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

CB Financial Services, Inc. (NASDAQ: CBFV) is set to hold its annual stockholders' meeting on May 18, 2022, at 9:00 a.m. EDT in Waynesburg, Pennsylvania. The meeting will take place at the Ralph J. Sommers, Jr. Operations Center. Attendees may need to wear face coverings due to ongoing health concerns related to COVID-19. As a bank holding company for Community Bank, CBFV provides a wide range of lending and deposit services, as well as insurance brokerage through its subsidiary, Exchange Underwriters, Inc.

CB Financial Services, Inc. (NASDAQ: CBFV) has completed its $7.5 million stock repurchase program initiated on June 14, 2021. The company repurchased 308,993 shares at an average price of $24.27 each. This initiative reflects the company’s commitment to enhancing shareholder value and optimizing its capital structure.

CB Financial Services, Inc. (CBFV) reported significant fourth-quarter gains, with net income of $6.965 million compared to $3.079 million in Q4 2020, largely driven by a $5.2 million gain from branch sales. Earnings per diluted share rose to $1.31 from $0.57. Despite a 2.3% decline in total loans to $1.02 billion, loans held for investment increased by 11.3%. The company anticipates ongoing pre-tax cost savings of approximately $3 million from branch optimization. A quarterly dividend of $0.24 was declared, and a $7.5 million stock repurchase program is in effect.

CB Financial Services, Inc. (CBFV) announced the completion of a private placement offering totaling $15 million in 3.875% Fixed-to-Floating Rate Subordinated Notes due December 15, 2031. The proceeds will be utilized for general corporate purposes, including potential share repurchases. These Notes are designed to qualify as Tier 2 capital. The fixed interest rate applies until December 15, 2026, after which it will adjust quarterly based on SOFR plus 280 basis points. The offering is exempt from registration under the Securities Act.

Community Bank and Citizens Bank of West Virginia have completed the sale of two West Virginia branches, enhancing their operational focus. The locations sold are in Buckhannon and New Martinsville. Community Bank's President, John H. Montgomery, stated this transaction positions them to invest more in technology and client experiences. Citizens Bank, led by Nathaniel S. Bonnell, aims to expand its presence in West Virginia through this acquisition, strengthening its service offerings in the region.

CB Financial Services, Inc. (CBFV) reported a net income of $1.983 million for Q3 2021, reversing a net loss of $17.395 million in Q3 2020. Adjusted net income improved to $1.966 million, with diluted EPS rising to $0.37 compared to a loss of $(3.22) a year prior. Total loans decreased by $25.7 million, while deposits increased by $63.2 million to $1.29 billion. The company expects non-recurring expenses of $7.9 million for 2021, with anticipated annual cost savings of up to $3.5 million starting in 2022. CB also declared a $0.24 dividend, payable November 30, 2021.

CB Financial Services, Inc. (CBFV) reported a net loss of $223,000 for Q2 2021, down from a net income of $2.9 million in Q2 2020, primarily due to a $3.4 million write-down related to branch optimization. Adjusted net income increased to $3.2 million, up from $2.5 million year-over-year. Total assets reached $1.46 billion, with a tangible book value per share of $21.56. The company is undergoing branch consolidation and expects $2.5 to $3.5 million in savings starting in 2022. A quarterly dividend of $0.24 was declared, with a share repurchase program ongoing.

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.