Announcement • May 21
Cf Bankshares Inc. Announces Appointment of Gregory Perelka as President of Residential Mortgage Lending CF Bankshares Inc. announced the hiring of Gregory Perelka as President of Residential Mortgage Lending, further strengthening the bank's leadership team as it continues to expand its relationship-driven platform across Ohio and beyond. Gregory brings extensive executive experience in finance, sales, and operations, with a proven track record of P&L leadership, strategic growth, and operational excellence. Throughout his career, Gregory has led large teams, implemented state-of-the-art technology solutions, and revitalized internal business structures to drive profitability and long-term performance. Most recently, Gregory served as Executive Vice President of Lending Operations at CHN Housing Partners, where he provided strategic direction for a CDFI affiliate, established loan policies and lending procedures, drove loan production, and ensured regulatory compliance while delivering an exceptional customer experience. He has also held senior leadership roles at NewRez LLC, Ohio Savings Bank /NYCB, and Citizens Financial Group, overseeing large-scale residential lending operations while managing significant budgets and sales production. Announcement • May 07
CF Bankshares Inc. Reports Charge Offs for the First Quarter Ended March 31, 2026 CF Bankshares Inc. reported charge offs for the first quarter ended March 31, 2026. For the period, the company reported net charge-offs of $16,000 compared to $23,000 a year ago. Reported Earnings • May 06
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: US$0.78 (up from US$0.68 in 1Q 2025). Revenue: US$14.2m (up 5.0% from 1Q 2025). Net income: US$4.87m (up 13% from 1Q 2025). Profit margin: 34% (up from 32% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 4.9%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Apr 26
CF Bankshares Inc., Annual General Meeting, May 27, 2026 CF Bankshares Inc., Annual General Meeting, May 27, 2026. Declared Dividend • Apr 05
Fourth quarter dividend of US$0.09 announced Shareholders will receive a dividend of US$0.09. Ex-date: 13th April 2026 Payment date: 21st April 2026 Dividend yield will be 1.2%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (11% payout ratio) and is expected to be well covered in 3 years' time (9% forecast payout ratio). The dividend has increased by an average of 25% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 49% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Apr 01
CF Bankshares Inc. Declares Quarterly Cash Dividend on Its Common Stock, Payable on April 21, 2026 CF Bankshares Inc. announced that the Board of Directors of the Company declared a $0.09 per share quarterly cash dividend on its common stock. The dividend is payable on April 21, 2026 to shareholders of record as of the close of business on April 13, 2026. Reported Earnings • Mar 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$2.70 (up from US$2.08 in FY 2024). Revenue: US$52.7m (up 17% from FY 2024). Net income: US$17.0m (up 31% from FY 2024). Profit margin: 32% (up from 29% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.77% (up from 2.43% in FY 2024). Cost-to-income ratio: 51.1% (down from 55.8% in FY 2024). Non-performing loans: 0.87% (no change from 0.87% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Feb 06
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$2.70 (up from US$2.08 in FY 2024). Revenue: US$52.7m (up 17% from FY 2024). Net income: US$17.0m (up 31% from FY 2024). Profit margin: 32% (up from 29% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Feb 06
CF Bankshares Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 CF Bankshares Inc. reported net charge-offs for the fourth quarter ended December 31, 2025. For the period, the company reported net charge-offs totaled $131,000, compared to net charge-offs of $95,000 for the quarter ended December 31, 2024. Announcement • Jan 21
CF Bankshares Inc. Announces Addition of John Wilgus as Senior Vice President CF Bankshares Inc. announce the addition of John Wilgus as Senior Vice President, further strengthening the Bank's commercial and commercial real estate banking capabilities. John brings more than 32 years of experience in commercial banking, with a strong focus on commercial real estate lending and relationship management. He has built a reputation for working closely with closely held businesses, real estate owners, and developers to deliver customized financial solutions and long-term banking partnerships. Most recently, John served as Senior Vice President at First Financial Bank, where he was responsible for developing and managing commercial real estate relationships across the Northern Ohio market. In this role, he partnered with business owners and internal teams to structure financing solutions that supported growth, stability, and long-term strategic objectives. Prior to his time at First Financial Bank, John held leadership roles within commercial and real estate banking, gaining extensive experience in commercial lending, portfolio management, and business development. His background and market knowledge position him as a well-respected relationship banker within the Ohio commercial banking community. Declared Dividend • Jan 07
