Operating cash flow remains sensitive to credit quality, as evidenced by the $5.1 million provision for loan losses in 2025Q3, though the bank continues to support shareholder returns through consistent dividends like the $583,000 paid in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 21.21M | 18.69M | 14.19M | 18.05M | 39.76M | 253.3M | -123.47M | -103.54M | -11.81M | 3.95M | 1.79M | 5.1M | 1.05M | -4.13M | -960K | 481K | 3.05M | -2.53M | 1.91M | 3.42M | 1.24M | -1.39M | -1.53M | -3.4M | 8.83M | -7.3M | 1.11M | 0 | 800K |
| Operating CF Growth % | 671.88% | 31.71% | -21.39% | -54.6% | -84.3% | 305.16% | -19.25% | -776.7% | -398.91% | 120.48% | -64.88% | 383.6% | 125.52% | -330.63% | -299.58% | -84.21% | 220.58% | -232.44% | -44.21% | 176.92% | 189.04% | 9.35% | 54.97% | -138.49% | 220.9% | -757.93% | - | -100% | - |
| Net Income | 17.8M | 17.54M | 13.39M | 16.94M | 18.16M | 18.45M | 29.61M | 9.6M | 4.27M | 1.35M | 1.63M | 4.48M | 479K | -918K | -3.77M | -5.42M | -6.87M | -9.89M | 723K | -17K | -37K | -3.29M | -1.66M | -2.37M | 674K | 598K | 276K | 0 | 200K |
| Depreciation & Amortization | 481K | 476K | 486K | 567K | 496K | 435K | 381K | 316K | 248K | 208K | 211K | 211K | 232K | 205K | 237K | 384K | 508K | 445K | 628K | 498K | 404K | 457K | 539K | 171K | 88K | 65K | 141K | 200K | 200K |
| Deferred Taxes | -335K | -186K | -365K | 456K | 215K | 773K | -3.04M | -187K | 85K | 982K | 623K | -3.25M | 0 | 0 | 0 | 0 | 198K | 1.58M | 314K | -61K | -39K | 0 | 0 | 0 | 138K | 0 | -22K | 0 | 0 |
| Other Non-Cash Items | 8.28M | 2.38M | 3.55M | -594K | 25.43M | 230.23M | -147.17M | -111.72M | -16.41M | 1.47M | -1.88M | 3.02M | 117K | -3M | 2.63M | 5.62M | 8.21M | 6.37M | 936K | 462K | 1.18M | 2.71M | 727K | 616K | 8.08M | -7.91M | 384K | 700K | 100K |
| Working Capital Changes | -6.68M | -2.92M | -4.02M | -487K | -5.44M | 2.71M | -3.95M | -2.08M | -385K | -299K | 1.09M | 488K | -38K | -578K | -73K | -141K | 999K | -1.11M | -842K | 2.54M | -276K | -1.26M | -1.13M | -1.81M | -152K | -56K | 331K | -900K | 300K |
| Cash from Investing | -24.83M | -25.04M | -32.99M | -121.85M | -353.32M | -316.73M | -259.75M | -111.4M | -143.77M | -59.38M | -52.6M | -39.05M | -50.92M | -43.46M | -3.26M | 45.35M | 20.31M | -4.43M | 804K | -46.31M | -61.46M | -33.21M | -37.16M | 1.91M | 11.92M | 29.34M | -138K | -29.9M | 4.5M |
| Purchase of Investments | 0 | -9.22M | -2.15M | -1.2M | 0 | -14.57M | -13.39M | -2.76M | -2.22M | -1.79M | -5.98M | -4.57M | -5.02M | 0 | -13.45M | -12.47M | -28.6M | -3.7M | -6.92M | -5.87M | -69.64M | -5.04M | -7.08M | -46.91M | -21.8M | -233K | -174K | -37.4M | -11.9M |
| Sale/Maturity of Investments | 1.03M | 4.9M | 2.21M | 2.01M | 3.52M | 5.79M | 5.68M | 3.67M | 3.35M | 2.69M | 1.26M | 5.51M | 4.07M | 10.88M | 13.64M | 22.63M | 20.8M | 6.42M | 12.17M | 8.09M | 9.59M | 6.01M | 20.3M | 39.25M | 28.04M | 13.81M | 19.97M | 16.7M | 23.5M |
| Net Investment Activity | 1.03M | -4.32M | 56K | 813K | 3.52M | -8.78M | -7.71M | 911K | 1.12M | 898K | -4.72M | 936K | -946K | 10.88M | 194K | 10.16M | -7.79M | 2.72M | 5.25M | 2.23M | -60.06M | 978K | 13.22M | -7.67M | 6.24M | 13.58M | 19.8M | -20.7M | 11.6M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -675K | 0 | 0 | 0 | 0 | -236K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -25.38M | -20.23M | -32.78M | -122M | -355.93M | -304.98M | -251.66M | -111.87M | -144.28M | -59.96M | -47.83M | -39.94M | -49.51M | -53.99M | -3.43M | 35.26M | 28.16M | -6.44M | -4.23M | -46.27M | 272K | -33.52M | -49.12M | 10.9M | 5.79M | 15.75M | -19.94M | -9.1M | -6.3M |
