CB Financial Services Inc (CBFV) Quarterly 10-Q Report

CB Financial Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing reports that total assets increased by $105.7 million, or 7.3%, to $1.6 billion at September 30, 2024, compared to $1.5 billion at December 31, 2023. This increase was primarily due to a $79.1 million rise in cash and due from banks and a $63.8 million increase in securities.

Total loans decreased by $44.6 million, or 4.0%, to $1.07 billion at September 30, 2024, driven by decreases in consumer, residential real estate, commercial real estate, and commercial and industrial loans.

The allowance for credit losses was $9.5 million at September 30, 2024, slightly down from $9.7 million at December 31, 2023. The provision for credit losses recorded for the nine months ended September 30, 2024, was a net recovery of $114,000.

Total liabilities increased by $96.3 million, or 7.3%, to $1.4 billion at September 30, 2024, primarily due to an $86.7 million increase in total deposits.

Stockholders' equity increased by $9.3 million, or 6.7%, to $149.1 million at September 30, 2024, compared to $139.8 million at December 31, 2023. This increase was attributed to $10.1 million of net income and a $2.8 million decrease in accumulated other comprehensive loss.

Net income for the three months ended September 30, 2024, was $3.2 million, an increase of $547,000 compared to the same period in 2023. Net interest and dividend income increased by $757,000, or 7.1%, to $11.5 million.

Noninterest income decreased by $1.2 million, or 48.9%, to $1.2 million for the three months ended September 30, 2024, primarily due to a decrease in insurance commissions following the sale of Exchange Underwriters (CBFV) in December 2023.

Noninterest expense decreased by $705,000, or 7.4%, to $8.8 million for the three months ended September 30, 2024, primarily due to a decrease in salaries and benefits.

The company reported that it was well-capitalized under the regulatory framework for prompt corrective action, with a total capital ratio of 15.76% as of September 30, 2024.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CB Financial Services Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].