CF Bankshares (NASDAQ: CFBK) Q2 earnings rise to $5.9M

Rhea-AI Filing Summary

CF Bankshares Inc. reported strong Q2 2026 results, with net income of $5.9 million, or $0.90 per diluted share, up 18% from Q1 2026 and 17% from Q2 2025. Pre-provision, pre-tax net revenue was $8.2 million, 26% higher than the prior quarter. Return on average equity reached 12.31% and return on average assets was 1.11%. Net interest margin improved to 2.93%, supported in part by $370,000 of commercial loan prepayment penalty income and higher yields on interest-earning assets.

Noninterest income rose to $1.7 million, driven by higher swap fees and service charges, while noninterest expense was stable at $8.3 million, producing an improved efficiency ratio of 50.4%. Loans and leases grew to $1.8 billion, led by commercial real estate, while deposits increased to $1.8 billion with a notable $33 million rise in noninterest-bearing balances. Asset quality softened as nonaccrual loans increased to $20.8 million (1.15% of loans) and loans 30+ days past due reached $20.4 million; the allowance for credit losses rose to $19.4 million (1.07% of loans). Capital remained strong, with a Tier 1 leverage ratio of 11.64%, total risk-based capital ratio of 14.76%, and book value per share of $29.04.

Positive

• Q2 2026 net income grew 17% year over year to $5.9 million, with ROE at 12.31% and net interest margin expanding to 2.93%.

Negative

• Asset quality weakened modestly as nonaccrual loans rose to $20.8 million (1.15% of loans) and loans 30+ days past due increased to $20.4 million.

Filing Explained

The filing confirms a $0.09-per-share cash dividend on common stock was declared on July 1, 2026 and paid on July 21, 2026 to shareholders of record on July 13, 2026, making the distribution completed rather than merely proposed.

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

Q2 2026 net income: $5.9 million Q2 2026 diluted EPS: $0.90 Pre-provision, pre-tax net revenue (PPNR): $8.2 million +5 more

8 metrics

Q2 2026 net income $5.9 million Three months ended June 30, 2026

Q2 2026 diluted EPS $0.90 Three months ended June 30, 2026

Pre-provision, pre-tax net revenue (PPNR) $8.2 million Three months ended June 30, 2026

Return on average equity (ROE) 12.31% Q2 2026 performance ratio

Net interest margin 2.93% Quarter ended June 30, 2026

Gross loans and leases $1.8 billion Balance at June 30, 2026

Deposits $1.8 billion Balance at June 30, 2026

Tier 1 leverage ratio 11.64% CFBank regulatory capital at June 30, 2026

Key Terms

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

5 terms

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

"Pre-provision, pre-tax net revenue (PPNR) for Q2 2026 was $8.2 million"

Net interest margin financial

"The net interest margin of 2.93% for the quarter ended June 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.

Allowance for credit losses financial

"The allowance for credit losses on loans and leases totaled $19.4 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.

Nonaccrual loans financial

"Nonaccrual loans were $20.8 million, or 1.15% 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.

Efficiency ratio financial

"Efficiency Ratio improved to 50.4% compared to 56.1% for the prior quarter"

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.

Earnings Snapshot

Net income: $5.9 million · Guidance included

three months ended June 30, 2026

Net income $5.9 million 17% vs Q2 2025

Diluted EPS $0.90

Pre-provision, pre-tax net revenue (PPNR) $8.2 million

Return on average equity (ROE) 12.31%

Net interest margin (NIM) 2.93%

Guidance

Management highlighted expectations for increasing size and scale, supported by strong commercial loan pipelines, to be accretive to core earnings in the second half of 2026 while noting that net interest margin is expected to remain a challenge.

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Understanding 8-K Material Events →

Available on EDGAR 07/28/2026 - 09:04 AM Accepted by SEC EDGAR 07/28/2026 - 09:03 AM Learn about SEC filing dates

FAQ

How did CF Bankshares (CFBK) perform financially in Q2 2026?

CF Bankshares earned $5.9 million in Q2 2026, or $0.90 per diluted share. This was 18% higher than Q1 2026 and 17% above Q2 2025, with ROE of 12.31% and ROA of 1.11%.

What happened to CF Bankshares (CFBK) net interest margin in Q2 2026?

Net interest margin improved to 2.93% in Q2 2026 from 2.69% in Q1 2026. The gain reflected higher yields on interest-earning assets and $370,000 of commercial loan prepayment penalty income, partially offset by higher funding costs.

