CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQ:CBFV),
the holding company of Community Bank (the “Bank”) and Exchange
Underwriters, Inc., a wholly-owned insurance subsidiary of
Community Bank, today announced its third quarter 2017 financial
results.
Financial Highlights
- Net income of $2.1 million for the three months ended
September 30, 2017 compared to $1.6 million for the three months
ended September 30, 2016, an increase of $489,000, or 31.0%.
Current quarter net income represents an annualized ROA of 0.91%
and an annualized ROE of 8.81%. The annualized financial ratios are
impacted by material non-recurring events as a result of final
resolutions of prior loan collection efforts discussed within this
press release.
- Net interest income for the current quarter was $7.4 million,
as compared to $7.0 million for the third quarter of 2016. This
increase can be attributed to net loan growth of approximately
$21.5 million during the current quarter as compared to June 30,
2017. In addition, the current quarter interest income increased
$127,000 due to the accretion of the acquired loan portfolio credit
mark, compared to an increase of $87,000 in the prior year’s
quarter.
- Noninterest expense decreased $268,000 or 4.3%, to $5.9 million
for the three months ended September 30, 2017 compared to $6.2
million for the three months ended September 30, 2016. This
decrease is primarily due to final resolutions of prior loan
collection efforts and mortgage insurance proceeds related to
previously sold other real estate owned properties.
- Provision for loan losses decreased $150,000, or 33.3%, and
$580,000, or 36.3%, to $300,000 and $1.0 million for the three and
nine months ended September 30, 2017, respectively. These
decreases in provision were related to impaired loan payoffs and
improving credit quality risk rating of substandard loans.
- The new Ralph J. Sommers, Jr. Operations Center’s impact to
noninterest expense has decreased for the three months ended
September 30, 2017. The decrease was related to the ended
non-recurring noninterest expenses for accelerated depreciation of
leasehold improvements for the prior operations center and
associated moving expenses. In addition, the normal occupancy costs
of operating two locations were incurred while the conversion over
to the new facility was being completed in the second quarter of
2017.
The quarterly results benefited from an increase in interest
income related to loan growth in the current quarter. In addition,
improving credit quality reduced the provision for loan losses and
the settlements of prior loan collection efforts yielded a decrease
in noninterest expense during the current quarter.
“We are pleased to report on the third quarter performance of CB
Financial Services, Inc. The third quarter was good and benefited
from strong deposit and loan growth of approximately $34.5 million
and $21.5 million, respectively, and improving credit quality,”
said Barron P. McCune Jr., Vice Chairman and Chief Executive
Officer. “We recorded net income of $2.1 million, which represents
an annualized ROA of 0.91% and an annualized ROE of 8.81%. Our
insurance subsidiary, Exchange Underwriters, had another strong
quarter. In the third quarter, we completed the occupancy of the
Ralph J. Sommers, Jr. Operations Center. We are confident that
this new facility will enable Community Bank to grow and continue
its legacy of outstanding service to our customers and thereby
deliver value to our shareholders. The expenses of shutting down
the former leased operations center and opening the new facility
have waned during the third quarter, as most of these expenses are
finished. The local economy continues to improve, as natural gas
activity quickens and coal holds its own. We enjoyed net loan
growth in the third quarter, as practically all loan types
experienced growth. Our overall loan growth increased the loan
portfolio over 3%, to an all-time high of $703.9 million. In
conjunction with loan growth, our deposit base has been another
positive dynamic of the third quarter. Our loan loss reserve was at
1.16% of total loans at the end of the current period. Our
loan loss reserve was 110.76% of nonperforming loans at the end of
the current period. Our loan loss reserve to noncurrent loans was
200.99% at September 30, 2017 as compared to 164.62% at December
31, 2016. With continued increases in lending and deposit
activity, as well as expected consistent strong performance from
EU, we are confident that 2017 will be another good year at
Community Bank.”
STATEMENT OF INCOME REVIEW
Third Quarter Results
Net Interest Income. Net interest income
increased $377,000, or 5.4%, to $7.4 million for the three months
ended September 30, 2017 compared to $7.0 million for the three
months ended September 30, 2016.
Interest and dividend income increased $529,000, or 6.9%, to
$8.2 million for the three months ended September 30, 2017 compared
to $7.7 million for the three months ended September 30, 2016.
Interest income on loans increased $366,000 for the three months
ended September 30, 2017 compared to the three months ended
September 30, 2016. Average loans increased by $13.0 million during
the current quarter. The loan portfolio had an increase of 12
basis points in yield. Contributing to the yield increase this
quarter was the accretion on the acquired loan portfolio credit
mark. The positive impact of the accretion for the three months
ended September 30, 2017 was $127,000, or 8 basis points, compared
to $87,000, or 5 basis points, for the three months ended September
30, 2016. The remaining credit mark balance for acquired loans was
$994,000 as of September 30, 2017. Interest income on taxable
securities increased $99,000 mainly due to an increase of
$29.3 million in the average balance for taxable securities in the
current period. The increase in the average balance offset a
decrease of 32 basis points in yield on taxable securities. This is
a result of new purchases with lower prevailing yields replacing
security calls and maturities with higher yields within the
portfolio. Interest income on Federal funds sold increased to
$64,000 for the three months ended September 30, 2017 compared to
$3,000 for the three months ended September 30, 2016. This is the
result of the increase in interest rates in the last year and the
increases in the average interest-earning balances of $23.0 million
as a result of deposit growth for the three months ended September
30, 2017. In addition, other interest and dividend income increased
$35,000 as a result of increased interest earned with correspondent
deposit banks and FHLB dividends in the current period. Interest
income on securities exempt from federal tax decreased $32,000 due
to deploying proceeds from security calls and maturities into lower
yielding taxable security purchases in the current period. There
was a decrease of $2.0 million in the average balance on securities
exempt from federal tax and a decrease of 30 basis points in yield
as a result of security calls and maturities that had higher
yields.
