CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM:
CBFV), the holding company of Community Bank (the “Bank”), today
announced its fourth quarter and 2023 financial results.
Three Months Ended
Year Ended
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
(Dollars in thousands, except per share
data) (Unaudited)
Net Income (GAAP)
$
12,966
$
2,672
$
2,757
$
4,156
$
4,152
$
22,550
$
11,247
Net Income Adjustments
(9,905
)
29
78
(127
)
(66
)
(9,926
)
(208
)
Adjusted Net Income (Non-GAAP) (1)
$
3,061
$
2,701
$
2,835
$
4,029
$
4,086
$
12,624
$
11,039
Earnings per Common Share - Diluted
(GAAP)
$
2.52
$
0.52
$
0.54
$
0.81
$
0.81
$
4.40
$
2.18
Adjusted Earnings per Common Share -
Diluted (Non-GAAP) (1)
$
0.60
$
0.53
$
0.55
$
0.79
$
0.80
$
2.46
$
2.14
(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.
2023 Fourth Quarter Financial
Highlights
(Comparisons to three months ended December 31, 2022 unless
otherwise noted)
- Net income was $13.0 million, compared to $4.2 million. Current
period results were driven by 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. Results were also impacted
by net interest margin (NIM) compression coupled with increases in
noninterest expense and income tax expense, partially offset by a
decrease in the provision for credit losses.
- Adjusted net income (Non-GAAP) was $3.1 million compared to
$4.1 million.
- Income before income tax expense was $18.3 million compared to
$5.2 million.
- Adjusted pre-provision net revenue (PPNR) (Non-GAAP) was $2.1
million compared to $5.1 million.
- Earnings per diluted common share (EPS) increased to $2.52 from
$0.81.
- Adjusted earning per common share - diluted (Non-GAAP) was
$0.60, compared to $0.80.
- Return on average assets (annualized) was 3.62%, compared to
1.16%.
- Adjusted return on average assets (annualized) (Non-GAAP) was
0.85%, compared to 1.15%.
- Return on average equity (annualized) was 44.99%, compared to
15.26%.
- Adjusted return on average equity (annualized) (Non-GAAP) was
10.62%, compared to 15.01%.
- NIM declined to 3.19% from 3.46%.
- Net interest and dividend income was $11.1 million, compared to
$11.9 million.
- Noninterest income increased to $16.5 million, compared to $2.4
million including the aforementioned gain on the sale of the
subsidiary and loss on the sale of securities.
- Noninterest expense increased to $10.8 million, compared to
$9.0 million, primarily due to increases in compensation and
benefits and equipment costs.
(Amounts at December 31, 2023; comparisons to December 31,
2022, unless otherwise noted)
- Total assets increased to $1.46 billion from $1.41
billion.
- Total loans increased $60.5 million, or 5.8%, to $1.11 billion
compared to $1.05 billion, and included increases of $41.2 million,
or 58.9%, in commercial and industrial loans, $30.3 million, or
6.9%, in commercial real estate loans, $17.1 million, or 5.2%, in
residential mortgage loans, and $8.9 million, or 43.8%, in other
loans, partially offset by a decrease of $35.3 million, or 24.0%,
in consumer loans, which is primarily comprised of indirect
automobile loans. Excluding the $34.9 million decrease in indirect
automobile loans resulting from the discontinuation of that product
as of June 30, 2023, total loans increased $95.4 million, or
9.1%.
- Nonperforming loans to total loans was 0.20%, a decrease of 35
basis points (“bps”), compared to 0.55%.
- Total deposits were $1.267 billion, a decrease of $1.3 million,
compared to $1.269 billion.
- Book value per share was $27.31, compared to $22.43 as of
September 30, 2023 and $21.60 as of December 31, 2022.
- Tangible book value per share (Non-GAAP) was $25.23, compared
to $20.10 as of September 30, 2023 and $19.00 as of December 31,
2022. The year-to-date change was due to an increase in
stockholders’ equity primarily related to current period net income
of $22.6 million, a $9.5 million increase in accumulated other
comprehensive income and a $2.1 million positive adjustment due to
the Company’s January 1, 2023 adoption of CECL, partially offset by
current period dividends paid to stockholders of $5.1 million.
Management Commentary
President and CEO John H. Montgomery commented, "Three years
ago, we embarked on a comprehensive strategy aimed at optimizing
operations, investing in talent, and fortifying our dedication to
all stakeholders by striving for excellence in client experience.
Despite facing a challenging and uncertain economic landscape, our
efforts in 2023, coupled with the work of the preceding two years,
underscore our commitment to these objectives.
While our fourth-quarter results reflected the ongoing trend of
net interest margin pressure due to heightened funding costs driven
by prevailing market interest rates, we sustained consistent loan
growth. This growth was particularly notable in higher-yielding
commercial loans. In a year marked by significant deposit
movements, our core deposits remained relatively stable, albeit
shifting from non-interest and low interest bearing accounts to
higher cost time deposits. Notably, our asset quality remains
strong, with nonperforming loans well below prior year levels.
Despite the challenges posed by the interest rate environment,
our prior investments in talent and our ongoing efforts to
streamline operations are yielding positive outcomes across our
franchise.
During the quarter, we successfully completed the sale of our
full-service independent insurance agency subsidiary, Exchange
Underwriters, to World Insurance Associates. This transaction not
only realized a substantial valuation premium but also proved
immediately accretive to capital, tangible book value and
liquidity. The additional capital infusion provides us with the
flexibility to assess and pursue various strategic initiatives that
reinforce our core banking business, with a specific focus on
enhancing long-term shareholder value.