How are CF Bankshares (CFBK) loans and deposits trending?

Gross loans and leases reached $1.8 billion, up $38.1 million from March 31, 2026. Deposits totaled $1.8 billion, increasing $19.2 million quarter over quarter, with noninterest-bearing balances rising $33.0 million and interest-bearing balances declining modestly.

What is the asset quality profile for CF Bankshares (CFBK) as of June 30, 2026?

Nonaccrual loans were $20.8 million, or 1.15% of total loans, including a $5.0 million non-core C&I loan. Loans 30+ days past due totaled $20.4 million, while the allowance for credit losses was $19.4 million, or 1.07% of loans.

What capital levels did CF Bankshares (CFBK) report for Q2 2026?

CF Bankshares reported a Tier 1 leverage ratio of 11.64% and a total risk-based capital ratio of 14.76%. Stockholders’ equity was $194.3 million, and book value per common share increased to $29.04 at June 30, 2026.

What dividends did CF Bankshares (CFBK) declare in Q2 2026?

On July 1, 2026, the board declared a $0.09 per share cash dividend on common stock and $9.00 per share on Series D preferred stock, paid July 21, 2026 to shareholders of record as of July 13, 2026.

false000107068000010706802026-07-282026-07-28

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): July 28, 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 July 28, 2026, CF Bankshares Inc. (the “Company”) issued a press release announcing financial results for the second quarter ended June 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 July 28, 2026, announcing financial results for the second quarter ended June 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: July 28, 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:	July 28, 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 2nd QUARTER 2026.

Columbus, Ohio – July 28, 2026 – CF Bankshares Inc. (NASDAQ: CFBK) (the “Company”), the parent of CFBank, National Association (“CFBank”), today announced financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

•Net income for Q2 2026 was $5.9 million ($0.90 per diluted common share), which included $944,000 of Provision expense. This represents an 18% increase in net income over Q1 2026.

•Pre-provision, pre-tax net revenue (PPNR) for Q2 2026 was $8.2 million, which represents a 26% increase over Q1 2026.

•Return on Average Equity (ROE) was 12.31% for Q2 2026, while Return on Average Assets (ROA) was 1.11%.

•Net Interest Margin (NIM) was 2.93%, an increase of 24bps when compared to the prior quarter.

•Noninterest income increased $214,000, or 14%, when compared to Q1 2026. This was driven by a $184,000 increase in Swap Fees and a $78,000 increase in Customer Fees, including Treasury Management products and services.

•Commercial Loan Fundings of $135 million in Q2, resulting in Net Commercial Loan growth of $52 million for the quarter.

•Noninterest bearing (NIB) deposit balances grew by $33 million, or 14% during the quarter, with total Core Deposits (excluding brokered deposits) increasing $91 million, or 6%.

•Book value per share increased to $29.04 as of June 30, 2026.

•Efficiency Ratio improved to 50.4% compared to 56.1% for the prior quarter.

•CFBank’s capital position remains strong with a Tier 1 Leverage Ratio of 11.64% and a Total Capital Ratio of 14.76%.

Recent Developments

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

CEO and Board Chair Commentary

Timothy T. O’Dell, President and CEO, commented “Q2 Consolidated Net Earnings of $5.9 million includes nearly $1 million ($944,000) of Provision Expense. This represents an 18% increase in net Earnings vs. our First quarter results.

We expect increasing Size & Scale supported by our strong Commercial Loan Pipelines to be further accretive to Core Earnings during the Second half of 2026.

Success with expanding our Commercial Banking Regional Teams throughout our Footprint, is resulting in expanded Business Banking opportunities and strong pipelines.

We feel well positioned to sustain Commercial Loan Yields through effective use of loan rate floors. Additionally, Commercial loan Swaps (up $184,000 for the second quarter) are providing lift to non-interest Fee Income. Expansion of our Residential Mortgage salable loan volumes and business is on a trajectory which is likely to provide added Fee income contribution during the second half of the year.

NIM is expected to remain a challenge. In response, our Treasury Management group is concentrating on sourcing low-cost deposits from businesses and industries that manage large deposits.

We have begun responding to increasingly Competitive Market Loan Pricing by setting corresponding deposit level requirements with our Borrowers.