Interest expense increased $152,000, or 21.5%, to $860,000 for
the three months ended September 30, 2017 compared to $708,000 for
the three months ended September 30, 2016. Interest expense on
deposits increased $163,000 due to an increase in average
interest-bearing deposits of $57.4 million, primarily due to
increases in interest-bearing demand deposits, time deposits and
savings accounts. The average cost of interest-bearing
deposits increased 6 basis points. This was related to the multiple
interest rate hikes over the last year by the Federal Reserve Board
(“FRB”). Interest expense on other borrowed funds decreased $9,000
primarily due to a FHLB long-term borrowing for $3.5 million that
matured in the first quarter. Interest expense on short-term
borrowings decreased $1,000 mainly due to an average balance
decrease of $1.1 million on securities sold under agreements to
repurchase.
Provision for Loan Losses. The provision
for loan losses was $300,000 for the three months ended September
30, 2017 compared to $450,000 for the three months ended September
30, 2016. Net charge-offs for the three months ended September 30,
2017 were $227,000, which included $149,000 of net charge-offs on
automobile loans, compared to $175,000 of net charge-offs for the
three months ended September 30, 2016, which included $145,000 of
net charge-offs on automobile loans. The increase in net
charge-offs during the current period was due to charge-offs of
$67,000 for residential mortgages and $52,000 for consumer loans.
Management analyzes the loan portfolio on a quarterly basis to
determine the adequacy of the allowance for loan losses and the
need for additional provisions for loan losses. This was due to
improvements in the loan department along with loan personnel
experience, and improvements in the local economy which had a
positive impact on the qualitative factors within the allowance
calculation.
Noninterest Income.
Noninterest income decreased $3,000, or 0.2%, and remained constant
at $1.8 million for the three months ended September 30, 2017 and
2016. There was a decrease in the net gains on the sales of
residential mortgage loans of $113,000. The decrease in gains was
primarily due to a decrease in the number of loans originated and
subsequently sold to the FHLB as part of the Mortgage Partnership
Finance® (“MPF®”) program. The MPF® program enables member
financial institutions to offer competitive interest rates for
fixed-rate mortgage loans without assuming any of the interest rate
risk associated with a long-term asset. Net gains on the sales of
investments decreased $12,000 due to the sale of equity securities
in 2016. These sales were transacted to recognize capital gains
that will be offset by a capital loss carry forward deferred tax
asset that was acquired in the merger with FedFirst Financial
Corporation in October 2014 (“merger”). The capital loss carry
forward deferred tax asset was fully recognized in the prior
quarter. In addition, there was a decrease of $6,000 in income from
bank-owned life insurance due to lower crediting rates. Mainly
offsetting the decreases were insurance commissions from Exchange
Underwriters that increased $82,000 due to increased commercial
lines commission and fee income and contingency fees received in
the current period. Contingency fees are commissions that are
contingent upon several factors including, but not limited to,
eligible written premiums, earned premiums, incurred losses and
stop loss charges. Net gains on purchased tax credits increased
$14,000 due to the purchased Pennsylvania shares tax credits being
recognized in the current period. Other commissions increased
$13,000 due to miscellaneous income recognized from forfeited funds
from an employee flexible spending account (“FSA”) from prior
years. Service fees on deposit accounts increased $11,000 due to
increased non-sufficient funds (“NSF”) fees due to customer
overdrafts of deposit accounts and check card fees in the current
quarter.
Noninterest Expense. Noninterest expense
decreased $268,000, or 4.3%, to $5.9 million for the three months
ended September 30, 2017 compared to $6.2 million for the three
months ended September 30, 2016. Other real estate owned expense
decreased $353,000 due to the final resolutions of loan collection
efforts through the sale of a mineral rights interest for $186,000,
bankruptcy court settlement for $86,000 and mortgage insurance
proceeds for $85,000. The aforementioned items were proceeds from
previously sold OREO properties. The additional proceeds represent
contingent gains recorded by the Company when the proceeds were
received. These items are considered non-recurring. Other
noninterest expense decreased $77,000 primarily due to reduced
overdraft and debit card fraud losses, postage, employee training,
telephone and travel. Legal and professional fees decreased $59,000
due to the above mentioned mortgage insurance proceeds, in which
part of the insurance proceeds were utilized to offset legal fees
attributed to the problem loan relationship. Contracted services
decreased $36,000 as a result of combining services at the new
Ralph J. Sommers Jr. Operations Center (“Operations Center”).
Occupancy decreased $18,000 primarily due to decreases in rent
expense and accelerated depreciation taken on leasehold
improvements in the Bank’s former operations center that did not
transfer over to the new Operations Center in the current quarter.
The new Operations Center was completed and placed into bank
operations during the second quarter. The Federal Deposit Insurance
Corporation (“FDIC”) assessment expense decreased $8,000 due to an
assessment factor reduction by the FDIC in the computation of the
insurance assessment. Partially offsetting these favorable
variances were salaries and employee benefits that increased
$221,000 primarily due to normal salary increases, employee group
health insurance, retirement benefits expense and employee stock
options. Pennsylvania shares tax, which is calculated based on the
Bank’s stockholders’ equity, increased $48,000 due to the increase
in equity that was calculated on the current year shares tax
return. Advertising expense increased $8,000 due to the Bank’s
current marketing initiatives.
Income Tax Expense. Income taxes
increased $303,000 to $910,000 for the three months ended September
30, 2017 compared to $607,000 for the three months ended September
30, 2016. The effective tax rate for the three months ended
September 30, 2017 was 30.6% compared to 27.8% for the three months
ended September 30, 2016. The increase in income taxes was due to
an increase of $792,000 in pre-tax income. The increase in the
effective tax rate was related to a change in the securities
portfolio composition of new purchases of taxable securities
replacing tax-exempt security calls and maturities within the
portfolio. In addition, the capital loss carry forward deferred tax
asset has been fully recognized and the expiration of the low
income housing tax credit program in the prior quarter, which
attributed to the increase in both income taxes and the effective
tax rate.
