10-Q 1 cfbk-20220930x10q.htm 10-Q cfbk-20220930x10q
false--12-31Q30001070680YesYes0001070680us-gaap:InterestRateSwapMember2022-07-012022-09-300001070680us-gaap:InterestRateSwapMember2021-07-012021-09-300001070680us-gaap:CommonStockMember2022-01-012022-09-300001070680cfbk:NonVotingCommonStock1Member2022-01-012022-09-300001070680us-gaap:CommonStockMember2021-01-012021-09-300001070680cfbk:NonVotingCommonStock1Member2021-01-012021-09-300001070680us-gaap:TreasuryStockMember2022-09-300001070680us-gaap:RetainedEarningsMember2022-09-300001070680us-gaap:CommonStockMember2022-09-300001070680us-gaap:AdditionalPaidInCapitalMember2022-09-300001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001070680cfbk:NonVotingCommonStock1Member2022-09-300001070680us-gaap:TreasuryStockMember2022-06-300001070680us-gaap:RetainedEarningsMember2022-06-300001070680us-gaap:CommonStockMember2022-06-300001070680us-gaap:AdditionalPaidInCapitalMember2022-06-300001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001070680cfbk:NonVotingCommonStock1Member2022-06-300001070680us-gaap:TreasuryStockMember2021-12-310001070680us-gaap:RetainedEarningsMember2021-12-310001070680us-gaap:CommonStockMember2021-12-310001070680us-gaap:AdditionalPaidInCapitalMember2021-12-310001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001070680cfbk:NonVotingCommonStock1Member2021-12-310001070680us-gaap:TreasuryStockMember2021-09-300001070680us-gaap:RetainedEarningsMember2021-09-300001070680us-gaap:CommonStockMember2021-09-300001070680us-gaap:AdditionalPaidInCapitalMember2021-09-300001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001070680cfbk:NonVotingCommonStock1Member2021-09-300001070680us-gaap:TreasuryStockMember2021-06-300001070680us-gaap:RetainedEarningsMember2021-06-300001070680us-gaap:CommonStockMember2021-06-300001070680us-gaap:AdditionalPaidInCapitalMember2021-06-300001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001070680cfbk:NonVotingCommonStock1Member2021-06-300001070680us-gaap:TreasuryStockMember2020-12-310001070680us-gaap:RetainedEarningsMember2020-12-310001070680us-gaap:CommonStockMember2020-12-310001070680us-gaap:AdditionalPaidInCapitalMember2020-12-310001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001070680cfbk:NonVotingCommonStock1Member2020-12-310001070680cfbk:FrbPrimaryCreditLineMember2022-09-300001070680cfbk:FrbPrimaryCreditLineMember2021-12-310001070680us-gaap:EmployeeStockOptionMember2021-12-310001070680us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001070680us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001070680us-gaap:RestrictedStockMembercfbk:TwoThousandNineteenEquityIncentivePlanMember2021-01-012021-09-300001070680us-gaap:EmployeeStockOptionMember2022-09-300001070680cfbk:TwoThousandNineteenEquityIncentivePlanMember2022-09-300001070680cfbk:TwoThousandNineEquityCompensationPlanMember2019-03-190001070680cfbk:TwoThousandNineteenEquityIncentivePlanMember2019-05-290001070680us-gaap:RestrictedStockMembercfbk:TwoThousandNineEquityCompensationPlanMember2009-05-210001070680us-gaap:RestrictedStockMember2021-12-310001070680us-gaap:RestrictedStockMember2022-01-012022-09-300001070680us-gaap:RestrictedStockMember2021-01-012021-09-300001070680srt:MinimumMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001070680srt:MinimumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-09-300001070680srt:MaximumMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001070680srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-09-300001070680us-gaap:FederalHomeLoanBankAdvancesMember2022-09-300001070680us-gaap:DepositsMember2022-09-300001070680us-gaap:FederalHomeLoanBankAdvancesMember2021-12-310001070680us-gaap:DepositsMember2021-12-310001070680us-gaap:CollateralizedMortgageObligationsMember2021-12-310001070680cfbk:CfBankMember2022-09-300001070680us-gaap:PrivatePlacementMember2019-10-252019-10-250001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2022-07-012022-09-300001070680cfbk:OtherFinancingReceivableMember2022-07-012022-09-300001070680us-gaap:ConstructionLoansMember2021-07-012021-09-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2021-07-012021-09-300001070680cfbk:RealEstateCommercialMember2021-07-012021-09-300001070680cfbk:OtherFinancingReceivableMember2021-07-012021-09-3000010706802012-01-012012-12-310001070680us-gaap:SeriesCPreferredStockMember2022-09-300001070680us-gaap:SeriesCPreferredStockMember2021-12-310001070680us-gaap:SeriesCPreferredStockMemberus-gaap:PrivatePlacementMember2019-10-310001070680us-gaap:PrivatePlacementMember2003-12-310001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