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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CB Financial Services Inc | NASDAQ:CBFV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.04% | 22.61 | 22.70 | 22.90 | 22.61 | 22.61 | 22.61 | 111 | 17:14:22 |
CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc. (“EU”), a wholly-owned insurance subsidiary of the Bank, today announced its first quarter 2021 financial results.
Three Months Ended
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
(Dollars in thousands, except per share data) (Unaudited)
Net Income (Loss) (GAAP)
$
2,845
$
3,079
$
(17,395)
$
2,903
$
773
Excluding Non-Recurring Items (Non-GAAP) (1)
—
198
19,239
—
—
Adjusted Net Income (Non-GAAP) (1)
$
2,845
$
3,277
$
1,844
$
2,903
$
773
Earnings (Loss) per Common Share - Diluted (GAAP)
$
0.52
$
0.57
$
(3.22)
$
0.54
$
0.14
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)
$
0.52
$
0.61
$
0.34
$
0.54
$
0.14
(1) Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of net income (loss) and adjusted earnings per common share - diluted in this Press Release.
2021 First Quarter Financial Highlights
(Comparisons to three months ended March 31, 2020)
(Amounts at March 31, 2021; comparisons to December 31, 2020)
Branch Optimization and Operational Efficiency Update
In connection with the previously announced branch consolidations and the other branch optimization initiatives, CB anticipates non-recurring pre-tax costs during 2021 in line with the $6.1 million announced in February. This estimated cost excludes the impact of any premium from sale of branches, and assumes no salvage value, lease termination, severance, and other costs associated with the consolidations or sales; however, the Company anticipates some recovery of these costs over time. CB expects an annual reduction in pre-tax operating expenses in 2021 of approximately $1.5 million, along with $3.0 million of ongoing pre-tax cost savings as a result of the implementation of the branch optimization initiatives. The Bank also completed a comprehensive review of its branch network and operating environment to identify solutions to improve operating performance. This review prioritized profitability, efficiency, infrastructure and client experience improvements, automation in operations, and digital marketing and technology investments.
Dividend Information
The Company’s Board of Directors has declared a $0.24 quarterly cash dividend per outstanding share of common stock, payable on or about June 1, 2021, to stockholders of record as of the close of business on May 21, 2021.
Management Commentary
President and CEO John H. Montgomery stated, “CB reported strong net income of $2.8 million for the first quarter of 2021, largely due to higher noninterest income and improvements in asset quality that included no provisions for loan losses during the period. We are continuing to focus on improving the franchise value in our core market area surrounding Southwestern Pennsylvania as CB remains well positioned for an economic recovery in the region. We improved our commercial real estate loan growth throughout the past several periods, while also growing deposits. Over the course of the year, we intend to invest in our current branch network while moving forward with a branch optimization strategy that will lead to continuing efficiency ratio improvements. The investments made in enhancing our fintech capabilities, including digital and mobile capabilities, will improve CB’s ability to adapt to changing customer needs as we emerge from the pandemic conditions of 2020.”
2021 First Quarter Financial Review
Net Interest and Dividend Income
Net interest and dividend income decreased $556,000, or 5.3%, to $10.0 million for the three months ended March 31, 2021 compared to $10.5 million for the three months ended March 31, 2020.
Provision for Loan Losses
There was no provision for loan losses recorded for the three months ended March 31, 2021 compared to $2.5 million for the three months ended March 31, 2020. An $8.3 million decrease in net reservable loans in the current period, which excludes PPP loans, and improving economic and industry condition contributed to the lack of provision in the current period.
Noninterest income
Noninterest income increased $1.3 million, or 69.6%, to $3.2 million for the three months ended March 31, 2021, compared to $1.9 million for the three months ended March 31, 2020. The increase was largely due to net gains on securities compared to a net loss in the prior period, as well as an increase in profit-sharing insurance commissions and a $172,000 recapture of temporary impairment on mortgage servicing rights.
Noninterest Expense
Noninterest expense increased $392,000, or 4.4%, to $9.4 million for the three months ended March 31, 2021 compared to $9.0 million for the three months ended March 31, 2020. The increase is primarily from contracted services, which includes the engagement of a third-party workflow optimization expert to assist in implementing robotic process automations and more effective sales management designed to improve operational efficiencies in the near and long-term. In addition, salaries and employee benefits increased primarily due to the recognition in the prior period of a $407,000 one-time benefit from health insurance claims exceeding our stop-loss limit for the 2019 plan year and change from a self-funded to a fully-insured plan.
