CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 4th QUARTER AND FULL YEAR 2024.

, /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, National Association ("CFBank"), today announced financial results for the fourth quarter and the full year ended December 31, 2024. Fourth Quarter and Full Year 2024 Highlights Net income was $4.4 million ($0.68 per diluted common share) for the fourth quarter and $13.4 million ($2.06 per diluted common share) for the year ended December 31, 2024. Pre-provision, pre-tax net revenue (PPNR) for the fourth quarter was $6.5 million, which represented a $706,000 (12%) increase over the third quarter of 2024. PPNR for the year ended December 31, 2024 was $22.9 million. Return on Average Equity (ROE) was 10.61% for the fourth quarter, while Return on Average Assets (ROA) was 0.86%. Net Interest Income for the fourth quarter of 2024 increased $1.0 million (9.4%) when compared to the third quarter of 2024. Net Interest Margin (NIM) increased 16bps when compared to the previous quarter. This improvement in our NIM was driven by a 30bps reduction in the average rate paid on interest-bearing liabilities. This represents the third consecutive quarter in which we have achieved NIM expansion. Noninterest income was up $413,000 (40%) for the fourth quarter of 2024 when compared to the fourth quarter of 2023, while Full Year 2024 noninterest income was up $1.1 million (28%) over 2023. The largest contributor to the noninterest income growth were Customer Fees, including Cash Management products and services, which grew $939,000 (60%) for the Full Year 2024 when compared to 2023. Noninterest bearing (NIB) deposit balances increased by $38 million (16%) during 2024. Recent Developments On January 6, 2025, the Company's Board of Directors declared a cash dividend of $0.07 per share on its common stock and a corresponding cash dividend of $7.00 per share on its Series D Preferred Stock. The dividend was paid on January 27, 2025 to shareholders of record as of the close of business on January 16, 2025. CEO and Board Chair Commentary Timothy T. O'Dell, President and CEO, commented: "Fourth Quarter 2024 Net Income was $4.4 million, which is net of a $1 million after-tax impact from additional Credit Loss Reserves. The business and operating environment which we and other Banks experienced during 2024, remained volatile and punctuated by periods of elevated interest rates. I am particularly pleased that our CF Team remained nimble, adjusting successfully to this period of interest rate volatility which included an inverted interest rate yield curve. Our fourth quarter results reflect improving results and stabilized performance achieved through ongoing operating adjustments made to our business and pricing models. We believe these recent results will bode well for continued success in 2025. Performance results for the fourth quarter of 2024 included PPNR of $6.5 million, which represented a 12% increase over the prior quarter. Also, during the fourth quarter, NIM expanded by 16bps, while Net Interest Income increased by roughly $1 million during the fourth quarter as compared to the third quarter. Additionally, NIB deposits grew by $38 million, or 16%, during the year, as a result of our strategic focus on growing Commercial Treasury Management Deposit business relationships. Full year deposit-related service fee income increased nearly $1 million, up 60%, during 2024 and increased 37% during the fourth quarter of 2024 when compared to the fourth quarter of 2023. Having opportunistically added more proven Bankers, CFBank has in place stronger and deeper Regional Banking Teams entering the new