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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 | 22.60 | 22.89 | 22.61 | 22.61 | 22.61 | 82 | 15:00:03 |
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 second quarter and year-to-date 2023 financial results.
2023 Second Quarter Financial Highlights
(Comparisons to three months ended June 30, 2022 unless otherwise noted)
(Amounts at June 30, 2023; comparisons to December 31, 2022, unless otherwise noted)
Management Commentary
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. While macro dislocations seen in the banking industry during the first quarter have abated, we continue to face headwinds resulting from a rising interest rate environment. First and foremost, we are focused on ensuring the bank maintains adequate liquidity and a strong capital position. In doing so, we are able to navigate challenging economic times from a position of strength which also allows us to maintain relationships with trusted customers and develop new ones, as evidenced by our continued loan growth during the quarter. The markets we serve in southwestern Pennsylvania, eastern Ohio and northern West Virginia have remained resilient despite continued interest rate increases by the Federal Reserve. In recent years, our markets have exhibited more stability than others in key areas such as real estate values and employment, allowing Community Bank to experience less volatility.”
Mr. Montgomery continued, “We have noted for several quarters that our funding costs have been rising, with net interest margin decreasing from first quarter levels while improving compared with the second quarter last year. As we highlighted last quarter, our deposit base is well-diversified, with a significant majority insured or collateralized. Within our deposit base, the most significant change during the second quarter was a shift to interest-bearing from noninterest-bearing deposits as our customers responded to the overall increase in market interest rates. The other half of our NIM calculation is our interest income, which has been supported by the repricing of variable rate loans and the addition of new, higher priced loans via the continued growth of our loan book during the second quarter, with C&I loans having been the biggest contributor, followed by commercial real estate loans. Moving forward, our NIM will also benefit as we reposition our loan book by reducing transactional indirect auto loans with higher yielding C&I and CRE loans ”
Mr. Montgomery concluded, “As I noted previously, our team here at Community Bank is focused on maintaining solid capital and liquidity positions. Success on those fronts provides a range of positive outcomes for our business that ultimately lead to long-term value creation which benefits all our constituents - shareholders, employees, customers, and our communities at large. While the near-term economic picture remains somewhat muddled, we are also committed to making proper investments in our franchise to position the bank for long-term growth. During the second quarter we added revenue producing members to our team while also continuing to make targeted technology investments necessary for our competitive positioning. We also declared and paid a $0.25 cash dividend during the quarter while allowing our previous share repurchase program to expire. I am proud of our entire team for all their hard work and look forward to our continued success.”
Dividend Information
The Company’s Board of Directors declared a $0.25 quarterly cash dividend per outstanding share of common stock, payable on or about August 31, 2023, to stockholders of record as of the close of business on August 15, 2023.
Stock Repurchase Program
On April 21, 2022, CB announced a program to repurchase up to $10.0 million of the Company’s outstanding shares of common stock. The Company purchased a total of 74,656 shares of the Company’s common stock at an average price of $22.38 per share prior to the program expiration on May 1, 2023.
2023 Second Quarter Financial Review
Net Interest and Dividend Income
Net interest and dividend income increased $1.0 million, or 9.4%, to $11.1 million for the three months ended June 30, 2023 compared to $10.2 million for the three months ended June 30, 2022.
Provision for Credit Losses
Effective January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The provision for credit losses recorded for the three months ended June 30, 2023 was $432,000 and was required primarily due to loan growth coupled with a modeled slowdown in loan prepayment speeds. This compared to $3.8 million in provision for credit losses recorded for the three months ended June 30, 2022, primarily due to the charge-off of a $2.7 million commercial and industrial loan to a borrower that ceased operations.
Noninterest income
Noninterest income increased $164,000, or 7.8%, to $2.3 million for the three months ended June 30, 2023, compared to $2.1 million for the three months ended June 30, 2022. This increase was primarily related to a $142,000 increase in commercial and personal insurance commissions and a decrease in net losses on securities of $99,000.
