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

CB Financial Services, Inc. (NASDAQ: CBFV) announced that its annual stockholders' meeting will be held on May 17, 2023, at 9:00 a.m. EDT in Waynesburg, Pennsylvania. The meeting will follow health precautions related to COVID-19, requiring attendees to wear face coverings. CB Financial Services operates Community Bank, offering commercial and retail banking services across southwestern Pennsylvania and West Virginia. The bank also provides insurance brokerage services through its subsidiary, Exchange Underwriters, Inc..

CB Financial Services, Inc. (NASDAQGM: CBFV) reported its fourth quarter 2022 financial results, with net income of $4.2 million, down from $7.0 million a year prior. The Company achieved adjusted net income of $4.1 million, a rise from $2.8 million in Q4 2021. Earnings per share (EPS) decreased to $0.81 from $1.31. Total loans increased to $1.05 billion, with notable growth in consumer and commercial real estate loans. Notably, noninterest income fell to $2.4 million due to a significant prior year gain on the sale of branches. The Company declared a quarterly dividend of $0.25 per share, reflecting a 4.2% increase. Total deposits rose by 3.4% to $1.27 billion.

CB Financial Services, Inc. (NASDAQGM: CBFV) reported a strong performance for Q3 2022, achieving a net income of $3.9 million compared to $2.0 million in Q3 2021. This growth was driven by a notable expansion in net interest margin to 3.29% and a reduction in noninterest expenses. Adjusted earnings per share rose to $0.71 from $0.36 year-over-year. The total loans increased to $1.04 billion, with significant gains in consumer and commercial real estate loans. The company also repurchased shares and declared a quarterly dividend of $0.24, reflecting a commitment to shareholder value.

CB Financial Services, Inc. (CBFV) reported its second quarter 2022 results, revealing a net income of $118,000, a recovery from a net loss of $223,000 in Q2 2021. Adjusted net income fell to $275,000 from $3.2 million year-over-year. Significant challenges included a $3.8 million provision for loan losses largely due to a $2.7 million charge-off. The company completed its optimization program, reducing noninterest expenses by $1.9 million. Total loans rose to $1.03 billion. Book value per share decreased to $22.18, while a new $10 million share repurchase program was announced.

CB Financial Services, Inc. (NASDAQ: CBFV) announced a pre-tax charge-off of $2.7 million related to a $3.5 million revolving line of credit. The borrower, a general contractor, intends to cease business operations within the year. As of June 1, 2022, the outstanding loan balance was $2.66 million, with no loan loss reserve specific to this loan. Legal remedies are being pursued for potential recovery, although prospects remain limited.

CB Financial Services, Inc. (CBFV) reported its Q1 2022 financial results with net income of $3.0 million, up from $2.8 million YoY. Earnings per diluted share increased to $0.58 from $0.52. Adjusted net income also rose to $3.1 million compared to $2.5 million. Total loans held for investment grew 6.5% annualized, while total deposits reached $1.25 billion, marking a $23.7 million increase. However, noninterest income fell by 17.7% to $2.6 million. The company announced a $0.24 quarterly dividend and initiated a $10 million share repurchase program.