CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM:
CBFV), the holding company of Community Bank (the “Bank”) and
Exchange Underwriters, Inc. (“EU”), a wholly-owned insurance
subsidiary of the Bank, today announced its fourth quarter and 2022
financial results.
Three Months Ended
Year Ended
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
(Dollars in thousands, except per share
data) (Unaudited)
Net Income (GAAP)
$
4,152
$
3,929
$
118
$
3,047
$
6,965
$
11,247
$
11,570
Non-Recurring Items
(66
)
(310
)
157
12
(4,122
)
(208
)
(1,053
)
Adjusted Net Income (Non-GAAP) (1)
$
4,086
$
3,619
$
275
$
3,059
$
2,843
$
11,039
$
10,517
Earnings per Common Share - Diluted
(GAAP)
$
0.81
$
0.77
$
0.02
$
0.58
$
1.31
$
2.18
$
2.15
Adjusted Earnings per Common Share -
Diluted (Non-GAAP) (1)
$
0.80
$
0.71
$
0.05
$
0.59
$
0.53
$
2.14
$
1.95
(1) Refer to Explanation of Use of
Non-GAAP Financial Measures and reconciliation of adjusted net
income and adjusted earnings per common share - diluted in this
Press Release.
2022 Fourth Quarter Financial
Highlights
(Comparisons to three months ended December 31, 2021 unless
otherwise noted)
- Net income was $4.2 million, compared to net income of $7.0
million. Current period results were driven by net interest margin
expansion coupled with a reduction of noninterest expense of
$974,000 for the three months ended December 31, 2022 compared to
the three months ended December 31, 2021, which benefited from a
gain on sale of $5.2 million resulting from the sale of branch
locations.
- Adjusted net income (Non-GAAP) was $4.1 million, compared to
$2.8 million.
- Earnings per diluted common share (EPS) decreased to $0.81 from
$1.31.
- Adjusted earnings per common share - diluted (Non-GAAP) was
$0.80, compared to $0.53.
- Return on average assets (annualized) of 1.16%, compared to
1.87%.
- Adjusted return on average assets (annualized) (Non-GAAP) of
1.15%, compared to 0.76%.
- Return on average equity (annualized) of 15.26%, compared to
20.95% (annualized).
- Adjusted return on average equity (annualized) (Non-GAAP) of
15.01%, compared to 8.55%.
- Net interest margin (NIM) improved to 3.45% from 2.95%.
- Net interest and dividend income was $11.9 million, compared to
$10.2 million.
- Noninterest income decreased to $2.4 million, compared to $8.7
million. The prior year period benefited from the recognition of
$5.2 million in gain on sales of branches of two branch locations
as part of branch optimization initiatives while the current year
period included a decrease of income from net gain on sale of loans
of $977,000 primarily the result of the sale of a nonperforming
commercial real estate loan in the hotel portfolio. In addition, a
decrease of $219,000 in insurance commissions was primarily driven
by contingency income which resulted from the timing of lock-in
amounts recorded and was partially offset by an increase in core
business for commercial insurance lines.
(Amounts at December 31, 2022; comparisons to December 31,
2021, unless otherwise noted)
- Total loans, including Payroll Protection Program (“PPP”)
loans, were $1.05 billion, an increase of $29.1 million from $1.02
billion.
- Total loans held for investment, excluding PPP loans, increased
$53.5 million, or 5.4%, to $1.05 billion compared to $996.3
million, and included increases of $24.8 million, or 27.1%, in
consumer loans, and $44.7 million, or 15.2%, growth in commercial
real estate loans, partially offset by decreases of $40.1 million
in construction real estate and $19.0 million in commercial and
industrial loans. Total loans held for investment, excluding PPP
loans, as of December 31, 2022, increased $7.6 million, or 0.7%, as
compared to September 30, 2022. This included increases of $8.5
million, or 13.8%, in commercial and industrial loans, $4.3
million, or 1.0%, in commercial real estate loans, and $2.5
million, or 0.8%, in residential loans, partially offset by
decreases of $4.6 million, or 9.2%, in construction loans, and $3.7
million, or 2.4%, in consumer loans.
- Nonperforming loans to total loans was 0.55%, a decrease of 16
basis points (“bps”), compared to 0.71%.
- Total deposits were $1.27 billion, an increase of $41.9
million, compared to $1.23 billion.
