CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 4th QUARTER AND FULL YEAR 2025.

Rhea-AI Summary

CF Bankshares (NASDAQ: CFBK) reported Q4 2025 net income of $5.7M ($0.88 diluted) and full-year 2025 net income of $17.5M ($2.69 diluted), a 31% increase year-over-year. PPNR was $8.0M for Q4 and $29.8M for 2025 (+30% YoY). NIM expanded, cost of funds declined, efficiency improved to 49.2%, and book value per share rose to $27.87. Capital ratios remained solid with a Tier 1 leverage ratio of 11.40% and Total Capital ratio of 15.02%. Core deposits grew by $47M and 2025 commercial loan fundings totaled $369M.

Positive

• Net income +31% year-over-year to $17.5M for 2025
• PPNR +30% year-over-year to $29.8M for 2025
• Net interest margin expanded by 34bps year-over-year
• Efficiency ratio improved to 49.2% (below 50% target)
• Core deposits increased by $47M during 2025
• Tier 1 leverage ratio of 11.40% and Total Capital ratio of 15.02%

Negative

• Nonaccrual loans increased from $10.0M to $15.3M quarter-over-quarter (+53%)
• Loans 30+ days past due rose to $12.9M at December 31, 2025
• Provision for credit losses was $1.2M in Q4 after a large Q3 charge-off

News Market Reaction – CFBK

+2.32%

1 alert

+2.32% News Effect

+$5M Valuation Impact

$212M Market Cap

0.3x Rel. Volume

On the day this news was published, CFBK gained 2.32%, reflecting a moderate positive market reaction. This price movement added approximately $5M to the company's valuation, bringing the market cap to $212M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 Net Income: $5.7M 2025 Net Income: $17.5M 2025 PPNR: $29.8M +5 more

8 metrics

Q4 2025 Net Income $5.7M Fourth quarter 2025; $0.88 per diluted share

2025 Net Income $17.5M Full year 2025; $2.69 per diluted share, up 31% vs 2024

2025 PPNR $29.8M Pre‑provision, pre‑tax net revenue; 30% increase over 2024

Q4 2025 ROE 12.59% Return on Average Equity for Q4 2025

Q4 2025 ROA 1.09% Return on Average Assets for Q4 2025

Net Interest Margin 2.85% Q4 2025 NIM; up 28bps vs Q4 2024

Efficiency Ratio 49.2% Q4 2025, improved from 53.2% in Q4 2024

Book Value/Share $27.87 As of December 31, 2025

Market Reality Check

Price: $29.65 Vol: Volume 66,262 vs 20‑day a...

normal vol

$29.65 Last Close

Volume Volume 66,262 vs 20‑day average 52,231 (relative volume 1.27x) ahead of the release. normal

Technical Price $31.52 is trading above the 200‑day MA at $24.41 and within 1.17% of its 52‑week high.

Peers on Argus

CFBK showed a modest pre‑news gain of 1.6% while close peers were mixed: CBFV +1...

CFBK showed a modest pre‑news gain of 1.6% while close peers were mixed: CBFV +1.0%, HNVR +0.3%, MRBK +0.1%, and LARK / MNSB at -0.15%. This points to stock‑specific strength rather than a broad regional‑bank move.

Historical Context

5 past events · Latest: Jan 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Leadership hire	Positive	+5.4%	Added a senior vice president to strengthen commercial and CRE banking capabilities.
Jan 05	Dividend increase	Positive	+1.2%	Raised quarterly common dividend to $0.09 and Series D preferred to $9.00.
Dec 18	Buyback extension	Positive	+1.7%	Extended stock repurchase program authorizing up to 325,000 common shares.
Nov 03	Earnings report	Positive	+0.7%	Reported Q3 2025 results with higher PPNR and stronger NIM despite a large provision.
Oct 01	Dividend declaration	Positive	+0.2%	Declared quarterly cash dividends of $0.08 common and $8.00 Series D preferred.

Pattern Detected

Recent corporate updates (earnings, dividends, buybacks, leadership additions) have all been followed by positive next‑day price reactions.

Recent Company History

Over the past several months, CF Bankshares has paired balance‑sheet and earnings progress with shareholder‑friendly actions. Q3 2025 results on Nov 3 highlighted growing PPNR and capital strength, followed by an extension of the 325,000‑share repurchase program on Dec 18. Quarterly dividends of $0.08–$0.09 per common share were declared on Oct 1 and Jan 5, and a senior commercial banker was added on Jan 21. Each event coincided with a positive 24‑hour price reaction, framing today’s stronger full‑year 2025 report within an established positive news‑flow pattern.

