8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2022

CF BANKSHARES INC.

(Exact name of registrant as specified in its charter)

Delaware	0-25045	34-1877137
(State or other jurisdiction of	(Commission	(IRS Employer
incorporation)	File Number)	Identification Number)
7000 N. High Street, Worthington, Ohio	43085	(614) 334-7979
(Address of principal executive offices)	(Zip Code)	(Registrant’s Telephone Number)

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	CFBK	The NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 5, 2022, CF Bankshares Inc. (the “Company”) issued a press release announcing financial results for the first quarter ended March 31, 2022 (the “Earnings Release”). A copy of the Earnings Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

(a)	Not applicable
(b)	Not applicable
(c)	Not applicable
(d)	Exhibits
	99.1 Earnings Release issued by the Company on May 5, 2022, announcing financial results for the first quarter ended March 31, 2022.
	104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

‎

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CF Bankshares Inc.
Date: May 5, 2022	By:	/s/ Kevin J. Beerman
		Kevin J. Beerman
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Parent of CFBank, NA

PRESS RELEASE
FOR IMMEDIATE RELEASE:	May 5, 2022
For Further Information:	Timothy T. O'Dell, President & CEO
	Phone:  614.318.4660
	Email: timodell@cfbankmail.com

CF BANKSHARES INC., PARENT OF CFBANK NA, REPORTS NET EARNINGS OF $4.5 MILLION OR $0.69 PER SHARE FOR THE 1ST QUARTER OF 2022.

Columbus, Ohio – May 5, 2022 – CF Bankshares Inc. (NASDAQ: CFBK) (the “Company”), the parent of CFBank, today announced financial results for first quarter ended March 31, 2022.

Q1 2022 Highlights

· Net Income of $4.5 million and Earnings Per Share (EPS) of $0.69for Q1.  

· Return on Average Assets (ROA) and Return on Average Equity (ROE) were 1.24% and 14.32%, respectively.

· Book value per share increased to $19.70 at March 31, 2022.

· Loans grew by $67 million,  or 5.5%, during the first quarter of 2022. Net loans and leases totaled $1.3 billion at March 31, 2022.

· Deposits increased by $52 million,  or 4.2%, during the quarter.

· Improved Efficiency Ratio of 53.10% for Q1 2022 reflects ongoing operating efficiencies being achieved through the repositioning of our residential mortgage lending business to a downsized and traditional Retail Originations model.  As a result, noninterest expense decreased $519,000 when compared to Q4 2021 and decreased $2.7 million when compared to Q1 2021.

· Credit quality remains strong with loans more than 30 days past due at 0.07% of total loans at March 31, 2022.

Recent Developments

· On April 4, 2022, the Company’s Board of Directors declared a Cash Dividend of $0.04 per share payable to shareholders on April 25,2022.

· Subsequent to quarter end, an additional substandard loan paid off in full, further reducing the criticized and classified loan totals to approximately $3.4 million, down from $4.1 million at March 31, 2022 and $6.1 million at December 31, 2021.

· In March 2022, CFBank opened a full-service branch on Polaris Parkway in Columbus.

CEO and Board Chair Commentary

Timothy T. O’Dell, President and CEO, commented, “Earnings for Q1 remain level with Q4 earnings with EPS of $0.69 and $0.68 respectively and Net Interest Income remained consistent despite some large early payoff fees received during Q4 2021.  During the first quarter, we continued with our nearly 10-year long track record of consistently achieving quality growth of both loans and deposits.  Commercial loans grew by over 5% during Q1 net of elevated loan payoffs, mostly CRE projects refinanced by permanent lenders. Our loan and business pipelines remain strong.

We are investing in expanding our Commercial & Retail Teams as well as our footprint and market presence in our Regional metro markets.  Indianapolis, our newest regional market is gaining traction.  We believe the Indianapolis market in particular has good potential for generating deposit relationships with not-for-profit organizations.

We believe that our bank is well equipped to capitalize on quality business and growth opportunities going forward. Additionally we believe that we are well positioned to operate successfully in a rising interest rate environmentsince approximately $450 million in loan balances are variable rate and will reprice once existing floor interest rates have been met.  CFBank possesses both strong Capital, and excellent Credit Quality, coupled with a deepened and strengthened Team of experienced Commercial Bankers.”