- Total assets remained level at $1.43 billion.
- Book value per share was $21.60, compared to $20.94 as of
September 30, 2022 and $25.31 as of December 31, 2021.
- Tangible book value per share (Non-GAAP) was $19.00, compared
to $18.25 as of September 30, 2022 and $22.45 as of December 31,
2021, reflecting impact to Accumulated Other Comprehensive Income
from unrealized losses on securities portfolios.
Management Commentary
President and CEO John H. Montgomery stated, “In closing out
what was a successful 2022, our fourth quarter results continued to
benefit from margin expansion on top of consistent loan growth. Two
years ago we undertook a long term strategy that consisted of first
driving down our expenses in a durable manner by rationalizing our
physical branch footprint while also working to make sure our
operations were optimized and efficient. This effort set the stage
for the reduced the non-interest expenses we enjoyed throughout
2022. With our branch optimization largely completed, in 2022 we
turned our attention to driving growth through smart additions of
key leadership on both the retail and commercial sides of our
business. Those investments helped drive growth in our loan
portfolio through 2022 which coupled with rising interest rates to
yield growth in our net interest income.”
Mr. Montgomery continued, “We remain watchful with respect to
the overall economic climate as the Federal Reserve continues to
work to rein in inflation while not tipping the country into a
recession. As I have noted in the past, our credit team possesses a
wealth of experience, including demonstrated success during the
Great Financial Crisis just over a dozen years ago. With that
experience, we are confident in our ability to navigate whatever
macroeconomic headwinds we face.”
Mr. Montgomery concluded, “Continuing our commitment to CB
shareholders, we increased our regular quarterly dividend to $0.25
per share. In addition, we repurchased 4,620 shares during the
fourth quarter under the current $10.0 million share repurchase
program announced earlier in 2022. We remain well-capitalized with
the ability to support growth along with these shareholder-friendly
actions.”
Dividend Information
The Company’s Board of Directors has approved a 4.2% increase in
the regular quarterly cash dividend by declaring a $0.25 quarterly
cash dividend per outstanding share of common stock, payable on or
about February 28, 2023, to stockholders of record as of the close
of business on February 15, 2023.
Stock Repurchase Program
On April 21, 2022, CB announced a program to repurchase up to
$10.0 million of the Company’s outstanding shares of common stock.
Based on the Company’s closing stock price at January 23, 2023, the
repurchase program, if fully completed, would encompass 430,906
shares, or approximately 8.4% of the shares currently
outstanding.
2022 Fourth Quarter Financial
Review
Net Interest and Dividend
Income
Net interest and dividend income increased $1.6 million, or
16.0%, to $11.9 million for the three months ended December 31,
2022 compared to $10.2 million for the three months ended December
31, 2021.
- Net interest margin (GAAP) increased to 3.45% for the three
months ended December 31, 2022 compared to 2.95% for the three
months ended December 31, 2021. Fully Tax Equivalent (“FTE”) Net
interest margin (Non-GAAP) increased 50 bps to 3.46% for the three
months ended December 31, 2022 compared to 2.96% for the three
months ended December 31, 2021.
- Interest and dividend income increased $2.9 million, or 26.4%,
to $13.9 million for the three months ended December 31, 2022
compared to $11.0 million for the three months ended December 31,
2021.
- Interest income on loans increased $1.9 million, or 19.5%, to
$11.8 million for the three months ended December 31, 2022 compared
to $9.9 million for the three months ended December 31, 2021. The
average balance of loans increased $29.9 million to $1.03 billion
from $1.00 billion and the average yield increased 62 bps to 4.54%
compared to 3.92%. Interest and fee income on PPP loans was $22,000
for the three months ended December 31, 2022 and didn’t impact loan
yield, compared to $391,000 for the three months ended December 31,
2021, which contributed 4 bps to loan yield. The impact of the
accretion of the credit mark on acquired loan portfolios was
$61,000 for the three months ended December 31, 2022 compared to
$83,000 for the three months ended December 31, 2021, or 2 bps in
the current period compared to 3 bps in the prior period.
- Interest income on taxable investment securities increased
$108,000, or 12.5%, to $974,000 for the three months ended December
31, 2022 compared to $866,000 for the three months ended December
31, 2021 driven by a $11.6 million increase in average balance
partially coupled with a 11 bps increase in average yield.
