CB Financial lists strong fourth-quarter, annual results
CB Financial Services Inc. closed out a very good year on a very good note.
The holding company for Community Bank and Exchange Underwriters Inc., a wholly owned insurance subsidiary of the bank, announced fourth-quarter and full-year 2018 financial results Thursday afternoon. And they were positive.
The North Franklin Township-based firm reported it had a fourth-quarter profit of $2.4 million. That was an increase of $1 million-plus from the final three months of 2017, a 77 percent bump year over year. CB also reported earnings of 45 cents per share.
Revenue for the quarter was reported to be $14.5 million, and revenue net of interest expense was $12.8 million, a figure that topped Wall Street forecasts.
For the year, CB Financial reported a profit of $7.1 million ($1.40 per share), a 32 percent increase from $6.9 million in 2017. Revenue for 2016 was listed as $46 million.
Two 2018 mergers affected the company’s performance. The first was the acquisition of First West Virginia Bancorp Inc., the holding company for Progressive Bank N.A. – a deal that closed April 30. Then in late July, Exchange Underwiters merged with Beynon Insurance of Pittsburgh.
Pat O’Brien, CB Financial’s president and chief executive officer, is gratified by the results. He said in a statement:
“We are pleased to report on our fourth quarter and full year financial performance for 2018. The fourth quarter recognized a stabilization period for our organization post-closing of the FWVB merger and the Beynon customer list acquisition . . . We have also achieved success at expanding our market share and brand awareness in the tri-state region.”