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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 | 87 | 17:14:22 |
Net income was $3.7 million, or $0.68 diluted earnings per share, for the six months ended June 30, 2020 compared to $5.9 million, or $1.08 diluted earnings per share, for the six months ended June 30, 2019.
COVID-19 Update
While signs of macroeconomic recovery have occurred during the second quarter after the phased-in reopening of the economy beginning in May 2020, the far-reaching impact of the COVID-19 pandemic remains uncertain. The unemployment rate declined after peaking in April, but remains at a very high level. Beginning in March 2020, definitive federal government action occurred through the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), Paycheck Protection Program and Health Care Enhancement Act (the “PPP Enhancement Act”) and other programs to aid businesses and consumers from the COVID-19 impact.
The Company remains committed to its employees and customers during the COVID-19 crisis. For employees, the Company:
For its customers, the Company:
Refer to the Credit Quality section for further information on loans in forbearance and commercial industry exposures.
The Company also continues to manage the disruption through a position of strength and soundness with strong capital and substantial liquidity levels to ensure it is well-positioned to support its customers. The Company has $399.3 million in available borrowing capacity with the Federal Home Loan Bank, a $90.4 million borrower-in-custody of collateral line of credit with the Federal Reserve Bank, and $60.0 million from multiple line of credit arrangements, as well as $131.4 million in cash and cash equivalents and $10.0 million in unpledged securities.
“The Company is very pleased to report net income of $2.9 million for the current quarter despite the extraordinary impact from the pandemic and the significant disruption that occurred to our regular operations,” said Barron P. “Pat” McCune, Jr., President and Chief Executive Officer. “While there is optimism in the macroeconomic data, there is also continued uncertainty of how the pandemic will ultimately impact the Bank. Asset quality remains solid with a 0.39% delinquent and noncurrent loans to total loans ratio, and the buildup of the allowance for loan losses to 227% of nonperforming loans better positions us for the unknowns that exist as the payment deferral period ends for many of our borrowers. Initial indications are the majority of them will resume payments and we will monitor this situation closely for those requesting additional time. We have ample liquidity and strong capital to fall back on. The pandemic provided us an opportunity to further assess our branch network and make a decision to consolidate redundant locations in light of declining traffic and accelerated adoption of digital technology. We are steadfast in our vow to serve our communities and help our market recover. This was never more evident than in the past quarter with well over 600 payment deferrals and 600 PPP loans processed, government stimulus payments, and solid mortgage and insurance activity, all done while working remotely. I marvel at the phenomenal effort by our employees who tirelessly worked and united like never before for the collective good.”
Quarterly Highlights
Net income for the three months ended June 30, 2020 was $2.9 million compared to $3.0 million for the three months ended June 30, 2019. This was an increase of $2.1 million, or 275.6%, compared to the three months ended March 31, 2020. Diluted earnings per share for the three months ended June 30, 2020 was $0.54 compared to $0.55 for the three months ended June 30, 2019 and $0.14 for the three months ended March 31, 2020.
