CB Financial sees 3Q income grow 31 percent
CARMICHAELS – CB Financial Services Inc., the holding company of Community Bank, on Friday reported net income of $2.1 million for the three months ended Sept. 30, compared to $1.6 million for the comparable quarter of a year ago, a 31 percent increase.
Net interest income for the current quarter was $7.4 million, as compared to $7 million for the third quarter of 2016, which the bank attributed to net loan growth of approximately $21.5 million during the current quarter as compared to the quarter ended June 30.
The company also noted that its noninterest expense decreased $268,000 or 4.3 percent, to $5.9 million in the third quarter, compared to $6.2 million for the three months ended Sept. 30, 2016.
“The third quarter was good and benefited from strong deposit and loan growth of approximately $34.5 million and $21.5 million, respectively, and improving credit quality,” said Barron P. McCune Jr., vice chairman and chief executive officer. “The local economy continues to improve, as natural gas activity quickens and coal holds its own.”