Third quarter dividend of US$0.09 announced Shareholders will receive a dividend of US$0.09. Ex-date: 15th January 2026 Payment date: 26th January 2026 Dividend yield will be 1.3%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (12% payout ratio) and is expected to be well covered in 3 years' time (8% forecast payout ratio). The dividend has increased by an average of 22% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 59% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 05
CF Bankshares Inc. Declares Quarterly Cash Dividend on Its Common Stock, Payable on January 26, 2026 CF Bankshares Inc. announced that the Board of Directors of the Company declared a $0.09 per share quarterly cash dividend on its common stock. This represents a 13% increase over its previous quarterly dividend. The dividend is payable on January 26, 2026 to shareholders of record as of the close of business on January 15, 2026. Announcement • Dec 19
CF Bankshares Inc. Announces Resignation of Sundeep Rana as Director, Effective December 15, 2025 On December 15, 2025, Sundeep Rana notified the Board of Directors (the “Board”) of CF Bankshares Inc. (the “Company”) of his resignation from the Board effective as of such date. Mr. Rana had served on the Board of the Company since July 28, 2021, as the director representative of Castle Creek Capital Partners VII, L.P. (“Castle Creek”) pursuant to the Securities Purchase Agreement dated October 25, 2019, among the Company, Castle Creek and certain other investors party thereto (the “Securities Purchase Agreement”). In accordance with the provisions of the Securities Purchase Agreement, Mr. Rana resigned from the Board as a result of Castle Creek (together with its affiliates) ceasing to own at least 4.9% of the outstanding common stock of the Company. Mr. Rana’s notice of resignation confirmed that his resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices. Major Estimate Revision • Dec 18
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$61.9m to US$61.2m. EPS estimate also fell from US$3.16 per share to US$2.57 per share. Net income forecast to grow 37% next year vs 19% growth forecast for Banks industry in the US. Consensus price target of US$29.00 unchanged from last update. Share price rose 9.2% to US$25.95 over the past week. Reported Earnings • Nov 04
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: US$0.36 (down from US$0.65 in 3Q 2024). Revenue: US$10.4m (down 17% from 3Q 2024). Net income: US$2.27m (down 44% from 3Q 2024). Profit margin: 22% (down from 33% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 57%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Declared Dividend • Oct 03
Second quarter dividend of US$0.08 announced Shareholders will receive a dividend of US$0.08. Ex-date: 13th October 2025 Payment date: 21st October 2025 Dividend yield will be 1.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 19% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 01
CF Bankshares Inc. announces Quarterly dividend, payable on October 21, 2025 CF Bankshares Inc. announced Quarterly dividend of USD 0.0800 per share payable on October 21, 2025, ex-date on October 10, 2025 and record date on October 13, 2025. Recent Insider Transactions • Aug 17
President recently sold US$232k worth of stock On the 14th of August, Timothy O’Dell sold around 9k shares on-market at roughly US$25.36 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Timothy has been a net seller over the last 12 months, reducing personal holdings by US$839k. Announcement • Aug 05
CF Bankshares Inc. Reports Net Charge Off Result for the Quarter Ended June 30, 2025 CF Bankshares Inc. reported net charge off result for the quarter ended June 30, 2025. For the period, Net charge-offs totaled $51,000, compared to net charge-offs of $23,000 for the prior quarter and net charge-offs of $2.1 million for the quarter ended June 30, 2024. Reported Earnings • Aug 04
Second quarter 2025 earnings released Second quarter 2025 results: Net income: (down US$1.64m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jul 21
CF Bankshares Inc. to Report Q2, 2025 Results on Aug 04, 2025 CF Bankshares Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 04, 2025 Declared Dividend • Jul 03
First quarter dividend of US$0.08 announced Shareholders will receive a dividend of US$0.08. Ex-date: 11th July 2025 Payment date: 21st July 2025 Dividend yield will be 1.2%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 22% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 02