Robert E. Hoeweler, Chairman of the Board, added: “Our experienced team has demonstrated success adapting to the challenges and seizing upon the opportunities of changing economic backdrops. The team is well positioned to continue to serve our existing clientele, and we have products to attract and bring new customers to CFBank. We continue to be forward looking, identifying new opportunities as they develop.”

We are just Revving Up!

Overview of Results

Net income for the three months ended March 31, 2022 totaled $4.5 million (or $0.69 per diluted common share) compared to net income of $4.5 million (or $0.68 per diluted common share) for the three months ended December 31, 2021 and net income of $6.4 million (or $0.96 per diluted common share) for the three months ended March 31, 2021.

The decrease in net income compared to March 31, 2021 was primarily the result of decreased margins and volumes on Direct to Consumer (DTC) residential mortgage loans, partially offset by an increase in net interest income and  adecrease in other noninterest expense.

As a result of declining mortgage margins, we have exited the saleable-to-investors mortgage business in favor of portfolio lending with servicing retained.

Net Interest Income and Net Interest Margin

Net interest income totaled $10.8 million for the quarter ended March 31, 2022 and decreased $195,000, or 1.8%, compared to $11.0 million in the prior quarter, and increased $1.2 million, or 12.0%, compared to $9.6 million in the first quarter of 2021.  The decrease in net interest income compared to the prior quarter was primarily due to a  $220,000, or 10.2%,increase in interest expense, partially offset by a$25,000, or 0.2%, increase in interest income.  The increase in interest expense was attributed to a $75.2 million, or 7.6%, increase in average interest-bearing liabilities coupled witha 2bps increase in the average cost of funds on interest-bearing liabilities.  The increase in interest income was primarily attributed to a $72.9 million, or 5.6%, increase in average interest-earning assets outstanding,  partially offset by a  20bps decrease in average yield on interest-earning assets.The net interest margin of 3.13% for the quarter ended March 31, 2022decreased23bps compared to the net interest margin of 3.36% for the prior quarter.  Our Q4 2021 margin was positively impacted by higher prepayment penalties received on early payoffs coupled with two extra days in the quarter.

The increase in net interest income compared to the first quarter of 2021 was primarily due to an$862,000, or 26.6%, decrease in interest expense and a $295,000, or 2.3%, increase in interest income.  The decrease in interest expense was attributed to a 20bps decrease in the average cost of funds on interest-bearing liabilities, coupled with a $113.8 million, or 9.7%, decrease in average interest-bearing liabilities.The increase in interest income was primarily attributed to a 22bps increase in average yield on interest-earning assets, partially offset by a $48.9 million, or 3.4%, decrease in average interest-

earning assets outstanding.  The net interest margin of 3.13% for the quarter ended March 31, 2022 increased 44bps compared to the net interest margin of 2.69% for the first quarter of 2021.

Noninterest Income

Noninterest income for the quarter ended March 31, 2022 totaled $1.0 million and decreased $336,000, or 24.3%, compared to $1.4 million for the prior quarter.  The decrease was primarily due to a $285,000 decrease in the net gain on sales of SBA loans. 

Noninterest income for the quarter ended March 31, 2022decreased $6.2 million, or 85.5%, compared to $7.2 million for the quarter ended March 31, 2021.  The decrease was primarily due to a $5.8million decrease in net gain on sale of residential mortgage loans.  The decrease in the net gain on sale of residential mortgage loans was the result of the Company’s decision to strategically scale down its residential mortgage lending business in response to the shift in the mortgage industry.

The following table represents the notional amount of loans sold during the threemonths ended March 31, 2022,  December 31, 2021, and March 31,2021 (in thousands).

	Three Months ended
	March 31, 2022		December 31, 2021		March 31, 2021
Notional amount of loans sold	$	85,180	$	130,407	$	756,886

The following table represents the revenue recognized on mortgage activities for the three months ended March 31, 2022,  December 31, 2021, and March  31, 2021 (in thousands).