Year to Date Results
Net Interest Income. Net interest income
decreased $161,000 , or 0.7%, to $21.5 million for the nine months
ended September 30, 2017 compared to $21.6 million for the nine
months ended September 30, 2016.
Interest and dividend income increased $196,000, or 0.8%, to
$24.0 million for the nine months ended September 30, 2017 compared
to $23.8 million for the nine months ended September 30, 2016.
Interest income on taxable securities increased $215,000 despite a
decrease of 38 basis points in yield from new purchases with lower
prevailing yields. The average balance for taxable securities
increased $25.9 million for the nine months ended September 30,
2017. Federal Funds sold increased $104,000 for the nine months
ended September 30, 2017. This is the direct result of the end of
the historically low interest rates in the last year and the
increases in the average interest-earning balances to $16.1 million
as a result of deposit growth for the nine months ended September
30, 2017. Other interest and dividend income increased $82,000
primarily due to increased interest earned with correspondent
deposit banks and FHLB dividends in the current period. Interest
income on securities exempt from federal tax decreased $122,000 due
to deploying proceeds from security calls and maturities into
purchasing taxable securities in the current year. There was a
decrease of $2.7 million in the average balance on securities
exempt from federal tax and a decrease of 38 basis points in yield
as a result of security calls and maturities that had higher
yields. Interest income on loans decreased $83,000 primarily due to
accretion on the acquired loan portfolio credit mark for the nine
months ended September 30, 2017 of $533,000, or 16 basis points
compared to $860,000, or 26 basis points for the nine months ended
September 30, 2016. There was an increase in average loans
outstanding of $471,000. The increase in average loans was due to
the loan originations within the entire loan portfolio in the later
part of the current period.
Interest expense increased $357,000, or 16.9%, to $2.5
million for the nine months ended September 30, 2017 compared to
$2.1 million for the nine months ended September 30, 2016. Interest
expense on deposits increased $372,000 due to recent rate increases
and an increase in average interest-bearing deposits of $33.7
million which we attribute primarily to time deposits,
interest-bearing demand deposits and savings accounts. The average
cost of interest-bearing deposits increased 7 basis points. In
addition, short-term borrowings increased $9,000 in the current
period due to increased interest rates on securities sold under
agreements to repurchase. Interest expense on other borrowed funds
decreased $22,000 due to a decrease in long-term borrowings as a
result of a FHLB long-term borrowing for $3.5 million that matured
in the current period.
Provision for Loan Losses. The provision
for loan losses decreased $580,000 to $1.0 million, for the nine
months ended September 30, 2017, of which $250,000 was attributed
to the acquired loan portfolio, compared to $1.6 million of
provision for loan losses for the nine months ended September 30,
2016. Net charge-offs for the nine months ended September 30, 2017
were $667,000, which included $435,000 of net charge-offs on
automobile loans, compared to net charge-offs of $625,000 for the
nine months ended September 30, 2016, which included $375,000 of
net charge-offs on automobile loans. Management analyzes the loan
portfolio on a quarterly basis to determine the adequacy of the
allowance for loan losses and the need for an increase or reduction
in provision for loan losses for the nine months ended September
30, 2017. The decrease in provision is mainly attributed to loan
payoffs and improving credit quality of impaired loans resulting in
an average balance decrease of approximately $4.0 million in
impaired loans for the nine months ended September 30, 2017 as
compared to the nine months ended September 30, 2016. There was
sizable loan growth and increased performance in substandard loans
which resulted in upgrades to credit quality risk ratings as
compared to the prior year. As the acquired loan portfolio has loan
payoffs, paydowns and accretion of the credit mark, the need for
additional provision may be required based on our loan loss
analysis.
Noninterest Income.
Noninterest income increased $324,000, or 5.9%, to $5.9
million for the nine months ended September 30, 2017 compared to
$5.5 million at September 30, 2016. There was a $395,000 increase
in insurance commissions from Exchange Underwriters due to
additional contingency fees received and an increase in commercial
commission and fee income received in the current period. Net gains
on the sales of investments increased $52,000 due to the sale of
equity securities. These sales were transacted to recognize capital
gains that will be offset by a capital loss carry forward deferred
tax asset that was acquired in the merger. The capital loss carry
forward deferred tax asset has been fully recognized in the current
period. Net gains on purchased tax credits increased $43,000 due to
purchased Pennsylvania shares tax credits being recognized in the
current period. Service fees on deposit accounts increased $28,000
primarily due to increased NSF fees due to customer overdrafts of
deposit accounts and check card fees. There was a decrease in the
net gains on sales of residential mortgage loans of $170,000. The
decrease in gains was primarily due to a decrease in the number of
loans originated and subsequently sold to the FHLB as part of the
Mortgage Partnership Finance® (“MPF®”) program. The MPF® program
enables member financial institutions to offer competitive interest
rates for fixed-rate mortgage loans without assuming any of the
interest rate risk associated with a long-term asset. Income from
bank-owned life insurance decreased $13,000 due to lower crediting
rates in the current period. Other miscellaneous income decreased
$6,000 due to student loan servicing fees and an increase in
amortization on mortgage servicing rights related to loans sold to
the FHLB. This was partially offset by an increase in the servicing
income received from mortgage loans sold to the FHLB as part of the
MPF® program. Other commissions decreased $5,000 primarily due to
decreases in merchant services and check sales fees in the current
period, partially offset by an increase in miscellaneous income
recognized from forfeited funds from an employee FSA from prior
years.
Noninterest Expense. Noninterest expense
increased $651,000, or 3.7%, to $18.4 million for the nine months
ended September 30, 2017 compared to $17.8 million for the nine
months ended September 30, 2016. Salaries and employee
benefits increased $480,000, primarily due to additional
employees, normal salary increases, retirement benefits, employee
stock options and employee group health insurance. This was
partially offset by a decrease in restricted stock awards expense.
