Here are 1-3 brief analogies to describe CF Bankshares (CFBK):

• Like a smaller, Ohio-centric version of PNC Bank.
• A regional U.S. Bank, but focused specifically on Ohio.

• Deposit Accounts: The company offers various types of accounts including savings, retail and business checking, money market accounts, and certificates of deposit.
• Mortgage Loans: These include single-family, commercial real estate, and multi-family residential mortgage loans.
• Commercial Loans: Loans provided to businesses for operational needs, expansion, or other commercial purposes.
• Construction and Land Loans: Financing specifically for new construction projects and the acquisition of land.
• Consumer Loans: Personal loans such as home equity lines of credit, home improvement loans, and loans secured by deposits.
• Digital Banking Services: This encompasses internet banking, mobile banking, and remote deposit functionalities.
• Treasury Management Services: Depository services designed to help businesses manage their cash flow and financial operations.

Major Customers of CF Bankshares (CFBK)

As a bank holding company operating CFBank, National Association, CF Bankshares (CFBK) serves a broad customer base rather than having a few specific "major customers." Its customers are primarily individuals and businesses who utilize its banking products and services. The company serves the following categories of customers:

• Individual Consumers: This category includes individuals who use personal banking services such as savings accounts, retail checking accounts, money market accounts, certificates of deposit, single-family mortgage loans, home equity lines of credit, home improvement loans, and other consumer loans.
• Businesses and Commercial Entities: This category encompasses various businesses, from small to larger enterprises, that utilize business checking accounts, money market accounts, commercial loans, and treasury management depository services.
• Real Estate Developers and Investors: This specialized segment of commercial customers focuses on loans for commercial real estate, multi-family residential mortgages, and construction and land development projects.

• Fiserv (FI)
• Black Knight
• Jack Henry & Associates, Inc. (JKHY)
• Diebold Nixdorf (DBD)

Timothy T. O'Dell, President and CEO

Mr. O'Dell has served as CEO and Director of CFBank, N.A. and CF Bankshares Inc. since August 2012. He was instrumental in recapitalizing CFBank in late 2012, securing $34.5 million in new capital, improving operating earnings, and expanding the bank's presence. Before joining CFBank, Mr. O'Dell spent 22 years at Fifth Third Bank, where he was President and Chief Executive Officer for the Central Ohio division, growing the bank's assets from $200 million to over $5 billion through organic growth and strategic acquisitions. He also founded and served as managing partner of The Chetwood Group, a firm focused on growth strategies and value creation for entrepreneurs and closely held businesses. Mr. O'Dell has served on the board of the Columbus Chamber of Commerce and The Ohio State University Medical Center, and was a founding investor in Ohio TechAngel Venture Fund.

Kevin Beerman, EVP & Chief Financial Officer

Mr. Beerman is the Executive Vice President and Chief Financial Officer of CF Bankshares Inc. No specific background information regarding founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies is readily available in the provided sources.

Marianne McKinney, EVP & Chief Operating Officer

Ms. McKinney serves as the Executive Vice President and Chief Operating Officer of CFBank. No detailed background information is available in the provided sources.

Timothy Meder, EVP & Chief Commercial Credit Officer

Mr. Meder holds the position of Executive Vice President and Chief Commercial Credit Officer of CFBank. No detailed background information is available in the provided sources.

Brad Ringwald, President CFBank, N.A.

Mr. Ringwald is the President of CFBank, N.A. No detailed background information is available in the provided sources.

The key risks to CF Bankshares' business are primarily centered around its loan portfolio quality, elevated debt, and exposure to interest rate fluctuations.

1. Loan Portfolio and Credit Risk: The most significant risk identified for CF Bankshares is the condition of its loan portfolio. The company experienced a rise in non-performing loans and assets at the end of fiscal year 2025, with a coverage ratio of 115.3%, which is substantially below the average of 165.4% for comparable banks, indicating a limited buffer against further loan deterioration. This follows a notable $7 million nonperforming asset charge-off in Q3 2025. Additionally, loans with interest-only payments may carry a higher risk due to potential declines in collateral values without corresponding principal reductions.
2. High Leverage: CF Bankshares Inc. carries elevated debt relative to its equity, with a debt-to-equity ratio of 11.26. This high reliance on borrowed funds is highlighted as a significant financial risk, earning a low score of 0/100 in financial health assessments.
3. Interest Rate Risk: The company's market risk largely stems from the inherent interest rate risk in its lending, investing, deposit gathering, and borrowing activities. Instability or significant changes in interest rates could negatively impact CF Bankshares' net interest margin and overall profitability. The banking industry, including CF Bankshares, has experienced challenges due to rapid interest rate increases in recent years.

The clear emerging threat for CF Bankshares is the ongoing disruption from digital-first banks (neobanks) and various financial technology (fintech) companies. These entities leverage technology to offer banking products and services with lower overhead, often superior user experiences, and greater convenience (e.g., streamlined online account opening, advanced mobile banking features, faster loan applications) compared to traditional branch-based banks. This trend threatens to erode CFBK's market share for deposits and various lending products by attracting customers who prioritize digital convenience, potentially leading to increased customer acquisition costs and reduced profitability for CFBK.

