CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM:
CBFV), the holding company of Community Bank (the “Bank”) and
Exchange Underwriters, Inc., a wholly-owned insurance subsidiary of
the Bank, today announced its second quarter and year-to-date 2019
financial results.
Second Quarter 2019 Highlights
- Net income for the three months ended June 30, 2019 was $3.0
million, compared to $970,000 for the three months ended June 30,
2018, an increase of $2.0 million, or 207.1%.
- Total loans grew $27.1 million since March 31, 2019, at an
annualized net loan growth rate of approximately 12.0%. The loan
growth was mainly driven by net loan originations of $14.1 million
for commercial real estate, $10.2 million for commercial and
industrial and $4.5 million for residential real estate loans.
- Return on Average Assets (“ROA”) (annualized) for the three
months ended June 30, 2019, was 0.91%, an increase of 57 basis
points, as compared to 0.34% (annualized) for the three months
ended June 30, 2018. Return on Average Equity (“ROE”) (annualized)
for the three months ended June 30, 2019, was 8.32%, an increase of
492 basis points, as compared to 3.40% (annualized) for the three
months ended June 30, 2018.
- Provision for loan losses decreased $250,000, or 41.7%, to
$350,000 for the three months ended June 30, 2019, compared to
$600,000 for the three months ended June 30, 2018. This was mainly
due to improved credit metrics for criticized loans and reduced net
charge-offs.
- Net interest income for the three months ended June 30, 2019,
increased $1.5 million, to $10.7 million as compared to $9.2
million for the three months ended June 30, 2018. This is due to
total net loan growth of $139.7 million since June 30, 2018, of
which $95.5 million was attributed to acquired loans as a result of
the First West Virginia Bancorp and Progressive Bank, National
Association merger (“FWVB merger”) on April 30, 2018. The remaining
net loan growth of $44.2 million, or 5.0%, was due to loan
originations since June 30, 2018. In addition, investment
securities acquired in the FWVB merger contributed to the increase
in net interest income.
- Noninterest income increased $274,000 for the three months
ended June 30, 2019, as compared to the three months ended June 30,
2018. This was mainly attributed to increased insurance commissions
due to the Exchange Underwriters, Inc. acquisition of the customer
list of Beynon Insurance (“Beynon”) as of August 1, 2018 and
increased service fees on deposits accounts due to the FWVB
merger.
FWVB Merger
The quarterly and year-to-date results were impacted by the FWVB
merger that closed in the second quarter of 2018. The merger
brought approximately $281.6 million in low-cost deposits, $95.5
million in loans and eight branch locations in the Upper Ohio
Valley and Buckhannon, WV regions. In addition, we have added
branch and back office personnel to accommodate the increased
customer traffic and transaction volumes due to the FWVB merger.
Our quarter and year-to-date financial results as of June 30, 2018
were impacted by approximately $769,000 and $793,000, respectively,
of pre-tax merger-related expenses. Noninterest expense decreased
$463,000 for the three months ended June 30, 2019, to $9.0 million
as compared to $9.5 million for the three months ended June 30,
2018. This is due to the prior quarter ending June 30, 2018 merger
expenses, partially offset by a complete quarter impact from the
FWVB merger in the current quarter.
Net income for the three months ended June 30, 2019 was $3.0
million, compared to $970,000 for the three months ended June 30,
2018. As mentioned in the narrative above, the FWVB merger had a
significant impact on net income for the quarter and year-to-date.
Excluding first quarter charge-offs of $1.1 million, and various
discrete one-time items of merger expenses of $793,000, and former
Bank corporate lease termination cost of $67,000, which were
partially offset by proceeds of $421,000 from a bank-owned life
insurance policy; prior year net income would have been
approximately $1.9 million and $3.2 million for the three and six
months ended June 30, 2018, respectively.
Diluted earnings per share (“EPS”) for the three and six months
ended June 30, 2019 were $0.55 and $1.08, compared to $0.19 and
$0.51 for the three and six months ended June 30, 2018,
respectively. Removing prior quarter-ending June 30, 2018 and
year-to-date merger and various one-time discrete items, diluted
EPS would have been reported at $0.36 and $0.70 per share for the
three and six months ended June 30, 2018, which would have been
increases of $0.17 and $0.19 per share, for the three and six
months ended June 30, 2018, respectively.
“We are pleased to report our second quarter and year-to-date
financial performance for 2019. The second quarter recognized
the one-year anniversary of the FWVB merger,” said Patrick G.
O’Brien, President and Chief Executive Officer. “Our organization
has thrived in our expanded footprint by continuing to build
shareholder value with second quarter annualized loan growth of
12.0%, annualized deposit growth of 3.8% and annualized insurance
commissions growth of 46.7%. We have made significant investments
in our marketing initiatives that are increasing brand awareness in
the tri-state region. In addition, the continued recognized
benefits of the FWVB merger and Exchange Underwriters, Inc.
acquisition of the Beynon customer list allowed our Board of
Directors to return value to our shareholders by increasing our
quarterly dividend by $0.02 per share since the prior year second
quarter of June 30, 2018, to $0.24 per share. For the second half
of 2019, our dedicated and talented team is poised to continue to
create value for our shareholders and enhance services to our
customers.”
STATEMENT OF INCOME REVIEW
Second Quarter Results
Net Interest Income. Net interest income
increased $1.5 million, or 16.7%, to $10.7 million for the three
months ended June 30, 2019, compared to $9.2 million for the three
months ended June 30, 2018.
Interest and dividend income increased $2.0 million, or 18.5%,
to $12.7 million for the three months ended June 30, 2019 compared
to $10.7 million for the three months ended June 30, 2018. Interest
income on loans increased $1.4 million for the three months ended
June 30, 2019, compared to the three months ended June 30, 2018.