- Interest expense increased $1.3 million, or 171.7%, to $2.0
million for the three months ended December 31, 2022 compared to
$732,000 for the three months ended December 31, 2021.
- Interest expense on deposits increased $1.2 million, or 184.7%,
to $1.8 million for the three months ended December 31, 2022
compared to $636,000 for the three months ended December 31, 2021.
While average interest-earning deposit balances decreased $7.2
million, or 0.8%, to $887.7 million as of December 31, 2022
compared to $894.8 million as of December 31, 2021, rising interest
rates led to the repricing of higher-cost demand and money market
deposits and resulted in a 53 bps, or 188.0%, increase in average
cost compared to the three months ended December 31, 2021. In
addition, the average balance of time deposits and the related
average cost decreased $38.2 million and 5 bps, respectively. These
decreases are partially offset by an increase in average other
borrowings of $8.1 million or 85.8% to $17.6 million as of December
31, 2022 compared to $9.5 million as of December 31, 2021, which
was driven by the issuance of subordinate debt of $15.0 million in
late December of 2021, and outstanding for the entire quarter ended
December 31, 2022.
Provision for Loan Losses
There was no provision for loan losses for the three months
ended December 31, 2022 or for the three months ended December 31,
2021.
Noninterest income
Noninterest income decreased $6.3 million, or 72.8%, to $2.4
million for the three months ended December 31, 2022, compared to
$8.7 million for the three months ended December 31, 2021. The
decrease was primarily related to non-recurring prior period
recognition of $5.2 million gain on sale of branches as a result of
branch optimization initiatives and $897,000 due to the sale of a
nonperforming commercial real estate loan in the hotel portfolio.
During the quarter, there was a $219,000 decrease in insurance
commissions. The decrease in insurance commissions was primarily
driven by contingency income which resulted from the timing of
lock-in amounts received and core business including commercial and
personal insurance lines.
Noninterest Expense
Noninterest expense decreased $974,000, or 9.8%, to $9.0 million
for the three months ended December 31, 2022 compared to $10.0
million for the three months ended December 31, 2021. Salaries and
benefits decreased $556,000 to $4.6 million and contracted services
decreased $728,000 to $405,000 for the three months ended December
31, 2022 compared to $1.1 million for the three months ended
December 31, 2021. This was a result of branch optimization
initiatives completed in the prior year. These decreases were
partially offset by an increase in occupancy expenses of
$198,000.
Statement of Financial Condition
Review
Assets
Total assets decreased $16.5 million, or 1.16%, to $1.41 billion
at both December 31, 2022, and December 31, 2021.
- Cash and due from banks decreased $16.0 million, or 13.3%, to
$103.7 million at December 31, 2022, compared to $119.7 million at
December 31, 2021.
- Securities decreased $34.9 million, or 15.5%, to $190.1 million
at December 31, 2022, compared to $225.0 million at December 31,
2021. The Securities balance was primarily impacted by a $32.3
million decrease in the market value of the debt securities
portfolio, primarily due to the increase in market interest rates.
The current year included $26.8 million of purchases, and $29.2
million of pay downs. The purchases were made to earn a higher
yield on excess cash. In addition, there was $168,000 decrease in
the market value in the equity securities portfolio, which is
primarily comprised of bank stocks.
Payroll Protection Program
Update
- PPP loans decreased $24.4 million to $126,000 at December 31,
2022 compared to $24.5 million at December 31, 2021.
- $5,000 of net PPP loan origination fees were unearned at
December 31, 2022 compared to $678,000 at December 31, 2021.
$22,000 of net PPP loan origination fees were earned in the three
months ended December 31, 2022 compared to $117,000 for the three
months ended September 30, 2022.
Loans and Credit Quality
- Total loans held for investment increased $29.1 million, or
2.85%, to $1.05 billion at December 31, 2022 compared to $1.02
billion at December 31, 2021. Excluding the net decline of $24.4
million in PPP loans in the current period, loans increased $53.5
million or 5.4%.
