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CBB Bancorp, Inc. (CBBI) provides comprehensive financial services through its community-focused banking operations. This news hub offers investors and stakeholders timely updates about the company’s strategic initiatives, financial performance, and market positioning.
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CBB Bancorp reported net income of $5.6 million ($0.53 per diluted share) for Q3 2024, up from $5.5 million ($0.51 per diluted share) in Q2 2024. Net interest income was $15.5 million, a 0.7% increase quarter-over-quarter but 14.1% lower than Q3 2023. The net interest margin decreased to 3.71% from 3.77% in Q2. Total deposits reached $1.45 billion, up 8.0% from Q2 but down 6.6% year-over-year. The bank's efficiency ratio was 56.61%, and return on average assets remained stable at 1.31%.
CBB Bancorp (OTCQX: CBBI), parent company of Commonwealth Business Bank, has appointed James R. Walther to its Board of Directors, effective August 1, 2024. Walther, with over 45 years of experience in banking, financial services, corporate governance, and mergers & acquisitions, previously served as Senior Counsel at Arnold & Porter Kaye Scholer LLP. He was recognized in Best Lawyers for Corporate Law, M&A Law, and Securities/Capital Markets Law from 2006 to 2023. Soon Han Pak, Chair of both CBB Bancorp and Commonwealth Business Bank, expressed enthusiasm about Walther's appointment, highlighting his legal and financial expertise as valuable assets for the bank's growth and expansion plans.
CBB Bancorp (OTCQX: CBBI), the holding company of Commonwealth Business Bank, has declared a quarterly cash dividend of $0.08 per common share. The dividend is payable on August 23, 2024, to stockholders of record as of the close of business on August 09, 2024. CBB Bank specializes in serving small-to-medium-sized businesses and operates eleven full-service branches across Los Angeles, Orange, and Dallas Counties, as well as Honolulu, Hawaii. The bank also maintains two SBA regional offices and loan production offices in Georgia and Washington, demonstrating its commitment to supporting businesses across multiple regions.
CBB Bancorp (OTCQX: CBBI) reported net income of $5.5 million for Q2 2024, or $0.51 per diluted share, compared to $5.7 million in Q1 2024. The decrease was primarily due to lower net interest income and gain on sale of loans, offset by a lower provision for credit losses and noninterest expenses. Key metrics include:
- Return on average assets: 1.31%
- Return on average equity: 9.06%
- Efficiency ratio: 55.69%
- Net interest margin: 3.77%
- Loans receivable: $1.44 billion (up 3.2% from Q1)
- Deposits: $1.34 billion (down 1.5% from Q1)
- Stockholders' equity: $245.3 million (up 1.9% from Q1)
The bank is adapting to the changing economic environment by focusing on technology adoption and exploring new growth opportunities.
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