Year-to-Date Highlights
Credit Quality
Number of Loans | Amount | % of Portfolio | |||||
(Dollars in thousands) | |||||||
Real Estate: | |||||||
Residential | |||||||
July 2020 | 108 | $ | 15,333 | ||||
August 2020 | 41 | 5,912 | |||||
September 2020 | 12 | 2,272 | |||||
October 2020 | 2 | 136 | |||||
Total Residential | 163 | 23,653 | 6.9 | % | |||
Commercial | |||||||
July 2020 | 70 | 64,039 | |||||
August 2020 | 31 | 25,497 | |||||
September 2020 | 7 | 8,714 | |||||
October 2020 | 2 | 2,378 | |||||
November 2020 | 1 | 4,489 | |||||
Total Commercial | 111 | 105,117 | 30.0 | % | |||
Construction | |||||||
July 2020 | 3 | 10,494 | |||||
August 2020 | 2 | 4,726 | |||||
September 2020 | 1 | 298 | |||||
Total Construction | 6 | 15,518 | 26.6 | % | |||
Commercial and Industrial | |||||||
July 2020 | 42 | 10,300 | |||||
August 2020 | 32 | 5,180 | |||||
September 2020 | 2 | 217 | |||||
Total Commercial and Industrial | 76 | 15,697 | 10.5 | % | |||
Consumer | |||||||
July 2020 | 124 | 2,493 | |||||
August 2020 | 39 | 857 | |||||
September 2020 | 7 | 97 | |||||
Total Consumer | 170 | 3,447 | 2.9 | % | |||
Other | |||||||
July 2020 | 1 | 2,504 | 11.2 | % | |||
Total Loans in Forbearance | 527 | $ | 165,936 | 15.9 | % |
Industry | Forbearance | |||||||||||||||
WeightedAverageRiskRating (1) | Industry Amount | As a Percent of Total Risk Based Capital | As a Percent of Loan Class | Number of Loans | WeightedAverageRiskRating (1) | Forbearance Amount | As a Percent of Industry | |||||||||
(Dollars in thousands) | ||||||||||||||||
Commercial Real Estate - Owner Occupied: | ||||||||||||||||
Retail | 3.6 | $ | 27,829 | 23.8 | % | 7.9 | % | 11 | 3.4 | $ | 2,516 | 9.0 | % | |||
Office Space | 3.7 | 10,646 | 9.1 | 3.0 | 6 | 4.0 | 2,801 | 26.3 | ||||||||
Oil and Gas | 3.2 | 3,160 | 2.7 | 0.9 | 1 | 3.0 | 622 | 19.7 | ||||||||
Restaurants | 3.4 | 1,034 | 0.9 | 0.3 | 4 | 3.4 | 404 | 39.1 | ||||||||
Commercial Real Estate - Nonowner Occupied: | ||||||||||||||||
Retail | 3.7 | 54,489 | 46.5 | 15.5 | 12 | 4.0 | 20,227 | 37.1 | ||||||||
Multifamily | 3.8 | 58,585 | 50.0 | 16.7 | 12 | 3.8 | 17,474 | 29.8 | ||||||||
Office Space | 4.0 | 43,102 | 36.8 | 12.3 | 7 | 4.8 | 12,998 | 30.2 | ||||||||
Hotels | 4.9 | 25,085 | 21.4 | 7.2 | 10 | 5.0 | 20,558 | 82.0 | ||||||||
Senior Housing | 3.7 | 8,212 | 7.0 | 2.3 | 1 | 4.0 | 4,008 | 48.8 | ||||||||
Oil and Gas | 3.7 | 7,871 | 6.7 | 2.2 | — | — | — | — | ||||||||
Restaurants | 3.5 | 4,785 | 4.1 | 1.4 | 5 | 3.0 | 1,520 | 31.8 | ||||||||
Construction - Commercial Real Estate: | ||||||||||||||||
Retail | 4.0 | 7,789 | 6.7 | 13.4 | 1 | 4.0 | 7,109 | 91.3 | ||||||||
Multifamily | 4.0 | 3,080 | 2.6 | 5.3 | — | — | — | — | ||||||||
Office Space | 4.0 | 9,011 | 7.7 | 15.5 | — | — | — | — | ||||||||
Hotels | 4.4 | 4,760 | 4.1 | 8.2 | 1 | 5.0 | 1,788 | 37.6 | ||||||||
Senior Housing | 4.0 | 7,321 | 6.3 | 12.6 | — | — | — | — | ||||||||
Oil and Gas | 4.0 | 1,572 | 1.3 | 2.7 | — | — | — | — | ||||||||
Commercial and Industrial: | ||||||||||||||||
Senior Housing | 3.0 | 4,552 | 3.9 | 3.1 | — | — | — | — | ||||||||
Oil and Gas | 3.6 | 6,259 | 5.3 | 4.2 | 11 | 3.6 | 3,175 | 50.7 | ||||||||
Total: | ||||||||||||||||
Retail | 3.7 | 90,107 | 77.0 | 24 | 3.9 | 29,852 | ||||||||||
Multifamily | 3.8 | 61,665 | 52.7 | 12 | 3.8 | 17,474 | ||||||||||
Office Space | 3.9 | 62,759 | 53.6 | 13 | 4.7 | 15,799 | ||||||||||
Hotels | 4.8 | 29,845 | 25.5 | 11 | 5.0 | 22,346 | ||||||||||
Senior Housing | 3.7 | 20,085 | 17.2 | 1 | 4.0 | 4,008 | ||||||||||
Oil and Gas | 3.6 | 18,862 | 16.1 | 12 | 3.5 | 3,797 | ||||||||||
Restaurants | 3.5 | 5,819 | 5.0 | 9 | 3.1 | 1,924 | ||||||||||
Total High Risk Industries | 3.9 | $ | 289,142 | 247.0 | 82 | 4.3 | $ | 95,200 |
(1) Loan risk rating of 1-4 is considered a pass-rated credit, 5 is special mention, 6 is substandard, 7 is doubtful and 8 is loss.
