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

CB Financial Services, Inc. (NASDAQGM: CBFV) reported strong financial results for the first quarter of 2021, with net income rising to $2.8 million from $773,000 a year earlier. Earnings per diluted share increased to $0.52 compared to $0.14 in Q1 2020. Total deposits grew by $59.9 million to $1.28 billion, while total assets reached a record $1.48 billion. However, net interest margin decreased to 3.04% from 3.55%, and total loans declined by $3.1 million. The company's Board declared a $0.24 quarterly dividend.

CB Financial Services, Inc. (NASDAQGM: CBFV) announced its annual stockholders' meeting scheduled for May 19, 2021, at 9:00 a.m. EDT. Due to COVID-19 safety concerns, stockholders are advised against attending in person and are encouraged to vote via proxy by mail, online, or by phone. The company operates Community Bank, which offers a wide range of banking and insurance services across various counties in Pennsylvania and West Virginia.

CB Financial Services (NASDAQGM: CBFV) has announced its strategic initiatives to enhance the financial performance of Community Bank. Key measures include consolidating six branches and investing in technology and infrastructure. This decision follows a comprehensive internal review driven by changes in consumer preferences due to the global pandemic. The initiatives may incur non-recurring pre-tax costs of up to $6.1 million but are expected to yield annual pre-tax savings of approximately $4.5 million starting in 2021. Updates on these initiatives will be provided with the Q1 2021 financial results.

CB Financial Services, Inc. (CBFV) reported its fourth quarter and annual financial results for 2020, showing a net income of $3,079,000. The results reflect the company's financial stability during a challenging year, with earnings driven by effective management and operational efficiency. The Company continues to navigate the economic impacts of the pandemic while maintaining solid performance in its banking and insurance services. Investors may find confidence in the company’s resilience and ability to adapt to market conditions.

CB Financial Services reported a net loss of $17.4 million for Q3 2020, compared to a profit of $2.9 million in Q2 2020. The diluted EPS declined to $(3.22) from $0.54. Adjusted net income was $1.8 million, down from $2.9 million, but the bank declared a quarterly dividend of $0.24 per share. Significant non-cash charges included an $18.7 million goodwill impairment due to the pandemic's impact on stock valuations. Despite these challenges, 86% of loans in deferral returned to regular payments, and total loans increased 13.7% year-over-year to $1.05 billion.

CB Financial Services has declared a $0.24 cash dividend per share, with a payment date set for September 17, 2020. Stockholders on record by September 7, 2020 will receive the dividend. The company, a holding entity for Community Bank, operates 24 locations across Pennsylvania and West Virginia, offering various retail and commercial banking services, as well as insurance brokerage through its subsidiary. This dividend declaration reflects the company’s commitment to returning value to its shareholders.

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.