Statement of Financial Condition Review
Assets
Total assets increased $60.1 million, or 4.2%, to $1.48 billion at March 31, 2021, compared to $1.42 billion at December 31, 2020. The change is primarily due to an increase in Deposits as further described below in the Liabilities section.
Payroll Protection Program (“PPP”) Update
Loans and Credit Quality
Liabilities
Total liabilities increased $60.9 million, or 4.7%, to $1.34 billion at March 31, 2021 compared to $1.28 billion at December 31, 2020.
Deposits
Borrowed Funds
Stockholders’ Equity
Stockholders’ equity decreased $754,000, or 0.6%, to $133.8 million at March 31, 2021, compared to $134.5 million at December 31, 2020.
Book value per share
Book value per share was $24.62 at March 31, 2021 compared to $24.76 at December 31, 2020, a decrease of $0.14. Tangible book value per share (Non-GAAP) decreased $0.04 to $21.38 compared to $21.42 at December 31, 2020. Refer to “Explanation of Use of Non-GAAP Financial Measures” at the end of this Press Release.
About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates 15 offices in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, six offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.
For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.
Statement About Forward-Looking Statements
Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, the scope and duration of economic contraction as a result of the COVID-19 pandemic and its effects on the Company’s business and that of the Company’s customers, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.
Given the numerous unknowns and risks that are heavily weighted to the downside as a result of the COVID-19 pandemic, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and shelter-in-place orders last longer than expected, the recession would be much longer and much more severe and damaging. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major risks. The deeper the recession and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession and make any recovery weaker. Similarly, the recession could damage business fundamentals. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.
CB FINANCIAL SERVICES, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)
Selected Financial Condition Data
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
Total Assets
$
1,476,821
$
1,416,720
$
1,392,876
$
1,407,152
$
1,313,173
Cash and Due From Banks
230,000
160,911
112,169
131,403
78,099
Securities
142,156
145,400
158,956
148,648
171,411
Loans
Real Estate:
Residential
339,596
344,142
343,955
344,782
346,864
Commercial
370,118
373,555
353,904
350,506
354,374
Construction
77,714
72,600
69,178
58,295
50,017
Commercial and Industrial
128,931
126,813
144,315
149,085
80,721
Consumer
111,650
113,854
117,364
117,145
121,494
Other
13,688
13,789
22,169
22,346
21,180
Total Loans
1,041,697
1,044,753
1,050,885
1,042,159
974,650
Allowance for Loan Losses
(12,725)
(12,771)
(13,780)
(12,648)
(12,322)
Loans, Net
1,028,972
1,031,982
1,037,105
1,029,511
962,328
Premises and Equipment, Net
20,240
20,302
20,439
21,818
22,037
Goodwill
9,732
9,732
9,732
28,425
28,425
Intangible Assets, Net
7,867
8,399
8,931
9,463
9,995
Deposits
Non-Interest Bearing Demand Deposits
377,137
340,569
335,287
341,180
267,369