Furthermore, we made a proactive decision to reposition our
securities portfolio. On an annualized basis, the acquired
securities exhibit a positive spread differential of approximately
360 basis points over the securities that were divested. This
strategic move is anticipated to add approximately 17 basis points
to net interest margin and contribute approximately $1.8 million of
after-tax earnings in 2024. Aligned with the sale of our insurance
agency subsidiary, we view this as a judicious deployment of
capital designed to augment long-term shareholder value and bolster
earnings.”
In conclusion, Mr. Montgomery affirmed, "As we usher in 2024,
our commitment to prudently manage our capital and liquidity
positions remains unwavering. We will persist in investing in our
franchise, staying true to our long-term plan and prioritizing the
delivery of an exceptional client experience that accrues benefits
to all our stakeholders."
Dividend Information
The Company’s Board of Directors declared a $0.25 quarterly cash
dividend per outstanding share of common stock, payable on or about
February 29, 2024, to stockholders of record as of the close of
business on February 15, 2024.
2023 Fourth Quarter Financial
Review
Net Interest and Dividend
Income
Net interest and dividend income decreased $730,000, or 6.2%, to
$11.1 million for the three months ended December 31, 2023 compared
to $11.9 million for the three months ended December 31, 2022.
- Net interest margin (GAAP) decreased to 3.19% for the three
months ended December 31, 2023 compared to 3.46% for the three
months ended December 31, 2022. Fully tax equivalent (FTE) net
interest margin (Non-GAAP) decreased 26 bps to 3.21% for the three
months ended December 31, 2023 compared to 3.47% for the three
months ended December 31, 2022.
- Interest and dividend income increased $3.1 million, or 22.0%,
to $16.9 million for the three months ended December 31, 2023
compared to $13.9 million for the three months ended December 31,
2022.
- Interest income on loans increased $3.0 million, or 25.1%, to
$14.8 million for the three months ended December 31, 2023 compared
to $11.8 million for the three months ended December 31, 2022. The
average yield on loans increased 82 bps to 5.36% compared to 4.54%
resulting in a $2.2 million increase in interest income on loans.
The average balance of loans increased $63.6 million to $1.10
billion from $1.03 billion, generating $750,000 of additional
interest income on loans.
- Interest income on taxable investment securities increased
$190,000, or 19.5%, to $1.2 million for the three months ended
December 31, 2023 compared to $974,000 for the three months ended
December 31, 2022 driven by a 45 bp increase in average yield,
partially offset by a $10.2 million decrease in average
balances.
- Interest income on interest-earning deposits at other banks
decreased $131,000, to $808,000 for the three months ended December
31, 2023 compared to $939,000 for the three months ended December
31, 2022 driven by a $29.9 million decrease in average balances,
partially offset by a 91 bp increase in the average yield. The
increase in the average yield was the result of the Federal Reserve
Board’s interest rate increases.
- Interest expense increased $3.8 million, or 190.0%, to $5.8
million for the three months ended December 31, 2023 compared to
$2.0 million for the three months ended December 31, 2022.
- Interest expense on deposits increased $3.5 million, or 194.6%,
to $5.3 million for the three months ended December 31, 2023
compared to $1.8 million for the three months ended December 31,
2022. Rising market interest rates led to the repricing of
interest-bearing demand and money market deposits and a shift in
deposits from noninterest-bearing to interest-bearing demand and
time deposits which resulted in a 139 bp, or 171.7%, increase in
the average cost of interest-bearing deposits compared to the three
months ended December 31, 2022. This accounted for a $3.4 million
increase in interest expense. Additionally, interest-bearing
deposit balances increased $73.3 million, or 8.3%, to $961.0
million as of December 31, 2023 compared to $887.7 million as of
December 31, 2022, accounting for a $170,000 increase in interest
expense.
- Interest expense on borrowed funds increased $255,000, or
143.3%, to $433,000 for the three months ended December 31, 2023
compared to $178,000 for the three months ended December 31, 2022.
The average balance of borrowed funds increased $20.6 million due
to $20.0 million of FHLB long-term advances added during the second
quarter of 2023. The increase in the average balance accounted for
a $185,000 increase in interest expense.
Provision for Credit Losses
Effective January 1, 2023, the Company adopted ASU 2016-13,
“Financial Instruments - Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments”, which replaced the
incurred loss methodology with an expected loss methodology that is
referred to as the current expected credit loss (CECL) methodology.
The provision for credit losses recorded for the three months ended
December 31, 2023 was a recovery of $1.4 million and was primarily
due to improvements in qualitative factors coupled with a decrease
in historical loss rates. This compared to no provision for credit
losses recorded for the three months ended December 31, 2022.
Noninterest Income
Noninterest income increased $14.2 million, or 599.9%, to $16.5
million for the three months ended December 31, 2023, compared to
$2.4 million for the three months ended December 31, 2022. This
increase related to 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 primarily resulting from the execution of a balance
sheet repositioning strategy. Noninterest income excluding the gain
on the sale of the subsidiary and gains and losses on securities
for both periods decreased $507,000 to $1.8 million for the three
months ended December 31, 2023 compared to $2.3 million for the
three months ended December 31, 2022. This decrease resulted
primarily from a $430,000 decrease in insurance commissions as only
two months of income were recognized for the three months ended
December 31, 2023 due to the sale of EU, compared to a full quarter
of income recognized for the three months ended December 31,
2022.