	Three Months ended
	March 31, 2022		December 31, 2021		March 31, 2021
Gain on loans sold	$	61	$	1,025	$	11,916
Gain (loss) from change in fair value of loans held-for-sale		(448)		(567)		(6,937)
Gain (loss) from change in fair value of derivatives		944		110		1,381
	$	557	$	568	$	6,360

Noninterest Expense

Noninterest expense for the quarter ended March 31, 2022 totaled $6.3 million and decreased $519,000, or 7.6%, compared to $6.8 million for the prior quarter.  The decrease in noninterest expense was primarily due to  a $444,000 decrease in advertising and marketing expense. The decrease in advertising and marketing expense was the result of the decision to cease selling mortgages in the secondary market and transition to a retail focused loan origination model.

Noninterest expense for the quarter ended March 31, 2022decreased $2.7million, or 30.0%, compared to $9.0 million for the quarter ended March 31, 2021.  The decrease in noninterest expense was primarily due to  a $1.2 million decrease in advertising and marketing expense,  a $988,000 decrease in salaries and employee benefits, and a $608,000 decrease in professional fee expense. The decreases in advertising and marketing expense,  salaries and employee benefits expense, and professional fee expense were primarily the result of the scaling downand repositioning of our residential mortgage lending business as previously disclosed.

Income Tax Expense

Income tax expense was $1.0 million for the quarter ended March  31, 2022 (effective tax rate of 18.5%), compared to $1.1 million for the prior quarter (effective tax rate of 19.6%) and $1.5 million for the quarter ended March 31, 2021 (effective tax rate of 18.5%).

Loans and Loans Held For Sale

Net loans and leases totaled $1.3 billion at March 31, 2022 and increased $67.2 million, or 5.5%, from $1.2 billion atDecember 31, 2021.  The increase in net loans during the quarter was primarily due to a $29.7 million increase in single-family residential loan balances, a $26.1 million increase in commercial loan balances, an $11.8 million increase in construction loan balances, and a $2.3 increase in commercial real estate loan balances, partially offset by a $2.7 million

decrease in multi-family loan balances.  The increases in the aforementioned loan balances were related to increased sales activity and new relationships.

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

	March 31, 2022		December 31, 2021
Construction - 1-4 family	$	34,386	$	24,660
Construction - Multi-family		57,363		54,165
Construction - Non-residential		35,381		34,183
Hotel/Motel		17,078		17,118
Industrial / Warehouse		27,902		28,133
Land/Land Development		29,315		22,579
Medical/Healthcare/Senior Housing		3,297		5,213
Multi-family		60,990		68,591
Office		41,254		41,513
Retail		30,630		30,540
Other	$	57,186	$	58,955

Asset Quality

Nonaccrual loans were $1.0 million, or 0.08% of total loans at March 31, 2022,  anincrease of $9,000 from nonaccrual loans of $1.0 million at December 31, 2021.  Loans past due more than 30 days totaled $946,000at March 31, 2022compared to  $3.6 million at December 31, 2021.

The allowance for loan and lease losses totaled $15.5 million at March 31, 2022compared to $15.5 million at December 31, 2021.The ratio of the ALLL to total loans was 1.20% at March 31, 2022 compared to 1.26% at December 31, 2020.

The provision for loan and lease losses expense was $0 for both the quarter ended March 31, 2022and the prior quarter ended December 31, 2021.  Net recoveries for the quarter ended March 31, 2022 totaled $12,000 compared to net recoveries of $21,000 for the quarter ended December 31, 2021.

Deposits

Deposits totaled $1.3 billion at March 31, 2022,  an increase of $52.4 million, or 4.2%, when compared to $1.2 billion at December 31, 2021.  The increase when compared toDecember 31, 2021 is primarily due to  a$70.5 million increase in money market account balances anda  $13.6 million increase in certificate of deposit account balances,  partially offset by a $31.6 million decrease in checking account balances, and a $100,000decrease in savings account balances.  Noninterest-bearing deposit accounts decreased $31.1 million to $253.8 million from $284.9 million at December 31, 2021.

