CB Financial Services, Inc. Announces Fourth Quarter and Full Year 2024 Financial Results and Declares Quarterly Cash Dividend

WASHINGTON, Pa.--(BUSINESS WIRE)-- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), today announced its fourth quarter and 2024 financial results.

	Three Months Ended																Year Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23				12/31/24			12/31/23
(Dollars in thousands, except per share data) (Unaudited)
Net Income (GAAP)	$	2,529		$	3,219		$	2,650		$	4,196		$	12,966			$	12,594		$	22,550
Net Income Adjustments		(562	)		(293	)		24			(1,000	)		(9,905	)			(1,830	)		(9,926	)
Adjusted Net Income (Non-GAAP) (1)	$	1,967		$	2,926		$	2,674		$	3,196		$	3,061			$	10,764		$	12,624
Earnings per Common Share - Diluted (GAAP)	$	0.46		$	0.60		$	0.51		$	0.82		$	2.52			$	2.38		$	4.40
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)	$	0.35		$	0.55		$	0.52		$	0.62		$	0.60			$	2.03		$	2.46

(1)	Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of adjusted net income and adjusted earnings per common share - diluted as presented later in this Press Release.

2024 Fourth Quarter Financial Highlights

(Comparisons to three months ended December 31, 2023 unless otherwise noted)

• Net income was $2.5 million, compared to $13.0 million. Prior period results included a $24.6 million pre-tax gain on the sale of the Bank’s subsidiary insurance company, Exchange Underwriters (EU), partially offset by a $9.8 million pre-tax loss on the sale of securities resulting primarily from the execution of a balance sheet repositioning strategy. The December 2023 sale of EU drove decreases in noninterest income and noninterest expense.
• Net interest and dividend income was $11.5 million, compared to $11.1 million.
• Noninterest income decreased to $1.7 million, compared to $16.5 million. Noninterest income for the prior period included the gain on the sale of EU and the loss on the sale of securities as described above and $1.0 million in insurance commissions from the operation of EU. Noninterest income for the current period included a $708,000 earn out payment related to the prior year sale of EU.
• Noninterest expense decreased to $9.5 million, compared to $10.8 million, due to decreases in compensation and benefits, intangible amortization, legal and professional fees, occupancy and other expenses also driven by the sale of EU, partially offset by increases in contracted services, data processing and Pennsylvania shares tax expenses.

(Amounts at December 31, 2024; comparisons to December 31, 2023, unless otherwise noted)

• Total assets increased $25.5 million, or 1.8%, to $1.48 billion from $1.46 billion.
• Total loans decreased $17.8 million, or 1.6%, to $1.09 billion compared to $1.11 billion, and included decreases in consumer and residential real estate loans of $41.1 million and $9.8 million, respectively, partially offset by increases in commercial real estate, construction real estate and other loans of $18.4 million, $11.6 million and $2.5 million, respectively. The consumer loan portfolio is primarily comprised of indirect automobile loans and decreased as a result of the discontinuation of that product as of June 30, 2023. Excluding the $41.5 million decrease in indirect automobile loans, total loans increased $23.7 million, or 2.1%. In total, $112.2 million of loans have paid off since December 31, 2023.
• Nonperforming loans to total loans was 0.16% at December 31, 2024, compared to 0.20% at December 31, 2023.
• Total deposits were $1.28 billion, an increase of $16.4 million, compared to $1.27 billion.
• Book value per share was $28.71, compared to $29.07 as of September 30, 2024 and $27.32 as of December 31, 2023.
• Tangible book value per share (Non-GAAP) was $26.82, compared to $27.16 as of September 30, 2024 and $25.23 as of December 31, 2023. The year-to-date change was due to an increase in stockholders’ equity primarily related to current period net income of $12.6 million, partially offset by the payment of $5.1 million in dividends since December 31, 2023 and a $488,000 increase in accumulated other comprehensive loss.

Management Commentary

President and CEO John H. Montgomery commented, “While 2024 presented many dynamic issues for banks, we finished the year strong, with a consistent net interest margin along with solid fourth quarter loan growth. Funding costs decreased at a more favorable rate than asset yields from the prior period, contributing to the stability of the net interest margin for the fourth quarter. In addition to softening deposit costs from the impact from the recent Federal Reserve rate cuts, we reduced our concentration of brokered time deposits during the quarter, which also helped lower our cost of funds. Our conservative balance sheet strategy and continued focus on high quality, relationship driven loan production continues to strengthen our bank.

Compared to a year ago, our loan portfolio decreased $17.8 million, or 1.6%, driven by decreases in the consumer loan portfolio of $41.1 million, in part due to the previously exited Indirect Lending Portfolio. On a quarter over quarter basis, the loan portfolio grew $26.5 million, with commercial real estate loans, construction loans and commercial and industrial loans posting the largest gains. We have made tremendous efforts in expanding our commercial lending team over the last year, which is contributing to this growth. In addition, our asset quality remained pristine at year-end, with nonperforming loans improving to 0.16% of total loans, from 0.20% of total loans a year ago.

Changes in our deposit mix continued during the quarter, with a shift from low interest-bearing accounts to higher-yielding deposit accounts. On a quarter over quarter basis, deposits decreased by $70.3 million, which was largely due to allowing $60.6 million of brokered time deposits to mature. This helped to reduce cash on the balance sheet and improve our net interest margin. For the year, total deposits increased modestly, primarily due to growth in our interest-bearing demand deposits and time deposits as well as an increase in brokered time deposits.

