CF Bankshares Q3 2026 net income rises 158%

Net commercial loan growth was $42 million in Q3, and two loans cited in rising past-due balances were brought current after quarter-end.

Rhea-AI Filing Summary

CF Bankshares Inc. reported third-quarter 2026 net income of $6.033 million ($0.91 per diluted share), versus $2.340 million ($0.36) in Q3 2025. Net interest income was $14.949 million, up 8.4% year over year, and net interest margin was 2.96%, 20 basis points above Q3 2025. Gross loans and leases totaled $1.9 billion at September 30, 2026, up $39.3 million from June 30, 2026.

Noninterest expense increased 13.4% year over year, primarily reflecting higher salaries and benefits. Loans 30 or more days past due totaled $30.8 million at September 30, 2026, compared with $12.9 million at December 31, 2025; two loans identified as driving the quarter-to-quarter increase were brought current after quarter-end. Nonaccrual loans were $20.4 million, or 1.10% of total loans. The board declared a $0.09-per-share cash dividend, paid October 20, 2026.

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Positive

• Moderate pointNet income rose 158% year over year in Q3 2026.

Negative

• Moderate pointLoans 30 or more days past due reached $30.8 million at September 30, 2026. 14% of market cap

Filing Explained

The October 27 Form 8-K reports third-quarter results; deposits reached $1.9 billion at September 30, 2026, up $28.5 million from June 30, 2026, while 31.2% exceeded the $250,000 FDIC insurance limit, versus 32.0% in June—showing deposit growth alongside a still-disclosed uninsured share.

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, or exhibit attachments filed with this report.

Key Figures

Net income: $6.033 million Diluted earnings per common share: $0.91 Net interest income: $14.949 million +5 more

8 metrics

Net income $6.033 million Three months ended September 30, 2026; up 158% from Q3 2025

Diluted earnings per common share $0.91 Three months ended September 30, 2026; versus $0.36 in Q3 2025

Net interest income $14.949 million Three months ended September 30, 2026; up 8.4% year over year

Net interest margin 2.96% Three months ended September 30, 2026; up 20 basis points from Q3 2025

Gross loans and leases $1.9 billion At September 30, 2026

Noninterest expense $8.764 million Three months ended September 30, 2026; increased 13.4% year over year

Loans 30 or more days past due $30.8 million At September 30, 2026

Cash dividend per share $0.09 Paid October 20, 2026

Key Terms

Pre-provision, pre-tax net revenue (PPNR), Net interest margin, Nonaccrual loans, Allowance for credit losses on loans and leases, +1 more

5 terms

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

"Pre-provision, pre-tax net revenue (PPNR) for Q3 2026 was $7.9 million"

Net interest margin financial

"The net interest margin of 2.96% for the quarter ended September 30, 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 $20.4 million, or 1.10% 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 on loans and leases financial

"allowance for credit losses on loans and leases totaled $19.0 million"

Tier 1 Leverage Ratio financial

"Tier 1 Leverage Ratio of 11.99%"

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.

Earnings Snapshot

Net income: $6.033 million · Guidance included

Third quarter ended September 30, 2026

Net income $6.033 million Up 158% from $2.340 million in Q3 2025

Diluted earnings per common share $0.91 Up from $0.36 in Q3 2025

Net interest income $14.949 million Up 8.4% from $13.790 million in Q3 2025

Net interest margin 2.96% Up 20 basis points from 2.76% in Q3 2025

Guidance

Management said it expects its rate of growth to continue accelerating.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CFBK's Q3 2026 net income and diluted earnings per share?

CF Bankshares reported net income of $6.033 million and diluted earnings of $0.91 per common share for the three months ended September 30, 2026. In Q3 2025, the figures were $2.340 million and $0.36.

What happened to CFBK's loans that were past due in Q3 2026?

At September 30, 2026, $30.8 million in loans were at least 30 days past due, compared with $20.4 million at June 30, 2026. The $6.7 million C&I loan and $5.9 million commercial real estate loan cited as primary contributors were both brought current after quarter-end.

When did CFBK pay its declared cash dividend?