Occupancy and equipment increased $222,000 and $59,000,
respectively, primarily due to accelerated depreciation taken on
leasehold improvements in the Bank’s former operations center that
did not transfer over to the new Operations Center that was placed
into service in the prior quarter. In addition, the new Operations
Center increased depreciation during the current period. Other
increases for occupancy were related to real estate taxes, moving
expenses, utilities and property insurance. Equipment expense
increases were mainly due to equipment purchases and new
maintenance contracts for the Operations Center. Bankcard
processing expense increased $25,000 due to the increased number of
automatic teller transactions (“ATM”) in the current period.
Pennsylvania shares tax, which is calculated based on the Bank’s
stockholders’ equity, increased $19,000 due to the increase in
equity that was calculated on the current year shares tax return.
Other real estate owned expense was $343,000 of income in the
current period compared to $531,000 of income in the prior period
resulting in an increase of $188,000 in expense. This change is
primarily due to the $566,000 pre-tax gain recognized due to the
foreclosure procedures on two commercial real estate loans that
moved into other real estate owned properties in the first quarter
of 2016. This was partially offset due to the final resolutions of
loan collection efforts through the sale of a mineral rights
interest, bankruptcy court settlement and mortgage insurance
proceeds. These items are considered non-recurring. Other
noninterest expense decreased $110,000 primarily due to decreases
in various miscellaneous expenses, such as other insurance, other
losses, non-employee restricted stock awards and a Pennsylvania
state sales tax refund as a result of a Bank initiated reverse
audit. The FDIC assessment decreased $86,000 due to an
assessment factor reduction by the FDIC in the computation of the
insurance assessment. Legal and professional fees decreased $71,000
due to the previously mentioned mortgage insurance proceeds, in
which part of the insurance proceeds were utilized to offset legal
fees attributed to the problem loan relationship. Advertising
decreased $39,000 related to decreases in print/media advertising
and promotional items as a cost savings initiative.
Income Tax Expense. Income taxes
increased $81,000 to $2.3 million for the nine months ended
September 30, 2017 compared to $2.3 million for the nine months
ended September 30, 2016. The effective tax rate for the nine
months ended September 30, 2017 was 29.6% compared to 28.9% for the
nine months ended September 30, 2016. The increase in income taxes
was primarily due to an increase of $92,000 in pre-tax income and
the expiration of the low income housing tax credit program. The
increase in the effective tax rate was related to the decrease in
tax exempt income, the expiration of the low income housing tax
credit program and the capital loss carry forward deferred tax
asset that has been fully recognized, partially offset by the
favorable tax preference charitable donation of a former First
Federal Savings Bank building to the City of Monessen, Pennsylvania
in the current period.
STATEMENT OF FINANCIAL CONDITION REVIEW
Assets. Total assets increased $62.3
million, or 7.4%, to $908.3 million at September 30, 2017 compared
to $846.1 million at December 31, 2016.
Cash and due from banks increased $29.5 million, or 206.3%, to
$43.7 million at September 30, 2017 compared to $14.3 million at
December 31, 2016. This is primarily the result of deposit
growth.
Investment securities classified as
available-for-sale increased $9.7 million, or 9.1%, to $115.9
million at September 30, 2017 compared to $106.2 million at
December 31, 2016. This increase was primarily the result of new
security purchases funded by deposit growth.
Loans, net, increased $21.6 million, or 3.2%, to $695.7 million
at September 30, 2017 compared to $674.1 million at December 31,
2016. This was primarily due to net loan originations of $18.3
million on construction loans, $4.9 million on commercial and
industrial loans and $2.3 million on commercial real estate loans,
partially offset by net loan payoffs of $3.2 million on residential
mortgage loans and $380,000 in consumer loans (mainly indirect auto
loans).
Premises and equipment, net, increased $2.4 million,
or 17.2%, to $16.6 million at September 30, 2017 compared to $14.1
million at December 31, 2016. This is due to the additions related
to the new Operations Center that was placed into service in the
second quarter. Total premises and equipment capitalized for the
new Operations Center totaled $5.3 million.
Liabilities. Total
liabilities increased $58.6 million, or 7.7%, to $815.2
million at September 30, 2017 compared to $756.6 million at
December 31, 2016.
Total deposits increased $64.2 million, or 9.2%, to $762.4
million at September 30, 2017 compared to $698.2 million at
December 31, 2016. There were increases of $33.2 million in NOW
accounts, $22.6 million in demand deposits, $9.7 in savings
accounts and $5.4 million in time deposits, partially offset by
decreases of $4.4 million in brokered deposits and $2.4 million in
money market accounts. Due to the rising interest rate environment,
the Bank has been selective on offering promotional interest rates
and has concentrated its efforts on increasing noninterest-bearing
accounts by building strong customer relationships. In addition,
school district and municipal deposits increased $27.1 million due
to building stronger customer relationships with these depositors
and new accounts.
Short-term borrowings decreased $2.4 million, or 8.8%, to $24.7
million at September 30, 2017 compared to $27.0 million at December
31, 2016. At September 30, 2017, short-term borrowings were
comprised of $24.7 million of securities sold under agreements to
repurchase compared to $27.0 million at December 31, 2016. The
decrease is related to business deposit customers whose funds,
above designated target balances, are transferred into an overnight
interest-earning investment account by purchasing securities from
the Bank’s investment portfolio under an agreement to repurchase.
Other borrowed funds decreased by $3.5 million due to a maturing
FHLB long-term borrowing that was retired in the current period. As
a result of current period activity, the weighted average interest
rate on long-term borrowings increased by 12 basis points to
1.92%.
Stockholders’ Equity. Stockholders’
equity increased $3.7 million, or 4.1%, to $93.2 million at
September 30, 2017 compared to $89.5 million at December 31, 2016.
