[8-K] CF BANKSHARES INC. Reports Material Event

Rhea-AI Filing Summary

CF Bankshares Inc. reported first quarter 2026 net income of $5.0 million, or $0.77 per diluted share, up 13% from $4.4 million, or $0.68 per share, in the first quarter of 2025. Pre-provision, pre-tax net revenue was $6.5 million, a 5.4% increase year over year. Return on average equity was 10.74% and return on average assets was 0.97%.

Net interest income rose to $13.3 million, up 3.2% from a year earlier, while the net interest margin expanded to 2.69% from 2.64%, despite the impact of placing a $5.0 million non-core commercial loan on nonaccrual. Noninterest income grew 23% to $1.5 million, driven largely by higher service charges on deposit accounts.

Gross loans and leases reached $1.8 billion, up $23.4 million from year-end 2025, and deposits also totaled $1.8 billion. Asset quality metrics softened modestly, with nonaccrual loans rising to $20.3 million, or 1.14% of total loans, and the allowance for credit losses increasing to $18.6 million, or 1.05% of total loans. Capital remained strong, highlighted by a Tier 1 leverage ratio of 11.76% and a total capital ratio of 15.15%. The company declared a cash dividend of $0.09 per common share for the quarter.

Insights

Banking sector equity analyst

Solid Q1 with stronger core earnings, modest margin gains, and slightly weaker asset quality.

CF Bankshares delivered Q1 2026 net income of $5.0 million, up 13% year over year, with diluted EPS of $0.77. Pre-provision, pre-tax net revenue of $6.5 million also increased from Q1 2025, reflecting higher net interest income and a 23% rise in noninterest income.

Net interest income rose to $13.3 million and net interest margin improved to 2.69% versus 2.64% a year earlier, helped by a 34 basis point decline in the average rate on interest-bearing liabilities. Management noted the quarter was affected by timing of commercial loan payoffs and fundings, and by placing a $5.0 million non-core loan on nonaccrual, which reduced interest income by $528,000.

Credit metrics weakened somewhat, with nonaccrual loans rising to $20.3 million, or 1.14% of total loans, and loans 30 days or more past due reaching $17.5 million. However, net charge-offs were minimal at $16,000, and the allowance for credit losses increased to $18.6 million, or 1.05% of loans. Capital ratios remained strong, including a Tier 1 leverage ratio of 11.76% as of March 31, 2026, supporting ongoing growth initiatives cited by management.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income Q1 2026: $5.0 million Diluted EPS Q1 2026: $0.77 per share PPNR Q1 2026: $6.5 million +5 more

8 metrics

Net income Q1 2026 $5.0 million Three months ended March 31, 2026; up 13% vs Q1 2025

Diluted EPS Q1 2026 $0.77 per share Three months ended March 31, 2026; up from $0.68 in Q1 2025

PPNR Q1 2026 $6.5 million Pre-provision, pre-tax net revenue; up from $6.2 million in Q1 2025

Net interest income $13.3 million Quarter ended March 31, 2026; 3.2% higher than Q1 2025

Net interest margin 2.69% Q1 2026; up from 2.64% in Q1 2025, down from 2.85% in Q4 2025

Noninterest income $1.5 million Three months ended March 31, 2026; up 23.3% year over year

Nonaccrual loans $20.3 million As of March 31, 2026; 1.14% of total loans

Tier 1 leverage ratio 11.76% CFBank regulatory capital ratio as of March 31, 2026

Key Terms

Pre-provision, pre-tax net revenue (PPNR), Net interest margin, Nonaccrual loans, Allowance for credit losses, +2 more

6 terms

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

"Pre-provision, pre-tax net revenue (PPNR) for Q1 2026 was $6.5 million"

Net interest margin financial

"The net interest margin of 2.69% for the quarter ended March 31, 2026"

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.