Average net loans increased by $65.5 million for the three months
ended June 30, 2019, compared to the three months ended June 30,
2018. This was primarily due to the FWVB merger and organic loan
growth. The FWVB merger not only affected the average loan balance,
it also contributed to an increase of 31 basis points in loan
yield. The credit mark recorded for the acquired loans in the FWVB
merger was approximately $1.3 million for the prior quarter-ended
June 30, 2018. The impact of the accretion from both the FWVB and
FedFirst Financial Corporation (“FFCO”) acquired loan portfolios
for the three months ended June 30, 2019 was $78,000, or 3 basis
points increase, compared to $93,000, or 4 basis points increase,
for the three months ended June 30, 2018. The remaining credit mark
balance for both acquired loan portfolios was $1.8 million as of
June 30, 2019. Interest income on taxable securities increased
$402,000, mainly due to an increase of $51.1 million in the average
balance and 14 basis points in yield in the current period. Other
interest and dividend income increased $121,000, as a result of
increased interest earned on correspondent deposit banks in the
current period. This is a result of the FWVB merger and organic
deposit growth. Interest income on federal funds sold increased
$111,000, mainly due to an increase of $36.2 million in the average
balance of other interest-earning assets comprised mainly of an
increase of $15.8 million in interest-bearing cash at the Federal
Reserve Bank and the two quarterly interest rate hikes of 25
basis points each by the Federal Reserve Board (“FRB”) since the
three months ended June 30, 2018. Interest income on securities
exempt from federal income tax decreased $71,000 in the current
period. This was due to lower yielding security calls and sales for
securities exempt from federal income tax, which attributed to an
average balance decrease of $15.0 million.
Interest expense increased $447,000, or 29.5%, to $2.0 million
for the three months ended June 30, 2019, compared to $1.5 million
for the three months ended June 30, 2018. Interest expense on
deposits increased $638,000, due to an increase in average
interest-bearing deposits of $122.6 million, primarily due to
increases in deposits as a result of the FWVB merger. The average
cost of interest-bearing deposits increased 21 basis points. This
was primarily related to previously mentioned interest rate hikes
by the FRB. Interest expense on short-term borrowings decreased
$158,000, due to a decrease of $33.6 million in the average balance
of FHLB borrowings, partially offset by an increase of $1.1 million
in the average balance of securities sold under agreement to
repurchase. Interest expense on other borrowed funds decreased
$33,000 primarily due to FHLB long-term borrowings that had a
decrease in the average balance of $4.8 million during the current
quarter. This is a result of maturing FHLB long-term borrowings
being retired.
Provision for Loan Losses. The provision
for loan losses was $350,000 for the three months ended June 30,
2019, compared to $600,000, for the three months ended June 30,
2018. Net charge-offs for the three months ended June 30, 2019,
were $71,000, which included net-charge-offs of $47,000 on
automobile loans, compared to $125,000 of net charge-offs for the
three months ended June 30, 2018, which included $113,000 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 additional provisions
for loan losses. The decrease in the quarterly provision was
primarily due to improved credit metrics for criticized loans and
reduced charge-offs. In addition, overall improvements in credit
matrix factors had a positive impact on the qualitative factors
within the allowance calculation.
Noninterest Income.
Noninterest income increased $274,000, or 12.9%, to $2.4 million
for the three months ended June 30, 2019, compared to $2.1 million
for the three months ended June 30, 2018. Insurance commissions
from Exchange Underwriters increased $203,000 due to increased
direct bill commercial lines commission and fee income as a result
of the Beynon customer list acquisition and contingency fees
received. 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.
Service fees on deposit accounts increased $79,000 due to increased
volume in ATM and Mastercard debit card fees as a result of the
FWVB merger in the current quarter. The fair value of equity
securities increased $65,000 due to the $109,000 gain for the three
months ended June 30, 2019, as compared to the $44,000 gain for the
three months ended June 30, 2018. This was a result of current
market interest rate conditions. Other noninterest income increased
$35,000 due to decreased amortization of mortgage servicing rights
on sold mortgages and reduced student loan origination fees as a
result of the student loan insurance company insolvency, and the
discontinuing of student loan originations in the prior year. Other
commissions decreased $132,000, due to the prior quarter
recognition of a loan referral fee and liquidation of a partnership
interest in the West Virginia Bankers Title Company, a legacy item
from the FWVB merger.
Noninterest Expense. Noninterest expense
decreased $463,000, or 4.9%, to $9.0 million for the three months
ended June 30, 2019, compared to $9.5 million for the three months
ended June 30, 2018. Merger-related expense decreased $769,000, due
to the prior quarter FWVB merger. Salaries and employee benefits
decreased $157,000, primarily related to our health care insurance
benefit attaining the stop-loss policy cap as a result of isolated
participant claims and the prior quarter incentive compensation
accrual related to loan growth. Occupancy decreased $125,000,
primarily due to decreases in acquired bank building purchase
accounting adjustments from the post-prior quarter finalization of
all purchase accounting adjustments. In addition, there were
decreases in building repairs and maintenance and other property
expense. Contracted services increased $190,000, mainly as a result
of the additional branch locations acquired in the FWVB merger.