During the period, net income was $5.6 million and the Company paid
$2.7 million in dividends to stockholders.
About CB Financial Services, Inc
CB Financial Services, Inc. is the bank holding company for
Community Bank, a Pennsylvania-chartered commercial bank. Community
Bank operates 16 offices in Greene, Allegheny, Washington, Fayette,
and Westmoreland Counties in southwestern Pennsylvania. Community
Bank offers a broad array of retail and commercial lending and
deposit services and provides commercial and personal insurance
brokerage services through Exchange Underwriters, Inc., its wholly
owned subsidiary. Financial highlights of the Company are
attached.
For more information about CB and Community Bank, visit our
website at www.communitybank.tv.
Statements contained in this press release that are
not historical facts may constitute forward-looking statements as
that term is defined in the Private Securities Litigation Reform
Act of 1995 and such forward-looking statements are subject to
significant risks and uncertainties. The Company intends such
forward-looking statements to be covered by the safe harbor
provisions contained in the Act. The Company’s ability to predict
results or the actual effect of future plans or strategies is
inherently uncertain. Factors which could have a material
adverse effect on the operations and future prospects of the
Company and its subsidiaries include, but are not limited to,
changes in market interest rates, general economic conditions,
changes in federal and state regulation, actions by our
competitors, loan delinquency rates, our ability to control costs
and expenses, and other factors that may be described in the
Company’s periodic reports as filed with the Securities and
Exchange Commission. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. The Company
assumes no obligation to update any forward-looking statements
except as may be required by applicable law or regulation.
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SELECTED FINANCIAL
INFORMATION |
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(Unaudited) |
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(Dollars in thousands,
except share and per share data) |
|
September 30, |
|
December 31, |
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Selected Financial
Condition Data: |
|
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2017 |
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2016 |
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Total Assets |
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$ |
908,329 |
|
|
$ |
846,075 |
|
|
|
|
|
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Cash and Cash
Equivalents |
|
|
43,745 |
|
|
|
14,282 |
|
|
|
|
|
|
Securities
Available-for-Sale |
|
|
115,889 |
|
|
|
106,208 |
|
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Loans |
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Real
Estate: |
|
|
|
|
|
|
|
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Residential |
|
|
268,431 |
|
|
|
271,588 |
|
|
|
|
|
|
Commercial |
|
|
203,268 |
|
|
|
201,010 |
|
|
|
|
|
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Construction |
|
|
28,965 |
|
|
|
10,646 |
|
|
|
|
|
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Commercial and Industrial |
|
|
85,749 |
|
|
|
80,812 |
|
|
|
|
|
|
Consumer |
|
|
114,017 |
|
|
|
114,204 |
|
|
|
|
|
|
Other |
|
|
3,444 |
|
|
|
3,637 |
|
|
|
|
|
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Total
Loans |
|
|
703,874 |
|
|
|
681,897 |
|
|
|
|
|
|
Allowance
for Loan Losses |
|
|
8,156 |
|
|
|
7,803 |
|
|
|
|
|
|
Loans,
Net |
|
|
695,718 |
|
|
|
674,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and Equipment,
Net |
|
|
16,558 |
|
|
|
14,132 |
|
|
|
|
|
|
Goodwill and Core
Deposit Intangible |
|
|
8,371 |
|
|
|
8,772 |
|
|
|
|
|
|
Deposits |
|
|
762,374 |
|
|
|
698,218 |
|
|
|
|
|
|
Borrowings |
|
|
49,162 |
|
|
|
55,027 |
|
|
|
|
|
|
Stockholders'
Equity |
|
|
93,154 |
|
|
|
89,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
Selected Operations
Data: |
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
|
|
Interest and Dividend
Income |
|
$ |
8,213 |
|
|
$ |
7,684 |
|
$ |
23,953 |
|
|
$ |
23,757 |
|
|
|
Interest Expense |
|
|
860 |
|
|
|
708 |
|
|
2,470 |
|
|
|
2,113 |
|
|
|
Net Interest
Income |
|
|
7,353 |
|
|
|
6,976 |
|
|
21,483 |
|
|
|
21,644 |
|
|
|
Provision for Loan
Losses |
|
|
300 |
|
|
|
450 |
|
|
1,020 |
|
|
|
1,600 |
|
|
|
Net Interest Income
After Provision for Loan Losses |
|
|
7,053 |
|
|
|
6,526 |
|
|
20,463 |
|
|
|
20,044 |
|
|
|
Noninterest
Income: |
|
|
|
|
|
|
|