Interest Bearing Demand Accounts
280,929
259,870
245,850
237,343
229,601
Money Market Accounts
198,975
199,029
188,958
184,726
177,597
Savings Accounts
246,725
235,088
232,691
229,388
220,484
Time Deposits
180,697
190,013
196,250
201,303
211,589
Total Deposits
1,284,463
1,224,569
1,199,036
1,193,940
1,106,640
Short-Term Borrowings
45,352
41,055
42,061
42,349
34,967
Other Borrowings
6,000
8,000
11,000
11,000
11,000
Stockholders’ Equity
133,776
134,530
133,299
152,392
151,525
Three Months Ended
Selected Operating Data
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
Interest and Dividend Income
Loans, Including Fees
$
10,146
$
10,833
$
10,709
$
10,577
$
10,764
Securities:
Taxable
646
725
753
940
1,201
Tax-Exempt
78
78
79
106
106
Dividends
20
20
19
20
20
Other Interest and Dividend Income
98
99
96
84
238
Total Interest and Dividend Income
10,988
11,755
11,656
11,727
12,329
Interest Expense
Deposits
947
1,036
1,150
1,305
1,681
Short-Term Borrowings
23
25
28
39
45
Other Borrowings
41
60
62
62
70
Total Interest Expense
1,011
1,121
1,240
1,406
1,796
Net Interest and Dividend Income
9,977
10,634
10,416
10,321
10,533
Provision for Loan Losses
—
—
1,200
300
2,500
Net Interest and Dividend Income After Provision for Loan Losses
9,977
10,634
9,216
10,021
8,033
Noninterest Income:
Service Fees
546
560
554
487
605
Insurance Commissions
1,595
1,403
1,079
1,113
1,283
Other Commissions
165
105
76
188
110
Net Gain on Sales of Loans
86
388
435
441
127
Net Gain (Loss) on Securities
447
213
(59)
517
(438)
Net Gain on Purchased Tax Credits
18
16
15
16
15
Net (Loss) Gain on Disposal of Fixed Assets
—
(13)
(65)
—
17
Income from Bank-Owned Life Insurance
137
140
140
138
139
Other Income (Loss)
180
(34)
(2)
(252)
14
Total Noninterest Income
3,174
2,778
2,173
2,648
1,872
Noninterest Expense:
Salaries and Employee Benefits
4,894
5,126
5,124
4,828
4,731
Occupancy
710
606
759
699
733
Equipment
266
234
220
224
257
Data Processing
518
476
482
460
425
FDIC Assessment
250
344
172
163
158
PA Shares Tax
265
350
355
333
275
Contracted Services
687
577
531
562
378
Legal and Professional Fees
189
185
161
171
235
Advertising
140
178
148
155
183
Other Real Estate Owned (Income)
(38)
(39)
(12)
(1)
(17)
Amortization of Intangible Assets
532
532
532
532
532
Goodwill Impairment
—
—
18,693
—
—
Writedown of Fixed Assets
—
240
884
—
—
Other
982
916
919
945
1,113
Total Noninterest Expense
9,395
9,725
28,968
9,071
9,003
Income (Loss) Before Income Tax Expense (Benefit)
3,756
3,687
(17,579)
3,598
902
Income Tax Expense (Benefit)
911
608
(184)
695
129
Net Income (Loss)
$
2,845
$
3,079
$
(17,395)
$
2,903
$
773
Three Months Ended
Per Common Share Data
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
Dividends Per Common Share
$
0.24
$
0.24
$
0.24
$
0.24
$
0.24
Earnings (Loss) Per Common Share - Basic
0.52
0.57
(3.22)
0.54
0.14
Earnings (Loss) Per Common Share - Diluted
0.52
0.57
(3.22)
0.54
0.14
Adjusted Earnings Per Common Share - Diluted (Non-GAAP) (1)
0.52
0.61
0.34
0.54
0.14
Weighted Average Common Shares Outstanding - Basic
5,434,374
5,404,874
5,395,342
5,393,712
5,431,199
Weighted Average Common Shares Outstanding - Diluted
5,436,881
5,406,068
5,395,342
5,393,770
5,456,867
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
Common Shares Outstanding
5,434,374
5,434,374