We are making forward progress in implementing our Specialty Treasury Payments & Services program as part of our long term strategic initiatives to drive revenue growth and enhance our core deposit base. This strategy includes development of a platform that will provide Treasury Management payments, products, and an exceptional client experience to our traditional Commercial Treasury Clients and Multiple Deposit Niche markets nationwide. Implementation of this strategy commenced during the second quarter of 2024, with full utilization expected during the third quarter of 2025. While costs associated with the full implementation of this strategy will impact our operating expenses in the near term, we believe that this investment in our franchise will ultimately benefit all stakeholders over time and anticipate this strategy contributing to revenue growth by the end of the year.

With our strong capital levels, pristine credit quality and ample liquidity, we have a great foundation to build upon as we transform the bank and take advantage of growth opportunities in the year ahead.”

Dividend Declaration

The Company’s Board of Directors declared a $0.25 quarterly cash dividend per outstanding share of common stock, payable on or about February 28, 2025, to stockholders of record as of the close of business on February 14, 2025.

2024 Fourth Quarter Financial Review

Net Interest and Dividend Income

• Net interest and dividend income increased $396,000, or 3.6%, to $11.5 million for the three months ended December 31, 2024 compared to $11.1 million for the three months ended December 31, 2023.
• Net Interest Margin (NIM) (GAAP) decreased to 3.12% for the three months ended December 31, 2024 compared to 3.19% for the three months ended December 31, 2023. Fully tax equivalent (FTE) NIM (Non-GAAP) decreased 8 basis points (“bps”) to 3.13% for the three months ended December 31, 2024 compared to 3.21% for the three months ended December 31, 2023.
• Interest and dividend income increased $2.5 million, or 14.9%, to $19.4 million for the three months ended December 31, 2024 compared to $16.9 million for the three months ended December 31, 2023.
  • Interest income on loans increased $126,000, or 0.9%, to $14.9 million for the three months ended December 31, 2024 compared to $14.8 million for the three months ended December 31, 2023. The average yield on loans increased 23 bps to 5.59% compared to 5.36% resulting in a $624,000 increase in interest income on loans. The yield on loans was positively impacted as the Bank collected $313,000 of interest income related to the payoff of a loan previously on nonaccrual during the three months ended December 31, 2024. Additionally, the increase in loan yield has been driven by a reduction in lower yielding consumer loans due to the discontinuation of the indirect automobile loan product with the redeployment of those funds into higher yielding commercial loan products. The average balance of loans decreased $32.0 million to $1.07 billion from $1.10 billion, causing a $489,000 decrease in interest income on loans.
  • Interest income on taxable investment securities increased $1.9 million, or 166.0%, to $3.1 million for the three months ended December 31, 2024 compared to $1.2 million for the three months ended December 31, 2023 driven by a 211 bp increase in average yield coupled with a $77.3 million increase in average balances. The increase in the average yield was the result of the Bank implementing a balance sheet repositioning strategy of its portfolio of available-for-sale securities during the fourth quarter of 2023. The Bank sold $69.3 million in market value of its lower yielding U.S. government agency, mortgage-backed and municipal securities with an average yield of 1.89% and purchased $69.3 million of higher yielding mortgage-backed and collateralized mortgage obligation securities with an average yield of 5.49%. The increase in volume was driven by a $99.2 million increase in the average balance of collateralized loan obligation (“CLO”) securities as the Bank executed a leverage strategy to purchase these assets funded with cash reserves and brokered certificates of deposits.
  • Interest income on interest-earning deposits at other banks increased $530,000 to $1.3 million for the three months ended December 31, 2024 compared to $808,000 for the three months ended December 31, 2023 driven by a $46.8 million increase in average balances, partially offset by a 11 bp decrease in the average yield. The volume increase was due in part to $30.5 million in cash received from the December 2023 sale of EU.
• Interest expense increased $2.1 million, or 36.9%, to $7.9 million for the three months ended December 31, 2024 compared to $5.8 million for the three months ended December 31, 2023.
  • Interest expense on deposits increased $2.2 million, or 40.4%, to $7.5 million for the three months ended December 31, 2024 compared to $5.3 million for the three months ended December 31, 2023. Rising market interest rates led to the repricing of interest-bearing demand and money market deposits and a shift in deposits from noninterest-bearing and interest-bearing demand deposits into money market and time deposits which resulted in a 59 bp, or 26.8%, increase in the average cost of interest-bearing deposits compared to the three months ended December 31, 2023. This accounted for a $1.5 million increase in interest expense. Additionally, interest-bearing deposit balances increased $107.0 million, or 11.1%, to $1.1 billion as of December 31, 2024 compared to $961.0 million as of December 31, 2023, accounting for a $619,000 increase in interest expense.

Provision for Credit Losses

The provision for credit losses recorded for the three months ended December 31, 2024 was $683,000. The provision for credit losses - loans was $483,000 and was primarily due to loan growth, increases in the loss rate and qualitative adjustments on construction and land development loans and an increase in qualitative adjustments on residential real estate loans, partially offset by a payoff of an impaired loan. The provision for credit losses - unfunded commitments was $200,000 and was due to an increase in the loss rate on construction loans. This compared to a $1.4 million recovery for credit losses recorded for the three months ended December 31, 2023 and was primarily due to improvements in qualitative factors coupled with a decrease in historical loss rates.

Noninterest Income

Noninterest income decreased $14.9 million, or 90.0%, to $1.7 million for the three months ended December 31, 2024, compared to $16.5 million for the three months ended December 31, 2023. This decrease resulted primarily as prior period results included a $24.6 million pre-tax gain on the sale of EU, partially offset by a $9.8 million pre-tax loss on the sale of securities from the execution of a balance sheet repositioning strategy. Additionally, insurance commissions decreased $968,000 as no income was recognized for the three months ended December 31, 2024 due to the December 2023 sale of EU, compared to a full quarter of income recognized for the three months ended December 31, 2023. Other noninterest income increased $840,000 due to a $708,000 earn out payment related to the sale of EU recognized in December 2024.

