CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM:
CBFV), the holding company of Community Bank (the “Bank”) and
Exchange Underwriters, Inc., a wholly-owned insurance subsidiary of
Community Bank, today announced third quarter 2018 financial
results.
Third Quarter 2018 Highlights
- Net income for the three months ended September 30, 2018 was
$2.3 million, compared to $2.1 million for the three months ended
September 30, 2017, an increase of $228,000, or 11.0%.
- Provision for loan losses decreased $275,000, or 91.7%, to
$25,000 for the three months ended September 30, 2018, compared to
$300,000 for the three months ended September 30, 2017. This
decrease was related to loan payoffs mainly offsetting loan
originations and decreased net-charge-offs.
- Net interest income for the third quarter increased $2.8
million, to $10.2 million as compared to $7.4 million for the third
quarter of 2017. This is due to increases in organic loan growth of
$110.7 million since the third quarter of 2017 and acquired loans
and investment securities as a result of the First West Virginia
Bancorp and Progressive Bank, National Association (“FWVB
merger”).
- While the pace of loan growth slowed in the third quarter,
excluding the addition of $95.5 million of acquired loans due to
FWVB merger in the second quarter, total loans had organic growth
of $17.1 million in the third quarter and an annualized net loan
growth rate of 7.8%.
- Noninterest income increased $270,000 for the three months
ended September 30, 2018, as compared to the three months ended
September 30, 2017. This was mainly attributed to increased service
fees on deposits accounts due to the FWVB merger and insurance
commissions due to the Exchange Underwriters, Inc. merger with
Beynon Insurance as of August 1, 2018.
The quarterly and year-to-date results were primarily impacted
by the FWVB merger that closed in the second quarter. The merger
brought approximately $281.6 million in low-cost deposits, $95.5
million in loans and eight branch locations in the Upper Ohio
Valley and Buckhannon, WV regions. In addition, we have added
branch and back office personnel to accommodate the increased
customer traffic and transaction volumes due to the FWVB merger.
Our year-to-date financial results were impacted approximately
$854,000 pre-tax for merger-related expenses. Noninterest expense
increased $3.5 million for the three months ended September 30,
2018, to $9.4 million as compared to $5.9 million for the three
months ended September 30, 2017. In the current quarter, we have
begun to recognize our post-FWVB merger cost savings initiatives.
The Bank was able to resolve lease termination issues for the
former FWVB corporate headquarters and former Washington Business
Center as the Bank moved into the Barron P. “Pat” McCune Jr.
Corporate Center (“BPMCC”) in the third quarter.
Net income for the nine months ended September 30, 2018 was $4.6
million, compared to $5.6 million for the nine months ended
September 30, 2017. Diluted earnings per share for the three and
nine months ended September 30, 2018 were $0.42 and $0.95,
respectively, compared to $0.50 and $1.36 for the three and nine
months ended September 30, 2017, respectively. As mentioned in the
previous narrative above, the FWVB merger had a significant impact
to net income for the quarter and year-to-date. Removing the
one-time, non-recurring merger expenses would have a beneficial
impact to net income. Net income excluding merger impact and
various discrete one-time items would have been approximately $2.6
million and $6.0 million for the three and nine months ended
September 30, 2018. The diluted earnings per share impact of the
removal of these items would have been $0.47 and $1.23 per share
for the three and nine months ended September 30, 2018, which would
have been increases of $0.05 and $0.28 per share, for the
aforementioned time periods, respectively.
“We are pleased to report on our third quarter and year-to-date
financial performance for 2018. The third quarter recognized a
complete quarter post-closing of the FWVB merger,” said Patrick G.
O’Brien, President and Chief Executive Officer. “Our combined
organization has continued our momentum in both loan and deposit
growth. Thanks to the employees of our combined organization, we
are now poised to take the “Community Bank” story and high-level of
customer service to the Upper Ohio Valley and Buckhannon, WV
markets. The combination of these two like-minded and
community-oriented financial organizations, will yield benefits for
shareholders and customers for years to come. We look forward to
the challenge of becoming the premier ’Community Bank’ of choice in
the tri-state region.”
STATEMENT OF INCOME REVIEW
Third Quarter Results
Net Interest Income. Net interest income
increased $2.8 million, or 38.3%, to $10.2 million for the three
months ended September 30, 2018 compared to $7.4 million for the
three months ended September 30, 2017.
Interest and dividend income increased $3.6 million, or 43.2%,
to $11.8 million for the three months ended September 30, 2018
compared to $8.2 million for the three months ended September 30,
2017. Interest income on loans increased $2.6 million for the three
months ended September 30, 2018, compared to the three months ended
September 30, 2017. Average loans increased by $200.2 million
for the three months ended September 30, 2018, compared to the
three months ended September 30, 2017. This was primarily due to
organic loan growth and the FWVB merger. The FWVB merger not only
affected the average loan balance, it also contributed to an
increase of 18 basis points in loan yield. The credit mark recorded
for the acquired loans in the FWVB merger was approximately $1.3
million. The impact of the accretion from both the FWVB and
FedFirst Financial Corporation (“FFCO”) acquired loan portfolios
for the three months ended September 30, 2018 was $81,000, or 4
basis points, compared to $127,000, or 8 basis points, for the
three months ended September 30, 2017. The remaining credit mark
balance for both acquired loan portfolios was $1.9 million as of
September 30, 2018. Interest income on taxable securities increased
$816,000 mainly due to an increase of $97.5 million in
the average balance and 79 basis points in yield in the current
period. This is a result of the FWVB merger. Interest income on
securities exempt from federal income tax increased by $89,000 in
the current period. This was due to the FWVB merger that generated
an average balance increase of $9.5 million. In addition, other
interest and dividend income increased $72,000 as a result of
increased interest earned on correspondent deposit banks and FHLB
dividends in the current period.
