$CFBK

CENTRAL FEDERAL CORP

CIK:0001070680|SEC Filings

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements Of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income
Loans and leases, including fees	$ 27,510	$ 27,907	$ 53,319	$ 54,722
Securities	175	40	362	179
FHLB and FRB stock dividends	141	153	283	327
Federal funds sold and other	2,196	2,259	4,188	4,331
Total interest and dividend income	30,022	30,359	58,152	59,559
Interest expense
Deposits	13,812	15,186	27,296	30,439
FHLB advances and other debt	1,063	846	2,089	1,560
Subordinated debentures	303	326	603	650
Total interest expense	15,178	16,358	29,988	32,649
Net interest income	14,844	14,001	28,164	26,910
Provision for credit losses
Provision for credit losses-loans	689	1,370	1,668	1,722
Provision for (recovery of) credit losses-unfunded commitments	255	57	(120)	287
Total provision for credit losses	944	1,427	1,548	2,009
Net interest income after provision for credit losses	13,900	12,574	26,616	24,901
Noninterest income
Service charges on deposit accounts	917	721	1,756	1,388
Net gains on sales of residential mortgage loans	150	206	295	320
Net loss on sales of commercial loans			(0)	(18)
Net loss on sale of equity security				(103)
Swap fee income	214	196	244	196
Earnings on bank owned life insurance	252	232	497	457
Other	168	225	396	546
Total noninterest income	1,701	1,580	3,188	2,786
Noninterest expense
Salaries and employee benefits	4,325	3,954	8,653	8,137
Occupancy and equipment	398	417	825	851
Data processing	776	683	1,545	1,357
Franchise and other taxes	385	304	771	607
Professional fees	849	899	1,668	1,686
Director fees	193	180	360	357
Postage, printing and supplies	34	46	82	95
Advertising and marketing	127	84	463	128
Telephone	44	43	89	98
Loan expenses	206	196	404	521
Foreclosed assets, net	1	3	5	4
Depreciation	118	118	241	236
FDIC premiums	436	534	821	1,080
Regulatory assessment	45	64	90	129
Other insurance	57	50	107	96
Other	344	179	525	326
Total noninterest expense	8,338	7,754	16,649	15,708
Income before incomes taxes	7,263	6,400	13,155	11,979
Income tax expense	1,351	1,365	2,219	2,514
Net income	5,912	5,035	10,936	9,465
Earnings allocated to participating securities (Series D preferred stock)	(181)	(155)	(337)	(292)
Net income attributable to common stockholders	$ 5,731	$ 4,880	$ 10,599	$ 9,173
Earnings per common share:
Basic	$ 0.91	$ 0.77	$ 1.68	$ 1.46
Diluted	$ 0.9	$ 0.77	$ 1.67	$ 1.45

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Consolidated Statements Of Cash Flows [Abstract]
Net income	$ 10,936	$ 9,465
Consolidated Statements Of Changes Of Cash Flows [Abstract]
Provision for credit losses	1,548	2,009
Depreciation	241	236
Accretion, net	(1,208)	(974)
Deferred income tax benefit	(512)	(344)
Net loss on sale of equity security	0	103
Originations of loans held for sale	(29,183)	(23,197)
Proceeds from sale of loans held for sale	30,524	24,527
Net gains on sales of residential mortgage loans	(295)	(320)
Net losses (gains) on sales of commercial loans	0	18
Loss on disposal of premises and equipment	91
Earnings on bank owned life insurance	(497)	(457)
Stock-based compensation expense	849	704
Net change in:
Operating lease right-of-use asset	342	327
Accrued interest receivable and other assets	1,936	112
Operating lease liability	(316)	(297)
Accrued interest payable and other liabilities	(4,648)	(1,750)
Net cash from operating activities	9,808	10,162
Cash flows used by investing activities:
Available-for-sale securities: Maturities, prepayments and calls	1,068	1,000
Purchases	(1,000)	(1,000)
Proceeds from the sale of equity security	0	4,897
Loan and lease originations and payments, net	(59,138)	(52,436)
Purchase of loans and leases	(1,003)	(2,336)
Proceeds from the sale of loans	0	20,441
Additions to premises and equipment	(157)	(169)
Redemption (purchase) of FHLB and FRB stock	(21)	887
Other adjustments	112	346
Net cash used by investing activities	(60,139)	(28,370)
Cash flows from financing activities:
Net change in deposits	47,967	54,053
Proceeds from FHLB advances and other debt	100	10,080
Repayments on FHLB advances and other debt	(1,850)	(1,830)
Net change in advances by borrowers for taxes and insurance	(169)	(1,864)
Cash dividends paid	(1,169)	(909)
Acquisition of treasury shares surrendered upon vesting of restricted stock for payment of taxes	(417)	(143)
Purchase of treasury shares	0	(767)
Net cash from (used by) financing activities	44,462	58,620
Net change in cash and cash equivalents	(5,869)	40,412
Beginning cash and cash equivalents	258,972	235,272
Ending cash and cash equivalents	253,103	275,684
Supplemental cash flow information:
Interest paid	30,491	32,678
Income tax paid	636	1,305
Supplemental noncash disclosures:
Transfer from loans to foreclosed assets	0	524
Loans transferred from held for sale to portfolio	173
Investment payable on limited partnerships	1,000	$ 1,000
Initial recognition of operating right-of-use lease asset	355
Right-of-use asset obtained in exchange for new operating lease liability	$ 355

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 253,103	$ 258,972
Interest-bearing deposits in other financial institutions	100	100
Securities available for sale	17,223	17,496
Loans held for sale, at fair value	4,392	5,611
Loans and leases, net of allowance for credit losses of $19,436 and $17,678, respectively	1,798,584	1,738,854
FHLB and FRB stock	8,375	8,354
Premises and equipment, net	3,372	3,547
Operating lease right-of-use assets	5,693	5,680
Bank owned life insurance	28,546	28,049
Accrued interest receivable and other assets	50,198	50,658
Total assets	2,169,586	2,117,321
Deposits
Noninterest bearing	273,625	285,523
Interest bearing	1,555,031	1,495,166
Total deposits	1,828,656	1,780,689
FHLB advances and other debt	99,231	100,964
Advances by borrowers for taxes and insurance	2,354	2,523
Operating lease liabilities	5,917	5,878
Accrued interest payable and other liabilities	24,034	27,802
Subordinated debentures	15,058	15,039
Total liabilities	1,975,250	1,932,895
Commitments and contingent liabilities
Stockholders' equity
Series D preferred stock, $0.01 par value; 5,000 shares authorized; shares issued: 2,000 at June 30, 2026 and December 31, 2025
Additional paid-in capital	94,466	93,618
Retained earnings	113,650	103,883
Accumulated other comprehensive loss	(1,660)	(1,371)
Treasury stock, at cost; 473,333 shares of voting common stock at June 30, 2026 and 459,113 shares of voting common stock at December 31, 2025	(12,190)	(11,773)
Total stockholders' equity	194,336	184,426
Total liabilities and stockholders' equity	2,169,586	2,117,321
Voting Common Stock [Member]
Stockholders' equity
Common stock	69	68
Non-Voting Common Stock [Member]
Stockholders' equity
Common stock	$ 1	$ 1