Noninterest Expense

Noninterest expense decreased $1.3 million, or 12.2%, to $9.5 million for the three months ended December 31, 2024 compared to $10.8 million for the three months ended December 31, 2023. Salaries and benefits decreased $966,000, or 15.5%, to $5.3 million primarily due one-time non-recurring expenses associated with sale of the insurance subsidiary of $691,000 recognized during the three months ended December 31, 2023 and $561,000 of normal salary expense recognized for the three months ended December 31, 2023 compared to no expense related to EU recognized for the three months ended December 31, 2024 due to the December 2023 sale, partially offset by merit increases and revenue producing staff additions. Intangible amortization decreased $342,000 as a portion of the Bank’s core deposit intangible was fully amortized in February 2024 and EU intangible amortization of $42,000 was realized during the three months ended December 31, 2023. Legal and professional fees decreased $166,000 primarily due to timing differences related to internal audit and CECL model validation services. Occupancy expense decreased $158,000 due to $244,000 of non-recurring purchase accounting amortization related to a branch rebuild and $44,000 of EU occupancy expenses realized during the three months ended December 31, 2023, partially offset by increases in rent and depreciation expenses. Other noninterest expense decreased $140,000 primarily due to $116,000 of EU expenses realized during the three months ended December 31, 2023. Contracted services increased $223,000 due to costs associated with cybersecurity support, website administration, equity compensation management and treasury product consulting services. Data processing expense increased $106,000 due to costs associated with the implementation of a new loan origination system and financial dashboard platform. Pennsylvania shares tax expense increased $84,000 due to a higher taxable base due to the increase in equity resulting from the sale of EU.

Statement of Financial Condition Review

Assets

Total assets increased $25.5 million, or 1.8%, to $1.48 billion at December 31, 2024, compared to $1.46 billion at December 31, 2023.

• Cash and due from banks decreased $18.7 million, or 27.3%, to $49.6 million at December 31, 2024, compared to $68.2 million at December 31, 2023.
• Securities increased $55.1 million, or 26.6%, to $262.2 million at December 31, 2024, compared to $207.1 million at December 31, 2023. The securities balance was primarily impacted by the purchase of $69.8 million of CLO securities, partially offset by $15.4 million of principal repayments on amortizing securities.

Loans and Credit Quality

• Total loans decreased $17.8 million, or 1.6%, to $1.09 billion compared to $1.11 billion, and included decreases in consumer and residential real estate loans of $41.1 million and $9.8 million, respectively, partially offset by increases in commercial real estate, construction real estate and other loans of $18.4 million, $11.6 million and $2.5 million, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to rising market interest rates and the discontinuation of this product offering as of June 30, 2023. This portfolio is expected to continue to decline as resources are allocated and production efforts are focused on more profitable commercial products. Total loans increased $26,871, or 2.5%, from September 30, 2024 due to strong commercial loan production during the quarter. Loan production totaled $148.2 million while $112.2 million of loans were paid off since December 31, 2023.
• The allowance for credit losses (ACL) was $9.8 million at December 31, 2024 and $9.7 million at December 31, 2023. As a result, the ACL to total loans was 0.90% at December 31, 2024 and 0.87% at December 31, 2023. During the current year, the Company recorded a net provision for credit losses of $570,000.
• Net charge-offs for the three months ended December 31, 2024 were $157,000, or 0.06% of average loans on an annualized basis. Net recoveries for the three months ended December 31, 2023 were $6,000, or 0.00% of average loans on an annualized basis. Net charge-offs for the year ended December 31, 2024 were $281,000. Net recoveries for the year ended December 31, 2023 were $557,000 primarily due to recoveries totaling $750,000 related to a prior year $2.7 million charged-off commercial and industrial loan.
• Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, were $1.8 million at December 31, 2024 and $2.2 million at December 31, 2023. Nonperforming loans to total loans ratio was 0.16% at December 31, 2024 and 0.20% at December 31, 2023.

Other

• Accrued interest and other assets increased $7.2 million or 29.6%, to $31.5 million at December 31, 2024, compared to $24.3 million at December 31, 2023 due primarily to a $6.0 million investment in a low-income housing tax credit project.

Total liabilities increased $17.9 million, or 1.4%, to $1.33 billion at December 31, 2024 compared to $1.32 billion at December 31, 2023.

Deposits

• Total deposits increased $16.4 million to $1.28 billion as of December 31, 2024 compared to $1.27 billion at December 31, 2023. Time deposits increased $66.2 million and money market deposits increased $30.4 million while interest-bearing demand, savings and non interest-bearing demand deposits decreased $46.2 million, $24.2 million and $9.9 million, respectively. Deposit changes were primarily the result of the current interest rate environment causing a shift in deposit products to higher priced money market and time deposits. Additionally, the Bank added $10.0 million of brokered time deposits during the period. Brokered time deposits totaled $39.0 million as of December 31, 2024 compared to $29.0 million at December 31, 2023, all of which mature within three months and were utilized to fund the purchase of floating rate CLO securities. At December 31, 2024, FDIC insured deposits totaled approximately 62.5% of total deposits while an additional 15.9% of total deposits were collateralized with investment securities.

Accrued Interest Payable and Other Liabilities

• Accrued interest payable and other liabilities increased $1.5 million, or 10.4%, to $16.0 million at December 31, 2024, compared to $14.4 million at December 31, 2023 primarily due to a $5.0 million unfunded commitment related to a low-income housing tax credit project.

Stockholders’ Equity

Stockholders’ equity increased $7.5 million, or 5.4%, to $147.4 million at December 31, 2024, compared to $139.8 million at December 31, 2023. The key factor positively impacting stockholders’ equity was $12.6 million of net income for the current year partially offset by the payment of $5.1 million in dividends since December 31, 2023 and a $488,000 increase in accumulated other comprehensive loss.

