Associated tags: Community Bank, CB, Banking, Professional Services, Finance, Insurance, Bank, Sale, Cryptocurrency, GAAP, Holding company, EPS, Federal Reserve, Share repurchase, Intangibles, Interest, Comparison, Use, Security (finance)
Locations: UNITED STATES, NORTH AMERICA, PENNSYLVANIA, VIRGINIA, WEST VIRGINIA, EU
Banking,
Professional Services,
Finance,
Use,
Sale,
FTE,
FHLB,
Treasury,
Death,
Interest,
Insurance,
ACL,
Newsweek,
Comparison,
Environment,
NIM,
Pressure,
Bank,
EPS,
Advertising,
FDIC,
GAAP (Comparisons to three months ended March 31, 2023 unless otherwise noted)
Key Points:
- (Comparisons to three months ended March 31, 2023 unless otherwise noted)
Net income was $4.20 million, compared to $4.16 million.
- Nonperforming loans to total loans was 0.20% at March 31, 2024 and December 31, 2023.
- Stockholders’ equity increased $1.8 million, or 1.3%, to $141.6 million at March 31, 2024, compared to $139.8 million at December 31, 2023.
- Book value per common share was $27.53 at March 31, 2024 compared to $27.32 at December 31, 2023, an increase of $0.21.
Retrieved on:
Friday, February 23, 2024
CB Financial Services, Inc. (NASDAQGM: CBFV), the holding company of Community Bank, today announced that the annual meeting of stockholders will be held on Wednesday, May 15, 2024 at 9:00 a.m. EDT at the Ralph J. Sommers, Jr. Operations Center located at 600 EverGreene Dr. in Waynesburg, Pennsylvania.
Key Points:
- CB Financial Services, Inc. (NASDAQGM: CBFV), the holding company of Community Bank, today announced that the annual meeting of stockholders will be held on Wednesday, May 15, 2024 at 9:00 a.m. EDT at the Ralph J. Sommers, Jr. Operations Center located at 600 EverGreene Dr. in Waynesburg, Pennsylvania.
Retrieved on:
Wednesday, January 31, 2024
Banking,
Professional Services,
Finance,
EPS,
Growth,
GAAP,
Pressure,
ACL,
CECL,
FHLB,
FDIC,
Intangibles,
Interest,
FTE,
Environment,
BP,
ASU,
Use,
Investment,
NIM,
Federal Reserve,
Sale,
Bank,
Comparison,
Insurance,
Instrument,
Share repurchase,
Cryptocurrency (Comparisons to three months ended December 31, 2022 unless otherwise noted)
Key Points:
- (Comparisons to three months ended December 31, 2022 unless otherwise noted)
Net income was $13.0 million, compared to $4.2 million.
- Book value per share was $27.31, compared to $22.43 as of September 30, 2023 and $21.60 as of December 31, 2022.
- Tangible book value per share (Non-GAAP) was $25.23, compared to $20.10 as of September 30, 2023 and $19.00 as of December 31, 2022.
- Stockholders’ equity increased $29.7 million, or 27.0%, to $139.8 million at December 31, 2023, compared to $110.2 million at December 31, 2022.
Retrieved on:
Wednesday, December 13, 2023
CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), implemented a balance sheet repositioning strategy of its portfolio of available-for-sale investment securities.
Key Points:
- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), implemented a balance sheet repositioning strategy of its portfolio of available-for-sale investment securities.
- Investment securities sold included $49.0 million of U.S. government agency securities, $20.0 million of mortgage-backed securities issued by the U.S. government-sponsored agencies and $10.4 million of municipal securities.
- The Bank expects to recover the estimated $8.0 million after-tax realized loss on the sale of securities in about 4.3 years.
- The Company expects the balance sheet repositioning to be accretive to earnings, net interest margin and return on assets in future periods.
Banking,
Professional Services,
Insurance,
Sale,
Community Bank,
Exchange,
Asset purchase agreement,
CB,
PC,
Bank,
Security (finance) CB Financial Services, Inc. (“CB”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), and Exchange Underwriters, Inc. (“Exchange Underwriters”), the full-service independent insurance agency subsidiary of the Bank, announced today the completion of the sale of substantially all of the assets of Exchange Underwriters pursuant to the Asset Purchase Agreement with World Insurance Associates, LLC (“World”) for a $30.5 million cash purchase price plus possible additional revenue-based earn-out payments.
Key Points:
- CB Financial Services, Inc. (“CB”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), and Exchange Underwriters, Inc. (“Exchange Underwriters”), the full-service independent insurance agency subsidiary of the Bank, announced today the completion of the sale of substantially all of the assets of Exchange Underwriters pursuant to the Asset Purchase Agreement with World Insurance Associates, LLC (“World”) for a $30.5 million cash purchase price plus possible additional revenue-based earn-out payments.
- Dowling Hales acted as exclusive financial advisor and Luse Gorman, PC acted as legal counsel to CB.