Interest expense increased $734,000, or 85.3%, to $1.6 million
for the three months ended September 30, 2018 compared to $860,000
for the three months ended September 30, 2017. Interest expense on
deposits increased $678,000 due to an increase in average
interest-bearing deposits of $221.6 million, primarily due to
increases in deposits as a result of the FWVB merger. The average
cost of interest-bearing deposits increased 20 basis points. This
was primarily related to interest rate hikes by the Federal Reserve
Board (“FRB”). Interest expense on short-term borrowings increased
$48,000 primarily due to securities sold under agreement to
repurchase and FHLB overnight borrowings that had increases in
average balance of $5.4 million and $3.5 million, respectively
during the current quarter due to funding loan growth.
Provision for Loan Losses. The provision
for loan losses was $25,000 for the three months ended September
30, 2018 compared to $300,000 for the three months ended September
30, 2017. Net charge-offs for the three months ended September 30,
2018 were $51,000, which included $63,000 of net charge-offs on
automobile loans, compared to $227,000 of net charge-offs for the
three months ended September 30, 2017, which included $149,000 of
net charge-offs on automobile loans. The decrease in net
charge-offs during the current period was mainly attributed to
lower automobile loan charge-offs. Management analyzes the loan
portfolio on a quarterly basis to determine the adequacy of the
allowance for loan losses and the need for additional provisions
for loan losses. The decrease in the quarterly provision was
primarily due to reduced charge-offs and loan payoffs mainly
offsetting loan growth. This was partially offset by improvements
in credit matrix factors which had a positive impact on the
qualitative factors within the allowance calculation.
Noninterest Income.
Noninterest income increased $270,000, or 14.9%, to $2.1 million
for the three months ended September 30, 2018 compared to $1.8
million for the three months ended September 30, 2017. Service fees
on deposit accounts increased $236,000 due to increased volume in
ATM and check card fees as a result of the FWVB merger in the
current quarter. Insurance commissions from Exchange Underwriters
increased $162,000 due to increased direct bill commercial and
personal lines commission and fee income as a result of the EU –
Beynon merger and the revenue recognition standard adopted in the
first quarter, partially offset by a decrease in contingency fees
received in the current period. Contingency fees are commissions
that are contingent upon several factors including, but not limited
to, eligible written premiums, earned premiums, incurred losses and
stop loss charges. The fair value of equity securities increased
$35,000 due to the first quarter adoption of Accounting Standard
Update (“ASU”) 2016-01, Financial Instruments – Overall (Subtopic
825-10), which requires equity investments (except those accounted
for under the equity method or that are consolidated) to be
measured at fair value with changes in fair value recognized in net
income. As required, the $35,000 gain was recognized due to current
market conditions. There was a decrease in the net gains on the
sales of residential mortgage loans of $85,000. The decrease in
gains was primarily due to a decrease in the number of loans
originated and subsequently sold to the FHLB as part of the
Mortgage Partnership Finance® (“MPF®”) program and an increase in
mortgage rates. The MPF® program enables member financial
institutions to offer competitive interest rates for fixed-rate
mortgage loans without assuming any of the interest rate risk
associated with a long-term asset. Net gains on the disposal of
fixed assets decreased $74,000 due to the write-off of the
leasehold improvements of the former Washington Business Center
that was vacated on September 30, 2018.
Noninterest Expense. Noninterest expense
increased $3.5 million, or 58.8%, to $9.4 million for the three
months ended September 30, 2018 compared to $5.9 million for the
three months ended September 30, 2017. Salaries and employee
benefits increased $1.2 million primarily due to the addition of
FWVB-retained employee salaries, salary increases related to back
office personnel, and health care and retirement benefits expenses
mostly related to the FWVB merger. Other noninterest expense
increased $528,000 primarily due to other losses that were written
off as a result of the FWVB merger and systems conversion, loan
expenses, office supplies, telephone, travel, and meals and
entertainment expenses. Other real estate owned expense increased
$398,000 mainly due to the prior year quarter resolution of loan
collection efforts through the sale of a mineral rights interest
for $186,000, bankruptcy court settlement for $86,000 and mortgage
insurance proceeds for $85,000. The aforementioned items were
proceeds from previously sold OREO properties. Occupancy increased
$329,000 primarily due to the lease termination of the former FWVB
corporate center and increases in depreciation, property contracted
services, rent expense and real estate taxes due to the FWVB merger
and completion of the BPMCC in Washington, PA. Equipment expense
increased $322,000 primarily due to equipment maintenance contracts
and data processing expense related to the FWVB merger.
Amortization of Core Deposit Intangible (“CDI”) increased $318,000,
due to the CDI recorded for the FWVB merger. The Federal Deposit
Insurance Corporation (“FDIC”) assessment expense decreased $37,000
due to an assessment factor decrease by the FDIC in the computation
of the insurance assessment and average asset growth related to the
FWVB merger.
Income Tax Expense. Income taxes
decreased $334,000 to $576,000 for the three months ended September
30, 2018 compared to $910,000 for the three months ended September
30, 2017. The effective tax rate for the three months ended
September 30, 2018 was 20.1% compared to 30.6% for the three months
ended September 30, 2017. The decrease in income taxes was due to a
decrease of $106,000 in pre-tax income and the reduction of the
federal statutory income tax rate from 34% in the prior year
quarter to 21% in the current year quarter, due to the enactment of
the new federal tax law titled “Tax Cuts and Jobs Act of 2017” on
December 22, 2017.
Year-to-Date Results
Net Interest Income. Net interest income
increased $5.5 million, or 25.5%, to $27.0 million for the
nine months ended September 30, 2018, compared to $21.5 million for
the nine months ended September 30, 2017.
