Business
CB Financial Services, Inc. Announces Second Quarter and Year-to-Date 2020 Financial Results
WASHINGTON, Pa., July 27, 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., July 27, 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 second quarter and year-to-date 2020 financial results. Net income was $2.9 million, or $0.54 diluted earnings per share, for the three months ended June 30, 2020, compared to $3.0 million, or $0.55 diluted earnings per share, for the three months ended June 30, 2019.\n Net income was $3.7 million, or $0.68 diluted earnings per share, for the six months ended June 30, 2020 compared to $5.9 million, or $1.08 diluted earnings per share, for the six months ended June 30, 2019. COVID-19 Update While signs of macroeconomic recovery have occurred during the second quarter after the phased-in reopening of the economy beginning in May 2020, the far-reaching impact of the COVID-19 pandemic remains uncertain. The unemployment rate declined after peaking in April, but remains at a very high level. Beginning in March 2020, definitive federal government action occurred through the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), Paycheck Protection Program and Health Care Enhancement Act (the “PPP Enhancement Act”) and other programs to aid businesses and consumers from the COVID-19 impact. The Company remains committed to its employees and customers during the COVID-19 crisis. For employees, the Company: Instituted “Community Bank Cares” premium pay program, which began in March and ended in June, offering our essential employees: 10% premium pay.One extra day of paid time off for each month worked.“Lunch on Us” provided once weekly using local restaurants to support business. Maintained all employee benefits, including 401k match and discretionary contributions.Leveraged technological resources quickly and efficiently to support remote working arrangements that ensured sustained performance. Established a COVID-19 Preparedness Committee comprised of a cross-functional team of Senior Management and Human Resources focused on employee and customer safety and thorough and frequent communication regarding COVID-19 updates.Instituted social distancing and other protective measures throughout the bank, including installation of Plex...