Business
CB Financial Services, Inc. Announces First Quarter 2020 Financial Results
WASHINGTON, Pa., May 04, 2020 (GLOBE NEWSWIRE) -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank
About this update from Cb Financial Services, Inc.
[{"type":"text","content":"WASHINGTON, Pa., May 04, 2020 (GLOBE NEWSWIRE) -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc. (“EU”), a wholly-owned insurance subsidiary of the Bank, today announced its first quarter 2020 financial results.\n The COVID-19 pandemic and government response to curtail the spread of the virus through shelter-in-place orders and mandatory closures of all but essential businesses beginning in March 2020 is significantly impacting the economy and unemployment in our market area. These conditions did not exist at the beginning of the year and continue to worsen after the end of the March 31, 2020 reporting period. A $2.2 trillion emergency stimulus package, the largest in U.S. history, was implemented by the federal government through the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to aid businesses and consumers from the COVID-19 impact. The Paycheck Protection Program and Health Care Enhancement Act (the “PPP Enhancement Act”) was also signed into law and includes an additional $484 billion in COVID-19 relief. As such, the economic impact from the pandemic is not significantly reflected in these March 31, 2020 operating results. “After reporting record earnings in the prior year and with expectations for another strong year in 2020, we have entered an extraordinary time of uncertainty,” said Barron P. “Pat” McCune, Jr., President and Chief Executive Officer. “The pandemic will be an enormous test of the determination and resolve of all financial institutions, including Community Bank. Where there is great challenge there is also an incredible opportunity to be a part of the solution. The Bank was founded on the principle of “Neighbor Helping Neighbor” and throughout our history, we have helped our customers safeguard their financial health during periods of crisis and market volatility. We have endured as an institution by relying on the dedication of our employees and their commitment to our customers. Fortunately, the Bank’s high levels of capital and liquidity, as well as its conservative credit culture, will allow us to continue to serve our customers and communities. The economic indicators are troubling; the Bank is doing all it can to help our customers defer loan payments, obt...