Interest and dividend income increased $7.2 million, or 30.1%,
to $31.2 million for the nine months ended September 30, 2018
compared to $24.0 million for the nine months ended September 30,
2017. Interest income on loans increased $5.4 million primarily due
to an increase in average loans outstanding of $151.9
million for the nine months ended September 30, 2018. The increase
in average loans was mainly due to the FWVB merger and organic loan
growth of approximately $62.7 million the current period. This was
partially offset by a decrease of $293,000 in accretion on the
acquired loan portfolios credit mark for the nine months ended
September 30, 2018. Credit mark accretion of $240,000, or 4 basis
points, was recognized in the nine months ended September 30, 2018,
compared to $533,000, or 16 basis points for the nine months ended
September 30, 2017. Interest income on taxable securities increased
$1.5 million in the current period. In addition, an increase
of 61 basis points in yield resulted from securities acquired in
the FWVB merger. The average balance for taxable securities
increased $60.0 million for the nine months ended September 30,
2018. Interest income on securities exempt from federal tax
increased $192,000 due to securities acquired in the FWVB merger
with higher prevailing yields. There was an increase
of $7.9 million in the average balance on securities exempt
from federal tax and a decrease of 45 basis points in yield as
a result of the prior year reduction in the federal statutory
income tax rate from 34% to 21%.
Interest expense increased $1.7 million, or 70.4%, to $4.2
million for the nine months ended September 30, 2018 compared to
$2.5 million for the nine months ended September 30, 2017. Interest
expense on deposits increased $1.3 million due to current year rate
increases and an increase in average interest-bearing deposits
of $136.1 million which is attributed primarily to the FWVB
merger. The average cost of interest-bearing deposits increased 15
basis points. In addition, interest expense on short-term
borrowings increased $414,000 in the current period primarily due
to increased interest rates on FHLB overnight borrowings that had
an average balance increase of $26.4 million and on securities sold
under agreements to repurchase.
Provision for Loan Losses. The provision
for loan losses increased $1.1 million, to $2.1 million, for the
nine months ended September 30, 2018, compared to $1.0 million
of provision for loan losses for the nine months ended September
30, 2017, of which $250,000 was attributed to the FFCO acquired
loan portfolio. Net charge-offs for the nine months ended September
30, 2018 were $1.6 million, which included $263,000 of net
charge-offs on automobile loans, compared to net charge-offs of
$721,000 for the nine months ended September 30, 2017, which
included $435,000 of net charge-offs on automobile loans. The
increase in net charge-offs for the current year was due to
charge-offs of $1.2 million for three commercial and
industrial relationships in the first quarter of 2018. The
provision for loan losses was impacted in the current period by the
recording of $2.1 million of provision for the originated loan
portfolio due to the above-mentioned loan charge-offs and to
appropriately reflect risk associated with the originated loan
portfolio as of September 30, 2018. Additionally, this was due to
growth in the loan portfolio and average loan balances, partially
offset by improved credit metrics which had a positive impact on
the qualitative factors within the allowance calculation. The
acquired loan portfolio from the FWVB merger recorded an
approximate credit mark of $1.3 million. Management analyzes the
loan portfolio on a quarterly basis to determine the adequacy of
the allowance for loan losses and credit mark on acquired loan
portfolios, with the possible need for additional provisions for
loan losses.
Noninterest Income.
Noninterest income increased $439,000, or 7.5%,
to $6.3 million for the nine months ended September 30, 2018
compared to $5.9 million at September 30, 2017. There was an
increase of $487,000 for other commissions due to insurance
proceeds recognized by a claim on a bank-owned life insurance
policy due to the death of a former officer of the Bank, current
year recognition of an ARC loan referral fee and liquidation of a
partnership interest in the West Virginia Bankers Title Company, an
item that was resolved from the FWVB merger. Service fees on
deposit accounts increased $337,000 primarily due to
increased ATM fees due to an increased volume of customer
transactions and check card fees related to the FWVB merger. There
was a $45,000 increase in insurance commissions from Exchange
Underwriters mainly due to the EU – Beynon merger in the current
period. There was a decrease in the net gains on sales of
residential mortgage loans of $283,000. The decrease in gains was
primarily due to a decrease in the number of loans originated and
subsequently sold to the FHLB as part of the MPF® program and an
increase in mortgage rates. Net gains on the sales of investments
decreased $132,000 due to the sale of equity securities in the
prior period. Net gains on disposal of fixed assets decreased
$74,000 due to the write-off of the leasehold improvements of the
former Washington Business Center.
Noninterest Expense. Noninterest
expense increased $7.1 million, or 38.6%, to $25.5 million for
the nine months ended September 30, 2018 compared to $18.4 million
for the nine months ended September 30, 2017. Salaries and employee
benefits increased $2.8 million, primarily due to additional
employees, salary increases, and retirement benefits as a direct
result of the FWVB merger, increased incentive compensation
accruals due to the loan origination semi-annual bonus matrix,
employee group health insurance and employee stock options.
Merger-related expenses increased $854,000 due to the FWVB merger.
CDI amortization increased $585,000 due to the CDI recorded for the
FWVB merger. Other noninterest expense increased $792,000 primarily
due to office supplies, telephone, loan expenses, travel and meals
and entertainment. Equipment and occupancy increased $540,000
and $535,000, respectively, primarily due to equipment purchases
and new maintenance contracts related to the FWVB merger and the
BPMCC. Other real estate owned expense increased $380,000 mainly
due to the prior year quarter resolution of loan collection efforts
through the sale of a mineral rights interest for $186,000,
bankruptcy court settlement for $86,000 and mortgage insurance
proceeds for $85,000. Legal and professional fees increased
$132,000 due to increased consultation fees in connection with
Exchange Underwriters. FDIC assessment fees increased $94,000 due
to an assessment factor increase by the FDIC in the computation of
the insurance assessment and average asset growth related to the
FWVB merger. Advertising increased $83,000 related to increases in
print/media advertising and promotional items to promote the FWVB
merger.