Bankcard processing expenses increased $91,000, due to increased
ATM transactions as a result of the FWVB merger. Amortization of
Core Deposit Intangible (“CDI”) increased $85,000, due to the CDI
recorded for the FWVB merger. Other noninterest expense increased
$69,000, primarily due to other losses that were charged-off as a
result of fraudulent phishing transactions on customer accounts,
amortization of the Beynon customer list for Exchange Underwriters,
telephone, insurance, loan expenses and postage. These items were
partially offset by decreases in office supplies, meals and
entertainment, dues and subscriptions, travel and conference
expenses. PA shares tax expense increased $52,000, due to the
increase in equity based on the FWVB merger. Advertising expense
increased $48,000, due to the Bank’s expanded marketing initiatives
in various media outlets. Equipment expense increased $33,000
primarily due to additional branch locations requiring equipment
maintenance contracts and data processing related to the FWVB
merger. The Federal Deposit Insurance Corporation (“FDIC”)
assessment expense increased $17,000, due to average asset growth
and an assessment factor increase by the FDIC in the computation of
the insurance assessment related to the FWVB merger.
Income Tax Expense. Income taxes
increased $510,000 to $744,000 for the three months ended June 30,
2019, compared to $234,000, for the three months ended June 30,
2018. The effective tax rate for the three months ended June 30,
2019 was 20.0%, compared to 19.4%, for the three months ended June
30, 2018. The increase in income taxes was due to an increase of
$2.5 million in pre-tax income. The increase in the effective tax
rate is due to a current quarter decline in tax-exempt income from
securities.
Year-to-Date Results
Net Interest Income. Net interest income
increased $4.4 million, or 26.0%, to $21.1 million for the six
months ended June 30, 2019, compared to $16.8 million for the six
months ended June 30, 2018.
Interest and dividend income increased $5.6 million, or 28.7%,
to $25.0 million for the six months ended June 30, 2019, compared
to $19.4 million for the six months ended June 30, 2018. Interest
income on loans increased $3.9 million primarily due to an increase
in average loans outstanding of $106.3 million and an increase of
35 basis points in loan yield for the six months ended June 30,
2019. The increase in average loans was mainly due to the FWVB
merger and total loan growth of $22.9 million during the current
period. This was partially offset by a decrease of $21,000 in
accretion on the acquired loan portfolios credit mark for the six
months ended June 30, 2019. Credit mark accretion of $138,000, or 3
basis points, was recognized for the six months ended June 30,
2019, compared to $159,000, or 4 basis points for the six months
ended June 30, 2018. Interest income on taxable securities
increased $1.2 million in the current period. In addition, an
increase of 35 basis points in yield resulted from securities
acquired in the FWVB merger. The average balance for taxable
securities increased $75.0 million for the six months ended June
30, 2019. Other interest and dividend income increased $265,000 as
a result of increased interest earned on correspondent deposit
banks in the current period. The average balance of correspondent
bank deposits increased $21.7 million in the current period.
Interest income on federal funds sold increased $219,000, mainly
due to an increase in the average balance of federal funds by $17.4
million for the current year and the two quarterly interest rate
hikes of 25 basis points each by the FRB. Interest income on
securities exempt from federal tax decreased $26,000 due to a
decrease of $6.9 million in the average balance on securities
exempt from federal tax. Despite the average balance decrease,
there was an increase of 43 basis points in yield as a result of
calls and sales of securities exempt from income tax with lower
prevailing yields.
Interest expense increased $1.2 million, or 46.3%, to $3.8
million for the six months ended June 30, 2019, compared to $2.6
million for the six months ended June 30, 2018. Interest expense on
deposits increased $1.6 million due to an increase in average
interest-bearing deposits of $189.9 million, which is attributed
primarily to the FWVB merger. The average cost of interest-bearing
deposits increased 24 basis points in the current period. Interest
expense on short-term borrowings decreased $309,000 in the current
period primarily due to retired FHLB overnight borrowings that had
an average balance of $38.0 million, partially offset by an
increase of $5.1 million in the average balance of securities sold
under agreements to repurchase. Interest expense on other borrowed
funds decreased $49,000, primarily due to FHLB long-term borrowings
that had a decrease in the average balance of $4.5 million during
the current period. This is a result of maturing FHLB long-term
borrowings being retired.
Provision for Loan Losses. The provision
for loan losses decreased $1.7 million, to $375,000, for the six
months ended June 30, 2019, compared to $2.1 million of provision
for loan losses for the six months ended June 30, 2018. Net
charge-offs for the six months ended June 30, 2019, were $242,000,
which included $180,000 of net charge-offs on automobile loans and
$25,000 of net-charge-offs for student loans, compared to net
charge-offs of $1.5 million for the six months ended June 30, 2018,
which included $200,000 of net charge-offs on automobile loans. The
decrease in net charge-offs for the current period was due to prior
period charge-offs of $1.2 million for three commercial and
industrial relationships in the first quarter of 2018. The
provision for loan losses was impacted in the prior period by
recording $2.1 million of provision for the originated loan
portfolio due to the above-mentioned loan charge-offs and to
appropriately reflect risk associated with the originated loan
portfolio as of the six months ended June 30, 2018. Additionally,
this was due to growth in the loan portfolio and average loan
balances. The acquired loan portfolio from the FWVB merger included
a credit mark of approximately $1.3 million in the prior period.
The current period showed improved credit metrics within criticized
loans, which had a positive impact on the qualitative factors
within the allowance calculation. Management analyzes the loan
portfolio on a quarterly basis to determine the adequacy of the
allowance for loan losses and credit mark on acquired loan
portfolios, with the possible need for additional provisions for
loan losses.
Noninterest Income.
Noninterest income increased $503,000, or 11.9%, to $4.7 million
for the six months ended June 30, 2019, compared to $4.2 million
for the six months ended June 30, 2018. There was a $423,000
increase in insurance commissions from Exchange Underwriters mainly
due to the Beynon customer list acquisition in the prior year.