001070680us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-012021-09-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-300001070680us-gaap:SubsequentEventMember2022-10-310001070680us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680cfbk:RealEstateCommercialOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680cfbk:RealEstateCommercialNonOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680cfbk:RealEstateCommercialLandAcquisitionMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680cfbk:OtherFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001070680us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001070680us-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001070680us-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001070680us-gaap:FinancialAssetNotPastDueMember2022-09-300001070680us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:RealEstateMortgageResidentialMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:RealEstateCommercialOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:RealEstateCommercialNonOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:RealEstateCommercialLandAcquisitionMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:OtherFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:HomeEquityLineOfCreditPurchasedPortfolioMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001070680cfbk:HomeEquityLineOfCreditPurchasedPortfolioMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001070680us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001070680us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001070680us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001070680us-gaap:FinancialAssetNotPastDueMember2021-12-310001070680cfbk:HoldingCompanyCreditFacilityMemberus-gaap:LineOfCreditMember2021-12-310001070680cfbk:NorthpointeBankMembercfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:MortgagesMember2022-09-300001070680cfbk:NorthpointeBankMembercfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:MortgagesMember2021-12-310001070680cfbk:CommercialLoansPaycheckProtectionProgramMember2021-12-310001070680us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2022-09-300001070680us-gaap:ConstructionLoansMemberus-gaap:PassMember2022-09-300001070680us-gaap:ConstructionLoansMembercfbk:NotRatedMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:SubstandardMember2022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMembercfbk:NotRatedMember2022-09-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMemberus-gaap:PassMember2022-09-300001070680cfbk:RealEstateCommercialOwnerOccupiedMemberus-gaap:SpecialMentionMember2022-09-300001070680cfbk:RealEstateCommercialOwnerOccupiedMemberus-gaap:PassMember2022-09-300001070680cfbk:RealEstateCommercialNonOwnerOccupiedMemberus-gaap:PassMember2022-09-300001070680cfbk:RealEstateCommercialLandAcquisitionMemberus-gaap:PassMember2022-09-300001070680cfbk:OtherFinancingReceivableMembercfbk:NotRatedMember2022-09-300001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:SubstandardMember2022-09-300001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMembercfbk:NotRatedMember2022-09-300001070680us-gaap:SubstandardMember2022-09-300001070680us-gaap:SpecialMentionMember2022-09-300001070680us-gaap:PassMember2022-09-300001070680us-gaap:FinanceLeasesPortfolioSegmentMember2022-09-300001070680us-gaap:DoubtfulMember2022-09-300001070680cfbk:RealEstateCommercialOwnerOccupiedMember2022-09-300001070680cfbk:RealEstateCommercialNonOwnerOccupiedMember2022-09-300001070680cfbk:RealEstateCommercialLandAcquisitionMember2022-09-300001070680cfbk:NotRatedMember2022-09-300001070680us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2021-12-310001070680us-gaap:ConstructionLoansMemberus-gaap:PassMember2021-12-310001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-12-310001070680us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMemberus-gaap:SubstandardMember2021-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMembercfbk:NotRatedMember2021-12-310001070680cfbk:RealEstateMortgageResidentialMultiFamilyMemberus-gaap:PassMember2021-12-310001070680cfbk:RealEstateCommercialOwnerOccupiedMemberus-gaap:SpecialMentionMember2021-12-310001070680cfbk:RealEstateCommercialOwnerOccupiedMemberus-gaap:PassMember2021-12-310001070680cfbk:RealEstateCommercialNonOwnerOccupiedMemberus-gaap:SubstandardMember2021-12-310001070680cfbk:RealEstateCommercialNonOwnerOccupiedMemberus-gaap:PassMember2021-12-310001070680cfbk:RealEstateCommercialLandAcquisitionMemberus-gaap:PassMember2021-12-310001070680cfbk:OtherFinancingReceivableMembercfbk:NotRatedMember2021-12-310001070680cfbk:HomeEquityLineOfCreditPurchasedPortfolioMemberus-gaap:SubstandardMember2021-12-310001070680cfbk:HomeEquityLineOfCreditPurchasedPortfolioMembercfbk:NotRatedMember2021-12-310001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMemberus-gaap:SubstandardMember2021-12-310001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMembercfbk:NotRatedMember2021-12-310001070680us-gaap:SubstandardMember2021-12-310001070680us-gaap:SpecialMentionMember2021-12-310001070680us-gaap:PassMember2021-12-310001070680us-gaap:FinanceLeasesPortfolioSegmentMember2021-12-310001070680us-gaap:DoubtfulMember2021-12-310001070680cfbk:RealEstateCommercialOwnerOccupiedMember2021-12-310001070680cfbk:RealEstateCommercialLandAcquisitionMember2021-12-310001070680cfbk:NotRatedMember2021-12-310001070680us-gaap:HomeEquityMember2022-06-300001070680us-gaap:ConstructionLoansMember2022-06-300001070680us-gaap:CommercialPortfolioSegmentMember2022-06-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2022-06-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2022-06-300001070680cfbk:RealEstateCommercialMember2022-06-300001070680cfbk:OtherFinancingReceivableMember2022-06-3000010706802022-06-300001070680us-gaap:HomeEquityMember2021-09-300001070680us-gaap:ConstructionLoansMember2021-09-300001070680us-gaap:CommercialPortfolioSegmentMember2021-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2021-09-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2021-09-300001070680cfbk:RealEstateCommercialMember2021-09-300001070680cfbk:OtherFinancingReceivableMember2021-09-300001070680us-gaap:HomeEquityMember2021-06-300001070680us-gaap:ConstructionLoansMember2021-06-300001070680us-gaap:CommercialPortfolioSegmentMember2021-06-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2021-06-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2021-06-300001070680cfbk:RealEstateCommercialMember2021-06-300001070680cfbk:OtherFinancingReceivableMember2021-06-3000010706802021-06-300001070680us-gaap:HomeEquityMember2020-12-310001070680us-gaap:ConstructionLoansMember2020-12-310001070680us-gaap:CommercialPortfolioSegmentMember2020-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2020-12-310001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2020-12-310001070680cfbk:RealEstateCommercialMember2020-12-310001070680cfbk:OtherFinancingReceivableMember2020-12-310001070680us-gaap:LineOfCreditMembercfbk:CommercialBankTwoMember2022-09-300001070680us-gaap:LineOfCreditMembercfbk:CommercialBankOneMember2022-09-300001070680cfbk:ThirdPartyBankMember2021-05-200001070680cfbk:WarehouseFacilityMembercfbk:CommercialBankThreeMember2020-12-310001070680cfbk:WarehouseFacilityMembercfbk:CommercialBankMember2019-12-310001070680us-gaap:RevolvingCreditFacilityMembercfbk:ThirdPartyBankMember2021-05-212021-05-210001070680us-gaap:RevolvingCreditFacilityMembercfbk:ThirdPartyBankMember2022-09-300001070680us-gaap:LineOfCreditMembercfbk:CommercialBankOneAndTwoMember2022-09-300001070680cfbk:WarehouseFacilityMembercfbk:CommercialBankThreeMember2022-09-300001070680us-gaap:LineOfCreditMembercfbk:CommercialBankOneAndTwoMember2021-12-310001070680cfbk:WarehouseFacilityMembercfbk:CommercialBankThreeMember2021-12-310001070680cfbk:FixedToFloatingRateSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberus-gaap:PrivatePlacementMember2022-09-300001070680cfbk:FixedToFloatingRateSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-09-3000010706802022-09-012022-09-300001070680cfbk:RealEstateCommercialNonOwnerOccupiedMember2022-01-012022-09-300001070680cfbk:RealEstateCommercialNonOwnerOccupiedMember2021-01-012021-09-300001070680cfbk:RealEstateCommercialNonOwnerOccupiedMember2021-12-310001070680us-gaap:CommercialPortfolioSegmentMember2022-07-012022-09-300001070680us-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-300001070680cfbk:RealEstateCommercialNonOwnerOccupiedMember2021-07-012021-09-300001070680cfbk:NonaccrualMember2022-09-300001070680cfbk:NonaccrualAndNonperformingMember2022-09-300001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMember2022-09-300001070680cfbk:NonaccrualMember2021-12-310001070680cfbk:NonaccrualAndNonperformingMember2021-12-310001070680cfbk:HomeEquityLineOfCreditPurchasedPortfolioMember2021-12-310001070680cfbk:HomeEquityLineOfCreditOriginatedPortfolioMember2021-12-310001070680cfbk:AccruingMember2022-09-300001070680cfbk:AccruingMember2021-12-310001070680us-gaap:HomeEquityMember2022-09-300001070680us-gaap:ConstructionLoansMember2022-09-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2022-09-300001070680cfbk:RealEstateCommercialMember2022-09-300001070680cfbk:OtherFinancingReceivableMember2022-09-300001070680us-gaap:HomeEquityMember2021-12-310001070680us-gaap:ConstructionLoansMember2021-12-310001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2021-12-310001070680cfbk:RealEstateCommercialMember2021-12-310001070680cfbk:OtherFinancingReceivableMember2021-12-310001070680us-gaap:RestrictedStockMember2022-09-300001070680us-gaap:RestrictedStockMember2021-09-300001070680us-gaap:RetainedEarningsMember2022-07-012022-09-300001070680us-gaap:RetainedEarningsMember2022-01-012022-09-300001070680us-gaap:RetainedEarningsMember2021-07-012021-09-300001070680us-gaap:RetainedEarningsMember2021-01-012021-09-300001070680us-gaap:MortgageBackedSecuritiesMember2022-09-300001070680us-gaap:MortgageBackedSecuritiesMember2021-12-310001070680us-gaap:InterestRateLockCommitmentsMember2021-12-310001070680us-gaap:InterestRateContractMember2021-12-310001070680srt:MaximumMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-09-300001070680cfbk:CommercialLoansPaycheckProtectionProgramMember2022-01-012022-09-300001070680cfbk:FixedToFloatingRateSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberus-gaap:PrivatePlacementMember2018-12-012018-12-310001070680cfbk:FixedToFloatingRateSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberus-gaap:PrivatePlacementMember2018-12-310001070680cfbk:SubordinatedDebenturesMaturingOnDecember302033Memberus-gaap:SubordinatedDebtMember2021-12-310001070680cfbk:TermLoanMembercfbk:ThirdPartyBankMember2021-05-200001070680us-gaap:RevolvingCreditFacilityMembercfbk:ThirdPartyBankMember2022-01-012022-09-300001070680cfbk:CommercialLoansPaycheckProtectionProgramMember2022-09-300001070680cfbk:WarehouseFacilityMembercfbk:CommercialBankMember2022-09-300001070680us-gaap:FederalReserveBankAdvancesMember2022-09-300001070680cfbk:WarehouseFacilityMembercfbk:CommercialBankMember2021-12-310001070680us-gaap:RevolvingCreditFacilityMembercfbk:ThirdPartyBankMember2021-05-210001070680cfbk:SubordinatedDebenturesMaturingOnDecember302033Memberus-gaap:SubordinatedDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-09-300001070680us-gaap:RevolvingCreditFacilityMemberus-gaap:InterestRateFloorMembercfbk:ThirdPartyBankMemberus-gaap:PrimeRateMember2021-05-212021-05-210001070680srt:MinimumMembercfbk:WarehouseFacilityMembercfbk:CommercialBankThreeMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-12-310001070680srt:MaximumMembercfbk:WarehouseFacilityMembercfbk:CommercialBankThreeMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-12-310001070680srt:MinimumMembercfbk:WarehouseFacilityMembercfbk:CommercialBankMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-12-310001070680srt:MaximumMembercfbk:WarehouseFacilityMembercfbk:CommercialBankMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-12-310001070680cfbk:FixedToFloatingRateSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberus-gaap:PrivatePlacementMemberus-gaap:LondonInterbankOfferedRateLIBORMember2018-12-012018-12-310001070680us-gaap:NonvotingCommonStockMember2022-06-300001070680us-gaap:NonvotingCommonStockMember2020-05-280001070680us-gaap:NonvotingCommonStockMember2022-09-300001070680us-gaap:CommonStockMember2022-09-300001070680us-gaap:NonvotingCommonStockMember2021-12-310001070680us-gaap:CommonStockMember2021-12-3100010706802003-12-310001070680us-gaap:SubsequentEventMember2022-10-252022-10-2500010706802013-05-1600010706802020-12-310001070680us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001070680us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001070680us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001070680us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001070680us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001070680us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001070680us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001070680us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001070680us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-09-300001070680us-gaap:USTreasurySecuritiesMember2022-09-300001070680us-gaap:CorporateDebtSecuritiesMember2022-09-300001070680us-gaap:CorporateDebtSecuritiesMember2021-12-310001070680us-gaap:USTreasurySecuritiesMember2021-12-310001070680us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001070680us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001070680us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001070680us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001070680us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001070680us-gaap:HomeEquityMember2022-07-012022