Net income for the six months ended June 30, 2020 was $3.7 million compared to $5.9 million for the six months ended June 30, 2019. This was a decrease of $2.2 million, or 37.7%. Diluted earnings per share for the six months ended June 30, 2020 was $0.68 compared to $1.08 for the six months ended June 30, 2019.
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.
The 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 | |||||||||
June 30, 2020 | March 31, 2020 | June 30, 2019 | |||||||
(Dollars in thousands) | |||||||||
Interest Income per Consolidated Statement of Income (GAAP) | $ | 11,727 | $ | 12,329 | $ | 12,669 | |||
Adjustment to FTE Basis | 59 | 53 | 69 | ||||||
Interest Income (FTE) (Non-GAAP) | 11,786 | 12,382 | 12,738 | ||||||
Interest Expense per Consolidated Statement of Income | 1,406 | 1,796 | 1,964 | ||||||
Net Interest Income (FTE) (Non-GAAP) | $ | 10,380 | $ | 10,586 | $ | 10,774 | |||
Net Interest Rate Spread (GAAP) | 3.00 | % | 3.34 | % | 3.36 | % | |||
Adjustment to FTE Basis | 0.12 | 0.01 | 0.03 | ||||||
Net Interest Rate Spread (FTE) (Non-GAAP) | 3.12 | 3.35 | 3.39 | ||||||
Net Interest Margin (GAAP) | 3.18 | % | 3.55 | % | 3.59 | % | |||
Adjustment to FTE Basis | 0.12 | 0.02 | 0.03 | ||||||
Net Interest Margin (FTE) (Non-GAAP) | 3.30 | 3.57 | 3.62 |
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.
June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||
(Dollars in thousands, except share and per share data) | |||||||||||
Assets (GAAP) | $ | 1,407,152 | $ | 1,313,173 | $ | 1,321,537 | |||||
Goodwill and Other Intangible Assets, Net | (37,888 | ) | (38,420 | ) | (38,952 | ) | |||||
Tangible Assets | $ | 1,369,264 | $ | 1,274,753 | $ | 1,282,585 | |||||
Stockholders' Equity (GAAP) | $ | 152,392 | $ | 151,525 | $ | 151,097 | |||||
Goodwill and Other Intangible Assets, Net | (37,888 | ) | (38,420 | ) | (38,952 | ) | |||||
Tangible Common Equity or Tangible Book Value | $ | 114,504 | $ | 113,105 | $ | 112,145 | |||||
Tangible Common Equity to Tangible Assets (Non-GAAP) | 8.4 | % | 8.9 | % | 8.7 | % | |||||
Common Shares Outstanding | 5,393,712 | 5,393,712 | 5,463,828 | ||||||||
Tangible Book Value per Common Share (Non-GAAP) | $ | 21.23 | $ | 20.97 | $ | 20.52 |
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.
