COLUMBUS, Ohio, Nov. 3, 2025 /PRNewswire/ -- CF Bankshares Inc. $(CFBK)$ (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
-- Net income for Q3 2025 was $2.3 million ($0.36 per diluted common share),
which included $5.1 million of provision expense. The provision for
credit losses negatively impacted earnings by $0.61 per share for Q3
2025.
-- Pre-provision, pre-tax net revenue (PPNR) for Q3 2025 was $7.8 million,
which represents a 33% increase over Q3 2024.
-- Return on Average Equity $(ROE)$ was 5.20% for Q3 2025, while Return on
Average Assets (ROA) was 0.45%.
-- Book value per share increased to $26.99 as of September 30, 2025.
-- Net Interest Margin $(NIM)$ increased 35bps when compared to Q3 2024 and
increased 36bps for the nine months ended September 30, 2025, when
compared to the comparable 2024 period.
-- Cost of funds declined 58bps when compared to Q3 2024.
-- Efficiency Ratio improved to 49.8% compared to 55.3% for Q3 2024.
-- Credit Quality: Nonaccrual loans declined 40% and total delinquencies
declined 63% when compared to June 30, 2025.
-- CFBank's capital position remains strong with a Tier 1 Leverage ratio of
11.19% and Total Capital ratio of 14.88%.
-- Core deposits increased $20 million when compared to June 30, 2025.
-- New Commercial Loan production totaled $155 million year to date, which
has helped to offset considerable loan payoffs, mostly from successful
Commercial Real Estate development projects moving to refinance at
stabilization into permanent loans. Commercial pipelines continue to be
very strong.
Recent Developments
-- On October 1, 2025, the Company's Board of Directors declared a cash
dividend of $0.08 per share on its Common Stock and a corresponding cash
dividend of $8.00 per share on its Series D Preferred Stock. The
dividend was paid on October 21, 2025 to shareholders of record as of the
close of business on October 13, 2025.
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, June 30, September 30,
2025 2025 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, September 30,
---------------------- -------- ---------------------- --------
2025 2024 % change 2025 2024 % change
---------- ---------- -------- ---------- ---------- --------
Total interest
income $ 30,369 $ 29,996 1% $ 89,928 $ 88,397 2%
Total interest
expense 16,579 18,536 -11% 49,228 54,286 -9%
--------- --------- --------- ---------
Net interest income 13,790 11,460 20% 40,700 34,111 19%
Provision for credit
losses
Provision for
credit
losses-loans 4,818 786 513% 6,540 5,298 23%
Provision for
credit
losses-unfunded
commitments 251 (228) -210% 538 58 828%
--------- --------- --------- ---------
5,069 558 808% 7,078 5,356 32%
Net interest income
after provision for
credit losses 8,721 10,902 -20% 33,622 28,755 17%
Noninterest income
Service charges on
deposit accounts 696 655 6% 2,084 1,837 13%
Net gain on sales
of residential
mortgage loans 209 110 90% 529 287 84%
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 68%
Other 585 589 -1% 1,588 1,186 34%
--------- --------- --------- ---------
Noninterest income 1,718 1,606 7% 4,504 3,729 21%
Noninterest expense
Salaries and
employee benefits 3,800 3,539 7% 11,937 10,617 12%
Occupancy and
equipment 444 472 -6% 1,295 1,377 -6%
Data processing 709 623 14% 2,066 1,887 9%
Franchise and other
taxes 303 326 -7% 910 968 -6%
Professional fees 828 654 27% 2,514 1,907 32%
Director fees 187 153 22% 544 421 29%
Postage, printing,
and supplies 23 29 -21% 118 115 3%
Advertising and
marketing 130 47 177% 258 99 161%
Telephone 43 51 -16% 141 154 -8%
Loan expenses 201 233 -14% 722 939 -23%
Foreclosed assets,
net 10 -- n/m 14 -- n/m
Depreciation 116 119 -3% 352 371 -5%
FDIC premiums 506 529 -4% 1,586 1,628 -3%
Regulatory
assessment 33 63 -48% 162 194 -16%
Other insurance 49 45 9% 145 152 -5%
Other 344 343 0% 670 676 -1%
--------- --------- --------- ---------
Noninterest expense 7,726 7,226 7% 23,434 21,505 9%
Income before income
taxes 2,713 5,282 -49% 14,692 10,979 34%
Income tax expense 373 1,077 -65% 2,887 2,009 44%
--------- --------- --------- ---------
Net income 2,340 4,205 -44% 11,805 8,970 32%
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 31%
========= ========= ========= =========
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 2025 2025 2024 2024
---------- ---------- ---------- ---------- ----------
Assets
Cash and cash
equivalents $ 272,361 $ 275,684 $ 240,986 $ 235,272 $ 233,520
Interest-bearing
deposits in
other financial
institutions 100 100 100 100 100
Securities
available for
sale 9,199 8,996 8,793 8,683 8,690
Equity securities -- -- -- 5,000 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 -- 524 524 -- --
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 Average Interest Average 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 $ 55 2.00 % $ 8,830 $ 40 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 2025 2025 2024 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 $ 0.68 $ 0.65 $ 1.82 $ 1.39
Diluted earnings
per common share $ 0.36 $ 0.77 $ 0.68 $ 0.68 $ 0.65 $ 1.81 $ 1.38
Dividends declared
per share $ 0.08 $ 0.07 $ 0.07 $ 0.07 $ 0.06 $ 0.22 $ 0.18
Performance
Ratios
(annualized)
-----------------
Return on average
assets 0.45% 0.97% 0.86% 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% 0.71% 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% 0.97% 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 $ 51 $ 23 $ 95 $ 3,291 $ 7,173 $ 5,383
Annualized net
charge-offs
(recoveries) to
average loans 1.62% 0.01% 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")
Nine months
Three Months Ended ended
------------------------------- ----------------
September Jun September
30, 30, 30, September 30,
----------------
2025 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
========= ===== ======= ====== ======
View original content to download multimedia:https://www.prnewswire.com/news-releases/cf-bankshares-inc-parent-of-cfbank-na-reports-results-for-the-3rd-quarter-2025-302601836.html
SOURCE CF BANKSHARES INC.
(END) Dow Jones Newswires
November 03, 2025 09:00 ET (14:00 GMT)
Comments