year. Our business opportunities and Pipelines continue to be strong, as evidenced by our ability to outrun heavy loan payoff's driven by CRE Development Construction projects successfully moving onto permanent financing. We believe a more stabilized operating and interest rate environment, coupled with our deepened team and continued strong business opportunities, positions CFBank well for 2025! Our Bests are yet ahead!" Robert E. Hoeweler, Chairman of the Board, added: "Our team is navigating through some of the most challenging and disruptive financial times in memory. At times it is amazing to witness how our entire team navigates seamlessly through these challenges. Our focus remains providing our customers with comprehensive solutions to their financial needs while building long-term mutually beneficial relationships." Overview of Results Net income for the three months ended December 31, 2024 totaled $4.4 million (or $0.68 per diluted common share) compared to net income of $4.2 million (or $0.65 per diluted common share) for the three months ended September 30, 2024 and net income of $4.2 million (or $0.65 per diluted common share) for the three months ended December 31, 2023. Pre-provision, pre-tax net revenue ("PPNR") for the three months ended December 31, 2024 was $6.5 million compared to PPNR of $5.8 million for the three months ended September 30, 2024 and PPNR of $6.0 million for the three months ended December 31, 2023. Net income for the year ended December 31, 2024 totaled $13.4 million (or $2.06 per diluted common share) compared to net income of $16.9 million (or $2.63 per diluted common share) for the year ended December 31, 2023. PPNR for the year ended December 31, 2024 was $22.9 million compared to PPNR of $23.3 million for the year ended December 31, 2023. Net Interest Income and Net Interest Margin Net interest income totaled $12.5 million for the quarter ended December 31, 2024 and increased $1.0 million, or 9.4%, compared to $11.5 million for the prior quarter, and increased $779,000, or 6.6%, compared to $11.8 million for the fourth quarter of 2023. The increase in net interest income compared to the prior quarter was primarily due to a $1.1 million, or 5.8%, decrease in interest expense, partially offset by a $4,000 decrease in interest income. The decrease in interest expense when compared to the prior quarter was attributed to a 30bps decrease in the average cost of funds on interest-bearing liabilities, partially offset by an $8.5 million, or 0.5%, increase in average interest-bearing liabilities. The decrease in interest income was primarily attributed to a 14bps decrease in the average yield on interest-earning assets, partially offset by a $42.4 million, or 2.2%, increase in average interest-earning assets. The net interest margin of 2.57% for the quarter ended December 31, 2024 increased 16bps compared to the net interest margin of 2.41% for the prior quarter. The increase in net interest income compared to the fourth quarter of 2023 was primarily due to a $499,000, or 2.8%, decrease in interest expense, coupled with a $280,000, or 0.9%, increase in interest income. The decrease in interest expense was attributed to a 9bps decrease in the average cost of funds on interest-bearing liabilities, coupled with a $13.5 million, or 0.8%, decrease in average interest-bearing liabilities. The increase in interest income was primarily attributed to an $18.0 million, or 0.9%, increase in average interest-earning assets outstanding. The net interest margin of 2.57% for the quarter ended December 31, 2024 increased 13bps compared to the net interest margin of 2.44% for the fourth quarter of 