5,398,712
5,393,712
5,393,712
Book Value Per Common Share
$
24.62
$
24.76
$
24.69
$
28.25
$
28.09
Tangible Book Value per Common Share (Non-GAAP) (1)
21.38
21.42
21.23
21.23
20.97
Stockholders’ Equity to Assets
9.1
%
9.5
%
9.6
%
10.8
%
11.5
%
Tangible Common Equity to Tangible Assets (Non-GAAP) (1)
8.0
8.3
8.3
8.4
8.9
Three Months Ended
Selected Financial Ratios (2)
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
Return on Average Assets
0.81
%
0.87
%
(4.90)
%
0.85
%
0.24
%
Adjusted Return on Average Assets (Non-GAAP) (1)
0.81
0.92
0.52
0.85
0.24
Return on Average Equity
8.54
9.13
(45.13)
7.65
2.04
Adjusted Return on Average Equity (Non-GAAP) (1)
8.54
9.72
4.78
7.65
2.04
Average Interest-Earning Assets to Average Interest-Bearing Liabilities
142.98
141.58
141.98
140.72
135.06
Average Equity to Average Assets
9.48
9.49
10.85
11.08
11.67
Net Interest Rate Spread
2.91
3.07
3.03
3.10
3.34
Net Interest Rate Spread (FTE) (Non-GAAP) (1)
2.92
3.08
3.05
3.12
3.35
Net Interest Margin
3.04
3.21
3.19
3.28
3.55
Net Interest Margin (FTE) (Non-GAAP) (1)
3.05
3.22
3.21
3.30
3.57
Net Charge-offs (Recoveries) to Average Loans
0.02
0.39
0.03
(0.01)
0.02
Efficiency Ratio
71.44
72.51
230.11
69.94
72.58
Adjusted Efficiency Ratio (Non-GAAP) (1)
70.06
68.06
69.78
68.58
66.18
Asset Quality Ratios
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
Allowance for Loan Losses to Total Loans (3)
1.22
%
1.22
%
1.31
%
1.21
%
1.26
%
Allowance for Loan Losses to Total Loans, Excluding PPP Loans
(Non-GAAP) (1) (3)
1.30
1.29
1.41
1.30
1.26
Allowance for Loan Losses to Nonperforming Loans (3) (4)
89.29
88.15
91.84
226.59
235.51
Allowance for Loan Losses to Noncurrent Loans (3) (5)
118.08
117.20
114.01
390.73
406.80
Delinquent and Nonaccrual Loans to Total Loans (5) (6)
1.18
1.50
1.23
0.39
0.89
Nonperforming Loans to Total Loans (4)
1.37
1.39
1.43
0.54
0.54
Noncurrent Loans to Total Loans (5)
1.03
1.04
1.15
0.31
0.31
Nonperforming Assets to Total Assets (7)
0.98
1.04
1.09
0.41
0.42
Capital Ratios (8)
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
Common Equity Tier 1 Capital (to Risk Weighted Assets)
11.85
%
11.79
%
11.62
%
11.90
%
11.60
%
Tier 1 Capital (to Risk Weighted Assets)
11.85
11.79
11.62
11.90
11.60
Total Capital (to Risk Weighted Assets)
13.10
13.04
12.88
13.16
12.85
Tier 1 Leverage (to Adjusted Total Assets)
7.87
7.81
7.63
7.90
8.23
(1) Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure. (2) Interim period ratios are calculated on an annualized basis. (3) Loans acquired in connection with the mergers with FedFirst Financial Corporation and First West Virginia Bancorp were recorded at their estimated fair value at the acquisition date and did not include a carryover of the pre-merger allowance for loan losses. (4) Nonperforming loans consist of nonaccrual loans, accruing loans that are 90 days or more past due, and troubled debt restructured loans. (5) Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due. (6) Delinquent loans consist of accruing loans that are 30 days or more past due. (7) Nonperforming assets consist of nonperforming loans and other real estate owned. (8) Capital ratios are for Community Bank only.
Certain items previously reported may have been reclassified to conform with the current reporting period’s format.
