CB Financial Services, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 27, 2023 at 04:16 pm EDT
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CB Financial Services, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 10.72 million compared to USD 11.02 million a year ago. Net income was USD 2.67 million compared to USD 3.93 million a year ago. Basic earnings per share from continuing operations was USD 0.52 compared to USD 0.77 a year ago. Diluted earnings per share from continuing operations was USD 0.52 compared to USD 0.77 a year ago.
For the nine months, net interest income was USD 33.42 million compared to USD 31.07 million a year ago. Net income was USD 9.59 million compared to USD 7.09 million a year ago. Basic earnings per share from continuing operations was USD 1.88 compared to USD 1.38 a year ago. Diluted earnings per share from continuing operations was USD 1.87 compared to USD 1.37 a year ago.
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.