Service fees on deposit accounts increased $241,000 primarily due
to increased ATM fees due to an increased volume of customer
transactions and check card fees related to the FWVB merger. The
fair value of equity securities increased $110,000 due to the
$129,000 gain for the six months ended June 30, 2019, as compared
to the $19,000 gain for the six months ended June 30, 2018, which
was a result of current market interest rate conditions. There was
an increase in the net gains on sales of residential mortgage loans
of $88,000. The increase in gains was primarily due to an increase
in the number of loans originated and subsequently sold to the FHLB
as part of the Mortgage Partnership Finance® (“MPF®”) program and a
stabilization in mortgage rates. 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. Other noninterest income
increased $72,000 due to decreased amortization of mortgage
servicing rights on sold mortgages and reduced student loan
origination fees as a result of the student loan insurance company
insolvency, and the discontinuing of student loan originations in
the prior year. Income on bank-owned life insurance (“BOLI”)
increased by $31,000 due to the BOLI policies acquired in the FWVB
merger. There was a decrease of $407,000, for other commissions due
to prior period items of insurance proceeds recognized by a claim
on a bank-owned life insurance policy due to the death of a former
officer of the Bank, recognition of an ARC loan referral fee and
liquidation of a partnership interest in the West Virginia Bankers
Title Company, a legacy item from the FWVB merger. Net gains on the
sales of investments decreased $53,000 due to investments sold at a
loss of $60,000 in the first quarter of the current period. The
losses were strategically recognized and designed to mitigate
deteriorating investments-credit risk and to reinvest in higher
yielding, longer-term investments.
Noninterest Expense. Noninterest expense
increased $2.0 million, or 12.1%, to $18.1 million for the six
months ended June 30, 2019, compared to $16.2 million for the six
months ended June 30, 2018. Salaries and employee benefits
increased $1.1 million, primarily due to additional employees,
salary increases, and employee group health insurance as a direct
result of the FWVB merger. CDI amortization increased $436,000 due
to the CDI recorded for the FWVB merger. Contracted services
increased $323,000, due to the additional branch locations acquired
in the FWVB merger. Equipment increased $239,000, primarily due to
equipment purchases and new maintenance contracts related to the
FWVB merger. Other noninterest expense increased $211,000,
primarily due to the recorded amortization related to the Exchange
Underwriters acquisition of the Beynon customer list, as well as
other losses that were charged-off as a result of fraudulent
phishing transactions on customer accounts, telephone, West
Virginia Business Office (“B&O”) taxes for the WV branch
locations, and postage; partially offset by decreases in office
supplies, and dues and subscriptions. Bankcard processing
expense increased $159,000, due to the increased number of ATM and
debit card transactions as a result of the FWVB merger. PA shares
tax expense increased $121,000 due to the increase in equity based
on the FWVB merger. Other real estate owned expense decreased
$82,000, primarily due to recognized income of $76,000 for the
leasing of mineral rights and a $33,000 gain on the sale of the
acquired other real estate owned property from the FWVB merger.
This was partially offset by expenses related to two new properties
that moved into OREO in the current period. FDIC assessment fees
increased $69,000 due to average asset growth and an assessment
factor increase by the FDIC in the computation of the insurance
assessment related to the FWVB merger. Advertising increased
$65,000 related to the Bank’s expanded marketing initiatives in
various media outlet and promotional items to promote the FWVB
merger. Occupancy and legal and professional fees increased $64,000
and $56,000, respectively, due to increased real estate taxes,
utilities, audit, consultation and legal fees in connection with
post-merger Bank and Exchange Underwriters acquisition of the
Beynon customer list. Merger-related expenses decreased $793,000
due to the absence of such expenses in the current period.
Income Tax Expense. Income taxes
increased $1.1 million, to $1.5 million for the six months ended
June 30, 2019, compared to $401,000 for the six months ended June
30, 2018. The effective tax rate for the six months ended June 30,
2019 was 19.8% compared to 14.7% for the six months ended June 30,
2018. The increase in income taxes was related to an increase of
$4.6 million in pre-tax income. The increase in the current period
effective tax rate was due to the prior period recognition of the
one-time income on a bank-owned life insurance claim of
approximately $421,000, which was a discrete tax item for the first
quarter of 2018. In addition, there was a decrease in income on
securities exempt from federal income tax.
STATEMENT OF FINANCIAL CONDITION REVIEW
Assets. Total assets increased $23.9
million, or 1.9%, to over $1.3 billion at June 30, 2019, from just
under $1.3 billion at December 31, 2018.
Cash and due from banks decreased $9.0 million, or 16.8%, to
$44.4 million at June 30, 2019, compared to $53.4 million at
December 31, 2018. This is primarily the result of funding loan
growth and security purchases.
Investment securities classified as available-for-sale increased
$10.6 million, or 4.7%, to $236.0 million at June 30, 2019,
compared to $225.4 million at December 31, 2018. This increase was
primarily the result of security purchases and current securities
portfolio market value.
Loans, net, increased $22.9 million, or 2.5%, to $926.2 million
at June 30, 2019, compared to $903.3 million at December 31, 2018.
This was primarily due to net loan originations of $11.6 million in
construction loans, $10.1 million in commercial real estate loans,
$4.1 million in residential mortgage loans, $2.4 million in
commercial and industrial loans, partially offset by a decrease of
$5.5 million in consumer loans. There was an increase of $1.9
million in impaired loans due to increased credit risk on a
commercial real estate relationship contributing to an increase in
nonperforming loans to total loans. This ratio increased 37 basis
points, or 53.6%, to 1.06% at June 30, 2019, compared to 0.69% at
December 31, 2018.