|
|
|
Service
Fees on Deposit Accounts |
|
|
630 |
|
|
|
619 |
|
|
1,839 |
|
|
|
1,811 |
|
|
|
Insurance
Commissions |
|
|
758 |
|
|
|
676 |
|
|
2,686 |
|
|
|
2,291 |
|
|
|
Other
Commissions |
|
|
125 |
|
|
|
112 |
|
|
336 |
|
|
|
341 |
|
|
|
Net Gains
on Sales of Loans |
|
|
137 |
|
|
|
250 |
|
|
389 |
|
|
|
559 |
|
|
|
Net Gains
on Sales of Investments |
|
|
10 |
|
|
|
22 |
|
|
132 |
|
|
|
80 |
|
|
|
Net Gains
on Purchased Tax Credits |
|
|
14 |
|
|
|
- |
|
|
43 |
|
|
|
- |
|
|
|
Income
from Bank-Owned Life Insurance |
|
|
116 |
|
|
|
122 |
|
|
348 |
|
|
|
361 |
|
|
|
Other |
|
|
28 |
|
|
|
20 |
|
|
87 |
|
|
|
93 |
|
|
|
Total
noninterest income |
|
|
1,818 |
|
|
|
1,821 |
|
|
5,860 |
|
|
|
5,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
Salaries
and Employee Benefits |
|
|
3,512 |
|
|
|
3,291 |
|
|
10,425 |
|
|
|
9,945 |
|
|
|
Occupancy |
|
|
526 |
|
|
|
544 |
|
|
1,678 |
|
|
|
1,456 |
|
|
|
Equipment |
|
|
464 |
|
|
|
463 |
|
|
1,376 |
|
|
|
1,317 |
|
|
|
FDIC
Assessment |
|
|
104 |
|
|
|
112 |
|
|
267 |
|
|
|
353 |
|
|
|
PA Shares
Tax |
|
|
186 |
|
|
|
138 |
|
|
562 |
|
|
|
543 |
|
|
|
Contracted Services |
|
|
119 |
|
|
|
155 |
|
|
408 |
|
|
|
444 |
|
|
|
Legal and
Professional Fees |
|
|
81 |
|
|
|
140 |
|
|
324 |
|
|
|
395 |
|
|
|
Advertising |
|
|
197 |
|
|
|
189 |
|
|
504 |
|
|
|
543 |
|
|
|
Bankcard
Processing Expense |
|
|
130 |
|
|
|
125 |
|
|
384 |
|
|
|
359 |
|
|
|
Other
Real Estate Owned (Income) Expense |
|
|
(349 |
) |
|
|
4 |
|
|
(343 |
) |
|
|
(531 |
) |
|
|
Amortization of Core Deposit Intangible |
|
|
134 |
|
|
|
134 |
|
|
401 |
|
|
|
401 |
|
|
|
Other |
|
|
793 |
|
|
|
870 |
|
|
2,432 |
|
|
|
2,542 |
|
|
|
Total
noninterest expense |
|
|
5,897 |
|
|
|
6,165 |
|
|
18,418 |
|
|
|
17,767 |
|
|
|
Income Before Income
Taxes |
|
|
2,974 |
|
|
|
2,182 |
|
|
7,905 |
|
|
|
7,813 |
|
|
|
Income Taxes |
|
|
910 |
|
|
|
607 |
|
|
2,336 |
|
|
|
2,255 |
|
|
|
Net Income |
|
$ |
2,064 |
|
|
$ |
1,575 |
|
$ |
5,569 |
|
|
$ |
5,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Per
Share |
|
$ |
0.22 |
|
|
$ |
0.22 |
|
$ |
0.66 |
|
|
$ |
0.66 |
|
|
|
Earnings Per Share -
Basic |
|
|
0.50 |
|
|
|
0.38 |
|
|
1.36 |
|
|
|
1.36 |
|
|
|
Earnings Per Share -
Diluted |
|
|
0.50 |
|
|
|
0.38 |
|
|
1.36 |
|
|
|
1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding - Basic |
|
|
4,088,025 |
|
|
|
4,081,017 |
|
|
4,087,783 |
|
|
|
4,081,017 |
|
|
|
Weighted Average Shares
Outstanding - Diluted |
|
|
4,108,723 |
|
|
|
4,087,337 |
|
|
4,104,157 |
|
|
|
4,084,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
Selected Financial
Ratios(1): |
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
|
|
Return on Average
Assets |
|
|
0.91 |
|
% |
|
0.76 |
% |
|
0.85 |
|
% |
|
0.89 |
|
% |
|
Return on Average
Equity |
|
|
8.81 |
|
|
|
6.95 |
|
|
8.12 |
|
|
|
8.34 |
|
|
|
Average
Interest-Earning Assets to Average Interest-Bearing
Liabilities |
|
|
135.45 |
|
|
|
136.26 |
|
|
135.08 |
|
|
|
135.37 |
|
|
|
Average Equity to
Average Assets |
|
|
10.37 |
|
|
|
10.92 |
|
|
10.47 |
|
|
|
10.71 |
|
|
|
Net Interest Rate
Spread |
|
|
3.41 |
|
|
|
3.54 |
|
|
3.43 |
|
|
|
3.67 |
|
|
|
Net Interest
Margin |
|
|
3.56 |
|
|
|
3.68 |
|
|
3.58 |
|
|
|
3.80 |
|
|
|
Net Charge-Offs to
Average Loans |
|
|
0.13 |
|
|
|
0.10 |
|
|
0.13 |
|
|
|
0.12 |
|
|
|
Efficiency Ratio |
|
|
64.30 |
|
|
|
70.08 |
|
|
67.36 |
|
|
|
65.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
Allowance For Loan
Losses to Total Loans (2) |
|
|
1.16 |
|
% |
|
1.14 |
% |
|
|
|
|
|
Allowance For Loan
Losses to Nonperforming Loans (2) (6) |
|
|
110.76 |
|
|
|
92.60 |
|
|
|
|
|
|
Allowance For Loan
Losses to Noncurrent Loans (2) (7) |
|
|
200.99 |
|
|
|
164.62 |
|
|
|
|
|
|
Allowance For Loan
Losses and Accrued Credit Mark to Total Loans (3) |
|
|
1.30 |
|
|
|
1.38 |
|
|
|
|
|
|
Allowance For Loan
Losses and Accrued Credit Mark to Nonperforming Loans (3) (6) |
|
|
124.25 |
|
|
|
112.06 |
|
|
|
|
|
|
Allowance For Loan
Losses and Accrued Credit Mark to Noncurrent Loans (3) (7) |
|
|
225.48 |
|
|
|
199.22 |
|
|
|
|
|
|
Nonperforming Loans to
Total Loans (6) |
|
|
1.05 |
|
|
|
1.24 |
|
|
|
|
|
|
Noncurrent Loans to
Total Loans (7) |
|
|
0.58 |
|
|
|
0.70 |
|
|
|
|
|
|
Nonperforming Assets to
Total Assets |
|
|
0.85 |
|
|
|
1.02 |
|
|
|
|
|
|
Common Equity Tier 1
Capital (to Risk Weighted Assets) (4) |
|
|
13.18 |
|
|
|
13.38 |
|
|
|
|
|
|
Tier 1 Capital (to Risk
Weighted Assets) (4) |
|
|
13.18 |
|
|
|
13.38 |
|
|
|
|
|
|
Total Capital (to Risk
Weighted Assets) (4) |
|
|
14.43 |
|
|
|
14.63 |
|
|
|
|
|
|
Tier 1 Leverage (to
Adjusted Total Assets) (4) |
|
|
9.48 |
|
|
|
9.80 |
|
|