CF Bankshares paid a $0.09-per-share cash dividend on October 20, 2026 to shareholders of record as of the close of business on October 12, 2026. The board declared the dividend on October 1, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/27/2026 - 09:05 AM EDT Accepted by SEC EDGAR 10/27/2026 - 09:04 AM EDT Learn about SEC filing dates

false000107068000010706802026-10-272026-10-27

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): October 27, 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 October 27, 2026, CF Bankshares Inc. (the “Company”) issued a press release announcing financial results for the third quarter ended September 30, 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 October 27, 2026, announcing financial results for the third quarter ended September 30, 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: October 27, 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:	October 27, 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 3rd QUARTER 2026.

Columbus, Ohio – October 27, 2026 – CF Bankshares Inc. (NASDAQ: CFBK) (the “Company”), the parent of CFBank, National Association (“CFBank”), today announced financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

•Net income for Q3 2026 was $6.0 million ($0.91 per diluted common share), which included $551,000 of Provision expense. Pre-provision, pre-tax net revenue (PPNR) for Q3 2026 was $7.9 million.

•Return on Average Equity (ROE) was 12.22% for Q3 2026, while Return on Average Assets (ROA) was 1.14%.

•Net Interest Margin (NIM) was 2.96%, an increase of 3bps when compared to the prior quarter and an increase of 20bps when compared to Q3 2025.

•Commercial Loan Fundings of $79 million in Q3, resulting in Net Commercial Loan growth of $42 million for the quarter. Year-to-date commercial loan fundings have totaled $357 million with $129 million in Net Commercial Loan growth.

•Customer Fees, including Treasury Management products and services increased $71,000, or 8%, when compared to the prior quarter and have increased $660,000, or 32% year-to-date in 2026 when compared to the same period in 2025.

•Book value per share increased to $29.83 as of September 30, 2026, representing a 10.5% increase year-over-year.

•CFBank’s capital position remains strong with a Tier 1 Leverage Ratio of 11.99% and a Total Capital Ratio of 14.69%.

Recent Developments

•On October 1, 2026, the Company’s Board of Directors declared a cash dividend of $0.09 per share on its Common Stock. The dividend was paid on October 20, 2026 to shareholders of record as of the close of business on October 12, 2026.

CEO and Board Chair Commentary

Timothy T. O’Dell, President and CEO, commented “We had strong net income of $6.0 million for the third quarter, which was net of $551,000 of provision expense. Return on Equity (ROE) topped 12% at 12.22%, while our NIM expanded by 3 bps to 2.96%.

Ongoing Investments particularly with building our Commercial Banking Teams and expanding our Regional Metro Markets presence, are producing increasing Commercial Business banking opportunities throughout the Five (5) metro Marketplaces we serve in Ohio and Indiana.

As an example, our Commercial Banking Team has generated over $350 million in total new Commercial Loan Fundings year-to-date. Our Pipelines of Commercial Banking Loan and Deposits remain strong entering the fourth quarter. As our new producers fully hit their strides, we expect our business generation results and Team capabilities will continue to grow and expand.

Customer Fees, driven predominantly by Treasury Management Fees for Services, also have increased 32% year-to-date, up 8% compared to the prior quarterly results.

During 2026, we have expanded considerably the size and depth of our Commercial Banking Team, which we believe will continue to fuel increasing quality Commercial growth opportunities, along with improving business mix through capturing greater numbers of full-service Banking (C&I) relationships.

Additionally, we are gaining traction with expanding our Private Banking Customers & Product offerings to closely held business owners and entrepreneurs.

Also, we are investing in Mortgage Lending, mostly through adding high performing Mortgage Loan Originators along with Regional Sales Leaders, capable of building Local and Regionally based Mortgage Lending Teams.

Looking ahead, we expect our rate of Growth to continue accelerating. As we deploy more available capital to work into Loan relationships, we see enhanced Earnings growth opportunity.

Our Best is Yet Ahead!”

Robert E. Hoeweler, Chairman of the Board, added “Our team has been able to perform at the highest level in very trying economic times. The results of the 3rd quarter reflect the quality of the Management team we have been able to attract and keep. Our marching orders are to continue our profitable growth and build shareholder value. I wholehearted agree 'Our Best is Yet Ahead'!"

Overview of Results

Net income for the three months ended September 30, 2026 totaled $6.0 million (or $0.91 per diluted common share) compared to net income of $5.9 million (or $0.90 per diluted common share) for the three months ended June 30, 2026 and net income of $2.3 million (or $0.36 per diluted common share) for the three months ended September 30, 2025. PPNR for the three months ended September 30, 2026 was $7.9 million compared to PPNR of $8.2 million for the three months ended June 30, 2026 and PPNR of $7.8 million for the three months ended September 30, 2025.