Noninterest Expense
Noninterest expense increased $1.1 million, or 13.0%, to $9.5 million for the three months ended June 30, 2023 compared to $8.4 million for the three months ended June 30, 2022. Salaries and benefits increased $692,000, or 15.2%, to $5.2 million primarily due to merit increases, revenue producing staff additions and associated $160,000 of recruiting costs, and $96,000 of severance costs related to the discontinuation of indirect automobile lending. Data processing expense increased $272,000, or 61.0%, to $718,000, due to increased ongoing costs related to the fourth quarter 2022 core conversion and equipment expense increased $101,000 or 55.5%, to $283,000, due to costs associated with the implementation of new interactive teller machines.
Statement of Financial Condition Review
Assets
Total assets increased $23.8 million, or 1.7%, to $1.43 billion at June 30, 2023, compared to $1.41 billion at December 31, 2022.
Loans and Credit Quality
Other
Total liabilities increased $17.4 million, or 1.3%, to $1.32 billion at June 30, 2023 compared to $1.30 billion at December 31, 2022.
Deposits
Borrowed Funds
Accrued Interest Payable and Other Liabilities
Stockholders’ Equity
Stockholders’ equity increased $6.4 million, or 5.8%, to $116.6 million at June 30, 2023, compared to $110.2 million at December 31, 2022. Key factors positively impacting stockholders’ equity included $6.9 million of net income for the current period and a $2.1 million positive adjustment, net of tax, due to the Company’s January 1, 2023 adoption of CECL as described above. These factors were partially offset by the payment of $2.6 million in dividends since December 31, 2022 and activity under share repurchase programs. On April 21, 2022, a $10.0 million repurchase program was authorized, with the Company repurchasing 74,656 shares at an average price of $22.38 per share since the inception of the plan. In total, the Company repurchased $274,000 of common stock since December 31, 2022. The plan expired on May 1, 2023.
Book value per share
Book value per common share was $22.81 at June 30, 2023 compared to $21.60 at December 31, 2022, an increase of $1.21.
Tangible book value per common share (Non-GAAP) was $20.39 at June 30, 2023, compared to $19.00 at December 31, 2022, an increase of $1.39.
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 its branch network in southwestern Pennsylvania and West Virginia. 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, 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.
CB FINANCIAL SERVICES, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)
Selected Financial Condition Data
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
Assets
Cash and Due From Banks
$
78,093
$
103,545
$
103,700
$
122,801
$
81,121
Securities
181,427
189,025
190,058
193,846
213,505
Loans
Real Estate:
Residential
338,493
332,840
330,725
328,248
325,138
Commercial
458,614
452,770
436,805
432,516
426,105
Construction
44,523
39,522
44,923
49,502
41,277
Commercial and Industrial:
Commercial and Industrial
102,232
79,436
69,918
61,428
62,054
PPP
34
65
126
768
3,853
Consumer
134,788
146,081
146,927
150,615
148,921
Other
22,470
21,151
20,449
19,865
20,621
Total Loans
1,101,154
1,071,865
1,049,873
1,042,942
1,027,969
Allowance for Credit Losses
(10,666
)
(10,270
)
(12,819
)
(12,854
)
(12,833
)
Loans, Net
1,090,488
1,061,595
1,037,054
1,030,088
1,015,136
Premises and Equipment, Net
18,582
17,732
17,844
18,064