CF Bankshares Inc. (CFBK) operates primarily in Ohio, offering a range of banking products and services. The addressable markets for their main products and services are sized as follows:

Deposit Accounts

• Ohio: The overall deposit market in Ohio was approximately $565.32 billion in 2025.
• United States: Total commercial bank deposits in the U.S. reached over $18.5 trillion in early October 2025, and $18.82 trillion as of February 25, 2026.

Mortgage Loans

• Single-Family Mortgage Loans:
  • Ohio: In 2024, more than 158,000 single-family mortgage loans were originated, totaling $38.9 billion.
  • United States: The U.S. home mortgage market was valued at approximately $180.91 billion in 2023 and is projected to grow to around $501.67 billion by 2032. Total single-family mortgage origination volume is expected to increase to $2.2 trillion in 2026 from an estimated $2.0 trillion in 2025. The dollar volume of new mortgages was $159.2 billion in July 2025.
• Commercial Real Estate and Multi-Family Residential Mortgage Loans:
  • Ohio: The annual commercial real estate transaction volume across Ohio is approximately $14.2 billion, with the broader Ohio commercial real estate market generating around $28 billion in annual transaction volume.
  • United States: Total commercial real estate (CRE) mortgage borrowing and lending was estimated at $498 billion in 2024. Mortgage originations for commercial and multifamily properties are forecast to increase to $583 billion in 2025. The U.S. CRE mortgage market for income-producing properties is roughly $4.5 trillion. Commercial and multifamily mortgage originations surged by 30% in the fourth quarter of 2025 compared to a year earlier.
• Construction and Land Loans:
  • United States: Construction loans constitute approximately $467 billion within the broader U.S. CRE mortgage market.

Commercial Loans

• Ohio: The market size of the Commercial Banking industry in Ohio, which includes commercial and industrial loans, is projected to be $63.8 billion in 2026.
• United States: The U.S. commercial banking market size is estimated at $765.53 billion in 2026 and is projected to reach $954.48 billion by 2031. Another estimate valued the U.S. commercial banking market at $231.9 billion in 2024, expecting it to grow to $351.8 billion by 2033. Commercial lending accounted for approximately two-fifths of the U.S. commercial banking market's proceeds in 2023, where the overall market was $229 billion.

Consumer Loans

• United States: The overall consumer lending market size is $27 trillion and is growing. Total consumer credit increased by $8.05 billion in January 2026. The U.S. digital lending market, which includes consumer loans, was valued at $303.51 billion in 2025 and is estimated to reach $592.87 billion by 2031.

CF Bankshares Inc. (NASDAQ: CFBK) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on its core banking operations and market presence.

Here are the key drivers:

1. Expansion and Growth in Commercial and Multi-Family Lending: CF Bankshares maintains a strategic focus on its boutique commercial bank model, aiming to serve closely held businesses and entrepreneurs. Recent financial reports indicate growth in commercial real estate and multi-family loan balances, with strong commercial lending pipelines anticipated to contribute to future revenue.
2. Net Interest Margin (NIM) Expansion and Management: The company anticipates that a more normalized upward-sloping interest rate yield curve will positively impact its net interest margins. Furthermore, CFBank has proactively implemented interest rate floors on certain floating-rate loans, a measure expected to help sustain or support margins.
3. Strategic Market Penetration and Expansion: CFBank operates in five major metro markets across Ohio (Columbus, Cleveland, Cincinnati, Akron) and Indiana (Indianapolis). The company is committed to deepening its presence and expanding its commercial banking partnerships within these regions, as demonstrated by the addition of key leadership roles, such as a Market President for the Northeast Ohio region.
4. Growth in Core Deposits and Interest-Earning Assets: Increasing core deposits provides a stable and cost-effective funding base for CFBank's lending activities. This growth in deposits, coupled with an overall increase in interest-earning assets, is a fundamental driver that directly contributes to higher interest income and overall revenue generation.

Share Repurchases

• CF Bankshares Inc. authorized a stock repurchase program on January 29, 2025, allowing for the repurchase of up to 325,000 shares, which represented approximately 5% of its outstanding common stock and had an approximate value of $8.53 million based on a stock price of $26.24. This program has been extended to August 15, 2026.
• As of December 18, 2025, the company had repurchased 54,644 shares under the aforementioned program, valued at approximately $1.43 million.
• Between October 1, 2023, and December 31, 2023, the company repurchased 9,503 shares for $0.18 million as part of a previous buyback plan announced on July 5, 2023.

Share Issuance

• In 2022, CF Bankshares Inc. issued 373,833 shares of common stock through an At Market Offering Sales Agreement, generating net proceeds of approximately $2.01 million.
• During the first quarter of 2024, the company reported the issuance of 58,784 stock-based incentive plan shares, net of forfeitures.

Inbound Investments

• In 2025, the company increased its holding company credit facility, injecting $10 million of additional Tier 1 capital into CFBank.

Capital Expenditures

• Net purchases of property and equipment for CF Bankshares Inc. amounted to $5.45 million in 2023 and $3.64 million in 2022.
• In the third quarter of 2025, the company invested $263,000 in capital expenditures, primarily focused on funding long-term assets and infrastructure.