnings release under the heading "GAAP TO NON-GAAP RECONCILIATION."

About CF Bankshares Inc. and CFBank

CF Bankshares Inc. (the "Company") is a holding company that owns 100% of the stock of CFBank, National Association ("CFBank"). CFBank is a nationally chartered boutique Commercial bank operating primarily in Five (5) Major Metro Markets: Columbus, Cleveland, Cincinnati, and Akron Ohio, and Indianapolis, Indiana. The current Leadership Team and Board recapitalized the Company and CFBank in 2012 during the financial crisis, repositioning CFBank as a full-service Commercial Bank model. Since the 2012 recapitalization, CFBank has achieved a CAGR in excess of 20%.

CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing a comprehensive Commercial, Retail, and Mortgage Lending services presence. In all regional markets, CFBank provides commercial loans and equipment leases, commercial and residential real estate loans and treasury management depository services, residential mortgage lending, and full-service commercial and retail banking services and products. CFBank is differentiated by our penchant for individualized service coupled with direct customer access to decision-makers, and ease of doing business. CFBank matches the sophistication of much larger banks, without the bureaucracy.

Additional information about the Company and CFBank is available at www.CF.Bank

FORWARD LOOKING STATEMENTS

This press release and other materials we have filed or may file with the Securities and Exchange Commission ("SEC") contain or may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Reform Act of 1995, which are made in good faith by us. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of the Company or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements. Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements, including, without limitation those risks detailed from time to time in our reports filed with the SEC, including those risk factors identified in "Item 1A. Risk Factors" of Part I of our Annual Report on Form 10-K filed with SEC for the year ended December 31, 2024.

Forward-looking statements are not guarantees of performance or results. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The forward-looking statements included in this press release speak only as of the date hereof. We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.

Consolidated Statements of Income

($ in thousands, except share data)

(unaudited)

Three months ended

Nine months ended

September 30,

2025

2024

% change

2025

2024

% change

Total interest income

30,369

29,996

89,928

88,397

Total interest expense

16,579

18,536

-11

49,228

54,286

-9

Net interest income

13,790

11,460

40,700

34,111

Provision for credit losses

Provision for credit losses-loans

4,818

786

513

6,540

5,298

Provision for credit losses-unfunded commitments

251

(228)

-210

538

828

5,069

558

808

7,078

5,356

Net interest income after provision for credit losses

8,721

10,902

-20

33,622

28,755

Noninterest income

Service charges on deposit accounts

696

655

2,084

1,837

Net gain on sales of residential mortgage loans

209

110

529

287

Net gain (loss) on sales of commercial loans

—

n/m

(18)

167

n/m

Net loss on sale of equity security

—

n/m

(103)

—

n/m

Swap fee income

228

252

-10

424

252

Other

585

589

-1

1,588

1,186

Noninterest income

1,718

1,606

4,504

3,729

Noninterest expense

Salaries and employee benefits

3,800

3,539

11,937

10,617

Occupancy and equipment

444

472

-6

1,295

1,377

-6

Data processing

709

623

2,066

1,887

Franchise and other taxes

303

326

-7

910

968

-6

Professional fees

828

654

2,514

1,907

Director fees

187

153

544

421

Postage, printing, and supplies

-21

118

115

Advertising and marketing

130

177

258

161

Telephone

-16

141

154

-8

Loan expenses

201

233

-14

722

939

-23

Foreclosed assets, net

—

n/m

—

n/m

Depreciation

116

119

-3

352

371

-5

FDIC premiums

506

529

-4

1,586

1,628

-3

Regulatory assessment

-48

162

194

-16

Other insurance

145

152

-5

Other

344

343

670

676

-1

Noninterest expense

7,726

7,226

23,434

21,505

Income before income taxes

2,713

5,282

-49

14,692

10,979

Income tax expense

373

1,077

-65

2,887

2,009

Net income

2,340

4,205

-44

11,805

8,970

Earnings allocated to participating securities (Series D preferred stock)

(72)

(140)

n/m

(364)

(251)

n/m

Net Income attributable to common stockholders

2,268

4,065

-44

11,441

8,719

Share Data

Basic earnings per common share

0.36

0.65

1.82

1.39

Diluted earnings per common share

0.36

0.65

1.81

1.38

Average common shares outstanding - basic

6,292,698

6,253,716

6,292,950

6,279,928

Average common shares outstanding - diluted

6,346,243

6,293,908

6,325,600

6,302,459

n/m - not meaningful

Consolidated Statements of Financial Condition

($ in thousands)

Sept 30,

Jun 30,

Mar 31,

Dec 31,

Sept 30,

(unaudited)