18,196
Bank-Owned Life Insurance
25,082
24,943
25,893
25,750
25,610
Goodwill
9,732
9,732
9,732
9,732
9,732
Intangible Assets, Net
2,622
3,068
3,513
3,959
4,404
Accrued Interest Receivable and Other Assets
26,707
21,068
21,144
21,680
18,757
Total Assets
$
1,432,733
$
1,430,708
$
1,408,938
$
1,425,920
$
1,386,461
Liabilities
Deposits
Noninterest-Bearing Demand Accounts
$
316,098
$
350,911
$
390,405
$
407,107
$
389,127
Interest-Bearing Demand Accounts
374,654
359,051
311,825
298,755
265,347
Money Market Accounts
185,814
206,174
209,125
198,715
185,308
Savings Accounts
217,267
234,935
248,022
250,378
250,226
Time Deposits
169,482
130,449
109,126
120,879
125,182
Total Deposits
1,263,315
1,281,520
1,268,503
1,275,834
1,215,190
Short-Term Borrowings
—
121
8,060
18,108
32,178
Other Borrowings
34,658
14,648
14,638
17,627
17,618
Accrued Interest Payable and Other Liabilities
18,171
17,224
7,582
7,645
7,703
Total Liabilities
1,316,144
1,313,513
1,298,783
1,319,214
1,272,689
Stockholders’ Equity
116,589
117,195
110,155
106,706
113,772
Total Liabilities and Stockholders’ Equity
$
1,432,733
$
1,430,708
$
1,408,938
$
1,425,920
$
1,386,461
(Dollars in thousands, except share and per share data) (Unaudited)
Three Months Ended
Six Months Ended
Selected Operating Data
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
6/30/23
6/30/22
Interest and Dividend Income:
Loans, Including Fees
$
13,426
$
12,371
$
11,835
$
10,815
$
9,733
$
25,797
$
19,284
Securities:
Taxable
950
964
974
985
988
1,914
1,893
Tax-Exempt
42
41
40
49
57
83
123
Dividends
25
24
28
21
20
49
42
Other Interest and Dividend Income
760
844
978
417
160
1,605
232
Total Interest and Dividend Income
15,203
14,244
13,855
12,287
10,958
29,448
21,574
Interest Expense:
Deposits
3,842
2,504
1,811
1,079
604
6,346
1,134
Short-Term Borrowings
3
2
7
19
18
5
37
Other Borrowings
238
155
171
174
173
393
347
Total Interest Expense
4,083
2,661
1,989
1,272
795
6,744
1,518
Net Interest and Dividend Income
11,120
11,583
11,866
11,015
10,163
22,704
20,056
Provision for Credit Losses - Loans
492
80
—
—
3,784
572
3,784
Recovery for Credit Losses - Unfunded Commitments
(60
)
—
—
—
—
(60
)
—
Net Interest and Dividend Income After Provision for Credit Losses
10,688
11,503
11,866
11,015
6,379
22,192
16,272
Noninterest Income:
Service Fees
448
445
530
544
559
892
1,085
Insurance Commissions
1,511
1,922
1,399
1,368
1,369
3,434
3,167
Other Commissions
224
144
157
244
179
368
268
Net (Loss) Gain on Sales of Loans
(5
)
2
—
—
—
(3
)
—
Net (Loss) Gain on Securities
(100
)
(232
)
83
(46
)
(199
)
(332
)
(206
)
Net Gain on Purchased Tax Credits
7
7
14
14
14
14
28
Net Gain (Loss) on Disposal of Fixed Assets
—
11
—
439
—
11
(8
)
Income from Bank-Owned Life Insurance
139
140
143
140
142
280
278
Net Gain on Bank-Owned Life Insurance Claims
1
302
—
—
—
303
—
Other Income
44
69
34
36
41
113
106
Total Noninterest Income
2,269
2,810
2,360
2,739
2,105
5,080
4,718
Noninterest Expense:
Salaries and Employee Benefits
5,231
5,079
4,625
4,739
4,539
10,310
9,104
Occupancy
789
701
817
768
776
1,490
1,462
Equipment
283
218
178
170
182
501
392
Data Processing
718
857
681
540
446
1,575
931
FDIC Assessment
224
152
154
147
128
376
337
PA Shares Tax
195
260
258
240
240
455
480
Contracted Services
434
147
405
288
348
581
935
Legal and Professional Fees
246
182
362
334
389
428
541
Advertising
75
79
165
131
115
154
231
Other Real Estate Owned (Income)
(35
)
(37
)
(38
)
(38
)
(37
)
(72
)
(75
)
Amortization of Intangible Assets
446