Market Pulse Summary

This announcement details solid fourth‑quarter and full‑year 2025 performance, including Q4 net inco...

Analysis

This announcement details solid fourth‑quarter and full‑year 2025 performance, including Q4 net income of $5.7M, full‑year net income of $17.5M, and PPNR of $29.8M. Profitability metrics improved, with Q4 ROE at 12.59%, ROA at 1.09%, net interest margin at 2.85%, and an efficiency ratio of 49.2%. Capital remained strong, with book value per share of $27.87 and a Tier 1 leverage ratio of 11.40%. Investors may monitor credit trends, nonaccrual balances, and loan growth mix as the bank enters 2026.

Key Terms

pre-provision, pre-tax net revenue, ppnr, net interest margin, efficiency ratio, +4 more

8 terms

pre-provision, pre-tax net revenue financial

"Pre-provision, pre-tax net revenue (PPNR) for Q4 2025 was $8.0 million."

A measure of a financial firm's operating profit calculated before deducting money set aside for expected credit losses (provisions) and before income taxes. It isolates the company’s core revenue and expenses to show how the business itself is performing, without the distortion of loan-loss reserves or tax items. Like checking a car’s engine performance before loading luggage, it helps investors judge underlying strength and trends separate from one-off loss allowances or tax swings.

ppnr financial

"PPNR for the year ended December 31, 2025 was $29.8 million..."

Pre-provision net revenue (PPNR) is a bank’s revenue after accounting for day-to-day operating costs but before subtracting money set aside for bad loans. Think of it like a store’s gross profit before it reserves cash for damaged goods: it shows the core ability to generate income from lending and fees, and helps investors judge a bank’s operating strength separate from credit losses.

net interest margin financial

"Net Interest Margin (NIM) increased 28bps for Q4 2025..."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"Efficiency Ratio improved to 49.2% for Q4 2025..."

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

tier 1 leverage ratio financial

"Tier 1 Leverage ratio of 11.40% and Total Capital ratio of 15.02%."

Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.

total capital ratio financial

"Tier 1 Leverage ratio of 11.40% and Total Capital ratio of 15.02%."

The total capital ratio measures a bank’s financial cushion by comparing the capital it holds (money that can absorb losses) to the size of its assets after those assets are adjusted for how risky they are. For investors, it signals how well a bank can withstand losses and continue operating—think of it as the thickness of an insurer’s safety net relative to the weight of what it’s protecting; higher ratios generally mean lower risk.

nonaccrual loans financial

"Nonaccrual loans were $15.3 million, or 0.87% of total loans..."

Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

allowance for credit losses financial

"The allowance for credit losses on loans and leases totaled $17.7 million..."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

AI-generated analysis. Not financial advice.

COLUMBUS, Ohio, Feb. 5, 2026 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, National Association ("CFBank"), today announced financial results for the fourth quarter and year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Highlights

• Net income was $5.7 million ($0.88 per diluted common share) for Q4 2025 and $17.5 million ($2.69 per diluted common share) for the year ended December 31, 2025. Q4 Net Income includes loan loss Provision Expense of $1.2 million. Net income for the full year represents a 31% increase over 2024.
• Pre-provision, pre-tax net revenue (PPNR) for Q4 2025 was $8.0 million. PPNR for the year ended December 31, 2025 was $29.8 million, which represents a 30% increase over 2024.
• Return on Average Equity (ROE) was 12.59% for Q4 2025, while Return on Average Assets (ROA) was 1.09%.
• Net Interest Margin (NIM) increased 28bps for Q4 2025, when compared to Q4 2024 and increased 34bps for the full year, when compared to 2024.
• Cost of Funds declined 45bps when compared to Q4 2024 and declined 48bps for the full year, when compared to 2024.
• Efficiency Ratio improved to 49.2% for Q4 2025, compared to 53.2% for Q4 2024.
• Book value per share increased to $27.87 as of December 31, 2025.
• CFBank's capital position remains strong with a Tier 1 Leverage ratio of 11.40% and Total Capital ratio of 15.02%.
• Core deposits (excluding brokered deposits) increased $47 million during 2025.
• Commercial Loan fundings totaled $369 million in 2025, 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 remain strong entering 2026.