Nonaccrual loans financial

"Nonaccrual loans were $20.3 million, or 1.14% of total loans at March 31, 2026"

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 $18.6 million at March 31, 2026"

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.

Tier 1 leverage ratio financial

"Tier 1 Leverage ratio of 11.76% and a Total Capital Ratio of 15.15%"

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.

Efficiency ratio financial

"Efficiency ratio (3) ... Efficiency ratio (3) 56.13 %"

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.

Offering Details

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Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 05, 2026

CF BANKSHARES INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			0-25045	34-1877137
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
C/O CFBANK 4960 EAST DUBLIN GRANVILLE RD SUITE 400
COLUMBUS, Ohio				43081
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (614) 334-7979

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
(Voting) Common Stock, $.01 par value		CFBK		The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On May 5, 2026, CF Bankshares Inc. (the “Company”) issued a press release announcing financial results for the first quarter ended March 31, 2026 (the “Earnings Release”). A copy of the Earnings Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(a)Not applicable

(b)Not applicable

(c)Not applicable

(d)Exhibits

99.1		Earnings Release issued by the Company on May 5, 2026, announcing financial results for the first quarter ended March 31, 2026.
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			CF Bankshares Inc.
Date: May 5, 2026		By:	/s/ Kevin J. Beerman
			Kevin J. Beerman
			Executive Vice President and Chief Financial Officer

Exhibit 99.1

Parent of CFBank, NA

PRESS RELEASE
FOR IMMEDIATE RELEASE:	May 5, 2026
For Further Information:	Timothy T. O'Dell, President & CEO
	Phone: 614.318.4660
	Email: timodell@cfbankmail.com

CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 1st QUARTER 2026.

Columbus, Ohio – May 5, 2026 – CF Bankshares Inc. (NASDAQ: CFBK) (the “Company”), the parent of CFBank, National Association (“CFBank”), today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

•Net income was $5.0 million ($0.77 per diluted common share) for Q1 2026, which represents a 13% increase over Q1 2025.

•Pre-provision, pre-tax net revenue (PPNR) for Q1 2026 was $6.5 million, which represents a 5.4%increase over Q1 2025.

•Return on Average Equity (ROE) was 10.74% for Q1 2026, while Return on Average Assets (ROA) was 0.97%.

•Net Interest Margin (NIM) increased 5bps for Q1 2026 when compared to Q1 2025.

•Cost of Funds declined 34bps when compared to Q1 2025 and declined 15bps when compared to Q4 2025.

•Noninterest income increased $281,000, or 23% when compared to Q1 2025. This was driven by a $172,000 (26%) increase in Customer Fees, including Treasury Management products and services.

•Core Commercial Net Loan Growth totaled $45 million in Q1, which was net of $100 million of payoffs and amortization. This represents an annualized growth rate of 15%.

•Book value per common share increased to $28.20 as of March 31, 2026.

•CFBank’s capital position remains strong with a Tier 1 Leverage ratio of 11.76% and a Total Capital Ratio of 15.15%.

Recent Developments

•On April 1, 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 April 21, 2026 to shareholders of record as of the close of business on April 13, 2026.

CEO and Board Chair Commentary

Timothy T. O’Dell, President and CEO, commented “Our Q1 earnings totaled $5.0 million. Earnings for the first quarter of 2026 were impacted by the timing of commercial loan fundings and loan payoffs. Net core commercial loan growth for the first quarter totaled $45 million, representing an annualized core commercial loan growth rate of 15%.

Commercial loan payoffs occurred early in, and steadily throughout, the quarter, while heavier loan fundings and net loan growth were concentrated in the final ten days of Q1. This timing dynamic of loan fundings, combined with elevated loan payoffs, impacted average loans outstanding during the quarter and resulted in lower interest income. We expect to see the interest income benefit of Q1 net loan growth beginning in the second quarter.