AVERAGE BALANCES AND YIELDS
Three Months Ended
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
Average Balance
Interest and Dividends
Yield / Cost (4)
Average Balance
Interest and Dividends
Yield / Cost (4)
Average Balance
Interest and Dividends
Yield / Cost (4)
Average Balance
Interest and Dividends
Yield / Cost (4)
Average Balance
Interest and Dividends
Yield / Cost (4)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net
$
1,031,853
$
10,168
4.00
%
$
1,032,942
$
10,860
4.18
%
$
1,035,426
$
10,744
4.13
%
$
1,014,000
$
10,612
4.21
%
$
950,661
$
10,796
4.57
%
Debt Securities
Taxable
122,883
646
2.10
133,026
725
2.18
123,332
753
2.44
137,268
940
2.74
158,655
1,201
3.03
Exempt From Federal Tax
12,943
96
2.97
13,006
96
2.95
13,054
97
2.97
14,106
130
3.69
16,837
127
3.02
Equity Securities
2,632
20
3.04
2,612
20
3.06
2,580
19
2.95
2,579
20
3.10
2,568
20
3.12
Other Interest-Earning Assets
161,871
98
0.25
137,000
99
0.29
123,171
96
0.31
97,033
84
0.35
64,608
238
1.48
Total Interest-Earning Assets
1,332,182
11,028
3.36
1,318,586
11,800
3.56
1,297,563
11,709
3.59
1,264,986
11,786
3.75
1,193,329
12,382
4.17
Noninterest-Earning Assets
92,550
94,262
115,567
113,176
114,056
Total Assets
$
1,424,732
$
1,412,848
$
1,413,130
$
1,378,162
$
1,307,385
Liabilities and Stockholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Demand Deposits
$
259,065
77
0.12
%
$
252,521
83
0.13
%
$
245,977
99
0.16
$
236,312
141
0.24
$
226,482
267
0.47
%
Savings
239,850
32
0.05
232,647
32
0.05
230,567
32
0.06
227,470
35
0.06
218,328
90
0.17
Money Market
197,395
98
0.20
198,983
131
0.26
185,644
140
0.30
182,656
187
0.41
180,982
249
0.55
Time Deposits
187,114
740
1.60
193,194
790
1.63
198,184
879
1.76
205,847
942
1.84
215,449
1,075
2.01
Total Interest-Bearing Deposits
883,424
947
0.43
877,345
1,036
0.47
860,372
1,150
0.53
852,285
1,305
0.62
841,241
1,681
0.80
Short-Term Borrowings
Securities Sold Under Agreements to Repurchase
41,094
23
0.23
43,468
25
0.23
42,512
28
0.26
35,642
39
0.44
29,541
45
0.61
Other Borrowings
7,200
41
2.31
10,543
60
2.26
11,000
62
2.24
11,000
62
2.27
12,780
70
2.20
Total Interest-Bearing Liabilities
931,718
1,011
0.44
931,356
1,121
0.48
913,884
1,240
0.54
898,927
1,406
0.63
883,562
1,796
0.82
Noninterest-Bearing Demand Deposits
349,108
338,223
337,441
317,738
261,504
Other Liabilities
8,869
9,176
8,477
8,815
9,797
Total Liabilities
1,289,695
1,278,755
1,259,802
1,225,480
1,154,863
Stockholders' Equity
135,037
134,093
153,328
152,682
152,522
Total Liabilities and Stockholders' Equity
$
1,424,732
$
1,412,848
$
1,413,130
$
1,378,162
$
1,307,385
Net Interest Income (FTE)
(Non-GAAP) (5)
10,017
10,679
10,469
10,380
10,586
Net Interest-Earning Assets (1)
400,464
387,230
383,679
366,059
309,767
Net Interest Rate Spread (FTE)
(Non-GAAP) (2) (5)
2.92
%3.08
%3.05
3.12
3.35
%Net Interest Margin (FTE)
(Non-GAAP) (3)(5)
3.05
3.22
3.21
3.30
3.57
(1) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. (3) Net interest margin represents net interest income divided by average total interest-earning assets. (4) Annualized. (5) Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
Explanation of Use of Non-GAAP Financial Measures
In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this Press Release contains or references, certain non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.
Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in analyzing the Company’s operating results on the same basis as that applied by management. Non-GAAP adjusted items reflect non-cash charges related to goodwill impairment and a writedown on fixed assets from the Monessen branch closure.