Recent Developments

• On January 5, 2026, the Company's Board of Directors declared a cash dividend of $0.09 per share on its Common Stock and a corresponding cash dividend of $9.00 per share on its Series D Preferred Stock. The dividend was paid on January 26, 2026 to shareholders of record as of the close of business on January 15, 2026.

CEO and Board Chair Commentary

Timothy T. O'Dell, President and CEO, commented "Our Q4 Results, with Net Income of $5.7 million, underscores our Core Earnings run rate expectations. During 2025 we overcame significantly elevated Loan Payoffs, through strong generation of quality New loans and loan customers. Expanding and deepening our Commercial & Regional Banking Teams in our Four (4) primary Metro Markets is expected to provide increasing business opportunities going forward, as these newer Business Generators achieve greater traction. We enter 2026 with a substantially deeper and stronger Team of Bankers.

Additionally, we are making good progress with both lowering our Cost of funds, coupled with expanding NIM. These are the results of having maintained strong Pricing disciplines, including the use of Loan floor rates.

Also, we made progress reducing the number of Lower Rate Residential Mortgage Loans, while modestly also increasing the overall Portfolio yield on Residential Mortgage loans. Our Residential Mortgage Loan Portfolio is funded predominantly through Municipal Deposits.

Our Efficiency Ratio remains within our target of <50%, driven by solid Productivity and our Branch Lite Business Model.

We expect to operate in a more stabilized Interest rate environment during 2026. Fed Rate reductions provide a Net Positive bias to Earnings.

Deposits of all types remain highly competitive as Banks seek to fund improving Loan growth. We believe that CFBank is well positioned to compete effectively for all Deposit categories, particularly given our strong Efficiency and Branch Lite Business Model.

Based upon our Pipelines and the addition of proven high performing Bankers, plus the anticipated decline in Commercial Loan Payoffs during 2026, we anticipate stronger Commercial Growth rates as we pursue our objective of adding scale to our Commercial Bank.

Our Bests are yet Ahead!"

Robert E. Hoeweler, Chairman of the Board, added "Solid Q4 Results evidence Management's diligence in remaining nimble and managing through both a challenging interest rate environment and economic backdrop."

Overview of Results 

Net income for the three months ended December 31, 2025 totaled $5.7 million (or $0.88 per diluted common share) compared to net income of $2.3 million (or $0.36 per diluted common share) for the three months ended September 30, 2025 and net income of $4.4 million (or $0.68 per diluted common share) for the three months ended December 31, 2024.  PPNR for the three months ended December 31, 2025 was $8.0 million compared to PPNR of $7.8 million for the three months ended September 30, 2025 and PPNR of $6.5 million for the three months ended December 31, 2024.

Net income for the year ended December 31, 2025 totaled $17.5 million (or $2.69 per diluted common share) compared to net income of $13.4 million (or $2.06 per diluted common share) for the year ended December 31, 2024. Pre-provision, pre-tax net revenue for the year ended December 31, 2025 was $29.8 million compared to PPNR of $22.9 million for the year ended December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income totaled $14.3 million for the quarter ended December 31, 2025 and increased $533,000, or 3.9%, compared to $13.8 million for the prior quarter, and increased $1.8 million, or 14.3%, compared to $12.5 million for the fourth quarter of 2024.

The increase in net interest income compared to the prior quarter was primarily due to a $835,000, or 5.0%, decrease in interest expense, partially offset by a $302,000 decrease in interest income.  The decrease in interest expense when compared to the prior quarter was attributed to a 21bps decrease in the average cost of funds on interest-bearing liabilities.  The decrease in interest income was primarily attributed to a 10bps decrease in the average yield on interest-earning assets, partially offset by a $10.8 million, or .1%, increase in average interest-earning assets outstanding. The net interest margin of 2.85% for the quarter ended December 31, 2025 increased 9bps compared to the net interest margin of 2.76% for the prior quarter.

The increase in net interest income compared to the fourth quarter of 2024 was primarily due to a $1.7 million, or 9.8%, decrease in interest expense, coupled with a $75,000, or 0.3%, increase in interest income.  The decrease in interest expense was attributed to a 49bps decrease in the average cost of funds on interest-bearing liabilities, partially offset by a $22.5 million, or 1.4%, increase in average interest-bearing liabilities. The increase in interest income was primarily attributed to a $62.8 million, or 3.2%, increase in average interest-earning assets outstanding, partially offset by an 18bps decrease in the average yield on interest-earning assets. The net interest margin of 2.85% for the quarter ended December 31, 2025 increased 28bps compared to the net interest margin of 2.57% for the fourth quarter of 2024.