2025

2024

Assets

Cash and cash equivalents

272,361

275,684

240,986

235,272

233,520

Interest-bearing deposits in other financial institutions

100

Securities available for sale

9,199

8,996

8,793

8,683

8,690

Equity securities

—

5,000

Loans held for sale

2,484

1,613

3,505

2,623

5,240

Loans and leases

1,745,125

1,773,930

1,767,942

1,739,493

1,733,855

Less allowance for credit losses on loans and leases

(16,841)

(19,122)

(17,803)

(17,474)

(16,780)

Loans and leases, net

1,728,284

1,754,808

1,750,139

1,722,019

1,717,075

FHLB and FRB stock

8,343

8,031

8,022

8,918

8,908

Foreclosed assets, net

—

524

—

Premises and equipment, net

3,616

3,469

3,472

3,536

3,480

Operating lease right of use assets

5,848

5,760

5,925

6,087

6,259

Bank owned life insurance

27,810

27,573

27,341

27,116

26,899

Accrued interest receivable and other assets

52,972

46,979

45,874

46,169

51,323

Total assets

2,111,017

2,133,537

2,094,681

2,065,523

2,066,494

Liabilities and Stockholders' Equity

Deposits

Noninterest bearing

277,629

296,348

291,800

273,668

257,715

Interest bearing

1,500,977

1,513,500

1,491,889

1,482,127

1,487,861

Total deposits

1,778,606

1,809,848

1,783,689

1,755,795

1,745,576

FHLB advances and other debt

100,956

100,947

92,689

92,680

108,672

Advances by borrowers for taxes and insurance

1,479

374

1,346

2,238

1,214

Operating lease liabilities

6,033

5,932

6,083

6,229

6,387

Accrued interest payable and other liabilities

29,623

24,394

23,183

25,144

25,652

Subordinated debentures

15,029

15,019

15,009

15,000

14,990

Total liabilities

1,931,726

1,956,514

1,921,999

1,897,086

1,902,491

Stockholders' equity

179,291

177,023

172,682

168,437

164,003

Total liabilities and stockholders' equity

2,111,017

2,133,537

2,094,681

2,065,523

2,066,494

Average Balance Sheet and Yield Analysis

For Three Months Ended

September 30, 2025

June 30, 2025

September 30, 2024

Average

Interest

Average

Interest

Average

Interest

Average

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Balance

Paid

Rate

Balance

Paid

Rate

Balance

Paid

Rate

(Dollars in thousands)

Interest-earning assets:

Securities (1) (2)

8,999

2.00 %

8,830

1.45 %

13,333

144

3.56 %

Loans and leases and loans held for sale (3)

1,734,706

27,407

6.32 %

1,760,308

27,907

6.34 %

1,702,563

27,189

6.39 %

Other earning assets

245,301

2,753

4.49 %

200,614

2,259

4.50 %

177,710

2,496

5.62 %

FHLB and FRB stock

8,214

154

7.50 %

8,028

153

7.62 %

9,115

167

7.33 %

Total interest-earning assets

1,997,220

30,369

6.08 %

1,977,780

30,359

6.13 %

1,902,721

29,996

6.30 %

Noninterest-earning assets

103,828

97,153

97,700

Total assets

2,101,048

2,074,933

2,000,421

Interest-bearing liabilities:

Deposits

1,493,145

15,205

4.07 %

1,464,909

15,186

4.15 %

1,454,433

17,382

4.78 %

FHLB advances and other borrowings

115,978

1,374

4.74 %

107,248

1,172

4.37 %

123,872

1,154

3.73 %

Total interest-bearing liabilities

1,609,123

16,579

4.12 %

1,572,157

16,358

4.16 %

1,578,305

18,536

4.70 %

Noninterest-bearing liabilities

312,058

327,187

260,077

Total liabilities

1,921,181

1,899,344

1,838,382

Equity

179,867

175,589

162,039

Total liabilities and equity

2,101,048

2,074,933

2,000,421

Net interest-earning assets

388,097

405,623

324,416

Net interest income/interest rate spread

13,790

1.96 %

14,001

1.97 %

11,460

1.60 %

Net interest margin

2.76 %

2.83 %

2.41 %

Average interest-earning assets

to average interest-bearing liabilities

124.12 %

125.80 %

120.55 %

(1)

Average balance is computed using the carrying value of securities. Average yield is computed using the historical amortized cost average balance for available for sale securities.

(2)

Average yields and interest earned are stated on a fully taxable equivalent basis.

(3)

Average balance is computed using the recorded investment in loans net of the allowance for credit losses on loans and leases and includes nonperforming loans and leases.

