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05 May, 2024 12:35 IST
CB Financial Services, Inc. fourth-quarter profit rises 15.08 percent on a YOY basis
Source: IRIS | 11 Apr, 2017, 01.35PM

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CB Financial Services, Inc. (CBFV) has reported 15.08 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.02 million, or $0.49 a share in the quarter, compared with $1.76 million, or $0.43 a share for the same period last year.     

Revenue during the quarter grew 8.16 percent to $8.89 million from $8.22 million in the previous year period. Net interest income for the quarter rose 4.37 percent over the prior year period to $7.50 million. Non-interest income for the quarter fell 11.32 percent over the last year period to $1.82 million.

CB Financial Services, Inc. has made provision of $0.44 million for loan losses during the quarter, down 57.28 percent from $1.03 million in the same period last year.

Net interest margin improved 10 basis points to 3.87 percent in the quarter from 3.77 percent in the last year period. Efficiency ratio for the quarter deteriorated to 64.43 percent from 62.57 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"We are pleased to report on our fourth quarter and YTD financial performance. The fourth quarter was strong and completed 2016 on a high note," said Barron P. McCune, Jr., Vice chairman, president and chief executive officer. "CB Financial Services recorded net income of $2.0 million in the fourth quarter, which represents an ROA of 0.95% and a ROE of 8.92%. For all of 2016, CBFV recorded net income of $7.6 million. This represents a ROA of 0.91% and a ROE of 8.48%. These results are below that of 2015, but given the state of the local economy and other industry headwinds, we are pleased with the performance of the Bank. After a weaker third quarter, the fourth quarter is indicative of an improving local economy and optimism for the future. Total loans outstanding grew during the fourth quarter by $2.5 million. We were also able to grow deposits by $19.9 million during the fourth quarter, which bodes well for the future. Our credit quality continues to be strong as nonperforming loans and nonperforming assets declined significantly and quarterly net charge-offs declined 76.9%. We also were able during 2016 to grow our loan loss reserve by $1.3 million. Along with the credit mark from the FedFirst transaction, our loan loss reserve/credit mark was at 1.38% of total loans at year end. The fourth quarter also saw the price of CBFV stock increase from $23.40 to $25.85. After the challenges of 2016, we start 2017 with new optimism and determination."

Assets outpace liabilities growthTotal assets stood at $846.08 million as on Dec. 31, 2016, up 1.85 percent compared with $830.68 million on Dec. 31, 2015. On the other hand, total liabilities stood at $753.24 million as on Dec. 31, 2016, up 1.27 percent from $743.78 million on Dec. 31, 2015.
Loans, deposits remain almost stableNet loans stood at $674.09 million as on Dec. 31, 2016, down 0.41 percent compared with $676.86 million on Dec. 31, 2015. Deposits stood at $698.22 million as on Dec. 31, 2016, up 2.79 percent compared with $679.30 million on Dec. 31, 2015.

 

Shareholders equity stood at $89.47 million as on Dec. 31, 2016, up 2.96 percent or $2.57 million from year-ago.

Return on assets moved up 11 basis points to 0.95 percent in the quarter from 0.84 percent in the last year period. At the same time, return on equity increased 92 basis points to 8.92 percent in the quarter from 8 percent in the last year period.

Meanwhile, nonperforming assets to total assets was 1.02 percent in the quarter, down from 1.32 percent in the last year period.

Book value per share was $21.89 for the quarter, up 2.82 percent or $0.60 compared to $21.29 for the same period last year.

Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]



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