445
446
445
446
891
891
Other
895
945
945
1,063
838
1,841
1,837
Total Noninterest Expense
9,501
9,028
8,998
8,827
8,410
18,530
17,066
Income Before Income Tax Expense (Benefit)
3,456
5,285
5,228
4,927
74
8,742
3,924
Income Tax Expense (Benefit)
699
1,129
1,076
998
(44
)
1,827
759
Net Income
$
2,757
$
4,156
$
4,152
$
3,929
$
118
$
6,915
$
3,165
Three Months Ended
Six Months Ended
Per Common Share Data
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
6/30/23
6/30/22
Dividends Per Common Share
$
0.25
$
0.25
$
0.24
$
0.24
$
0.24
$
0.50
$
0.48
Earnings Per Common Share - Basic
0.54
0.81
0.81
0.77
0.02
1.35
0.61
Earnings Per Common Share - Diluted
0.54
0.81
0.81
0.77
0.02
1.35
0.61
Weighted Average Common Shares Outstanding - Basic
5,111,987
5,109,597
5,095,237
5,106,861
5,147,846
5,110,799
5,172,881
Weighted Average Common Shares Outstanding - Diluted
5,116,134
5,115,705
5,104,254
5,118,627
5,156,975
5,118,396
5,189,144
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
Common Shares Outstanding
5,111,678
5,116,830
5,100,189
5,096,672
5,128,333
Book Value Per Common Share
$
22.81
$
22.90
$
21.60
$
20.94
$
22.18
Tangible Book Value per Common Share (1)
20.39
20.40
19.00
18.25
19.43
Stockholders’ Equity to Assets
8.1
%
8.2
%
7.8
%
7.5
%
8.2
%
Tangible Common Equity to Tangible Assets (1)
7.3
7.4
6.9
6.6
7.3
Three Months Ended
Six Months Ended
Selected Financial Ratios (2)
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
6/30/23
6/30/22
Return on Average Assets
0.79
%
1.21
%
1.16
%
1.12
%
0.03
%
1.00
%
0.45
%
Return on Average Equity
9.38
14.69
15.26
13.60
0.40
11.98
5.15
Average Interest-Earning Assets to Average Interest-Bearing Liabilities
142.37
147.53
149.04
149.41
149.03
144.88
146.74
Average Equity to Average Assets
8.38
8.27
7.63
8.20
8.49
8.33
8.81
Net Interest Rate Spread
2.78
3.12
3.17
3.10
3.00
2.95
3.00
Net Interest Rate Spread (FTE) (1)
2.79
3.13
3.18
3.11
3.01
2.96
3.01
Net Interest Margin
3.29
3.51
3.45
3.29
3.12
3.40
3.10
Net Interest Margin (FTE) (1)
3.30
3.52
3.46
3.30
3.13
3.41
3.11
Net Charge-Offs (Recoveries) to Average Loans
0.04
(0.29
)
0.01
(0.01
)
1.01
(0.12
)
0.50
Efficiency Ratio
70.96
62.72
63.25
64.18
68.55
66.69
68.89
Asset Quality Ratios
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
Allowance for Credit Losses to Total Loans
0.97
%
0.96
%
1.22
%
1.23
%
1.25
%
Allowance for Credit Losses to Nonperforming Loans (3)
260.46
189.73
221.06
218.61
219.89
Allowance for Credit Losses to Noncurrent Loans (4)
260.46
189.73
320.64
318.96
329.47
Delinquent and Nonaccrual Loans to Total Loans (4) (5)
0.68
1.02
0.81
0.46
0.45
Nonperforming Loans to Total Loans (3)
0.37
0.51
0.55
0.56
0.57
Noncurrent Loans to Total Loans (4)
0.37
0.51
0.38
0.39
0.38
Nonperforming Assets to Total Assets (6)
0.30
0.40
0.41
0.41
0.42
Capital Ratios (7)
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
Common Equity Tier 1 Capital (to Risk Weighted Assets)
12.54
%
12.60
%
12.33
%
12.02
%
11.83
%
Tier 1 Capital (to Risk Weighted Assets)
12.54
12.60
12.33
12.02
11.83
Total Capital (to Risk Weighted Assets)
13.64
13.69
13.58
13.27
13.08
Tier 1 Leverage (to Adjusted Total Assets)
9.26
9.24
8.66
8.51
8.33
(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)
Nonperforming loans consist of all nonaccrual loans and accruing loans that are 90 days or more past due.
(4)
Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due.
(5)
Delinquent loans consist of accruing loans that are 30 days or more past due.
