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CFBank reports profitable quarter

Beacon Journal staff report

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Central Federal Corp., with CFBank branch locations including one in Fairlawn, reported earnings of $831,000 or 5 cents per share for the quarter ended Dec. 31, 2013, compared to a net loss of $434,000 or 3 cents per share a year ago.

The fourth-quarter earnings included a one-time/nonrecurring gain on the sale of the company’s Fairlawn office building and related assets of $1.1 million.

The Fairlawn branch is in a temporary location at Ghent Road and Crawfis Boulevard until its permanent, new branch will be open by late May, Chief Executive Officer Tim O’Dell said.

“We’re very pleased with the trajectory we are on,” he said. “All of our key metrics are trending in a very positive direction.”

The bank had a net loss of $918,000 for the year ended Dec. 31, compared to a net loss of $3.8 million for the previous year.

The Worthington-based bank has four Ohio branches, including one in Fairlawn, and a new office with business bankers in the Cleveland suburb of Chagrin Falls.


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