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CB Financial Services, Inc. Announces First Quarter 2021 Financial Results and Declares Quarterly Cash Dividend
WASHINGTON, Pa.--(BUSINESS WIRE)-- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”)
About this update from Cb Financial Services, Inc.
[{"type":"text","content":" WASHINGTON, Pa.--(BUSINESS WIRE)--\nCB 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 2021 financial results.\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n\n\n \n\n\n\n3/31/21\n\n\n\n12/31/20\n\n\n\n9/30/20\n\n\n\n6/30/20\n\n\n\n3/31/20\n\n\n\n\n\n(Dollars in thousands, except per share data) (Unaudited)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet Income (Loss) (GAAP)\n\n\n\n$\n\n\n\n2,845\n\n\n\n \n\n\n\n$\n\n\n\n3,079\n\n\n\n \n\n\n\n$\n\n\n\n(17,395)\n\n\n\n \n\n\n\n$\n\n\n\n2,903\n\n\n\n \n\n\n\n$\n\n\n\n773\n\n\n\n \n\n\n\n\n\nExcluding Non-Recurring Items (Non-GAAP) (1)\n\n\n\n—\n\n\n\n \n\n\n\n198\n\n\n\n \n\n\n\n19,239\n\n\n\n \n\n\n\n—\n\n\n\n \n\n\n\n—\n\n\n\n \n\n\n\n\n\nAdjusted Net Income (Non-GAAP) (1)\n\n\n\n$\n\n\n\n2,845\n\n\n\n \n\n\n\n$\n\n\n\n3,277\n\n\n\n \n\n\n\n$\n\n\n\n1,844\n\n\n\n \n\n\n\n$\n\n\n\n2,903\n\n\n\n \n\n\n\n$\n\n\n\n773\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nEarnings (Loss) per Common Share - Diluted (GAAP)\n\n\n\n$\n\n\n\n0.52\n\n\n\n \n\n\n\n$\n\n\n\n0.57\n\n\n\n \n\n\n\n$\n\n\n\n(3.22)\n\n\n\n \n\n\n\n$\n\n\n\n0.54\n\n\n\n \n\n\n\n$\n\n\n\n0.14\n\n\n\n \n\n\n\n\n\nAdjusted Earnings per Common Share - Diluted (Non-GAAP) (1)\n\n\n\n$\n\n\n\n0.52\n\n\n\n \n\n\n\n$\n\n\n\n0.61\n\n\n\n \n\n\n\n$\n\n\n\n0.34\n\n\n\n \n\n\n\n$\n\n\n\n0.54\n\n\n\n \n\n\n\n$\n\n\n\n0.14\n\n\n\n \n\n\n\n\n(1) Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of net income (loss) and adjusted earnings per common share - diluted in this Press Release.\n\n2021 First Quarter Financial Highlights\n\n(Comparisons to three months ended March 31, 2020)\n\n\nNet income an increase to $2.8 million compared to $773,000.\n\n\nEarnings per diluted share (EPS) increased to $0.52 from $0.14.\n\n\nReturn on average assets of 0.81%, compared to 0.24%.\n\n\nReturn on average equity of 8.54%, compared to 2.04%.\n\n\nNet interest margin decreased to 3.04% from 3.55%.\n\n\nNet interest and dividend income was $10.0 million, compared to $10.5 million.\n\n\nNoninterest income increased to $3.2 million from $1.9...