CF Bankshares Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CF Bankshares Inc. has submitted its 2023 annual report (10-K) detailing financial performance and business operations.</b>

AI Summary

CF BANKSHARES INC. (CFBK) filed a Annual Report (10-K) with the SEC on March 29, 2024. CF Bankshares Inc. filed its 2023 Form 10-K on March 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Central Federal Corp and Grand Central Financial Corp. The filing includes detailed financial information and risk factors. The company is classified under National Commercial Banks (SIC 6021).

Why It Matters

For investors and stakeholders tracking CF BANKSHARES INC., this filing contains several important signals. This 10-K filing provides investors with a comprehensive overview of CF Bankshares Inc.'s financial health, strategic initiatives, and risk exposure for the fiscal year 2023. Understanding the details within this report is crucial for assessing the company's performance, competitive positioning, and future outlook in the commercial banking sector.

Risk Assessment

Risk Level: medium — CF BANKSHARES INC. shows moderate risk based on this filing. The company operates in the highly regulated commercial banking industry, which presents inherent risks related to economic downturns, interest rate fluctuations, and compliance requirements, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess CF Bankshares Inc.'s financial stability and growth prospects.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the 10-K)
• 20240329 — Filing Date (Date the 10-K was filed)
• 6021 — SIC Code (Standard Industrial Classification for National Commercial Banks)
• DE — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• CF BANKSHARES INC. (company) — Filer name
• CFBK (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240329 (date) — Filing date
• COLUMBUS (location) — Business address city
• OH (location) — Business address state
• CENTRAL FEDERAL CORP (company) — Former company name
• GRAND CENTRAL FINANCIAL CORP (company) — Former company name

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates in a highly regulated industry, subject to extensive federal and state laws and regulations, which can change and impact operations.
• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the company's net interest income, the value of its investments, and its overall profitability.
• Economic Conditions [medium — market]: Deterioration in general economic conditions, particularly in the company's primary markets, could adversely affect its business and financial results.
• Cybersecurity and Data Security [medium — operational]: The company is subject to risks associated with data breaches and cyberattacks, which could result in financial losses and reputational damage.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: 10-K Filing Date — Date CF Bankshares Inc. submitted its annual report.

Key Financial Figures

• $5,155,000 — securities. The Holding Company issued $5,155,000 of subordinated debentures to the Trust
• $2.1 billion — 31, 2023, the Company's assets totaled $2.1 billion and stockholders' equity totaled $155.4
• $155.4 million — illion and stockholders' equity totaled $155.4 million. CFBank is a nationally chartered bou
• $1.7 billion — 1, 2023, gross loans receivable totaled $1.7 billion and increased approximately $122.7 mill
• $122.7 m — 1.7 billion and increased approximately $122.7 million, or 7.7%, from $1.6 billion at De
• $1.6 billion — oximately $122.7 million, or 7.7%, from $1.6 billion at December 31, 2022. Commercial, comme
• $1.2 billion — ing related construction loans, totaled $1.2 billion in the aggregate and represented 68.4%
• $108.4 m — g related construction loans, increased $108.4 million, or 10.2%, during 2023. Portfolio
• $502.8 million — ing related construction loans, totaled $502.8 million and represented 29.4% of total gross lo
• $38.4 m — nsists of consumer loans, which totaled $38.4 million, or 2.2% of gross loans receivabl
• $10.8 m — tgage loans originated for sale totaled $10.8 million, a decrease of $86.5 million, or
• $86.5 m — le totaled $10.8 million, a decrease of $86.5 million, or 88.9%, compared to $97.3 mill
• $97.3 million — of $86.5 million, or 88.9%, compared to $97.3 million originated in 2022. A shift in the mort
• $45.2 m — gage loans originated by CFBank totaled $45.2 million, or 2.6% of total loans. Our poli
• $90.9 m — le-family residential ARM loans totaled $90.9 million, or 19.0% of the single-family mo

Filing Documents

• cfbk-20231231x10k.htm (10-K) — 10205KB
• cfbk-20231231xex4_4.htm (EX-4.4) — 59KB
• cfbk-20231231xex4_5.htm (EX-4.5) — 8KB
• cfbk-20231231xex21_1.htm (EX-21.1) — 2KB
• cfbk-20231231xex23_1.htm (EX-23.1) — 5KB
• cfbk-20231231xex31_1.htm (EX-31.1) — 24KB
• cfbk-20231231xex31_2.htm (EX-31.2) — 24KB
• cfbk-20231231xex32_1.htm (EX-32.1) — 14KB
• cfbk-20231231xex97.htm (EX-97) — 79KB
• cfbk-20231231xex4_5g001.jpg (GRAPHIC) — 6KB
• 0001070680-24-000006.txt (&nbsp;) — 38466KB
• cfbk-20231231.xsd (EX-101.SCH) — 100KB
• cfbk-20231231_cal.xml (EX-101.CAL) — 154KB
• cfbk-20231231_def.xml (EX-101.DEF) — 493KB
• cfbk-20231231_lab.xml (EX-101.LAB) — 874KB
• cfbk-20231231_pre.xml (EX-101.PRE) — 852KB
• cfbk-20231231x10k_htm.xml (XML) — 10830KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 35 Item 1C . Cybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 105 Item 9A .

Controls and Procedures

Controls and Procedures 105 Item 9B. Other Information 105 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III Item 10. Directors, Executive Officers and Corporate Governance 105 Item 11.

Executive Compensation

Executive Compensation 106 Item 12 .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 Item 13. Certain Relationships and Related Transactions, and Director Independence 106 Item 14. Principal Accounta nt Fees and Services 106 PART IV Item 15. Exhibit and Financial Statement Schedules 107 Item 16. Form 10-K Summary 107

SIGNATURES

SIGNATURES 110 3 Table of Contents

Forward-Looking Statements

Forward-Looking Statements 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 Form 10-K 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

B usiness

Item 1. B usiness. General CF Bankshares Inc. ("Holding Company") was organized as a Delaware corporation in September 1998 as the holding company for CFBank, in connection with CFBank's conversion from a mutual to stock form of organization. CFBank was originally organized in 1892 and was formerly known as Central Federal Savings and Loan Association of Wellsville and more recently as Central Federal Bank. On December 1, 2016, CFBank converted from a federal savings institution to a national bank. Effective as of December 1, 2016 and in conjunction with the conversion of CFBank to a national bank, the Holding Company became a registered bank holding company and elected financial holding company status. Effective as of July 27, 2020, the Holding Company changed its name from Central Federal Corporation to CF Bankshares Inc. As a financial holding company, we are subject to regulation by the Board of Governors of the Federal Reserve System (the "FRB"). As used herein, the terms "we," "us," "our" and the "Company" refer to CF Bankshares Inc. and CFBank, unless the context indicates to the contrary. The consolidated financial statements include the Holding Company and CFBank. Intercompany transactions and balances are eliminated in consolidation. Central Federal Capital Trust I (the "Trust"), a wholly-owned subsidiary of the Holding Company, was formed in 2003 to raise additional funding for the Company through a pooled private offering of trust preferred securities. The Holding Company issued $5,155,000 of subordinated debentures to the Trust in exchange for ownership of all of the common stock of the Trust and the proceeds of the preferred securities sold by the Trust. The Holding Company is not considered the primary beneficiary of this trust (variable interest entity) and, therefore, the Trust is not consolidated in the Company's financial statements, but rather the subordinated debentures are shown as a liability. Currently, the Company does not transact

View Full Filing

View this 10-K filing on SEC EDGAR