Also, we continually are improving the quality of our Balance Sheet by scaling the size of the Commercial Bank, while simultaneously reducing low-rate loans in our residential Mortgage Portfolio. Funding these low-rate Residential Mortgage loans increases our incremental Cost of Funds. NIB Deposits were approximately 20% of Commercial Loans at June 30, 2026.

Our Bests are yet Ahead!”

Robert E. Hoeweler, Chairman of the Board, added “We are seeing positive Earnings Performance as we add Size & Scale to our Commercial Bank.”

Overview of Results

Net income for the three months ended June 30, 2026 totaled $5.9 million (or $0.90 per diluted common share) compared to net income of $5.0 million (or $0.77 per diluted common share) for the three months ended March 31, 2026 and net income of $5.0 million (or $0.77 per diluted common share) for the three months ended June 30, 2025. PPNR for the three months ended June 30, 2026 was $8.2 million compared to PPNR of $6.5 million for the three months ended March 31, 2026 and PPNR of $7.8 million for the three months ended June 30, 2025.

Net income for the six months ended June 30, 2026 totaled $10.9 million (or $1.67 per diluted common share) compared to net income of $9.5 million (or $1.45 per diluted common share) for the six months ended June 30, 2025. PPNR for the six months ended June 30, 2026 was $14.7 million compared to PPNR of $14.0 million for the six months ended June 30, 2025.

Net Interest Income and Net Interest Margin

Net interest income totaled $14.8 million for the quarter ended June 30, 2026 and increased $1.5 million, or 11.4%, compared to $13.3 million for the prior quarter, and increased $843,000, or 6.0%, compared to $14.0 million for the second quarter of 2025.

The increase in net interest income compared to the prior quarter was primarily due to a $1.9 million, or 6.7%, increase in interest income, partially offset by a $368,000, or 2.5%, increase in interest expense. The increase in interest income was primarily attributed to a 25bps increase in the average yield on interest-earning assets, coupled with a $44.9 million, or 2.3%, increase in average interest-earning assets outstanding. During the quarter ended June 30, 2026, the early payoff of a commercial loan in the normal course of business resulted in $370,000 of prepayment penalty fee income, which in turn positively impacted NIM by 7bps for the quarter. The increase in interest expense when compared to the prior quarter was attributed to a 15bps increase in the average rate on interest-bearing liabilities, partially offset by a $26.6 million, or 1.6%, decrease in average interest-bearing liabilities. The net interest margin of 2.93% for the quarter ended June 30, 2026 increased 24bps compared to the net interest margin of 2.69% for the prior quarter.

The increase in net interest income compared to the second quarter of 2025 was primarily due to a $1.2 million, or 7.2%, decrease in interest expense, partially offset by a $337,000, or 1.1%, decrease in interest income. The decrease in interest expense was primarily attributed to a 37bps decrease in the average rate on interest-bearing liabilities, partially offset by a $30.6 million, or 2.0%, increase in average interest-bearing liabilities. The decrease in interest income was primarily attributed to a 21bps decrease in the average yield on interest-earning assets, partially offset by a $48.5 million, or 2.5%, increase in average interest-earning assets outstanding. The net interest margin of 2.93% for the quarter ended June 30, 2026 increased 10bps compared to the net interest margin of 2.83% for the second quarter of 2025.

Noninterest Income

Noninterest income for the three months ended June 30, 2026 totaled $1.7 million and increased $214,000, or 14.4%, compared to $1.5 million for the prior quarter. The increase was primarily related to a $184,000 increase in swap fee income.

Noninterest income for the three months ended June 30, 2026 increased $121,000, or 7.7%, compared to $1.6 million for the three months ended June 30, 2025. The increase was primarily related to a $196,000 increase in service charges on deposit accounts.

The following table represents the notional amount of loans sold during the three months ended June 30, 2026, March 31, 2026, and June 30, 2025 (in thousands).

	Three Months ended
	June 30, 2026					March 31, 2026				June 30, 2025
Notional amount of loans sold		$	15,702			$	13,481			$	14,023

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2026 totaled $8.3 million and increased $27,000, or 0.3%, compared to $8.3 million for the prior quarter, and increased $584,000, or 7.5%, compared to $7.8 million for the quarter ended June 30, 2025. The increase in noninterest expense when compared to the second quarter of 2025 was primarily due to a $371,000 increase in salaries and benefits, coupled with a $165,000 increase in other noninterest expense. The increase in salaries and benefits was primarily due to an increase in incentive compensation expense while the increase in other noninterest expense was primarily the result of a $90,000 loss on the disposal of assets from the closure of our Ohio City branch.