- The allowance for loan losses was $12.8 million at December 31,
2022 and $11.6 million at December 31, 2021. As a result, the
allowance for loan losses to total loans was 1.22% at December 31,
2022 compared to 1.13% at December 31, 2021. The allowance for loan
losses to total loans, excluding PPP loans, was 1.22% at December
31, 2022 compared to 1.16% at December 31, 2021. The change in the
allowance for loan losses was primarily due to adjustments to
historical loss factors and changes in qualitative factors in
particular economic and industry conditions since December 31,
2021.
- 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
charge-offs for the three months ended December 31, 2021 were
$74,000, or 0.03% of average loans on an annualized basis. Net
charge-offs for the year ended December 31, 2022 were $2.5 million,
or 0.25% of average loans on an annualized basis. Net charge-offs
for the year ended December 31, 2021 were $64,000, and had an
immaterial and one hundredth effect on ratios for the period.
- Nonperforming loans, which includes nonaccrual loans, accruing
loans past due 90 days or more, and accruing loans that are
considered troubled debt restructurings, were $5.8 million at
December 31, 2022 compared to $7.3 million at December 31, 2021.
Current nonperforming loans to total loans ratio was 0.55% compared
to 0.71% at December 31, 2021.
Other
- Intangible assets decreased $1.8 million, or 34.0%, to $3.5
million at December 31, 2022 compared to $5.3 million at December
31, 2021 due to amortization expense recognized during the
period.
- Accrued interest receivable and other assets increased $8.3
million, or 64.5% to $21.1 million at December 31, 2022, compared
to $12.9 million at December 31, 2021. This change was primarily
driven by the increase in market interest rate conditions and an
increase in deferred tax assets of $7.5 million.
Liabilities
Total liabilities increased $6.4 million, or 0.5%, to $1.30
billion at December 31, 2022 compared to $1.29 billion at December
31, 2021.
Deposits
- Total deposits increased $41.9 million to $1.27 billion as of
December 31, 2022 compared to $1.23 billion at December 31, 2021,
an increase of 3.4%. Interest-bearing and non interest-bearing
demand deposits increased $39.3 million and $4.6 million,
respectively, partially offset by a decrease in time deposits of
$27.6 million. Average total deposits increased $45.9 million,
primarily in both interest-bearing and non interest-bearing demand
deposits for the three months ended December 31, 2022. The increase
in interest-bearing demand deposits is primarily the result of the
transition of customer deposits from securities sold under
agreements to repurchase product, which are related to 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.
Borrowed Funds
- Short-term borrowings decreased $31.2 million, or 79.5%, to
$8.1 million at December 31, 2022, compared to $39.3 million at
December 31, 2021. At December 31, 2022 and December 31, 2021,
short-term borrowings were comprised entirely of securities sold
under agreements to repurchase as noted in the above-mentioned
deposit section. A portion of this decrease is due to accounts that
were transitioned into other deposit products and account for most
of the interest-bearing demand deposit increase.
Stockholders’ Equity
Stockholders’ equity decreased $23.0 million, or 17.3%, to
$110.2 million at December 31, 2022, compared to $133.1 million at
December 31, 2021. Key factors impacting stockholders’ equity
included accumulated other comprehensive loss, which increased
$25.3 million primarily due to the effect of rising market interest
rates on the Company’s investment securities; the payment of $4.9
million in dividends since December 31, 2021; and activity under
share repurchase programs, offset by the positive impact of $11.2
million of net income. On February 15, 2022, the Company completed
its stock repurchase program that was implemented on June 10, 2021.
On April 21, 2022, a new $10 million repurchase program was
authorized, with the Company repurchasing 62,178 shares at an
average price of $22.47 per share since the inception of the plan.
In total, the Company has repurchased $4.8 million since December
31, 2021.
Book value per share
Book value per common share was $21.60 at December 31, 2022
compared to $25.31 at December 31, 2021, a decrease of $3.71.
Tangible book value per common share (Non-GAAP) was $19.00 at
December 31, 2022, compared to $22.45 at December 31, 2021, a
decrease of $3.45.
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 and provides commercial and
personal insurance brokerage services through Exchange
Underwriters, Inc., its wholly owned subsidiary.
