CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM:
CBFV), the holding company of Community Bank (the “Bank”), today
announced its fourth quarter and 2024 financial results.
Three Months Ended
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
(Dollars in thousands, except per share
data) (Unaudited)
Net Income (GAAP)
$
2,529
$
3,219
$
2,650
$
4,196
$
12,966
$
12,594
$
22,550
Net Income Adjustments
(562
)
(293
)
24
(1,000
)
(9,905
)
(1,830
)
(9,926
)
Adjusted Net Income (Non-GAAP) (1)
$
1,967
$
2,926
$
2,674
$
3,196
$
3,061
$
10,764
$
12,624
Earnings per Common Share - Diluted
(GAAP)
$
0.46
$
0.60
$
0.51
$
0.82
$
2.52
$
2.38
$
4.40
Adjusted Earnings per Common Share -
Diluted (Non-GAAP) (1)
$
0.35
$
0.55
$
0.52
$
0.62
$
0.60
$
2.03
$
2.46
(1)
Refer to Explanation of Use of Non-GAAP
Financial Measures and reconciliation of adjusted net income and
adjusted earnings per common share - diluted as presented later in
this Press Release.
2024 Fourth Quarter Financial
Highlights
(Comparisons to three months ended December 31, 2023 unless
otherwise noted)
- Net income was $2.5 million, compared to $13.0 million. Prior
period results included a $24.6 million pre-tax gain on the sale of
the Bank’s subsidiary insurance company, Exchange Underwriters
(EU), partially offset by a $9.8 million pre-tax loss on the sale
of securities resulting primarily from the execution of a balance
sheet repositioning strategy. The December 2023 sale of EU drove
decreases in noninterest income and noninterest expense.
- Net interest and dividend income was $11.5 million, compared to
$11.1 million.
- Noninterest income decreased to $1.7 million, compared to $16.5
million. Noninterest income for the prior period included the gain
on the sale of EU and the loss on the sale of securities as
described above and $1.0 million in insurance commissions from the
operation of EU. Noninterest income for the current period included
a $708,000 earn out payment related to the prior year sale of
EU.
- Noninterest expense decreased to $9.5 million, compared to
$10.8 million, due to decreases in compensation and benefits,
intangible amortization, legal and professional fees, occupancy and
other expenses also driven by the sale of EU, partially offset by
increases in contracted services, data processing and Pennsylvania
shares tax expenses.
(Amounts at December 31, 2024; comparisons to December 31,
2023, unless otherwise noted)
- Total assets increased $25.5 million, or 1.8%, to $1.48 billion
from $1.46 billion.
- Total loans decreased $17.8 million, or 1.6%, to $1.09 billion
compared to $1.11 billion, and included decreases in consumer and
residential real estate loans of $41.1 million and $9.8 million,
respectively, partially offset by increases in commercial real
estate, construction real estate and other loans of $18.4 million,
$11.6 million and $2.5 million, respectively. The consumer loan
portfolio is primarily comprised of indirect automobile loans and
decreased as a result of the discontinuation of that product as of
June 30, 2023. Excluding the $41.5 million decrease in indirect
automobile loans, total loans increased $23.7 million, or 2.1%. In
total, $112.2 million of loans have paid off since December 31,
2023.
- Nonperforming loans to total loans was 0.16% at December 31,
2024, compared to 0.20% at December 31, 2023.
- Total deposits were $1.28 billion, an increase of $16.4
million, compared to $1.27 billion.
- Book value per share was $28.71, compared to $29.07 as of
September 30, 2024 and $27.32 as of December 31, 2023.
- Tangible book value per share (Non-GAAP) was $26.82, compared
to $27.16 as of September 30, 2024 and $25.23 as of December 31,
2023. The year-to-date change was due to an increase in
stockholders’ equity primarily related to current period net income
of $12.6 million, partially offset by the payment of $5.1 million
in dividends since December 31, 2023 and a $488,000 increase in
accumulated other comprehensive loss.
Management Commentary
President and CEO John H. Montgomery commented, “While 2024
presented many dynamic issues for banks, we finished the year
strong, with a consistent net interest margin along with solid
fourth quarter loan growth. Funding costs decreased at a more
favorable rate than asset yields from the prior period,
contributing to the stability of the net interest margin for the
fourth quarter. In addition to softening deposit costs from the
impact from the recent Federal Reserve rate cuts, we reduced our
concentration of brokered time deposits during the quarter, which
also helped lower our cost of funds. Our conservative balance sheet
strategy and continued focus on high quality, relationship driven
loan production continues to strengthen our bank.
Compared to a year ago, our loan portfolio decreased $17.8
million, or 1.6%, driven by decreases in the consumer loan
portfolio of $41.1 million, in part due to the previously exited
Indirect Lending Portfolio. On a quarter over quarter basis, the
loan portfolio grew $26.5 million, with commercial real estate
loans, construction loans and commercial and industrial loans
posting the largest gains. We have made tremendous efforts in
expanding our commercial lending team over the last year, which is
contributing to this growth. In addition, our asset quality
remained pristine at year-end, with nonperforming loans improving
to 0.16% of total loans, from 0.20% of total loans a year ago.
Changes in our deposit mix continued during the quarter, with a
shift from low interest-bearing accounts to higher-yielding deposit
accounts. On a quarter over quarter basis, deposits decreased by
$70.3 million, which was largely due to allowing $60.6 million of
brokered time deposits to mature. This helped to reduce cash on the
balance sheet and improve our net interest margin. For the year,
total deposits increased modestly, primarily due to growth in our
interest-bearing demand deposits and time deposits as well as an
increase in brokered time deposits.
We are making forward progress in implementing our Specialty
Treasury Payments & Services program as part of our long term
strategic initiatives to drive revenue growth and enhance our core
deposit base. This strategy includes development of a platform that
will provide Treasury Management payments, products, and an
exceptional client experience to our traditional Commercial
Treasury Clients and Multiple Deposit Niche markets nationwide.
Implementation of this strategy commenced during the second quarter
of 2024, with full utilization expected during the third quarter of
2025. While costs associated with the full implementation of this
strategy will impact our operating expenses in the near term, we
believe that this investment in our franchise will ultimately
benefit all stakeholders over time and anticipate this strategy
contributing to revenue growth by the end of the year.