June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||
(Dollars in thousands) | |||||||||||
Allowance for Loan Losses | $ | 12,648 | $ | 12,322 | $ | 9,867 | |||||
Total Loans | 1,042,159 | $ | 974,650 | $ | 952,496 | ||||||
PPP Loans | (70,028 | ) | — | — | |||||||
Total Loans, Excluding PPP Loans | $ | 972,131 | $ | 974,650 | $ | 952,496 | |||||
Allowance for Loan Losses to Total Loans, Excluding PPP Loans | 1.30 | % | 1.26 | % | 1.04 | % |
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 16 offices in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, seven 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. Consolidated financial highlights of the Company are attached.
For more information about CB and Community Bank, visit our website at www.communitybank.tv.
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, 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.
Contact:Barron P. McCune, Jr.President and Chief Executive OfficerPhone: (724) 225-2400Fax: (724) 225-4903
SELECTED CONSOLIDATED FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Selected Financial Condition Data | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | $ | 1,407,152 | $ | 1,313,173 | $ | 1,321,537 | ||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 131,403 | 78,099 | 80,217 | |||||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | 148,648 | 171,411 | 197,385 | |||||||||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 344,782 | 346,864 | 347,766 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | 350,506 | 354,374 | 351,360 | |||||||||||||||||||||||||||||||||||||||||||||
Construction | 58,295 | 50,017 | 35,605 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | 149,085 | 80,721 | 85,586 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 117,145 | 121,494 | 113,637 | |||||||||||||||||||||||||||||||||||||||||||||
Other | 22,346 | 21,180 | 18,542 | |||||||||||||||||||||||||||||||||||||||||||||
Total Loans | 1,042,159 | 974,650 | 952,496 | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | (12,648 | ) | (12,322 | ) | (9,867 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loans, Net | 1,029,511 | 962,328 | 942,629 | |||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment, Net | 21,818 | 22,037 | 22,282 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 28,425 | 28,425 | 28,425 | |||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net | 9,463 | 9,995 | 10,527 | |||||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-Interest Bearing Demand Deposits | 341,180 | 267,369 | 267,152 | |||||||||||||||||||||||||||||||||||||||||||||
NOW Accounts | 237,343 | 229,601 | 232,099 | |||||||||||||||||||||||||||||||||||||||||||||
Money Market Accounts | 184,726 | 177,597 | 182,428 | |||||||||||||||||||||||||||||||||||||||||||||
Savings Accounts | 229,388 | 220,484 | 216,924 | |||||||||||||||||||||||||||||||||||||||||||||
Time Deposits | 201,303 | 211,589 | 219,756 | |||||||||||||||||||||||||||||||||||||||||||||
Total Deposits | 1,193,940 | 1,106,640 | 1,118,359 | |||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | 42,349 | 34,967 | 30,571 | |||||||||||||||||||||||||||||||||||||||||||||
Other Borrowings | 11,000 | 11,000 | 14,000 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity | 152,392 | 151,525 | 151,097 | |||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Selected Operating Data | June 30, 2020 | March 31, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Interest and Dividend Income | $ | 11,727 | $ | 12,329 | $ | 12,669 | $ | 24,056 | $ | 24,965 | ||||||||||||||||||||||||||||||||||||||