Income Tax Expense. Income taxes
decreased $1.4 million to $977,000 for the nine months
ended September 30, 2018 compared to $2.3 million for the nine
months ended September 30, 2017. The effective tax rate for the
nine months ended September 30, 2018 was 17.4% compared to 29.6%
for the nine months ended September 30, 2017. The decrease in
income taxes was primarily due to a decrease of $2.3 million in
pre-tax income. The expected effective tax rate for the current
year 2018, is 16.9%, which was calculated by excluding the one-time
income on a bank-owned life insurance claim of approximately
$421,000, which represents a discrete tax item for the first
quarter of 2018. The decrease in income taxes was also due to the
enactment of the Tax Cuts and Jobs Act of 2017, which reduced the
statutory federal corporate income tax rate from 34% to 21%
effective January 1, 2018.
STATEMENT OF FINANCIAL CONDITION REVIEW
Assets. Total assets increased
$319.0 million, or 34.1%, to $1.3 billion at September 30, 2018
compared to $934.5 million at December 31, 2017.
Cash and due from banks increased $25.3 million, or 122.9%, to
$46.0 million at September 30, 2018 compared to $20.6 million at
December 31, 2017. This is primarily the result of deposit
growth.
Investment securities classified as available-for-sale
increased $93.2 million, or 75.5%, to $216.8 million at
September 30, 2018 compared to $123.6 million at December 31,
2017. This increase was primarily the result of securities acquired
in the FWVB merger.
Loans, net, increased $156.3 million, or 21.2%,
to $891.9 million at September 30, 2018 compared to $735.6
million at December 31, 2017. This was primarily due to the FWVB
acquired loan portfolio of $95.5 million and net organic loan
originations of $50.8 million in commercial real estate loans,
$14.7 million in residential mortgage loans, $8.2 million in other
loans and $4.9 million in construction loans, partially offset by a
decrease of $15.5 million in commercial and industrial loans.
Premises and equipment, net, increased $7.2 million, or 43.2%,
to $23.9 million at September 30, 2018 compared to $16.7
million at December 31, 2017. This is due to the additions related
to the eight branch locations from the FWVB merger. In addition,
there was $3.5 million related to the new BPMCC that was placed
into service in the second quarter. Total premises and equipment
capitalized for the BPMCC totaled $6.1 million. The BPMCC building
was previously taken into premises and equipment from a previously
defaulted loan relationship in the first quarter of 2016.
Liabilities. Total liabilities increased
$278.6 million, or 33.1%, to $1.1 billion at September 30, 2018
compared to $841.2 million at December 31, 2017.
Total deposits increased $289.5 million, or 37.4%,
to $1.1 billion at September 30, 2018 compared to $773.3
million at December 31, 2017. There were increases of $73.7 million
in savings accounts, $73.2 million in demand deposits, $53.4
million in NOW accounts, $47.4 million in money market accounts
and $44.2 million in time deposits, partially offset by a
decrease of $2.4 million in brokered deposits. This increase is due
to approximately $281.6 million deposits acquired in the FWVB
merger on April 30, 2018 and these deposits increased by $10.8
million as of September 30, 2018. This increase is largely the
result of school district and municipal deposits during the current
quarter. The legacy Bank deposit portfolio had approximately $2.9
million decrease in deposits. There was a local government
depositor that withdrew funds in the first quarter of 2018 for
approximately $17.0 million and this was mainly offset by current
quarter deposits by school districts and local municipalities as a
result of annual property tax remittance. The Bank has been
selective on offering promotional interest rates and has
concentrated its efforts on increasing noninterest-bearing accounts
by building strong customer relationships.
Short-term borrowings decreased $8.0 million, or 20.3%,
to $31.6 million at September 30, 2018 compared to $39.6
million at December 31, 2017. At September 30, 2018, short-term
borrowings were comprised of $31.5 million of securities sold under
agreements to repurchase compared to $25.8 million of securities
sold under agreement to repurchase and $13.8 million of FHLB
overnight borrowings at December 31, 2017. Approximately $20.0
million of securities sold under agreements to repurchase were
assumed in the FWVB merger. The increase is related to loan
originations that exceeded available cash reserves and an increase
in business deposit customers whose funds, above designated target
balances, are transferred into an overnight interest-earning
investment account by purchasing securities from the Bank’s
investment portfolio under an agreement to repurchase. Other
borrowed funds decreased by $1.2 million due to a $3.5 million
maturing FHLB long-term borrowing that was retired in the current
period, partially offset by $2.3 million of amortizing fixed-rate
FHLB borrowings that were acquired in the FWVB merger. As a result
of current period activity, the weighted average interest rate on
long-term borrowings increased by 37 basis points to 2.29%.
Stockholders’ Equity. Stockholders’
equity increased $40.4 million, or 43.4%, to $133.7
million at September 30, 2018 compared to $93.3 million at December
31, 2017. During the period, 1,317,647 shares of CBFV stock were
issued to shareholders of FWVB in the merger. The approximate value
of this stock issuance was $42.0 million, partially offset by
$515,000 of stock issuance expenses that were charged against
equity. Net income was $4.6 million for the nine months ended
September 30, 2018. The Company paid $3.3 million in dividends
to stockholders and the unrealized loss on investment securities
increased by $2.7 million due to the addition of the FWVB
securities portfolio of approximately $102.0 million due to merger
and current market conditions.