With our strong capital levels, pristine credit quality and
ample liquidity, we have a great foundation to build upon as we
transform the bank and take advantage of growth opportunities in
the year ahead.”
Dividend Declaration
The Company’s Board of Directors declared a $0.25 quarterly cash
dividend per outstanding share of common stock, payable on or about
February 28, 2025, to stockholders of record as of the close of
business on February 14, 2025.
2024 Fourth Quarter Financial
Review
Net Interest and Dividend
Income
- Net interest and dividend income increased $396,000, or 3.6%,
to $11.5 million for the three months ended December 31, 2024
compared to $11.1 million for the three months ended December 31,
2023.
- Net Interest Margin (NIM) (GAAP) decreased to 3.12% for the
three months ended December 31, 2024 compared to 3.19% for the
three months ended December 31, 2023. Fully tax equivalent (FTE)
NIM (Non-GAAP) decreased 8 basis points (“bps”) to 3.13% for the
three months ended December 31, 2024 compared to 3.21% for the
three months ended December 31, 2023.
- Interest and dividend income increased $2.5 million, or 14.9%,
to $19.4 million for the three months ended December 31, 2024
compared to $16.9 million for the three months ended December 31,
2023.
- Interest income on loans increased $126,000, or 0.9%, to $14.9
million for the three months ended December 31, 2024 compared to
$14.8 million for the three months ended December 31, 2023. The
average yield on loans increased 23 bps to 5.59% compared to 5.36%
resulting in a $624,000 increase in interest income on loans. The
yield on loans was positively impacted as the Bank collected
$313,000 of interest income related to the payoff of a loan
previously on nonaccrual during the three months ended December 31,
2024. Additionally, the increase in loan yield has been driven by a
reduction in lower yielding consumer loans due to the
discontinuation of the indirect automobile loan product with the
redeployment of those funds into higher yielding commercial loan
products. The average balance of loans decreased $32.0 million to
$1.07 billion from $1.10 billion, causing a $489,000 decrease in
interest income on loans.
- Interest income on taxable investment securities increased $1.9
million, or 166.0%, to $3.1 million for the three months ended
December 31, 2024 compared to $1.2 million for the three months
ended December 31, 2023 driven by a 211 bp increase in average
yield coupled with a $77.3 million increase in average balances.
The increase in the average yield was the result of the Bank
implementing a balance sheet repositioning strategy of its
portfolio of available-for-sale securities during the fourth
quarter of 2023. The Bank sold $69.3 million in market value of its
lower yielding U.S. government agency, mortgage-backed and
municipal securities with an average yield of 1.89% and purchased
$69.3 million of higher yielding mortgage-backed and collateralized
mortgage obligation securities with an average yield of 5.49%. The
increase in volume was driven by a $99.2 million increase in the
average balance of collateralized loan obligation (“CLO”)
securities as the Bank executed a leverage strategy to purchase
these assets funded with cash reserves and brokered certificates of
deposits.
- Interest income on interest-earning deposits at other banks
increased $530,000 to $1.3 million for the three months ended
December 31, 2024 compared to $808,000 for the three months ended
December 31, 2023 driven by a $46.8 million increase in average
balances, partially offset by a 11 bp decrease in the average
yield. The volume increase was due in part to $30.5 million in cash
received from the December 2023 sale of EU.
- Interest expense increased $2.1 million, or 36.9%, to $7.9
million for the three months ended December 31, 2024 compared to
$5.8 million for the three months ended December 31, 2023.
- Interest expense on deposits increased $2.2 million, or 40.4%,
to $7.5 million for the three months ended December 31, 2024
compared to $5.3 million for the three months ended December 31,
2023. Rising market interest rates led to the repricing of
interest-bearing demand and money market deposits and a shift in
deposits from noninterest-bearing and interest-bearing demand
deposits into money market and time deposits which resulted in a 59
bp, or 26.8%, increase in the average cost of interest-bearing
deposits compared to the three months ended December 31, 2023. This
accounted for a $1.5 million increase in interest expense.
Additionally, interest-bearing deposit balances increased $107.0
million, or 11.1%, to $1.1 billion as of December 31, 2024 compared
to $961.0 million as of December 31, 2023, accounting for a
$619,000 increase in interest expense.
Provision for Credit Losses
The provision for credit losses recorded for the three months
ended December 31, 2024 was $683,000. The provision for credit
losses - loans was $483,000 and was primarily due to loan growth,
increases in the loss rate and qualitative adjustments on
construction and land development loans and an increase in
qualitative adjustments on residential real estate loans, partially
offset by a payoff of an impaired loan. The provision for credit
losses - unfunded commitments was $200,000 and was due to an
increase in the loss rate on construction loans. This compared to a
$1.4 million recovery for credit losses recorded for the three
months ended December 31, 2023 and was primarily due to
improvements in qualitative factors coupled with a decrease in
historical loss rates.
Noninterest Income
Noninterest income decreased $14.9 million, or 90.0%, to $1.7
million for the three months ended December 31, 2024, compared to
$16.5 million for the three months ended December 31, 2023. This
decrease resulted primarily as prior period results included a
$24.6 million pre-tax gain on the sale of EU, partially offset by a
$9.8 million pre-tax loss on the sale of securities from the
execution of a balance sheet repositioning strategy. Additionally,
insurance commissions decreased $968,000 as no income was
recognized for the three months ended December 31, 2024 due to the
December 2023 sale of EU, compared to a full quarter of income
recognized for the three months ended December 31, 2023. Other
noninterest income increased $840,000 due to a $708,000 earn out
payment related to the sale of EU recognized in December 2024.
Noninterest Expense
Noninterest expense decreased $1.3 million, or 12.2%, to $9.5
million for the three months ended December 31, 2024 compared to
$10.8 million for the three months ended December 31, 2023.
