CB Financial Services reports strong 2Q
CARMICHAELS – CB Financial Services Inc., the holding company of Community Bank Friday reported net income of $1.8 million for the three months ended June 30, compared to $1.9 million for the three months ended June 30, 2016, a decrease of $137,000, or 7.1 percent.
The company said its noninterest income increased $98,000 or 5.2 percent, and $327,000 or 8.8 percent to $2.0 and $4.0 million for the three and six months ended June 30.
Net interest income for the current period was $7.1 million, as compared to $7.2 million for the second quarter of 2016. The prior period enjoyed an increase to interest income of $381,000 due to the accretion of the acquired loan portfolio credit mark, while the current period enjoyed $173,000 due to such accretion.
“The second quarter was solid and benefited from strong noninterest income and improving credit quality,” said Barron P. McCune Jr., vice chairman and chief executive officer.
“We recorded net income of $1.8 million, which represents an annualized return on assets of 0.82 percent and an annualized return on equity of 7.87 percent.
“Our insurance subsidiary, Exchange Underwriters, had another strong quarter. In the second quarter, we also completed and began to occupy the Ralph J. Sommers Jr. Operations Center. We are confident that this new facility will enable Community Bank to grow and continue its legacy of outstanding service to our customers and value to our shareholders.”