Book value per share

Book value per common share was $28.71 at December 31, 2024 compared to $27.32 at December 31, 2023, an increase of $1.39.

Tangible book value per common share (Non-GAAP) was $26.82 at December 31, 2024, compared to $25.23 at December 31, 2023, an increase of $1.59.

Refer to “Explanation of Use of Non-GAAP Financial Measures” at the end of this Press Release.

About CB Financial Services, Inc.

CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a broad array of retail and commercial lending and deposit services.

For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.

Statement About Forward-Looking Statements

Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

CB FINANCIAL SERVICES, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)
Selected Financial Condition Data	12/31/24				9/30/24				6/30/24				3/31/24				12/31/23
Assets
Cash and Due From Banks	$	49,572			$	147,325			$	142,600			$	73,691			$	68,223
Securities		262,153				270,881				268,769				232,276				207,095
Loans Held for Sale		900				428				632				200				—
Loans
Real Estate:
Residential		337,990				338,926				342,689				346,938				347,808
Commercial		485,513				464,354				458,724				470,430				467,154
Construction		54,705				43,515				44,038				44,323				43,116
Commercial and Industrial		112,047				108,554				112,395				103,313				111,278
Consumer		70,508				80,004				90,357				100,576				111,643
Other		31,863				30,402				30,491				30,763				29,397
Total Loans		1,092,626				1,065,755				1,078,694				1,096,343				1,110,396
Allowance for Credit Losses		(9,805	)			(9,479	)			(9,527	)			(9,582	)			(9,707	)
Loans, Net		1,082,821				1,056,276				1,069,167				1,086,761				1,100,689
Premises and Equipment, Net		20,708				20,838				20,326				19,548				19,704
Bank-Owned Life Insurance		24,209				24,057				23,910				23,763				25,378
Goodwill		9,732				9,732				9,732				9,732				9,732
Intangible Assets, Net		—				88				353				617				958
Accrued Interest Receivable and Other Assets		31,469				32,116				24,770				26,501				24,312
Total Assets	$	1,481,564			$	1,561,741			$	1,560,259			$	1,473,089			$	1,456,091
Liabilities
Deposits
Noninterest-Bearing Demand Accounts	$	267,896			$	267,022			$	269,964			$	275,182			$	277,747
Interest-Bearing Demand Accounts		316,764				326,505				324,688				323,134				362,994
Money Market Accounts		231,458				220,789				229,998				208,375				201,074
Savings Accounts		170,530				172,354				179,081				190,206				194,703
Time Deposits		296,869				367,150				346,037				265,597				230,641
Total Deposits		1,283,517				1,353,820				1,349,768				1,262,494				1,267,159
Other Borrowings		34,718				34,708				34,698				34,688				34,678
Accrued Interest Payable and Other Liabilities		15,951				24,073				32,911				34,317				14,420
Total Liabilities		1,334,186				1,412,601				1,417,377				1,331,499				1,316,257
Stockholders’ Equity		147,378				149,140				142,882				141,590				139,834
Total Liabilities and Stockholders’ Equity	$	1,481,564			$	1,561,741			$	1,560,259			$	1,473,089			$	1,456,091

(Dollars in thousands, except share and per share data) (Unaudited)
	Three Months Ended															Year Ended
Selected Operating Data	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Interest and Dividend Income:
Loans, Including Fees	$	14,930		$	14,945		$	14,670		$	14,838		$	14,804		$	59,383		$	54,650
Securities:
Taxable		3,096			3,289			2,844			2,303			1,164			11,533			4,017
Tax-Exempt		—			—			—			—			33			—			157
Dividends		27			28			27			27			32			110			106
Other Interest and Dividend Income		1,378			1,511			1,398			818			872			5,105			3,295
Total Interest and Dividend Income		19,431			19,773			18,939			17,986			16,905			76,131			62,225
Interest Expense:
Deposits		7,492			7,892			7,065			5,991			5,336			28,441			16,433
Short-Term Borrowings		—			—			—			—			26			—			32
Other Borrowings		407			407			404			404			407			1,622			1,207
Total Interest Expense		7,899			8,299			7,469			6,395			5,769			30,063			17,672
Net Interest and Dividend Income		11,532			11,474			11,470			11,591			11,136			46,068			44,553
Provision (Recovery) for Credit Losses - Loans		483			25			12			(143	)		(1,147	)		379			(284	)
Provision (Recovery) for Credit Losses - Unfunded Commitments		200			(66	)		(48	)		106			(273	)		191			(218	)
Net Interest and Dividend Income After Net Provision (Recovery) for Credit Losses		10,849			11,515			11,506			11,628			12,556			45,498			45,055
Noninterest Income:
Service Fees		460			451			354			415			460			1,680			1,819
Insurance Commissions		1			1			1			2			969			6			5,839
Other Commissions		63			104			22			62			60			251			521
Net Gain on Sales of Loans		3			18			9			22			2			52			—
Net Gain (Loss) on Securities		3			245			(31	)		(166	)		(9,830	)		51			(10,199	)
Net Gain on Purchased Tax Credits		12			12			12			12			7			49			29
Gain on Sale of Subsidiary		—			138			—			—			24,578			138			24,578
Net Gain on Disposal of Premises and Equipment		—			—			—			274			—			274			11
Income from Bank-Owned Life Insurance		152			147			147			148			151			594			576
Net Gain on Bank-Owned Life Insurance Claims		—			—			—			915			—			915			303
Other Income		961			117			174			232			121			1,484			535
Total Noninterest Income		1,655			1,233			688			1,916			16,518			5,494			24,012
Noninterest Expense:
Salaries and Employee Benefits		5,258			4,561			4,425			4,576			6,224			18,821			21,903
Occupancy		652			755			940			749			810			3,096			2,998
Equipment		313			280			298			264			298			1,155			1,064
Data Processing		832			772			1,011			692			726			3,308			3,014
Federal Deposit Insurance Corporation Assessment		172			177			161			129			189			639			754
Pennsylvania Shares Tax		301			265			297			297			217			1,161			889
Contracted Services		522			431			390			281			299			1,623			1,166
Legal and Professional Fees		268			297			208			212			434			985			1,182
Advertising		137			141			78			129			158			484			426
Other Real Estate Owned (Income)		34			2			37			(23	)		(36	)		50			(115	)
Amortization of Intangible Assets		88			264			264			341			430			958			1,766
Other Expense		876			837			875			781			1,016			3,369			3,735
Total Noninterest Expense		9,453			8,782			8,984			8,428			10,765			35,649			38,782
Income Before Income Tax Expense		3,051			3,966			3,210			5,116			18,309			15,343			30,285
Income Tax Expense		522			747			560			920			5,343			2,749			7,735
Net Income	$	2,529		$	3,219		$	2,650		$	4,196		$	12,966		$	12,594		$	22,550

