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

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

Fourth Quarter and Full Year 2025 Highlights

Recent Developments

CEO and Board Chair Commentary

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

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

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

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

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

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

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

Our Bests are yet Ahead!"

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

Overview of Results

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

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

Net Interest Income and Net Interest Margin

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

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

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

Noninterest Income

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

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

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

Three Months ended

December 31,

2025

September 30,

2025

December 31,

2024

Notional amount of loans sold

14,066

12,486

15,670

Noninterest Expense

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

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

Income Tax Expense

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

Loans and Loans Held For Sale

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

The increase in loans and leases from December 31, 2024 was primarily due to a $94.4 million increase in commercial real estate loan balances, a $6.8 million increase in construction loan balances, and a $2.5 million increase in home equity lines of credit balances, partially offset by a $49.4 million decrease in commercial and industrial (C&I) loan balances and a $37.6 million decrease in single-family residential loan balances. The decrease in C&I loans during the year included declines of $31.7 million of non-core (non-customer) loans. The decrease in single-family residential loan balances includes the sale of two portfolios of loans in the first quarter of 2025 totaling $18.1 million.

The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types (in thousands).

December 31, 2025

September 30, 2025

Construction – 1-4 family*

16,535

22,990

Construction – Multi-family*

173,567

156,221

Construction – Non-residential*

19,415

20,861

Hotel/Motel

11,702

11,779

Industrial / Warehouse

64,767

74,307

Land/Land Development

40,789

42,202

Medical/Healthcare/Senior Housing

1,330

686

Multi-family

244,370

226,921

Office

45,925

41,509

Retail

88,484

73,118

Other

8,121

8,296

* CFBank possesses a core competency and deep expertise in Construction Lending. The construction lending business sector has produced many full banking relationships with proven developers with long successful track records.

Asset Quality

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

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

The allowance for credit losses on loans and leases totaled $17.7 million at December 31, 2025 compared to $16.8 million at September 30, 2025 and $17.5 million at December 31, 2024. The ratio of the allowance for credit losses on loans and leases to total loans and leases was 1.01% at December 31, 2025 compared to 0.97% at September 30, 2025 and 1.00% at December 31, 2024.

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

Deposits

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

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

Borrowings

FHLB advances and other debt totaled $101.0 million at December 31, 2025, compared to $101.0 million at September 30, 2025 and $92.7 million at December 31, 2024. The increase when compared to December 31, 2024 was primarily due to a $10.0 million increase in the outstanding balance on the holding company credit facility.

Capital

Stockholders' equity totaled $184.4 million at December 31, 2025, an increase of $5.1 million, or 2.9%, when compared to $179.3 million at September 30, 2025, and an increase of $16.0 million, or 9.5%, from $168.4 million at December 31, 2024. The increase in total stockholders' equity during the three months ended December 31, 2025 was primarily attributed to net income, partially offset by $519,000 in dividend payments. The increase in stockholders' equity during the year ended December 31, 2025 was primarily attributed to net income, partially offset by $1.9 million in dividend payments.

USE OF NON-GAAP FINANCIAL MEASURES

This earnings release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Non-GAAP financial measures included in this earnings release include Pre-Provision, Pre-Tax Net Revenue (PPNR). PPNR is defined as net interest income plus total non-interest income, excluding net gains and losses, minus total non-interest expense. This measure is a non- GAAP financial measure because it excludes the provision for (recovery of) credit losses and all gains and losses included in net income. Management uses this "non-GAAP" financial measure in its analysis of the Company's performance and believes that this non-GAAP financial measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods and peers.

Disclosures of non-GAAP financial measures should not be viewed as substitutes for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is included at the end of this earnings release under the heading "GAAP TO NON-GAAP RECONCILIATION."

About CF Bankshares Inc. and CFBank

CF Bankshares Inc. (the "Company") is a bank holding company that owns 100% of the stock of CFBank, National Association ("CFBank"). CFBank is a nationally chartered boutique Commercial bank operating primarily in Five (5) Major Metro Markets: Columbus, Cleveland, Cincinnati, and Akron Ohio, and Indianapolis, Indiana. The current Leadership Team and Board recapitalized the Company and CFBank in 2012 during the financial crisis, repositioning CFBank as a full-service Commercial Bank model.

CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing a comprehensive Commercial, Retail, and Mortgage Lending services presence. In all regional markets, CFBank provides commercial loans and equipment leases, commercial and residential real estate loans and treasury management depository services, residential mortgage lending, and full-service commercial and retail banking services and products. CFBank is differentiated by our penchant for individualized service coupled with direct customer access to decision-makers, and ease of doing business. CFBank matches the sophistication of much larger banks, without the bureaucracy.

Additional information about the Company and CFBank is available at www.CF.Bank

FORWARD LOOKING STATEMENTS

This press release and other materials we have filed or may file with the Securities and Exchange Commission ("SEC") contain or may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Reform Act of 1995, which are made in good faith by us. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of the Company or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements. Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements, including, without limitation those risks detailed from time to time in our reports filed with the SEC, including those risk factors identified in "Item 1A. Risk Factors" of Part I of our Annual Report on Form 10-K filed with SEC for the year ended December 31, 2024.

Forward-looking statements are not guarantees of performance or results. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The forward-looking statements included in this press release speak only as of the date hereof. We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.

Consolidated Statements of Income

($ in thousands, except share data)

(unaudited)

Three months ended

Year ended

December 31,

2025

2024

% change

2025

2024

% change

Total interest income

30,067

29,992

119,995

118,389

Total interest expense

15,744

17,459

-10

64,972

71,745

-9

Net interest income

14,323

12,533

55,023

46,644

Provision for credit losses

Provision for credit losses-loans

968

789

7,508

6,087

Provision for credit losses-unfunded commitments

201

592

-66

739

650

1,169

1,381

-15

8,247

6,737

Net interest income after provision for credit losses

13,154

11,152

46,776

39,907

Noninterest income

Service charges on deposit accounts

792

668

2,876

2,505

Net gain on sales of residential mortgage loans

187

148

716

435

Net gain (loss) on sales of commercial loans

—

n/m

(18)

246

n/m

Net loss on sale of equity security

—

n/m

(103)

—

n/m

Swap fee income

—

-100

424

321

Other

444

482

-8

2,032

1,668

Noninterest income

1,423

1,446

-2

5,927

5,175

Noninterest expense

Salaries and employee benefits

3,783

3,555

15,720

14,172

Occupancy and equipment

465

444

1,760

1,821

-3

Data processing

821

682

2,887

2,569

Franchise and other taxes

499

301

1,409

1,269

Professional fees

643

822

-22

3,157

2,729

Director fees

142

153

-7

686

574

Postage, printing, and supplies

-35

142

152

-7

Advertising and marketing

160

357

418

134

212

Telephone

-20

186

210

-11

Loan expenses

193

461

-58

915

1,400

-35

Foreclosed assets, net

—

n/m

—

n/m

Depreciation

124

115

476

486

-2

FDIC premiums

472

451

2,058

2,079

-1

Regulatory assessment

-16

216

258

-16

Other insurance

194

198

-2

Other

264

211

934

887

Noninterest expense

7,742

7,433

31,176

28,938

Income before income taxes

6,835

5,165

21,527

16,144

Income tax expense

1,099

748

3,986

2,757

Net income

5,736

4,417

17,541

13,387

Earnings allocated to participating securities (Series D preferred stock)

(177)

(144)

n/m

(540)

(361)

n/m

Net Income attributable to common stockholders

5,559

4,273

17,001

13,026

Share Data

Basic earnings per common share

0.88

0.68

2.70

2.08

Diluted earnings per common share

0.88

0.68

2.69

2.06

Average common shares outstanding - basic

6,281,531

6,258,616

6,290,072

6,274,571

Average common shares outstanding - diluted

6,350,488

6,328,710

6,331,799

6,308,992

n/m - not meaningful

Consolidated Statements of Financial Condition

($ in thousands)

Dec 31,

Sept 30,

Jun 30,

Mar 31,

Dec 31,

(unaudited)

2025

2024

Assets

Cash and cash equivalents

258,972

272,361

275,684

240,986

235,272

Interest-bearing deposits in other financial institutions

100

Securities available for sale

17,496

9,199

8,996

8,793

8,683

Equity securities

—

5,000

Loans held for sale

5,611

2,484

1,613

3,505

2,623

Loans and leases

1,756,532

1,745,125

1,773,930

1,767,942

1,739,493

Less allowance for credit losses on loans and leases

(17,678)

(16,841)

(19,122)

(17,803)

(17,474)