Interest Expense | 1,406 | 1,796 | 1,964 | 3,202 | 3,826 | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | 10,321 | 10,533 | 10,705 | 20,854 | 21,139 | |||||||||||||||||||||||||||||||||||||||||||
Provision for Loan Losses | 300 | 2,500 | 350 | 2,800 | 375 | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Income After Provision for Loan Losses | 10,021 | 8,033 | 10,355 | 18,054 | 20,764 | |||||||||||||||||||||||||||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||||||||||||||||||||||||||
Service Fees | 487 | 605 | 617 | 1,092 | 1,210 | |||||||||||||||||||||||||||||||||||||||||||
Insurance Commissions | 1,113 | 1,283 | 1,083 | 2,396 | 2,234 | |||||||||||||||||||||||||||||||||||||||||||
Other Commissions | 188 | 110 | 78 | 298 | 195 | |||||||||||||||||||||||||||||||||||||||||||
Net Gain on Sales of Loans | 441 | 127 | 50 | 568 | 142 | |||||||||||||||||||||||||||||||||||||||||||
Net Gain (Loss) on Sales of Investment Securities | 489 | — | 7 | 489 | (53 | ) | ||||||||||||||||||||||||||||||||||||||||||
Change in Fair Value of Marketable Equity Securities | 28 | (438 | ) | 109 | (410 | ) | 129 | |||||||||||||||||||||||||||||||||||||||||
Net Gain on Purchased Tax Credits | 16 | 15 | 9 | 31 | 18 | |||||||||||||||||||||||||||||||||||||||||||
Net Gain on Disposal of Fixed Assets | — | 17 | 8 | 17 | 2 | |||||||||||||||||||||||||||||||||||||||||||
Income from Bank-Owned Life Insurance | 138 | 139 | 134 | 277 | 266 | |||||||||||||||||||||||||||||||||||||||||||
Other (Loss) Income | (252 | ) | 14 | 70 | (238 | ) | 136 | |||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | 2,648 | 1,872 | 2,165 | 4,520 | 4,279 | |||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and Employee Benefits | 4,828 | 4,731 | 4,708 | 9,559 | 9,645 | |||||||||||||||||||||||||||||||||||||||||||
Occupancy | 699 | 733 | 663 | 1,432 | 1,422 | |||||||||||||||||||||||||||||||||||||||||||
Equipment | 224 | 257 | 285 | 481 | 581 | |||||||||||||||||||||||||||||||||||||||||||
Data Processing | 460 | 425 | 380 | 885 | 788 | |||||||||||||||||||||||||||||||||||||||||||
FDIC Assessment | 163 | 158 | 175 | 321 | 363 | |||||||||||||||||||||||||||||||||||||||||||
PA Shares Tax | 333 | 275 | 249 | 608 | 517 | |||||||||||||||||||||||||||||||||||||||||||
Contracted Services | 562 | 378 | 361 | 940 | 633 | |||||||||||||||||||||||||||||||||||||||||||
Legal and Professional Fees | 171 | 235 | 160 | 406 | 341 | |||||||||||||||||||||||||||||||||||||||||||
Advertising | 155 | 183 | 220 | 338 | 337 | |||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned (Income) | (1 | ) | (17 | ) | (31 | ) | (18 | ) | (94 | ) | ||||||||||||||||||||||||||||||||||||||
Amortization of Intangible Assets | 532 | 532 | 532 | 1,064 | 1,064 | |||||||||||||||||||||||||||||||||||||||||||
Other | 945 | 1,113 | 1,095 | 2,058 | 2,080 | |||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Expense | 9,071 | 9,003 | 8,797 | 18,074 | 17,677 | |||||||||||||||||||||||||||||||||||||||||||