Salaries and benefits decreased $966,000, or 15.5%, to $5.3 million
primarily due one-time non-recurring expenses associated with sale
of the insurance subsidiary of $691,000 recognized during the three
months ended December 31, 2023 and $561,000 of normal salary
expense recognized for the three months ended December 31, 2023
compared to no expense related to EU recognized for the three
months ended December 31, 2024 due to the December 2023 sale,
partially offset by merit increases and revenue producing staff
additions. Intangible amortization decreased $342,000 as a portion
of the Bank’s core deposit intangible was fully amortized in
February 2024 and EU intangible amortization of $42,000 was
realized during the three months ended December 31, 2023. Legal and
professional fees decreased $166,000 primarily due to timing
differences related to internal audit and CECL model validation
services. Occupancy expense decreased $158,000 due to $244,000 of
non-recurring purchase accounting amortization related to a branch
rebuild and $44,000 of EU occupancy expenses realized during the
three months ended December 31, 2023, partially offset by increases
in rent and depreciation expenses. Other noninterest expense
decreased $140,000 primarily due to $116,000 of EU expenses
realized during the three months ended December 31, 2023.
Contracted services increased $223,000 due to costs associated with
cybersecurity support, website administration, equity compensation
management and treasury product consulting services. Data
processing expense increased $106,000 due to costs associated with
the implementation of a new loan origination system and financial
dashboard platform. Pennsylvania shares tax expense increased
$84,000 due to a higher taxable base due to the increase in equity
resulting from the sale of EU.
Statement of Financial Condition
Review
Assets
Total assets increased $25.5 million, or 1.8%, to $1.48 billion
at December 31, 2024, compared to $1.46 billion at December 31,
2023.
- Cash and due from banks decreased $18.7 million, or 27.3%, to
$49.6 million at December 31, 2024, compared to $68.2 million at
December 31, 2023.
- Securities increased $55.1 million, or 26.6%, to $262.2 million
at December 31, 2024, compared to $207.1 million at December 31,
2023. The securities balance was primarily impacted by the purchase
of $69.8 million of CLO securities, partially offset by $15.4
million of principal repayments on amortizing securities.
Loans and Credit Quality
- Total loans decreased $17.8 million, or 1.6%, to $1.09 billion
compared to $1.11 billion, and included decreases in consumer and
residential real estate loans of $41.1 million and $9.8 million,
respectively, partially offset by increases in commercial real
estate, construction real estate and other loans of $18.4 million,
$11.6 million and $2.5 million, respectively. The decrease in
consumer loans resulted from a reduction in indirect automobile
loan production due to rising market interest rates and the
discontinuation of this product offering as of June 30, 2023. This
portfolio is expected to continue to decline as resources are
allocated and production efforts are focused on more profitable
commercial products. Total loans increased $26,871, or 2.5%, from
September 30, 2024 due to strong commercial loan production during
the quarter. Loan production totaled $148.2 million while $112.2
million of loans were paid off since December 31, 2023.
- The allowance for credit losses (ACL) was $9.8 million at
December 31, 2024 and $9.7 million at December 31, 2023. As a
result, the ACL to total loans was 0.90% at December 31, 2024 and
0.87% at December 31, 2023. During the current year, the Company
recorded a net provision for credit losses of $570,000.
- Net charge-offs for the three months ended December 31, 2024
were $157,000, or 0.06% of average loans on an annualized basis.
Net recoveries for the three months ended December 31, 2023 were
$6,000, or 0.00% of average loans on an annualized basis. Net
charge-offs for the year ended December 31, 2024 were $281,000. Net
recoveries for the year ended December 31, 2023 were $557,000
primarily due to recoveries totaling $750,000 related to a prior
year $2.7 million charged-off commercial and industrial loan.
- Nonperforming loans, which include nonaccrual loans and
accruing loans past due 90 days or more, were $1.8 million at
December 31, 2024 and $2.2 million at December 31, 2023.
Nonperforming loans to total loans ratio was 0.16% at December 31,
2024 and 0.20% at December 31, 2023.
Other
- Accrued interest and other assets increased $7.2 million or
29.6%, to $31.5 million at December 31, 2024, compared to $24.3
million at December 31, 2023 due primarily to a $6.0 million
investment in a low-income housing tax credit project.
Total liabilities increased $17.9 million, or 1.4%, to $1.33
billion at December 31, 2024 compared to $1.32 billion at December
31, 2023.
Deposits
- Total deposits increased $16.4 million to $1.28 billion as of
December 31, 2024 compared to $1.27 billion at December 31, 2023.
Time deposits increased $66.2 million and money market deposits
increased $30.4 million while interest-bearing demand, savings and
non interest-bearing demand deposits decreased $46.2 million, $24.2
million and $9.9 million, respectively. Deposit changes were
primarily the result of the current interest rate environment
causing a shift in deposit products to higher priced money market
and time deposits. Additionally, the Bank added $10.0 million of
brokered time deposits during the period. Brokered time deposits
totaled $39.0 million as of December 31, 2024 compared to $29.0
million at December 31, 2023, all of which mature within three
months and were utilized to fund the purchase of floating rate CLO
securities. At December 31, 2024, FDIC insured deposits totaled
approximately 62.5% of total deposits while an additional 15.9% of
total deposits were collateralized with investment securities.
Accrued Interest Payable and Other
Liabilities
- Accrued interest payable and other liabilities increased $1.5
million, or 10.4%, to $16.0 million at December 31, 2024, compared
to $14.4 million at December 31, 2023 primarily due to a $5.0
million unfunded commitment related to a low-income housing tax
credit project.
Stockholders’ Equity
Stockholders’ equity increased $7.5 million, or 5.4%, to $147.4
million at December 31, 2024, compared to $139.8 million at
December 31, 2023. The key factor positively impacting
stockholders’ equity was $12.6 million of net income for the
current year partially offset by the payment of $5.1 million in
dividends since December 31, 2023 and a $488,000 increase in
accumulated other comprehensive loss.
Book value per share
Book value per common share was $28.71 at December 31, 2024
compared to $27.32 at December 31, 2023, an increase of $1.39.
Tangible book value per common share (Non-GAAP) was $26.82 at
December 31, 2024, compared to $25.23 at December 31, 2023, an
increase of $1.59.
Refer to “Explanation of Use of Non-GAAP Financial Measures” at
the end of this Press Release.