	Three Months Ended															Year Ended
Per Common Share Data	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Dividends Per Common Share	$	0.25		$	0.25		$	0.25		$	0.25		$	0.25		$	1.00		$	1.00
Earnings Per Common Share - Basic		0.49			0.63			0.52			0.82			2.53			2.45			4.41
Earnings Per Common Share - Diluted		0.46			0.60			0.51			0.82			2.52			2.38			4.40
Weighted Average Common Shares Outstanding - Basic		5,126,782			5,137,586			5,142,139			5,129,903			5,119,184			5,134,092			5,113,978
Weighted Average Common Shares Outstanding - Diluted		5,544,829			5,346,750			5,152,657			5,142,286			5,135,997			5,302,522			5,122,916

	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23
Common Shares Outstanding		5,132,654			5,129,921			5,141,911			5,142,901			5,118,713
Book Value Per Common Share	$	28.71		$	29.07		$	27.79		$	27.53		$	27.32
Tangible Book Value per Common Share (1)		26.82			27.16			25.83			25.52			25.23
Stockholders’ Equity to Assets		9.9	%		9.5	%		9.2	%		9.6	%		9.6	%
Tangible Common Equity to Tangible Assets (1)		9.4			9.0			8.6			9.0			8.9

	Three Months Ended										Year Ended
Selected Financial Ratios (2)	12/31/24		9/30/24		6/30/24		3/31/24		12/31/23		12/31/24		12/31/23
Return on Average Assets	0.65	%	0.84	%	0.71	%	1.17	%	3.62	%	0.84	%	1.60	%
Return on Average Equity	6.80		8.80		7.58		12.03		44.99		8.77		19.42
Average Interest-Earning Assets to Average Interest-Bearing Liabilities	133.33		133.26		135.69		137.07		138.67		134.78		141.85
Average Equity to Average Assets	9.63		9.54		9.36		9.72		8.04		9.56		8.25
Net Interest Rate Spread	2.41		2.36		2.44		2.67		2.56		2.47		2.73
Net Interest Rate Spread (FTE) (1)	2.42		2.38		2.46		2.68		2.57		2.48		2.74
Net Interest Margin	3.12		3.11		3.18		3.36		3.19		3.19		3.28
Net Interest Margin (FTE) (1)	3.13		3.12		3.19		3.37		3.21		3.20		3.29
Net Charge-Offs (Recoveries) to Average Loans	0.06		0.03		0.02		(0.01	)	—		0.03		(0.05	)
Efficiency Ratio	71.68		69.11		73.89		62.40		38.93		69.14		56.56

Asset Quality Ratios	12/31/24		9/30/24		6/30/24		3/31/24		12/31/23
Allowance for Credit Losses to Total Loans	0.90	%	0.89	%	0.88	%	0.87	%	0.87	%
Allowance for Credit Losses to Nonperforming Loans (3)	548.07		463.07		513.03		437.73		433.35
Delinquent and Nonaccrual Loans to Total Loans (4)	0.72		0.98		0.53		0.63		0.62
Nonperforming Loans to Total Loans (3)	0.16		0.19		0.17		0.20		0.20
Nonperforming Assets to Total Assets (5)	0.12		0.14		0.13		0.15		0.16

Capital Ratios (6)	12/31/24		9/30/24		6/30/24		3/31/24		12/31/23
Common Equity Tier 1 Capital (to Risk Weighted Assets)	14.78	%	14.79	%	14.62	%	14.50	%	13.64	%
Tier 1 Capital (to Risk Weighted Assets)	14.78		14.79		14.62		14.50		13.64
Total Capital (to Risk Weighted Assets)	15.79		15.76		15.61		15.51		14.61
Tier 1 Leverage (to Adjusted Total Assets)	9.98		9.96		9.98		10.28		10.19

(1)	Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(2)	Interim period ratios are calculated on an annualized basis.
(3)	Nonperforming loans consist of all nonaccrual loans and accruing loans that are 90 days or more past due.
(4)	Delinquent loans consist of accruing loans that are 30 days or more past due.
(5)	Nonperforming assets consist of nonperforming loans and other real estate owned.
(6)	Capital ratios are for Community Bank only.
Certain items previously reported may have been reclassified to conform with the current reporting period’s format.

