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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, 2023

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.)

4960 E. Dublin Granville Road, Suite #400, Columbus, Ohio 43081

(Address of principal executive offices) (Zip Code)

(614) 334-7979

(Registrant’s telephone number, including area code)

______________N/A________________________

(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 [ ] Non-accelerated Filer [X] 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, 2023, there were 5,294,363 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, 2023 (unaudited) and December 31, 2022

3

Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)

6

Consolidated Statements of Cash Flows for the ninemonths ended September 30, 2023 and 2022 (unaudited)

8

Notes to Consolidated Financial Statements (three and nine months ended September 30, 2023 and 2022 (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

52

Item 4. Controls and Procedures

53

PART II. Other Information

54

Item 1. Legal Proceedings

54

Item 1A. Risk Factors

54

Item 2. Unregistered Sales of Equity Securities,Use of Proceeds, and Issuer Purchases of Equity Securities

54

Item 3. Defaults Upon Senior Securities

54

Item 4. Mine Safety Disclosures

54

Item 5. Other Information

54

Item 6. Exhibits

55

Signatures

56

 


Table of Contents

CF BANKSHARES INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands except per share data)

     

September 30,

December 31,

2023

2022

(unaudited)

ASSETS

Cash and cash equivalents

$

229,763

$

151,787

Interest-bearing deposits in other financial institutions

100

100

Securities available for sale

8,480

10,442

Equity securities

5,000

5,000

Loans held for sale, at fair value

1,355

580

Loans and leases, net of allowance for credit losses on loans of $17,032 and $16,062

1,659,774

1,572,255

FHLB and FRB stock

8,499

7,942

Premises and equipment, net

3,940

3,778

Other assets held for sale

-  

1,930

Operating lease right-of-use assets

5,138

1,357

Bank owned life insurance

26,103

25,641

Accrued interest receivable and other assets

44,300

39,362

Total assets

$

1,992,452

$

1,820,174

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits

Noninterest bearing

$

214,334

$

263,241

Interest bearing

1,470,659

1,264,681

Total deposits

1,684,993

1,527,922

FHLB advances and other debt

109,987

109,461

Advances by borrowers for taxes and insurance

1,737

3,513

Operating lease liabilities

5,216

1,438

Accrued interest payable and other liabilities

24,298

23,670

Subordinated debentures

14,951

14,922

Total liabilities

1,841,182

1,680,926

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: 5,660,504 at September 30, 2023 and 5,601,289 at December 31, 2022

57

56

Non-voting common stock, $0.01 par value;

shares issued: 1,260,700 at September 30, 2023 and December 31, 2022

13

13

Additional paid-in capital

90,731

89,813

Retained earnings

72,668

61,095

Accumulated other comprehensive loss

(2,384)

(2,037)

Treasury stock, at cost; 371,595 shares of voting common stock at September 30, 2023 and 365,165 shares of voting common stock at December 31, 2022

(9,815)

(9,692)

Total stockholders' equity

151,270

139,248

Total liabilities and stockholders' equity

$

1,992,452

$

1,820,174

 

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,

2023

2022

2023

2022

Interest and dividend income

Loans and leases, including fees

$

25,121

$

16,876

$

71,143

$

43,746

Securities

101

219

529

664

FHLB and FRB stock dividends

166

98

425

238

Federal funds sold and other

2,778

813

6,470

1,215

28,166

18,006

78,567

45,863

Interest expense

Deposits

15,421

3,992

39,500

8,177

FHLB advances and other debt

783

446

2,314

1,340

Subordinated debentures

295

252

867

711

16,499

4,690

42,681

10,228

Net interest income

11,667

13,316

35,886

35,635

Provision for credit losses

Provision for credit losses-loans

1,198

150

1,402

150

Provision for credit losses-unfunded commitments

(5)

-  

40

-  

1,193

150

1,442

150

Net interest income after provision for credit losses

10,474

13,166

34,444

35,485

Noninterest income

Service charges on deposit accounts

396

268

1,079

823

Net gains on sales of residential mortgage loans

48

-  

85

678

Net gains on sales of commercial loans

12

134

12

277

Swap fee income

444

24

616

42

Earnings on bank owned life insurance

157

151

462

446

Other

244

128

744

293

1,301

705

2,998

2,559

Noninterest expense

Salaries and employee benefits

3,420

4,112

11,184

11,311

Occupancy and equipment

427

324

1,264

955

Data processing

532

1,126

1,568

2,175

Franchise and other taxes

308

178

935

839

Professional fees

635

896

1,873

2,148

Director fees

162

171

496

465

Postage, printing and supplies

31

45

123

126

Advertising and marketing

53

108

307

287

Telephone

61

66

197

180

Loan expenses

151

296

510

502

Depreciation

145

134

426

375

FDIC premiums

568

312

1,590

690

Regulatory assessment

63

70

181

201

Other insurance

55

45

154

135

Impairment of property and equipment

-  

570

-  

570

Other

149

146

816

389

6,760

8,599

21,624

21,348

Income before incomes taxes

5,015

5,272

15,818

16,696

Income tax expense

984

1,023

3,116

3,203

Net income

$

4,031

$

4,249

$

12,702

$

13,493

Earnings per common share:

Basic

$

0.63

$

0.66

$

1.98

$

2.11

Diluted

$

0.62

$

0.65

$

1.97

$

2.06

 

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,

2023

2022

2023

2022

Net income

$

4,031

$

4,249