Loans and leases, net

1,738,854

1,728,284

1,754,808

1,750,139

1,722,019

FHLB and FRB stock

8,354

8,343

8,031

8,022

8,918

Foreclosed assets, net

—

524

—

Premises and equipment, net

3,547

3,616

3,469

3,472

3,536

Operating lease right of use assets

5,680

5,848

5,760

5,925

6,087

Bank owned life insurance

28,049

27,810

27,573

27,341

27,116

Accrued interest receivable and other assets

50,658

52,972

46,979

45,874

46,169

Total assets

2,117,321

2,111,017

2,133,537

2,094,681

2,065,523

Liabilities and Stockholders' Equity

Deposits

Noninterest bearing

285,523

277,629

296,348

291,800

273,668

Interest bearing

1,495,166

1,500,977

1,513,500

1,491,889

1,482,127

Total deposits

1,780,689

1,778,606

1,809,848

1,783,689

1,755,795

FHLB advances and other debt

100,964

100,956

100,947

92,689

92,680

Advances by borrowers for taxes and insurance

2,523

1,479

374

1,346

2,238

Operating lease liabilities

5,878

6,033

5,932

6,083

6,229

Accrued interest payable and other liabilities

27,802

29,623

24,394

23,183

25,144

Subordinated debentures

15,039

15,029

15,019

15,009

15,000

Total liabilities

1,932,895

1,931,726

1,956,514

1,921,999

1,897,086

Stockholders' equity

184,426

179,291

177,023

172,682

168,437

Total liabilities and stockholders' equity

2,117,321

2,111,017

2,133,537

2,094,681

2,065,523

Average Balance Sheet and Yield Analysis

For Three Months Ended

December 31, 2025

September 30, 2025

December 31, 2024

Average

Interest

Average

Interest

Average

Interest

Average

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Balance

Paid

Rate

Balance

Paid

Rate

Balance

Paid

Rate

(Dollars in thousands)

Interest-earning assets:

Securities (1) (2)

13,473

125

3.27 %

8,999

2.00 %

13,664

143

3.54 %

Loans and leases and loans

held for sale (3)

1,725,629

27,153

6.29 %

1,734,706

27,407

6.32 %

1,723,753

27,212

6.31 %

Other earning assets

260,562

2,641

4.05 %

245,301

2,753

4.49 %

198,834

2,458

4.94 %

FHLB and FRB stock

8,349

148

7.09 %

8,214

154

7.50 %

8,914

179

8.03 %

Total interest-earning

assets

2,008,013

30,067

5.98 %

1,997,220

30,369

6.08 %

1,945,165

29,992

6.16 %

Noninterest-earning assets

102,813

103,828

100,867

Total assets

2,110,826

2,101,048

2,046,032

Interest-bearing liabilities:

Deposits

1,493,254

14,379

3.85 %

1,493,145

15,205

4.07 %

1,465,595

16,342

4.46 %

FHLB advances and other

borrowings

115,995

1,365

4.71 %

115,978

1,374

4.74 %

121,193

1,117

3.69 %

Total interest-bearing

liabilities

1,609,249

15,744

3.91 %

1,609,123

16,579

4.12 %

1,586,788

17,459

4.40 %

Noninterest-bearing liabilities

319,265

312,058

292,733

Total liabilities

1,928,514

1,921,181

1,879,521

Equity

182,312

179,867

166,511

Total liabilities and equity

2,110,826

2,101,048

2,046,032

Net interest-earning assets

398,764

388,097

358,377

Net interest income/interest

rate spread

14,323

2.07 %

13,790

1.96 %

12,533

1.76 %

Net interest margin

2.85 %

2.76 %

2.57 %

Average interest-earning

assets

to average interest-bearing

liabilities

124.78 %

124.12 %

122.59 %

(1)

Average balance is computed using the carrying value of securities. Average yield is computed using the historical amortized cost average balance for available for sale securities.

(2)

Average yields and interest earned are stated on a fully taxable equivalent basis.

(3)

Average balance is computed using the recorded investment in loans net of the allowance for credit losses on loans and leases and includes nonperforming loans and leases.