|
|
|
|
Common Equity Tier 1
Capital (to Risk Weighted Assets) (5) |
|
|
13.49 |
|
|
|
13.72 |
|
|
|
|
|
|
Tier 1 Capital (to Risk
Weighted Assets) (5) |
|
|
13.49 |
|
|
|
13.72 |
|
|
|
|
|
|
Total Capital (to Risk
Weighted Assets) (5) |
|
|
14.76 |
|
|
|
14.99 |
|
|
|
|
|
|
Tier 1 Leverage (to
Adjusted Total Assets) (5) |
|
|
9.78 |
|
|
|
10.07 |
|
|
|
|
|
|
Book Value Per
Share |
|
$ |
22.79 |
|
|
$ |
21.89 |
|
|
|
|
|
|
Outstanding Shares |
|
|
4,088,025 |
|
|
|
4,086,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Interim period ratios are calculated on an annualized
basis. |
|
|
(2) Loans
acquired in connection with the merger with FedFirst Financial
Corporation were recorded at their estimated fair value at the
acquisition date and did not include a carryover of the
pre-merger allowance for loan losses. |
|
|
(3)
Accrued credit mark for loans acquired at fair market value in
connection with the merger with FedFirst Financial Corporation has
been included in the calculation of the ratios. |
|
|
(4)
Capital ratios are for Community Bank only. |
|
|
(5)
Capital ratios are for CB Financial Services, Inc. |
|
|
(6)
Nonperforming loans consist of nonaccrual loans, accruing loans
that are 90 days or more past due and troubled debt restructured
loans. |
|
|
(7)
Noncurrent loans consist of nonaccrual loans and accruing loans
that are 90 days or more past due. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
|
Certain
items previously reported may have been reclassified to conform
with the current reporting period’s format. |
|
|
AVERAGE BALANCES AND YIELDS |
|
The following tables present information regarding average
balances of assets and liabilities, the total dollar amounts of
interest income and dividends from average interest-earning assets,
the total dollar amounts of interest expense on average
interest-bearing liabilities, and the resulting average yields and
costs. Average balances are derived from daily balances over the
periods indicated. The yields set forth below include the effect of
deferred fees, discounts, and premiums that are amortized or
accreted to interest income or interest expense. Tax-equivalent
yield adjustments have been made for tax exempt loan and securities
income utilizing a marginal federal tax rate of 34%. As such,
amounts will not agree to income as reported in the consolidated
financial statements. Average balances for loans are net of the
allowance for loan losses, and include nonaccrual loans. The yields
and costs for the periods indicated are derived by dividing income
or expense by the average balances of assets or liabilities,
respectively, for the periods presented. |
|
|
|
|
|
(Dollars in thousands) (Unaudited) |
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
|
|
|
|
Balance |
|
Dividends |
|
Cost (4) |
|
Balance |
|
Dividends |
|
Cost (4) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
Net |
$ |
684,384 |
|
$ |
7,480 |
|
4.34 |
% |
|
$ |
671,346 |
|
$ |
7,120 |
|
4.22 |
% |
|
Investment
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
80,791 |
|
|
386 |
|
1.91 |
|
|
|
51,460 |
|
|
287 |
|
2.23 |
|
|
|
Exempt From
Federal Tax |
|
37,390 |
|
|
340 |
|
3.64 |
|
|
|
39,428 |
|
|
388 |
|
3.94 |
|
|
Other
Interest-Earning Assets |
|
32,553 |
|
|
139 |
|
1.69 |
|
|
|
9,296 |
|
|
43 |
|
1.84 |
|
|
|
Total
Interest-Earning Assets |
|
835,118 |
|
|
8,345 |
|
3.96 |
|
|
|
771,530 |
|
|
7,838 |
|
4.04 |
|
Noninterest-Earning Assets |
|
61,859 |
|
|
|
|
|
|
|
54,484 |
|
|
|
|
|
|
|
Total
Assets |
$ |
896,977 |
|
|
|
|
|
|
$ |
826,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Demand Deposits |
$ |
138,742 |
|
|
92 |
|
0.26 |
% |
|
$ |
112,679 |
|
|
49 |
|
0.17 |
% |
|
Savings |
|
131,420 |
|
|
61 |
|
0.18 |
|
|
|
121,439 |
|
|
56 |
|
0.18 |
|
|
Money
Market |
|
135,214 |
|
|
88 |
|
0.26 |
|
|
|
138,033 |
|
|
87 |
|
0.25 |
|
|
Time
Deposits |
|
160,456 |
|
|
479 |
|
1.18 |
|
|
|
136,258 |
|
|
365 |
|
1.07 |
|
|
|
Total
Interest-Bearing Deposits |
|
565,832 |
|
|
720 |
|
0.50 |
|
|
|
508,409 |
|
|
557 |
|
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
50,741 |
|
|
140 |
|
1.09 |
|
|
|
57,791 |
|
|
151 |
|
1.04 |
|
|
|
Total
Interest-Bearing Liabilities |
|
616,573 |
|
|
860 |
|
0.55 |
|
|
|
566,200 |
|
|
708 |
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Demand Deposits |
|
183,061 |
|
|
|
|
|
|
|
165,422 |
|
|
|
|
|
Other
Liabilities |
|
4,361 |
|
|
|
|
|
|
|
4,199 |
|
|
|
|
|
|
|
Total
Liabilities |
|
803,995 |
|
|
|
|
|
|
|
735,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
92,982 |
|
|
|
|
|
|
|
90,193 |
|
|
|
|
|
|
|
Total
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
