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CB Financial Services, Inc. Announces Second Quarter and Year-to-Date 2023 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 second quarter and year-to-date 2023 financial results.\n\n\n2023 Second Quarter Financial Highlights\n\n\n(Comparisons to three months ended June 30, 2022 unless otherwise noted)\n\n\n\nNet income was $2.8 million, compared to $118,000. Prior period results were negatively impacted by provision for credit losses expense of approximately $3.8 million due primarily to a single commercial loan charge-off of $2.7 million. Current period results were positively impacted by net interest margin (NIM) expansion coupled with a modest increase in noninterest income, partially offset by an increase in noninterest expense.\n\n\nIncome before income tax expense (benefit) was $3.5 million compared to $74,000.\n\n\n\nPre-provision net revenue (PPNR) (non-GAAP) was $3.95 million compared to $3.86 million.\n\n\n\n\n\n\nEarnings per diluted common share (EPS) increased to $0.54 from $0.02.\n\n\n\nReturn on average assets (annualized) was 0.79%, compared to 0.03%.\n\n\n\nReturn on average equity (annualized) was 9.38%, compared to 0.40%.\n\n\n\nNIM improved to 3.29% from 3.12%.\n\n\n\nNet interest and dividend income was $11.1 million, compared to $10.2 million.\n\n\n\nNoninterest income increased to $2.3 million, compared to $2.1 million. The most significant changes in noninterest income included an increase in insurance commissions of $142,000 and a decrease in net losses on securities of $99,000.\n\n\n\nNoninterest expense increased to $9.5 million, compared to $8.4 million, primarily due to increases in compensation and benefits, equipment and data processing costs.\n\n\n\n(Amounts at June 30, 2023; comparisons to December 31, 2022, unless otherwise noted)\n\n\n\nTotal assets increased to $1.43 billion from $1.41 billion.\n\n\n\nTotal loans increased $51.3 million, or 4.9%, to $1.10 billion compared to $1.05 billion, and included increases of $32.2 million, or 46.0%, in commercial and industrial loans, $21.8 million, or 5.0%, in commercial real estate loans, and $7.8 million, or 2.3%, in residential mortgage loans, partially offset by a decrease of $12.1 million, or 8.3%, in cons...