Consolidated Financial Highlights

At or for the three months ended

Year ended

($ in thousands except per share data)

Dec 31,

Sept 30,

Jun 30,

Mar 31,

Dec 31,

December 31,

(unaudited)

2025

2024

2025

2024

Earnings and Dividends

Net interest income

14,323

13,790

14,001

12,909

12,533

55,023

46,644

Provision for credit losses

1,169

5,069

1,427

582

1,381

8,247

6,737

Noninterest income

1,423

1,718

1,580

1,206

1,446

5,927

5,175

Noninterest expense

7,742

7,726

7,754

7,954

7,433

31,176

28,938

Net income

5,736

2,340

5,035

4,430

4,417

17,541

13,387

Basic earnings per common share

0.88

0.36

0.77

0.68

2.70

2.08

Diluted earnings per common share

0.88

0.36

0.77

0.68

2.69

2.06

Dividends declared per share

0.08

0.07

0.30

0.25

Performance Ratios (annualized)

Return on average assets

1.09

0.45

0.97

0.86

0.84

0.67

Return on average equity

12.59

5.20

11.47

10.37

10.61

9.90

8.29

Average yield on interest-earning assets

5.98

6.08

6.13

5.97

6.16

6.04

6.17

Average rate paid on interest-bearing

liabilities

3.91

4.12

4.16

4.14

4.40

4.08

4.54

Average interest rate spread

2.07

1.96

1.97

1.83

1.76

1.96

1.63

Net interest margin, fully taxable

equivalent

2.85

2.76

2.83

2.64

2.57

2.77

2.43

Efficiency ratio (3)

49.17

49.82

49.77

55.94

53.17

51.15

55.84

Noninterest expense to average assets

1.47

1.49

1.55

1.45

1.50

1.44

Capital

Tier 1 capital leverage ratio (1)

11.40

11.19

11.20

10.55

10.33

11.40

10.33

Total risk-based capital ratio (1)

15.02

14.88

14.69

13.76

13.60

15.02

13.60

Tier 1 risk-based capital ratio (1)

13.85

13.74

13.45

12.59

12.45

13.85

12.45

Common equity tier 1 capital to risk

weighted assets (1)

13.85

13.74

13.45

12.59

12.45

13.85

12.45

Equity to total assets at end of period

8.71

8.49

8.30

8.24

8.15

8.71

8.15

Book value per common share

27.87

26.99

26.63

25.86

25.51

27.87

25.51

Tangible book value per common share

(2)

27.87

26.99

26.63

25.86

25.51

27.87

25.51

Period-end market value per common

24.95

23.95

23.97

22.04

25.54

24.95

25.54

Period-end common shares outstanding

6,418,349

6,443,775

6,447,692

6,476,759

6,402,085

6,418,349

6,402,085

Average basic common shares

outstanding

6,281,531

6,292,698

6,300,427

6,285,649

6,258,616

6,290,072

6,274,571

Average diluted common shares

outstanding

6,350,488

6,346,243

6,344,833

6,285,649

6,328,710

6,331,799

6,308,992

Asset Quality

Nonperforming loans

15,329

10,034

16,632

14,563

14,719

15,329

14,719

Nonperforming loans to total loans

0.87

0.57

0.94

0.82

0.87

0.85

Nonperforming assets to total assets

0.72

0.48

0.80

0.72

0.71

0.72

0.71

Allowance for credit losses on loans and

leases to total loans and leases

1.01

0.97

1.08

1.01

1.00

1.01

1.00

Allowance for credit losses on loans and

leases to nonperforming loans and

leases

115.32

167.84

114.97

122.25

118.72

115.32

118.72

Net charge-offs (recoveries)

131

7,099

7,304

5,478

Annualized net charge-offs (recoveries)

to average loans

0.03

1.62

0.01

0.02

0.42

0.32

Average Balances

Loans

1,739,982

1,750,950

1,775,865

1,763,827

1,737,656

1,757,572

1,717,486

Assets

2,110,826

2,101,048

2,074,933

2,053,045

2,046,032

2,085,165

2,012,069

Stockholders' equity

182,312

179,867

175,589

170,853

166,511

177,194

161,543

(1)

Regulatory capital ratios of CFBank

(2)

There are no differences between book value per common share and tangible book value per common share since the Company does not have any intangible assets.

(3)

The efficiency ratio equals noninterest expense (excluding amortization of intangibles and foreclosed asset writedowns) divided by net interest income plus noninterest income (excluding gains or losses on securities transactions).

NON-GAAP FINANCIAL MEASURE

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

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

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

2025

2024

2025

2024

Net income

5,736

2,340

4,417

17,541

13,387

Add: Provision for credit losses

1,169

5,069

1,381

8,247

6,737

Add: Income tax expense

1,099

373

748

3,986

2,757

Pre-provision, pre-tax net revenue

8,004

7,782

6,546

29,774

22,881

SOURCE CFBank