About CB Financial Services, Inc
CB Financial Services, Inc. is the bank holding company for
Community Bank, a Pennsylvania-chartered commercial bank
headquartered in Washington, Pennsylvania. Community Bank operates
nineteen offices in Greene, Allegheny, Washington, Fayette, and
Westmoreland Counties in southwestern Pennsylvania, seven offices
in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West
Virginia, and one office in Belmont County in Ohio. Community Bank
offers a broad array of retail and commercial lending and deposit
services and provides commercial and personal insurance brokerage
services through Exchange Underwriters, Inc., its wholly owned
subsidiary. Financial highlights of the Company are attached.
For more information about CB and Community Bank, visit our
website at www.communitybank.tv.
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, changes in market
interest rates, general economic conditions, changes in federal and
state regulation, actions by our competitors, loan delinquency
rates, our ability to control costs and expenses, and other factors
that may be described 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.
|
SELECTED FINANCIAL
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
(Dollars in thousands, except share and per share
data) |
|
September 30, |
|
December 31, |
|
|
|
|
|
Selected Financial Condition Data: |
|
2018 |
|
|
2017 |
|
|
|
|
|
|
Total Assets |
|
$ |
1,253,526 |
|
|
$ |
934,486 |
|
|
|
|
|
|
Cash and Cash Equivalents |
|
|
45,957 |
|
|
|
20,622 |
|
|
|
|
|
|
Securities Available-for-Sale |
|
|
216,830 |
|
|
|
123,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
|
|
|
Real Estate: |
|
|
|
|
|
|
|
|
|
Residential |
|
|
319,364 |
|
|
|
273,438 |
|
|
|
|
|
|
Commercial |
|
|
298,342 |
|
|
|
209,037 |
|
|
|
|
|
|
Construction |
|
|
44,408 |
|
|
|
36,149 |
|
|
|
|
|
|
Commercial and Industrial |
|
|
103,941 |
|
|
|
107,835 |
|
|
|
|
|
|
Consumer |
|
|
118,500 |
|
|
|
114,557 |
|
|
|
|
|
|
Other |
|
|
16,593 |
|
|
|
3,376 |
|
|
|
|
|
|
Total Loans |
|
|
901,148 |
|
|
|
744,392 |
|
|
|
|
|
|
Allowance for Loan Losses |
|
|
9,285 |
|
|
|
8,796 |
|
|
|
|
|
|
Loans, Net |
|
|
891,863 |
|
|
|
735,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and Equipment, Net |
|
|
23,933 |
|
|
|
16,712 |
|
|
|
|
|
|
Goodwill and Core Deposit Intangible |
|
|
38,496 |
|
|
|
8,237 |
|
|
|
|
|
|
Deposits |
|
|
1,062,891 |
|
|
|
773,344 |
|
|
|
|
|
|
Borrowings |
|
|
54,837 |
|
|
|
64,105 |
|
|
|
|
|
|
Stockholders' Equity |
|
|
133,683 |
|
|
|
93,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
Selected Operations Data: |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Interest and Dividend Income |
|
$ |
11,764 |
|
|
$ |
8,213 |
|
|
$ |
31,161 |
|
|
$ |
23,953 |
|
|
Interest Expense |
|
|
1,594 |
|
|
|
860 |
|
|
|
4,210 |
|
|
|
2,470 |
|
|
Net Interest Income |
|
|
10,170 |
|
|
|
7,353 |
|
|
|
26,951 |
|
|
|
21,483 |
|
|
Provision for Loan Losses |
|
|
25 |
|
|
|
300 |
|
|
|
2,125 |
|
|
|
1,020 |
|
|
Net Interest Income After Provision for Loan
Losses |
|
|
10,145 |
|
|
|
7,053 |
|
|
|
24,826 |
|
|
|
20,463 |
|
|
Noninterest Income: |
|
|
|
|
|
|
|
|
|
Service Fees on Deposit Accounts |
|
|
866 |
|
|
|
630 |
|
|
|
2,176 |
|
|
|
1,839 |
|
|
Insurance Commissions |
|
|
920 |
|
|
|
758 |
|
|
|
2,731 |
|
|
|
2,686 |
|
|
Other Commissions |
|
|
127 |
|
|
|
125 |
|
|
|
823 |
|
|
|
336 |
|
|
Net Gains on Sales of Loans |
|
|
52 |
|
|
|
137 |
|
|
|
106 |
|
|
|
389 |
|
|
Net Gains on Sales of Investments |
|
|
- |
|
|
|
10 |
|
|
|
- |
|
|
|
132 |
|
|
Fair Value of Equity Securities |
|
|
35 |
|
|
|
- |
|
|
|
54 |
|
|
|
- |
|
|
Net Gains on Purchased Tax Credits |
|
|
11 |
|
|
|
14 |
|
|
|
33 |
|
|
|
43 |
|
|
Net Loss on Disposal of Fixed Assets |
|
|
(74 |
) |
|
|
- |
|
|
|
(74 |
) |
|
|
- |
|
|
Income from Bank-Owned Life Insurance |
|
|
135 |
|
|
|
116 |
|
|
|
370 |
|
|
|
348 |
|
|
Other |
|
|
16 |
|
|
|
28 |
|
|
|
80 |
|
|
|
87 |
|
|
Total noninterest income |
|
|
2,088 |
|
|
|
1,818 |
|
|
|
6,299 |
|
|
|
5,860 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
Salaries and Employee Benefits |
|
|
4,708 |
|
|
|
3,512 |
|
|
|
13,268 |
|
|
|
10,425 |
|
|
Occupancy |
|
|
855 |
|
|
|
526 |
|
|
|
2,213 |
|
|
|
1,678 |
|
|
Equipment |
|
|
786 |
|
|
|
464 |
|
|
|
1,916 |
|
|