Noninterest Income

Noninterest income for the three months ended December 31, 2025 totaled $1.4 million and decreased $295,000, or 17.2%, compared to $1.7 million for the prior quarter.  The decrease was primarily due to a $228,000 decrease in Swap fee income.

Noninterest income for the three months ended December 31, 2025 decreased $23,000, or 1.6%, compared to $1.4 million for the three months ended December 31, 2024.

The following table represents the notional amount of loans sold during the three months ended December 31, 2025, September 30, 2025, and December 31, 2024 (in thousands).

	Three Months ended
	December 31, 2025					September 30, 2025				December 31, 2024
Notional amount of loans sold		$	14,066			$	12,486			$	15,670

Noninterest Expense

Noninterest expense for the quarter ended December 31, 2025 totaled $7.7 million and increased $16,000, or 0.2%, compared to $7.7 million for the prior quarter. 

Noninterest expense for the quarter ended December 31, 2025 increased $309,000, or 4.2%, compared to $7.4 million for the quarter ended December 31, 2024.  The increase in noninterest expense was primarily due to a $228,000 increase in salaries and employee benefits, a $198,000 increase in franchise and other taxes and a $139,000 increase in data processing expense, partially offset by a $268,000 decrease in loan expenses. 

Income Tax Expense

Income tax expense was $1.1 million for the quarter ended December 31, 2025 (effective tax rate of 16.1%), compared to $373,000 for the prior quarter (effective tax rate of 13.8%) and $748,000 for the quarter ended December 31, 2024 (effective tax rate of 14.5%).

Loans and Loans Held For Sale

Net loans and leases totaled $1.7 billion at December 31, 2025 and increased $10.6 million, or 0.6%, from the prior quarter and increased $16.8 million, or 1.0%, from December 31, 2024.  The increase in loans and leases balances from the prior quarter was primarily due to a $22.8 million increase in commercial real estate loan balances and a $9.6 million increase in construction loan balances, partially offset by a $17.2 million decrease in commercial and industrial (C&I) loan balances, a $2.2 million decrease in single-family residential loan balances, and a $1.3 million decrease in home equity lines of credit balances. The decrease in C&I loans during the quarter included declines of $11.3 million of non-core (non-customer) loans.

The increase in loans and leases from December 31, 2024 was primarily due to a $94.4 million increase in commercial real estate loan balances, a $6.8 million increase in construction loan balances, and a $2.5 million increase in home equity lines of credit balances, partially offset by a $49.4 million decrease in commercial and industrial (C&I) loan balances and a $37.6  million decrease in single-family residential loan balances. The decrease in C&I loans during the year included declines of $31.7 million of non-core (non-customer) loans. 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).

		December 31, 2025				September 30, 2025
Construction – 1-4 family*		$	16,535			$	22,990
Construction – Multi-family*			173,567				156,221
Construction – Non-residential*			19,415				20,861
Hotel/Motel			11,702				11,779
Industrial / Warehouse			64,767				74,307
Land/Land Development			40,789				42,202
Medical/Healthcare/Senior Housing			1,330				686
Multi-family			244,370				226,921
Office			45,925				41,509
Retail			88,484				73,118
Other			8,121				8,296

* 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 $15.3 million, or 0.87% of total loans at December 31, 2025, an increase of $5.3 million from $10.0 million at September 30, 2025, and an increase of $610,000 from $14.5 million at December 31, 2024.  The increase in nonperforming loans during Q4 2025 included the addition of one commercial real estate loan for $4.5 million, which was on our watch list, and one C&I loan for $263,000. These two loans have a 75% guarantee from the Small Business Administration (SBA), which totals $3.6 million. Of the $15.3 million of nonaccrual loans at December 31, 2025, $5.1 million was guaranteed by the SBA.

Loans 30 days or more past due totaled $12.9 million at December 31, 2025, compared to $5.6 million at September 30, 2025 and $12.5 million at December 31, 2024.  The increase in loans 30 days or more past due during Q4 2025 included the impact of the two aforementioned loans totaling $4.8 million that have a $3.6 million guarantee from the SBA.

