Community Bank 2Q results low
Community Bank on Monday reported slightly lower earnings for the second quarter of 2013.
The Carmichaels-based bank, a wholly owned subsidiary of CB Financial Services Inc. said for the quarter ended June 30, it earned $1,033,000, or 28,000 lower than the 1,061,000 for the comparable period of 2012.
For the six months ended June 30, the bank reported earnings of $1,895,000, compared to $2,211,000 earned for the six months ended June 30, 2012.
For 2013 year-to-date, the Bank generated a return on equity of 8.71 percent and a return on average assets of 0.71 percent. Earnings per share so far in 2013 are 72 cents, with dividends paid YTD 42 cents per share.
Average assets through June 30 were $535,312,000, compared to $533,192,000 for the same period last year.
Community Bank President and Chief Executive Officer Barron P. McCune, Jr. noted that the bank recently set new records in providing loans to its customers He said the modest decrease in earnings was largely due to the extremely low interest rate environment.