Cb Financl Srvcs Stock Price, News & Analysis

CB Financial Services, Inc. (CBFV) reported significant fourth-quarter gains, with net income of $6.965 million compared to $3.079 million in Q4 2020, largely driven by a $5.2 million gain from branch sales. Earnings per diluted share rose to $1.31 from $0.57. Despite a 2.3% decline in total loans to $1.02 billion, loans held for investment increased by 11.3%. The company anticipates ongoing pre-tax cost savings of approximately $3 million from branch optimization. A quarterly dividend of $0.24 was declared, and a $7.5 million stock repurchase program is in effect.

CB Financial Services, Inc. (CBFV) announced the completion of a private placement offering totaling $15 million in 3.875% Fixed-to-Floating Rate Subordinated Notes due December 15, 2031. The proceeds will be utilized for general corporate purposes, including potential share repurchases. These Notes are designed to qualify as Tier 2 capital. The fixed interest rate applies until December 15, 2026, after which it will adjust quarterly based on SOFR plus 280 basis points. The offering is exempt from registration under the Securities Act.

Community Bank and Citizens Bank of West Virginia have completed the sale of two West Virginia branches, enhancing their operational focus. The locations sold are in Buckhannon and New Martinsville. Community Bank's President, John H. Montgomery, stated this transaction positions them to invest more in technology and client experiences. Citizens Bank, led by Nathaniel S. Bonnell, aims to expand its presence in West Virginia through this acquisition, strengthening its service offerings in the region.

CB Financial Services, Inc. (CBFV) reported a net income of $1.983 million for Q3 2021, reversing a net loss of $17.395 million in Q3 2020. Adjusted net income improved to $1.966 million, with diluted EPS rising to $0.37 compared to a loss of $(3.22) a year prior. Total loans decreased by $25.7 million, while deposits increased by $63.2 million to $1.29 billion. The company expects non-recurring expenses of $7.9 million for 2021, with anticipated annual cost savings of up to $3.5 million starting in 2022. CB also declared a $0.24 dividend, payable November 30, 2021.

CB Financial Services, Inc. (CBFV) reported a net loss of $223,000 for Q2 2021, down from a net income of $2.9 million in Q2 2020, primarily due to a $3.4 million write-down related to branch optimization. Adjusted net income increased to $3.2 million, up from $2.5 million year-over-year. Total assets reached $1.46 billion, with a tangible book value per share of $21.56. The company is undergoing branch consolidation and expects $2.5 to $3.5 million in savings starting in 2022. A quarterly dividend of $0.24 was declared, with a share repurchase program ongoing.

CB Financial Services, Inc. (NASDAQ: CBFV) has authorized a stock repurchase program of up to $7.5 million, representing approximately 339,673 shares or 6.3% of its outstanding shares. This program, effective from June 14, 2021 to June 13, 2022, replaces a previous program suspended in April 2020. President John H. Montgomery highlighted that this initiative balances capital strength with total shareholder return and enhances market liquidity, demonstrating a commitment to shareholder value alongside a consistent quarterly dividend.

CB Financial Services (NASDAQ: CBFV) has entered a Purchase and Assumption Agreement to sell its Buckhannon and New Martinsville branches to Citizens Bank of West Virginia (OTC: CIWV). This move aligns with the company's branch optimization strategy initiated in February 2021, allowing Community Bank to focus on core markets in Southwestern Pennsylvania. The branches hold approximately $101.9 million in deposits and $6.3 million in loans. The sale is expected to close in Q4 2021 pending regulatory approvals, resulting in a gain on sale for the company.

CB Financial Services, Inc. (NASDAQGM: CBFV) announces the retirement of Ralph J. Sommers, Jr. from its Board of Directors after 42 years of service, including pivotal roles such as President and CEO. Under his leadership, Community Bank expanded significantly, with assets growing from $850 million to $1.3 billion and the establishment of a strong market presence across several counties. This transition marks a critical juncture for the Bank as it looks toward future growth, with management expressing confidence in the legacy and strength built by Sommers.

CB Financial Services, Inc. (NASDAQGM: CBFV) reported strong financial results for the first quarter of 2021, with net income rising to $2.8 million from $773,000 a year earlier. Earnings per diluted share increased to $0.52 compared to $0.14 in Q1 2020. Total deposits grew by $59.9 million to $1.28 billion, while total assets reached a record $1.48 billion. However, net interest margin decreased to 3.04% from 3.55%, and total loans declined by $3.1 million. The company's Board declared a $0.24 quarterly dividend.