Net income for the nine months ended September 30, 2026 totaled $17.0 million (or $2.59 per diluted common share) compared to net income of $11.8 million (or $1.81 per diluted common share) for the nine months ended September 30, 2025. PPNR for the nine months ended September 30, 2026 was $22.6 million compared to PPNR of $21.8 million for the nine months ended September 30, 2025.

Net Interest Income and Net Interest Margin

Net interest income totaled $14.9 million for the quarter ended September 30, 2026 and increased $105,000, or 0.7%, compared to $14.8 million for the prior quarter, and increased $1.1 million, or 8.4%, compared to $13.8 million for the third quarter of 2025.

The increase in net interest income compared to the prior quarter was primarily due to a $92,000, or 0.3%, increase in interest income, coupled with a $13,000, or 0.1%, decrease in interest expense. The increase in interest income was primarily attributed to a $37.4 million, or 2.1%, increase in average loans and leases, coupled with a 5bps increase in the average yield on interest-earning assets. The decrease in interest expense when compared to the prior quarter was attributed to a 7bps decrease in the average rate on interest-bearing liabilities, partially offset by a $26.8 million, or 1.7%, increase in average interest-bearing liabilities. The net interest margin of 2.96% for the quarter ended September 30, 2026 increased 3bps compared to the net interest margin of 2.93% for the prior quarter.

The increase in net interest income compared to the third quarter of 2025 was primarily due to a $1.4 million, or 8.5%, decrease in interest expense, partially offset by a $255,000, or 0.8%, decrease in interest income. The decrease in interest expense was primarily attributed to a 40bps decrease in the average rate on interest-bearing liabilities, partially offset by a $20.5 million, or 1.3%, increase in average interest-bearing liabilities. The decrease in interest income was primarily attributed to a 11bps decrease in the average yield on interest-earning assets, partially offset by a $17.7 million, or 0.9%, increase in average interest-earning assets outstanding. The net interest margin of 2.96% for the quarter ended September 30, 2026 increased 20bps compared to the net interest margin of 2.76% for the third quarter of 2025.

Noninterest Income

Noninterest income for the three months ended September 30, 2026 totaled $1.8 million and increased $58,000, or 3.4%, compared to $1.7 million for the prior quarter and increased $41,000, or 2.4%, compared to $1.7 million for the three months ended September 30, 2025.

The following table represents the notional amount of loans sold during the three months ended September 30, 2026, June 30, 2026, and September 30, 2025 (in thousands).

	Three Months ended
	September 30, 2026					June 30, 2026				September 30, 2025
Notional amount of loans sold		$	15,749			$	15,702			$	12,486

Noninterest Expense

Noninterest expense for the quarter ended September 30, 2026 totaled $8.8 million and increased $426,000, or 5.1%, compared to $8.3 million for the prior quarter, and increased $1.1 million, or 13.4%, compared to $7.7 million for the quarter ended September 30, 2025. The increase in noninterest expense when compared to the prior quarter was driven by a $264,000 increase in recruiting

expenses related to the expansion of our Commercial Banking Teams across our Regional Markets. During the third quarter, one-time expenses included $111,000 in signing bonuses and $198,000 in recruiting fees.

The increase in noninterest expense when compared to the third quarter of 2025 was driven by a $751,000 increase in salaries and benefits, which was driven by the expansion of our Commercial Banking Teams across our Regional Markets.

Income Tax Expense

Income tax expense was $1.4 million for the quarter ended September 30, 2026 (effective tax rate of 18.4%), compared to $1.4 million for the prior quarter (effective tax rate of 18.6%) and $373,000 for the quarter ended September 30, 2025 (effective tax rate of 13.8%).

Loans and Leases

Gross loans and leases totaled $1.9 billion at September 30, 2026 and increased $39.3 million, or 2.2%, from the prior quarter and increased $100.8 million, or 5.7%, from December 31, 2025. The increase in loans and leases balances from the prior quarter was primarily due to a $31.9 million increase in commercial real estate loan balances, an $11.4 million increase in construction loan balances, and a $1.0 million increase in consumer loan balances, partially offset by a $4.1 million decrease in single-family residential loan balances and a $932,000 decrease in commercial and industrial (C&I) loan balances.