Borrowings

FHLB advances and other debt totaled $83.2 million at March 31, 2022,  a decrease of $6.5 million when compared to $89.7 million at December 31, 2021. The decrease was due to repayments of $6.5 million in FHLB advances.

Capital

Stockholders’ equity totaled $128.3 million at March 31, 2022, an increase of $3.0 million, or 2.4%, from $125.3 million at December 31, 2021.  The increase in total stockholders’ equity during the three months ended March 31, 2022 was primarily attributed to net income, partially offset by a $1.0 million other comprehensive loss and share repurchases of $331,000.  The other comprehensive loss was the result of the mark-to-market adjustment of our investment portfolio.

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 of nearly 25%.

CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing 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.

CFBank has been recognized as among the Top 200 Publicly Traded Community Banks by American Banker, and in addition, as a Small Cap All-Star performer by Piper Sandler in 2021, 2020, and 2019. CFBank is the only Ohio-based bank and one of only four banks in the country that have achieved this award for the past three consecutive years (2019, 2020 and 2021). In addition,  CFBank was ranked #4 in Performance and #2 in Growth Strategy by Bank Director magazine based on 2020 performance and growth.

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, impacts from the ongoing COVID-19 pandemic on local, national and global economic conditions in general and on our industry and business in particular, including adverse impacts on our customer’s operations, financial condition and ability to repay loans, changes in interest rates or disruptions in the mortgage market, and the effects of various governmental responses to the pandemic, including stimulus packages and programs, and those additional risks detailed from time to time in our reports filed with the SEC, including those 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, 2021.

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
	March 31,
	2022		2021		% change
Total interest income	$	13,152	$	12,857	2%
Total interest expense		2,378		3,240	-27%
Net interest income		10,774		9,617	12%
Provision for loan and lease losses		-		-	n/m
Net interest income after provision for loan and lease losses		10,774		9,617	12%
Noninterest income
Service charges on deposit accounts		266		193	38%
Net gain on sales of residential mortgage loans		557		6,360	-91%
Swap fee income		13		182	-93%
Gain on redemption of life insurance		-		380	n/m
Other		210		115	83%
Noninterest income		1,046		7,230	-86%
Noninterest expense
Salaries and employee benefits		3,621		4,609	-21%
Occupancy and equipment		319		322	-1%
Data processing		520		536	-3%
Franchise and other taxes		323		239	35%
Professional fees		607		1,215	-50%
Director fees		141		152	-7%
Postage, printing, and supplies		43		39	10%
Advertising and marketing		45		1,244	-96%
Telephone		53		59	-10%
Loan expenses		100		57	75%
Depreciation		115		97	19%
FDIC premiums		151		239	-37%
Regulatory assessment		66		65	2%
Other insurance		44		28	57%
Other		129		68	90%
Noninterest expense		6,277		8,969	-30%
Income before income taxes		5,543		7,878	-30%
Income tax expense		1,025		1,457	-30%
Net Income	$	4,518	$	6,421	-30%
Share Data
Basic earnings per common share	$	0.70	$	0.98
Diluted earnings per common share	$	0.69	$	0.96
Average common shares outstanding - basic		6,417,881		6,537,751
Average common shares outstanding - diluted		6,548,380		6,670,591
n/m - not meaningful