Three Months Ended
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
(Dollars in thousands, except share and per share data) (Unaudited)
Net Income (Loss) (GAAP)
$
2,845
$
3,079
$
(17,395)
$
2,903
$
773
Non-Cash Charges:
Goodwill Impairment
—
—
18,693
—
—
Writedown on Fixed Assets
—
240
884
—
—
Tax Effect
—
(42)
(338)
—
—
Adjusted Net Income (Non-GAAP)
$
2,845
$
3,277
$
1,844
$
2,903
$
773
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding
5,436,881
5,406,068
5,395,342
5,393,770
5,456,867
Earnings (Loss) per Common Share - Diluted (GAAP)
$
0.52
$
0.57
$
(3.22)
$
0.54
$
0.14
Goodwill Impairment
—
—
3.46
—
—
Writedown on Fixed Assets
—
0.04
0.16
—
—
Tax Effect
—
(0.01)
(0.06)
—
—
Adjusted Earnings per Common Share - Diluted (Non-GAAP)
$
0.52
$
0.61
$
0.34
$
0.54
$
0.14
Net Income (Loss) (GAAP) (Numerator)
$
2,845
$
3,079
$
(17,395)
$
2,903
$
773
Annualization Factor
4.06
3.98
3.98
4.02
4.02
Average Assets (Denominator)
1,424,732
1,412,848
1,413,130
1,378,162
1,307,385
Return on Average Assets (GAAP)
0.81
%
0.87
%
(4.90)
%
0.85
%
0.24
%
Adjusted Net Income (Non-GAAP) (Numerator)
$
2,845
$
3,277
$
1,844
$
2,903
$
773
Annualization Factor
4.06
3.98
3.98
4.02
4.02
Average Assets (Denominator)
1,424,732
1,412,848
1,413,130
1,378,162
1,307,385
Adjusted Return on Average Assets (Non-GAAP)
0.81
%
0.92
%
0.52
%
0.85
%
0.24
%
Three Months Ended
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
(Dollars in thousands) (Unaudited)
Net Income (Loss) (GAAP) (Numerator)
$
2,845
$
3,079
$
(17,395)
$
2,903
$
773
Annualization Factor
4.06
3.98
3.98
4.02
4.02
Average Equity (Denominator)
135,037
134,093
153,328
152,682
152,522
Return on Average Equity (GAAP)
8.54
%
9.13
%
(45.13)
%
7.65
%
2.04
%
Adjusted Net Income (Loss) (GAAP) (Numerator)
$
2,845
$
3,079
$
(17,395)
$
2,903
$
773
Annualization Factor
4.06
3.98
3.98
4.02
4.02
Average Equity (Denominator)
135,037
134,093
153,328
152,682
152,522
Adjusted Return on Average Equity (Non-GAAP)
8.54
%
9.72
%
4.78
%
7.65
%
2.04
%
Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common equity divided by period-end common shares outstanding. Tangible common equity to tangible assets is a non-GAAP measure and is calculated based on tangible common equity divided by tangible assets. We believe these non-GAAP measures serve as useful tools to help evaluate the strength and discipline of the Company's capital management strategies and as an additional, conservative measure of the Company’s total value.
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
(Dollars in thousands, except share and per share data) (Unaudited)
Assets (GAAP)
$
1,476,821
$
1,416,720
$
1,392,876
$
1,407,152
$
1,313,173
Goodwill and Other Intangible Assets, Net
(17,599)
(18,131)
(18,663)
(37,888)
(38,420)
Tangible Assets (Non-GAAP) (Numerator)
$
1,459,222
$
1,398,589
$
1,374,213
$
1,369,264
$
1,274,753
Stockholders' Equity (GAAP)
$
133,776
$
134,530
$
133,299
$
152,392
$
151,525
Goodwill and Other Intangible Assets, Net
(17,599)
(18,131)
(18,663)
(37,888)
(38,420)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)
$
116,177
$
116,399
$
114,636
$
114,504
$
113,105
Stockholders’ Equity to Assets (GAAP)
9.1
%
9.5
%
9.6
%
10.8
%
11.5
%
Tangible Common Equity to Tangible Assets (Non-GAAP)
8.0
%
8.3
%
8.3
%
8.4
%
8.9
%
Common Shares Outstanding (Denominator)
5,434,374
5,434,374
5,398,712
5,393,712
5,393,712
Book Value per Common Share (GAAP)
$
24.62
$
24.76
$
24.69
$
28.25
$
28.09
Tangible Book Value per Common Share (Non-GAAP)
$
21.38
$
21.42
$
21.23
$
21.23
$
20.97