The increase in loans and leases balances when compared to December 31, 2025 was primarily due to a $101.9 million increase in commercial real estate loan balances, a $17.5 million increase in construction loan balances, and a $9.4 million increase in C&I loan balances, partially offset by a $25.5 million decrease in single-family residential loan balances and a $2.5 million decrease in consumer loan balances.

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

		September 30, 2026				June 30, 2026
Construction – 1-4 family*		$	12,856			$	14,210
Construction – Multi-family*			190,563				175,814
Construction – Non-residential*			22,139				24,641
Hotel/Motel			4,436				11,295
Industrial / Warehouse			89,837				85,307
Land/Land Development			41,707				37,447
Medical/Healthcare/Senior Housing			1,219				1,256
Multi-family			274,533				244,075
Office			29,846				39,295
Retail			130,747				124,978
Other			11,660				11,769

* 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 $20.4 million, or 1.10% of total loans, at September 30, 2026, a decrease of $478,000 from $20.8 million at June 30, 2026 and an increase of $5.0 million from $15.3 million at December 31, 2025. The increase in nonperforming loans when compared to December 31, 2025 included the addition of one non-core (non-customer) C&I loan for $5.0 million. Of the $20.4 million of nonaccrual loans at September 30, 2026, $4.8 million was guaranteed by the SBA.

Loans 30 days or more past due totaled $30.8 million at September 30, 2026, compared to $20.4 million at June 30, 2026 and $12.9 million at December 31, 2025. The increase in loans 30 days or more past due when compared to the previous quarter was primarily due to a $6.7 million C&I loan and a $5.9 million commercial real estate loan (one relationship). Subsequent to quarter end, both of these loans were brought current.

The allowance for credit losses on loans and leases totaled $19.0 million at September 30, 2026, compared to $19.4 million at June 30, 2026 and $17.7 million at December 31, 2025. The ratio of the allowance for credit losses on loans and leases to total loans and leases was 1.03% at September 30, 2026 compared to 1.07% at June 30, 2026 and 1.01% at December 31, 2025.

There was $551,000 in provision for credit losses expense for the quarter ended September 30, 2026, compared to $944,000 for the quarter ended June 30, 2026 and $5.1 million for the quarter ended September 30, 2025. Net charge-offs for the quarter ended September 30, 2026 totaled $966,000, compared to net recoveries of $106,000 for the prior quarter and net charge-offs of $7.1 million for the quarter ended September 30, 2025. Net charge-offs during the quarter ended September 30, 2026 were attributed to credits that had already been identified and fully reserved in previous quarters. As a result, these charge-offs had no impact on third quarter 2026 provision expense.

Deposits

Deposits totaled $1.9 billion at September 30, 2026, an increase of $28.5 million, or 1.6%, from June 30, 2026, and an increase of $76.5 million, or 4.3%, from December 31, 2025. The increase when compared to the prior quarter was primarily due to a $29.5 million increase in interest-bearing account balances, partially offset by a $922,000 decrease in noninterest-bearing account balances. The increase when compared to December 31, 2025 was primarily due to a $89.3 million increase in interest-bearing account balances, partially offset by a $12.8 million decrease in noninterest-bearing accounts balances.

At September 30, 2026, approximately 31.2% of our deposit balances exceeded the FDIC insurance limit of $250,000, as compared to approximately 32.0% at June 30, 2026 and approximately 29.5% at December 31, 2025.

Borrowings

FHLB advances and other debt totaled $99.2 million at September 30, 2026 and June 30, 2026 and $101.0 million at December 31, 2025.

