CB Financial earnings decline
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Third-quarter earnings were down for CB Financial Services Inc., but that wasn’t an alarming development for the Carmichaels-based holding company of Community Bank.
The decline is due largely to expenses related to a merger that likely strengthened CB Financial. That merger, with Monessen-based FedFirst Financial Corp., parent of First Federal Savings Bank, took effect Oct. 31.
CB Financial announced Thursday a net income of $739,000 for that quarter, compared with $1,139,000 for the same period in 2013. Diluted earnings per share dropped from 46 cents to 32 cents.
Net income for the first nine months of this year was $2.6 million, down 13.3 percent from $3.0 million for January-September 2013. Diluted earnings per share fell 11.4 percent over the successive nine-month periods, from $1.23 to $1.09.
CB Financial’s merger-related expenses totaled $1,368,000.
“Our core banking business has continued to perform well,” Pat McCune, CB’s president and chief executive officer, said in a prepared statement. “Year-to-date interest income improved 8 percent compared to the prior year period, while commercial business loans and consumer loans have driven year-to-date loan growth to over 5 percent.”