|
1,376 |
|
|
FDIC Assessment |
|
|
67 |
|
|
|
104 |
|
|
|
361 |
|
|
|
267 |
|
|
PA Shares Tax |
|
|
197 |
|
|
|
186 |
|
|
|
593 |
|
|
|
562 |
|
|
Contracted Services |
|
|
273 |
|
|
|
119 |
|
|
|
583 |
|
|
|
408 |
|
|
Legal and Professional Fees |
|
|
171 |
|
|
|
81 |
|
|
|
456 |
|
|
|
324 |
|
|
Advertising |
|
|
245 |
|
|
|
197 |
|
|
|
587 |
|
|
|
504 |
|
|
Bankcard Processing Expense |
|
|
180 |
|
|
|
130 |
|
|
|
448 |
|
|
|
384 |
|
|
Other Real Estate Owned (Income) Expense |
|
|
49 |
|
|
|
(349 |
) |
|
|
37 |
|
|
|
(343 |
) |
|
Amortization of Core Deposit Intangible |
|
|
452 |
|
|
|
134 |
|
|
|
986 |
|
|
|
401 |
|
|
Merger-Related |
|
|
61 |
|
|
|
- |
|
|
|
854 |
|
|
|
- |
|
|
Other |
|
|
1,321 |
|
|
|
793 |
|
|
|
3,224 |
|
|
|
2,432 |
|
|
Total noninterest expense |
|
|
9,365 |
|
|
|
5,897 |
|
|
|
25,526 |
|
|
|
18,418 |
|
|
Income Before Income Taxes |
|
|
2,868 |
|
|
|
2,974 |
|
|
|
5,599 |
|
|
|
7,905 |
|
|
Income Taxes |
|
|
576 |
|
|
|
910 |
|
|
|
977 |
|
|
|
2,336 |
|
|
Net Income |
|
$ |
2,292 |
|
|
$ |
2,064 |
|
|
$ |
4,622 |
|
|
$ |
5,569 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Per Share |
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.66 |
|
|
$ |
0.66 |
|
|
Earnings Per Share - Basic |
|
|
0.42 |
|
|
|
0.50 |
|
|
|
0.96 |
|
|
|
1.36 |
|
|
Earnings Per Share - Diluted |
|
|
0.42 |
|
|
|
0.50 |
|
|
|
0.95 |
|
|
|
1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic |
|
|
5,414,299 |
|
|
|
4,088,025 |
|
|
|
4,834,948 |
|
|
|
4,087,783 |
|
|
Weighted Average Shares Outstanding -
Diluted |
|
|
5,476,792 |
|
|
|
4,108,723 |
|
|
|
4,889,553 |
|
|
|
4,104,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
Selected Financial Ratios(1): |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Return on Average Assets |
|
|
0.73 |
% |
|
|
0.91 |
% |
|
|
0.56 |
% |
|
|
0.85 |
% |
|
Return on Average Equity |
|
|
6.77 |
|
|
|
8.81 |
|
|
|
5.42 |
|
|
|
8.12 |
|
|
Average Interest-Earning Assets to Average
Interest-Bearing Liabilities |
|
|
133.49 |
|
|
|
135.45 |
|
|
|
133.55 |
|
|
|
135.08 |
|
|
Average Equity to Average Assets |
|
|
10.83 |
|
|
|
10.37 |
|
|
|
10.27 |
|
|
|
10.47 |
|
|
Net Interest Rate Spread |
|
|
3.42 |
|
|
|
3.41 |
|
|
|
3.38 |
|
|
|
3.43 |
|
|
Net Interest Margin |
|
|
3.61 |
|
|
|
3.56 |
|
|
|
3.56 |
|
|
|
3.58 |
|
|
Net Charge-Offs to Average Loans |
|
|
0.05 |
|
|
|
0.13 |
|
|
|
0.26 |
|
|
|
0.13 |
|
|
Efficiency Ratio |
|
|
76.40 |
|
|
|
64.30 |
|
|
|
76.77 |
|
|
|
67.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
2018 |
|
2017 |
|
|
|
|
|
Allowance For Loan Losses to Total Loans (2) |
|
|
1.03 |
% |
|
|
1.18 |
% |
|
|
|
|
|
Allowance For Loan Losses to Nonperforming Loans
(2) (6) |
|
|
135.96 |
|
|
|
121.31 |
|
|
|
|
|
|
Allowance For Loan Losses to Noncurrent Loans (2)
(7) |
|
|
227.18 |
|
|
|
215.17 |
|
|
|
|
|
|
Allowance For Loan Losses and Accrued Credit Mark
to Total Loans (3) |
|
|
1.24 |
|
|
|
1.28 |
|
|
|
|
|
|
Allowance For Loan Losses and Accrued Credit Mark
to Nonperforming Loans (3) (6) |
|
|
163.40 |
|
|
|
137.24 |
|
|
|
|
|
|
Allowance For Loan Losses and Accrued Credit Mark
to Noncurrent Loans (3) (7) |
|
|
273.02 |
|
|
|
243.42 |
|
|
|
|
|
|
Nonperforming Loans to Total Loans (6) |
|
|
0.76 |
|
|
|
0.97 |
|
|
|
|
|
|
Noncurrent Loans to Total Loans (7) |
|
|
0.45 |
|
|
|
0.55 |
|
|
|
|
|
|
Nonperforming Assets to Total Assets |
|
|
0.62 |
|
|
|
0.81 |
|
|
|
|
|
|
Common Equity Tier 1 Capital (to Risk Weighted
Assets) (4) |
|
|
11.34 |
|
|
|
12.22 |
|
|
|
|
|
|
Tier 1 Capital (to Risk Weighted Assets) (4) |
|
|
11.34 |
|
|
|
12.22 |
|
|
|
|
|
|
Total Capital (to Risk Weighted Assets) (4) |
|
|
12.45 |
|
|
|
13.47 |
|
|
|
|
|
|
Tier 1 Leverage (to Adjusted Total Assets)
(4) |
|
|
7.93 |
|
|
|
9.27 |
|
|
|
|
|
|
Common Equity Tier 1 Capital (to Risk Weighted
Assets) (5) |
|
|
11.73 |
|
|
|
12.62 |
|
|
|
|
|
|
Tier 1 Capital (to Risk Weighted Assets) (5) |
|
|
11.73 |
|
|
|
12.62 |
|
|
|
|
|
|
Total Capital (to Risk Weighted Assets) (5) |
|
|
12.83 |
|
|
|
13.89 |
|
|
|
|
|
|
Tier 1 Leverage (to Adjusted Total Assets)
(5) |
|
|
8.20 |
|
|
|
9.58 |
|
|
|
|
|
|
Book Value Per Share |
|
$ |
24.69 |
|
|
$ |
22.77 |
|
|
|
|
|
|
Outstanding Shares |
|
|
5,414,299 |
|
|
|
4,095,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interim period ratios are calculated on an