Capital

Stockholders’ equity totaled $199.5 million at September 30, 2026, an increase of $5.2 million, or 2.7%, when compared to $194.3 million at June 30, 2026, and an increase of $15.1 million, or 8.2%, from $184.4 million at December 31, 2025. The increase in total stockholders’ equity during the three months ended September 30, 2026 was primarily attributed to net income, partially offset by $588,000 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														Nine months ended
	September 30,														September 30,
	2026					2025					% change				2026					2025					% change
Total interest income	$		30,114			$		30,369				-1	%		$		88,266			$		89,928				-2	%
Total interest expense			15,165					16,579				-9	%				45,153					49,228				-8	%
Net interest income			14,949					13,790				8	%				43,113					40,700				6	%
Provision for credit losses
Provision for credit losses-loans			575					4,818				-88	%				2,243					6,540				-66	%
Provision for (recovery of) credit losses-unfunded commitments			(24	)				251				-110	%				(144	)				538				-127	%
			551					5,069				-89	%				2,099					7,078				-70	%
Net interest income after provision for credit losses			14,398					8,721				65	%				41,014					33,622				22	%
Noninterest income
Service charges on deposit accounts			988					696				42	%				2,744					2,084				32	%
Net gain on sales of residential mortgage loans			172					209				-18	%				467					529				-12	%
Net loss on sales of commercial loans			—					—			n/m						—					(18	)		n/m
Net loss on sale of equity security			—					—			n/m						—					(103	)		n/m
Swap fee income			143					228				-37	%				387					424				-9	%
Other			456					585				-22	%				1,349					1,588				-15	%
Noninterest income			1,759					1,718				2	%				4,947					4,504				10	%
Noninterest expense
Salaries and employee benefits			4,551					3,800				20	%				13,204					11,937				11	%
Occupancy and equipment			411					444				-7	%				1,236					1,295				-5	%
Data processing			904					709				28	%				2,449					2,066				19	%
Franchise and other taxes			386					303				27	%				1,157					910				27	%
Professional fees			994					828				20	%				2,662					2,514				6	%
Director fees			195					187				4	%				555					544				2	%
Postage, printing, and supplies			31					23				35	%				113					118				-4	%
Advertising and marketing			133					130				2	%				596					258				131	%
Telephone			38					43				-12	%				127					141				-10	%
Loan expenses			201					201				0	%				605					722				-16	%
Foreclosed assets, net			1					10				-90	%				6					14				-57	%
Depreciation			104					116				-10	%				345					352				-2	%
FDIC premiums			408					506				-19	%				1,229					1,586				-23	%
Regulatory assessment			46					33				39	%				136					162				-16	%
Other insurance			60					49				22	%				167					145				15	%
Impairment of property and equipment			37					—			n/m						128					—			n/m
Other			264					344				-23	%				698					670				4	%
Noninterest expense			8,764					7,726				13	%				25,413					23,434				8	%
Income before income taxes			7,393					2,713				173	%				20,548					14,692				40	%
Income tax expense			1,360					373				265	%				3,579					2,887				24	%
Net income			6,033					2,340				158	%				16,969					11,805				44	%
Earnings allocated to participating securities (Series D preferred stock)			(109	)				(72	)		n/m						(448	)				(364	)		n/m
Net Income attributable to common stockholders	$		5,924			$		2,268				161	%		$		16,521			$		11,441				44	%
Share Data
Basic earnings per common share	$		0.92			$		0.36							$		2.61			$		1.82
Diluted earnings per common share	$		0.91			$		0.36							$		2.59			$		1.81
Average common shares outstanding - basic			6,408,370					6,292,698									6,338,857					6,292,950
Average common shares outstanding - diluted			6,475,440					6,346,243									6,382,801					6,325,600
n/m - not meaningful

Consolidated Statements of Financial Condition

($ in thousands)	Sept 30,					Jun 30,					Mar 31,					Dec 31,					Sept 30,
(unaudited)	2026					2026					2026					2025					2025
Assets
Cash and cash equivalents	$		248,596			$		253,103			$		267,759			$		258,972			$		272,361
Interest-bearing deposits in other financial institutions			100					100					100					100					100
Securities available for sale			16,532					17,223					17,395					17,496					9,199
Loans held for sale			2,431					4,392					3,634					5,611					2,484
Loans and leases			1,857,338					1,818,020					1,779,903					1,756,532					1,745,125
Less allowance for credit losses on loans and leases			(19,045	)				(19,436	)				(18,641	)				(17,678	)				(16,841	)
Loans and leases, net			1,838,293					1,798,584					1,761,262					1,738,854					1,728,284
FHLB and FRB stock			8,389					8,375					8,364					8,354					8,343
Foreclosed assets, net			—					—					—					—					—
Premises and equipment, net			3,260					3,372					3,533					3,547					3,616
Operating lease right of use assets			5,531					5,693					5,859					5,680					5,848
Bank owned life insurance			28,803					28,546					28,294					28,049					27,810
Accrued interest receivable and other assets			60,265					50,198					49,576					50,658					52,972
Total assets	$		2,212,200			$		2,169,586			$		2,145,776			$		2,117,321			$		2,111,017
Liabilities and Stockholders' Equity
Deposits
Noninterest bearing	$		272,703			$		273,625			$		240,645			$		285,523			$		277,629
Interest bearing			1,584,481					1,555,031					1,568,797					1,495,166					1,500,977
Total deposits			1,857,184					1,828,656					1,809,442					1,780,689					1,778,606
FHLB advances and other debt			99,240					99,231					100,973					100,964					100,956
Advances by borrowers for taxes and insurance			1,472					2,354					1,292					2,523					1,479
Operating lease liabilities			5,766					5,917					6,071					5,878					6,033
Accrued interest payable and other liabilities			33,936					24,034					23,995					27,802					29,623
Subordinated debentures			15,068					15,058					15,048					15,039					15,029
Total liabilities			2,012,666					1,975,250					1,956,821					1,932,895					1,931,726
Stockholders' equity			199,534					194,336					188,955					184,426					179,291
Total liabilities and stockholders' equity	$		2,212,200			$		2,169,586			$		2,145,776			$		2,117,321			$		2,111,017