Commercial loan and deposit pipelines remain strong, underscoring our expectations for continued solid growth within the Commercial Bank. Scaling the Commercial Bank remains a top strategic objective. Recent loan fundings also include adding new full C&I banking relationships. Another key strategic objective is improving overall loan mix and diversification.

Our expanded CF Commercial Banking teams continue to demonstrate our ability to compete effectively with regional banks and other larger competitors to win high-quality banking relationships.

In addition to our focus on commercial loan and deposit growth, initiatives are underway to increase fee based (non‑interest) income. Q1 results reflected a 23% increase in overall non-interest income when compared to Q1 2025. These initiatives include expanding

residential mortgage salable loan volumes, increasing treasury management service fees, and utilizing interest rate swaps to grow non‑interest fee income. Going forward, we expect to see increasing earnings lift from our focused investment from these fee‑generating business activities.

NIM expanded modestly when compared to Q1 2025, while overcoming pressures from large Deposit Clients to receive greater Interest Income.

Overall business opportunities and pipelines remain robust. Our investment in increasing the depth of our regional market teams across Columbus, Cleveland, Cincinnati, and Indianapolis is paying off. We are attracting additional proven Business developers and proven Rainmakers.

With loan payoffs expected to decline in subsequent quarters, coupled with expected increases in deal flow driven by expanded production capacity from our deepened regional teams, we believe the table is set to add greater size and scale moving forward.”

Robert E. Hoeweler, Chairman of the Board, added “We believe our Bank is particularly well positioned to leverage the strength of our Commercial Banking Team & Franchise to achieve scalable growth.”

Overview of Results

Net income for the three months ended March 31, 2026 totaled $5.0 million (or $0.77 per diluted common share) compared to net income of $5.7 million (or $0.88 per diluted common share) for the three months ended December 31, 2025 and net income of $4.4 million (or $0.68 per diluted common share) for the three months ended March 31, 2025. PPNR for the three months ended March 31, 2026 was $6.5 million compared to PPNR of $8.0 million for the three months ended December 31, 2025 and PPNR of $6.2 million for the three months ended March 31, 2025.

Net Interest Income and Net Interest Margin

Net interest income totaled $13.3 million for the quarter ended March 31, 2026 and decreased $1.0 million, or 7.0%, compared to $14.3 million for the prior quarter, and increased $411,000, or 3.2%, compared to $12.9 million for the first quarter of 2025.

The decrease in net interest income compared to the prior quarter was primarily due to a $1.9 million, or 6.4%, decrease in interest income, partially offset by a $934,000 decrease in interest expense. The decrease in interest income was primarily attributed to a 31bps decrease in the average yield on interest-earning assets, coupled with a $26.6 million, or 1.3%, decrease in average interest-earning assets outstanding. During the quarter ended March 31, 2026, we placed a $5.0 million loan on nonaccrual status. The reversal of accrued interest on this loan resulted in a $528,000 decline in interest income during the quarter and a corresponding 11bps decline in NIM and the average yield on loans. This loan is a non-core (non-customer) commercial loan. The decrease in interest expense when compared to the prior quarter was attributed to a 27bps decrease in the average rate on interest-bearing liabilities. The net interest margin of 2.69% for the quarter ended March 31, 2026 decreased 16bps compared to the net interest margin of 2.85% for the prior quarter.

The increase in net interest income compared to the first quarter of 2025 was primarily due to a $1.5 million, or 9.1%, decrease in interest expense, partially offset by a $1.1 million, or 3.7%, decrease in interest income. The decrease in interest expense was primarily attributed to a 50bps decrease in the average rate on interest-bearing liabilities, partially offset by a $56.6 million, or 3.6%, increase in average interest-bearing liabilities. The decrease in interest income was primarily attributed to a 30bps decrease in the average yield on interest-earning assets, partially offset by a $28.3 million, or 1.5%, increase in average interest-earning assets outstanding. As previously stated, during the quarter ended March 31, 2026, we placed a $5.0 million loan on nonaccrual status, which resulted in a $528,000 decline in interest income during the quarter and a corresponding 11bps decline in NIM and the average yield on loans. The net interest margin of 2.69% for the quarter ended March 31, 2026 increased 5bps compared to the net interest margin of 2.64% for the first quarter of 2025.