annualized basis. |
|
|
|
|
|
|
|
|
|
(2) Loans acquired in connection with the mergers
with FedFirst Financial Corporation and First West Virginia Bancorp
were recorded at their estimated fair value at the |
acquisition date and did not include a carryover
of the pre-merger allowance for loan losses. |
|
|
|
|
|
|
|
(3) Accrued credit mark for loans acquired at
fair market value in connection with the mergers with FedFirst
Financial Corporation and First West Virginia Bancorp have |
been included in the calculation of the
ratios. |
|
|
|
|
|
|
|
|
|
(4) Capital ratios are for Community Bank
only. |
|
|
|
|
|
|
|
|
|
(5) Capital ratios are for CB Financial Services,
Inc. |
|
|
|
|
|
|
|
|
|
(6) Nonperforming loans consist of nonaccrual
loans, accruing loans that are 90 days or more past due, and
troubled debt restructured loans. |
|
|
|
(7) Noncurrent loans consist of nonaccrual loans
and accruing loans that are 90 days or more past due. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
Certain items previously reported may have been
reclassified to conform with the current reporting period’s
format. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES AND YIELDS
The following tables present information regarding average
balances of assets and liabilities, the total dollar amounts of
interest income and dividends from average interest-earning assets,
the total dollar amounts of interest expense on average
interest-bearing liabilities, and the resulting average yields and
costs. Average balances are derived from daily balances over the
periods indicated. The yields set forth below include the effect of
deferred fees, discounts, and premiums that are amortized or
accreted to interest income or interest expense. Tax-equivalent
yield adjustments have been made for tax exempt loan and securities
income utilizing a marginal federal tax rate of 21% for 2018 and
34% for 2017. As such, amounts will not agree to income as reported
in the consolidated financial statements. Average balances for
loans are net of the allowance for loan losses, and include
nonaccrual loans. The yields and costs for the periods indicated
are derived by dividing annualized income or expense by the average
balances of assets or liabilities, respectively, for the periods
presented.
|
(Dollars in thousands) (Unaudited) |
|
Three Months Ended September 30, |
|
|
2018 |
|
|
2017 |
|
|
|
Interest |
|
|
|
|
|
|
Interest |
|
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
|
Balance |
|
Dividends |
|
Cost (4) |
|
Balance |
|
Dividends |
|
Cost (4) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, Net |
$ |
884,623 |
|
$ |
10,080 |
|
4.52 |
% |
|
$ |
684,384 |
|
$ |
7,480 |
|
4.34 |
% |
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
178,284 |
|
|
1,202 |
|
2.70 |
|
|
|
80,791 |
|
|
386 |
|
1.91 |
|
Exempt
From Federal Tax |
|
46,901 |
|
|
394 |
|
3.36 |
|
|
|
37,390 |
|
|
340 |
|
3.64 |
|
Other
Interest-Earning Assets |
|
19,285 |
|
|
200 |
|
4.11 |
|
|
|
32,553 |
|
|
139 |
|
1.69 |
|
Total
Interest-Earning Assets |
|
1,129,093 |
|
|
11,876 |
|
4.17 |
|
|
|
835,118 |
|
|
8,345 |
|
3.96 |
|
Noninterest-Earning
Assets |
|
111,122 |
|
|
|
|
|
|
|
61,859 |
|
|
|
|
|
Total
Assets |
$ |
1,240,215 |
|
|
|
|
|
|
$ |
896,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Demand Deposits |
$ |
190,582 |
|
|
171 |
|
0.36 |
% |
|
$ |
138,742 |
|
|
92 |
|
0.26 |
% |
Savings |
|
206,513 |
|
|
143 |
|
0.27 |
|
|
|
131,420 |
|
|
61 |
|
0.18 |
|
Money
Market |
|
179,998 |
|
|
221 |
|
0.49 |
|
|
|
135,214 |
|
|
88 |
|
0.26 |
|
Time
Deposits |
|
210,302 |
|
|
863 |
|
1.63 |
|
|
|
160,456 |
|
|
479 |
|
1.18 |
|
Total
Interest-Bearing Deposits |
|
787,395 |
|
|
1,398 |
|
0.70 |
|
|
|
565,832 |
|
|
720 |
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
58,454 |
|
|
196 |
|
1.33 |
|
|
|
50,741 |
|
|
140 |
|
1.09 |
|
Total
Interest-Bearing Liabilities |
|
845,849 |
|
|
1,594 |
|
0.75 |
|
|
|
616,573 |
|
|
860 |
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Demand Deposits |
|
254,727 |
|
|
|
|
|
|
|
183,061 |
|
|
|
|
|
Other Liabilities |
|
5,333 |
|
|
|
|
|
|
|
4,361 |
|
|
|
|
|
Total
Liabilities |
|
1,105,909 |
|
|
|
|
|
|
|
803,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
134,306 |
|
|
|
|
|
|
|
92,982 |
|
|
|
|
|
Total