Noninterest Expense
Noninterest expense increased $1.8 million, or 19.6%, to $10.8
million for the three months ended December 31, 2023 compared to
$9.0 million for the three months ended December 31, 2022. The
current quarter increase included one-time non-recurring expenses
associated with sale of the insurance subsidiary of $691,000
related to salaries and benefits, $109,000 related to other
noninterest expenses and $17,000 related to legal and professional
fees. Salaries and benefits increased $1.6 million, or 34.6%, to
$6.2 million primarily due to previously mentioned one-time non
recurring expense, merit increases and revenue producing staff
additions. Equipment expense increased $120,000 or 67.4%, to
$298,000, due to costs associated with the implementation and
operation of new interactive teller machines.
Statement of Financial Condition
Review
Assets
Total assets increased $47.2 million, or 3.4%, to $1.46 billion
at December 31, 2023, compared to $1.41 billion at December 31,
2022.
- Cash and due from banks decreased $33.7 million, or 32.5%, to
$70.0 million at December 31, 2023, compared to $103.7 million at
December 31, 2022, due to significant loan growth.
- Securities increased $17.0 million, or 8.9%, to $207.1 million
at December 31, 2023, compared to $190.1 million at December 31,
2022. The securities balance was primarily impacted by the purchase
of $29.9 million of collateralized loan obligation securities,
partially offset by $15.8 million of repayments on mortgage-backed
and collateralized mortgage obligation securities and a $110,000
decrease in the market value in the equity securities portfolio,
which is primarily comprised of bank stocks. During the fourth
quarter, the Bank implemented a balance sheet repositioning
strategy of its portfolio of available-for-sale securities. 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%.
Loans and Credit Quality
- Total loans increased $60.5 million, or 5.8%, to $1.11 billion
at December 31, 2023 compared to $1.05 billion at December 31,
2022. Loan growth was driven by increases in commercial and
industrial loans, commercial real estate loans, residential
mortgage loans and other loans of $41.2 million, $30.3 million,
$17.1 million, and $8.9 million, respectively, partially offset by
a decrease in consumer loans of $35.3 million. 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. Excluding the $34.9 million decrease in
indirect automobile loans, total loans increased $95.4 million, or
9.1%.
- The allowance for credit losses (ACL) was $9.7 million at
December 31, 2023 and $12.8 million at December 31, 2022. As a
result, the ACL to total loans was 0.87% at December 31, 2023
compared to 1.22% at December 31, 2022. The change in the ACL was
primarily due to the Company's aforementioned adoption of CECL. At
adoption, the Company decreased its ACL by $3.4 million.
Contributing to the change in ACL was a prior year charge-off of
$2.7 million and qualitative factors that significantly impacted
the incurred loss model driven by historical activity compared to
the adopted CECL methodology that is centered around CECL activity
using a forecast approach. During the current year, the Company
recorded a recovery of credit losses of $502,000 due to
improvements in qualitative factors coupled with a decrease in
historical loss rates
- Net recoveries for the three months ended December 31, 2023
were $6,000. Net charge-offs for the three months ended December
31, 2022 were $35,000, or 0.01% of average loans on an annualized
basis. Net recoveries for the year ended December 31, 2023 were
$557,000 primarily due to recoveries totaling $750,000 related to
the prior year $2.7 million charged-off commercial and industrial
loan. Net charge-offs for the year ended December 31, 2022 were
$2.5 million.
- Nonperforming loans, which includes nonaccrual loans and
accruing loans past due 90 days or more, were $2.2 million at
December 31, 2023 compared to $5.8 million at December 31, 2022.
The decrease of $3.6 million was due to ten loans totaling $1.7
million transferred from nonaccrual to accrual status during the
current period and a $1.4 million partial repayment of a nonaccrual
commercial real estate loan. Nonperforming loans to total loans
ratio was 0.20% at December 31, 2023 compared to 0.55% at December
31, 2022.
Other
- Intangible assets decreased $2.6 million, or 74.0%, to $958,000
at December 31, 2023 compared to $3.5 million at December 31, 2022
due to $1.8 million of amortization expense recognized during the
period and a write-off of the $789,000 remaining balance of EU’s
customer list as a result of the sale of the subsidiary.
- Accrued interest and other assets increased $1.4 million or
6.6%, to $22.5 million at December 31, 2023, compared to $26.7
million at December 31, 2022 due primarily to a $1.8 million
adjustment related to a fixed-to-floating interest rate swap
derivative.
Total liabilities increased $17.5 million, or 1.3%, to $1.32
billion at December 31, 2023 compared to $1.30 billion at December
31, 2022.
Deposits
- Total deposits decreased $1.3 million to $1.267 billion as of
December 31, 2023 compared to $1.269 billion at December 31, 2022.
Non interest-bearing demand deposits decreased $112.7 million,
savings deposits decreased $53.3 million, and money market deposits
decreased $8.1 million, while interest-bearing demand deposits
increased $51.2 million and time deposits increased $121.5 million.
The increase in interest-bearing demand deposits was primarily the
result of higher interest rates attracting more customers and
additional deposits from existing customers while higher time
deposits resulted from the offering of a higher-rate certificate of
deposit product and the addition of $29.0 million of brokered
certificates of deposit. The brokered certificates of deposits all
mature within three months and were utilized to fund the purchase
of floating rate collateralized loan obligation securities. FDIC
insured deposits totaled approximately 59.4% of total deposits
while an additional 16.0% of deposits were collateralized with
investment securities.