Income Tax Expense

Income tax expense was $1.4 million for the quarter ended June 30, 2026 (effective tax rate of 18.6%), compared to $868,000 for the prior quarter (effective tax rate of 14.7%) and $1.4 million for the quarter ended June 30, 2025 (effective tax rate of 21.3%).

Loans and Loans Held For Sale

Gross loans and leases totaled $1.8 billion at June 30, 2026 and increased $38.1 million, or 2.1%, from the prior quarter and increased $61.5 million, or 3.5%, from December 31, 2025. The increase in loans and leases balances from the prior quarter was primarily due to a $52.9 million increase in commercial real estate loan balances and a $1.6 million increase in commercial and industrial (C&I) loan balances, partially offset by a $10.9 million decrease in single-family residential loan balances, a $3.1 million decrease in home equity lines of credit loan balances, and a $2.1 million decrease in construction loan balances.

The increase in loans and leases balances when compared to December 31, 2025 was primarily due to a $69.9 million increase in commercial real estate loan balances, a $10.4 million increase in commercial and industrial (C&I) loan balances, and a $6.1 million increase in construction loan balances, partially offset by a $21.4 million decrease in single-family residential loan balances and a $3.7 million decrease in home equity lines of credit loan balances.

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

		June 30, 2026				March 31, 2026
Construction – 1-4 family*		$	14,210			$	14,798
Construction – Multi-family*			175,814				179,490
Construction – Non-residential*			24,641				23,273
Hotel/Motel			11,295				11,374
Industrial / Warehouse			85,307				65,642
Land/Land Development			37,447				38,952
Medical/Healthcare/Senior Housing			1,256				1,293
Multi-family			244,075				227,602
Office			39,295				39,479
Retail			124,978				117,519
Other			11,769				11,931

* 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 $20.8 million, or 1.15% of total loans at June 30, 2026, an increase of $522,000 from $20.3 million at March 31, 2026 and an increase of $5.5 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 $20.8 million of nonaccrual loans at June 30, 2026, $5.1 million was guaranteed by the SBA.

Loans 30 days or more past due totaled $20.4 million at June 30, 2026, compared to $17.5 million at March 31, 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 $2.7 million C&I loan.

The allowance for credit losses on loans and leases totaled $19.4 million at June 30, 2026, compared to $18.6 million at March 31, 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 1.07% at June 30, 2026 compared to 1.05% at March 31, 2026 and 1.01% at December 31, 2025.

There was $944,000 in provision for credit losses expense for the quarter ended June 30, 2026, compared to $604,000 for the quarter ended March 31, 2026 and $1.4 million for the quarter ended June 30, 2025. Net recoveries for the quarter ended June 30, 2026 totaled $105,000, compared to net charge-offs of $16,000 for the prior quarter and net charge-offs of $51,000 for the quarter ended June 30, 2025.

Deposits

Deposits totaled $1.8 billion at June 30, 2026, an increase of $19.2 million, or 1.1%, from March 31, 2026, and an increase of $48.0 million, or 2.7%, from December 31, 2025. The increase when compared to the prior quarter was primarily due to a $33.0 million increase in noninterest-bearing account balances, partially offset by a $13.8 million decrease in interest-bearing account balances. The increase when compared to December 31, 2025 was primarily due to a $59.9 million increase in interest-bearing account balances, partially offset by a $11.9 million decrease in noninterest-bearing accounts balances.

At June 30, 2026, approximately 32.0% of our deposit balances exceeded the FDIC insurance limit of $250,000, as compared to approximately 29.8% at March 31, 2026 and approximately 29.5% at December 31, 2025.

Borrowings

FHLB advances and other debt totaled $99.2 million at June 30, 2026, compared to $101.0 million at March 31, 2026 and at December 31, 2025. The decrease was primarily due to a $1.8 million decrease in the outstanding balance on the holding company credit facility.