CF Bankshares Inc. Announces Quarterly Cash Dividend on Its Series D Preferred Stock, Payable on July 21, 2025 CF Bankshares Inc. announced that the Board of Directors of the Company declared a corresponding $8.00 per share quarterly cash dividend on its Series D preferred stock. The dividend is payable on July 21, 2025 to shareholders of record as of the close of business on July 11, 2025. Recent Insider Transactions Derivative • Jun 16
President notifies of intention to sell stock Timothy O’Dell intends to sell 20k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of June. If the sale is conducted around the recent share price of US$23.86, it would amount to US$477k. For the year to December 2018, Timothy's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Timothy's direct individual holding has increased from 302.65k shares to 320.15k. Company insiders have collectively sold US$599k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: US$0.68 (vs US$0.48 in 1Q 2024) First quarter 2025 results: EPS: US$0.68 (up from US$0.48 in 1Q 2024). Revenue: US$13.6m (up 25% from 1Q 2024). Net income: US$4.29m (up 43% from 1Q 2024). Profit margin: 32% (up from 28% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Apr 04
Fourth quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 14th April 2025 Payment date: 22nd April 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 24% per year over the past 4 years and payments have been stable during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Apr 03
Cf Bankshares Inc Announces Quarterly Cash Dividend, Payable on April 22, 2025 CF Bankshares Inc. announced that the Board of Directors of the Company declared a $0.07 per share quarterly cash dividend on its common stock. Each share of Series D preferred stock is convertible into 100 shares of common stock. The dividend is payable on April 22, 2025 to shareholders of record as of the close of business on April 14, 2025. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: US$2.08 (vs US$2.64 in FY 2023) Full year 2024 results: EPS: US$2.08 (down from US$2.64 in FY 2023). Revenue: US$45.1m (down 8.7% from FY 2023). Net income: US$13.0m (down 23% from FY 2023). Profit margin: 29% (down from 34% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.43% (down from 2.59% in FY 2023). Cost-to-income ratio: 55.8% (up from 54.9% in FY 2023). Non-performing loans: 0.84% (up from 0.33% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 17
CF Bankshares Inc., Annual General Meeting, Jun 04, 2025 CF Bankshares Inc., Annual General Meeting, Jun 04, 2025. Reported Earnings • Feb 13
Full year 2024 earnings released: EPS: US$2.13 (vs US$2.64 in FY 2023) Full year 2024 results: EPS: US$2.13 (down from US$2.64 in FY 2023). Revenue: US$45.1m (down 8.7% from FY 2023). Net income: US$13.4m (down 21% from FY 2023). Profit margin: 30% (down from 34% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Jan 08
Third quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 16th January 2025 Payment date: 27th January 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 24% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 1.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jan 06
CF Bankshares Inc. Announces Quarterly Cash Dividend, Payable on January 27, 2025 CF Bankshares Inc. announced that the Board of Directors of the Company declared a $0.07 per share quarterly cash dividend on its common stock. The dividend is payable on January 27, 2025 to shareholders of record as of the close of business on January 16, 2025. New Risk • Dec 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$621k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.9% per year over the past 5 years. Minor Risk Significant insider selling over the past 3 months (US$621k sold). Recent Insider Transactions • Dec 18
President recently sold US$607k worth of stock On the 16th of December, Timothy O’Dell sold around 23k shares on-market at roughly US$26.62 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Timothy has been a net seller over the last 12 months, reducing personal holdings by US$564k. Recent Insider Transactions Derivative • Nov 15
President notifies of intention to sell stock Timothy O’Dell intends to sell 23k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of November. If the sale is conducted around the recent share price of US$27.98, it would amount to US$638k. For the year to December 2017, Timothy's total compensation was 46% salary and 54% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Timothy's direct individual holding has increased from 290.66k shares to 325.45k. Company insiders have collectively bought US$97k more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$29.55, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 13x in the Banks industry in the US. Total returns to shareholders of 41% over the past three years. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.65 (vs US$0.63 in 3Q 2023) Third quarter 2024 results: EPS: US$0.65 (up from US$0.63 in 3Q 2023). Revenue: US$12.5m (up 6.2% from 3Q 2023). Net income: US$4.07m (flat on 3Q 2023). Profit margin: 33% (down from 34% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$26.28, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 37% over the past three years. Declared Dividend • Oct 04