The allowance for credit losses on loans and leases totaled $17.7 million at December 31, 2025 compared to $16.8 million at September 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 1.01% at December 31, 2025 compared to 0.97% at September 30, 2025 and 1.00% at December 31, 2024. 

There was $1.2 million in provision for credit losses expense for the quarter ended December 31, 2025, compared to $5.1 million for the quarter ended September 30, 2025 and $1.4 million for the quarter ended December 31, 2024. The decrease in provision expense when compared to the previous quarter was driven by the full charge-off in the third quarter of 2025 of a non-core loan, which resulted in a $3.7 million increase to provision expense.  Net charge-offs for the quarter ended December 31, 2025 totaled $131,000, compared to net charge-offs of $7.1 million for the prior quarter and net charge-offs of $95,000 for the quarter ended December 31, 2024. The decrease in net charge-offs when compared to the previous quarter was driven by the previously mentioned full charge-off of a non-core loan in the third quarter of 2025, which totaled $7.0 million.

Deposits

Deposits totaled $1.78 billion at December 31, 2025, an increase of $2.1 million, or 0.1%, when compared to $1.78 billion at September 30, 2025, and an increase of $24.9 million, or 1.4%, when compared to $1.76 billion at December 31, 2024.  The increase when compared to September 30, 2025 was primarily due to a $7.9 million increase in noninterest-bearing account balances, partially offset by a $5.8 million decrease in interest-bearing accounts balances.  The increase when compared to December 31, 2024 was primarily due to a $13.0 million increase in interest-bearing account balances, coupled with an $11.9 million increase in noninterest-bearing accounts balances.

At December 31, 2025, approximately 29.5% of our deposit balances exceeded the FDIC insurance limit of $250,000, as compared to approximately 29.7% at September 30, 2025 and approximately 29.8% at December 31, 2024.

Borrowings

FHLB advances and other debt totaled $101.0 million at December 31, 2025, compared to $101.0 million at September 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 $184.4 million at December 31, 2025, an increase of $5.1 million, or 2.9%, when compared to $179.3 million at September 30, 2025, and an increase of $16.0 million, or 9.5%, from $168.4 million at December 31, 2024.  The increase in total stockholders' equity during the three months ended December 31, 2025 was primarily attributed to net income, partially offset by $519,000 in dividend payments. The increase in stockholders' equity during the year ended December 31, 2025 was primarily attributed to net income, partially offset by $1.9 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).  PPNR is defined as net interest income plus total non-interest income, excluding net gains and losses, minus total non-interest expense. This measure is a non- GAAP financial measure because it excludes the provision for (recovery of) credit losses and all gains and losses included in net income.  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. 

Disclosures of non-GAAP financial measures 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 bank 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.

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														Year ended
	December 31,														December 31,
	2025					2024					% change				2025					2024					% change
Total interest income	$		30,067			$		29,992				0	%		$		119,995			$		118,389				1	%
Total interest expense			15,744					17,459				-10	%				64,972					71,745				-9	%
Net interest income			14,323					12,533				14	%				55,023					46,644				18	%
Provision for credit losses
Provision for credit losses-loans			968					789				23	%				7,508					6,087				23	%
Provision for credit losses-unfunded commitments			201					592				-66	%				739					650				14	%
			1,169					1,381				-15	%				8,247					6,737				22	%
Net interest income after provision for credit losses			13,154					11,152				18	%				46,776					39,907				17	%
Noninterest income
Service charges on deposit accounts			792					668				19	%				2,876					2,505				15	%
Net gain on sales of residential mortgage loans			187					148				26	%				716					435				65	%
Net gain (loss) on sales of commercial loans			—					79			n/m						(18)					246			n/m
Net loss on sale of equity security			—					—			n/m						(103)					—			n/m
Swap fee income			—					69				-100	%				424					321				32	%
Other			444					482				-8	%				2,032					1,668				22	%
Noninterest income			1,423					1,446				-2	%				5,927					5,175				15	%
Noninterest expense
Salaries and employee benefits			3,783					3,555				6	%				15,720					14,172				11	%
Occupancy and equipment			465					444				5	%				1,760					1,821				-3	%
Data processing			821					682				20	%				2,887					2,569				12	%
Franchise and other taxes			499					301				66	%				1,409					1,269				11	%
Professional fees			643					822				-22	%				3,157					2,729				16	%
Director fees			142					153				-7	%				686					574				20	%
Postage, printing, and supplies			24					37				-35	%				142					152				-7	%
Advertising and marketing			160					35				357	%				418					134				212	%
Telephone			45					56				-20	%				186					210				-11	%
Loan expenses			193					461				-58	%				915					1,400				-35	%
Foreclosed assets, net			4					—			n/m						18					—			n/m
Depreciation			124					115				8	%				476					486				-2	%
FDIC premiums			472					451				5	%				2,058					2,079				-1	%
Regulatory assessment			54					64				-16	%				216					258				-16	%
Other insurance			49					46				7	%				194					198				-2	%
Other			264					211				25	%				934					887				5	%
Noninterest expense			7,742					7,433				4	%				31,176					28,938				8	%
Income before income taxes			6,835					5,165				32	%				21,527					16,144				33	%
Income tax expense			1,099					748				47	%				3,986					2,757				45	%
Net income			5,736					4,417				30	%				17,541					13,387				31	%
Earnings allocated to participating securities (Series D preferred stock)			(177)					(144)			n/m						(540)					(361)			n/m
Net Income attributable to common stockholders	$		5,559			$		4,273				30	%		$		17,001			$		13,026				31	%
Share Data
Basic earnings per common share	$		0.88			$		0.68							$		2.70			$		2.08
Diluted earnings per common share	$		0.88			$		0.68							$		2.69			$		2.06
Average common shares outstanding - basic			6,281,531					6,258,616									6,290,072					6,274,571
Average common shares outstanding - diluted			6,350,488					6,328,710									6,331,799					6,308,992
n/m - not meaningful