Capital

Stockholders’ equity totaled $194.3 million at June 30, 2026, an increase of $5.4 million, or 2.9%, when compared to $189.0 million at March 31 2026, and an increase of $9.9 million, or 5.4%, from $184.4 million at December 31, 2025. The increase in total stockholders’ equity during the three months ended June 30, 2026 was primarily attributed to net income, partially offset by $586,000 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														Six months ended
	June 30,														June 30,
	2026					2025					% change				2026					2025					% change
Total interest income	$		30,022			$		30,359				-1	%		$		58,152			$		59,559				-2	%
Total interest expense			15,178					16,358				-7	%				29,988					32,649				-8	%
Net interest income			14,844					14,001				6	%				28,164					26,910				5	%
Provision for credit losses
Provision for credit losses-loans			689					1,370				-50	%				1,668					1,722				-3	%
Provision for credit losses-unfunded commitments			255					57				347	%				(120	)				287				-142	%
			944					1,427				-34	%				1,548					2,009				-23	%
Net interest income after provision for credit losses			13,900					12,574				11	%				26,616					24,901				7	%
Noninterest income
Service charges on deposit accounts			917					721				27	%				1,756					1,388				27	%
Net gain on sales of residential mortgage loans			150					206				-27	%				295					320				-8	%
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			214					196				9	%				244					196				24	%
Other			420					457				-8	%				893					1,003				-11	%
Noninterest income			1,701					1,580				8	%				3,188					2,786				14	%
Noninterest expense
Salaries and employee benefits			4,325					3,954				9	%				8,653					8,137				6	%
Occupancy and equipment			398					417				-5	%				825					851				-3	%
Data processing			776					683				14	%				1,545					1,357				14	%
Franchise and other taxes			385					304				27	%				771					607				27	%
Professional fees			849					899				-6	%				1,668					1,686				-1	%
Director fees			193					180				7	%				360					357				1	%
Postage, printing, and supplies			34					46				-26	%				82					95				-14	%
Advertising and marketing			127					84				51	%				463					128				262	%
Telephone			44					43				2	%				89					98				-9	%
Loan expenses			206					196				5	%				404					521				-22	%
Foreclosed assets, net			1					3				-67	%				5					4				25	%
Depreciation			118					118				0	%				241					236				2	%
FDIC premiums			436					534				-18	%				821					1,080				-24	%
Regulatory assessment			45					64				-30	%				90					129				-30	%
Other insurance			57					50				14	%				107					96				11	%
Other			344					179				92	%				525					326				61	%
Noninterest expense			8,338					7,754				8	%				16,649					15,708				6	%
Income before income taxes			7,263					6,400				13	%				13,155					11,979				10	%
Income tax expense			1,351					1,365				-1	%				2,219					2,514				-12	%
Net income			5,912					5,035				17	%				10,936					9,465				16	%
Earnings allocated to participating securities (Series D preferred stock)			(181	)				(155	)		n/m						(337	)				(292	)		n/m
Net Income attributable to common stockholders	$		5,731			$		4,880				17	%		$		10,599			$		9,173				16	%
Share Data
Basic earnings per common share	$		0.91			$		0.77							$		1.68			$		1.46
Diluted earnings per common share	$		0.90			$		0.77							$		1.67			$		1.45
Average common shares outstanding - basic			6,320,561					6,300,427									6,303,523					6,293,078
Average common shares outstanding - diluted			6,363,549					6,344,833									6,335,904					6,315,281
n/m - not meaningful

Consolidated Statements of Financial Condition

($ in thousands)	Jun 30,					Mar 31,					Dec 31,					Sept 30,					Jun 30,
(unaudited)	2026					2026					2025					2025					2025
Assets
Cash and cash equivalents	$		253,103			$		267,759			$		258,972			$		272,361			$		275,684
Interest-bearing deposits in other financial institutions			100					100					100					100					100
Securities available for sale			17,223					17,395					17,496					9,199					8,996
Loans held for sale			4,392					3,634					5,611					2,484					1,613
Loans and leases			1,818,020					1,779,903					1,756,532					1,745,125					1,773,930
Less allowance for credit losses on loans and leases			(19,436	)				(18,641	)				(17,678	)				(16,841	)				(19,122	)
Loans and leases, net			1,798,584					1,761,262					1,738,854					1,728,284					1,754,808
FHLB and FRB stock			8,375					8,364					8,354					8,343					8,031
Foreclosed assets, net			—					—					—					—					524
Premises and equipment, net			3,372					3,533					3,547					3,616					3,469
Operating lease right of use assets			5,693					5,859					5,680					5,848					5,760
Bank owned life insurance			28,546					28,294					28,049					27,810					27,573
Accrued interest receivable and other assets			50,198					49,576					50,658					52,972					46,979
Total assets	$		2,169,586			$		2,145,776			$		2,117,321			$		2,111,017			$		2,133,537
Liabilities and Stockholders' Equity
Deposits
Noninterest bearing	$		273,625			$		240,645			$		285,523			$		277,629			$		296,348
Interest bearing			1,555,031					1,568,797					1,495,166					1,500,977					1,513,500
Total deposits			1,828,656					1,809,442					1,780,689					1,778,606					1,809,848
FHLB advances and other debt			99,231					100,973					100,964					100,956					100,947
Advances by borrowers for taxes and insurance			2,354					1,292					2,523					1,479					374
Operating lease liabilities			5,917					6,071					5,878					6,033					5,932
Accrued interest payable and other liabilities			24,034					23,995					27,802					29,623					24,394
Subordinated debentures			15,058					15,048					15,039					15,029					15,019
Total liabilities			1,975,250					1,956,821					1,932,895					1,931,726					1,956,514
Stockholders' equity			194,336					188,955					184,426					179,291					177,023
Total liabilities and stockholders' equity	$		2,169,586			$		2,145,776			$		2,117,321			$		2,111,017			$		2,133,537