Premises and equipment, net decreased $590,000, or 2.5%, to
$22.9 million at June 30, 2019 compared to $23.4 million at
December 31, 2018. This is due to current period depreciation on
capitalized assets.
Liabilities. Total liabilities increased
$16.0 million, or 1.4%, to $1.2 billion at June 30, 2019 compared
to $1.1 billion at December 31, 2018.
Total deposits increased $20.4 million, or 1.9%, to over $1.1
billion at June 30, 2019, from just under $1.1 billion at
December 31, 2018. There were increases of $20.0 million in demand
deposits, $8.4 million in savings accounts, $6.6 million in time
deposits and $1.9 million in brokered deposits, partially offset by
decreases of $11.9 million in money market accounts and $4.5
million in NOW accounts. This increase is largely the result of
demand, savings and time deposits greater than $100,000 during the
current period. The legacy Bank deposit portfolio had approximately
$19.1 million increase in deposits. The FWVB acquired deposit
portfolio had an increase of $1.3 million in deposits. 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.
Short-term borrowings decreased $3.2 million, or 10.5%, to $27.7
million at June 30, 2019, compared to $31.0 million at December 31,
2018. At June 30, 2019 and December 31, 2018, short-term borrowings
were comprised entirely of securities sold under agreements to
repurchase. 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 $3.0 million, due
to a maturing FHLB long-term borrowing that was retired in the
current period. As a result of the current period activity, the
weighted average interest rate on long-term borrowings increased by
6 basis points to 2.09%.
Stockholders’ Equity. Stockholders’
equity increased $7.9 million, or 5.7%, to $145.5 million at June
30, 2019, compared to $137.6 million at December 31, 2018. Net
income was $5.9 million for the six months ended June 30, 2019.
Book value per share was $26.78, an increase of $1.45, or 5.7%, at
June 30, 2019, compared to $25.33 for December 31, 2018. The
Company paid $2.6 million in dividends to stockholders and the
unrealized gain on investment securities increased by $4.4 million
due to improved current period market interest rate conditions.
About CB Financial Services, Inc
CB Financial Services, Inc. is the bank holding company for
Community Bank, a Pennsylvania-chartered commercial bank
headquartered in Washington, Pennsylvania. Community Bank operates
twenty offices in Greene, Allegheny, Washington, Fayette, and
Westmoreland Counties in southwestern Pennsylvania, seven offices
in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West
Virginia, and one office in Belmont County in Ohio. 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. Consolidated 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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CB Financial Services,
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Data: |
|
2019 |
|
2018 |
|
|
|
|
|
Total Assets |
|
$ |
1,305,188 |
|
|
$ |
1,281,301 |
|
|
|
|
|
|
Cash and Cash Equivalents |
|
|
44,374 |
|
|
|
53,353 |
|
|
|
|
|
|
Securities
Available-for-Sale |
|
|
236,004 |
|
|
|
225,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
|
|
|
Real Estate: |
|
|
|
|
|
|
|
|
|
Residential |
|
|
330,865 |
|
|
|
326,769 |
|
|
|
|
|
|
Commercial |
|
|
317,182 |
|
|
|
307,064 |
|
|
|
|
|
|
Construction |
|
|
60,415 |
|
|
|
48,824 |
|
|
|
|
|
|
Commercial and Industrial |
|
|
93,850 |
|
|
|
91,463 |
|
|
|
|
|
|
Consumer |
|
|
116,727 |
|
|
|
122,241 |
|
|
|
|
|
|
Other |
|
|
16,849 |
|
|
|
16,511 |
|
|
|
|
|
|
Total Loans |
|
|
935,888 |
|
|
|
912,872 |
|
|
|
|
|
|
Allowance for Loan Losses |
|
|
9,691 |
|
|
|
9,558 |
|
|
|
|
|
|
Loans, Net |
|
|
926,197 |
|
|
|
903,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and Equipment,
Net |
|
|
22,858 |
|
|
|
23,448 |
|
|
|
|
|
|
Goodwill and Core Deposit
Intangible |
|
|
38,389 |
|
|
|
39,359 |
|
|
|
|
|
|
Deposits |
|
|
1,107,103 |
|
|
|
1,086,658 |
|
|
|
|
|
|
Borrowings |
|
|
44,730 |
|
|
|
50,979 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
145,507 |
|
|
|
137,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
