CFBank has announced the cancellation of its Direct to Consumer (DTC) mortgage loan. Ohio


Columbus, Ohio, July 1, 2021 / PRNewswire / -CF Bank, a wholly owned subsidiary of CF Bankshares Inc. (NASDAQ: CFBK) (“Company”), today announced its decision to transfer its mortgage business by transferring it directly to consumers (DTC). Increasing attention to mortgages and the composition of the company’s more traditional retail loans. CFBank has stopped launching a new rate foreclosure commitment through its DTC mortgage business. June 30, 2021 And we will work to terminate our existing loan portfolio and commitments in the coming months.

CFBank has decided to end its DTC mortgage lending business in 2021 as the mortgage market has experienced price fluctuations, reduced refinancing volumes, margin cuts and increased competition in the market resulting in a difficult environment. Due to changes in market conditions. .. Due to market conditions, CFBank increased the cost of prepayment charge (EPO) in 2021. This is due to the significant increase in the number of borrowers repaying loans in the first six months following the loan. origination. EPO cost $ 2 million Until the beginning of the year June 30th, 2021. In addition, DTC mortgage formation and related income decreases in the last quarter June 30th, 2021, associated with an increase in EPO costs, the after-tax loss of the DTC mortgage business is approximately $ 2.5 million The second quarter of 2021 will have a negative impact on our consolidated financial results for the quarter that ended. June 30th, 2021. We will be releasing a financial results announcement outlining our consolidated financial results for the second quarter of 2021. August 4, 2021..

Timothy T. OdelThe President and CEO said: And the commission income generated by this activity has enabled CFBank to invest in capital building as well as to expand its footprint and presence.

Investing in cash management personnel and capabilities over the past several years has dramatically increased interest-free deposits and increased commission income from cash management products and services. The loan staff took our commercial loan pipeline to the highest level ever.

Going forward, CFBank will continue to focus on retail mortgage lending as well as the growth and expansion of its major commercial and retail banks. “

CF Bankshares Inc. And about CF Bank

CF Bankshares Inc. is a financial holding company which owns 100% of the shares of CFBank and the National Association (CFBank). CFBank is a headquartered boutique commercial bank. Columbus, Ohio.. CFBank focuses on improving Ohio More than a century has passed, but our goal is still the same. With agility, ease and care, we lead our fellow Ohio residents to economic stability and success. CFBank changed from the Federal Savings Association to the National Bank in December 2016. As CFBank has grown, we have maintained a trend towards one-on-one services and direct customer access to decision makers. CFBank is currently present in four major metropolitan markets- Columbus, Cleveland,and Cincinnati, Ohio And Indianapolis, Indiana, And Colombia Country Country Branches (2 locations). CFBank offers commercial loans and leasing, commercial and residential real estate loans and deposit services, financial management, corporate financial management, mortgage lending and full service retail banking services and products anywhere. In addition, CFBank has a national home loan platform. CFBank is also pleased to offer its customers the convenience of online online banking, mobile banking and remote deposits.

Additional information about us and CFBank is available at the following URL:

Description of future prospects

This press release and other documents that we have submitted or may submit to the Securities and Exchange Commission (“SEC”) are within the meaning of the Safe Harbor Clause of the US Civil Securities Reform Act of 1995. Contains or may contain statements on the future outlook for. Made in good faith by us. Forward-looking statements include, but are not limited to: (1) Expectations of income, income or loss, income or loss per common share, capital structure and other financial items. (2) CF Bankshares Inc. Or the plans and objectives of the management or board of directors of CF Bank. (3) Statements regarding future events, actions or financial performance. (4) The hypothetical statement underlying such a statement. “Estimate”, “Strategy”, “Maybe”, “, phrases are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Due to various risks and uncertainties, actual results include, but are not limited to, general regional, national and global economic conditions and the impact of an ongoing COVID-19 pandemic on industry and businesses. This may differ materially from what is stated in the forward-looking statement, including negative effects on the client’s business, financial condition and ability to repay loans, fluctuations in interest rates or turmoil in the mortgage market, and incentives and programs. Understands the impact of various government responses to pandemics. Uncertainty over the impact of changes in the US presidential administration and parliament on regulatory conditions, capital markets, and the response to the COVID-19 pandemic. In addition, additional risks detailed from time to time in the report submitted to the SEC, including those identified in Part I of Part I of the Annual Report on Form 10-K submitted to the SEC, “Item 1A. Risk factors”. December 31, 2020..

Forward-looking statements do not guarantee performance or results. Forward-looking statements may include statements of assumptions or justifications upon which forward-looking statements are based. We choose these assumptions or grounds in good faith and believe they are reasonable. However, keep in mind that the assumptions or rationale are often different from the actual results, and the difference between the assumptions or rationale and the actual results can be material. The forward-looking statements contained in this earnings announcement are only provided as of the date of this document. We assume no obligation to publicly announce revisions to forward-looking statements to reflect events or circumstances after the date of such statements, except as required by law.

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Source CFBank

CFBank has announced the cancellation of its Direct to Consumer (DTC) mortgage loan. Ohio

CFBank has announced the cancellation of its Direct to Consumer (DTC) mortgage loan. Ohio

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