Average Balance Sheet and Yield Analysis

	For Three Months Ended
	June 30, 2026									March 31, 2026									June 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)	$	17,396		$	175			3.62%		$	17,523		$	187			3.89%		$	8,830		$	40			1.45%
Loans and leases and loans held for sale (3)		1,764,433			27,510			6.24%			1,738,056			25,809			5.94%			1,760,308			27,907			6.34%
Other earning assets		236,107			2,196			3.72%			217,500			1,992			3.66%			200,614			2,259			4.50%
FHLB and FRB stock		8,368			141			6.74%			8,358			142			6.80%			8,028			153			7.62%
Total interest-earning assets		2,026,304			30,022			5.92%			1,981,437			28,130			5.67%			1,977,780			30,359			6.13%
Noninterest-earning assets		102,344									100,204									97,153
Total assets	$	2,128,648								$	2,081,641								$	2,074,933
Interest-bearing liabilities:
Deposits	$	1,487,547		$	13,812			3.71%		$	1,513,330		$	13,484			3.56%		$	1,464,909		$	15,186			4.15%
FHLB advances and other borrowings		115,223			1,366			4.74%			116,014			1,326			4.57%			107,248			1,172			4.37%
Total interest-bearing liabilities		1,602,770			15,178			3.79%			1,629,344			14,810			3.64%			1,572,157			16,358			4.16%
Noninterest-bearing liabilities		333,819									265,120									327,187
Total liabilities		1,936,589									1,894,464									1,899,344
Equity		192,059									187,177									175,589
Total liabilities and equity	$	2,128,648								$	2,081,641								$	2,074,933
Net interest-earning assets	$	423,534								$	352,093								$	405,623
Net interest income/interest rate spread				$	14,844			2.13%					$	13,320			2.03%					$	14,001			1.97%
Net interest margin								2.93%									2.69%									2.83%
Average interest-earning assets
to average interest-bearing liabilities		126.43%									121.61%									125.80%