Second quarter dividend increased to US$0.07 Dividend of US$0.07 is 17% higher than last year. Ex-date: 11th October 2024 Payment date: 19th October 2024 Dividend yield will be 1.1%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 5.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 01
CF Bankshares Inc. Declares Quarterly Cash Dividend on Common Stock, Payable on October 19, 2024 CF Bankshares Inc. announced that the Board of Directors of the Company declared a $0.07 per share quarterly cash dividend on its common stock. This represents a 17% increase over its previous quarterly dividend. The dividend is payable on October 19, 2024 to shareholders of record as of the close of business on October 11, 2024. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: US$0.28 (vs US$0.66 in 2Q 2023) Second quarter 2024 results: EPS: US$0.28 (down from US$0.66 in 2Q 2023). Revenue: US$9.02m (down 28% from 2Q 2023). Net income: US$1.75m (down 59% from 2Q 2023). Profit margin: 19% (down from 34% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Jul 04
First quarter dividend of US$0.06 announced Dividend of US$0.06 is the same as last year. Ex-date: 11th July 2024 Payment date: 19th July 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 01
CF Bankshares Inc. Declares Quarterly Dividend, Payable on July 19, 2024 CF Bankshares Inc. announced that the Board of Directors of the Company declared a $0.06 per share quarterly cash dividend on its common stock. The dividends are payable on July 19, 2024 to shareholders of record as of the close of business on July 11, 2024. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: US$0.48 (vs US$0.69 in 1Q 2023) First quarter 2024 results: EPS: US$0.48 (down from US$0.69 in 1Q 2023). Revenue: US$11.0m (down 17% from 1Q 2023). Net income: US$3.01m (down 32% from 1Q 2023). Profit margin: 28% (down from 34% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Apr 28
CF Bankshares Inc., Annual General Meeting, May 29, 2024 CF Bankshares Inc., Annual General Meeting, May 29, 2024, at 10:00 US Eastern Standard Time. Agenda: To elect two (2) Directors to serve for terms of three (3) years each; to consider and vote upon a non-binding advisory resolution to approve the compensation of the Company’s named executive officers; to ratify the appointment of FORVIS LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2024; to approve the First Amendment to the Company’s 2019 Equity Incentive Plan to increase the number of shares of common stock reserved for awards thereunder from 300,000 to 500,000; and to transact such other business as may properly come before the Meeting and any adjournment(s) thereof ?. Declared Dividend • Apr 10
Fourth quarter dividend of US$0.06 announced Dividend of US$0.06 is the same as last year. Ex-date: 17th April 2024 Payment date: 29th April 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 26% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: US$2.64 (vs US$2.84 in FY 2022) Full year 2023 results: EPS: US$2.64 (down from US$2.84 in FY 2022). Revenue: US$49.4m (down 3.6% from FY 2022). Net income: US$16.9m (down 6.8% from FY 2022). Profit margin: 34% (down from 36% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.59% (down from 3.15% in FY 2022). Cost-to-income ratio: 54.9% (down from 55.0% in FY 2022). Non-performing loans: 0.33% (up from 0.05% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: US$2.64 (vs US$2.84 in FY 2022) Full year 2023 results: EPS: US$2.64 (down from US$2.84 in FY 2022). Revenue: US$49.4m (down 3.6% from FY 2022). Net income: US$16.9m (down 6.8% from FY 2022). Profit margin: 34% (down from 36% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: US$0.63 (vs US$0.67 in 3Q 2022) Third quarter 2023 results: EPS: US$0.63 (down from US$0.67 in 3Q 2022). Revenue: US$11.8m (down 15% from 3Q 2022). Net income: US$4.03m (down 5.1% from 3Q 2022). Profit margin: 34% (up from 31% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Oct 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.2m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (US$99.2m market cap). Announcement • Oct 05
CF Bankshares Inc. Declares Quarterly Cash Dividend, Payable on October 27, 2023 CF Bankshares Inc. announced that the Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.06 per share. The dividend is payable on October 27, 2023 to shareholders of record as of the close of business on October 16, 2023. Recent Insider Transactions • Sep 20
President recently bought US$51k worth of stock On the 15th of September, Timothy O’Dell bought around 3k shares on-market at roughly US$17.08 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Timothy has been a buyer over the last 12 months, purchasing a net total of US$82k worth in shares. Reported Earnings • Aug 05
