Cb Financl Srvcs - CBFV STOCK NEWS

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.

CB Financial Services, Inc. (NASDAQGM: CBFV) announced its annual stockholders' meeting scheduled for May 19, 2021, at 9:00 a.m. EDT. Due to COVID-19 safety concerns, stockholders are advised against attending in person and are encouraged to vote via proxy by mail, online, or by phone. The company operates Community Bank, which offers a wide range of banking and insurance services across various counties in Pennsylvania and West Virginia.

CB Financial Services (NASDAQGM: CBFV) has announced its strategic initiatives to enhance the financial performance of Community Bank. Key measures include consolidating six branches and investing in technology and infrastructure. This decision follows a comprehensive internal review driven by changes in consumer preferences due to the global pandemic. The initiatives may incur non-recurring pre-tax costs of up to $6.1 million but are expected to yield annual pre-tax savings of approximately $4.5 million starting in 2021. Updates on these initiatives will be provided with the Q1 2021 financial results.

CB Financial Services, Inc. (CBFV) reported its fourth quarter and annual financial results for 2020, showing a net income of $3,079,000. The results reflect the company's financial stability during a challenging year, with earnings driven by effective management and operational efficiency. The Company continues to navigate the economic impacts of the pandemic while maintaining solid performance in its banking and insurance services. Investors may find confidence in the company’s resilience and ability to adapt to market conditions.

CB Financial Services reported a net loss of $17.4 million for Q3 2020, compared to a profit of $2.9 million in Q2 2020. The diluted EPS declined to $(3.22) from $0.54. Adjusted net income was $1.8 million, down from $2.9 million, but the bank declared a quarterly dividend of $0.24 per share. Significant non-cash charges included an $18.7 million goodwill impairment due to the pandemic's impact on stock valuations. Despite these challenges, 86% of loans in deferral returned to regular payments, and total loans increased 13.7% year-over-year to $1.05 billion.

CB Financial Services has declared a $0.24 cash dividend per share, with a payment date set for September 17, 2020. Stockholders on record by September 7, 2020 will receive the dividend. The company, a holding entity for Community Bank, operates 24 locations across Pennsylvania and West Virginia, offering various retail and commercial banking services, as well as insurance brokerage through its subsidiary. This dividend declaration reflects the company’s commitment to returning value to its shareholders.