(6)
Nonperforming assets consist of nonperforming loans and other real estate owned.
(7)
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, 2023
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
Average
Balance
Interest and
Dividends
Yield /
Cost (1)
Average
Balance
Interest
and
Dividends
Yield /
Cost (1)
Average
Balance
Interest
and
Dividends
Yield /
Cost (1)
Average
Balance
Interest
and
Dividends
Yield /
Cost (1)
Average
Balance
Interest
and
Dividends
Yield /
Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
$
1,079,399
$
13,450
5.00
%
$
1,040,570
$
12,391
4.83
%
$
1,034,714
$
11,853
4.54
%
$
1,024,363
$
10,833
4.20
%
$
1,007,874
$
9,751
3.88
%
Debt Securities
Taxable
209,292
950
1.82
213,158
964
1.81
216,915
974
1.80
222,110
985
1.77
228,315
988
1.73
Exempt From Federal Tax
6,180
53
3.43
6,270
52
3.32
6,277
51
3.25
7,998
62
3.10
9,109
73
3.21
Equity Securities
2,693
25
3.71
2,693
24
3.56
2,693
28
4.16
2,693
21
3.12
2,693
20
2.97
Interest-Earning Deposits at Banks
54,466
721
5.30
74,555
805
4.32
99,108
939
3.79
67,870
378
2.23
56,379
122
0.87
Other Interest-Earning Assets
2,783
39
5.62
2,633
39
6.01
2,875
39
5.38
2,784
39
5.56
3,235
38
4.71
Total Interest-Earning Assets
1,354,813
15,238
4.51
1,339,879
14,275
4.32
1,362,582
13,884
4.04
1,327,818
12,318
3.68
1,307,605
10,992
3.37
Noninterest-Earning Assets
51,928
48,369
51,718
68,796
84,323
Total Assets
$
1,406,741
$
1,388,248
$
1,414,300
$
1,396,614
$
1,391,928
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
354,497
$
1,582
1.79
%
$
335,327
$
1,191
1.44
%
$
315,352
$
810
1.02
%
$
278,412
$
393
0.56
%
$
260,655
$
111
0.17
%
Savings Accounts
225,175
53
0.09
242,298
37
0.06
249,948
29
0.05
251,148
20
0.03
248,356
20
0.03
Money Market Accounts
194,565
1,033
2.13
213,443
939
1.78
206,192
604
1.16
189,371
269
0.56
188,804
61
0.13
Time Deposits
155,867
1,174
3.02
101,147
337
1.35
116,172
368
1.26
123,438
397
1.28
127,832
412
1.29
Total Interest-Bearing Deposits
930,104
3,842
1.66
892,215
2,504
1.14
887,664
1,811
0.81
842,369
1,079
0.51
825,647
604
0.29
Short-Term Borrowings
480
3
2.51
1,344
2
0.60
8,985
7
0.31
28,738
19
0.26
34,135
18
0.21
Other Borrowings
21,026
238
4.54
14,641
155
4.29
17,598
171
3.86
17,621
174
3.92
17,611
173
3.94
Total Interest-Bearing Liabilities
951,610
4,083
1.72
908,200
2,661
1.19
914,247
1,989
0.86
888,728
1,272
0.57
877,393
795
0.36
Noninterest-Bearing Demand Deposits
326,262
362,343
391,300
390,658
391,975
Other Liabilities
10,920
2,953
788
2,636
4,415
Total Liabilities
1,288,792
1,273,496
1,306,335
1,282,022
1,273,783
Stockholders' Equity
117,949
114,752
107,965
114,592
118,145
Total Liabilities and Stockholders' Equity
$
1,406,741
$
1,388,248
$
1,414,300
$
1,396,614
$
1,391,928
Net Interest Income (FTE)
(Non-GAAP) (3)
$
11,155
$
11,614
$
11,895
$
11,046
$
10,197
Net Interest-Earning Assets (4)
403,203
431,679
448,335
439,090
430,212
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
2.79
%
3.13
%
3.18
%
3.11
%
3.01
%
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
3.30
3.52
3.46
3.30
3.13
PPP Loans
38
1
10.56
100
3
12.17
216
22
40.41
2,424
123
20.13
5,546
144
10.41
(1)
Annualized based on three months ended results.