 

Consolidated Statements of Financial Condition
($ in thousands)	Dec 31,					Sept 30,					Jun 30,					Mar 31,					Dec 31,
(unaudited)	2025					2025					2025					2025					2024
Assets
Cash and cash equivalents	$		258,972			$		272,361			$		275,684			$		240,986			$		235,272
Interest-bearing deposits in other financial institutions			100					100					100					100					100
Securities available for sale			17,496					9,199					8,996					8,793					8,683
Equity securities			—					—					—					-					5,000
Loans held for sale			5,611					2,484					1,613					3,505					2,623
Loans and leases			1,756,532					1,745,125					1,773,930					1,767,942					1,739,493
Less allowance for credit losses on loans and leases			(17,678)					(16,841)					(19,122)					(17,803)					(17,474)
Loans and leases, net			1,738,854					1,728,284					1,754,808					1,750,139					1,722,019
FHLB and FRB stock			8,354					8,343					8,031					8,022					8,918
Foreclosed assets, net			—					-					524					524					—
Premises and equipment, net			3,547					3,616					3,469					3,472					3,536
Operating lease right of use assets			5,680					5,848					5,760					5,925					6,087
Bank owned life insurance			28,049					27,810					27,573					27,341					27,116
Accrued interest receivable and other assets			50,658					52,972					46,979					45,874					46,169
Total assets	$		2,117,321			$		2,111,017			$		2,133,537			$		2,094,681			$		2,065,523
Liabilities and Stockholders' Equity
Deposits
Noninterest bearing	$		285,523			$		277,629			$		296,348			$		291,800			$		273,668
Interest bearing			1,495,166					1,500,977					1,513,500					1,491,889					1,482,127
Total deposits			1,780,689					1,778,606					1,809,848					1,783,689					1,755,795
FHLB advances and other debt			100,964					100,956					100,947					92,689					92,680
Advances by borrowers for taxes and insurance			2,523					1,479					374					1,346					2,238
Operating lease liabilities			5,878					6,033					5,932					6,083					6,229
Accrued interest payable and other liabilities			27,802					29,623					24,394					23,183					25,144
Subordinated debentures			15,039					15,029					15,019					15,009					15,000
Total liabilities			1,932,895					1,931,726					1,956,514					1,921,999					1,897,086
Stockholders' equity			184,426					179,291					177,023					172,682					168,437
Total liabilities and stockholders' equity	$		2,117,321			$		2,111,017			$		2,133,537			$		2,094,681			$		2,065,523

 