2023. Noninterest Income Noninterest income for the quarter ended December 31, 2024 totaled $1.4 million and decreased $160,000, or 10.0%, compared to $1.6 million for the prior quarter. The decrease was primarily due to a $183,000 decrease in swap fee income. Noninterest income for the quarter ended December 31, 2024 increased $413,000, or 40.0%, compared to $1.0 million for the quarter ended December 31, 2023. The increase was primarily due to a $181,000 increase in service charges on deposit accounts, a $123,000 increase in other noninterest income, and a $114,000 increase in net gain on sales of residential mortgage loans. The following table represents the notional amount of loans sold during the three months ended December 31, 2024, September 30, 2024, and December 31, 2023 (in thousands). Three Months ended December 31, 2024 September 30, 2024 December 31, 2023 Notional amount of loans sold $ 15,670 $ 12,053 $ 1,990 Noninterest Expense Noninterest expense for the quarter ended December 31, 2024 totaled $7.4 million and increased $207,000, or 2.9%, compared to $7.2 million for the prior quarter. The increase in noninterest expense was primarily due to a $228,000 increase in loan expense, and a $168,000 in professional fee expense, partially offset by a $132,000 decrease in other noninterest expense and a $78,000 decrease in FDIC premiums. Noninterest expense for the quarter ended December 31, 2024 increased $688,000, or 10.2%, compared to $6.7 million for the quarter ended December 31, 2023. The increase in noninterest expense was primarily due to a $352,000 increase in loan expense, a $226,000 increase in salaries and employee benefits, and a $225,000 increase in professional fee expense, partially offset by a $174,000 decrease in FDIC premiums. Income Tax Expense Income tax expense was $748,000 for the quarter ended December 31, 2024 (effective tax rate of 14.5%), compared to $1.1 million for the prior quarter (effective tax rate of 20.4%) and $932,000 for the quarter ended December 31, 2023 (effective tax rate of 18.0%). The reduction in the effective tax rate for the quarter ended December 31, 2024 was primarily related to tax-credit investments. Loans and Loans Held For Sale Net loans and leases totaled $1.7 billion at December 31, 2024 and increased $4.9 million, or 0.3%, from the prior quarter and increased $27.9 million, or 1.6%, from December 31, 2023. The increase in loans and leases balances was primarily due to a $30.7 million increase in construction loan balances, a $12.3 million increase in commercial real estate loan balances, and a $4.4 million increase in single-family residential loan balances, partially offset by a $26.1 million decrease in multi-family loan balances and a $14.1 million decrease in commercial and industrial (C&I) loan balances. The increase in net loans and leases from December 31, 2023 was primarily due to a $27.0 million increase in commercial real estate loan balances, a $19.7 million increase in multi-family loan balances, an $11.4 million increase in construction loan balances, and a $3.6 million increase in home equity lines of credit, partially offset by a $21.1 million decrease in commercial and industrial (C&I) loan balances, and a $12.7 million decrease in single-family residential loan balances. The following table presents the recorded investment in loans and leases for certain non-owner-occupied loan types (in thousands). December 31, 2024 September 30, 2024 Construction – 1-4 family* $ 26,786 $ 23,046 Construction – Multi-family* 144,879 111,897 Construction – Non-residential* 29,582 35,608 Hotel/Motel 12,001 12,074 Industrial / Warehouse 58,480 56,571 Land/Land Development 