Community Bank posts positive 1Q
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Its first full post-merger quarter was a positive one for CB Financial Services.
The holding company of Community Bank said this week its net income for the three months that ended March 31 was $2.3 million, an increase of $1.2 million over the first quarter of 2014. CB, based in Carmichaels, and FedFirst Financial Corp. of Monessen, parent of First Federal Savings Bank, announced their agreement to merge into CB April 15, 2014. It took effect Nov. 1.
CB experienced other increases from the first quarter of 2014 to the same period this year, including net interest income by 81.5 percent ($7.5 million from $4.1 million) and interest and dividend income 78.6 percent ($8.2 million from $4.6 million).
“We are pleased to announce a successful first full quarter of combined post-merger operations. The company greatly improved its net interest margin quarter over quarter while maintaining strong asset quality,” said Pat McCune, vice chairman, president and CEO, in a statement.