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, the scope and duration of economic contraction as a
result of the COVID-19 pandemic and its effects on the Company’s
business and that of the Company’s customers, 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
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
Assets
Cash and Due From Banks
$
103,700
$
122,801
$
81,121
$
123,588
$
119,674
Securities
190,058
193,846
213,505
231,097
224,974
Loans
Real Estate:
Residential
330,725
328,248
325,138
317,254
320,798
Commercial
436,805
432,516
426,105
427,227
392,124
Construction
44,923
49,502
41,277
54,227
85,028
Commercial and Industrial
Commercial and Industrial
69,918
61,428
62,054
59,601
64,487
PPP
126
768
3,853
8,242
24,523
Consumer
146,927
150,615
148,921
143,422
122,152
Other
20,449
19,865
20,621
10,669
11,684
Total Loans
1,049,873
1,042,942
1,027,969
1,020,642
1,020,796
Allowance for Loan Losses
(12,819
)
(12,854
)
(12,833
)
(11,595
)
(11,582
)
Loans, Net
1,037,054
1,030,088
1,015,136
1,009,047
1,009,214
Premises and Equipment, Net
17,844
18,064
18,196
18,349
18,399
Bank-Owned Life Insurance
25,893
25,750
25,610
25,468
25,332
Goodwill
9,732
9,732
9,732
9,732
9,732
Intangible Assets, Net
3,513
3,959
4,404
4,850
5,295
Accrued Interest and Other Assets
21,144
21,680
18,757
16,539
12,859
Total Assets
$
1,408,938
$
1,425,920
$
1,386,461
$
1,438,670
$
1,425,479
Liabilities
Deposits
Non-Interest Bearing Demand Deposits
$
390,405
$
407,107
$
389,127
$
400,105
$
385,775
Interest Bearing Demand Accounts
311,825
298,755
265,347
280,455
272,518
Money Market Accounts
209,125
198,715
185,308
192,929
192,125
Savings Accounts
248,022
250,378
250,226
247,589
239,482
Time Deposits
109,126
120,879
125,182
129,235
136,713
Total Deposits
1,268,503
1,275,834
1,215,190
1,250,313
1,226,613
Short-Term Borrowings
8,060
18,108
32,178
39,219
39,266
Other Borrowings
14,638
17,627
17,618
17,607
17,601
Accrued Interest Payable and Other
Liabilities
7,582
7,645
7,703
9,375
8,875
Total Liabilities
1,298,783
1,319,214
1,272,689
1,316,514
1,292,355
Stockholders’ Equity
$
110,155
$
106,706
$
113,772
$
122,156
$
133,124
Total Liabilities and Stockholders’
Equity
$
1,408,938
$
1,425,920
$
1,386,461
$
1,438,670
$
1,425,479
(Dollars in thousands, except share and
per share data) (Unaudited)
Three Months Ended
Year Ended
Selected Operating Data
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
Interest and Dividend Income
Loans, Including Fees
$
11,835
$
10,815
$
9,733
$
9,551
$
9,904
$
41,933
$
39,704
Securities:
Taxable
974
985
988
905
866
3,852
2,990
Tax-Exempt
40
49
57
66
66
213
289
Dividends
28
21
20
22
21
91
84
Other Interest and Dividend Income
978
417
160
72
106
1,627
490
Total Interest and Dividend Income
13,855
12,287
10,958
10,616
10,963
47,716
43,557
Interest Expense
Deposits
1,811
1,079
604
530
636
4,025
3,125
Short-Term Borrowings
7
19
18
19
26
63
98
Other Borrowings
171
174
173
174
70
693
182
Total Interest Expense
1,989
1,272
795
723
732
4,781
3,405
Net Interest and Dividend Income
11,866
11,015
10,163
9,893
10,231
42,935
40,152
Provision (Recovery) for Loan Losses
—
—
3,784
—
75
3,784
(1,125
)
Net Interest and Dividend Income After
Provision (Recovery) for Loan Losses
11,866
11,015
6,379
9,893
10,156
39,151
41,277
Noninterest Income:
Service Fees