Selected Operations Data: |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Interest and Dividend Income |
|
$ |
12,669 |
|
|
$ |
10,690 |
|
|
$ |
24,965 |
|
|
$ |
19,397 |
|
|
Interest Expense |
|
|
1,964 |
|
|
|
1,517 |
|
|
|
3,826 |
|
|
|
2,616 |
|
|
Net Interest Income |
|
|
10,705 |
|
|
|
9,173 |
|
|
|
21,139 |
|
|
|
16,781 |
|
|
Provision for Loan Losses |
|
|
350 |
|
|
|
600 |
|
|
|
375 |
|
|
|
2,100 |
|
|
Net Interest Income After
Provision for Loan Losses |
|
|
10,355 |
|
|
|
8,573 |
|
|
|
20,764 |
|
|
|
14,681 |
|
|
Noninterest Income: |
|
|
|
|
|
|
|
|
|
Service Fees on Deposit Accounts |
|
|
798 |
|
|
|
719 |
|
|
|
1,551 |
|
|
|
1,310 |
|
|
Insurance Commissions |
|
|
1,083 |
|
|
|
880 |
|
|
|
2,234 |
|
|
|
1,811 |
|
|
Other Commissions |
|
|
131 |
|
|
|
263 |
|
|
|
289 |
|
|
|
696 |
|
|
Net Gains on Sales of Loans |
|
|
50 |
|
|
|
46 |
|
|
|
142 |
|
|
|
54 |
|
|
Net Gain (Loss) on Sales of Investments |
|
|
7 |
|
|
|
- |
|
|
|
(53 |
) |
|
|
- |
|
|
Fair Value of Equity Securities |
|
|
109 |
|
|
|
44 |
|
|
|
129 |
|
|
|
19 |
|
|
Net Gains on Purchased Tax Credits |
|
|
9 |
|
|
|
11 |
|
|
|
18 |
|
|
|
22 |
|
|
Net Gain on Disposal of Fixed Assets |
|
|
8 |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
Income from Bank-Owned Life Insurance |
|
|
134 |
|
|
|
127 |
|
|
|
266 |
|
|
|
235 |
|
|
Other |
|
|
70 |
|
|
|
35 |
|
|
|
136 |
|
|
|
64 |
|
|
Total noninterest income |
|
|
2,399 |
|
|
|
2,125 |
|
|
|
4,714 |
|
|
|
4,211 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
Salaries and Employee Benefits |
|
|
4,708 |
|
|
|
4,865 |
|
|
|
9,643 |
|
|
|
8,560 |
|
|
Occupancy |
|
|
663 |
|
|
|
788 |
|
|
|
1,422 |
|
|
|
1,358 |
|
|
Equipment |
|
|
665 |
|
|
|
632 |
|
|
|
1,369 |
|
|
|
1,130 |
|
|
FDIC Assessment |
|
|
175 |
|
|
|
158 |
|
|
|
363 |
|
|
|
294 |
|
|
PA Shares Tax |
|
|
249 |
|
|
|
197 |
|
|
|
517 |
|
|
|
396 |
|
|
Contracted Services |
|
|
361 |
|
|
|
171 |
|
|
|
633 |
|
|
|
310 |
|
|
Legal and Professional Fees |
|
|
160 |
|
|
|
145 |
|
|
|
341 |
|
|
|
285 |
|
|
Advertising |
|
|
259 |
|
|
|
211 |
|
|
|
407 |
|
|
|
342 |
|
|
Bankcard Processing Expense |
|
|
230 |
|
|
|
139 |
|
|
|
427 |
|
|
|
268 |
|
|
Other Real Estate Owned (Income) |
|
|
(31 |
) |
|
|
(19 |
) |
|
|
(94 |
) |
|
|
(12 |
) |
|
Amortization of Core Deposit Intangible |
|
|
485 |
|
|
|
400 |
|
|
|
970 |
|
|
|
534 |
|
|
Merger-Related |
|
|
- |
|
|
|
769 |
|
|
|
- |
|
|
|
793 |
|
|
Other |
|
|
1,107 |
|
|
|
1,038 |
|
|
|
2,114 |
|
|
|
1,903 |
|
|
Total noninterest expense |
|
|
9,031 |
|
|
|
9,494 |
|
|
|
18,112 |
|
|
|
16,161 |
|
|
Income Before Income
Taxes |
|
|
3,723 |
|
|
|
1,204 |
|
|
|
7,366 |
|
|
|
2,731 |
|
|
Income Taxes |
|
|
744 |
|
|
|
234 |
|
|
|
1,462 |
|
|
|
401 |
|
|
Net Income |
|
$ |
2,979 |
|
|
$ |
970 |
|
|
$ |
5,904 |
|
|
$ |
2,330 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Per Share |
|
$ |
0.24 |
|
|
$ |
0.22 |
|
|
$ |
0.48 |
|
|
$ |
0.44 |
|
|
Earnings Per Share -
Basic |
|
|
0.55 |
|
|
|
0.19 |
|
|
|
1.09 |
|
|
|
0.51 |
|
|
Earnings Per Share -
Diluted |
|
|
0.55 |
|
|
|
0.19 |
|
|
|
1.08 |
|
|
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding - Basic |
|
|
5,433,537 |
|
|
|
5,000,209 |
|
|
|
5,433,198 |
|
|
|
4,550,580 |
|
|
Weighted Average Shares
Outstanding - Diluted |
|
|
5,444,824 |
|
|
|
5,061,788 |
|
|
|
5,448,040 |
|
|
|
4,601,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
Selected Financial
Ratios(1): |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Return on Average Assets |
|
|
0.91 |
% |
|
|
0.34 |
% |
|
|
0.92 |
% |
|
|
0.45 |
% |
|
Return on Average Equity |
|
|
8.32 |
|
|
|
3.40 |
|
|
|
8.42 |
|
|
|
4.53 |
|
|
Average Interest-Earning
Assets to Average Interest-Bearing Liabilities |
|
|
135.79 |
|
|
|
133.02 |
|
|
|
134.50 |
|
|
|
133.60 |
|
|
Average Equity to Average
Assets |
|
|
10.98 |
|
|
|
9.98 |
|
|
|
10.92 |
|
|
|
9.93 |
|
|
Net Interest Rate Spread |
|
|
3.38 |
|
|
|
3.33 |
|
|
|
3.41 |
|
|
|
3.34 |
|
|
Net Interest Margin |
|
|
3.62 |
|
|
|
3.52 |
|
|
|
3.64 |
|
|
|
3.53 |
|
|
Net Charge-Offs to Average
Loans |
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.38 |
|
|
Efficiency Ratio |
|
|
68.92 |
|
|
|
84.03 |
|
|
|
70.06 |
|
|
|
76.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