About CB Financial Services,
Inc.
CB Financial Services, Inc. is the bank holding company for
Community Bank, a Pennsylvania-chartered commercial bank. Community
Bank operates its branch network in southwestern Pennsylvania and
West Virginia. Community Bank offers a broad array of retail and
commercial lending and deposit services.
For more information about CB Financial Services, Inc. and
Community Bank, visit our website at www.communitybank.tv.
Statement About Forward-Looking
Statements
Statements contained in this press release that are not
historical facts may constitute forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995 and such forward-looking statements are subject to significant
risks and uncertainties. The Company intends such forward-looking
statements to be covered by the safe harbor provisions contained in
the Act. The Company’s ability to predict results or the actual
effect of future plans or strategies is inherently uncertain.
Factors which could have a material adverse effect on the
operations and future prospects of the Company and its subsidiaries
include, but are not limited to, general and local economic
conditions, changes in market interest rates, deposit flows, demand
for loans, real estate values and competition, competitive products
and pricing, the ability of our customers to make scheduled loan
payments, loan delinquency rates and trends, our ability to manage
the risks involved in our business, our ability to control costs
and expenses, inflation, market and monetary fluctuations, changes
in federal and state legislation and regulation applicable to our
business, actions by our competitors, and other factors that may be
disclosed in the Company’s periodic reports as filed with the
Securities and Exchange Commission. These risks and uncertainties
should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements. The Company
assumes no obligation to update any forward-looking statements
except as may be required by applicable law or regulation.
CB FINANCIAL SERVICES,
INC.
SELECTED CONSOLIDATED
FINANCIAL INFORMATION
(Dollars in thousands, except share and
per share data) (Unaudited)
Selected Financial Condition
Data
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Assets
Cash and Due From Banks
$
49,572
$
147,325
$
142,600
$
73,691
$
68,223
Securities
262,153
270,881
268,769
232,276
207,095
Loans Held for Sale
900
428
632
200
—
Loans
Real Estate:
Residential
337,990
338,926
342,689
346,938
347,808
Commercial
485,513
464,354
458,724
470,430
467,154
Construction
54,705
43,515
44,038
44,323
43,116
Commercial and Industrial
112,047
108,554
112,395
103,313
111,278
Consumer
70,508
80,004
90,357
100,576
111,643
Other
31,863
30,402
30,491
30,763
29,397
Total Loans
1,092,626
1,065,755
1,078,694
1,096,343
1,110,396
Allowance for Credit Losses
(9,805
)
(9,479
)
(9,527
)
(9,582
)
(9,707
)
Loans, Net
1,082,821
1,056,276
1,069,167
1,086,761
1,100,689
Premises and Equipment, Net
20,708
20,838
20,326
19,548
19,704
Bank-Owned Life Insurance
24,209
24,057
23,910
23,763
25,378
Goodwill
9,732
9,732
9,732
9,732
9,732
Intangible Assets, Net
—
88
353
617
958
Accrued Interest Receivable and Other
Assets
31,469
32,116
24,770
26,501
24,312
Total Assets
$
1,481,564
$
1,561,741
$
1,560,259
$
1,473,089
$
1,456,091
Liabilities
Deposits
Noninterest-Bearing Demand Accounts
$
267,896
$
267,022
$
269,964
$
275,182
$
277,747
Interest-Bearing Demand Accounts
316,764
326,505
324,688
323,134
362,994
Money Market Accounts
231,458
220,789
229,998
208,375
201,074
Savings Accounts
170,530
172,354
179,081
190,206
194,703
Time Deposits
296,869
367,150
346,037
265,597
230,641
Total Deposits
1,283,517
1,353,820
1,349,768
1,262,494
1,267,159
Other Borrowings
34,718
34,708
34,698
34,688
34,678
Accrued Interest Payable and Other
Liabilities
15,951
24,073
32,911
34,317
14,420
Total Liabilities
1,334,186
1,412,601
1,417,377
1,331,499
1,316,257
Stockholders’ Equity
147,378
149,140
142,882
141,590
139,834
Total Liabilities and Stockholders’
Equity
$
1,481,564
$
1,561,741
$
1,560,259
$
1,473,089
$
1,456,091
(Dollars in thousands, except share and
per share data) (Unaudited)
Three Months Ended
Year Ended
Selected Operating Data
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Interest and Dividend Income:
Loans, Including Fees
$
14,930
$
14,945
$
14,670
$
14,838
$
14,804
$
59,383
$
54,650
Securities:
Taxable
3,096
3,289
2,844
2,303
1,164
11,533
4,017
Tax-Exempt
—
—
—
—
33
—
157
Dividends
27
28
27
27
32
110
106
Other Interest and Dividend Income
1,378
1,511
1,398
818
872
5,105
3,295
Total Interest and Dividend Income
19,431
19,773
18,939
17,986
16,905
76,131
62,225
Interest Expense:
Deposits
7,492
7,892
7,065
5,991
5,336
28,441
16,433
Short-Term Borrowings
—
—
—
—
26
—
32
Other Borrowings
407
407
404
404
407
1,622
1,207
Total Interest Expense
7,899
8,299
7,469
6,395
5,769
30,063
17,672
Net Interest and Dividend Income
11,532
11,474
11,470
11,591
11,136
46,068
44,553
Provision (Recovery) for Credit Losses -
Loans
483
25
12
(143
)
(1,147
)
379
(284
)
Provision (Recovery) for Credit Losses -
Unfunded Commitments
200