530
544
559
526
569
2,160
2,331
Insurance Commissions
1,399
1,368
1,369
1,798
1,618
5,934
5,616
Other Commissions
157
244
179
89
90
669
521
Net Gain on Sales of Loans
—
—
—
—
977
—
1,143
Net Gain (Loss) on Securities
83
(46
)
(199
)
(7
)
44
(168
)
526
Net Gain on Purchased Tax Credits
14
14
14
14
17
57
70
Gain on Sale of Branches
—
—
—
—
5,203
—
5,203
Net Gain (Loss) on Disposal of Fixed
Assets
—
439
—
(8
)
—
431
(3
)
Income from Bank-Owned Life Insurance
143
140
142
136
142
561
553
Other Income
34
36
41
65
29
176
320
Total Noninterest Income
2,360
2,739
2,105
2,613
8,689
9,820
16,280
Noninterest Expense:
Salaries and Employee Benefits
4,625
4,739
4,539
4,565
5,181
18,469
19,938
Occupancy
817
768
776
686
619
3,047
2,968
Equipment
178
170
182
210
252
739
1,034
Data Processing
681
540
446
485
488
2,152
2,154
FDIC Assessment
154
147
128
209
222
638
1,014
PA Shares Tax
258
240
240
240
173
979
887
Contracted Services
405
288
348
587
1,133
1,628
4,011
Legal and Professional Fees
362
334
389
152
206
1,237
994
Advertising
165
131
115
116
191
527
749
Other Real Estate Owned (Income)
(38
)
(38
)
(37
)
(38
)
(30
)
(151
)
(183
)
Amortization of Intangible Assets
446
445
446
445
445
1,782
1,926
Intangible Assets and Goodwill
Impairment
—
—
—
—
—
—
1,178
Writedown of Fixed Assets
—
—
—
—
23
—
2,293
Other
945
1,063
838
999
1,069
3,844
3,899
Total Noninterest Expense
8,998
8,827
8,410
8,656
9,972
34,891
42,862
Income Before Income Tax Expense
(Benefit)
5,228
4,927
74
3,850
8,873
14,080
14,695
Income Tax Expense (Benefit)
1,076
998
(44
)
803
1,908
2,833
3,125
Net Income
$
4,152
$
3,929
$
118
$
3,047
$
6,965
$
11,247
$
11,570
Three Months Ended
Year Ended
Per Common Share Data
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
Dividends Per Common Share
$
0.24
$
0.24
$
0.24
$
0.24
$
0.24
$
0.96
$
0.96
Earnings Per Common Share - Basic
0.81
0.77
0.02
0.59
1.32
2.19
2.15
Earnings Per Common Share - Diluted
0.81
0.77
0.02
0.58
1.31
2.18
2.15
Adjusted Earnings Per Common Share -
Diluted (Non-GAAP) (1)
0.80
0.71
0.05
0.59
0.53
2.14
1.95
Weighted Average Common Shares Outstanding
- Basic
5,095,237
5,106,861
5,147,846
5,198,194
5,291,795
5,136,670
5,382,441
Weighted Average Common Shares Outstanding
- Diluted
5,104,254
5,118,627
5,156,975
5,220,887
5,314,537
5,149,312
5,392,729
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
Common Shares Outstanding
5,100,189
5,096,672
5,128,333
5,156,897
5,260,672
Book Value Per Common Share
$
21.60
$
20.94
$
22.18
$
23.69
$
25.31
Tangible Book Value per Common Share
(1)
19.00
18.25
19.43
20.86
22.45
Stockholders’ Equity to Assets
7.8
%
7.5
%
8.2
%
8.5
%
9.3
%
Tangible Common Equity to Tangible Assets
(1)
6.9
6.6
7.3
7.6
8.4
Three Months Ended
Year Ended
Selected Financial Ratios (2)
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
Return on Average Assets
1.16
%
1.12
%
0.03
%
0.87
%
1.87
%
0.80
%
0.79
%
Adjusted Return on Average Assets (1)
1.15
1.03
0.08
0.87
0.76
0.78
0.72
Return on Average Equity
15.26
13.60
0.40
9.50
20.95
9.56
8.66
Adjusted Return on Average Equity (1)
15.01
12.53
0.93
9.54
8.55
9.39
7.87
Average Interest-Earning Assets to Average
Interest-Bearing Liabilities
149.04
149.41
149.03
144.48
145.09
148.00
145.44
Average Equity to Average Assets
7.63
8.20
8.49
9.14
8.93
8.36
9.12