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$0.66 (down from US$0.74 in 2Q 2022). Revenue: US$12.5m (flat on 2Q 2022). Net income: US$4.22m (down 11% from 2Q 2022). Profit margin: 34% (down from 38% in 2Q 2022). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) exceeded analyst estimates by 8.2%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jul 11
CF Bankshares Inc Announces Quarterly Cash Dividend, Payable on August 1, 2023 CF Bankshares Inc. announced that the Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.06 per share. The dividend is payable on August 1, 2023 to shareholders of record as of the close of business on July 21, 2023. New Risk • Jul 01
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.5% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (US$98.2m market cap). Reported Earnings • May 12
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: US$0.69 (down from US$0.70 in 1Q 2022). Revenue: US$13.2m (up 12% from 1Q 2022). Net income: US$4.45m (down 1.5% from 1Q 2022). Profit margin: 34% (down from 38% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 3.0%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • May 11
CF Bankshares Inc. Reports Net Charge-Offs for the Quarter Ended March 31, 2023 CF Bankshares Inc. reports net charge-offs for the quarter ended March 31, 2023. Net charge-offs for the quarter ended March 31, 2023 totaled $5,000 compared to net charge-offs of $262,000 for the prior quarter. Price Target Changed • May 10
Price target decreased by 18% to US$18.00 Down from US$22.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of US$16.00. Stock is down 22% over the past year. The company is forecast to post earnings per share of US$2.56 for next year compared to US$2.84 last year. Reported Earnings • Apr 06
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: US$2.84. Revenue: US$51.2m (down 7.4% from FY 2021). Net income: US$18.2m (down 1.6% from FY 2021). Profit margin: 36% (up from 33% in FY 2021). The increase in margin was driven by lower expenses. Net interest margin (NIM): 3.15% (up from 3.04% in FY 2021). Cost-to-income ratio: 55.0% (down from 60.5% in FY 2021). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Major Estimate Revision • Feb 14
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$64.1m to US$58.4m. EPS estimate also fell from US$3.14 per share to US$2.78 per share. Net income forecast to shrink 0.7% next year vs 4.9% decline forecast for Mortgage industry in the US. Consensus price target down from US$25.00 to US$22.00. Share price was steady at US$20.75 over the past week. Price Target Changed • Feb 08
Price target decreased by 12% to US$22.00 Down from US$25.00, the current price target is provided by 1 analyst. New target price is 5.3% above last closing price of US$20.90. Stock is down 2.3% over the past year. The company is forecast to post earnings per share of US$2.78 for next year compared to US$2.84 last year. Announcement • Feb 08
CF Bankshares Inc. Announces Net Charge-Offs for the Quarter Ended December 31, 2022 CF Bankshares Inc. announced net charge-offs for the quarter ended December 31, 2022. Net charge-offs for the quarter ended December 31, 2022 totaled $262,000 compared to net recoveries of $5,000 for the prior quarter and net recoveries of $21,000 for the quarter ended December 31, 2021. Reported Earnings • Feb 07
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: US$2.84. Revenue: US$51.2m (down 7.4% from FY 2021). Net income: US$18.2m (down 1.6% from FY 2021). Profit margin: 36% (up from 33% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Mortgage industry in the US. Announcement • Jan 05
CF Bankshares Inc. Declares Quarterly Cash Dividend, Payable on January 31, 2023 CF Bankshares Inc. announced that the Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.05 per share. The dividend is payable on January 31, 2023 to shareholders of record as of the close of business on January 17, 2023. Price Target Changed • Nov 16
Price target increased to US$25.00 Up from US$22.50, the current price target is provided by 1 analyst. New target price is 7.2% above last closing price of US$23.33. Stock is up 9.3% over the past year. The company is forecast to post earnings per share of US$2.80 for next year compared to US$2.84 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Sundeep Rana was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 09
Price target increased to US$25.00 Up from US$22.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$23.87. Stock is up 5.4% over the past year. The company is forecast to post earnings per share of US$2.80 for next year compared to US$2.84 last year. Reported Earnings • Nov 08
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: US$0.67 (up from US$0.63 in 3Q 2021). Revenue: US$13.9m (up 11% from 3Q 2021). Net income: US$4.25m (up 4.2% from 3Q 2021). Profit margin: 31% (down from 33% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) missed analyst estimates by 9.7%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Mortgage industry in the US. Announcement • Oct 05