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2022-07-012022-09-300001070680us-gaap:HomeEquityMember2021-07-012021-09-300001070680us-gaap:HomeEquityMember2022-01-012022-09-300001070680us-gaap:ConstructionLoansMember2022-01-012022-09-300001070680us-gaap:CommercialPortfolioSegmentMember2022-01-012022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2022-01-012022-09-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2022-01-012022-09-300001070680cfbk:RealEstateCommercialMember2022-01-012022-09-300001070680cfbk:OtherFinancingReceivableMember2022-01-012022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2021-07-012021-09-300001070680us-gaap:HomeEquityMember2021-01-012021-09-300001070680us-gaap:ConstructionLoansMember2021-01-012021-09-300001070680us-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2021-01-012021-09-300001070680cfbk:RealEstateMortgageResidentialMultiFamilyMember2021-01-012021-09-300001070680cfbk:RealEstateCommercialMember2021-01-012021-09-300001070680cfbk:OtherFinancingReceivableMember2021-01-012021-09-300001070680us-gaap:FederalHomeLoanBankAdvancesMember2022-09-300001070680us-gaap:FederalHomeLoanBankAdvancesMember2021-12-310001070680us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001070680us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001070680us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001070680us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-3000010706802021-09-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001070680us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001070680us-gaap:NonvotingCommonStockMember2022-11-010001070680us-gaap:CommonStockMember2022-11-0100010706802021-01-012021-12-310001070680cfbk:HoldingCompanyCreditFacilityMemberus-gaap:LineOfCreditMember2022-09-300001070680us-gaap:TreasuryStockMember2022-07-012022-09-300001070680us-gaap:TreasuryStockMember2022-01-012022-09-300001070680us-gaap:TreasuryStockMember2021-07-012021-09-300001070680us-gaap:TreasuryStockMember2021-01-012021-09-300001070680us-gaap:FairValueMeasurementsNonrecurringMember2022-01-012022-09-300001070680us-gaap:FairValueMeasurementsNonrecurringMember2021-01-012021-12-310001070680us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001070680us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001070680srt:MinimumMember2022-01-012022-09-300001070680srt:MaximumMember2022-01-012022-09-3000010706802020-01-012020-12-310001070680cfbk:SubordinatedDebenturesMaturingOnDecember302033Memberus-gaap:SubordinatedDebtMember2022-09-300001070680srt:MinimumMemberus-gaap:InterestRateLockCommitmentsMember2022-01-012022-09-300001070680srt:MaximumMemberus-gaap:InterestRateLockCommitmentsMember2022-01-012022-09-300001070680us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001070680cfbk:NorthpointeBankMemberus-gaap:MortgagesMember2022-09-300001070680us-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-3100010706802019-01-012019-01-010001070680us-gaap:CommercialPortfolioSegmentMember2022-09-300001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2022-09-300001070680us-gaap:CommercialPortfolioSegmentMember2021-12-310001070680cfbk:RealEstateMortgageResidentialSingleFamilyMember2021-12-310001070680cfbk:FrbPrimaryCreditLineMemberus-gaap:FederalReserveBankAdvancesMember2022-09-300001070680cfbk:FrbPrimaryCreditLineMemberus-gaap:FederalReserveBankAdvancesMember2021-12-3100010706802022-07-012022-09-300001070680us-gaap:InterestRateSwapMember2022-09-300001070680us-gaap:InterestRateSwapMember2021-12-310001070680us-gaap:SubordinatedDebtMember2022-09-300001070680us-gaap:SubordinatedDebtMember2022-01-012022-09-3000010706802022-01-012022-09-3000010706802021-07-012021-09-3000010706802021-01-012021-09-3000010706802019-01-010001070680cfbk:NorthpointeBankMemberus-gaap:MortgagesMember2022-01-012022-09-3000010706802022-09-3000010706802021-12-310001070680us-gaap:FairValueInputsLevel3Member2022-09-300001070680us-gaap:FairValueInputsLevel2Member2022-09-300001070680us-gaap:FairValueInputsLevel1Member2022-09-300001070680us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001070680us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001070680us-gaap:FairValueInputsLevel3Member2021-12-310001070680us-gaap:FairValueInputsLevel2Member2021-12-310001070680us-gaap:FairValueInputsLevel1Member2021-12-310001070680us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001070680us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-31cfbk:storecfbk:ShareBasedCompensationPlancfbk:loancfbk:securityiso4217:USDxbrli:sharesxbrli:sharesxbrli:pureiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