Average Balance Sheet and Yield Analysis

	For Three Months Ended
	September 30, 2026									June 30, 2026									September 30, 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)	$	17,143		$	156			3.23%		$	17,396		$	175			3.62%		$	8,999		$	55			2.00%
Loans and leases and loans held for sale (3)		1,801,881			28,045			6.23%			1,764,433			27,510			6.24%			1,734,706			27,407			6.32%
Other earning assets		187,477			1,774			3.78%			236,107			2,196			3.72%			245,301			2,753			4.49%
FHLB and FRB stock		8,383			139			6.63%			8,368			141			6.74%			8,214			154			7.50%
Total interest-earning assets		2,014,884			30,114			5.97%			2,026,304			30,022			5.92%			1,997,220			30,369			6.08%
Noninterest-earning assets		103,567									102,344									103,828
Total assets	$	2,118,451								$	2,128,648								$	2,101,048
Interest-bearing liabilities:
Deposits	$	1,515,289		$	13,753			3.63%		$	1,487,547		$	13,812			3.71%		$	1,493,145		$	15,205			4.07%
FHLB advances and other borrowings		114,299			1,412			4.94%			115,223			1,366			4.74%			115,978			1,374			4.74%
Total interest-bearing liabilities		1,629,588			15,165			3.72%			1,602,770			15,178			3.79%			1,609,123			16,579			4.12%
Noninterest-bearing liabilities		291,386									333,819									312,058
Total liabilities		1,920,974									1,936,589									1,921,181
Equity		197,477									192,059									179,867
Total liabilities and equity	$	2,118,451								$	2,128,648								$	2,101,048
Net interest-earning assets	$	385,296								$	423,534								$	388,097
Net interest income/interest rate spread				$	14,949			2.25%					$	14,844			2.13%					$	13,790			1.96%
Net interest margin								2.96%									2.93%									2.76%
Average interest-earning assets
to average interest-bearing liabilities		123.64%									126.43%									124.12%

