CB Financial Services, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 29, 2016 at 02:25 pm
Share
CB Financial Services, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, interest and dividend income was $7.9 million against $7.0 million last year. Net interest income was $7.2 million against $6.4 million last year. Net interest income after provision for loan losses was $6.2 million against $6.4 million last year. Income before income taxes was $2.4 million against $2.6 million last year. Net income was $1.8 million or $0.43 per basic and diluted share against $1.7 million or $0.50 per basic and diluted share last year. Return on average assets was 0.84% against 0.91% last year. Return on average equity was 8.00% against 10.32% last year. The quarterly results were largely impacted by a $1.0 million provision for loan losses recognized in the current period offset by $946,000 of merger-related expenses and an $840,000 pre-tax gain on sale of an other real estate owned property recognized in the prior period.
For the year, interest and dividend income was $31.9 million against $20.8 million last year. Net interest income was $29.2 million against $18.9 million last year. Net interest income after provision for loan losses was $27.2 million against $18.9 million last year. Income before income taxes was $11.9 million against $5.9 million last year. Net income was $8.4 million or $2.07 per basic and diluted share against $4.3 million or $1.63 per basic and diluted share last year. Return on average assets was 1.01% against 0.72% last year. Return on average equity was 9.89% against 8.60% last year. Book value per share was $21.29 against $20.12 at December 31, 2014. The annual results were largely impacted by the merger of FedFirst Financial Corporation with CB effective on October 31, 2014, as well as by $2.0 million of merger-related expenses incurred in the prior period only. Earnings per share did not increase in proportion to the net income percentage increase due to the issuance of common stock as part of the merger.
For the quarter, net charge-offs were $0.4 million, which included a $0.3 million charge-off on a commercial real estate loan in the oil and gas industry, compared to $0.4 million last year.
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. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015