Or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from __________ to______________

Commission File Number 0-25045

CF BANKSHARES INC.

(Exact name of registrant as specified in its charter)

Delaware

34-1877137

(State or other jurisdiction of

(IRS Employer

incorporation or organization)

Identification No.)

7000 North High St., Worthington, Ohio 43085

(Address of principal executive offices) (Zip Code)

(614) 334-7979

(Registrant’s telephone number, including area code)

______________________________________

(Former name, former address and former fiscal year, if changed since last report)

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 Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]    No [  ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes [X]   No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [  ] Accelerated Filer [X] Non-accelerated Filer [  ] Smaller Reporting Company [X]

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.  [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ]    No [X]

As of November 1, 2022, there were 5,225,292 shares of the registrant’s (Voting) Common Stock outstanding and 1,260,700 shares of the registrant’s Non-Voting Common Stock outstanding.


Table of Contents

CF BANKSHARES INC.

INDEX

PART I. Financial Information

Page

Item 1. Financial Statements

3

Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021

3

Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)

6

Consolidated Statements of Cash Flows for the ninemonths ended September 30, 2022 and 2021 (unaudited)

8

Notes to Consolidated Financial Statements (three and nine months ended September 30, 2022 and 2021 (unaudited))

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

Item 3. Quantitative and Qualitative Disclosures About Market Risk

53

Item 4. Controls and Procedures

54

PART II. Other Information

55

Item 1. Legal Proceedings

55

Item 1A. Risk Factors

55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

55

Item 3. Defaults Upon Senior Securities

55

Item 4. Mine Safety Disclosures

55

Item 5. Other Information

55

Item 6. Exhibits

56

Signatures

57

 


Table of Contents

CF BANKSHARES INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands except per share data)

     

September 30,

December 31,

2022

2021

(unaudited)

ASSETS

Cash and cash equivalents

$

198,066

$

166,591

Interest-bearing deposits in other financial institutions

100

100

Securities available for sale

11,436

16,347

Equity securities

5,000

5,000

Loans held for sale, at fair value

-  

27,988

Loans and leases, net of allowance of $15,687 and $15,508

1,473,883

1,214,149

FHLB and FRB stock

7,633

7,315

Premises and equipment, net

3,792

5,869

Other assets held for sale

1,930

-  

Operating lease right-of-use assets

1,499

1,925

Bank owned life insurance

26,189

25,743

Accrued interest receivable and other assets

34,514

24,562

Total assets

$

1,764,042

$

1,495,589

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits

Noninterest bearing

$

270,945

$

284,935

Interest bearing

1,219,038

961,417

Total deposits

1,489,983

1,246,352

FHLB advances and other debt

102,803

89,727

Advances by borrowers for taxes and insurance

2,573

2,752

Operating lease liabilities

1,588

2,032

Accrued interest payable and other liabilities

17,311

14,513

Subordinated debentures

14,912

14,883

Total liabilities

1,629,170

1,370,259

Commitments and contingent liabilities

-  

-  

Stockholders' equity

Common stock, $0.01 par value;

shares authorized: 9,090,909, including 1,260,700 shares of non-voting common stock