Borrowed Funds
- Other borrowings increased $20.0 million, or 136.6%, to $34.7
million at December 31, 2023, compared to $14.6 million at December
31, 2022. During the second quarter, the Bank entered into $20.0
million of FHLB advances for a term of 24 months at 4.92%, the
proceeds of which were utilized to match fund originations within
the Bank’s commercial and industrial loan portfolio.
- Short-term borrowings decreased $8.1 million, or 100.0%, as
there were no short-term borrowings at December 31, 2023, compared
to $8.1 million at December 31, 2022. At December 31, 2022,
short-term borrowings were comprised entirely of securities sold
under agreements to repurchase. These accounts were transitioned
into other deposit products and account for a portion of the
interest-bearing demand deposit increase.
Accrued Interest Payable and Other
Liabilities
- Accrued interest payable and other liabilities increased $6.8
million, or 89.7%, to $14.4 million at December 31, 2023, compared
to $7.6 million at December 31, 2022 primarily due to a $3.4
million increase in accrued taxes payable, a $1.8 million increase
related to a fixed-to-floating interest rate swap derivative and a
$1.5 million increase in accrued interest payable on deposit
accounts.
Stockholders’ Equity
Stockholders’ equity increased $29.7 million, or 27.0%, to
$139.8 million at December 31, 2023, compared to $110.2 million at
December 31, 2022. Key factors positively impacting stockholders’
equity included $22.6 million of net income for the current period,
a $9.5 million increase in accumulated other comprehensive income
and a $2.1 million positive adjustment, net of tax, due to the
Company’s January 1, 2023 adoption of CECL as described above.
These factors were partially offset by the payment of $5.1 million
in dividends since December 31, 2022 and activity under share
repurchase programs. On April 21, 2022, a $10.0 million repurchase
program was authorized, with the Company repurchasing 74,656 shares
at an average price of $22.38 per share since the inception of the
program. In total, the Company repurchased $274,000 of common stock
since December 31, 2022. The program expired on May 1, 2023.
Book value per share
Book value per common share was $27.31 at December 31, 2023
compared to $21.60 at December 31, 2022, an increase of $5.71.
Tangible book value per common share (Non-GAAP) was $25.23 at
December 31, 2023, compared to $19.00 at December 31, 2022, an
increase of $6.23.
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
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
Assets
Cash and Due From Banks
$
69,993
$
52,597
$
78,093
$
103,545
$
103,700
Securities
207,095
172,904
181,427
189,025
190,058
Loans
Real Estate:
Residential
347,808
346,485
338,493
332,840
330,725
Commercial
467,154
466,910
458,614
452,770
436,805
Construction
43,116
41,874
44,523
39,522
44,923
Commercial and Industrial
111,278
100,873
102,266
79,501
70,044
Consumer
111,643
122,516
134,788
146,081
146,927
Other
29,397
23,856
22,470
21,151
20,449
Total Loans
1,110,396
1,102,514
1,101,154
1,071,865
1,049,873
Allowance for Credit Losses
(9,707
)
(10,848
)
(10,666
)
(10,270
)
(12,819
)
Loans, Net
1,100,689
1,091,666
1,090,488
1,061,595
1,037,054
Premises and Equipment, Net
19,704
18,524
18,582
17,732
17,844
Bank-Owned Life Insurance
25,378
25,227
25,082
24,943
25,893
Goodwill
9,732
9,732
9,732
9,732
9,732
Intangible Assets, Net
958
2,177
2,622
3,068
3,513
Accrued Interest Receivable and Other
Assets
22,542
26,665
26,707
21,068
21,144
Total Assets
$
1,456,091
$
1,399,492
$
1,432,733
$
1,430,708
$
1,408,938
Liabilities
Deposits
Noninterest-Bearing Demand Accounts
$
277,747
$
305,145
$
316,098
$
350,911
$
390,405
Interest-Bearing Demand Accounts
362,994
357,381
374,654
359,051
311,825
Money Market Accounts
201,074
189,187
185,814
206,174
209,125
Savings Accounts
194,703
207,148
217,267
234,935
248,022
Time Deposits
230,641
177,428
169,482
130,449
109,126
Total Deposits
1,267,159
1,236,289
1,263,315
1,281,520
1,268,503
Short-Term Borrowings
—
—
—
121
8,060
Other Borrowings
34,678
34,668
34,658
14,648
14,638
Accrued Interest Payable and Other
Liabilities
14,420
13,689
18,171
17,224
7,582
Total Liabilities
1,316,257
1,284,646
1,316,144
1,313,513
1,298,783
Stockholders’ Equity
139,834
114,846
116,589
117,195
110,155
Total Liabilities and Stockholders’
Equity
$
1,456,091
$
1,399,492
$
1,432,733
$
1,430,708
$
1,408,938
(Dollars in thousands, except share and
per share data) (Unaudited)
Three Months Ended
Year Ended
Selected Operating Data
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
Interest and Dividend Income:
Loans, Including Fees
$
14,804
$
14,049
$
13,426
$
12,371
$
11,835
$
54,650
$
41,933
Securities:
Taxable
1,164
940
950
964
974
4,017
3,852
Tax-Exempt
33
41
42
41
40
157
213
Dividends
32
25
25
24
28
106
91
Other Interest and Dividend Income
872
819
760
844
978
3,295
1,627
Total Interest and Dividend Income
16,905
15,874
15,203
14,244
13,855
62,225
47,716
Interest Expense:
Deposits
5,336
4,750
3,842
2,504
1,811
16,433
4,025