Consolidated Statements of Financial Condition
($ in thousands)	Mar 31,		Dec 31,		Sept 30,		Jun 30,		Mar 31,
(unaudited)	2022		2021		2021		2021		2021
Assets
Cash and cash equivalents	$	168,290	$	166,591	$	68,161	$	134,321	$	125,814
Interest-bearing deposits in other financial institutions		100		100		100		100		100
Securities available for sale		13,004		16,347		17,128		17,661		9,738
Equity Securities		5,000		5,000		5,000		5,000		5,000
Loans held for sale		8,470		27,988		77,946		254,327		430,453
Loans and leases		1,296,836		1,229,657		1,139,199		1,016,972		983,888
Less allowance for loan and lease losses		(15,520)		(15,508)		(15,487)		(15,495)		(17,086)
Loans and leases, net		1,281,316		1,214,149		1,123,712		1,001,477		966,802
FHLB and FRB stock		7,326		7,315		6,475		6,164		6,164
Premises and equipment, net		6,032		5,869		3,944		3,765		3,769
Other assets held for sale		-		-		-		29,308		-
Operating lease right of use assets		1,782		1,925		1,462		1,584		1,537
Bank owned life insurance		25,889		25,743		25,582		25,439		25,302
Accrued interest receivable and other assets		26,986		24,562		25,446		28,635		29,958
Total assets	$	1,544,195	$	1,495,589	$	1,354,956	$	1,507,781	$	1,604,637
Liabilities and Stockholders' Equity
Deposits
Noninterest bearing	$	253,778	$	284,935	$	243,153	$	249,557	$	216,935
Interest bearing		1,045,008		961,417		913,637		922,312		1,103,445
Total deposits		1,298,786		1,246,352		1,156,790		1,171,869		1,320,380
FHLB advances and other debt		83,235		89,727		41,218		74,290		137,894
Advances by borrowers for taxes and insurance		2,078		2,752		1,756		1,412		921
Operating lease liabilities		1,889		2,032		1,578		1,709		1,672
Other liabilities held for sale		-		-		-		107,229		-
Accrued interest payable and other liabilities		14,972		14,513		15,571		16,549		12,265
Subordinated debentures		14,893		14,883		14,874		14,864		14,854
Total liabilities		1,415,853		1,370,259		1,231,787		1,387,922		1,487,986
Stockholders' equity		128,342		125,330		123,169		119,859		116,651
Total liabilities and stockholders' equity	$	1,544,195	$	1,495,589	$	1,354,956	$	1,507,781	$	1,604,637

Average Balance Sheet and Yield Analysis
	For Three Months Ended
	March 31, 2022						December 31, 2021						March 31, 2021
	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)	$	20,309	$	224		4.36%	$	21,768	$	227		4.18%	$	14,854	$	133		3.61%
Loans held for sale		22,925		172		3.00%		47,523		225		1.89%		385,811		2,220		2.30%
Loans and leases (3)		1,239,126		12,656		4.09%		1,158,355		12,579		4.34%		914,296		10,421		4.56%
Other earning assets		89,004		38		0.17%		71,647		29		0.16%		106,657		28		0.11%
FHLB and FRB stock		7,319		62		3.39%		6,520		67		4.11%		5,974		55		3.68%
Total interest-earning assets		1,378,683		13,152		3.82%		1,305,813		13,127		4.02%		1,427,592		12,857		3.60%
Noninterest-earning assets		77,320						75,345						79,770
Total assets	$	1,456,003					$	1,381,158					$	1,507,362
Interest-bearing liabilities:
Deposits	$	956,568		1,684		0.70%	$	924,453		1,632		0.71%	$	991,325		2,497		1.01%
FHLB advances and other borrowings		102,860		694		2.70%		59,782		526		3.52%		181,869		743		1.63%
Total interest-bearing liabilities		1,059,428		2,378		0.90%		984,235		2,158		0.88%		1,173,194		3,240		1.10%
Noninterest-bearing liabilities		270,376						273,691						221,190
Total liabilities		1,329,804						1,257,926						1,394,384
Equity		126,199						123,232						112,978
Total liabilities and equity	$	1,456,003					$	1,381,158					$	1,507,362
Net interest-earning assets	$	319,255					$	321,578					$	254,398
Net interest income/interest rate spread			$	10,774		2.92%			$	10,969		3.14%			$	9,617		2.50%
Net interest margin						3.13%						3.36%						2.69%
Average interest-earning assets
to average interest-bearing liabilities		130.13%						132.67%						121.26%

⁽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 ALLL and includes nonperforming loans.