(66
)
(48
)
106
(273
)
191
(218
)
Net Interest and Dividend Income After Net
Provision (Recovery) for Credit Losses
10,849
11,515
11,506
11,628
12,556
45,498
45,055
Noninterest Income:
Service Fees
460
451
354
415
460
1,680
1,819
Insurance Commissions
1
1
1
2
969
6
5,839
Other Commissions
63
104
22
62
60
251
521
Net Gain on Sales of Loans
3
18
9
22
2
52
—
Net Gain (Loss) on Securities
3
245
(31
)
(166
)
(9,830
)
51
(10,199
)
Net Gain on Purchased Tax Credits
12
12
12
12
7
49
29
Gain on Sale of Subsidiary
—
138
—
—
24,578
138
24,578
Net Gain on Disposal of Premises and
Equipment
—
—
—
274
—
274
11
Income from Bank-Owned Life Insurance
152
147
147
148
151
594
576
Net Gain on Bank-Owned Life Insurance
Claims
—
—
—
915
—
915
303
Other Income
961
117
174
232
121
1,484
535
Total Noninterest Income
1,655
1,233
688
1,916
16,518
5,494
24,012
Noninterest Expense:
Salaries and Employee Benefits
5,258
4,561
4,425
4,576
6,224
18,821
21,903
Occupancy
652
755
940
749
810
3,096
2,998
Equipment
313
280
298
264
298
1,155
1,064
Data Processing
832
772
1,011
692
726
3,308
3,014
Federal Deposit Insurance Corporation
Assessment
172
177
161
129
189
639
754
Pennsylvania Shares Tax
301
265
297
297
217
1,161
889
Contracted Services
522
431
390
281
299
1,623
1,166
Legal and Professional Fees
268
297
208
212
434
985
1,182
Advertising
137
141
78
129
158
484
426
Other Real Estate Owned (Income)
34
2
37
(23
)
(36
)
50
(115
)
Amortization of Intangible Assets
88
264
264
341
430
958
1,766
Other Expense
876
837
875
781
1,016
3,369
3,735
Total Noninterest Expense
9,453
8,782
8,984
8,428
10,765
35,649
38,782
Income Before Income Tax Expense
3,051
3,966
3,210
5,116
18,309
15,343
30,285
Income Tax Expense
522
747
560
920
5,343
2,749
7,735
Net Income
$
2,529
$
3,219
$
2,650
$
4,196
$
12,966
$
12,594
$
22,550
Three Months Ended
Year Ended
Per Common Share Data
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Dividends Per Common Share
$
0.25
$
0.25
$
0.25
$
0.25
$
0.25
$
1.00
$
1.00
Earnings Per Common Share - Basic
0.49
0.63
0.52
0.82
2.53
2.45
4.41
Earnings Per Common Share - Diluted
0.46
0.60
0.51
0.82
2.52
2.38
4.40
Weighted Average Common Shares Outstanding
- Basic
5,126,782
5,137,586
5,142,139
5,129,903
5,119,184
5,134,092
5,113,978
Weighted Average Common Shares Outstanding
- Diluted
5,544,829
5,346,750
5,152,657
5,142,286
5,135,997
5,302,522
5,122,916
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Common Shares Outstanding
5,132,654
5,129,921
5,141,911
5,142,901
5,118,713
Book Value Per Common Share
$
28.71
$
29.07
$
27.79
$
27.53
$
27.32
Tangible Book Value per Common Share
(1)
26.82
27.16
25.83
25.52
25.23
Stockholders’ Equity to Assets
9.9
%
9.5
%
9.2
%
9.6
%
9.6
%
Tangible Common Equity to Tangible Assets
(1)
9.4
9.0
8.6
9.0
8.9
Three Months Ended
Year Ended
Selected Financial Ratios (2)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Return on Average Assets
0.65
%
0.84
%
0.71
%
1.17
%
3.62
%
0.84
%
1.60
%
Return on Average Equity
6.80
8.80
7.58
12.03
44.99
8.77
19.42
Average Interest-Earning Assets to Average
Interest-Bearing Liabilities
133.33
133.26
135.69
137.07
138.67
134.78
141.85
Average Equity to Average Assets
9.63
9.54
9.36
9.72
8.04
9.56
8.25
Net Interest Rate Spread
2.41
2.36
2.44
2.67
2.56
2.47
2.73
Net Interest Rate Spread (FTE) (1)
2.42
2.38
2.46
2.68
2.57
2.48
2.74
Net Interest Margin
3.12
3.11
3.18
3.36
3.19
3.19
3.28
Net Interest Margin (FTE) (1)
3.13
3.12
3.19
3.37
3.21
3.20
3.29
Net Charge-Offs (Recoveries) to Average
Loans
0.06
0.03
0.02
(0.01
)
—
0.03
(0.05
)
Efficiency Ratio
71.68
69.11
73.89
62.40
38.93
69.14
56.56
Asset Quality Ratios
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Allowance for Credit Losses to Total
Loans
0.90
%
0.89
%
0.88
%
0.87
%
0.87
%
Allowance for Credit Losses to
Nonperforming Loans (3)
548.07
463.07
513.03
437.73
433.35
Delinquent and Nonaccrual Loans to Total
Loans (4)
0.72
0.98
0.53
0.63
0.62
Nonperforming Loans to Total Loans (3)
0.16
0.19
0.17
0.20
0.20
Nonperforming Assets to Total Assets
(5)
0.12
0.14
0.13
0.15
0.16
Capital Ratios (6)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Common Equity Tier 1 Capital (to Risk
Weighted Assets)
14.78
%
14.79
%
14.62
%
14.50
%
13.64
%
Tier 1 Capital (to Risk Weighted
Assets)
14.78
14.79
14.62
14.50
13.64
Total Capital (to Risk Weighted
Assets)
15.79
15.76
15.61
15.51
14.61
Tier 1 Leverage (to Adjusted Total
Assets)
9.98
9.96
9.98
10.28
10.19
(1)
Refer to Explanation of Use of Non-GAAP
Financial Measures in this Press Release for the calculation of the
measure and reconciliation to the most comparable GAAP measure.
(2)
Interim period ratios are calculated on an
annualized basis.
(3)
Nonperforming loans consist of all
nonaccrual loans and accruing loans that are 90 days or more past
due.
(4)
Delinquent loans consist of accruing loans
that are 30 days or more past due.
(5)
Nonperforming assets consist of
nonperforming loans and other real estate owned.
(6)
Capital ratios are for Community Bank
only.
Certain items previously reported may have
been reclassified to conform with the current reporting period’s
format.