Short-Term Borrowings
26
—
3
2
7
32
63
Other Borrowings
407
407
238
155
171
1,207
693
Total Interest Expense
5,769
5,157
4,083
2,661
1,989
17,672
4,781
Net Interest and Dividend Income
11,136
10,717
11,120
11,583
11,866
44,553
42,935
(Recovery) Provision for Credit Losses -
Loans
(1,147
)
291
492
80
—
(284
)
3,784
(Recovery) Provision for Credit Losses -
Unfunded Commitments
(273
)
115
(60
)
—
—
(218
)
—
Net Interest and Dividend Income After
(Recovery) Provision for Credit Losses
12,556
10,311
10,688
11,503
11,866
45,055
39,151
Noninterest Income:
Service Fees
460
466
448
445
530
1,819
2,160
Insurance Commissions
969
1,436
1,511
1,922
1,399
5,839
5,934
Other Commissions
60
94
224
144
157
521
669
Net Gain (Loss) on Sales of Loans
2
—
(5
)
2
—
—
—
Net (Loss) Gain on Securities
(9,830
)
(37
)
(100
)
(232
)
83
(10,199
)
(168
)
Net Gain on Purchased Tax Credits
7
7
7
7
14
29
57
Gain on Sale of Subsidiary
24,578
—
—
—
—
24,578
—
Net Gain on Disposal of Fixed Assets
—
—
—
11
—
11
431
Income from Bank-Owned Life Insurance
151
145
139
140
143
576
561
Net Gain on Bank-Owned Life Insurance
Claims
—
—
1
302
—
303
—
Other Income
121
301
44
69
34
535
176
Total Noninterest Income
16,518
2,412
2,269
2,810
2,360
24,012
9,820
Noninterest Expense:
Salaries and Employee Benefits
6,224
5,369
5,231
5,079
4,625
21,903
18,469
Occupancy
810
698
789
701
817
2,998
3,047
Equipment
298
265
283
218
178
1,064
739
Data Processing
726
714
718
857
681
3,014
2,152
FDIC Assessment
189
189
224
152
154
754
638
PA Shares Tax
217
217
195
260
258
889
979
Contracted Services
299
286
434
147
405
1,166
1,628
Legal and Professional Fees
434
320
246
182
362
1,182
1,237
Advertising
158
114
75
79
165
426
527
Other Real Estate Owned (Income)
(36
)
(8
)
(35
)
(37
)
(38
)
(115
)
(151
)
Amortization of Intangible Assets
430
445
446
445
446
1,766
1,782
Other
1,016
878
895
945
945
3,735
3,844
Total Noninterest Expense
10,765
9,487
9,501
9,028
8,998
38,782
34,891
Income Before Income Tax Expense
18,309
3,236
3,456
5,285
5,228
30,285
14,080
Income Tax Expense
5,343
564
699
1,129
1,076
7,735
2,833
Net Income
$
12,966
$
2,672
$
2,757
$
4,156
$
4,152
$
22,550
$
11,247
Three Months Ended
Year Ended
Per Common Share Data
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
Dividends Per Common Share
$
0.25
$
0.25
$
0.25
$
0.25
$
0.24
$
1.00
$
0.96
Earnings Per Common Share - Basic
2.53
0.52
0.54
0.81
0.81
4.41
2.19
Earnings Per Common Share - Diluted
2.52
0.52
0.54
0.81
0.81
4.40
2.18
Weighted Average Common Shares Outstanding
- Basic
5,119,184
5,115,026
5,111,987
5,109,597
5,095,237
5,113,978
5,136,670
Weighted Average Common Shares Outstanding
- Diluted
5,135,997
5,126,546
5,116,134
5,115,705
5,104,254
5,122,916
5,149,312
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
Common Shares Outstanding
5,119,543
5,120,678
5,111,678
5,116,830
5,100,189
Book Value Per Common Share
$
27.31
$
22.43
$
22.81
$
22.90
$
21.60
Tangible Book Value per Common Share
(1)
25.23
20.10
20.39
20.40
19.00
Stockholders’ Equity to Assets
9.6
%
8.2
%
8.1
%
8.2
%
7.8
%
Tangible Common Equity to Tangible Assets
(1)
8.9
7.4
7.3
7.4
6.9
Three Months Ended
Year Ended
Selected Financial Ratios (2)
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
Return on Average Assets
3.62
%
0.75
%
0.79
%
1.21
%
1.16
%
1.60
%
0.80
%
Return on Average Equity
44.99
9.03
9.38
14.69
15.26
19.42
9.56
Average Interest-Earning Assets to Average
Interest-Bearing Liabilities
138.74
139.65
142.28
147.38
148.93
141.87
148.06
Average Equity to Average Assets
8.04
8.32
8.38
8.27
7.63
8.25
8.36
Net Interest Rate Spread
2.56
2.54
2.78
3.13
3.18
2.73
3.07
Net Interest Rate Spread (FTE) (1)
2.57
2.55
2.79
3.14
3.19
2.74
3.08
Net Interest Margin
3.19
3.13
3.29
3.51
3.46
3.28
3.24
Net Interest Margin (FTE) (1)
3.21
3.14
3.30
3.52
3.47
3.29
3.25
Net Charge-Offs (Recoveries) to Average
Loans
—
0.04
0.04
(0.29
)
0.01
(0.05
)
0.25
Efficiency Ratio
38.93
72.26
70.96
62.72
63.25
56.56
66.14
Asset Quality Ratios
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
Allowance for Credit Losses to Total
Loans
0.87
%
0.98
%
0.97
%
0.96
%
1.22
%
Allowance for Credit Losses to
Nonperforming Loans (3)
433.35
330.13
260.46
189.73
221.06
Allowance for Credit Losses to Noncurrent
Loans (4)
433.35
330.13
260.46
189.73
320.64
Delinquent and Nonaccrual Loans to Total
Loans (4) (5)
0.62
0.73
0.68
1.02
0.81
Nonperforming Loans to Total Loans (3)
0.20
0.30
0.37
0.51
0.55
Noncurrent Loans to Total Loans (4)
0.20
0.30
0.37
0.51
0.38
Nonperforming Assets to Total Assets
(6)
0.16
0.23
0.30
0.40
0.41
Capital Ratios (7)
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
Common Equity Tier 1 Capital (to Risk
Weighted Assets)
13.64
%
12.77
%
12.54
%
12.60
%
12.33
%
Tier 1 Capital (to Risk Weighted
Assets)
13.64
12.77
12.54
12.60
12.33
Total Capital (to Risk Weighted
Assets)
14.61
13.90
13.64
13.69
13.58
Tier 1 Leverage (to Adjusted Total
Assets)
10.19
9.37
9.26
9.24
8.66
(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)
Noncurrent loans consist of nonaccrual
loans and accruing loans that are 90 days or more past due.