AVERAGE BALANCES AND YIELDS
	Three Months Ended
	December 31, 2024									September 30, 2024									June 30, 2024									March 31, 2024									December 31, 2023
	Average Balance			Interest and Dividends			Yield / Cost (1)			Average Balance			Interest and Dividends			Yield / Cost (1)			Average Balance			Interest and Dividends			Yield / Cost (1)			Average Balance			Interest and Dividends			Yield / Cost (1)			Average Balance			Interest and Dividends			Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)	$	1,066,304		$	14,975		5.59	%		$	1,063,946		$	14,987		5.60	%		$	1,076,455		$	14,711		5.50	%		$	1,087,889		$	14,877		5.50	%		$	1,098,284		$	14,840		5.36	%
Debt Securities
Taxable		284,002			3,096		4.36				288,208			3,289		4.56				266,021			2,844		4.28				235,800			2,303		3.91				206,702			1,164		2.25
Tax-Exempt		—			—		—				—			—		—				—			—		—				—			—		—				4,833			42		3.48
Equity Securities		2,693			27		4.01				2,693			28		4.16				2,693			27		4.01				2,693			27		4.01				2,693			32		4.75
Interest-Earning Deposits at Banks		114,245			1,338		4.68				111,131			1,448		5.21				101,277			1,313		5.19				58,887			733		4.98				67,450			808		4.79
Other Interest-Earning Assets		3,070			40		5.18				3,108			63		8.06				3,154			85		10.84				3,235			85		10.57				3,387			64		7.50
Total Interest-Earning Assets		1,470,314			19,476		5.27				1,469,086			19,815		5.37				1,449,600			18,980		5.27				1,388,504			18,025		5.22				1,383,349			16,950		4.86
Noninterest-Earning Assets		65,786									57,602									53,564									54,910									38,464
Total Assets	$	1,536,100								$	1,526,688								$	1,503,164								$	1,443,414								$	1,421,813
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts	$	328,129		$	1,838		2.23	%		$	316,301		$	1,923		2.42	%		$	325,069		$	1,858		2.30	%		$	334,880		$	1,794		2.15	%		$	362,018		$	1,965		2.15	%
Money Market Accounts		227,606			1,821		3.18				217,148			1,726		3.16				214,690			1,646		3.08				203,867			1,514		2.99				205,060			1,441		2.79
Savings Accounts		170,612			45		0.10				175,753			46		0.10				184,944			52		0.11				191,444			59		0.12				200,737			57		0.11
Time Deposits		341,686			3,788		4.41				358,498			4,197		4.66				308,956			3,509		4.57				248,118			2,624		4.25				193,188			1,873		3.85
Total Interest-Bearing Deposits		1,068,033			7,492		2.79				1,067,700			7,892		2.94				1,033,659			7,065		2.75				978,309			5,991		2.46				961,003			5,336		2.20
Short-Term Borrowings		—			—		—				—			—		—				2			—		—				—			—		—				1,902			26		5.42
Other Borrowings		34,713			407		4.66				34,702			407		4.67				34,692			404		4.68				34,682			404		4.69				34,673			407		4.66
Total Interest-Bearing Liabilities		1,102,746			7,899		2.85				1,102,402			8,299		2.99				1,068,353			7,469		2.81				1,012,991			6,395		2.54				997,578			5,769		2.29
Noninterest-Bearing Demand Deposits		267,598									263,650									272,280									278,691									305,789
Total Funding and Cost of Funds		1,370,344					2.29				1,366,052					2.42				1,340,633					2.24				1,291,682					1.99				1,303,367					1.76
Other Liabilities		17,883									15,043									21,867									11,441									4,119
Total Liabilities		1,388,227									1,381,095									1,362,500									1,303,123									1,307,486
Stockholders' Equity		147,873									145,593									140,664									140,291									114,327
Total Liabilities and Stockholders' Equity	$	1,536,100								$	1,526,688								$	1,503,164								$	1,443,414								$	1,421,813
Net Interest Income (FTE) (Non-GAAP) (3)				$	11,577								$	11,516								$	11,511								$	11,630								$	11,181
Net Interest-Earning Assets (4)		367,568									366,684									381,247									375,513									385,771
Net Interest Rate Spread (FTE) (Non-GAAP) (3) (5)							2.42	%								2.38	%								2.46	%								2.68	%								2.57	%
Net Interest Margin (FTE) (Non-GAAP) (3)(6)							3.13									3.12									3.19									3.37									3.21

(1)	Annualized based on three months ended results.
(2)	Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)	Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6)	Net interest margin represents annualized net interest income divided by average total interest-earning assets.

 

AVERAGE BALANCES AND YIELDS
	Year Ended
	December 31, 2024											December 31, 2023
	Average Balance				Interest and Dividends				Yield /Cost			Average Balance				Interest and Dividends				Yield / Cost
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (1)	$	1,073,601			$	59,544			5.55	%		$	1,076,928			$	54,763			5.09	%
Debt Securities
Taxable		268,604				11,533			4.29				208,472				4,017			1.93
Exempt From Federal Tax		—				—			—				5,821				199			3.42
Marketable Equity Securities		2,693				110			4.08				2,693				106			3.94
Interest-Earning Deposits at Banks		96,474				4,831			5.01				61,638				3,084			5.00
Other Interest-Earning Assets		3,142				274			8.72				3,027				211			6.97
Total Interest-Earning Assets		1,444,514				76,292			5.28				1,358,579				62,380			4.59
Noninterest-Earning Assets		57,986											48,448
Total Assets	$	1,502,500										$	1,407,027
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts	$	326,073			$	7,414			2.27	%		$	354,060			$	6,741			1.90	%
Savings Accounts		180,647				202			0.11				220,146				202			0.09
Money Market Accounts		215,864				6,706			3.11				199,962				4,554			2.28
Time Deposits		314,510				14,119			4.49				156,310				4,936			3.16
Total Interest-Bearing Deposits		1,037,094				28,441			2.74				930,478				16,433			1.77
Short-Term Borrowings		—				—			—				931				32			3.44
Other Borrowings		34,697				1,622			4.67				26,328				1,207			4.58
Total Interest-Bearing Liabilities		1,071,791				30,063			2.80				957,737				17,672			1.85
Noninterest-Bearing Demand Deposits		270,528											326,408
Total Funding and Cost of Funds		1,342,319							2.24				1,284,145							1.38
Other Liabilities		16,559											6,764
Total Liabilities		1,358,878											1,290,909
Stockholders' Equity		143,622											116,118
Total Liabilities and Stockholders' Equity	$	1,502,500										$	1,407,027
Net Interest Income (FTE) (Non-GAAP) (2)						46,229											44,708
Net Interest-Earning Assets (3)		372,723											400,842
Net Interest Rate Spread (FTE) (Non-GAAP) (2)(4)									2.48	%										2.74	%
Net Interest Margin (FTE) (Non-GAAP) (2)(5)									3.20											3.29