Average Balance Sheet and Yield Analysis
	For Three Months Ended
	December 31, 2025									September 30, 2025									December 31, 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)	$	13,473		$	125			3.27 %		$	8,999		$	55			2.00 %		$	13,664		$	143			3.54 %
Loans and leases and loans held for sale (3)		1,725,629			27,153			6.29 %			1,734,706			27,407			6.32 %			1,723,753			27,212			6.31 %
Other earning assets		260,562			2,641			4.05 %			245,301			2,753			4.49 %			198,834			2,458			4.94 %
FHLB and FRB stock		8,349			148			7.09 %			8,214			154			7.50 %			8,914			179			8.03 %
Total interest-earning assets		2,008,013			30,067			5.98 %			1,997,220			30,369			6.08 %			1,945,165			29,992			6.16 %
Noninterest-earning assets		102,813									103,828									100,867
Total assets	$	2,110,826								$	2,101,048								$	2,046,032
Interest-bearing liabilities:
Deposits	$	1,493,254		$	14,379			3.85 %		$	1,493,145		$	15,205			4.07 %		$	1,465,595		$	16,342			4.46 %
FHLB advances and other borrowings		115,995			1,365			4.71 %			115,978			1,374			4.74 %			121,193			1,117			3.69 %
Total interest-bearing liabilities		1,609,249			15,744			3.91 %			1,609,123			16,579			4.12 %			1,586,788			17,459			4.40 %
Noninterest-bearing liabilities		319,265									312,058									292,733
Total liabilities		1,928,514									1,921,181									1,879,521
Equity		182,312									179,867									166,511
Total liabilities and equity	$	2,110,826								$	2,101,048								$	2,046,032
Net interest-earning assets	$	398,764								$	388,097								$	358,377
Net interest income/interest rate spread				$	14,323			2.07 %					$	13,790			1.96 %					$	12,533			1.76 %
Net interest margin								2.85 %									2.76 %									2.57 %
Average interest-earning assets
to average interest-bearing liabilities		124.78 %									124.12 %									122.59 %

(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																									Year ended
($ in thousands except per share data)		Dec 31,					Sept 30,					Jun 30,					Mar 31,					Dec 31,						December 31,
(unaudited)		2025					2025					2025					2025					2024						2025					2024
Earnings and Dividends
Net interest income		$		14,323			$		13,790			$		14,001			$		12,909			$		12,533			$		55,023			$		46,644
Provision for credit losses		$		1,169			$		5,069			$		1,427			$		582			$		1,381			$		8,247			$		6,737
Noninterest income		$		1,423			$		1,718			$		1,580			$		1,206			$		1,446			$		5,927			$		5,175
Noninterest expense		$		7,742			$		7,726			$		7,754			$		7,954			$		7,433			$		31,176			$		28,938
Net income		$		5,736			$		2,340			$		5,035			$		4,430			$		4,417			$		17,541			$		13,387
Basic earnings per common share		$		0.88			$		0.36			$		0.77			$		0.68			$		0.68			$		2.70			$		2.08
Diluted earnings per common share		$		0.88			$		0.36			$		0.77			$		0.68			$		0.68			$		2.69			$		2.06
Dividends declared per share		$		0.08			$		0.08			$		0.07			$		0.07			$		0.07			$		0.30			$		0.25
Performance Ratios (annualized)
Return on average assets				1.09	%				0.45	%				0.97	%				0.86	%				0.86	%				0.84	%				0.67	%
Return on average equity				12.59	%				5.20	%				11.47	%				10.37	%				10.61	%				9.90	%				8.29	%
Average yield on interest-earning assets				5.98	%				6.08	%				6.13	%				5.97	%				6.16	%				6.04	%				6.17	%
Average rate paid on interest-bearing liabilities				3.91	%				4.12	%				4.16	%				4.14	%				4.40	%				4.08	%				4.54	%
Average interest rate spread				2.07	%				1.96	%				1.97	%				1.83	%				1.76	%				1.96	%				1.63	%
Net interest margin, fully taxable equivalent				2.85	%				2.76	%				2.83	%				2.64	%				2.57	%				2.77	%				2.43	%
Efficiency ratio (3)				49.17	%				49.82	%				49.77	%				55.94	%				53.17	%				51.15	%				55.84	%
Noninterest expense to average assets				1.47	%				1.47	%				1.49	%				1.55	%				1.45	%				1.50	%				1.44	%
Capital
Tier 1 capital leverage ratio (1)				11.40	%				11.19	%				11.20	%				10.55	%				10.33	%				11.40	%				10.33	%
Total risk-based capital ratio (1)				15.02	%				14.88	%				14.69	%				13.76	%				13.60	%				15.02	%				13.60	%
Tier 1 risk-based capital ratio (1)				13.85	%				13.74	%				13.45	%				12.59	%				12.45	%				13.85	%				12.45	%
Common equity tier 1 capital to risk weighted assets (1)				13.85	%				13.74	%				13.45	%				12.59	%				12.45	%				13.85	%				12.45	%
Equity to total assets at end of period				8.71	%				8.49	%				8.30	%				8.24	%				8.15	%				8.71	%				8.15	%
Book value per common share		$		27.87			$		26.99			$		26.63			$		25.86			$		25.51			$		27.87			$		25.51
Tangible book value per common share (2)		$		27.87			$		26.99			$		26.63			$		25.86			$		25.51			$		27.87			$		25.51
Period-end market value per common share		$		24.95			$		23.95			$		23.97			$		22.04			$		25.54			$		24.95			$		25.54
Period-end common shares outstanding				6,418,349					6,443,775					6,447,692					6,476,759					6,402,085					6,418,349					6,402,085
Average basic common shares outstanding				6,281,531					6,292,698					6,300,427					6,285,649					6,258,616					6,290,072					6,274,571
Average diluted common shares outstanding				6,350,488					6,346,243					6,344,833					6,285,649					6,328,710					6,331,799					6,308,992
Asset Quality
Nonperforming loans		$		15,329			$		10,034			$		16,632			$		14,563			$		14,719			$		15,329			$		14,719
Nonperforming loans to total loans				0.87	%				0.57	%				0.94	%				0.82	%				0.87	%				0.87	%				0.85	%
Nonperforming assets to total assets				0.72	%				0.48	%				0.80	%				0.72	%				0.71	%				0.72	%				0.71	%
Allowance for credit losses on loans and leases to total loans and leases				1.01	%				0.97	%				1.08	%				1.01	%				1.00	%				1.01	%				1.00	%
Allowance for credit losses on loans and leases to nonperforming loans and leases				115.32	%				167.84	%				114.97	%				122.25	%				118.72	%				115.32	%				118.72	%
Net charge-offs (recoveries)		$		131			$		7,099			$		51			$		23			$		95			$		7,304			$		5,478
Annualized net charge-offs (recoveries) to average loans				0.03	%				1.62	%				0.01	%				0.01	%				0.02	%				0.42	%				0.32	%
Average Balances
Loans		$		1,739,982			$		1,750,950			$		1,775,865			$		1,763,827			$		1,737,656			$		1,757,572			$		1,717,486
Assets		$		2,110,826			$		2,101,048			$		2,074,933			$		2,053,045			$		2,046,032			$		2,085,165			$		2,012,069
Stockholders' equity		$		182,312			$		179,867			$		175,589			$		170,853			$		166,511			$		177,194			$		161,543

