CB Financial Services Inc ( (CBFV) ) has released its Q4 earnings. Here is a breakdown of the information CB Financial Services Inc presented to its investors.
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CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank that operates a network of branches in southwestern Pennsylvania and West Virginia, offering a wide range of retail and commercial lending and deposit services.
In its latest financial report, CB Financial Services, Inc. announced its fourth quarter and full-year 2024 results, highlighting a net income of $2.5 million for the quarter and $12.6 million for the year. The company also declared a quarterly cash dividend of $0.25 per share.
Key financial metrics included a slight increase in net interest and dividend income to $11.5 million, while noninterest income saw a significant decrease due to the previous year’s gain on the sale of a subsidiary. Total assets grew to $1.48 billion, with deposits rising to $1.28 billion. The company also recorded a decrease in total loans, attributed to a strategic shift away from indirect automobile loans.
Looking ahead, CB Financial Services, Inc. is focusing on implementing its Specialty Treasury Payments & Services program, which is expected to enhance revenue growth and the core deposit base. The company is also committed to maintaining a conservative balance sheet strategy and high-quality loan production.
With strong capital levels and a stable net interest margin, CB Financial Services, Inc. is well-positioned to leverage growth opportunities in the upcoming year, supported by its strategic initiatives and an emphasis on high-quality customer relationships.