25,123 23,595 Medical/Healthcare/Senior Housing 2,333 2,479 Multi-family 199,269 227,895 Office 42,412 43,407 Retail 62,652 63,074 Other 8,533 7,732 *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 $14.5 million, or 0.84% of total loans at December 31, 2024, a decrease of $59,000 from $14.6 million at September 30, 2024 and an increase of $8.8 million from $5.7 million at December 31, 2023. The increase in nonaccrual loans when compared to December 31, 2023 was primarily driven by four commercial loans, totaling $11.3 million, and three single-family residential loans, totaling $1.1 million, becoming nonaccrual during the year ended December 31, 2024, partially offset by $3.5 million in charge-offs. Loans 30 days or more past due totaled $12.1 million at December 31, 2024, compared to $7.7 million at September 30, 2024 and $2.0 million at December 31, 2023. The allowance for credit losses on loans and leases totaled $17.5 million at December 31, 2024 compared to $16.8 million at September 30, 2024 and $16.9 million at December 31, 2023. The ratio of the allowance for credit losses on loans and leases to total loans and leases was 1.00% at December 31, 2024, compared to 0.97% at September 30, 2024 and 0.99% at December 31, 2023. There was $1.4 million in provision for credit losses expense for the quarter ended December 31, 2024, compared to $558,000 for the quarter ended September 30, 2024 and $875,000 for the quarter ended December 31, 2023. The increase in the provision for credit losses when compared to the prior quarter was primarily driven by additional reserves placed on two individually-evaluated commercial loan participations in the fourth quarter of 2024. Net charge-offs for the quarter ended December 31, 2024 totaled $95,000, compared to net charge-offs of $3.3 million for the prior quarter and net charge-offs of $623,000 for the quarter ended December 31, 2023. Deposits Deposits totaled $1.76 billion at December 31, 2024, an increase of $10.2 million, or 0.6%, compared to $1.75 billion at September 30, 2024, and an increase of $11.7 million, or 0.7%, when compared to $1.74 billion at December 31, 2023. The increase when compared to September 30, 2024 was primarily due to a $15.9 million increase in noninterest-bearing account balances, partially offset by a $5.7 million decrease in interest-bearing accounts balances. The increase when compared to December 31, 2023, was primarily due to a $37.8 million increase in noninterest-bearing account balances, partially offset by a $26.0 million decrease in interest-bearing account balances. The decrease in interest-bearing account balances when compared to December 31, 2023 included a $19.5 million reduction in brokered deposits. At December 31, 2024, approximately 29.8% of our deposit balances exceeded the FDIC insurance limit of $250,000, as compared to approximately 30.2% at September 30, 2024 and approximately 29.2% at December 31, 2023. Borrowings FHLB advances and other debt totaled $92.7 million at December 31, 2024 and decreased $16.0 million, or 14.7%, when compared to $108.7 million at September 30, 2024 and decreased $17.3 million, or 15.7%, when compared to $110.0 million at December 31, 2023. The decrease when compared to September 30, 2024 was primarily due to $16.0 million of fixed rate FHLB advances maturing during the fourth quarter of 2024. The decrease when compared to December 31, 2023 was primarily due to $18.5 million of fixed rate FHLB advances maturing, partially offset by a $1.2 million increase on the Company's line of credit with a third party financial institution. Capital Stockholders' equity totaled $168.4 million at December 