(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																									Six months ended
($ in thousands except per share data)		Jun 30,					Mar 31,					Dec 31,					Sept 30,					Jun 30,						June 30,
(unaudited)		2026					2026					2025					2025					2025						2026					2025
Earnings and Dividends
Net interest income		$		14,844			$		13,320			$		14,323			$		13,790			$		14,001			$		28,164			$		26,910
Provision for credit losses		$		944			$		604			$		1,169			$		5,069			$		1,427			$		1,548			$		2,009
Noninterest income		$		1,701			$		1,487			$		1,423			$		1,718			$		1,580			$		3,188			$		2,786
Noninterest expense		$		8,338			$		8,311			$		7,742			$		7,726			$		7,754			$		16,649			$		15,708
Net income		$		5,912			$		5,024			$		5,736			$		2,340			$		5,035			$		10,936			$		9,465
Basic earnings per common share		$		0.91			$		0.77			$		0.88			$		0.36			$		0.77			$		1.68			$		1.46
Diluted earnings per common share		$		0.90			$		0.77			$		0.88			$		0.36			$		0.77			$		1.67			$		1.45
Dividends declared per share		$		0.09			$		0.09			$		0.08			$		0.08			$		0.07			$		0.18			$		0.14
Performance Ratios (annualized)
Return on average assets				1.11	%				0.97	%				1.09	%				0.45	%				0.97	%				1.04	%				0.92	%
Return on average equity				12.31	%				10.74	%				12.59	%				5.20	%				11.47	%				11.53	%				10.93	%
Average yield on interest-earning assets				5.92	%				5.67	%				5.98	%				6.08	%				6.13	%				5.80	%				6.05	%
Average rate paid on interest-bearing liabilities				3.79	%				3.64	%				3.91	%				4.12	%				4.16	%				3.77	%				4.15	%
Average interest rate spread				2.13	%				2.03	%				2.07	%				1.96	%				1.97	%				2.03	%				1.90	%
Net interest margin, fully taxable equivalent				2.93	%				2.69	%				2.85	%				2.76	%				2.83	%				2.81	%				2.74	%
Efficiency ratio (3)				50.40	%				56.13	%				49.17	%				49.82	%				49.77	%				53.10	%				52.90	%
Noninterest expense to average assets				1.57	%				1.60	%				1.47	%				1.47	%				1.49	%				1.58	%				1.52	%
Capital
Tier 1 capital leverage ratio (1)				11.64	%				11.76	%				11.40	%				11.19	%				11.20	%				11.64	%				11.20	%
Total risk-based capital ratio (1)				14.76	%				15.15	%				15.02	%				14.88	%				14.69	%				14.76	%				14.69	%
Tier 1 risk-based capital ratio (1)				13.55	%				13.95	%				13.85	%				13.74	%				13.45	%				13.55	%				13.45	%
Common equity tier 1 capital to risk weighted assets (1)				13.55	%				13.95	%				13.85	%				13.74	%				13.45	%				13.55	%				13.45	%
Equity to total assets at end of period				8.96	%				8.81	%				8.71	%				8.49	%				8.30	%				8.96	%				8.30	%
Book value per common share		$		29.04			$		28.20			$		27.87			$		26.99			$		26.63			$		29.04			$		26.63
Tangible book value per common share (2)		$		29.04			$		28.20			$		27.87			$		26.99			$		26.63			$		29.04			$		26.63
Period-end market value per common share		$		32.77			$		27.91			$		24.95			$		23.95			$		23.97			$		32.77			$		23.97
Period-end common shares outstanding				6,492,212					6,499,617					6,418,349					6,443,775					6,447,692					6,492,212					6,447,692
Average basic common shares outstanding				6,320,561					6,286,297					6,281,531					6,292,698					6,300,427					6,303,523					6,293,078
Average diluted common shares outstanding				6,363,549					6,308,071					6,350,488					6,346,243					6,344,833					6,335,904					6,315,281
Asset Quality
Nonperforming loans		$		20,835			$		20,313			$		15,329			$		10,034			$		16,632			$		20,835			$		16,632
Nonperforming loans to total loans				1.15	%				1.14	%				0.87	%				0.57	%				0.94	%				1.15	%				0.94	%
Nonperforming assets to total assets				0.96	%				0.95	%				0.72	%				0.48	%				0.80	%				0.96	%				0.80	%
Allowance for credit losses on loans and leases to total loans and leases				1.07	%				1.05	%				1.01	%				0.97	%				1.08	%				1.07	%				1.08	%
Allowance for credit losses on loans and leases to nonperforming loans and leases				93.29	%				91.77	%				115.32	%				167.84	%				114.97	%				93.29	%				114.97	%
Net charge-offs (recoveries)		$		(106	)		$		16			$		131			$		7,099			$		51			$		(90	)		$		74
Annualized net charge-offs (recoveries) to average loans				(0.02	%)				0.00	%				0.03	%				1.62	%				0.01	%				(0.01	%)				0.01	%
Average Balances
Loans		$		1,778,891			$		1,753,016			$		1,739,982			$		1,750,950			$		1,775,865			$		1,747,429			$		1,769,879
Assets		$		2,128,648			$		2,081,641			$		2,110,826			$		2,101,048			$		2,074,933			$		2,105,274			$		2,064,049
Stockholders' equity		$		192,059			$		187,177			$		182,312			$		179,867			$		175,589			$		189,632			$		173,234

(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															Six months ended
	June 30,					March 31,					June 30,					June 30,
	2026					2026					2025					2026					2025
Net income	$		5,912			$		5,024			$		5,035			$		10,936			$		9,465
Add: Provision for credit losses			944					604					1,427					1,548					2,009
Add: Income tax expense			1,351					868					1,365					2,219					2,514
Pre-provision, pre-tax net revenue	$		8,207			$		6,496			$		7,827			$		14,703			$		13,988

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