(1)	Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(2)	Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(3)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5)	Net interest margin represents annualized net interest income divided by average total interest-earning assets.

 

Explanation of Use of Non-GAAP Financial Measures

In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this Press Release contains or references, certain Non-GAAP financial measures. We believe these Non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company’s business and in analyzing the Company’s operating results on the same basis as that applied by management. Although we believe that these Non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar Non-GAAP measures which may be presented by other companies. Where Non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23
(Dollars in thousands, except share and per share data) (Unaudited)
Total Assets (GAAP)	$	1,481,564		$	1,561,741		$	1,560,259		$	1,473,089		$	1,456,091
Goodwill and Intangible Assets, Net		(9,732	)		(9,820	)		(10,085	)		(10,349	)		(10,690	)
Tangible Assets (Non-GAAP) (Numerator)	$	1,471,832		$	1,551,921		$	1,550,174		$	1,462,740		$	1,445,401
Stockholders' Equity (GAAP)	$	147,378		$	149,140		$	142,882		$	141,590		$	139,834
Goodwill and Intangible Assets, Net		(9,732	)		(9,820	)		(10,085	)		(10,349	)		(10,690	)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)	$	137,646		$	139,320		$	132,797		$	131,241		$	129,144
Stockholders’ Equity to Assets (GAAP)		9.9	%		9.5	%		9.2	%		9.6	%		9.6	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		9.4	%		9.0	%		8.6	%		9.0	%		8.9	%
Common Shares Outstanding (Denominator)		5,132,654			5,129,921			5,141,911			5,142,901			5,118,713
Book Value per Common Share (GAAP)	$	28.71		$	29.07		$	27.79		$	27.53		$	27.32
Tangible Book Value per Common Share (Non-GAAP)	$	26.82		$	27.16		$	25.83		$	25.52		$	25.23

	Three Months Ended															Year Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP)	$	2,529		$	3,219		$	2,650		$	4,196		$	12,966		$	12,594		$	22,550
Amortization of Intangible Assets, Net		88			264			264			341			430			958			1,766
Adjusted Net Income (Non-GAAP) (Numerator)	$	2,617		$	3,483		$	2,914		$	4,537		$	13,396		$	13,552		$	24,316
Annualization Factor		3.98			3.98			4.02			4.02			3.97			1.00			1.00
Average Stockholders' Equity (GAAP)	$	147,873		$	145,593		$	140,664		$	140,291		$	114,327		$	143,622		$	116,118
Average Goodwill and Intangible Assets, Net		(9,758	)		(9,987	)		(10,242	)		(10,553	)		(11,829	)		(10,134	)		(12,426	)
Average Tangible Common Equity (Non-GAAP) (Denominator)	$	138,115		$	135,606		$	130,422		$	129,738		$	102,498		$	133,488		$	103,692
Return on Average Equity (GAAP)		6.80	%		8.80	%		7.58	%		12.03	%		44.99	%		8.77	%		19.42	%
Return on Average Tangible Common Equity (Non-GAAP)		7.54	%		10.22	%		8.99	%		14.07	%		51.85	%		10.15	%		23.45	%

	Three Months Ended															Year Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)	$	19,431		$	19,773		$	18,939		$	17,986		$	16,905		$	76,131		$	62,225
Adjustment to FTE Basis		45			42			41			39			45			161			155
Interest Income (FTE) (Non-GAAP)		19,476			19,815			18,980			18,025			16,950			76,292			62,380
Interest Expense (GAAP)		7,899			8,299			7,469			6,395			5,769			30,063			17,672
Net Interest Income (FTE) (Non-GAAP)	$	11,577		$	11,516		$	11,511		$	11,630		$	11,181		$	46,229		$	44,708
Net Interest Rate Spread (GAAP)		2.41	%		2.36	%		2.44	%		2.67	%		2.56	%		2.47	%		2.73	%
Adjustment to FTE Basis		0.01			0.02			0.02			0.01			0.01			0.01			0.01
Net Interest Rate Spread (FTE) (Non-GAAP)		2.42	%		2.38	%		2.46	%		2.68	%		2.57	%		2.48	%		2.74	%
Net Interest Margin (GAAP)		3.12	%		3.11	%		3.18	%		3.36	%		3.19	%		3.19	%		3.28	%
Adjustment to FTE Basis		0.01			0.01			0.01			0.01			0.02			0.01			0.01
Net Interest Margin (FTE) (Non-GAAP)		3.13	%		3.12	%		3.19	%		3.37	%		3.21	%		3.20	%		3.29	%