31, 2024, an increase of $4.4 million, or 2.7%, when compared to $164.0 million at September 30, 2024, and an increase of $13.0 million, or 8.4%, from $155.4 million at December 31, 2023. The increase in total stockholders' equity during the three months ended December 31, 2024 was primarily attributed to net income, partially offset by $453,000 in dividend payments. The increase in stockholders' equity during the year ended December 31, 2024 was primarily attributed to net income, partially offset by $1.6 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). 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. These disclosures 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 holding company that owns 100% of the stock of CFBank, National Association ("CFBank"). CFBank is a nationally chartered boutique Commercial bank operating primarily in Four (4) Major Metro Markets: Columbus, Cleveland, and Cincinnati, 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. Since the 2012 recapitalization, CFBank has achieved a CAGR in excess of 20%. 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 CF Bankshares Inc. 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, 2023. 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, December 31, 2024 2023 %change 2024 2023 %change Total interest income $ 29,992 $ 29,712 1 % $ 118,389 108,279 9 % Total interest expense 17,459 17,958 -3 % 71,745 60,639 18 % Net interest income 12,533 11,754 7 % 46,644 47,640 -2 % Provision for credit losses Provision for credit losses-loans 789 456 n/m 6,087 1,858 228 % Provision for credit losses-unfunded commitments 592 419 41 % 650 459 42 % 1,381 875 58 % 6,737 2,317 191 % Net interest income after provision for credit losses 11,152 10,879 3 % 39,907 45,323 -12 % Noninterest income Service charges on deposit accounts 668 487 37 % 2,505 1,566 60 % Net gain on sales of residential mortgage loans 148 34 335 % 435 119 266 % Net gain on sale of commercial loans 79 54 n/m 246 66 n/m Swap fee income 69 99 -30 % 321 715 -55 % Other 482 359 34 % 1,668 1,565 7 % Noninterest income 1,446 1,033 40 % 5,175 4,031 28 % Noninterest expense Salaries and employee benefits 3,555 3,329 7 % 14,172 14,513 -2 % Occupancy and equipment 444 430 3 % 1,821 1,694 7 % Data processing 682 604 13 % 2,569 2,172 18 % Franchise and other taxes 301 328 -8 % 1,269 1,263 0 % Professional fees 822 597 38 % 2,729 2,470 10 % Director fees 153 162 -6 % 574 658 -13 % Postage, printing, and supplies 37 26 42 % 152 149 2 % Advertising and marketing 35 29 21 % 134 336 -60 % Telephone 56 60 -7 % 210 257 -18 % Loan expenses 461 109 323 % 1,400 619 126 % Depreciation 115 141 -18 % 486 567 -14 % FDIC premiums 451 625 -28 % 2,079 2,215 -6 % Regulatory assessment 64 61 5 % 258 242 7 % Other insurance 46 55 -16 % 198 209 -5 % Other 211 189 12 % 887 1,005 -12 % Noninterest expense 7,433 6,745 10 % 28,938 28,369 2 % Income before income taxes 5,165 5,167 0 % 16,144 20,985 -23 % Income tax expense 748 932 -20 % 2,757 4,048 -32 % Net income 4,417 4,235 4 % 13,387 16,937 -21 % Earnings allocated to participating securities (Series Dpreferred stock) (144) - n/m (361) - n/m Net Income attributable to common stockholders $ 4,273 $ 4,235 1 % $ 13,026 $ 16,937 -23 % Share Data Basic earnings per common share $ 0.68 $ 0.66 $ 2.08 $ 2.64 Diluted earnings per common share $ 0.68 $ 0.65 $ 2.06 $ 2.63 Average common shares outstanding - basic 6,258,616 6,433,568 6,274,571 6,421,088 Average common shares outstanding - diluted 6,328,710 6,469,862 6,308,992 6,447,447 n/m - not meaningful Consolidated Statements of Financial Condition ($ in thousands) Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, (unaudited) 