Noninterest Income

Noninterest income for the three months ended March 31, 2026 totaled $1.5 million and increased $64,000, or 4.5%, compared to $1.4 million for the prior quarter.

Noninterest income for the three months ended March 31, 2026 increased $281,000, or 23.3%, compared to $1.2 million for the three months ended March 31, 2025. The increase was primarily related to a $172,000 increase in service charges on deposit accounts.

The following table represents the notional amount of loans sold during the three months ended March 31, 2026, December 31, 2025, and March 31, 2025 (in thousands).

	Three Months ended
	March 31, 2026					December 31, 2025				March 31, 2025
Notional amount of loans sold		$	13,481			$	14,066			$	27,277

During the quarter ended March 31, 2025, two portfolios of residential mortgage loans totaling $18.1 million were sold.

Noninterest Expense

Noninterest expense for the quarter ended March 31, 2026 totaled $8.3 million and increased $569,000, or 7.4%, compared to $7.7 million for the prior quarter. The increase in noninterest expense was primarily due to a $545,000 increase in salaries and employee benefits. The increase in salaries and employee benefits was driven by a $352,000 increase in payroll tax expense and 401(k) match expense, which on a percentage basis are higher in the first quarter of the year.

Noninterest expense for the quarter ended March 31, 2026 increased $357,000, or 4.5%, compared to $8.0 million for the quarter ended March 31, 2025. The increase in noninterest expense was primarily due to a $292,000 increase in advertising and promotion expense. Advertising costs during the first quarter of 2026 were roughly double what we would expect going forward, as we tested several additional marketing campaigns.

Income Tax Expense

Income tax expense was $868,000 for the quarter ended March 31, 2026 (effective tax rate of 14.7%), compared to $1.1 million for the prior quarter (effective tax rate of 16.1%) and $1.1 million for the quarter ended March 31, 2025 (effective tax rate of 20.6%).

Loans and Loans Held For Sale

Gross loans and leases totaled $1.8 billion at March 31, 2026 and increased $23.4 million, or 1.3%, from December 31, 2025. The increase in loans and leases balances from the prior quarter was primarily due to a $17.1 million increase in commercial real estate loan balances, an $8.7 million increase in commercial and industrial (C&I) loan balances, and an $8.3 million increase in construction loan balances, partially offset by a $10.5 million decrease in single-family residential loan balances.

The following table presents the principal balance outstanding of loans and leases for certain non-owner-occupied loan types (in thousands).

		March 31, 2026				December 31, 2025
Construction – 1-4 family*		$	14,798			$	16,535
Construction – Multi-family*			179,490				173,567
Construction – Non-residential*			23,273				19,415
Hotel/Motel			11,374				11,702
Industrial / Warehouse			65,642				64,767
Land/Land Development			38,952				40,789
Medical/Healthcare/Senior Housing			1,293				1,330
Multi-family			227,602				244,370
Office			39,479				45,925
Retail			117,519				88,484
Other			11,931				8,121

* 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 $20.3 million, or 1.14% of total loans at March 31, 2026, an increase of $5.0 million from $15.3 million at December 31, 2025, and an increase of $5.8 million from $14.5 million at March 31, 2025. The increase in nonperforming loans during the first quarter of 2026 included the addition of one non-core (non-customer) commercial and industrial (C&I) loan for $5.0 million. Of the $20.3 million of nonaccrual loans at March 31, 2026, $5.1 million was guaranteed by the SBA.

Loans 30 days or more past due totaled $17.5 million at March 31, 2026, compared to $12.9 million at December 31, 2025 and $11.4 million at March 31, 2025. The increase in loans 30 days or more past due during the first quarter of 2026 was driven by the addition of the aforementioned non-core loan for $5.0 million.

The allowance for credit losses on loans and leases totaled $18.6 million at March 31, 2026, compared to $17.7 million at December 31, 2025 and $17.8 million at March 31, 2025. The ratio of the allowance for credit losses on loans and leases to total loans and leases was 1.05% at March 31, 2026 compared to 1.01% at both December 31, 2025 and March 31, 2025.

There was $604,000 in provision for credit losses expense for the quarter ended March 31, 2026, compared to $1.2 million for the quarter ended December 31, 2025 and $582,000 for the quarter ended March 31, 2025. Net charge-offs for the quarter ended March 31, 2026 totaled $16,000, compared to net charge-offs of $131,000 for the prior quarter and net charge-offs of $23,000 for the quarter ended March 31, 2025.

Deposits

Deposits totaled $1.8 billion at March 31, 2026, an increase of $28.8 million, or 1.6%, from December 31, 2025, and an increase of $25.8 million, or 1.4%, from March 31, 2025. The increase when compared to December 31, 2025 was primarily due to a $73.7 million increase in interest-bearing account balances, partially offset by a $44.9 million decrease in noninterest-bearing account balances. The increase when compared to March 31, 2025 was primarily due to a $76.9 million increase in interest-bearing account balances, partially offset by a $51.2 million decrease in noninterest-bearing accounts balances.

At March 31, 2026, approximately 29.8% of our deposit balances exceeded the FDIC insurance limit of $250,000, as compared to approximately 29.5% at December 31, 2025 and approximately 31.1% at March 31, 2025.

Borrowings

FHLB advances and other debt totaled $101.0 million at March 31, 2026, compared to $101.0 million at December 31, 2025 and $92.7 million at March 31, 2025. The increase when compared to March 31, 2025 was primarily due to a $10.0 million increase in the outstanding balance on the holding company credit facility.

Capital

Stockholders’ equity totaled $189.0 million at March 31, 2026, an increase of $4.6 million, or 2.5%, when compared to $184.4 million at December 31 2025, and an increase of $16.3 million, or 9.4%, from $172.7 million at March 31, 2025. The increase in total stockholders’ equity during the three months ended March 31, 2026 was primarily attributed to net income, partially offset by $583,000 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, 2025.

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
	March 31,
	2026					2025					% change
Total interest income	$		28,130			$		29,200				-4	%
Total interest expense			14,810					16,291				-9	%
Net interest income			13,320					12,909				3	%
Provision for credit losses
Provision for credit losses-loans			979					352				178	%
Provision for credit losses-unfunded commitments			(375	)				230				-263	%
			604					582				4	%
Net interest income after provision for credit losses			12,716					12,327				3	%
Noninterest income
Service charges on deposit accounts			839					667				26	%
Net gain on sales of residential mortgage loans			145					114				27	%
Net loss on sales of commercial loans			—					(18	)		n/m
Net loss on sale of equity security			—					(103	)		n/m
Swap fee income			30					—			n/m
Other			473					546				-13	%
Noninterest income			1,487					1,206				23	%
Noninterest expense
Salaries and employee benefits			4,328					4,183				3	%
Occupancy and equipment			427					434				-2	%
Data processing			769					674				14	%
Franchise and other taxes			386					303				27	%
Professional fees			819					787				4	%
Director fees			167					177				-6	%
Postage, printing, and supplies			48					49				-2	%
Advertising and marketing			336					44				664	%
Telephone			45					55				-18	%
Loan expenses			198					325				-39	%
Foreclosed assets, net			4					1				300	%
Depreciation			123					118				4	%
FDIC premiums			385					546				-29	%
Regulatory assessment			45					65				-31	%
Other insurance			50					46				9	%
Other			181					147				23	%
Noninterest expense			8,311					7,954				4	%
Income before income taxes			5,892					5,579				6	%
Income tax expense			868					1,149				-24	%
Net income			5,024					4,430				13	%
Earnings allocated to participating securities (Series D preferred stock)			(155	)				(136	)		n/m
Net Income attributable to common stockholders	$		4,869			$		4,294				13	%
Share Data
Basic earnings per common share	$		0.77			$		0.68
Diluted earnings per common share	$		0.77			$		0.68
Average common shares outstanding - basic			6,286,297					6,285,649
Average common shares outstanding - diluted			6,308,071					6,285,649
n/m - not meaningful

