close

CB Financial Services announces 4Q results

3 min read

CB Financial Services Inc., the holding company of Carmichaels-based Community Bank Tuesday announced net income of $1.7 million for the three months ended Dec. 31. The latest amount compared to net income of $1.2 million for the three months ended Dec. 31, 2013, an increase of $518,000 or 42.6 percent.

Earnings per share was 50 cents for the three months ended Dec. 31 compared to 49 cents for the three months ended Dec. 31, 2013.

CB Financial also reported net income of $4.3 million for the year ended Dec. 31, which was comparable to the year ended Dec. 31, 2013, with earnings per share at $1.63, compared to $1.72 for the year ended Dec. 31, 2013, a decrease of 9 cents per share.

The bank said in a press release the quarterly and year-to-date results were largely impacted by the merger of FedFirst Financial Corp, the Monessen-based holding company for First Federal Savings Bank with CB Financial, which occurred Oct. 31.

In addition, the bank sold a real estate owned property in the fourth quarter that resulted in an $840,000 gain.

In the fourth quarter, net interest income at year’s end increased $2.3 million, or 55.6 percent, to $6.4 million compared to $4.1 million for the three months ended Dec. 31,2013. Interest income on loans increased $2.4 million, or 60.1 percent, to $6.4 million and interest expense on deposits increased $80,000, or 16.9 percent, to $533,000 for the three months ended Dec. 31, primarily driven by growth in average loans and deposits from the merger.

Noninterest income increased $580,000, or 65.5 percent to $1.5 million for the three months ended Dec. 31, compared to $885,000 for the comparable period of a year earlier.

Noninterest expense increased $1.8 million, or 54 percent for the quarter just completed, compared to $3.4 million for the three months ended Dec. 31, 2014, primarily due to $946,000 of merger-related expenses, which included $877,000 in professional fees related to investment banker, legal and audit services. Salaries and benefits increased $828,000, related to employees retained from the merger.

Net interest income for the year ended Dec. 31 increased $3.2 million, or 20.5 percent, to $18.9 million compared to $15.7 million for the end of 2013.

Noninterest expense grew $3.4 million, or 25.8 percent to $16.8 million for the year ended Dec. 31, compared to $13.4 million for the year ended Dec. 31 2013, primarily due to $2 million of merger-related expenses.

Total assets at Dec. 31 were $846.3 million, an increase of $299.8 million, or 54.9 percent, from total assets of $546.5 million. Net loans increased $306.7 million, or 82.1 percent, to $680.5 million due to the loan portfolio acquired as part of the merger.

Total deposits increased $217.2 million, or 45.2 percent to $697.5 million due to the deposits acquired through the merger.

Stockholders’ equity increased $36.9 million, or 82 percent, to $81.9 million at December 31, compared to $45.0 million at Dec. 31, 2013, because of the merger. The company issued 1.7 million shares of common stock as part of the merger.

CUSTOMER LOGIN

If you have an account and are registered for online access, sign in with your email address and password below.

NEW CUSTOMERS/UNREGISTERED ACCOUNTS

Never been a subscriber and want to subscribe, click the Subscribe button below.

Starting at $3.75/week.

Subscribe Today