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CB Financial Services, Inc. reports developments tied to its role as the Pennsylvania bank holding company for Community Bank, a community-oriented institution offering deposit products and residential, commercial real estate, commercial and industrial, and consumer loans. Recurring updates cover quarterly earnings, cash dividends, net interest income, credit quality, loan portfolio mix, and capital levels.
Company news also includes balance sheet and securities portfolio actions, common stock repurchase authorization, annual meeting matters, and board or executive leadership changes. Recent operating commentary has emphasized redeploying indirect automobile and residential mortgage repayments into commercial loan products.
John H. Montgomery has been appointed as the new President and Chief Executive Officer of CB Financial Services (NASDAQGM: CBFV), effective August 31, 2020. He succeeds Barron P. McCune, Jr., who has held the interim position since January. Montgomery, with over 30 years of banking experience, previously served in executive roles at First Bank and Susquehanna Bank. McCune will transition to an Executive Consultant role until March 31, 2021, assisting with leadership changes. The board expressed confidence in Montgomery’s ability to drive growth for the community-focused bank.
CB Financial Services, Inc. reported its Q2 2020 results with net income of $2.9 million, down from $3.0 million in Q2 2019. Diluted EPS was $0.54 compared to $0.55 a year earlier. Year-to-date, net income fell to $3.7 million, down 37.7% year-over-year. Total loans increased by 18.8% to over $1 billion, driven largely by $70 million in PPP loans. Noninterest income rose by 22.3% to $2.6 million, aided by strong mortgage activity. However, net interest income decreased 3.6% to $10.3 million due to lower yields. The company maintains solid asset quality with a loan loss allowance at 1.21% of total loans.
Community Bank, a subsidiary of CB Financial Services (NASDAQGM: CBFV), announced plans to consolidate its Monessen and Bethlehem branch offices with nearby locations effective September 30, 2020. The decision is attributed to declining transaction counts, exacerbated by COVID-19, and reflects the growing preference for online and mobile banking. All employees will be retained and relocated, ensuring continued customer service through nearby branches. The consolidation aims to streamline operations while adapting to changing market needs.
CB Financial Services, Inc. (NASDAQGM: CBFV) will join the small-cap Russell 2000® Index and the broad-market Russell 3000® Index after the annual reconstitution on June 29, 2020. This membership enhances the Company’s visibility and credibility within the investment community, according to President Barron P. McCune, Jr. The Russell US Indexes are significant benchmarks, with about $9 trillion in assets tracked against them. The Company’s inclusion signifies its growth trajectory and market capitalization qualifications, maintaining membership for one year until the next reconstitution.
CB Financial Services, Inc. (NASDAQGM: CBFV) has declared a $0.24 quarterly cash dividend per outstanding share of common stock. This dividend is payable on or about June 15, 2020, to stockholders of record as of the close of business on June 5, 2020. The company serves as the holding entity for Community Bank, which operates multiple branches across Pennsylvania and West Virginia, offering a range of retail and commercial banking services as well as insurance brokerage services through its subsidiary, Exchange Underwriters, Inc.
CB Financial Services reported a significant net income decrease of 73.6% to $773,000 for Q1 2020 compared to $2.9 million in Q1 2019, primarily due to increased loan loss provisions of $2.5 million amid COVID-19 impacts. Diluted earnings per share dropped to $0.14 from $0.54 year-over-year. The bank originated 181 PPP loans totaling $38.6 million, generating $1.2 million in processing fees. Despite a challenging economic landscape, total loans grew by $22.2 million, or 9.3% annualized. Nonperforming loans decreased slightly to $5.2 million, while the loan loss allowance rose to 1.26% of total loans.