(2)
Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)
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.
(4)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)
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.
(6)
Net interest margin represents annualized net interest income divided by average total interest-earning assets.
AVERAGE BALANCES AND YIELDS
Six Months Ended
June 30, 2023
June 30, 2022
Average
Balance
Interest
and
Dividends
Yield /
Cost (1)
Average
Balance
Interest
and
Dividends
Yield /
Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
$
1,060,092
$
25,840
4.92
%
$
1,008,539
$
19,322
3.86
%
Debt Securities
Taxable
211,213
1,914
1.81
222,144
1,893
1.70
Exempt From Federal Tax
6,225
105
3.37
9,649
156
3.23
Marketable Equity Securities
2,693
49
3.64
2,693
42
3.12
Interest-Earning Deposits at Banks
64,455
1,526
4.74
57,829
156
0.54
Other Interest-Earning Assets
2,709
79
5.88
3,358
76
4.56
Total Interest-Earning Assets
1,347,387
29,513
4.42
1,304,212
21,645
3.35
Noninterest-Earning Assets
50,159
103,201
Total Assets
$
1,397,546
$
1,407,413
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
344,965
$
2,773
1.62
%
$
268,585
$
160
0.12
%
Savings Accounts
233,689
90
0.08
246,084
38
0.03
Money Market Accounts
203,952
1,972
1.95
190,605
102
0.11
Time Deposits
128,659
1,511
2.37
129,914
834
1.29
Total Interest-Bearing Deposits
911,265
6,346
1.40
835,188
1,134
0.27
Short-Term Borrowings
910
5
1.11
36,000
37
0.21
Other Borrowings
17,850
393
4.44
17,608
347
3.97
Total Interest-Bearing Liabilities
930,025
6,744
1.46
888,796
1,518
0.34
Noninterest-Bearing Demand Deposits
344,203
388,103
Other Liabilities
6,959
6,468
Total Liabilities
1,281,187
1,283,367
Stockholders' Equity
116,359
124,046
Total Liabilities and Stockholders' Equity
$
1,397,546
$
1,407,413
Net Interest Income (FTE) (Non-GAAP) (3)
22,769
20,127
Net Interest-Earning Assets (4)
417,362
415,416
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)
2.96
%
3.01
%
Net Interest Margin (FTE) (Non-GAAP) (3)(6)
3.41
3.11
PPP Loans
69
4
11.69
10,085
589
11.78
(1)
Annualized based on six months ended results
(2)
Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)
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.
(4)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)
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.
(6)
Net interest margin represents annualized net interest income divided by average total interest-earning assets.
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. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company’s business and in analyzing the Company’s operating results on the same basis as that applied by management. 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 similar 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.
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
(Dollars in thousands, except share and per share data) (Unaudited)
Assets (GAAP)
$
1,432,733
$
1,430,708
$
1,408,938
$
1,425,920
$
1,386,461
Goodwill and Intangible Assets, Net
(12,354
)
(12,800
)
(13,245
)
(13,691
)
(14,136
)
Tangible Assets (Non-GAAP) (Numerator)
$
1,420,379
$
1,417,908
$
1,395,693
$
1,412,229
$
1,372,325
Stockholders' Equity (GAAP)
$
116,589
$
117,195
$
110,155
$
106,706
$
113,772
Goodwill and Intangible Assets, Net
(12,354
)
(12,800
)
(13,245
)
(13,691
)
(14,136
)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)