Income Before Income Tax Expense | 3,598 | 902 | 3,723 | 4,500 | 7,366 | |||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | 695 | 129 | 744 | 824 | 1,462 | |||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 2,903 | $ | 773 | $ | 2,979 | $ | 3,676 | $ | 5,904 | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Per Common Share Data | June 30, 2020 | March 31, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Dividends Per Common Share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.48 | $ | 0.48 | ||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share - Basic | 0.54 | 0.14 | 0.55 | 0.68 | 1.09 | |||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share - Diluted | 0.54 | 0.14 | 0.55 | 0.68 | 1.08 | |||||||||||||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding - Basic | 5,393,712 | 5,431,199 | 5,433.537 | 5,412,456 | 5,433,198 | |||||||||||||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding - Diluted | 5,393,770 | 5,456,867 | 5,444.824 | 5,423,770 | 5,448,040 | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Outstanding | 5,393,712 | 5,393,712 | 5,463,828 | |||||||||||||||||||||||||||||||||||||||||||||
Book Value Per Common Share | $ | 28.25 | $ | 28.09 | $ | 27.65 | ||||||||||||||||||||||||||||||||||||||||||
Tangible Book Value per Common Share (1) | 21.23 | 20.97 | 20.52 | |||||||||||||||||||||||||||||||||||||||||||||
Tangible Common Equity to Tangible Assets (1) | 8.4 | % | 8.9 | % | 8.7 | % |
(Unaudited) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
Selected Financial Ratios (2) | June 30, 2020 | March 31, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||
Return on Average Assets | 0.85 | % | 0.24 | % | 0.91 | % | 0.55 | % | 0.92 | % | |||||||||||
Return on Average Equity | 7.65 | 2.04 | 8.32 | 4.84 | 8.42 | ||||||||||||||||
Average Interest-Earning Assets to Average Interest-Bearing Liabilities | 140.72 | 135.06 | 135.62 | 137.91 | 134.34 | ||||||||||||||||
Average Equity to Average Assets | 11.08 | 11.67 | 10.98 | 11.36 | 10.92 | ||||||||||||||||
Net Interest Rate Spread (3) | 3.12 | 3.35 | 3.39 | 3.23 | 3.40 | ||||||||||||||||
Net Interest Margin (3) | 3.30 | 3.57 | 3.62 | 3.43 | 3.63 | ||||||||||||||||
Net (Recoveries) Charge-Offs to Average Loans | (0.01 | ) | 0.02 | 0.03 | — | 0.05 | |||||||||||||||
Efficiency Ratio | 69.94 | 72.58 | 68.35 | 71.23 | 69.55 | ||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Asset Quality Ratios | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||
Allowance for Loan Losses to Total Loans (4) | 1.21 | % | 1.26 | % | 1.04 | % | |||||||||||||||
Allowance for Loan Losses to Total Loans, Excluding PPP Loans (1) | 1.30 | 1.26 | 1.04 | ||||||||||||||||||
Allowance for Loan Losses to Nonperforming Loans (4) (5) | 226.59 | 235.51 | 183.33 | ||||||||||||||||||
Allowance for Loan Losses to Noncurrent Loans (4) (6) | 390.73 | 406.80 | 315.95 | ||||||||||||||||||
Delinquent and Nonaccrual Loans to Total Loans (6) (7) | 0.39 | 0.89 | 0.89 | ||||||||||||||||||
Nonperforming Loans to Total Loans (5) | 0.54 | % | 0.54 | 0.57 | % | ||||||||||||||||
Noncurrent Loans to Total Loans (6) | 0.31 | 0.31 | 0.33 | ||||||||||||||||||
Nonperforming Assets to Total Assets (8) | 0.41 | 0.42 | 0.42 | ||||||||||||||||||
Capital Ratios (9) | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets) | 11.90 | % | 11.60 | % | 11.43 | % | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 11.90 | 11.60 | 11.43 | ||||||||||||||||||
Total Capital (to Risk Weighted Assets) | 13.16 | 12.85 | 12.54 | ||||||||||||||||||
Tier 1 Leverage (to Adjusted Total Assets) | 7.90 | 8.23 | 7.85 |
(1) | Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release. | |
(2) | Interim period ratios are calculated on an annualized basis. | |