Voting common stock, $0.01 par value; shares issued: 5,567,377 at September 30, 2022 and 5,485,980 at December 31, 2021

56

55

Non-voting common stock, $0.01 par value;

shares issued: 1,260,700 at September 30, 2022 and 1,260,700 at December 31, 2021

13

13

Series C preferred stock, $0.01 par value; 12,607 shares authorized;

0 issued at September 30, 2022 and 0 shares issued at December 31, 2021

-  

-  

Additional paid-in capital

89,307

88,528

Retained earnings

56,742

44,084

Accumulated other comprehensive loss

(1,654)

(170)

Treasury stock, at cost; 360,799 shares of voting common stock at September 30, 2022 and 246,432 shares of voting common stock at December 31, 2021

(9,592)

(7,180)

Total stockholders' equity

134,872

125,330

Total liabilities and stockholders' equity

$

1,764,042

$

1,495,589

 

See accompanying notes to consolidated financial statements.

3


Table of Contents

CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share data)

(Unaudited)

Three months ended

Nine months ended

September 30,

September 30,

2022

2021

2022

2021

Interest and dividend income

Loans and leases, including fees

$

16,876

$

12,397

$

43,746

$

38,452

Securities

219

230

664

529

FHLB and FRB stock dividends

98

55

238

167

Federal funds sold and other

813

21

1,215

73

18,006

12,703

45,863

39,221

Interest expense

Deposits

3,992

1,777

8,177

6,382

FHLB advances and other debt

446

289

1,340

1,096

Subordinated debentures

252

224

711

673

4,690

2,290

10,228

8,151

Net interest income

13,316

10,413

35,635

31,070

Provision for loan and lease losses

150

-  

150

(1,600)

Net interest income after provision for loan and lease losses

13,166

10,413

35,485

32,670

Noninterest income

Service charges on deposit accounts

268

213

823

612

Net gains (losses) on sales of residential mortgage loans

-  

(268)

678

5,348

Net gains (losses) on sales of commercial loans

134

(1)

277

1,158

Swap fee income

24

-  

42

182

Gain on redemption of life insurance policies

-  

-  

-  

383

Earnings on bank owned life insurance

151

142

446

370

Gain on sale of deposits

-  

1,893

-  

1,893

Other

128

98

293

312

705

2,077

2,559

10,258

Noninterest expense

Salaries and employee benefits

4,112

4,250

11,311

13,410

Occupancy and equipment

324

254

955

835

Data processing

1,126

520

2,175

1,580

Franchise and other taxes

178

241

839

723

Professional fees

896

959

2,148

3,555

Director fees

171

156

465

466

Postage, printing and supplies

45

34

126

120

Advertising and marketing

108

45

287

2,572

Telephone

66

65

180

191

Loan expenses

296

99

502

187

Depreciation

134

108

375

311

FDIC premiums

312

476

690

1,095

Regulatory assessment

70

66

201

196

Other insurance

45

45

135

113

Impairment of property and equipment

570

-  

570

-  

Other

146

111

389

311

8,599

7,429

21,348

25,665

Income before incomes taxes

5,272

5,061

16,696

17,263

Income tax expense

1,023

985

3,203

3,277

Net income

$

4,249

$

4,076

$

13,493

$

13,986

Earnings per common share:

Basic

$

0.66

$

0.63

$

2.11

$

2.14

Diluted

$

0.65

$

0.61

$

2.06

$

2.10

 

See accompanying notes to consolidated financial statements.

4


Table of Contents

CF BANKSHARES INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands except per share data)

(Unaudited)

         

Three months ended

Nine months ended

September 30,

September 30,

2022

2021

2022

2021

Net income

$

4,249

$

4,076

$

13,493

$

13,986

Other comprehensive loss:

Unrealized holding losses arising during the period related to securities available for sale, net of tax of ($57) and ($3), and ($394) and ($15)

(217)

(13)

(1,484)

(59)

Other comprehensive loss, net of tax

(217)

(13)

(1,484)

(59)

Comprehensive income

$

4,032