Jul 24, 2015 2 min read

CB Financial Services Inc., the holding company of Community Bank, announced second-quarter results Friday.

The Carmichaels-based firm reported that net income increased $1.5 million, to $2.2 million, for the three months that ended June 30. That compared with $739,000 for the three months that ended June 30, 2014.

Earnings per share for the most recent quarter increased $0.24 (77.5 percent) to $0.55, compared with $0.31 in the second quarter of 2014.

First-six-month figures for the respective years show net income rising $2.7 million to $4.5 million in 2015, compared with $1.8 million in 2014; and earnings per share increasing $0.34 (44.7 percent) to $1.11 this year, compared with $0.77 in 2014.

CB’s merger with FedFirst Financial Corp., the Monessen-based holding company for First Federal Savings Bank, had a large effect on both sets of results. That transaction took effect last Oct. 31. Merger-related expenses also impacted the results.

“The positive momentum for our company continued in the second quarter,” Pat McCune, vice chairman, president and chief executive officer, said in a prepared statement. “Not only was there continued overall strong financial performance, but the quarter was highlighted by the company’s addition to the ABA NASDAQ Community Bank Index.”

It was a bountiful spring for CB Financial. McCune pointed out in April, Ambassador Financial Group designated Community “the fourth-highest performing bank in a certain peer group in Western Pennsylvania for our 2014 return on equity”; and that American Banker magazine listed Community as one of “the Top 200 performing community banks in the nation based on our three-year average return on equity.”

Also this spring, Bauer Financial gave Community its highest rating – five stars.