(3) | Fully taxable-equivalent (FTE) yield adjustments have been made for tax exempt loan and securities income utilizing a marginal federal tax rate of 21%. Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release. | |
(4) | 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. | |
(5) | Nonperforming loans consist of nonaccrual loans, accruing loans that are 90 days or more past due, and troubled debt restructured loans. | |
(6) | Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due. | |
(7) | Delinquent loans consist of accruing loans that are 30 days or more past due. | |
(8) | Nonperforming assets consist of nonperforming loans and other real estate owned. | |
(9) | 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 | ||||||||||||||||||||||||||
June 30, 2020 | March 31, 2020 | June 30, 2019 | ||||||||||||||||||||||||
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 | $ | 1,014,000 | $ | 10,612 | 4.21 | % | $ | 950,661 | $ | 10,796 | 4.57 | % | $ | 906,038 | $ | 10,707 | 4.74 | % | ||||||||
Debt Securities | ||||||||||||||||||||||||||
Taxable | 137,268 | 940 | 2.74 | 158,655 | 1,201 | 3.03 | 209,164 | 1,442 | 2.76 | |||||||||||||||||
Exempt From Federal Tax | 14,106 | 130 | 3.69 | 16,837 | 127 | 3.02 | 23,450 | 195 | 3.33 | |||||||||||||||||
Marketable Equity Securities | 2,579 | 20 | 3.10 | 2,568 | 20 | 3.12 | 2,526 | 20 | 3.17 | |||||||||||||||||
Other Interest-Earning Assets | 97,033 | 84 | 0.35 | 64,608 | 238 | 1.48 | 53,479 | 374 | 2.81 | |||||||||||||||||
Total Interest-Earning Assets | 1,264,986 | 11,786 | 3.75 | 1,193,329 | 12,382 | 4.17 | 1,194,657 | 12,738 | 4.28 | |||||||||||||||||
Noninterest-Earning Assets | 113,176 | 114,056 | 113,447 | |||||||||||||||||||||||
Total Assets | $ | 1,378,162 | $ | 1,307,385 | $ | 1,308,104 | ||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||
Interest-Bearing Demand Deposits | $ | 236,312 | 141 | 0.24 | % | $ | 226,482 | 267 | 0.47 | % | $ | 216,190 | 295 | 0.55 | % | |||||||||||
Savings | 227,470 | 35 | 0.06 | 218,328 | 90 | 0.17 | 217,426 | 149 | 0.27 | |||||||||||||||||
Money Market | 182,656 | 187 | 0.41 | 180,982 | 249 | 0.55 | 178,561 | 263 | 0.59 | |||||||||||||||||
Time Deposits | 205,847 | 942 | 1.84 | 215,449 | 1,075 | 2.01 | 221,126 | 1,117 | 2.03 | |||||||||||||||||
Total Interest-Bearing Deposits | 852,285 | 1,305 | 0.62 | 841,241 | 1,681 | 0.80 | 833,303 | 1,824 | 0.88 | |||||||||||||||||
Borrowings | 46,642 | 101 | 0.87 | 42,321 | 115 | 1.09 | 47,560 | 140 | 1.18 | |||||||||||||||||
Total Interest-Bearing Liabilities | 898,927 | 1,406 | 0.63 | 883,562 | 1,796 | 0.82 | 880,863 | 1,964 | 0.89 | |||||||||||||||||
Noninterest-Bearing Demand Deposits | 317,738 | 261,504 | 273,753 | |||||||||||||||||||||||
Other Liabilities | 8,815 | 9,797 | 9,872 | |||||||||||||||||||||||
Total Liabilities | 1,225,480 | 1,154,863 | 1,164,488 | |||||||||||||||||||||||
Stockholders' Equity | 152,682 | 152,522 | 143,616 | |||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,378,162 | $ | 1,307,385 | $ | 1,308,104 | ||||||||||||||||||||
Net Interest Income (FTE) (Non-GAAP) | 10,380 | 10,586 | 10,774 | |||||||||||||||||||||||
Net Interest Rate Spread (FTE)(Non-GAAP) (1) | 3.12 | % | 3.35 | % | 3.39 | % | ||||||||||||||||||||
Net Interest-Earning Assets (2) | 366,059 | 309,767 | 313,794 | |||||||||||||||||||||||
Net Interest Margin (FTE) (Non-GAAP) (3) | 3.30 | 3.57 | 3.62 | |||||||||||||||||||||||