AVERAGE BALANCES AND
YIELDS
Three Months Ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Average Balance
Interest and Dividends
Yield / Cost
(1)
Average Balance
Interest and Dividends
Yield / Cost
(1)
Average Balance
Interest and Dividends
Yield / Cost
(1)
Average Balance
Interest and Dividends
Yield / Cost
(1)
Average Balance
Interest and Dividends
Yield / Cost
(1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
$
1,066,304
$
14,975
5.59
%
$
1,063,946
$
14,987
5.60
%
$
1,076,455
$
14,711
5.50
%
$
1,087,889
$
14,877
5.50
%
$
1,098,284
$
14,840
5.36
%
Debt Securities
Taxable
284,002
3,096
4.36
288,208
3,289
4.56
266,021
2,844
4.28
235,800
2,303
3.91
206,702
1,164
2.25
Tax-Exempt
—
—
—
—
—
—
—
—
—
—
—
—
4,833
42
3.48
Equity Securities
2,693
27
4.01
2,693
28
4.16
2,693
27
4.01
2,693
27
4.01
2,693
32
4.75
Interest-Earning Deposits at Banks
114,245
1,338
4.68
111,131
1,448
5.21
101,277
1,313
5.19
58,887
733
4.98
67,450
808
4.79
Other Interest-Earning Assets
3,070
40
5.18
3,108
63
8.06
3,154
85
10.84
3,235
85
10.57
3,387
64
7.50
Total Interest-Earning Assets
1,470,314
19,476
5.27
1,469,086
19,815
5.37
1,449,600
18,980
5.27
1,388,504
18,025
5.22
1,383,349
16,950
4.86
Noninterest-Earning Assets
65,786
57,602
53,564
54,910
38,464
Total Assets
$
1,536,100
$
1,526,688
$
1,503,164
$
1,443,414
$
1,421,813
Liabilities and Stockholders'
Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
328,129
$
1,838
2.23
%
$
316,301
$
1,923
2.42
%
$
325,069
$
1,858
2.30
%
$
334,880
$
1,794
2.15
%
$
362,018
$
1,965
2.15
%
Money Market Accounts
227,606
1,821
3.18
217,148
1,726
3.16
214,690
1,646
3.08
203,867
1,514
2.99
205,060
1,441
2.79
Savings Accounts
170,612
45
0.10
175,753
46
0.10
184,944
52
0.11
191,444
59
0.12
200,737
57
0.11
Time Deposits
341,686
3,788
4.41
358,498
4,197
4.66
308,956
3,509
4.57
248,118
2,624
4.25
193,188
1,873
3.85
Total Interest-Bearing Deposits
1,068,033
7,492
2.79
1,067,700
7,892
2.94
1,033,659
7,065
2.75
978,309
5,991
2.46
961,003
5,336
2.20
Short-Term Borrowings
—
—
—
—
—
—
2
—
—
—
—
—
1,902
26
5.42
Other Borrowings
34,713
407
4.66
34,702
407
4.67
34,692
404
4.68
34,682
404
4.69
34,673
407
4.66
Total Interest-Bearing Liabilities
1,102,746
7,899
2.85
1,102,402
8,299
2.99
1,068,353
7,469
2.81
1,012,991
6,395
2.54
997,578
5,769
2.29
Noninterest-Bearing Demand Deposits
267,598
263,650
272,280
278,691
305,789
Total Funding and Cost of Funds
1,370,344
2.29
1,366,052
2.42
1,340,633
2.24
1,291,682
1.99
1,303,367
1.76
Other Liabilities
17,883
15,043
21,867
11,441
4,119
Total Liabilities
1,388,227
1,381,095
1,362,500
1,303,123
1,307,486
Stockholders' Equity
147,873
145,593
140,664
140,291
114,327
Total Liabilities and Stockholders'
Equity
$
1,536,100
$
1,526,688
$
1,503,164
$
1,443,414
$
1,421,813
Net Interest Income (FTE)
(Non-GAAP) (3)
$
11,577
$
11,516
$
11,511
$
11,630
$
11,181
Net Interest-Earning Assets (4)
367,568
366,684
381,247
375,513
385,771
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
2.42
%
2.38
%
2.46
%
2.68
%
2.57
%
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
3.13
3.12
3.19
3.37
3.21
(1)
Annualized based on three months ended
results.
(2)
Net of the allowance for credit losses and
includes nonaccrual loans with a zero yield and Loans Held for Sale
if applicable.
(3)
Refer to Explanation and Use of Non-GAAP
Financial Measures in this Press Release for the calculation of the
measure and reconciliation to the most comparable GAAP measure.
(4)
Net interest-earning assets represent
total interest-earning assets less total interest-bearing
liabilities.
(5)
Net interest rate spread represents the
difference between the weighted average yield on interest-earning
assets and the weighted average cost of interest-bearing
liabilities.
(6)
Net interest margin represents annualized
net interest income divided by average total interest-earning
assets.
AVERAGE BALANCES AND
YIELDS
Year Ended
December 31, 2024
December 31, 2023
Average Balance
Interest and Dividends
Yield /Cost
Average Balance
Interest and Dividends
Yield / Cost
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (1)
$
1,073,601
$
59,544
5.55
%
$
1,076,928
$
54,763
5.09
%
Debt Securities
Taxable
268,604
11,533
4.29
208,472
4,017
1.93
Exempt From Federal Tax
—
—
—
5,821
199
3.42
Marketable Equity Securities
2,693
110
4.08
2,693
106
3.94
Interest-Earning Deposits at Banks
96,474
4,831
5.01
61,638
3,084
5.00
Other Interest-Earning Assets
3,142
274
8.72
3,027
211
6.97
Total Interest-Earning Assets
1,444,514
76,292
5.28
1,358,579
62,380
4.59
Noninterest-Earning Assets
57,986
48,448
Total Assets
$
1,502,500
$
1,407,027
Liabilities and Stockholders'
Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
326,073
$
7,414
2.27
%
$
354,060
$
6,741
1.90
%
Savings Accounts
180,647
202
0.11
220,146
202
0.09
Money Market Accounts
215,864
6,706
3.11
199,962
4,554
2.28
Time Deposits
314,510
14,119
4.49
156,310
4,936
3.16
Total Interest-Bearing Deposits
1,037,094
28,441
2.74
930,478
16,433
1.77
Short-Term Borrowings
—
—
—
931
32
3.44
Other Borrowings
34,697
1,622
4.67
26,328
1,207
4.58
Total Interest-Bearing Liabilities
1,071,791
30,063
2.80
957,737
17,672
1.85
Noninterest-Bearing Demand Deposits
270,528
326,408
Total Funding and Cost of Funds
1,342,319
2.24
1,284,145
1.38
Other Liabilities
16,559
6,764
Total Liabilities
1,358,878
1,290,909
Stockholders' Equity
143,622
116,118
Total Liabilities and Stockholders'
Equity
$
1,502,500
$
1,407,027
Net Interest Income (FTE) (Non-GAAP)
(2)
46,229
44,708
Net Interest-Earning Assets (3)
372,723
400,842
Net Interest Rate Spread (FTE) (Non-GAAP)
(2)(4)
2.48
%
2.74
%
Net Interest Margin (FTE) (Non-GAAP)
(2)(5)
3.20
3.29
(1)
Net of the allowance for credit losses and
includes nonaccrual loans with a zero yield and Loans Held for Sale
if applicable.
