CB Financial’s income soars in 2015
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CB Financial Services Inc., the parent of Community Bank, announced Friday that its income for 2015 nearly doubled that of the previous year. The Carmichaels-based company reported $8.4 million in income last year, a 96.2 percent jump from $4.3 million in 2014.
Earnings per share rose 44 cents, from $1.63 in 2014 to $2.07 last year, a 26.9 percent jump.
CB Financial said the gain largely was the result of the Oct. 31, 2014, merger of CB and FedFirst Financial Corp., headquartered in Monessen.
Net income increased $22,000 (1.3 percent) to $1.8 million for the fourth quarter of 2015 compared with the same three-month period of the previous year. Earnings per share for October-to-December 2015 was 43 cents, down 7 cents (13.7 percent) from 50 cents for the same quarter of 2014.
“CB had a wonderful year,” said Barron P. McCune Jr., vice chairman, president and chief executive officer. “This is the first full year of operations after the acquisition, (which) has proved to be an excellent boost for CB,”