$ |
896,977 |
|
|
|
|
|
|
$ |
826,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income |
|
|
$ |
7,485 |
|
|
|
|
|
|
$ |
7,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Rate Spread (1) |
|
|
|
|
3.41 |
% |
|
|
|
|
|
3.54 |
% |
Net
Interest-Earning Assets (2) |
$ |
218,545 |
|
|
|
|
|
|
$ |
205,330 |
|
|
|
|
|
Net
Interest Margin (3) |
|
|
|
|
3.56 |
|
|
|
|
|
|
3.68 |
|
Return on
Average Assets |
|
|
|
|
0.91 |
|
|
|
|
|
|
0.76 |
|
Return on
Average Equity |
|
|
|
|
8.81 |
|
|
|
|
|
|
6.95 |
|
Average
Equity to Average Assets |
|
|
|
|
10.37 |
|
|
|
|
|
|
10.92 |
|
Average
Interest-Earning Assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Interest-Bearing Liabilities |
|
|
|
|
135.45 |
|
|
|
|
|
|
136.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net
interest rate spread represents the difference between the weighted
average yield on interest-earning assets and the weighted
average cost of interest-bearing liabilities. |
|
(2) Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities. |
|
(3) Net
interest margin represents net interest income divided by average
total interest-earning assets. |
|
(4)
Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) (Unaudited) |
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
|
|
|
|
Balance |
|
Dividends |
|
Cost (4) |
|
Balance |
|
Dividends |
|
Cost (4) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
Net |
$ |
673,922 |
|
$ |
21,896 |
|
4.34 |
% |
|
$ |
673,451 |
|
$ |
21,998 |
|
4.36 |
% |
|
Investment
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
79,432 |
|
|
1,133 |
|
1.90 |
|
|
|
53,580 |
|
|
918 |
|
2.28 |
|
|
|
Exempt From
Federal Tax |
|
36,177 |
|
|
987 |
|
3.64 |
|
|
|
38,902 |
|
|
1,172 |
|
4.02 |
|
|
Other
Interest-Earning Assets |
|
27,643 |
|
|
325 |
|
1.57 |
|
|
|
11,533 |
|
|
139 |
|
1.61 |
|
|
|
Total
Interest-Earning Assets |
|
817,174 |
|
|
24,341 |
|
3.98 |
|
|
|
777,466 |
|
|
24,227 |
|
4.16 |
|
Noninterest-Earning Assets |
|
58,709 |
|
|
|
|
|
|
|
53,806 |
|
|
|
|
|
|
|
Total
Assets |
$ |
875,883 |
|
|
|
|
|
|
$ |
831,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Demand Deposits |
$ |
127,736 |
|
|
239 |
|
0.25 |
% |
|
$ |
114,959 |
|
|
147 |
|
0.17 |
% |
|
Savings |
|
128,583 |
|
|
177 |
|
0.18 |
|
|
|
123,079 |
|
|
169 |
|
0.18 |
|
|
Money
Market |
|
137,906 |
|
|
270 |
|
0.26 |
|
|
|
142,820 |
|
|
268 |
|
0.25 |
|
|
Time
Deposits |
|
159,232 |
|
|
1,364 |
|
1.15 |
|
|
|
138,917 |
|
|
1,094 |
|
1.05 |
|
|
|
Total
Interest-Bearing Deposits |
|
553,457 |
|
|
2,050 |
|
0.50 |
|
|
|
519,775 |
|
|
1,678 |
|
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
51,505 |
|
|
420 |
|
1.09 |
|
|
|
54,533 |
|
|
435 |
|
1.07 |
|
|
|
Total
Interest-Bearing Liabilities |
|
604,962 |
|
|
2,470 |
|
0.55 |
|
|
|
574,308 |
|
|
2,113 |
|
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Demand Deposits |
|
175,401 |
|
|
|
|
|
|
|
163,815 |
|
|
|
|
|
Other
Liabilities |
|
3,822 |
|
|
|
|
|
|
|
4,086 |
|
|
|
|
|
|
|
Total
Liabilities |
|
784,185 |
|
|
|
|
|
|
|
742,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
91,698 |
|
|
|
|
|
|
|
89,063 |
|
|
|
|
|
|
|
Total
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
$ |
875,883 |
|
|
|
|
|
|
$ |
831,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income |
|
|
$ |
21,871 |
|
|
|
|
|
|
$ |
22,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Rate Spread (1) |
|
|
|
|
3.43 |
% |
|
|
|
|
|
3.67 |
% |
Net
Interest-Earning Assets (2) |
$ |
212,212 |
|
|
|
|
|
|
$ |
203,158 |
|
|
|
|
|
Net
Interest Margin (3) |
|
|
|
|
3.58 |
|
|
|
|
|
|
3.80 |
|
Return on
Average Assets |
|
|
|
|
0.85 |
|
|
|
|
|
|
0.89 |
|
Return on
Average Equity |
|
|
|
|
8.12 |
|
|
|
|
|
|
8.34 |
|
Average
Equity to Average Assets |
|
|
|
|
10.47 |
|
|
|
|
|
|
10.71 |
|
Average
Interest-Earning Assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Interest-Bearing Liabilities |
|
|
|
|
135.08 |
|
|
|
|
|
|
135.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net
interest rate spread represents the difference between the weighted
average yield on interest-earning assets and the weighted
average cost of interest-bearing liabilities. |
|
(2) Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities. |
|
(3) Net
interest margin represents net interest income divided by average
total interest-earning assets. |
|
(4)
Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Barron P. McCune, Jr.
Vice Chairman and Chief Executive Officer
Phone: (724) 225-2400
Fax: (724) 225-4903
CB Financial Services (NASDAQ:CBFV)
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From Jul 2023 to Jul 2024