(5)
Delinquent loans consist of accruing loans
that are 30 days or more past due.
(6)
Nonperforming assets consist of
nonperforming loans and other real estate owned.
(7)
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, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
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)
$
1,098,284
$
14,840
5.36
%
$
1,088,691
$
14,081
5.13
%
$
1,079,399
$
13,450
5.00
%
$
1,040,570
$
12,391
4.83
%
$
1,034,714
$
11,853
4.54
%
Debt Securities
Taxable
206,702
1,164
2.25
204,848
940
1.84
209,292
950
1.82
213,158
964
1.81
216,915
974
1.80
Exempt From Federal Tax
4,833
42
3.48
6,013
52
3.46
6,180
53
3.43
6,270
52
3.32
6,277
51
3.25
Equity Securities
2,693
32
4.75
2,693
25
3.71
2,693
25
3.71
2,693
24
3.56
2,693
28
4.16
Interest-Earning Deposits at Banks
68,164
808
4.74
52,466
750
5.72
53,582
721
5.38
73,221
805
4.40
98,110
939
3.83
Other Interest-Earning Assets
3,387
64
7.50
3,292
69
8.32
2,783
39
5.62
2,633
39
6.01
2,875
39
5.38
Total Interest-Earning Assets
1,384,063
16,950
4.86
1,358,003
15,917
4.65
1,353,929
15,238
4.51
1,338,545
14,275
4.33
1,361,584
13,884
4.05
Noninterest-Earning Assets
37,750
52,885
52,812
49,703
52,716
Total Assets
$
1,421,813
$
1,410,888
$
1,406,741
$
1,388,248
$
1,414,300
Liabilities and Stockholders'
Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
362,018
$
1,965
2.15
%
$
363,997
$
2,003
2.18
%
$
354,497
$
1,582
1.79
%
$
335,327
$
1,191
1.44
%
$
315,352
$
810
1.02
%
Savings Accounts
200,737
57
0.11
212,909
54
0.10
225,175
53
0.09
242,298
37
0.06
249,948
29
0.05
Money Market Accounts
205,060
1,441
2.79
187,012
1,141
2.42
194,565
1,033
2.13
213,443
939
1.78
206,192
604
1.16
Time Deposits
193,188
1,873
3.85
173,832
1,552
3.54
155,867
1,174
3.02
101,147
337
1.35
116,172
368
1.26
Total Interest-Bearing Deposits
961,003
5,336
2.20
937,750
4,750
2.01
930,104
3,842
1.66
892,215
2,504
1.14
887,664
1,811
0.81
Short-Term Borrowings
1,902
26
5.42
—
—
—
480
3
2.51
1,344
2
0.60
8,985
7
0.31
Other Borrowings
34,673
407
4.66
34,662
407
4.66
21,026
238
4.54
14,641
155
4.29
17,598
171
3.86
Total Interest-Bearing Liabilities
997,578
5,769
2.29
972,412
5,157
2.10
951,610
4,083
1.72
908,200
2,661
1.19
914,247
1,989
0.86
Noninterest-Bearing Demand Deposits
305,789
312,016
326,262
362,343
391,300
Total Funding and Cost of Funds
1,303,367
1.76
1,284,428
1.59
1,277,872
1.28
1,270,543
0.85
1,305,547
0.60
Other Liabilities
4,119
9,025
10,920
2,953
788
Total Liabilities
1,307,486
1,293,453
1,288,792
1,273,496
1,306,335
Stockholders' Equity
114,327
117,435
117,949
114,752
107,965
Total Liabilities and Stockholders'
Equity
$
1,421,813
$
1,410,888
$
1,406,741
$
1,388,248
$
1,414,300
Net Interest Income (FTE)
(Non-GAAP) (3)
$
11,181
$
10,760
$
11,155
$
11,614
$
11,895
Net Interest-Earning Assets (4)
386,485
385,591
402,319
430,345
447,337
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
2.57
%
2.55
%
2.79
%
3.14
%
3.19
%
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
3.21
3.14
3.30
3.52
3.47
(1)
Annualized based on three months ended
results.
(2)
Net of the allowance for credit losses and
includes nonaccrual loans with a zero yield.