(2)
Refer to Explanation and Use of Non-GAAP
Financial Measures in this Press Release for the calculation of the
measure and reconciliation to the most comparable GAAP measure.
(3)
Net interest-earning assets represent
total interest-earning assets less total interest-bearing
liabilities.
(4)
Net interest rate spread represents the
difference between the weighted average yield on interest-earning
assets and the weighted average cost of interest-bearing
liabilities.
(5)
Net interest margin represents annualized
net interest income divided by average total interest-earning
assets.
Explanation of Use of Non-GAAP Financial Measures
In addition to financial measures presented in accordance with
generally accepted accounting principles (“GAAP”), we use, and this
Press Release contains or references, certain Non-GAAP financial
measures. We believe these Non-GAAP financial measures provide
useful information in understanding our underlying results of
operations or financial position and our business and performance
trends as they facilitate comparisons with the performance of other
companies in the financial services industry. Non-GAAP adjusted
items impacting the Company's financial performance are identified
to assist investors in providing a complete understanding of
factors and trends affecting the Company’s business and in
analyzing the Company’s operating results on the same basis as that
applied by management. Although we believe that these Non-GAAP
financial measures enhance the understanding of our business and
performance, they should not be considered an alternative to GAAP
or considered to be more important than financial results
determined in accordance with GAAP, nor are they necessarily
comparable with similar Non-GAAP measures which may be presented by
other companies. Where Non-GAAP financial measures are used, the
comparable GAAP financial measure, as well as the reconciliation to
the comparable GAAP financial measure, can be found herein.
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
(Dollars in thousands, except share and
per share data) (Unaudited)
Total Assets (GAAP)
$
1,481,564
$
1,561,741
$
1,560,259
$
1,473,089
$
1,456,091
Goodwill and Intangible Assets, Net
(9,732
)
(9,820
)
(10,085
)
(10,349
)
(10,690
)
Tangible Assets (Non-GAAP) (Numerator)
$
1,471,832
$
1,551,921
$
1,550,174
$
1,462,740
$
1,445,401
Stockholders' Equity (GAAP)
$
147,378
$
149,140
$
142,882
$
141,590
$
139,834
Goodwill and Intangible Assets, Net
(9,732
)
(9,820
)
(10,085
)
(10,349
)
(10,690
)
Tangible Common Equity or Tangible Book
Value (Non-GAAP) (Denominator)
$
137,646
$
139,320
$
132,797
$
131,241
$
129,144
Stockholders’ Equity to Assets (GAAP)
9.9
%
9.5
%
9.2
%
9.6
%
9.6
%
Tangible Common Equity to Tangible Assets
(Non-GAAP)
9.4
%
9.0
%
8.6
%
9.0
%
8.9
%
Common Shares Outstanding
(Denominator)
5,132,654
5,129,921
5,141,911
5,142,901
5,118,713
Book Value per Common Share (GAAP)
$
28.71
$
29.07
$
27.79
$
27.53
$
27.32
Tangible Book Value per Common Share
(Non-GAAP)
$
26.82
$
27.16
$
25.83
$
25.52
$
25.23
Three Months Ended
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP)
$
2,529
$
3,219
$
2,650
$
4,196
$
12,966
$
12,594
$
22,550
Amortization of Intangible Assets, Net
88
264
264
341
430
958
1,766
Adjusted Net Income (Non-GAAP)
(Numerator)
$
2,617
$
3,483
$
2,914
$
4,537
$
13,396
$
13,552
$
24,316
Annualization Factor
3.98
3.98
4.02
4.02
3.97
1.00
1.00
Average Stockholders' Equity (GAAP)
$
147,873
$
145,593
$
140,664
$
140,291
$
114,327
$
143,622
$
116,118
Average Goodwill and Intangible Assets,
Net
(9,758
)
(9,987
)
(10,242
)
(10,553
)
(11,829
)
(10,134
)
(12,426
)
Average Tangible Common Equity (Non-GAAP)
(Denominator)
$
138,115
$
135,606
$
130,422
$
129,738
$
102,498
$
133,488
$
103,692
Return on Average Equity (GAAP)
6.80
%
8.80
%
7.58
%
12.03
%
44.99
%
8.77
%
19.42
%
Return on Average Tangible Common Equity
(Non-GAAP)
7.54
%
10.22
%
8.99
%
14.07
%
51.85
%
10.15
%
23.45
%
Three Months Ended
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)
$
19,431
$
19,773
$
18,939
$
17,986
$
16,905
$
76,131
$
62,225
Adjustment to FTE Basis
45
42
41
39
45
161
155
Interest Income (FTE) (Non-GAAP)
19,476
19,815
18,980
18,025
16,950
76,292
62,380
Interest Expense (GAAP)
7,899
8,299
7,469
6,395
5,769
30,063
17,672
Net Interest Income (FTE) (Non-GAAP)