Consolidated Financial Highlights
	At or for the three months ended
($ in thousands except per share data)	Mar 31,		Dec 31,		Sept 30,		Jun 30,		Mar 31,
(unaudited)	2022		2021		2021		2021		2021
Earnings and Dividends
Net interest income	$	10,774	$	10,969	$	10,413	$	11,040	$	9,617
Provision for loan and lease losses	$	-	$	-	$	-	$	(1,600)	$	-
Noninterest income	$	1,046	$	1,382	$	2,077	$	951	$	7,230
Noninterest expense	$	6,277	$	6,796	$	7,429	$	9,267	$	8,969
Net Income	$	4,518	$	4,467	$	4,076	$	3,489	$	6,421
Basic earnings per common share	$	0.70	$	0.69	$	0.63	$	0.53	$	0.98
Diluted earnings per common share	$	0.69	$	0.68	$	0.61	$	0.52	$	0.96
Dividends declared per share	$	0.04	$	0.04	$	0.03	$	0.03	$	0.03
Performance Ratios (annualized)
Return on average assets		1.24%		1.29%		1.18%		0.88%		1.70%
Return on average equity		14.32%		14.50%		13.43%		12.02%		22.73%
Average yield on interest-earning assets		3.82%		4.02%		3.92%		3.65%		3.60%
Average rate paid on interest-bearing liabilities		0.90%		0.88%		0.93%		0.87%		1.10%
Average interest rate spread		2.92%		3.14%		2.99%		2.78%		2.50%
Net interest margin, fully taxable equivalent		3.13%		3.36%		3.21%		2.95%		2.69%
Efficiency ratio		53.10%		55.02%		59.48%		77.28%		53.24%
Noninterest expense to average assets		1.72%		1.97%		2.15%		2.35%		2.38%
Capital
Tier 1 capital leverage ratio (1)		11.06%		11.29%		11.04%		9.72%		9.37%
Total risk-based capital ratio (1)		14.01%		14.02%		14.22%		14.10%		13.18%
Tier 1 risk-based capital ratio (1)		12.76%		12.77%		12.97%		12.85%		11.92%
Common equity tier 1 capital to risk weighted assets (1)		12.76%		12.77%		12.97%		12.85%		11.92%
Equity to total assets at end of period		8.31%		8.38%		9.09%		7.95%		7.27%
Book value per common share	$	19.70	$	19.28	$	18.69	$	18.07	$	17.55
Tangible book value per common share	$	19.70	$	19.28	$	18.69	$	18.07	$	17.55
Period-end market value per common share	$	22.30	$	20.53	$	20.45	$	19.48	$	19.96
Period-end common shares outstanding		6,515,927		6,500,248		6,588,343		6,631,589		6,645,956
Average basic common shares outstanding		6,417,881		6,448,896		6,510,504		6,536,422		6,537,751
Average diluted common shares outstanding		6,548,380		6,585,511		6,657,250		6,689,253		6,670,591
Asset Quality
Nonperforming loans	$	1,006	$	997	$	1,011	$	327	$	641
Nonperforming loans to total loans		0.08%		0.08%		0.09%		0.03%		0.07%
Nonperforming assets to total assets		0.07%		0.07%		0.07%		0.02%		0.04%
Allowance for loan and lease losses to total loans		1.20%		1.26%		1.36%		1.52%		1.74%
Allowance for loan and lease losses to nonperforming loans		1542.74%		1555.47%		1531.85%		4738.53%		2665.52%
Net charge-offs (recoveries)	$	(12)	$	(21)	$	8	$	(9)	$	(64)
Annualized net charge-offs (recoveries) to average loans		0.00%		(0.01%)		0.00%		0.00%		(0.03%)
Average Balances
Loans	$	1,254,639	$	1,173,853	$	1,065,069	$	1,023,152	$	931,323
Assets	$	1,456,003	$	1,381,158	$	1,379,249	$	1,576,953	$	1,507,362
Stockholders' equity	$	126,199	$	123,232	$	121,394	$	116,117	$	112,978

(1)  Regulatory capital ratios of CFBank

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Document And Entity Information	May 05, 2022
Document And Entity Information [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 05, 2022
Entity Registrant Name	CF BANKSHARES INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	0-25045
Entity Tax Identification Number	34-1877137
Entity Address, Address Line One	7000 N. High Street
Entity Address, City or Town	Worthington
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43085
City Area Code	614
Local Phone Number	334-7979
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	CFBK
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001070680