| Cash from Financing | 30.39M | 30.05M | -7.52M | 213.61M | 298.75M | 8.42M | 558.93M | 193.51M | 177.38M | 42.98M | 82.85M | 31.63M | 58.91M | 41.6M | -32.06M | -18.67M | 7.95M | 5.75M | -2.43M | 41.38M | 62.66M | 4.89M | 62.42M | -2.44M | -12.25M | -20.58M | -2.97M | 8.9M | 14.8M |
| Dividends Paid | -2.08M | -1.95M | -1.61M | -1.48M | -1.15M | -848K | -195K | 0 | 0 | -750K | -750K | -750K | -233K | 0 | 0 | 0 | -271K | -546K | -860K | -1.4M | -1.43M | -801K | -735K | -655K | -551K | -482K | -440K | -200K | 0 |
| Share Repurchases | -1.48M | -1.28M | -352K | -299K | -2.51M | -3.11M | -680K | -23K | -42K | -49K | -30K | 0 | 0 | -11K | 0 | 0 | 0 | 0 | -1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.64M | 0 | 0 | 0 | 0 | 0 | 0 | 20.22M | 0 | 0 | 0 | 0 | 0 | 14.56M | 375K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.48M | -1.28M | -352K | -299K | -2.51M | -3.11M | -680K | 9.62M | -42K | -49K | -30K | 0 | 0 | -11K | 20.22M | 0 | 0 | 0 | -1.63M | 0 | 14.56M | 375K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 1M | 1000K | -1000K | 500K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | -1000K | 0 | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 66K | 1000K | -1000K |
| Other Financing | 25.7M | 25.03M | 11.8M | 214.88M | 282.72M | 137.08M | 366.88M | 167.9M | 161.81M | 43.78M | 84.63M | 32.38M | 49.8M | 35.08M | -43.54M | -10.47M | 16.28M | -6K | 13K | 26.69M | 9.55M | 25.74M | 28.38M | 1.55M | -1.59M | 2.12M | -1.73M | -8.8M | 7.7M |
| Net Change in Cash | 26.77M | 23.7M | -26.32M | 109.81M | -14.8M | -55M | 175.72M | -21.43M | 21.81M | -12.44M | 32.05M | -2.31M | 9.05M | -5.99M | -36.28M | 27.16M | 31.3M | -1.2M | 283K | -1.51M | 2.43M | -29.7M | 23.74M | -3.92M | 8.5M | 1.45M | -2M | -21.1M | 20.2M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 258.97M | 235.27M | 261.6M | 151.79M | 166.59M | 221.59M | 45.88M | 67.3M | 45.5M | 57.94M | 25.89M | 28.21M | 19.16M | 25.15M | 61.44M | 34.27M | 2.97M | 4.18M | 3.89M | 5.4M | 2.97M | 32.67M | 8.94M | 12.86M | 4.38M | 2.93M | 4.93M | 26M | 5.8M |
| Cash at End | 267.76M | 258.97M | 235.27M | 261.6M | 151.79M | 166.59M | 221.59M | 45.88M | 67.3M | 45.5M | 57.94M | 25.89M | 28.21M | 19.16M | 25.15M | 61.44M | 34.27M | 2.97M | 4.18M | 3.89M | 5.4M | 2.97M | 32.67M | 8.94M | 12.88M | 4.38M | 2.93M | 4.9M | 26M |
| Interest Paid | 63.12M | 64.72M | 72.17M | 58.8M | 18.36M | 10.58M | 14.3M | 13.43M | 6.84M | 3.53M | 3.06M | 2.61M | 2.1M | 1.96M | 2.83M | 3.37M | 4.15M | 6.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 1.38M | 2.69M | 664K | 3.98M | 2.45M | 3.85M | 10.3M | 2.51M | 968K | 1.23M | 70K | 0 | 0 | 0 | 0 | 0 | 25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 20.5M | 18.2M | 13.92M | 17.39M | 38.86M | 250.34M | -123.85M | -103.98M | -12.42M | 3.64M | 1.75M | 5.06M | 594K | -4.47M | -984K | 412K | 2.99M | -2.57M | 1.7M | 1.15M | -443K | -2.05M | -2.56M | -4.72M | 8.73M | -7.31M | 1.11M | -100K | 0 |