$
11,577
$
11,516
$
11,511
$
11,630
$
11,181
$
46,229
$
44,708
Net Interest Rate Spread (GAAP)
2.41
%
2.36
%
2.44
%
2.67
%
2.56
%
2.47
%
2.73
%
Adjustment to FTE Basis
0.01
0.02
0.02
0.01
0.01
0.01
0.01
Net Interest Rate Spread (FTE)
(Non-GAAP)
2.42
%
2.38
%
2.46
%
2.68
%
2.57
%
2.48
%
2.74
%
Net Interest Margin (GAAP)
3.12
%
3.11
%
3.18
%
3.36
%
3.19
%
3.19
%
3.28
%
Adjustment to FTE Basis
0.01
0.01
0.01
0.01
0.02
0.01
0.01
Net Interest Margin (FTE) (Non-GAAP)
3.13
%
3.12
%
3.19
%
3.37
%
3.21
%
3.20
%
3.29
%
Three Months Ended
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
(Dollars in thousands) (Unaudited)
Income Before Income Tax Expense
(GAAP)
$
3,051
$
3,966
$
3,210
$
5,116
$
18,309
$
15,343
$
30,285
Net Provision (Recovery) for Credit
Losses
683
(41
)
(36
)
(37
)
(1,420
)
570
(502
)
Adjustments
Net (Gain) Loss on Securities
(3
)
(245
)
31
166
9,830
(51
)
10,199
Gain on Sale of Subsidiary
—
(138
)
—
—
(24,578
)
(138
)
(24,578
)
Net Gain on Disposal of Premises and
Equipment
—
—
—
(274
)
—
(274
)
(11
)
Earn-out Payment Related to the Sale of
EU
(708
)
—
—
—
—
(708
)
—
Net Gain on Bank-Owned Life Insurance
Claims
—
—
—
(915
)
—
(915
)
(303
)
Adjusted PPNR (Non-GAAP) (Numerator)
$
3,023
$
3,542
$
3,205
$
4,056
$
2,141
$
13,827
$
15,090
Annualization Factor
3.98
3.98
4.02
4.02
3.97
1.00
1.00
Average Assets (Denominator)
$
1,536,100
$
1,526,688
$
1,503,164
$
1,443,414
$
1,421,813
$
1,502,500
$
1,407,027
Adjusted PPNR Return on Average Assets
(Non-GAAP)
0.78
%
0.92
%
0.86
%
1.13
%
0.60
%
0.92
%
1.07
%
Three Months Ended
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
(Dollars in thousands, except share and
per share data) (Unaudited)
Net Income (GAAP)
$
2,529
$
3,219
$
2,650
$
4,196
$
12,966
$
12,594
$
22,550
Adjustments
Net (Gain) Loss on Securities
(3
)
(245
)
31
166
9,830
(51
)
10,199
Gain on Sale of Subsidiary
—
(138
)
—
—
(24,578
)
(138
)
(24,578
)
Net Gain on Disposal of Premises and
Equipment
—
—
—
(274
)
—
(274
)
(11
)
Earn-out Payment Related to the Sale of
EU
(708
)
—
—
—
—
(708
)
—
Net Gain on Bank-Owned Life Insurance
Claims
—
—
—
(915
)
—
(915
)
(303
)
Tax effect
149
90
(7
)
23
4,843
256
4,767
Adjusted Net Income (Non-GAAP)
$
1,967
$
2,926
$
2,674
$
3,196
$
3,061
$
10,764
$
12,624
Weighted-Average Diluted Common Shares and
Common Stock Equivalents Outstanding
5,544,829
5,346,750
5,152,657
5,142,286
5,135,997
5,302,522
5,122,916
Earnings per Common Share - Diluted
(GAAP)
$
0.46
$
0.60
$
0.51
$
0.82
$
2.52
$
2.38
$
4.40
Adjusted Earnings per Common Share -
Diluted (Non-GAAP)
$
0.35
$
0.55
$
0.52
$
0.62
$
0.60
$
2.03
$
2.46
Net Income (GAAP) (Numerator)
$
2,529
$
3,219
$
2,650
$
4,196
$
12,966
$
12,594
$
22,550
Annualization Factor
3.98
3.98
4.02
4.02
3.97
1.00
1.00
Average Assets (Denominator)
1,536,100
1,526,688
1,503,164
1,443,414
1,421,813
1,502,500
1,407,027
Return on Average Assets (GAAP)
0.65
%
0.84
%
0.71
%
1.17
%
3.62
%
0.84
%
1.60
%
Adjusted Net Income (Non-GAAP)
(Numerator)
$
1,967
$
2,926
$
2,674
$
3,196
$
3,061
$
10,764
$
12,624
Annualization Factor
3.98
3.98
4.02
4.02
3.97
1.00
1.00
Average Assets (Denominator)
1,536,100
1,526,688
1,503,164
1,443,414
1,421,813
1,502,500
1,407,027
Adjusted Return on Average Assets
(Non-GAAP)
0.51
%
0.76
%
0.72
%
0.89
%
0.85
%
0.72
%
0.90
%
Three Months Ended
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP) (Numerator)
$
2,529
$
3,219
$
2,650
$
4,196
$
12,966
$
12,594
$
22,550
Annualization Factor
3.98
3.98
4.02
4.02
3.97
1.00
1.00
Average Equity (GAAP) (Denominator)
147,873
145,593
140,664
140,291
114,327
143,622
116,118
Return on Average Equity (GAAP)
6.80
%
8.80
%
7.58
%
12.03
%
44.99
%
8.77
%
19.42
%
Adjusted Net Income (Non-GAAP)
(Numerator)
$
1,967
$
2,926
$
2,674
$
3,196
$
3,061
$
10,764
$
12,624
Annualization Factor
3.98
3.98
4.02
4.02
3.97
1.00
1.00
Average Equity (GAAP) (Denominator)
147,873
145,593
140,664
140,291
114,327
143,622
116,118
Adjusted Return on Average Equity
(Non-GAAP)
5.29
%
8.00
%
7.65
%
9.16
%
10.62
%
7.49
%
10.87
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250129282176/en/
John H. Montgomery President and Chief Executive Officer Phone:
(724) 223-8317
CB Financial Services (NASDAQ:CBFV)
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CB Financial Services (NASDAQ:CBFV)
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