2024 2024 2024 2024 2023 Assets Cash and cash equivalents $ 235,272 $ 233,520 $ 241,775 $ 236,892 $ 261,595 Interest-bearing deposits in other financial institutions 100 100 100 100 100 Securities available for sale 8,683 8,690 8,323 7,597 8,092 Equity securities 5,000 5,000 5,000 5,000 5,000 Loans held for sale 2,623 5,240 3,187 2,241 1,849 Loans and leases 1,739,493 1,733,855 1,706,980 1,713,929 1,710,998 Less allowance for credit losses on loans and leases (17,474) (16,780) (19,285) (18,198) (16,865) Loans and leases, net 1,722,019 1,717,075 1,687,695 1,695,731 1,694,133 FHLB and FRB stock 8,918 8,908 9,830 8,491 8,482 Premises and equipment, net 3,536 3,480 3,571 3,685 3,812 Operating lease right of use assets 6,087 6,259 4,858 5,041 5,221 Bank owned life insurance 27,116 26,899 26,683 26,470 26,266 Accrued interest receivable and other assets 46,169 49,135 49,612 48,225 44,065 Total assets $ 2,065,523 $ 2,064,306 $ 2,040,634 $ 2,039,473 $ 2,058,615 Liabilities and Stockholders' Equity Deposits Noninterest bearing $ 273,668 $ 257,715 $ 217,771 $ 236,841 $ 235,916 Interest bearing 1,482,127 1,487,861 1,478,705 1,486,229 1,508,141 Total deposits 1,755,795 1,745,576 1,696,476 1,723,070 1,744,057 FHLB advances and other debt 92,680 108,672 137,163 111,004 109,995 Advances by borrowers for taxes and insurance 2,238 1,214 154 1,093 2,179 Operating lease liabilities 6,229 6,387 4,949 5,127 5,302 Accrued interest payable and other liabilities 25,144 23,464 27,322 26,209 26,747 Subordinated debentures 15,000 14,990 14,980 14,971 14,961 Total liabilities 1,897,086 1,900,303 1,881,044 1,881,474 1,903,241 Stockholders' equity 168,437 164,003 159,590 157,999 155,374 Total liabilities and stockholders' equity $ 2,065,523 $ 2,064,306 $ 2,040,634 $ 2,039,473 $ 2,058,615 Average Balance Sheet and Yield Analysis For Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 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) $ 13,664 $ 143 3.54 % $ 13,333 $ 144 3.56 % $ 13,412 $ 129 3.14 % Loans and leases and loans heldfor sale (3) 1,723,753 27,212 6.31 % 1,702,563 27,189 6.39 % 1,682,498 26,240 6.24 % Other earning assets 198,834 2,458 4.94 % 177,710 2,496 5.62 % 222,764 3,176 5.70 % FHLB and FRB stock 8,914 179 8.03 % 9,115 167 7.33 % 8,496 167 7.86 % Total interest-earning assets 1,945,165 29,992 6.16 % 1,902,721 29,996 6.30 % 1,927,170 29,712 6.16 % Noninterest-earning assets 100,867 97,700 96,301 Total assets $ 2,046,032 $ 2,000,421 $ 2,023,471 Interest-bearing liabilities: Deposits $ 1,465,595 16,342 4.46 % $ 1,454,433 17,382 4.78 % $ 1,475,357 16,863 4.57 % FHLB advances and otherborrowings 121,193 1,117 3.69 % 123,872 1,154 3.73 % 124,948 1,095 3.51 % Total interest-bearing liabilities 1,586,788 17,459 4.40 % 1,578,305 18,536 4.70 % 1,600,305 17,958 4.49 % Noninterest-bearing liabilities 292,733 260,077 269,442 Total liabilities 1,879,521 1,838,382 1,869,747 Equity 166,511 162,039 153,724 Total liabilities and equity $ 2,046,032 $ 2,000,421 $ 2,023,471 Net interest-earning assets $ 358,377 $ 324,416 $ 326,865 Net interest income/interest ratespread $ 12,533 1.76 % $ 11,460 1.60 % $ 11,754 1.67 % Net interest margin 2.57 % 2.41 % 2.44 % Average interest-earning assets to average interest-bearingliabilities 122.59 % 120.55 % 120.43 % (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) 2024 2024 2024 2024 2023 2024 2023 Earnings and Dividends Net interest income $ 12,533 $ 11,460 $ 11,367 $ 11,284 $ 11,754 $ 46,644 $ 47,640 Provision for credit losses $ 1,381 $ 558 $ 3,561 $ 1,237 $ 875 $ 6,737 $ 2,317 Noninterest income $ 1,446 $ 1,606 $ 1,218 $ 905 $ 1,033 $ 5,175 $ 4,031 Noninterest expense $ 7,433 $ 7,226 $ 7,092 $ 7,187 $ 6,745 $ 28,938 $ 28,369 Net income $ 4,417 $ 4,205 $ 1,695 $ 3,070 $ 4,235 $ 13,387 $ 16,937 Basic earnings per common share $ 0.68 $ 0.65 $ 0.26 $ 0.48 $ 0.66 $ 2.08 $ 2.64 Diluted earnings per common share $ 0.68 $ 0.65 $ 0.26 $ 0.47 $ 0.65 $ 2.06 $ 2.63 Dividends declared per share $ 0.07 $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.25 $ 0.23 Performance Ratios (annualized) Return on average assets 0.86 % 0.84 % 0.34 % 0.61 % 0.84 % 0.67 % 0.88 % Return on average equity 10.61 % 10.38 % 4.23 % 7.80 % 11.02 % 8.29 % 11.46 % Average yield on interest-earning assets 6.16 % 6.30 % 6.16 % 6.07 % 6.16 % 6.17 % 5.89 % Average rate paid on interest-bearingliabilities 4.40 % 4.70 % 4.57 % 4.51 % 4.49 % 4.54 % 3.99 % Average interest rate spread 1.76 % 1.60 % 1.59 % 1.56 % 1.67 % 1.63 % 1.90 % Net interest margin, fully taxableequivalent 2.57 % 2.41 % 2.39 % 2.36 % 2.44 % 2.43 % 2.59 % Efficiency ratio (3) 53.17 % 55.30 % 56.35 % 58.96 % 52.75 % 55.84 % 54.90 % Noninterest expense to average assets 1.45 % 1.44 % 1.42 % 1.43 % 1.33 % 1.44 % 1.47 % Capital Tier 1 capital leverage ratio (1) 10.33 % 10.36 % 10.11 % 10.05 % 9.76 % 10.33 % 9.76 % Total risk-based capital ratio (1) 13.60 % 13.43 % 13.48 % 13.50 % 13.30 % 13.60 % 13.30 % Tier 1 risk-based capital ratio (1) 12.45 % 12.35 % 12.23 % 12.31 % 12.17 % 12.45 % 12.17 % Common equity tier 1 capital to riskweighted assets (1) 12.45 % 12.35 % 12.23 % 12.31 % 12.17 % 12.45 % 12.17 % Equity to total assets at end of period 8.15 % 7.94 % 7.82 % 7.75 % 7.55 % 8.15 % 7.55 % Book value per common share $ 25.51 $ 24.83 $ 24.17 $ 24.17 $ 23.74 $ 25.51 $ 23.74 Tangible book value per common share(2) $ 25.51 $ 24.83 $ 24.17 $ 24.17 $ 23.74 $ 25.51 $ 23.74 Period-end market value per commonshare $ 25.54 $ 21.65 $ 18.76 $ 19.97 $ 19.50 $ 25.54 $ 19.50 Period-end common shares outstanding 6,402,085 6,388,110 6,387,655 6,338,115 6,545,560 6,402,085 6,545,560 Average basic common sharesoutstanding 6,258,616 6,253,716 6,256,457 6,329,898 6,433,568 6,274,571 6,421,088 Average diluted common sharesoutstanding 6,328,710 6,293,908 6,256,457 6,357,298 6,469,862 6,308,992 6,447,447 Asset Quality Nonperforming loans $ 14,719 $ 14,597 $ 10,909 $ 7,895 $ 5,722 $ 14,719 $ 5,722 Nonperforming loans to total loans 0.85 % 0.84 % 0.64 % 0.46 % 0.33 % 0.85 % 0.33 % Nonperforming assets to total assets 0.71 % 0.71 % 0.53 % 0.39 % 0.28 % 0.71 % 0.28 % Allowance for credit losses on loans andleases to total loans and leases 1.00 % 0.97 % 1.13 % 1.06 % 0.99 % 1.00 % 0.99 % Allowance for credit losses on loans andleases to nonperforming loans and leases 118.72 % 114.96 % 176.78 % 230.50 % 294.74 % 118.72 % 294.74 % Net charge-offs (recoveries) $ 95 $ 3,291 $ 2,108 $ (16) $ 623 $ 5,478 $ 646 Annualized net charge-offs (recoveries)to average loans 0.02 % 0.77 % 0.49 % 0.00 % 0.15 % 0.32 % 0.04 % Average Balances Loans $ 1,737,656 $ 1,717,886 $ 1,704,118 $ 1,710,057 $ 1,699,323 $ 1,717,486 $ 1,650,987 Assets $ 2,046,032 $ 2,000,421 $ 1,997,376 $ 2,004,194 $ 2,023,471 $ 2,012,069 $ 1,929,169 Stockholders' equity $ 166,511 $ 162,039 $ 160,205 $ 157,359 $ 153,724 $ 161,543 $ 147,812 (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, December 31, 2024 2024 2023 2024 2023 Net income $ 4,417 $ 4,205 $ 4,235 $ 13,387 $ 16,937 Add: Provision for credit losses 1,381 558 875 6,737 2,317 Add: Income tax expense 748 1,077 932 2,757 4,048 Pre-provision, pre-tax net revenue $ 6,546 $ 5,840 $ 6,042 $ 22,881 $ 23,302 SOURCE CF BANKSHARES INC. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS RESULTS FOR THE 4th QUARTER AND FULL YEAR 2024.

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