(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, 2023
December 31, 2022
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)
$
1,076,928
$
54,763
5.09
%
$
1,019,124
$
42,010
4.12
%
Debt Securities
Taxable
208,472
4,017
1.93
220,818
3,852
1.74
Exempt From Federal Tax
5,821
199
3.42
8,383
270
3.22
Marketable Equity Securities
2,693
106
3.94
2,693
91
3.38
Interest-Earning Deposits at Banks
61,818
3,084
4.99
71,283
1,473
2.07
Other Interest-Earning Assets
3,027
211
6.97
3,092
154
4.98
Total Interest-Earning Assets
1,358,759
62,380
4.59
1,325,393
47,850
3.61
Noninterest-Earning Assets
48,268
81,035
Total Assets
$
1,407,027
$
1,406,428
Liabilities and Stockholders'
Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
354,060
$
6,741
1.90
%
$
282,850
$
1,362
0.48
%
Savings Accounts
220,146
202
0.09
248,334
88
0.04
Money Market Accounts
199,962
4,554
2.28
194,223
976
0.50
Time Deposits
156,310
4,936
3.16
124,817
1,599
1.28
Total Interest-Bearing Deposits
930,478
16,433
1.77
850,224
4,025
0.47
Short-Term Borrowings
931
32
3.44
27,360
63
0.23
Other Borrowings
26,328
1,207
4.58
17,609
693
3.94
Total Interest-Bearing Liabilities
957,737
17,672
1.85
895,193
4,781
0.53
Noninterest-Bearing Demand Deposits
326,408
389,553
Total Funding and Cost of Funds
1,284,145
1.38
1,284,746
0.37
Other Liabilities
6,764
4,072
Total Liabilities
1,290,909
1,288,818
Stockholders' Equity
116,118
117,610
Total Liabilities and Stockholders'
Equity
$
1,407,027
$
1,406,428
Net Interest Income (FTE) (Non-GAAP)
(2)
44,708
43,069
Net Interest-Earning Assets (3)
401,022
430,200
Net Interest Rate Spread (FTE) (Non-GAAP)
(2)(4)
2.74
%
3.08
%
Net Interest Margin (FTE) (Non-GAAP)
(2)(5)
3.29
3.25
(1)
Net of the allowance for credit losses and
includes nonaccrual loans with a zero yield.
(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.
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
(Dollars in thousands, except share and
per share data) (Unaudited)
Total Assets (GAAP)
$
1,456,091
$
1,399,492
$
1,432,733
$
1,430,708
$
1,408,938
Goodwill and Intangible Assets, Net
(10,690
)
(11,909
)
(12,354
)
(12,800
)
(13,245
)
Tangible Assets (Non-GAAP) (Numerator)
$
1,445,401
$
1,387,583
$
1,420,379
$
1,417,908
$
1,395,693
Stockholders' Equity (GAAP)
$
139,834
$
114,846
$
116,589
$
117,195
$
110,155
Goodwill and Intangible Assets, Net
(10,690
)
(11,909
)
(12,354
)
(12,800
)
(13,245
)
Tangible Common Equity or Tangible Book
Value (Non-GAAP) (Denominator)
$
129,144
$
102,937
$
104,235
$
104,395
$
96,910
Stockholders’ Equity to Assets (GAAP)
9.6
%
8.2
%
8.1
%
8.2
%
7.8
%
Tangible Common Equity to Tangible Assets
(Non-GAAP)
8.9
%
7.4
%
7.3
%
7.4
%
6.9
%
Common Shares Outstanding
(Denominator)
5,119,543
5,120,678
5,111,678
5,116,830
5,100,189
Book Value per Common Share (GAAP)
$
27.31
$
22.43
$
22.81
$
22.90
$
21.60
Tangible Book Value per Common Share
(Non-GAAP)
$
25.23
$
20.10
$
20.39
$
20.40
$
19.00
Three Months Ended
Year Ended
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
(Dollars in thousands) (Unaudited)
Net Income (GAAP)
$
12,966
$
2,672
$
2,757
$
4,156
$
4,152
$
22,550
$
11,247
Amortization of Intangible Assets, Net
430
445
446
445
446
1,766
1,782
Adjusted Net Income (Non-GAAP)
(Numerator)
$
13,396
$
3,117
$
3,203
$
4,601
$
4,598
$
24,316
$
13,029
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Stockholders' Equity (GAAP)
$
114,327
$
117,435
$
117,949
$
114,752
$
107,965
$
116,118
$
117,610
Average Goodwill and Intangible Assets,
Net
(11,829
)
(12,185
)
(12,626
)
(13,080
)
(13,534
)
(12,426
)
(14,193
)
Average Tangible Common Equity (Non-GAAP)
(Denominator)
$
102,498
$
105,250
$
105,323
$
101,672
$
94,431
$
103,692
$
103,417
Return on Average Equity (GAAP)
44.99
%
9.03
%
9.38
%
14.69
%
15.26
%
19.42
%
9.56
%
Return on Average Tangible Common Equity
(Non-GAAP)
51.85
%
11.75
%
12.20
%
18.35
%
19.32
%
23.45
%
12.60
%
Three Months Ended
Year Ended
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)
$
16,905
$
15,874
$
15,203
$
14,244
$
13,855
$
62,225
$
47,716
Adjustment to FTE Basis
45
43
35
31
29
155
134
Interest Income (FTE) (Non-GAAP)
16,950
15,917
15,238
14,275
13,884
62,380