Allowance For Loan Losses to
Total Loans (2) |
|
|
1.04 |
% |
|
|
1.05 |
% |
|
|
|
|
|
Allowance For Loan Losses to
Nonperforming Loans (2) (6) |
|
|
97.87 |
|
|
|
151.40 |
|
|
|
|
|
|
Allowance For Loan Losses to
Noncurrent Loans (2) (7) |
|
|
121.62 |
|
|
|
264.91 |
|
|
|
|
|
|
Allowance For Loan Losses and
Accrued Credit Mark to Total Loans (3) |
|
|
1.21 |
|
|
|
1.26 |
|
|
|
|
|
|
Allowance For Loan Losses and
Accrued Credit Mark to Nonperforming Loans (3) (6) |
|
|
114.63 |
|
|
|
181.70 |
|
|
|
|
|
|
Allowance For Loan Losses and
Accrued Credit Mark to Noncurrent Loans (3) (7) |
|
|
142.46 |
|
|
|
317.92 |
|
|
|
|
|
|
Nonperforming Loans to Total
Loans (6) |
|
|
1.06 |
|
|
|
0.69 |
|
|
|
|
|
|
Noncurrent Loans to Total
Loans (7) |
|
|
0.85 |
|
|
|
0.40 |
|
|
|
|
|
|
Nonperforming Assets to Total
Assets |
|
|
0.78 |
|
|
|
0.56 |
|
|
|
|
|
|
Common Equity Tier 1 Capital
(to Risk Weighted Assets) (4) |
|
|
11.47 |
|
|
|
11.44 |
|
|
|
|
|
|
Tier 1 Capital (to Risk
Weighted Assets) (4) |
|
|
11.47 |
|
|
|
11.44 |
|
|
|
|
|
|
Total Capital (to Risk
Weighted Assets) (4) |
|
|
12.58 |
|
|
|
12.57 |
|
|
|
|
|
|
Tier 1 Leverage (to Adjusted
Total Assets) (4) |
|
|
7.93 |
|
|
|
7.82 |
|
|
|
|
|
|
Common Equity Tier 1 Capital
(to Risk Weighted Assets) (5) |
|
|
11.75 |
|
|
|
11.91 |
|
|
|
|
|
|
Tier 1 Capital (to Risk
Weighted Assets) (5) |
|
|
11.75 |
|
|
|
11.91 |
|
|
|
|
|
|
Total Capital (to Risk
Weighted Assets) (5) |
|
|
12.84 |
|
|
|
13.03 |
|
|
|
|
|
|
Tier 1 Leverage (to Adjusted
Total Assets) (5) |
|
|
8.20 |
|
|
|
8.14 |
|
|
|
|
|
|
Book Value Per Share |
|
$ |
26.78 |
|
|
$ |
25.33 |
|
|
|
|
|
|
Outstanding Shares |
|
|
5,433,489 |
|
|
|
5,432,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interim period ratios are
calculated on an annualized basis. |
|
|
|
|
|
|
|
|
|
(2) Loans
acquired in connection with the mergers with FedFirst Financial
Corporation and First West Virginia Bancorp 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 mergers with FedFirst Financial Corporation and |
|
|
|
|
First West Virginia Bancorp
have 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 21% for 2019 and
2018. As such, amounts do 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
with a zero yield. The yields and costs for the periods indicated
are derived by dividing annualized income or expense by the average
balances of assets or liabilities, respectively, for the periods
presented. |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) (Unaudited) |
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
|
|
|
|
Balance |
|
Dividends |
|
Cost (4) |
|
Balance |
|
Dividends |
|
Cost (4) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, Net |
$ |
906,038 |
|
$ |
10,707 |
|
4.74 |
% |
|
$ |
840,537 |
|
$ |
9,288 |
|
4.43 |
% |
|
Investment
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
204,010 |
|
|
1,390 |
|
2.73 |
|
|
|
152,867 |
|
|
988 |
|
2.59 |
|
|
|
Exempt From
Federal Tax |
|
31,130 |
|
|
285 |
|
3.66 |
|
|
|
46,101 |
|
|
371 |
|
3.22 |
|
|
Other
Interest-Earning Assets |
|
53,479 |
|
|
374 |
|
2.81 |
|
|
|
17,232 |
|
|
142 |
|
3.31 |
|
|
|
Total
Interest-Earning Assets |
|
1,194,657 |
|
|
12,756 |
|
4.28 |
|
|
|
1,056,737 |
|
|
10,789 |
|
4.10 |
|
Noninterest-Earning Assets |
|
113,447 |
|
|
|
|
|
|
|
89,120 |
|
|
|
|
|
|
|
Total Assets |
$ |
1,308,104 |
|
|
|
|
|
|
$ |
1,145,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Demand Deposits |
$ |
215,139 |
|
|
295 |
|
0.55 |
% |
|
$ |
163,801 |
|
|
139 |
|
0.34 |
% |
|
Savings |
|
217,426 |
|
|
149 |
|
0.27 |
|
|
|
188,628 |
|
|
124 |
|
0.26 |
|
|
Money Market |
|
178,561 |
|
|
263 |
|
0.59 |
|
|
|
159,898 |
|
|
201 |
|
0.50 |
|
|
Time Deposits |
|
221,126 |
|
|
1,117 |
|
2.03 |
|
|
|
197,281 |
|
|
722 |
|
1.47 |
|
|
|
Total
Interest-Bearing Deposits |
|
832,252 |
|
|
1,824 |
|
0.88 |
|
|
|
709,608 |
|
|
1,186 |
|
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
47,560 |
|
|
140 |
|
1.18 |
|
|
|
84,834 |
|
|
331 |
|
1.56 |
|
|
|
Total
Interest-Bearing Liabilities |
|
879,812 |
|
|
1,964 |
|
0.90 |
|
|
|
794,442 |
|
|
1,517 |
|
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Demand Deposits |
|
274,804 |
|
|
|
|
|
|
|
231,491 |
|
|
|
|
|
Other
Liabilities |