Consolidated Statements of Financial Condition

($ in thousands)	Mar 31,					Dec 31,					Sept 30,					Jun 30,					Mar 31,
(unaudited)	2026					2025					2025					2025					2025
Assets
Cash and cash equivalents	$		267,759			$		258,972			$		272,361			$		275,684			$		240,986
Interest-bearing deposits in other financial institutions			100					100					100					100					100
Securities available for sale			17,395					17,496					9,199					8,996					8,793
Equity securities			—					—					—					-					-
Loans held for sale			3,634					5,611					2,484					1,613					3,505
Loans and leases			1,779,903					1,756,532					1,745,125					1,773,930					1,767,942
Less allowance for credit losses on loans and leases			(18,641	)				(17,678	)				(16,841	)				(19,122	)				(17,803	)
Loans and leases, net			1,761,262					1,738,854					1,728,284					1,754,808					1,750,139
FHLB and FRB stock			8,364					8,354					8,343					8,031					8,022
Foreclosed assets, net			—					-					-					524					524
Premises and equipment, net			3,533					3,547					3,616					3,469					3,472
Operating lease right of use assets			5,859					5,680					5,848					5,760					5,925
Bank owned life insurance			28,294					28,049					27,810					27,573					27,341
Accrued interest receivable and other assets			49,576					50,658					52,972					46,979					45,874
Total assets	$		2,145,776			$		2,117,321			$		2,111,017			$		2,133,537			$		2,094,681
Liabilities and Stockholders' Equity
Deposits
Noninterest bearing	$		240,645			$		285,523			$		277,629			$		296,348			$		291,800
Interest bearing			1,568,797					1,495,166					1,500,977					1,513,500					1,491,889
Total deposits			1,809,442					1,780,689					1,778,606					1,809,848					1,783,689
FHLB advances and other debt			100,973					100,964					100,956					100,947					92,689
Advances by borrowers for taxes and insurance			1,292					2,523					1,479					374					1,346
Operating lease liabilities			6,071					5,878					6,033					5,932					6,083
Accrued interest payable and other liabilities			23,995					27,802					29,623					24,394					23,183
Subordinated debentures			15,048					15,039					15,029					15,019					15,009
Total liabilities			1,956,821					1,932,895					1,931,726					1,956,514					1,921,999
Stockholders' equity			188,955					184,426					179,291					177,023					172,682
Total liabilities and stockholders' equity	$		2,145,776			$		2,117,321			$		2,111,017			$		2,133,537			$		2,094,681

