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CBB Bancorp announced a quarterly cash dividend of $0.08 per common share, payable on May 24, 2024, to stockholders of record as of May 10, 2024.
CBB Bancorp, Inc. reported its first quarter 2024 financial results, showing a net income of $5.7 million, a decrease of 19.0% compared to the previous quarter and 20.0% compared to the same period last year. The return on average assets and equity also decreased. The company emphasized its expansion strategy in 2024, focusing on untapped markets along the East Coast.
Net interest income, margin, provision for credit losses, noninterest income, expense, and income taxes were analyzed. The balance sheet reflected changes in investment securities, loans receivable, allowance for credit losses, asset quality, SBA loans held-for-sale, deposits, borrowings, and capital. The company's stockholders' equity increased, with strong capital ratios exceeding regulatory requirements.