Consolidated Financial Highlights

At or for the three months ended

Nine months ended

($ in thousands except per share data)

Sept 30,

Jun 30,

Mar 31,

Dec 31,

Sept 30,

September 30,

(unaudited)

2025

2024

2025

2024

Earnings and Dividends

Net interest income

13,790

14,001

12,909

12,533

11,460

40,700

34,111

Provision for credit losses

5,069

1,427

582

1,381

558

7,078

5,356

Noninterest income

1,718

1,580

1,206

1,446

1,606

4,504

3,729

Noninterest expense

7,726

7,754

7,954

7,433

7,226

23,434

21,505

Net income

2,340

5,035

4,430

4,417

4,205

11,805

8,970

Basic earnings per common share

0.36

0.77

0.68

0.65

1.82

1.39

Diluted earnings per common share

0.36

0.77

0.68

0.65

1.81

1.38

Dividends declared per share

0.08

0.07

0.06

0.22

0.18

Performance Ratios (annualized)

Return on average assets

0.45

0.97

0.86

0.84

0.76

0.60

Return on average equity

5.20

11.47

10.37

10.61

10.38

8.97

7.48

Average yield on interest-earning assets

6.08

6.13

5.97

6.16

6.30

6.06

6.18

Average rate paid on interest-bearing liabilities

4.12

4.16

4.14

4.40

4.70

4.14

4.59

Average interest rate spread

1.96

1.97

1.83

1.76

1.60

1.92

1.59

Net interest margin, fully taxable equivalent

2.76

2.83

2.64

2.57

2.41

2.74

2.38

Efficiency ratio (3)

49.82

49.77

55.94

53.17

55.30

51.84

56.83

Noninterest expense to average assets

1.47

1.49

1.55

1.45

1.44

1.50

1.43

Capital

Tier 1 capital leverage ratio (1)

11.19

11.20

10.55

10.33

10.36

11.19

10.36

Total risk-based capital ratio (1)

14.88

14.69

13.76

13.60

13.43

14.88

13.43

Tier 1 risk-based capital ratio (1)

13.74

13.45

12.59

12.45

12.35

13.74

12.35

Common equity tier 1 capital to risk weighted assets (1)

13.74

13.45

12.59

12.45

12.35

13.74

12.35

Equity to total assets at end of period

8.49

8.30

8.24

8.15

7.94

8.49

7.94

Book value per common share

26.99

26.63

25.86

25.51

24.83

26.99

24.83

Tangible book value per common share (2)

26.99

26.63

25.86

25.51

24.83

26.99

24.83

Period-end market value per common share

23.95

23.97

22.04

25.54

21.65

23.95

21.65

Period-end common shares outstanding

6,443,775

6,447,692

6,476,759

6,402,085

6,388,110

6,443,775

6,388,110

Average basic common shares outstanding

6,292,698

6,300,427

6,285,649

6,258,616

6,253,716

6,292,950

6,279,928

Average diluted common shares outstanding

6,346,243

6,344,833

6,285,649

6,328,710

6,293,908

6,325,600

6,302,459

Asset Quality

Nonperforming loans

10,034

16,632

14,563

14,719

14,597

10,034

14,597

Nonperforming loans to total loans

0.57

0.94

0.82

0.87

0.84

0.57

0.84

Nonperforming assets to total assets

0.48

0.80

0.72

0.71

0.48

0.71

Allowance for credit losses on loans and leases to total loans and leases

0.97

1.08

1.01

1.00

0.97

Allowance for credit losses on loans and leases to nonperforming loans and leases

167.84

114.97

122.25

118.72

114.96

167.84

114.96

Net charge-offs (recoveries)

7,099

3,291

7,173

5,383

Annualized net charge-offs (recoveries) to average loans

1.62

0.01

0.02

0.77

0.54

0.42

Average Balances

Loans

1,750,950

1,775,865

1,763,827

1,737,656

1,717,886

1,763,500

1,710,713

Assets

2,101,048

2,074,933

2,053,045

2,046,032

2,000,421

2,076,518

2,000,666

Stockholders' equity

179,867

175,589

170,853

166,511

162,039

175,469

159,875

(1)

Regulatory capital ratios of CFBank

(2)

There are no differences between book value per common share and tangible book value per common share since the Company does not have any intangible assets.

(3)

The efficiency ratio equals noninterest expense (excluding amortization of intangibles and foreclosed asset writedowns) divided by net interest income plus noninterest income (excluding gains or losses on securities transactions).

NON-GAAP FINANCIAL MEASURE

The following non-GAAP financial measure used by the Company provides information useful to investors in understanding the Company's operating performance and trends and facilitates comparisons with the performance of peers. The following table summarizes the non-GAAP financial measure derived from amounts reported in the Company's consolidated financial statements:

Pre-provision, pre-tax net revenue ("PPNR")

Three Months Ended

Nine months ended

September 30,

Jun 30,

September 30,

2025

2024

2025

2024

Net income

2,340

5,035

4,205

11,805

8,970

Add: Provision for credit losses

5,069

1,427

558

7,078

5,356

Add: Income tax expense

373

1,365

1,077

2,887

2,009

Pre-provision, pre-tax net revenue

7,782

7,827

5,840

21,770

16,335

SOURCE CF BANKSHARES INC.