Interest income on interest-earning assets, net interest rate spread and net interest margin are presented on a fully tax-equivalent (“FTE”) basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and securities using the federal statutory income tax rate of 21 percent. We believe the presentation of net interest income on a FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. The following table reconciles net interest income, net interest spread and net interest margin on a FTE basis for the periods indicated:
Three Months Ended
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
(Dollars in thousands) (Unaudited)
Interest Income per Consolidated Statement of Operations (GAAP)
$
10,988
$
11,755
$
11,656
$
11,727
$
12,329
Adjustment to FTE Basis
40
45
53
59
53
Interest Income (FTE) (Non-GAAP)
11,028
11,800
11,709
11,786
12,382
Interest Expense per Consolidated Statement of Operations (GAAP)
1,011
1,121
1,240
1,406
1,796
Net Interest Income (FTE) (Non-GAAP)
$
10,017
$
10,679
$
10,469
$
10,380
$
10,586
Net Interest Rate Spread (GAAP)
2.91
%
3.07
%
3.03
%
3.10
%
3.34
%
Adjustment to FTE Basis
0.01
0.01
0.02
0.02
0.01
Net Interest Rate Spread (FTE) (Non-GAAP)
2.92
3.08
3.05
3.12
3.35
Net Interest Margin (GAAP)
3.04
%
3.21
%
3.19
%
3.28
%
3.55
%
Adjustment to FTE Basis
0.01
0.01
0.02
0.02
0.02
Net Interest Margin (FTE) (Non-GAAP)
3.05
3.22
3.21
3.30
3.57
Adjusted efficiency ratio excludes the effect of certain non-recurring or non-cash items and represents adjusted noninterest expense divided by adjusted operating revenue. The Company evaluates its operational efficiency based on its adjusted efficiency ratio and believes it provides additional perspective on its ongoing performance as well as peer comparability.
Three Months Ended
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
(Dollars in thousands) (Unaudited)
Noninterest expense (GAAP)
$
9,395
$
9,725
$
28,968
$
9,071
$
9,003
Net Interest and Dividend Income (GAAP)
9,977
10,634
10,416
10,321
10,533
Noninterest Income (GAAP)
3,174
2,778
2,173
2,648
1,872
Operating Revenue (GAAP)
13,151
13,412
12,589
12,969
12,405
Efficiency Ratio (GAAP)
71.44
%
72.51
%
230.11
%
69.94
%
72.58
%
Noninterest expense (GAAP)
$
9,395
$
9,725
$
28,968
$
9,071
$
9,003
Less:
Other Real Estate Owned (Income)
(38)
(39)
(12)
(1)
(17)
Amortization of Intangible Assets
532
532
532
532
532
Goodwill Impairment
—
—
18,693
—
—
Writedown on Fixed Assets
—
240
884
—
—
Adjusted Noninterest Expense (Non-GAAP)
$
8,901
$
8,992
$
8,871
$
8,540
$
8,488
Net Interest and Dividend Income (GAAP)
9,977
10,634
10,416
10,321
10,533
Noninterest Income (GAAP)
3,174
2,778
2,173
2,648
1,872
Less:
Net Gain (Loss) on Securities
447
213
(59)
517
(438)
Net (Loss) Gain on Disposal of Fixed Assets
—
(13)
(65)
—
17
Adjusted Noninterest Income (Non-GAAP)
2,727
2,578
2,297
2,131
2,293
Adjusted Operating Revenue (Non-GAAP)
12,704
13,212
12,713
12,452
12,826
Adjusted Efficiency Ratio (Non-GAAP)
70.06
%
68.06
%
69.78
%
68.58
%
66.18
%
Allowance for loan losses to total loans, excluding PPP loans, is a non-GAAP measure that serves as a useful measurement to evaluate the allowance for loan losses without the impact of SBA guaranteed loans.
3/31/21
12/31/20
9/30/20
6/30/20
3/31/20
(Dollars in thousands) (Unaudited)
Allowance for Loan Losses
$
12,725
$
12,771
$
13,780
$
12,648
$
12,322
Total Loans
1,041,697
$
1,044,753
1,050,885
$
1,042,159
$
974,650
PPP Loans
(60,380)
(55,096)
(71,028)
(70,028)
—
Total Loans, Excluding PPP Loans (Non-GAAP)
$
981,317
$
989,657
$
979,857
$
972,131
$
974,650
Allowance for Loan Losses to Total Loans, Excluding
PPP Loans (Non-GAAP)
1.30
%1.29
%1.41
%1.30
%1.26
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20210504005732/en/
Company Contact: John H. Montgomery President and Chief Executive Officer Phone: (724) 225-2400
Investor Relations: Adam Prior, Senior Vice President The Equity Group Inc. Phone: (212) 836-9606 Email: aprior@equityny.com
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