CB Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Three Months Ended December 31, 2016
January 31, 2017 at 09:30 pm
Share
CB Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net interest income was $7,505,000 compared to $7,191,000 a year ago. Income before income taxes was $2,879,000 compared to $2,432,000 a year ago. Net income was $2,022,000 or $0.49 per basic and diluted share compared to $1,757,000 or $0.43 per basic and diluted share a year ago. Return on average assets was 0.95% compared to 0.84% a year ago. Return on average equity was 8.92% compared to 8.00% a year ago.
For the full year, the company reported net interest income was $29,148,000 compared to $29,202,000 a year ago. Income before income taxes was $10,692,000 compared to $11,863,000 a year ago. Net income was $7,580,000 or $1.86 per basic and diluted share compared to $8,420,000 or $2.07 per basic and diluted share a year ago. Return on average assets was 0.91% compared to 1.01% a year ago. Return on average equity was 8.48% compared to 9.89% a year ago. Book value per share was $21.89 compared to $21.29 a year ago.
Net charge-offs for the three months ended December 31, 2016 were $103,000, which included $203,000 of net charge-offs on automobile loans, compared to $428,000 of net charge-offs for the three months ended December 31, 2015. The decrease in net charge-offs during the quarter were due to recoveries of $95,000 on a commercial real estate relationship and $38,000 on automobile loans.
CB Financial Services, Inc. is the bank holding company. The Company conducts its operations primarily through its wholly owned subsidiary, Community Bank (the Bank). The Bank offers range of residential and commercial real estate loans, commercial and industrial loans, and consumer loans and deposit products for individuals and businesses in its market area. The Company's principal lending activity has been the origination in its local market area of residential one- to four-family, commercial real estate, construction, and others. Its residential real estate loans are comprised of loans secured by one- to four-family residential properties. It provides loans to individuals to finance the construction of residential dwellings, construction of commercial properties, including hotels, and apartment buildings. Its investment portfolio includes United States Government Agency Securities, Obligations of States and Political Subdivisions, Mortgage-Backed Securities, and Corporate Debt.
CB Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Three Months Ended December 31, 2016