(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															Year Ended
	December 31,					September 30,					December 31,					December 31,
	2025					2025					2024					2025					2024
Net income	$		5,736			$		2,340			$		4,417			$		17,541			$		13,387
Add: Provision for credit losses			1,169					5,069					1,381					8,247					6,737
Add: Income tax expense			1,099					373					748					3,986					2,757
Pre-provision, pre-tax net revenue	$		8,004			$		7,782			$		6,546			$		29,774			$		22,881

 

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SOURCE CFBank

FAQ

What were CF Bankshares (CFBK) Q4 2025 earnings and EPS?

CF Bankshares reported Q4 2025 net income of $5.7M, or $0.88 diluted EPS. According to the company, Q4 results include a $1.2M provision for loan losses and reflect improved NIM and lower funding costs versus prior periods.

How did CFBK's full-year 2025 performance compare to 2024?

Full-year 2025 net income was $17.5M, up 31% versus 2024. According to the company, PPNR rose to $29.8M (+30% YoY) driven by higher net interest income and improved efficiency.

What does CFBK report about capital and book value per share?

CFBK reported book value per share of $27.87 at December 31, 2025 and strong capital ratios. According to the company, Tier 1 leverage was 11.40% and Total Capital ratio was 15.02%, indicating a solid capital position.

Did CF Bankshares show improvement in margins and funding costs in 2025?

Yes. Net interest margin expanded and cost of funds declined materially in 2025. According to the company, NIM rose by 34bps year-over-year while cost of funds fell by 48bps, boosting net interest income.

Are there asset quality concerns in CFBK's Q4 2025 results?

Asset quality showed some deterioration in Q4 2025 with nonaccrual loans increasing to $15.3M. According to the company, loans 30+ days past due rose to $12.9M, and some additions were SBA-guaranteed.