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CB Financial Services, Inc. Announces Third 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 third quarter and year-to-date 2023 financial results.\n\n\n2023 Third Quarter Financial Highlights\n\n\n(Comparisons to three months ended September 30, 2022 unless otherwise noted)\n\n\n\nNet income was $2.7 million, compared to $3.9 million. Current period results were negatively impacted by net interest margin (NIM) compression coupled with increases in the provision for credit losses and noninterest expense and a decrease in noninterest income, partially offset by a decrease in income tax expense.\n\n\nIncome before income tax expense was $3.2 million compared to $4.9 million.\n\n\n\nPre-provision net revenue (PPNR) (non-GAAP) was $3.5 million compared to $4.9 million.\n\n\n\n\n\n\nEarnings per diluted common share (EPS) decreased to $0.52 from $0.77.\n\n\n\nReturn on average assets (annualized) was 0.75%, compared to 1.12%.\n\n\n\nReturn on average equity (annualized) was 9.03%, compared to 13.60%.\n\n\n\nNIM declined to 3.13% from 3.29%.\n\n\n\nNet interest and dividend income was $10.7 million, compared to $11.0 million.\n\n\n\nNoninterest income decreased to $2.4 million, compared to $2.7 million. Prior period noninterest income included a $439,000 gain recognized as a result of the sale of assets of two closed branch locations.\n\n\n\nNoninterest expense increased to $9.5 million, compared to $8.8 million, primarily due to increases in compensation and benefits, equipment and data processing costs.\n\n\n\n(Amounts at September 30, 2023; comparisons to December 31, 2022, unless otherwise noted)\n\n\n\nTotal assets decreased to $1.40 billion from $1.41 billion.\n\n\n\nTotal loans increased $52.6 million, or 5.0%, to $1.10 billion compared to $1.05 billion, and included increases of $30.8 million, or 44.0%, in commercial and industrial loans, $30.1 million, or 6.9%, in commercial real estate loans, and $15.8 million, or 4.8%, in residential mortgage loans, partially offset by a decrease of $24.4 million, or 16.6%, in consumer loans, which is primarily comprised of indirect automobile loans.\n\n\n\nNonperforming loans to total loans was 0.30%, a decrease of 25 ...