secwatch.observer — SEC 8-K summary
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Issuer:     CF BANKSHARES INC. (CFBK)
CIK:        0001070680
Form:       8-K
Filed at:   2024-08-06T23:59:59+00:00
Accession:  0001070680-24-000025
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CF Bankshares Q2 net income drops to $1.7M; $3.1M additional reserves on loan participations
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- Net income of $1.7M ($0.26 diluted EPS) vs $4.2M ($0.66) year ago; adjusted EPS $0.65 excluding $3.1M specific reserves.
- Provision for credit losses surged to $3.6M from $12K year ago, driven by two regional bank loan participations placed on nonaccrual.
- Net interest margin improved 3bps sequentially to 2.39%; PPNR was $5.5M compared to $5.0M prior quarter.
- Nonaccrual loans rose to $10.9M (0.64% of loans) from $7.9M at March 31; core loan book past due 30+ days at 0.23%.
- Board declared $0.06 per share quarterly dividend, payable July 19; deposits down 1.5% sequentially.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1070680/000107068024000025/0001070680-24-000025-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1070680/000107068024000025/cfbk-20240806x8k.htm
  HTML page:      https://secwatch.observer/filing/0001070680-24-000025

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