|
9,872 |
|
|
|
|
|
|
|
5,527 |
|
|
|
|
|
|
|
Total
Liabilities |
|
1,164,488 |
|
|
|
|
|
|
|
1,031,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
143,616 |
|
|
|
|
|
|
|
114,397 |
|
|
|
|
|
|
|
Total Liabilities
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
$ |
1,308,104 |
|
|
|
|
|
|
$ |
1,145,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
|
$ |
10,792 |
|
|
|
|
|
|
$ |
9,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Rate
Spread (1) |
|
|
|
|
3.38 |
% |
|
|
|
|
|
3.33 |
% |
Net
Interest-Earning Assets (2) |
$ |
314,845 |
|
|
|
|
|
|
$ |
262,295 |
|
|
|
|
|
Net Interest
Margin (3) |
|
|
|
|
3.62 |
|
|
|
|
|
|
3.52 |
|
Return on Average
Assets |
|
|
|
|
0.91 |
|
|
|
|
|
|
0.34 |
|
Return on Average
Equity |
|
|
|
|
8.32 |
|
|
|
|
|
|
3.40 |
|
Average Equity to
Average Assets |
|
|
|
|
10.98 |
|
|
|
|
|
|
9.98 |
|
Average
Interest-Earning Assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Interest-Bearing Liabilities |
|
|
|
|
135.79 |
|
|
|
|
|
|
133.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 annualized net interest income divided by average
total interest-earning assets. |
|
|
|
|
|
(4)
Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) (Unaudited) |
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
|
|
|
|
Balance |
|
Dividends |
|
Cost (4) |
|
Balance |
|
Dividends |
|
Cost (4) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, Net |
$ |
902,183 |
|
$ |
21,174 |
|
4.73 |
% |
|
$ |
795,872 |
|
$ |
17,295 |
|
4.38 |
% |
|
Investment
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
194,683 |
|
|
2,654 |
|
2.73 |
|
|
|
119,720 |
|
|
1,422 |
|
2.38 |
|
|
|
Exempt From
Federal Tax |
|
35,783 |
|
|
629 |
|
3.52 |
|
|
|
42,672 |
|
|
660 |
|
3.09 |
|
|
Other
Interest-Earning Assets |
|
49,617 |
|
|
692 |
|
2.81 |
|
|
|
12,483 |
|
|
208 |
|
3.36 |
|
|
|
Total
Interest-Earning Assets |
|
1,182,266 |
|
|
25,149 |
|
4.29 |
|
|
|
970,747 |
|
|
19,585 |
|
4.07 |
|
Noninterest-Earning Assets |
|
112,727 |
|
|
|
|
|
|
|
73,793 |
|
|
|
|
|
|
|
Total Assets |
$ |
1,294,993 |
|
|
|
|
|
|
$ |
1,044,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Demand Deposits |
$ |
213,674 |
|
|
570 |
|
0.54 |
% |
|
$ |
147,790 |
|
|
241 |
|
0.33 |
% |
|
Savings |
|
215,283 |
|
|
294 |
|
0.28 |
|
|
|
161,610 |
|
|
186 |
|
0.23 |
|
|
Money Market |
|
181,515 |
|
|
536 |
|
0.60 |
|
|
|
148,667 |
|
|
320 |
|
0.43 |
|
|
Time Deposits |
|
219,220 |
|
|
2,143 |
|
1.97 |
|
|
|
181,751 |
|
|
1,227 |
|
1.36 |
|
|
|
Total
Interest-Bearing Deposits |
|
829,692 |
|
|
3,543 |
|
0.86 |
|
|
|
639,818 |
|
|
1,974 |
|
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
49,322 |
|
|
283 |
|
1.16 |
|
|
|
86,782 |
|
|
642 |
|
1.49 |
|
|
|
Total
Interest-Bearing Liabilities |
|
879,014 |
|
|
3,826 |
|
0.88 |
|
|
|
726,600 |
|
|
2,616 |
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Demand Deposits |
|
265,194 |
|
|
|
|
|
|
|
209,713 |
|
|
|
|
|
Other
Liabilities |
|
9,420 |
|
|
|
|
|
|
|
4,472 |
|
|
|
|
|
|
|
Total
Liabilities |
|
1,153,628 |
|
|
|
|
|
|
|
940,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
141,365 |
|
|
|
|
|
|
|
103,755 |
|
|
|
|
|
|
|
Total Liabilities
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
$ |
1,294,993 |
|
|
|
|
|
|
$ |
1,044,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
|
$ |
21,323 |
|
|
|
|
|
|
$ |
16,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Rate
Spread (1) |
|
|
|
|
3.41 |
% |
|
|
|
|
|
3.34 |
% |
Net
Interest-Earning Assets (2) |
$ |
303,252 |
|
|
|
|
|
|
$ |
244,147 |
|
|
|
|
|
Net Interest
Margin (3) |
|
|
|
|
3.64 |
|
|
|
|
|
|
3.53 |
|
Return on Average
Assets |
|
|
|
|
0.92 |
|
|
|
|
|
|
0.45 |
|
Return on Average
Equity |
|
|
|
|
8.42 |
|
|
|
|
|
|
4.53 |
|
Average Equity to
Average Assets |
|
|
|
|
10.92 |
|
|
|
|
|
|
9.93 |
|
Average
Interest-Earning Assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Interest-Bearing Liabilities |
|
|
|
|
134.50 |
|
|
|
|
|
|
133.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
Patrick G. O’Brien
President and Chief Executive Officer
Phone: (724) 225-2400
Fax: (724) 225-4903
CB Financial Services (NASDAQ:CBFV)
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From Sep 2023 to Sep 2024