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CB Financial Services, Inc. Announces Fourth Quarter and Annual 2020 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 fourth quarter and annual 2020 financial results.\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n\nYear Ended\n\n\n\n\n\n\n \n\n\n\n\nDecember 31,\n\n\n\n \n\n\n\nSeptember 30,\n\n\n\n \n\n\n\nDecember 31,\n\n\n\n \n\n\n\nDecember 31,\n\n\n\n \n\n\n\nDecember 31,\n\n\n\n\n\n\n \n\n\n\n\n2020\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\n\n(Dollars in thousands, except share and 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\n \n\n\n\n\n \n\n\n\n\n\n\nNet Income (Loss) (GAAP)\n\n\n\n\n$\n\n\n\n3,079\n\n\n\n \n\n\n\n\n$\n\n\n\n(17,395)\n\n\n\n \n\n\n\n\n$\n\n\n\n4,677\n\n\n\n \n\n\n\n\n$\n\n\n\n(10,640)\n\n\n\n \n\n\n\n\n$\n\n\n\n14,327\n\n\n\n \n\n\n\n\n\n\nEarnings (Loss) per Common Share - Diluted (GAAP)\n\n\n\n\n$\n\n\n\n0.57\n\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\n\n0.85\n\n\n\n \n\n\n\n\n$\n\n\n\n(1.97)\n\n\n\n \n\n\n\n\n$\n\n\n\n2.63\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\nExcluding Non-Recurring Items (Non-GAAP) (1):\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\nAdjusted Net Income (Non-GAAP) (1)\n\n\n\n\n$\n\n\n\n3,277\n\n\n\n \n\n\n\n\n$\n\n\n\n1,844\n\n\n\n \n\n\n\n\n$\n\n\n\n3,366\n\n\n\n \n\n\n\n\n$\n\n\n\n8,797\n\n\n\n \n\n\n\n\n$\n\n\n\n13,016\n\n\n\n \n\n\n\n\n\n\nAdjusted Earnings per Common Share - Diluted (Non-GAAP) (1)\n\n\n\n\n$\n\n\n\n0.61\n\n\n\n \n\n\n\n\n$\n\n\n\n0.34\n\n\n\n \n\n\n\n\n$\n\n\n\n0.62\n\n\n\n \n\n\n\n\n$\n\n\n\n1.63\n\n\n\n \n\n\n\n\n$\n\n\n\n2.39\n\n\n\n \n\n\n\n\n\n\n\n(1)\n\n\n \n\nRefer 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\n\n\n\nQuarterly and annual results were impacted by the following significant non-recurring items:\n\n\nThe Company conducted a goodwill impairment analysis at September 30, 2020 and determined that $18.7 million of goodwill was deemed impaired and wri...