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CF BANKSHARES INC . Parent of CFBank , NA PRESS RELEASE FOR IMMEDIATE RELEASE : August 4 , 2021 For Further Information : Timothy T. O'Dell , President & CEO Phone : 614.318.4660 Email : timodell@cfbankmail.com Exhibit 99.1 CF BANKSHARES INC . ANNOUNCES 2nd QUARTER AND FIRST HALF 2021 EARNINGS . Columbus , Ohio - August 4 , 2021 - CF Bankshares Inc. ( NASDAQ : CFBK ) ( the " Company " ) , the parent of CFBank , today announced financial results for the second quarter and year to date ( YTD ) ended June 30 , 2021 . Second Quarter and First Half 2021 Highlights • • • Net income of $ 3.5 million for the second quarter and $ 9.9 million YTD , and Earnings Per Share of $ 0.52 per share for the quarter and $ 1.48 YTD . Earnings for the second quarter were negatively impacted by a $ 2.2 net loss experienced by the mortgage lending business during Q2 2021 . CFBank announced on July 1 , 2021 that it is winding down its direct - to - consumer ( DTC ) mortgage lending business and transitioning its Mortgage Lending focus to a more traditional Retail origination driven model . Return on average assets ( ROA ) and return on average equity ( ROE ) were 1.29 % and 17.30 % , respectively , for the first six months of 2021. For the second quarter , ROA was 0.88 % and ROE was 12.02 % . • Book value per share increased to $ 18.07 at June 30 , 2021 . • Net interest margin ( NIM ) increased 26 bps during the quarter to 2.95 % . • • Net loans and leases grew by $ 35 million during the quarter , which was net of $ 87 million of loan reductions and loan reclassifications , including PPP repayments of $ 58 million , and $ 29 million of loans reclassed in anticipation of the sale of CF Bank's two Columbiana County branches which closed on July 16th . Annualized loan growth for the second quarter , excluding the effects of PPP loans and the reclassification of the Columbiana County branch loans , was 53 % . Net Interest Income ( NII ) of $ 11 million represents a 76 % increase as compared to the second quarter of 2020 . • Deposit repricing contributed $ 1.6 million to NII for the second quarter . • • Noninterest - bearing ( NIB ) deposit account balances increased $ 32.6 million during the second quarter , representing a 15 % quarterly increase . Credit quality remains strong with nonperforming loans as a percentage of total assets of 0.02 % at June 30 , 2021 . ALLL reserves of $ 15.5 million equals 1.52 % of total loans and 1.58 % of total non - government guaranteed loans at June 30 , 2021 . Recent Developments Subsequent to the end of the second quarter , on July 16 , 2021 , CFBank completed the sale of its two Columbiana County Branches resulting in a Deposit Premium of $ 1.8 million .