Banking,
Professional Services,
Insurance,
Sale,
Community Bank,
Bank,
Exchange,
CB,
PC,
Growth,
Life insurance The transaction is subject to customary closing conditions and is anticipated to be completed in the fourth quarter of 2023.
Key Points:
- The transaction is subject to customary closing conditions and is anticipated to be completed in the fourth quarter of 2023.
- Purchase price represents approximately 5.11x LTM Insurance Agency Revenue and approximately 26.08x September 30, 2023 LTM Insurance Agency Earnings.
- John Montgomery, President and CEO of CB, stated, “The insurance business has been an integral part of Community Bank.
- Dowling Hales acted as exclusive financial advisor and Luse Gorman, PC acted as legal counsel to CB.
Banking,
Professional Services,
Insurance,
Finance,
Comparison,
Sale,
FDIC,
Bank,
ACL,
Use,
Intangibles,
Federal Reserve,
Share repurchase,
GAAP,
ASU,
Interest,
FTE,
Community Bank,
EPS,
NIM,
FHLB,
CECL,
Lender option borrower option,
Current Expected Credit Losses,
Investment,
Instrument,
Press release,
Cryptocurrency,
Pharmaceutical industry,
Security (finance),
Holding company,
Real estate (Comparisons to three months ended September 30, 2022 unless otherwise noted)
Key Points:
- (Comparisons to three months ended September 30, 2022 unless otherwise noted)
Net income was $2.7 million, compared to $3.9 million.
- Book value per share was $22.43, compared to $22.81 as of June 30, 2023 and $21.60 as of December 31, 2022.
- Tangible book value per share (Non-GAAP) was $20.10, compared to $20.39 as of June 30, 2023 and $19.00 as of December 31, 2022.
- Book value per common share was $22.43 at September 30, 2023 compared to $21.60 at December 31, 2022, an increase of $0.83.
Banking,
Professional Services,
Finance,
NIM,
Insurance,
Lender option borrower option,
Employment,
Use,
Interest,
FHLB,
Share repurchase,
Federal,
CB,
Current Expected Credit Losses,
FDIC,
GAAP,
Sale,
Federal Reserve,
Investment,
FTE,
CECL,
Intangibles,
Community Bank,
Growth,
EPS,
Bank,
ASU,
ACL,
CRE,
Environment,
Comparison,
C&I,
Press release,
Instrument,
Cryptocurrency,
Life insurance,
Pharmaceutical industry,
Holding company,
Real estate,
EU Book value per share was $22.81, compared to $22.90 as of March 31, 2023 and $21.60 as of December 31, 2022.
Key Points:
- Book value per share was $22.81, compared to $22.90 as of March 31, 2023 and $21.60 as of December 31, 2022.
- Tangible book value per share (Non-GAAP) was $20.39, compared to $20.40 as of March 31, 2023 and $19.00 as of December 31, 2022.
- President and CEO John H. Montgomery stated, “Our second quarter results demonstrated the durability of both our franchise and the community bank model in general.
- We also declared and paid a $0.25 cash dividend during the quarter while allowing our previous share repurchase program to expire.
CB Financial Services, Inc. (the “Company”) (NASDAQ: CBFV), the holding company for Community Bank, announced the end of the $10.0 million stock repurchase program on May 1, 2023, that commenced on May 2, 2022.
Key Points:
- CB Financial Services, Inc. (the “Company”) (NASDAQ: CBFV), the holding company for Community Bank, announced the end of the $10.0 million stock repurchase program on May 1, 2023, that commenced on May 2, 2022.
- In connection with the program, the Company purchased a total of 74,656 shares of the Company’s common stock at an average price of $22.38 per share.
Banking,
Asset Management,
Professional Services,
Finance,
NIM,
Insurance,
Heart,
Pressure,
Injection,
Borrowing base,
Use,
Interest,
Share repurchase,
Federal,
CB,
Current Expected Credit Losses,
Global recession,
FDIC,
GAAP,
PPP,
Federal Reserve,
CECL,
Growth,
Intangibles,
Great Recession,
EPS,
ASU,
ACL,
News,
Comparison,
Instrument,
Press release,
Bookkeeping,
Cryptocurrency,
Renewable energy,
Security (finance),
Holding company,
Real estate,
Bank Book value per share was $22.90, compared to $21.60 as of December 31, 2022 and $23.69 as of March 31, 2022.
Key Points:
- Book value per share was $22.90, compared to $21.60 as of December 31, 2022 and $23.69 as of March 31, 2022.
- Cash and due from banks decreased to $103.5 million at March 31, 2023, compared to $103.7 million at December 31, 2022.
- Stockholders’ equity increased $7.0 million, or 6.4%, to $117.2 million at March 31, 2023, compared to $110.2 million at December 31, 2022.
- Book value per common share was $22.90 at March 31, 2023 compared to $21.60 at December 31, 2022, an increase of $1.30.