(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,						Sept 30,
(unaudited)		2026					2026					2026					2025					2025						2026					2025
Earnings and Dividends
Net interest income		$		14,949			$		14,844			$		13,320			$		14,323			$		13,790			$		43,113			$		40,700
Provision for credit losses		$		551			$		944			$		604			$		1,169			$		5,069			$		2,099			$		7,078
Noninterest income		$		1,759			$		1,701			$		1,487			$		1,423			$		1,718			$		4,947			$		4,504
Noninterest expense		$		8,764			$		8,338			$		8,311			$		7,742			$		7,726			$		25,413			$		23,434
Net income		$		6,033			$		5,912			$		5,024			$		5,736			$		2,340			$		16,969			$		11,805
Basic earnings per common share		$		0.92			$		0.91			$		0.77			$		0.88			$		0.36			$		2.61			$		1.82
Diluted earnings per common share		$		0.91			$		0.90			$		0.77			$		0.88			$		0.36			$		2.59			$		1.81
Dividends declared per share		$		0.09			$		0.09			$		0.09			$		0.08			$		0.08			$		0.27			$		0.22
Performance Ratios (annualized)
Return on average assets				1.14	%				1.11	%				0.97	%				1.09	%				0.45	%				1.07	%				0.76	%
Return on average equity				12.22	%				12.31	%				10.74	%				12.59	%				5.20	%				11.77	%				8.97	%
Average yield on interest-earning assets				5.97	%				5.92	%				5.67	%				5.98	%				6.08	%				5.86	%				6.06	%
Average rate paid on interest-bearing liabilities				3.72	%				3.79	%				3.64	%				3.91	%				4.12	%				3.67	%				4.14	%
Average interest rate spread				2.25	%				2.13	%				2.03	%				2.07	%				1.96	%				2.19	%				1.92	%
Net interest margin, fully taxable equivalent				2.96	%				2.93	%				2.69	%				2.85	%				2.76	%				2.86	%				2.74	%
Efficiency ratio (3)				52.45	%				50.40	%				56.13	%				49.17	%				49.82	%				52.88	%				51.84	%
Noninterest expense to average assets				1.65	%				1.57	%				1.60	%				1.47	%				1.47	%				1.61	%				1.50	%
Capital
Tier 1 capital leverage ratio (1)				11.99	%				11.64	%				11.76	%				11.40	%				11.19	%				11.99	%				11.19	%
Total risk-based capital ratio (1)				14.69	%				14.76	%				15.15	%				15.02	%				14.88	%				14.69	%				14.88	%
Tier 1 risk-based capital ratio (1)				13.54	%				13.55	%				13.95	%				13.85	%				13.74	%				13.54	%				13.74	%
Common equity tier 1 capital to risk weighted assets (1)				13.54	%				13.55	%				13.95	%				13.85	%				13.74	%				13.54	%				13.74	%
Equity to total assets at end of period				9.02	%				8.96	%				8.81	%				8.71	%				8.49	%				9.02	%				8.49	%
Book value per common share		$		29.83			$		29.04			$		28.20			$		27.87			$		26.99			$		29.83			$		26.99
Tangible book value per common share (2)		$		29.83			$		29.04			$		28.20			$		27.87			$		26.99			$		29.83			$		26.99
Period-end market value per common share		$		33.92			$		32.77			$		27.91			$		24.95			$		23.95			$		33.92			$		23.95
Period-end common shares outstanding				6,689,655					6,492,212					6,499,617					6,418,349					6,443,775					6,689,655					6,443,775
Average basic common shares outstanding				6,408,370					6,320,561					6,286,297					6,281,531					6,292,698					6,338,857					6,292,950
Average diluted common shares outstanding				6,475,440					6,363,549					6,308,071					6,350,488					6,346,243					6,382,801					6,325,600
Asset Quality
Nonperforming loans		$		20,357			$		20,835			$		20,313			$		15,329			$		10,034			$		20,357			$		10,034
Nonperforming loans to total loans				1.10	%				1.15	%				1.14	%				0.87	%				0.57	%				1.10	%				0.57	%
Nonperforming assets to total assets				0.92	%				0.96	%				0.95	%				0.72	%				0.48	%				0.92	%				0.48	%
Allowance for credit losses on loans and leases to total loans and leases				1.03	%				1.07	%				1.05	%				1.01	%				0.97	%				1.03	%				0.97	%
Allowance for credit losses on loans and leases to nonperforming loans and leases				93.56	%				93.29	%				91.77	%				115.32	%				167.84	%				93.56	%				167.84	%
Net charge-offs (recoveries)		$		966			$		(106	)		$		16			$		131			$		7,099			$		876			$		7,173
Annualized net charge-offs (recoveries) to average loans				0.21	%				(0.02	%)				0.00	%				0.03	%				1.62	%				0.07	%				0.54	%
Average Balances
Loans		$		1,817,199			$		1,778,891			$		1,753,016			$		1,739,982			$		1,750,950			$		1,783,270			$		1,763,500
Assets		$		2,118,451			$		2,128,648			$		2,081,641			$		2,110,826			$		2,101,048			$		2,109,715			$		2,076,518
Stockholders' equity		$		197,477			$		192,059			$		187,177			$		182,312			$		179,867			$		192,276			$		175,469

(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).

GAAP TO NON-GAAP RECONCILIATION

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

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

	Three Months Ended															Nine months ended
	September 30,					June 30,					September 30,					September 30,
	2026					2026					2025					2026					2025
Net income	$		6,033			$		5,912			$		2,340			$		16,969			$		11,805
Add: Provision for credit losses			551					944					5,069					2,099					7,078
Add: Income tax expense			1,360					1,351					373					3,579					2,887
Pre-provision, pre-tax net revenue	$		7,944			$		8,207			$		7,782			$		22,647			$		21,770

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