Average Balance Sheet and Yield Analysis

	For Three Months Ended
	March 31, 2026									December 31, 2025									March 31, 2025
	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)	$	17,523		$	187			3.89%		$	13,473		$	125			3.27%		$	13,632		$	139			3.49%
Loans and leases and loans held for sale (3)		1,738,056			25,809			5.94%			1,725,629			27,153			6.29%			1,747,968			26,815			6.14%
Other earning assets		217,500			1,992			3.66%			260,562			2,641			4.05%			183,421			2,072			4.52%
FHLB and FRB stock		8,358			142			6.80%			8,349			148			7.09%			8,151			174			8.54%
Total interest-earning assets		1,981,437			28,130			5.67%			2,008,013			30,067			5.98%			1,953,172			29,200			5.97%
Noninterest-earning assets		100,204									102,813									99,873
Total assets	$	2,081,641								$	2,110,826								$	2,053,045
Interest-bearing liabilities:
Deposits	$	1,513,330		$	13,484			3.56%		$	1,493,254		$	14,379			3.85%		$	1,465,045		$	15,253			4.16%
FHLB advances and other borrowings		116,014			1,326			4.57%			115,995			1,365			4.71%			107,690			1,038			3.86%
Total interest-bearing liabilities		1,629,344			14,810			3.64%			1,609,249			15,744			3.91%			1,572,735			16,291			4.14%
Noninterest-bearing liabilities		265,120									319,265									309,457
Total liabilities		1,894,464									1,928,514									1,882,192
Equity		187,177									182,312									170,853
Total liabilities and equity	$	2,081,641								$	2,110,826								$	2,053,045
Net interest-earning assets	$	352,093								$	398,764								$	380,437
Net interest income/interest rate spread				$	13,320			2.03%					$	14,323			2.07%					$	12,909			1.83%
Net interest margin								2.69%									2.85%									2.64%
Average interest-earning assets
to average interest-bearing liabilities		121.61%									124.78%									124.19%

(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
($ in thousands except per share data)		Mar 31,					Dec 31,					Sept 30,					Jun 30,					Mar 31,
(unaudited)		2026					2025					2025					2025					2025
Earnings and Dividends
Net interest income		$		13,320			$		14,323			$		13,790			$		14,001			$		12,909
Provision for credit losses		$		604			$		1,169			$		5,069			$		1,427			$		582
Noninterest income		$		1,487			$		1,423			$		1,718			$		1,580			$		1,206
Noninterest expense		$		8,311			$		7,742			$		7,726			$		7,754			$		7,954
Net income		$		5,024			$		5,736			$		2,340			$		5,035			$		4,430
Basic earnings per common share		$		0.77			$		0.88			$		0.36			$		0.77			$		0.68
Diluted earnings per common share		$		0.77			$		0.88			$		0.36			$		0.77			$		0.68
Dividends declared per share		$		0.09			$		0.08			$		0.08			$		0.07			$		0.07
Performance Ratios (annualized)
Return on average assets				0.97	%				1.09	%				0.45	%				0.97	%				0.86	%
Return on average equity				10.74	%				12.59	%				5.20	%				11.47	%				10.37	%
Average yield on interest-earning assets				5.67	%				5.98	%				6.08	%				6.13	%				5.97	%
Average rate paid on interest-bearing liabilities				3.64	%				3.91	%				4.12	%				4.16	%				4.14	%
Average interest rate spread				2.03	%				2.07	%				1.96	%				1.97	%				1.83	%
Net interest margin, fully taxable equivalent				2.69	%				2.85	%				2.76	%				2.83	%				2.64	%
Efficiency ratio (3)				56.13	%				49.17	%				49.82	%				49.77	%				55.94	%
Noninterest expense to average assets				1.60	%				1.47	%				1.47	%				1.49	%				1.55	%
Capital
Tier 1 capital leverage ratio (1)				11.76	%				11.40	%				11.19	%				11.20	%				10.55	%
Total risk-based capital ratio (1)				15.15	%				15.02	%				14.88	%				14.69	%				13.76	%
Tier 1 risk-based capital ratio (1)				13.95	%				13.85	%				13.74	%				13.45	%				12.59	%
Common equity tier 1 capital to risk weighted assets (1)				13.95	%				13.85	%				13.74	%				13.45	%				12.59	%
Equity to total assets at end of period				8.81	%				8.71	%				8.49	%				8.30	%				8.24	%
Book value per common share		$		28.20			$		27.87			$		26.99			$		26.63			$		25.86
Tangible book value per common share (2)		$		28.20			$		27.87			$		26.99			$		26.63			$		25.86
Period-end market value per common share		$		27.91			$		24.95			$		23.95			$		23.97			$		22.04
Period-end common shares outstanding				6,499,617					6,418,349					6,443,775					6,447,692					6,476,759
Average basic common shares outstanding				6,286,297					6,281,531					6,292,698					6,300,427					6,285,649
Average diluted common shares outstanding				6,308,071					6,350,488					6,346,243					6,344,833					6,285,649
Asset Quality
Nonperforming loans		$		20,313			$		15,329			$		10,034			$		16,632			$		14,563
Nonperforming loans to total loans				1.14	%				0.87	%				0.57	%				0.94	%				0.82	%
Nonperforming assets to total assets				0.95	%				0.72	%				0.48	%				0.80	%				0.72	%
Allowance for credit losses on loans and leases to total loans and leases				1.05	%				1.01	%				0.97	%				1.08	%				1.01	%
Allowance for credit losses on loans and leases to nonperforming loans and leases				91.77	%				115.32	%				167.84	%				114.97	%				122.25	%
Net charge-offs (recoveries)		$		16			$		131			$		7,099			$		51			$		23
Annualized net charge-offs (recoveries) to average loans				0.00	%				0.03	%				1.62	%				0.01	%				0.01	%
Average Balances
Loans		$		1,753,016			$		1,739,982			$		1,750,950			$		1,775,865			$		1,763,827
Assets		$		2,081,641			$		2,110,826			$		2,101,048			$		2,074,933			$		2,053,045
Stockholders' equity		$		187,177			$		182,312			$		179,867			$		175,589			$		170,853

