Oct 29, 2019 2 min read

CB Financial Services, Inc., the North Franklin Township-based holding company of Community Bank and Exchange Underwriters, Inc., a wholly owned insurance subsidiary of the bank, announced third-quarter and year-to-date 2019 financial results Monday afternoon.

Among the highlights:

• Net income for the three months that ended Sept. 30 was $3.7 million, compared with $2.3 million for the same quarter in 2018. That was an increase of about $1.5 million, or 63.4%. Diluted earnings per share for the this quarter was $0.69, compared with $0.42 for the three months ended Sept. 30, 2018.
• Net interest income for the third quarter increased $926,000, to $11.1 million, compared with $10.2 million for the same quarter of 2018. This is primarily due to a $45.5 million increase in average loans period over period.
• Non-interest income increased $111,000 for the third quarter of 2019 compared with the third quarter last year. CB Financial mostly attributed this to increased insurance commissions following the Exchange Underwriters’ acquisition of the customer list of Beynon Insurance as of Aug. 1, 2018.

CB Financial said the year-to-date results were largely impacted by the First West Virginia Bancorp and Progressive Bank, National Association merger on April 30, 2018. The merger brought about $281.6 million in low-cost deposits, $95.5 million in loans and eight branch locations in the Upper Ohio Valley and Buckhannon, W.Va. regions.