CB Financial Services reports 3Q profit
CARMICHAELS – CB Financial Services Inc. Friday reported third-quarter profit of $1.6 million.
The bank, based in Carmichaels, said it had earnings of 38 cents per share.
The holding company for Community Bank posted revenue of $8.8 million in the period.
The bank’s net income of $1.6 million for the three months ended Sept. 30 compared to $2.1 million for the three months ended Sept. 30, 2015, a decrease of $553,000, or 26 percent. Earnings per share (basic and diluted) decreased 14 cents, or 26.4 percent, to 38 cents for the three months ended Sept. 30 compared to 52 cents for the three months ended Sept. 30, 2015.
“The third quarter was somewhat weaker than prior quarters, due to the continuing impact of the soft local economy,” said Barron P. McCune, Jr., vice chairman, president and chief executive officer. “While loan demand and production is picking up, our loans outstanding have not recovered completely from an earlier rash of payoffs and depressed production.
“Despite the soft quarter, our year-to-date return on assets stands at 0.89 percent and our year-to-date return on equity is 8.33 percent. The local economy is steadily improving as natural gas prices pick up in response to growing demand. We are implementing plans to expand our ability to grow loans in the vibrant northern Pittsburgh metro area, which enjoys growth from a variety of sources, including the recently announced plans to build the Shell cracker plant in Beaver County.
“While it takes time to organically build our loan portfolio in current circumstances, we are confident that we will end the year in good shape and will have plenty of opportunity in the year ahead.”
CB Financial Services shares rose 2 percent since the beginning of the year. In the final minutes of trading Friday, shares hit $23.41, an increase of roughly 8 percent in the last 12 months.