Jan 30, 2014 1 min read

Community Bank, the wholly owned subsidiary of CB Financial Services, Inc., Wednesday reported higher earnings for the fourth quarter of 2013 and for all of 2013. The Carmichaels-based bank said earnings for the fourth quarter were $1,216,000, which represents a return on equity of 10.63 percent and a return on average assets of 0.88 percent.

For 2013, Community Bank earned $4,255,699 (unaudited and on a consolidated basis). This represents a return on equity of 9.48 percent and a return on average assets of 0.79 percent. This compares with 2012 earnings of $4,216,957. Community Bank also grew its average assets year over year. Average assets for 2013 were $540,751,000 as compared to $538,535,000 for 2012.

Barron P. (“Pat”) McCune, Jr., President and CEO, said that “the bank had an excellent year helping its customers achieve their goals. We made over $144 million in new loans, including over $60 million in new commercial loans and over $40 million in mortgage loans.

“This strong loan growth, coupled with lower loan loss provisions due to our strong credit quality, enabled us to finish the year in good shape.”

Community Bank is a locally owned, independent commercial bank, now 113 years old. It operates 11 offices in Greene, Washington and Allegheny counties.