Return on Average Assets | 0.85 | 0.24 | 0.91 | |||||||||||||||||||||||
Return on Average Equity | 7.65 | 2.04 | 8.32 | |||||||||||||||||||||||
Average Equity to Average Assets | 11.08 | 11.67 | 10.98 | |||||||||||||||||||||||
Average Interest-Earning Assets to Average Interest-Bearing Liabilities | 140.72 | 135.06 | 135.62 |
(1) | 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. | |
(2) | Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | |
(3) | Net interest margin represents net interest income divided by average total interest-earning assets. | |
(4) | Annualized. |
AVERAGE BALANCES AND YIELDS | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||||||
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 | $ | 982,331 | $ | 21,408 | 4.38 | % | $ | 902,183 | $ | 21,174 | 4.73 | % | |||||||||
Debt Securities | |||||||||||||||||||||
Taxable | 147,962 | 2,141 | 2.89 | 199,843 | 2,759 | 2.76 | |||||||||||||||
Exempt From Federal Tax | 15,471 | 258 | 3.34 | 28,106 | 447 | 3.18 | |||||||||||||||
Marketable Equity Securities | 2,573 | 40 | 3.11 | 2,517 | 40 | 3.18 | |||||||||||||||
Other Interest-Earning Assets | 80,821 | 322 | 0.80 | 49,617 | 692 | 2.81 | |||||||||||||||
Total Interest-Earning Assets | 1,229,158 | 24,169 | 3.95 | 1,182,266 | 25,112 | 4.28 | |||||||||||||||
Noninterest-Earning Assets | 113,616 | 112,727 | |||||||||||||||||||
Total Assets | $ | 1,342,774 | $ | 1,294,993 | |||||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||
Interest-Bearing Liabilities: | |||||||||||||||||||||
Interest-Bearing Demand Deposits | $ | 231,397 | 408 | 0.35 | % | $ | 214,708 | 570 | 0.54 | % | |||||||||||
Savings | 222,899 | 124 | 0.11 | 215,283 | 294 | 0.28 | |||||||||||||||
Money Market | 181,819 | 436 | 0.48 | 181,515 | 536 | 0.60 | |||||||||||||||
Time Deposits | 210,648 | 2,018 | 1.93 | 219,220 | 2,143 | 1.97 | |||||||||||||||
Total Interest-Bearing Deposits | 846,763 | 2,986 | 0.71 | 830,726 | 3,543 | 0.86 | |||||||||||||||
Borrowings | 44,482 | 216 | 0.98 | 49,322 | 283 | 1.16 | |||||||||||||||
Total Interest-Bearing Liabilities | 891,245 | 3,202 | 0.72 | 880,048 | 3,826 | 0.88 | |||||||||||||||
Noninterest-Bearing Demand Deposits | 289,621 | 264,160 | |||||||||||||||||||
Other Liabilities | 9,306 | 9,420 | |||||||||||||||||||
Total Liabilities | 1,190,172 | 1,153,628 | |||||||||||||||||||
Stockholders' Equity | 152,602 | 141,365 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,342,774 | $ | 1,294,993 | |||||||||||||||||
Net Interest Income (FTE) (Non-GAAP) | 20,967 | 21,286 | |||||||||||||||||||
Net Interest Rate Spread (FTE) (Non-GAAP) (1) | 3.23 | % | 3.40 | % | |||||||||||||||||
Net Interest-Earning Assets (2) | 337,913 | 302,218 | |||||||||||||||||||
Net Interest Margin (FTE) (Non-GAAP) (3) | 3.43 | 3.63 | |||||||||||||||||||
Return on Average Assets | 0.55 | 0.92 | |||||||||||||||||||
Return on Average Equity | 4.84 | 8.42 | |||||||||||||||||||
Average Equity to Average Assets | 11.36 | 10.92 | |||||||||||||||||||
Average Interest-Earning Assets to Average Interest-Bearing Liabilities | 137.91 | 134.34 |
(1) | 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. | |
(2) | Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | |
(3) | Net interest margin represents net interest income divided by average total interest-earning assets. | |
(4) | Annualized. |
1 Year CB Financial Services Chart |
1 Month CB Financial Services Chart |
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