Apr 29, 2016 2 min read

CARMICHAELS — CB Financial Services Inc., the holding company of Community Bank on Friday reported net income of $2.0 million for the first quarter ended March 31.

The amount compared to $2.3 million for the comparable period ended March 31, 2015, a decrease of $250,000, or 10.9 percent.

Earnings per share (basic and diluted) decreased 6 cents, or 10.5 percent, to 50 cents for the three months ended March 31, compared to 56 cents for the comparable period of a year ago.

The bank said in a press release the quarterly results were largely impacted by an $850,000 provision for loan losses recognized in the current period, mainly offset by a $566,000 pre-tax gain recognized due to the foreclosure procedures on two commercial real estate loans that moved into other real estate owned properties in the current period.

“The first quarter of 2016 yielded solid results, while allowing us to bolster our loan loss reserve as well,” President and Chief Executive Officer Barron P. McCune, Jr.

“In order to account for some softening in the local economy, we recorded enhanced provisions to our loan loss reserve. Also of note, in the first quarter, we were also able to resolve certain problem assets on favorable terms.”

McCune said the loan loss provisions “are an illustration of our conservative and prudent culture and should not overshadow our strong performance, which equates to a 0.98 percent annualized return on average assets and a 9.36 percent annualized return on average equity.

“This performance enabled us to continue paying our quarterly dividend of 22 cents per share. We look forward to building on our strong first quarter results.”