CF BANKSHARES INC., PARENT OF CFBANK, NA, ANNOUNCES 20% INCREASE IN ITS QUARTERLY CASH DIVIDEND.

Rhea-AI Summary

CF Bankshares Inc. (NASDAQ: CFBK) has declared a quarterly cash dividend of $0.06 per share, reflecting a 20% increase over the previous quarterly dividend. This dividend is payable on April 28, 2023, to shareholders of record as of April 17, 2023. Timothy T. O'Dell, President and CEO, expressed satisfaction in rewarding shareholders with this increase, enhancing total shareholder return. CFBank, the bank under CF Bankshares, operates in key markets and has shown a compound annual growth rate (CAGR) of nearly 25% since its recapitalization in 2012.

Positive

• Quarterly dividend increased by 20%, now at $0.06 per share.
• Dividend payment date confirmed for April 28, 2023.
• Demonstrated strong financial performance with a CAGR of nearly 25% since 2012.

Negative

• None.

COLUMBUS, Ohio, April 6, 2023 /PRNewswire/ -- CF Bankshares Inc. (NASDAQ: CFBK) (the "Company"), the parent of CFBank, NA, today announced that the Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.06 per share, which represents a 20% increase over its previous quarterly dividend.  The dividend is payable on April 28, 2023 to shareholders of record as of the close of business on April 17, 2023. 

Timothy T. O'Dell, President and CEO, commented, "We are pleased to reward our shareholders with this $0.01, or 20%, increase in our dividend, enhancing total shareholder return."

About CF Bankshares Inc. and CFBank

CF Bankshares Inc. (the Company) is a holding company that owns 100% of the stock of CFBank, National Association (CFBank). CFBank is a nationally chartered boutique Commercial bank operating primarily in Four (4) Major Metro Markets: Columbus, Cleveland, and Cincinnati, Ohio, and Indianapolis, Indiana. The current Leadership Team and Board recapitalized the Company and CFBank in 2012 during the financial crisis, repositioning CFBank as a full-service Commercial Bank model. Since the 2012 recapitalization, CFBank has achieved a CAGR of nearly 25%.

CFBank focuses on serving the financial needs of closely held businesses and entrepreneurs, by providing a comprehensive Commercial, Retail, and Mortgage Lending services presence. In all regional markets, CFBank provides commercial loans and equipment leases, commercial and residential real estate loans and treasury management depository services, residential mortgage lending, and full-service commercial and retail banking services and products.  CFBank is differentiated by our penchant for individualized service coupled with direct customer access to decision-makers, and ease of doing business. CFBank matches the sophistication of much larger banks, without the bureaucracy.

CFBank was recognized in CB Resource Inc.'s Durable Performance Index which highlighted banks who have maintained above average performance over the course of the last three years based on 11 key performance indicators over the three-year period ended September 30, 2022.  In addition, CFBank ranked #7 on American Banker's listing of Top 200 Publicly Traded Community Banks based on 3-year average return on equity as of December 31, 2021.

Additional information about the Company and CFBank is available at www.CF.Bank

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SOURCE CF Bankshares Inc.

FAQ

What is the new dividend amount for CF Bankshares Inc. in 2023?

The new dividend amount for CF Bankshares Inc. is $0.06 per share, reflecting a 20% increase.

When will the dividend be paid to shareholders?

The dividend will be paid on April 28, 2023.

What is the record date for the dividend payment?

The record date for the dividend payment is April 17, 2023.

How does CF Bankshares' dividend reflect on shareholder returns?

The 20% increase in the dividend enhances total shareholder return.

What markets does CFBank operate in?

CFBank operates primarily in Columbus, Cleveland, Cincinnati, Ohio, and Indianapolis, Indiana.