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
$ |
1,240,215 |
|
|
|
|
|
|
$ |
896,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
|
$ |
10,282 |
|
|
|
|
|
|
$ |
7,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Rate
Spread (1) |
|
|
|
|
3.42 |
% |
|
|
|
|
|
3.41 |
% |
Net Interest-Earning
Assets (2) |
$ |
283,244 |
|
|
|
|
|
|
$ |
218,545 |
|
|
|
|
|
Net Interest Margin
(3) |
|
|
|
|
3.61 |
|
|
|
|
|
|
3.56 |
|
Return on Average
Assets |
|
|
|
|
0.73 |
|
|
|
|
|
|
0.91 |
|
Return on Average
Equity |
|
|
|
|
6.77 |
|
|
|
|
|
|
8.81 |
|
Average Equity to
Average Assets |
|
|
|
|
10.83 |
|
|
|
|
|
|
10.37 |
|
Average
Interest-Earning Assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Interest-Bearing Liabilities |
|
|
|
|
133.49 |
|
|
|
|
|
|
135.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities. |
|
|
|
|
|
(3) Net
interest margin represents net interest income divided by average
total interest-earning assets. |
|
|
|
|
|
(4) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) (Unaudited) |
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
|
|
Interest |
|
|
|
|
|
|
Interest |
|
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
|
Balance |
|
Dividends |
|
Cost (4) |
|
Balance |
|
Dividends |
|
Cost (4) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
Net |
$ |
825,781 |
|
$ |
27,374 |
|
4.43 |
% |
|
$ |
673,922 |
|
$ |
21,896 |
|
4.34 |
% |
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
139,456 |
|
|
2,624 |
|
2.51 |
|
|
|
79,432 |
|
|
1,133 |
|
1.90 |
|
Exempt
From Federal Tax |
|
44,097 |
|
|
1,054 |
|
3.19 |
|
|
|
36,177 |
|
|
987 |
|
3.64 |
|
Other
Interest-Earning Assets |
|
14,731 |
|
|
408 |
|
3.70 |
|
|
|
27,643 |
|
|
325 |
|
1.57 |
|
Total
Interest-Earning Assets |
|
1,024,065 |
|
|
31,460 |
|
4.11 |
|
|
|
817,174 |
|
|
24,341 |
|
3.98 |
|
Noninterest-Earning
Assets |
|
86,417 |
|
|
|
|
|
|
|
58,709 |
|
|
|
|
|
Total
Assets |
$ |
1,110,482 |
|
|
|
|
|
|
$ |
875,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Demand Deposits |
$ |
162,210 |
|
|
412 |
|
0.34 |
% |
|
$ |
127,736 |
|
|
239 |
|
0.25 |
% |
Savings |
|
176,742 |
|
|
329 |
|
0.25 |
|
|
|
128,583 |
|
|
177 |
|
0.18 |
|
Money
Market |
|
159,225 |
|
|
541 |
|
0.45 |
|
|
|
137,906 |
|
|
270 |
|
0.26 |
|
Time
Deposits |
|
191,372 |
|
|
2,090 |
|
1.46 |
|
|
|
159,232 |
|
|
1,364 |
|
1.15 |
|
Total
Interest-Bearing Deposits |
|
689,549 |
|
|
3,372 |
|
0.65 |
|
|
|
553,457 |
|
|
2,050 |
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
77,236 |
|
|
838 |
|
1.45 |
|
|
|
51,505 |
|
|
420 |
|
1.09 |
|
Total
Interest-Bearing Liabilities |
|
766,785 |
|
|
4,210 |
|
0.73 |
|
|
|
604,962 |
|
|
2,470 |
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Demand Deposits |
|
224,883 |
|
|
|
|
|
|
|
175,401 |
|
|
|
|
|
Other Liabilities |
|
4,764 |
|
|
|
|
|
|
|
3,822 |
|
|
|
|
|
Total
Liabilities |
|
996,432 |
|
|
|
|
|
|
|
784,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
114,050 |
|
|
|
|
|
|
|
91,698 |
|
|
|
|
|
Total
Liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
$ |
1,110,482 |
|
|
|
|
|
|
$ |
875,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
|
$ |
27,250 |
|
|
|
|
|
|
$ |
21,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Rate
Spread (1) |
|
|
|
|
3.38 |
% |
|
|
|
|
|
3.43 |
% |
Net Interest-Earning
Assets (2) |
$ |
257,280 |
|
|
|
|
|
|
$ |
212,212 |
|
|
|
|
|
Net Interest Margin
(3) |
|
|
|
|
3.56 |
|
|
|
|
|
|
3.58 |
|
Return on Average
Assets |
|
|
|
|
0.56 |
|
|
|
|
|
|
0.85 |
|
Return on Average
Equity |
|
|
|
|
5.42 |
|
|
|
|
|
|
8.12 |
|
Average Equity to
Average Assets |
|
|
|
|
10.27 |
|
|
|
|
|
|
10.47 |
|
Average
Interest-Earning Assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Interest-Bearing Liabilities |
|
|
|
|
133.55 |
|
|
|
|
|
|
135.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
|
|
|
(2) Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities. |
|
|
|
|
|
(3) Net
interest margin represents net interest income divided by average
total interest-earning assets. |
|
|
|
|
|
(4) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2111 N. Franklin Dr.
Washington, PA 15301
www.communitybank.tv
Contact:
Patrick G. O’Brien
President and Chief Executive Officer
Phone: (724) 225-2400
Fax: (724) 225-4903
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