Net Interest Rate Spread
3.17
3.10
3.00
2.98
2.85
3.07
2.81
Net Interest Rate Spread (FTE) (1)
3.18
3.11
3.01
2.99
2.86
3.08
2.82
Net Interest Margin
3.45
3.29
3.12
3.08
2.95
3.24
2.92
Net Interest Margin (FTE) (1)
3.46
3.30
3.13
3.10
2.96
3.25
2.94
Net Charge-offs and (Recoveries) to
Average Loans
0.01
(0.01
)
1.01
(0.01
)
0.03
0.25
0.01
Efficiency Ratio
63.25
64.18
68.55
69.21
52.71
66.14
75.95
Adjusted Efficiency Ratio (1)
60.74
63.02
64.18
65.88
69.73
63.36
74.25
Asset Quality Ratios
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
Allowance for Loan Losses to Total
Loans
1.22
%
1.23
%
1.25
%
1.14
%
1.13
%
Allowance for Loan Losses to Total Loans,
Excluding PPP Loans(1)
1.22
1.23
1.25
1.15
1.16
Allowance for Loan Losses to Nonperforming
Loans (3)
221.06
218.61
219.89
158.88
159.40
Allowance for Loan Losses to Noncurrent
Loans (4)
320.64
318.96
329.47
218.28
233.37
Delinquent and Nonaccrual Loans to Total
Loans (4) (5)
0.81
0.46
0.45
0.79
0.78
Nonperforming Loans to Total Loans (3)
0.55
0.56
0.57
0.72
0.71
Noncurrent Loans to Total Loans (4)
0.38
0.39
0.38
0.52
0.49
Nonperforming Assets to Total Assets
(6)
0.41
0.41
0.42
0.51
0.51
Capital Ratios (7)
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
Common Equity Tier 1 Capital (to Risk
Weighted Assets)
12.33
%
12.02
%
11.83
%
11.99
%
11.95
%
Tier 1 Capital (to Risk Weighted
Assets)
12.33
12.02
11.83
11.99
11.95
Total Capital (to Risk Weighted
Assets)
13.58
13.27
13.08
13.20
13.18
Tier 1 Leverage (to Adjusted Total
Assets)
8.66
8.51
8.33
8.19
7.76
(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
nonaccrual loans, accruing loans that are 90 days or more past due,
and troubled debt restructured loans.
(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, 2022
September 30, 2022
June 30, 2022
March 31, 2022
December 31, 2021
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)
$
1,034,714
$
11,853
4.54
%
$
1,024,363
$
10,833
4.20
%
$
1,007,874
$
9,751
3.88
%
$
1,009,210
$
9,573
3.85
%
$
1,004,827
$
9,927
3.92
%
Debt Securities
Taxable
216,915
974
1.80
222,110
985
1.77
228,315
988
1.73
215,906
905
1.68
205,328
866
1.69
Exempt From Federal Tax
6,277
51
3.25
7,998
62
3.10
9,109
73
3.21
10,195
84
3.30
10,477
84
3.21
Equity Securities
2,693
28
4.16
2,693
21
3.12
2,693
20
2.97
2,693
22
3.27
2,693
21
3.12
Interest Bearing Deposits at Banks
99,108
939
3.79
67,870
378
2.23
56,379
122
0.87
59,296
33
0.22
150,102
61
0.16
Other Interest-Earning Assets
2,875
39
5.38
2,784
39
5.56
3,235
38
4.71
3,483
39
4.54
3,475
45
5.14
Total Interest-Earning Assets
1,362,582
13,884
4.04
1,327,818
12,318
3.68
1,307,605
10,992
3.37
1,300,783
10,656
3.32
1,376,902
11,004
3.17
Noninterest-Earning Assets
51,718
68,796
84,323
122,288
100,607
Total Assets
$
1,414,300
$
1,396,614
$
1,391,928
$
1,423,071
$
1,477,509
Liabilities and Stockholders'
Equity
Interest-Bearing Liabilities:
Interest-Bearing Demand Deposits (3)
$
315,352
$
810
1.02
%
$
278,412
$
393
0.56
%
$
260,655
$
111
0.17
$
276,603
$
48
0.07
$
278,546
$
51
0.07
%
Savings (3)
249,948
29
0.05
251,148
20
0.03
248,356
20
0.03
243,786
19
0.03
252,387
20
0.03
Money Market (3)
206,192
604
1.16
189,371
269
0.56
188,804
61
0.13
192,425
41
0.09
209,572
57
0.11
Time Deposits (3)
116,172
368
1.26
123,438
397
1.28
127,832
412
1.29
132,015
422
1.30
154,342
508
1.31