47,850
Interest Expense (GAAP)
5,769
5,157
4,083
2,661
1,989
17,672
4,781
Net Interest Income (FTE) (Non-GAAP)
$
11,181
$
10,760
$
11,155
$
11,614
$
11,895
$
44,708
$
43,069
Net Interest Rate Spread (GAAP)
2.56
%
2.54
%
2.78
%
3.13
%
3.18
%
2.73
%
3.07
%
Adjustment to FTE Basis
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Net Interest Rate Spread (FTE)
(Non-GAAP)
2.57
%
2.55
%
2.79
%
3.14
%
3.19
%
2.74
%
3.08
%
Net Interest Margin (GAAP)
3.19
%
3.13
%
3.29
%
3.51
%
3.46
%
3.28
%
3.24
%
Adjustment to FTE Basis
0.02
0.01
0.01
0.01
0.01
0.01
0.01
Net Interest Margin (FTE) (Non-GAAP)
3.21
%
3.14
%
3.30
%
3.52
%
3.47
%
3.29
%
3.25
%
Three Months Ended
Year Ended
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
(Dollars in thousands) (Unaudited)
Net Income Before Income Tax Expense
(GAAP)
$
18,309
$
3,236
$
3,456
$
5,285
$
5,228
$
30,285
$
14,080
(Recovery) Provision for Credit Losses
(1,420
)
406
432
80
—
(502
)
3,784
Adjustments
Loss (Gain) on Securities
9,830
37
100
232
(83
)
10,199
168
Gain on Sale of Subsidiary
(24,578
)
—
—
—
—
(24,578
)
—
Adjusted PPNR (Non-GAAP) (Numerator)
$
2,141
$
3,679
$
3,988
$
5,597
$
5,145
$
15,404
$
18,032
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Assets (Denominator)
$
1,421,813
$
1,410,888
$
1,406,741
$
1,388,248
$
1,414,300
$
1,407,027
$
1,406,428
Adjusted PPNR Return on Average Assets
(Non-GAAP)
0.60
%
1.04
%
1.14
%
1.64
%
1.44
%
1.09
%
1.28
%
Three Months Ended
Year Ended
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
(Dollars in thousands, except share and
per share data) (Unaudited)
Net Income (GAAP)
$
12,966
$
2,672
$
2,757
$
4,156
$
4,152
$
22,550
$
11,247
Adjustments
Loss (Gain) on Securities
9,830
37
100
232
(83
)
10,199
168
Gain on Sale of Subsidiary
(24,578
)
—
—
—
—
(24,578
)
—
Gain on Disposal of Fixed Assets
—
—
—
(11
)
—
(11
)
(431
)
Gain on Bank-Owned Life Insurance
Claims
—
—
(1
)
(302
)
—
(303
)
—
Tax effect
4,843
(8
)
(21
)
(46
)
17
4,767
55
Adjusted Net Income (Non-GAAP)
$
3,061
$
2,701
$
2,835
$
4,029
$
4,086
$
12,624
$
11,039
Weighted-Average Diluted Common Shares and
Common Stock Equivalents Outstanding
5,135,997
5,126,546
5,116,134
5,115,705
5,104,254
5,122,916
5,149,312
Earnings per Common Share - Diluted
(GAAP)
$
2.52
$
0.52
$
0.54
$
0.81
$
0.81
$
4.40
$
2.18
Adjusted Earnings per Common Share -
Diluted (Non-GAAP)
$
0.60
$
0.53
$
0.55
$
0.79
$
0.80
$
2.47
$
2.15
Net Income (GAAP) (Numerator)
$
12,966
$
2,672
$
2,757
$
4,156
$
4,152
$
22,550
$
11,247
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Assets (Denominator)
1,421,813
1,410,888
1,406,741
1,388,248
1,414,300
1,407,027
1,406,428
Return on Average Assets (GAAP)
3.62
%
0.75
%
0.79
%
1.21
%
1.16
%
1.60
%
0.80
%
Adjusted Net Income (Non-GAAP)
(Numerator)
$
3,061
$
2,701
$
2,835
$
4,029
$
4,086
$
12,624
$
11,039
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Assets (Denominator)
1,421,813
1,410,888
1,406,741
1,388,248
1,414,300
1,407,027
1,406,428
Adjusted Return on Average Assets
(Non-GAAP)
0.85
%
0.76
%
0.81
%
1.18
%
1.15
%
0.90
%
0.78
%
Three Months Ended
Year Ended
12/31/23
9/30/23
6/30/23
3/31/23
12/31/22
12/31/23
12/31/22
(Dollars in thousands) (Unaudited)
Net Income (GAAP) (Numerator)
$
12,966
$
2,672
$
2,757
$
4,156
$
4,152
$
22,550
$
11,247
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Equity (GAAP) (Denominator)
114,327
117,435
117,949
114,752
107,965
116,118
117,610
Return on Average Equity (GAAP)
44.99
%
9.03
%
9.38
%
14.69
%
15.26
%
19.42
%
9.56
%
Adjusted Net Income (Non-GAAP)
(Numerator)
$
3,061
$
2,701
$
2,835
$
4,029
$
4,086
$
12,624
$
11,039
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Equity (GAAP) (Denominator)
114,327
117,435
117,949
114,752
107,965
116,118
117,610
Adjusted Return on Average Equity
(Non-GAAP)
10.62
%
9.12
%
9.64
%
14.24
%
15.01
%
10.87
%
9.39
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240131506554/en/
John H. Montgomery President and Chief Executive Officer Phone:
(724) 225-2400
Grafico Azioni CB Financial Services (NASDAQ:CBFV)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni CB Financial Services (NASDAQ:CBFV)
Storico
Da Gen 2024 a Gen 2025
