Business
CB Financial Services, Inc. Announces Third Quarter and Year-to-Date 2020 Financial Results and Declares Quarterly Cash Dividend
WASHINGTON, Pa., Nov. 03, 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., Nov. 03, 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 third quarter and year-to-date 2020 financial results.\n Three Months Ended Nine Months Ended September 30,June 30,September 30, September 30,September 30, 202020202019 20202019(Dollars in thousands, except share and per share data) Net (Loss) Income (GAAP)$(17,395)$2,903 $3,746 $(13,719)$9,650 (Loss) Earnings per Common Share - Diluted (GAAP)$(3.22)$0.54 $0.69 $(2.54)$1.77 Excluding Non-Recurring Items (Non-GAAP) (1): Adjusted Net Income (Non-GAAP) (1)$1,844 $2,903 $3,746 $5,520 $9,650 Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)$0.34 $0.54 $0.69 $1.02 $1.77 (1) Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of net (loss) income and adjusted earnings per common share - diluted in this Press Release. The Company also announced that its Board of Directors has declared a $0.24 quarterly cash dividend per outstanding share of common stock, payable on or about December 15, 2020, to stockholders of record as of the close of business on December 4, 2020. Newly appointed President and CEO John H. Montgomery commented, “The quarterly results included non-cash charges related to goodwill impairment that was due to economic conditions triggered by the COVID-19 pandemic causing a sustained decline in stock valuation across the entire banking sector, including our Company stock, and a writedown on fixed assets from our ongoing branch optimization efforts that resulted in the quarter-end consolidation of two redundant branch locations. Given the current environment, goodwill impairment is an industry-wide issue that many banks are dealing with. While the goodwill impairment charge was material to our financial performance, it was a non-cash charge and had no effect on the Company’s or the Bank’s regulatory capital, cash flows or liquidity position. In addition, the writedown of fixed assets results in significant ongoing expense savings, positioning the Bank for improved future earnings. “The Company also incurred a significant loan loss provision, which will better position us for pandemic-related uncertainty. In the ba...