| FCF Growth % | 18.92% | 30.73% | -19.94% | -55.25% | -84.48% | 302.13% | -19.11% | -737.07% | -441.36% | 108.54% | -65.49% | 751.35% | 113.27% | -354.78% | -338.83% | -86.23% | 216.52% | -251.36% | 47.35% | 359.82% | 78.38% | 19.87% | 45.87% | -154.13% | 219.34% | -758.83% | 1210% | - | - |
Regional CRE concentration risk
Based on reported financial statements, CFBK's net income has remained consistently positive, with a 2026Q1 net income of $5.0 million, suggesting that the bank is successfully generating sufficient organic capital to support its commercial-centric growth strategy while maintaining a conservative debt-to-equity ratio of 0.66%.
The bank's ability to retain earnings provides a necessary buffer against the inherent volatility of its mortgage banking unit. Investors should monitor whether this capital generation remains sufficient to fund loan growth without necessitating external debt issuance, which has been sporadic over the last ten quarters.
As indicated by quarterly cash flow data, CFBK has maintained a consistent dividend payout, with $583,000 distributed in 2026Q1, while simultaneously utilizing share repurchases, such as the $440,000 buyback in 2025Q4, to manage equity levels despite the cyclical nature of its mortgage-driven fee income streams.
The modest and steady dividend suggests management prioritizes shareholder returns, yet the variability in buyback activity implies a flexible approach to capital allocation. This strategy appears to balance the need for regulatory capital adequacy with the desire to support valuation during periods of mortgage market contraction.
According to historical cash flow filings, the bank's operating cash flow has been significantly impacted by provision volatility, notably reaching a $5.1 million provision for loan losses in 2025Q3, which underscores the sensitivity of the bank's cash position to credit quality shifts in its Ohio commercial portfolio.
The wide variance in OCF/NI ratios, ranging from -0.38 in 2024Q1 to 2.86 in 2024Q4, suggests that non-cash adjustments and provision timing are the primary drivers of reported cash flow fluctuations. Analysts should interpret these swings as a reflection of the bank's reactive credit management rather than operational cash generation issues.
Based on an analysis of the cash flow statement, the bank's reported operating cash flow often masks the underlying volatility of its mortgage servicing rights and loans held for sale, which are subject to fair value adjustments that do not represent actual cash movement.
The disconnect between net income and operating cash flow warrants further investigation into the non-cash components of the bank's earnings. Investors should be cautious of relying on headline OCF figures, as they may overstate or understate the bank's true liquidity position depending on the interest rate environment's impact on MSR valuations.
Quick answers to the most common questions about buying CFBK stock.
CF Bankshares Inc. (CFBK) generated $18.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CF Bankshares Inc. (CFBK) generated $18.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CF Bankshares Inc. (CFBK) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CF Bankshares Inc. (CFBK) returned $1.9M to shareholders via cash dividends and spent $1.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.