(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
	March 31,					December 31,					March 31,
	2026					2025					2025
Net income	$		5,024			$		5,736			$		4,430
Add: Provision for credit losses			604					1,169					582
Add: Income tax expense			868					1,099					1,149
Pre-provision, pre-tax net revenue	$		6,496			$		8,004			$		6,161

FAQ

How did CF Bankshares Inc. (CFBK) perform in Q1 2026?

CF Bankshares earned $5.0 million in Q1 2026, or $0.77 per diluted share, a 13% increase from $4.4 million and $0.68 a year earlier. Higher net interest income and stronger noninterest income supported the improved results.

What happened to CF Bankshares’ net interest margin in Q1 2026?

Net interest margin for CF Bankshares was 2.69% in Q1 2026, up from 2.64% in Q1 2025 but down from 2.85% in Q4 2025. The margin reflected lower funding costs and the impact of a $5.0 million loan placed on nonaccrual.

How strong are CF Bankshares’ capital ratios after Q1 2026?

At March 31, 2026, CF Bankshares reported a Tier 1 leverage ratio of 11.76% and a total capital ratio of 15.15%. These levels indicate a solid capital position relative to regulatory minimums, supporting continued balance sheet growth and dividend payments.

What were CF Bankshares’ key asset quality metrics in Q1 2026?

Nonaccrual loans at CF Bankshares were $20.3 million, or 1.14% of total loans, at March 31, 2026, up from $15.3 million at year-end 2025. The allowance for credit losses on loans rose to $18.6 million, or 1.05% of total loans.

Did CF Bankshares (CFBK) grow loans and deposits in Q1 2026?

Yes. Gross loans and leases reached $1.8 billion at March 31, 2026, up $23.4 million from December 31, 2025. Deposits totaled $1.8 billion, increasing $28.8 million over the same period, with growth concentrated in interest-bearing accounts.

What dividend did CF Bankshares declare for Q1 2026?

On April 1, 2026, CF Bankshares’ board declared a cash dividend of $0.09 per common share and $9.00 per share on its Series D preferred stock. The dividend was paid on April 21, 2026 to shareholders of record as of April 13, 2026.

What is CF Bankshares’ non-GAAP PPNR for Q1 2026 and why is it used?

Pre-provision, pre-tax net revenue (PPNR) for Q1 2026 was $6.5 million, up from $6.2 million a year earlier. CF Bankshares uses PPNR to show earnings before credit provisions and taxes, helping compare core operating performance across periods and with peers.

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