CB Financial Services, Inc. (PA) - CBFV STOCK NEWS

CB Financial Services, the holding company for Community Bank, announced its second quarter and year-to-date 2024 financial results. Key financial metrics show a slight decline in net income to $2.7 million from $2.8 million YoY. Adjusted net income also fell to $2.7 million. Earnings per share (EPS) dropped to $0.51 from $0.54, while adjusted EPS declined to $0.52 from $0.55. The net interest margin (NIM) decreased to 3.18% from 3.29%, despite an increase in net interest and dividend income to $11.5 million.

Total assets rose by $103.8 million to $1.6 billion, but total loans decreased by $31.7 million to $1.08 billion, largely from reduced consumer and commercial real estate loans. Total deposits increased by $82.6 million to $1.35 billion. The company declared a quarterly cash dividend of $0.25 per share, payable on August 30, 2024, to shareholders of record as of August 15, 2024.

CB Financial Services, Inc. (NASDAQ: CBFV), the holding company for Community Bank, has authorized a new stock repurchase program to buy back up to 5% of its outstanding common stock. Based on the July 22, 2024 closing price, this program could involve 257,095 shares, valued at approximately $6.0 million. The repurchase program will commence after the Q2 2024 earnings release and terminate on July 25, 2025. Repurchases may occur in open-market or private transactions, following a Rule 10b5-1 trading plan. The program can be suspended, terminated, or modified at any time and does not obligate the company to purchase a specific number of shares.

CB Financial Services, Inc. announced its first quarter 2024 financial results, showing a net income of $4.20 million, an adjusted net income of $3.2 million, and earnings per diluted common share of $0.82. The company declared a $0.25 quarterly cash dividend per outstanding share of common stock. Key financial metrics saw both positive and negative changes compared to the previous quarter, with notable impacts from the sale of Exchange Underwriters and shifts in noninterest income and expense.

CB Financial Services, Inc. (CBFV) schedules its annual stockholders meeting for May 15, 2024, at 9:00 a.m. EDT in Pennsylvania.

CB Financial Services, Inc. announced its fourth quarter and 2023 financial results, with net income of $12.966 million, a 3.62% return on average assets, and a $0.25 quarterly cash dividend per outstanding share of common stock. The company reported increases in total assets, total loans, and noninterest income, but also a decline in net interest margin and total deposits.

CB Financial Services, Inc. (NASDAQGM: CBFV) repositioned its investment securities portfolio, selling $79.4 million in lower-yielding securities and purchasing $69.3 million of higher-yielding mortgage-backed securities. President and CEO John H. Montgomery anticipates a significant earnings benefit, adding approximately 17 basis points to the net interest margin and approximately $0.36 to earnings per share. The company aims to enhance long-term shareholder value and improve earnings.

CB Financial Services, Inc. (CBFV) completes the sale of assets of Exchange Underwriters, Inc. to World Insurance Associates, LLC for a $30.5 million cash purchase price with possible additional earn-out payments.

CB Financial Services, Inc. (NASDAQGM: CBFV) announced the Asset Purchase Agreement with World Insurance Associates, LLC for a $30.5 million cash purchase price plus additional earn-out payments. The transaction is expected to be completed in the fourth quarter of 2023. The purchase price represents approximately 5.11x LTM Insurance Agency Revenue and approximately 26.08x September 30, 2023 LTM Insurance Agency Earnings. The net gain on sale, on an after-tax basis, is expected to be approximately $16.4 million, with a significant improvement in capital, tangible book value, and liquidity. Current leadership and employees of Exchange Underwriters are expected to join World.

CB Financial Services, Inc. announces third quarter and year-to-date 2023 financial results with a decrease in net income, net interest margin, and noninterest income. Total assets decreased to $1.40 billion. Total loans increased by $52.6 million. Nonperforming loans to total loans decreased to 0.30%. Total deposits decreased to $1.24 billion. Book value per share increased to $22.43.