	Three Months Ended															Year Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
(Dollars in thousands) (Unaudited)
Income Before Income Tax Expense (GAAP)	$	3,051		$	3,966		$	3,210		$	5,116		$	18,309		$	15,343		$	30,285
Net Provision (Recovery) for Credit Losses		683			(41	)		(36	)		(37	)		(1,420	)		570			(502	)
Adjustments
Net (Gain) Loss on Securities		(3	)		(245	)		31			166			9,830			(51	)		10,199
Gain on Sale of Subsidiary		—			(138	)		—			—			(24,578	)		(138	)		(24,578	)
Net Gain on Disposal of Premises and Equipment		—			—			—			(274	)		—			(274	)		(11	)
Earn-out Payment Related to the Sale of EU		(708	)		—			—			—			—			(708	)		—
Net Gain on Bank-Owned Life Insurance Claims		—			—			—			(915	)		—			(915	)		(303	)
Adjusted PPNR (Non-GAAP) (Numerator)	$	3,023		$	3,542		$	3,205		$	4,056		$	2,141		$	13,827		$	15,090
Annualization Factor		3.98			3.98			4.02			4.02			3.97			1.00			1.00
Average Assets (Denominator)	$	1,536,100		$	1,526,688		$	1,503,164		$	1,443,414		$	1,421,813		$	1,502,500		$	1,407,027
Adjusted PPNR Return on Average Assets (Non-GAAP)		0.78	%		0.92	%		0.86	%		1.13	%		0.60	%		0.92	%		1.07	%

	Three Months Ended															Year Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
(Dollars in thousands, except share and per share data) (Unaudited)
Net Income (GAAP)	$	2,529		$	3,219		$	2,650		$	4,196		$	12,966		$	12,594		$	22,550
Adjustments
Net (Gain) Loss on Securities		(3	)		(245	)		31			166			9,830			(51	)		10,199
Gain on Sale of Subsidiary		—			(138	)		—			—			(24,578	)		(138	)		(24,578	)
Net Gain on Disposal of Premises and Equipment		—			—			—			(274	)		—			(274	)		(11	)
Earn-out Payment Related to the Sale of EU		(708	)		—			—			—			—			(708	)		—
Net Gain on Bank-Owned Life Insurance Claims		—			—			—			(915	)		—			(915	)		(303	)
Tax effect		149			90			(7	)		23			4,843			256			4,767
Adjusted Net Income (Non-GAAP)	$	1,967		$	2,926		$	2,674		$	3,196		$	3,061		$	10,764		$	12,624
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding		5,544,829			5,346,750			5,152,657			5,142,286			5,135,997			5,302,522			5,122,916
Earnings per Common Share - Diluted (GAAP)	$	0.46		$	0.60		$	0.51		$	0.82		$	2.52		$	2.38		$	4.40
Adjusted Earnings per Common Share - Diluted (Non-GAAP)	$	0.35		$	0.55		$	0.52		$	0.62		$	0.60		$	2.03		$	2.46
Net Income (GAAP) (Numerator)	$	2,529		$	3,219		$	2,650		$	4,196		$	12,966		$	12,594		$	22,550
Annualization Factor		3.98			3.98			4.02			4.02			3.97			1.00			1.00
Average Assets (Denominator)		1,536,100			1,526,688			1,503,164			1,443,414			1,421,813			1,502,500			1,407,027
Return on Average Assets (GAAP)		0.65	%		0.84	%		0.71	%		1.17	%		3.62	%		0.84	%		1.60	%
Adjusted Net Income (Non-GAAP) (Numerator)	$	1,967		$	2,926		$	2,674		$	3,196		$	3,061		$	10,764		$	12,624
Annualization Factor		3.98			3.98			4.02			4.02			3.97			1.00			1.00
Average Assets (Denominator)		1,536,100			1,526,688			1,503,164			1,443,414			1,421,813			1,502,500			1,407,027
Adjusted Return on Average Assets (Non-GAAP)		0.51	%		0.76	%		0.72	%		0.89	%		0.85	%		0.72	%		0.90	%

	Three Months Ended															Year Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP) (Numerator)	$	2,529		$	3,219		$	2,650		$	4,196		$	12,966		$	12,594		$	22,550
Annualization Factor		3.98			3.98			4.02			4.02			3.97			1.00			1.00
Average Equity (GAAP) (Denominator)		147,873			145,593			140,664			140,291			114,327			143,622			116,118
Return on Average Equity (GAAP)		6.80	%		8.80	%		7.58	%		12.03	%		44.99	%		8.77	%		19.42	%
Adjusted Net Income (Non-GAAP) (Numerator)	$	1,967		$	2,926		$	2,674		$	3,196		$	3,061		$	10,764		$	12,624
Annualization Factor		3.98			3.98			4.02			4.02			3.97			1.00			1.00
Average Equity (GAAP) (Denominator)		147,873			145,593			140,664			140,291			114,327			143,622			116,118
Adjusted Return on Average Equity (Non-GAAP)		5.29	%		8.00	%		7.65	%		9.16	%		10.62	%		7.49	%		10.87	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250129282176/en/

John H. Montgomery

President and Chief Executive Officer

Phone: (724) 223-8317

Source: CB Financial Services, Inc.

FAQ

What was CBFV's net income for Q4 2024?

CB Financial Services reported net income of $2.5 million ($0.46 per diluted share) for Q4 2024.

How much is CBFV's quarterly dividend for Q1 2025?

CBFV declared a quarterly cash dividend of $0.25 per share, payable February 28, 2025, to stockholders of record as of February 14, 2025.

What was CBFV's loan performance in 2024?

Total loans decreased by $17.8 million (1.6%) to $1.09 billion in 2024, primarily due to the discontinuation of indirect automobile lending. However, commercial real estate loans increased by $18.4 million and construction loans grew by $11.6 million.

How did CBFV's asset quality perform in 2024?

CBFV maintained strong asset quality with nonperforming loans at 0.16% of total loans at the end of 2024, improving from 0.20% at the end of 2023.