$
104,235
$
104,395
$
96,910
$
93,015
$
99,636
Stockholders’ Equity to Assets (GAAP)
8.1
%
8.2
%
7.8
%
7.5
%
8.2
%
Tangible Common Equity to Tangible Assets (Non-GAAP)
7.3
%
7.4
%
6.9
%
6.6
%
7.3
%
Common Shares Outstanding (Denominator)
5,111,678
5,116,830
5,100,189
5,096,672
5,128,333
Book Value per Common Share (GAAP)
$
22.81
$
22.90
$
21.60
$
20.94
$
22.18
Tangible Book Value per Common Share (Non-GAAP)
$
20.39
$
20.40
$
19.00
$
18.25
$
19.43
Three Months Ended
Six Months Ended
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
6/30/23
6/30/22
(Dollars in thousands) (Unaudited)
Net Income (GAAP)
$
2,757
$
4,156
$
4,152
$
3,929
$
118
$
6,915
$
3,165
Amortization of Intangible Assets, Net
446
445
446
445
446
891
891
Adjusted Net Income (Non-GAAP) (Numerator)
$
3,203
$
4,601
$
4,598
$
4,374
$
564
$
7,806
$
4,056
Annualization Factor
4.01
4.06
3.97
3.97
4.01
2.02
2.02
Average Stockholders' Equity (GAAP)
$
117,949
$
114,752
$
107,965
$
114,592
$
118,145
$
116,359
$
124,046
Average Goodwill and Intangible Assets, Net
(12,626
)
(13,080
)
(13,534
)
(13,968
)
(14,414
)
(12,852
)
(14,641
)
Average Tangible Common Equity (Non-GAAP) (Denominator)
$
105,323
$
101,672
$
94,431
$
100,624
$
103,731
$
103,507
$
109,405
Return on Average Equity (GAAP)
9.38
%
14.69
%
15.26
%
13.60
%
0.40
%
11.98
%
5.15
%
Return on Average Tangible Common Equity (Non-GAAP)
12.20
%
18.35
%
19.32
%
17.25
%
2.18
%
15.21
%
7.48
%
Three Months Ended
Six Months Ended
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
6/30/23
6/30/22
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)
$
15,203
$
14,244
$
13,855
$
12,287
$
10,958
$
29,448
$
21,574
Adjustment to FTE Basis
35
31
29
31
34
65
71
Interest Income (FTE) (Non-GAAP)
15,238
14,275
13,884
12,318
10,992
29,513
21,645
Interest Expense (GAAP)
4,083
2,661
1,989
1,272
795
6,744
1,518
Net Interest Income (FTE) (Non-GAAP)
$
11,155
$
11,614
$
11,895
$
11,046
$
10,197
$
22,769
$
20,127
Net Interest Rate Spread (GAAP)
2.78
%
3.12
%
3.17
%
3.10
%
3.00
%
2.95
%
3.00
%
Adjustment to FTE Basis
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Net Interest Rate Spread (FTE) (Non-GAAP)
2.79
3.13
3.18
3.11
3.01
2.96
3.01
Net Interest Margin (GAAP)
3.29
%
3.51
%
3.45
%
3.29
%
3.12
%
3.40
%
3.10
%
Adjustment to FTE Basis
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Net Interest Margin (FTE) (Non-GAAP)
3.30
3.52
3.46
3.30
3.13
3.41
3.11
Three Months Ended
Six Months Ended
6/30/23
3/31/23
12/31/22
9/30/22
6/30/22
6/30/23
6/30/22
(Dollars in thousands) (Unaudited)
Net Income Before Income Tax Expense (Benefit) (GAAP)
$
3,456
$
5,285
$
5,228
$
4,927
$
74
$
8,742
$
3,924
Provision for Credit Losses
492
80
—
—
3,784
572
3,784
PPNR (Non-GAAP) (Numerator)
$
3,948
$
5,365
$
5,228
$
4,927
$
3,858
$
9,314
$
7,708
Annualization Factor
4.01
4.06
3.97
3.97
4.01
2.02
2.02
Average Assets (Denominator)
$
1,406,741
$
1,388,248
$
1,414,300
$
1,396,614
$
1,391,928
$
1,397,546
$
1,407,413
PPNR Return on Average Assets (Non-GAAP)
1.13
%
1.57
%
1.47
%
1.40
%
1.11
%
1.34
%
1.10
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20230728598887/en/
Company Contact: John H. Montgomery President and Chief Executive Officer Phone: (724) 225-2400
Investor Relations: Jeremy Hellman, Vice President The Equity Group Inc. Phone: (212) 836-9626 Email: jhellman@equityny.com
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