CF Bankshares Inc. Announces Quarterly Cash Dividend, Payable on October 25, 2022 CF Bankshares Inc. announced that the Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.05 per share. The dividend is payable on October 25, 2022 to shareholders of record as of the close of business on October 14, 2022. Announcement • Aug 30
CF Bankshares Inc. (NasdaqCM:CFBK) announces an Equity Buyback for 83,333 shares, for $1.75 million. CF Bankshares Inc. (NasdaqCM:CFBK) announces a share repurchase program. Under the program, the company will repurchase up to 83,333 shares at a price of $21 per share. The shares will be repurchased from a non-affiliated shareholder. Reported Earnings • Aug 04
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: US$0.72 (up from US$0.53 in 2Q 2021). Revenue: US$12.4m (down 9.1% from 2Q 2021). Net income: US$4.73m (up 36% from 2Q 2021). Profit margin: 38% (up from 26% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 5.9%. Over the next year, revenue is forecast to grow 10% compared to a 7.7% decline forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 20% per year. Announcement • Jul 06
CF Bankshares Inc. Announces 25% Increase in Its Quarterly Cash Dividend, Payable on July 26, 2022 CF Bankshares Inc. announced that the Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.05 per share, which represents a 25% increase over its previous quarterly dividend. The dividend is payable on July 26, 2022 to shareholders of record as of the close of business on July 15, 2022. Recent Insider Transactions Derivative • Jun 09
President exercised options to buy US$377k worth of stock. On the 3rd of June, Timothy O’Dell exercised options to buy 18k shares at a strike price of around US$7.27, costing a total of US$132k. This transaction amounted to 7.3% of their direct individual holding at the time of the trade. Since September 2021, Timothy's direct individual holding has increased from 227.52k shares to 267.70k. Company insiders have collectively bought US$358k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • May 12
Consensus revenue estimates fall by 13% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$57.0m to US$49.4m. EPS estimate fell from US$3.26 to US$2.75 per share. Net income forecast to grow 11% next year vs 1.2% decline forecast for Mortgage industry in the US. Consensus price target up from US$23.00 to US$24.00. Share price fell 5.5% to US$20.69 over the past week. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$0.70 (down from US$0.98 in 1Q 2021). Revenue: US$11.8m (down 30% from 1Q 2021). Net income: US$4.52m (down 30% from 1Q 2021). Profit margin: 38% (in line with 1Q 2021). Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 3.0% compared to a 8.8% decline forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Sundeep Rana was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 26
CF Bankshares Inc., Annual General Meeting, Jun 01, 2022 CF Bankshares Inc., Annual General Meeting, Jun 01, 2022, at 10:00 Eastern Daylight. Agenda: To consider elect three (3) Directors to serve for terms of three (3) years each; to consider and vote upon a non-binding advisory resolution to approve the compensation of the Company’s named executive officers; to consider transact such other business as may properly come before the Meeting and any adjournment(s) thereof. Announcement • Apr 06
CF Bankshares Inc. Announces Quarterly Cash Dividend, Payable on April 25, 2022 CF Bankshares Inc. announced that the Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.04 per share. The dividend is payable on April 25, 2022 to shareholders of record as of the close of business on April 14, 2022. Price Target Changed • Mar 29
Price target increased to US$23.00 Up from US$21.00, the current price target is provided by 1 analyst. New target price is 6.6% above last closing price of US$21.57. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$3.16 for next year compared to US$2.84 last year. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$2.84 (down from US$4.53 in FY 2020). Revenue: US$55.3m (down 28% from FY 2020). Net income: US$18.5m (down 33% from FY 2020). Profit margin: 33% (down from 36% in FY 2020). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.04% (up from 2.55% in FY 2020). Cost-to-income ratio: 60.5% (up from 46.2% in FY 2020). Non-performing loans: 0.08% (no change from 0.08% in FY 2020). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 1.7% compared to a 8.2% decline forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$58.6m to US$56.2m. EPS estimate rose from US$2.65 to US$3.16. Net income forecast to grow 13% next year vs 7.9% decline forecast for Mortgage industry in the US. Consensus price target up from US$21.00 to US$22.00. Share price was steady at US$21.20 over the past week.