Total Interest-Bearing Deposits (3)
887,664
1,811
0.81
842,369
1,079
0.51
825,647
604
0.29
844,829
530
0.25
894,847
636
0.28
Short-Term Borrowings
Securities Sold Under Agreements to
Repurchase
8,985
7
0.31
28,738
19
0.26
34,135
18
0.21
37,884
19
0.20
44,709
26
0.23
Other Borrowings
17,598
171
3.86
17,621
174
3.92
17,611
173
3.94
17,604
174
4.01
9,474
70
2.93
Total Interest-Bearing Liabilities
914,247
1,989
0.86
888,728
1,272
0.57
877,393
795
0.36
900,317
723
0.33
949,030
732
0.31
Noninterest-Bearing Demand Deposits
391,300
390,658
391,975
384,188
388,787
Other Liabilities
788
2,636
4,415
8,554
7,800
Total Liabilities
1,306,335
1,282,022
1,273,783
1,293,059
1,345,617
Stockholders' Equity
107,965
114,592
118,145
130,012
131,892
Total Liabilities and Stockholders'
Equity
$
1,414,300
$
1,396,614
$
1,391,928
$
1,423,071
$
1,477,509
Net Interest Income (FTE)
(Non-GAAP) (4)
$
11,895
$
11,046
$
10,197
$
9,933
$
10,272
Net Interest-Earning Assets (5)
448,335
439,090
430,212
400,466
427,872
Net Interest Rate Spread (FTE)
(Non-GAAP) (4) (6)
3.18
%
3.11
%
3.01
%
2.99
%
2.86
%
Net Interest Margin (FTE)
(Non-GAAP) (4)(7)
3.46
3.30
3.13
3.10
2.96
PPP Loans
216
22
40.41
2,424
123
20.13
5,546
144
10.41
14,673
445
12.30
29,067
391
5.34
(1)
Annualized based on three months
ended results.
(2)
Net of the allowance for loan
losses and includes nonaccrual loans with a zero yield and Loans
Held for Sale if applicable.
(3)
Includes Deposits Held for Sale
that were sold in December 2021.
(4)
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.
(5)
Net interest-earning assets
represent total interest-earning assets less total interest-bearing
liabilities.
(6)
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.
(7)
Net interest margin represents
annualized net interest income divided by average total
interest-earning assets.
AVERAGE BALANCES AND
YIELDS
Year Ended
December 31, 2022
December 31, 2021
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)
$
1,019,124
$
42,010
4.12
%
$
1,014,405
$
39,799
3.92
%
Debt Securities
Taxable
220,818
3,852
1.74
162,987
2,990
1.83
Exempt From Federal Tax
8,383
270
3.22
11,829
366
3.09
Marketable Equity Securities
2,693
91
3.38
2,657
84
3.16
Interest Bearing Deposits at Banks
70,765
1,473
2.08
177,768
304
0.17
Other Interest-Earning Assets
3,092
154
4.98
3,733
186
4.98
Total Interest-Earning Assets
1,324,875
47,850
3.61
1,373,379
43,729
3.18
Noninterest-Earning Assets
81,553
91,075
Total Assets
$
1,406,428
$
1,464,454
Liabilities and Stockholders'
Equity
Interest-Bearing Liabilities:
Interest-Bearing Demand Deposits (2)
$
282,850
$
1,362
0.48
%
$
272,256
$
232
0.09
%
Savings (2)
248,334
88
0.04
247,864
98
0.04
Money Market (2)
194,223
976
0.50
201,222
281
0.14
Time Deposits (2)
124,817
1,599
1.28
171,805
2,514
1.46
Total Interest-Bearing Deposits (2)
850,224
4,025
0.47
893,147
3,125
0.35
Short-Term Borrowings
Securities Sold Under Agreements to
Repurchase
27,360
63
0.23
43,988
98
0.22
Other Borrowings
17,609
693
3.94
7,172
182
2.54
Total Interest-Bearing Liabilities
895,193
4,781
0.53
944,307
3,405
0.36
Noninterest-Bearing Demand Deposits
389,553
378,374
Other Liabilities
4,072
8,168
Total Liabilities
1,288,818
1,330,849
Stockholders' Equity
117,610
133,605
Total Liabilities and Stockholders'
Equity
$
1,406,428
$
1,464,454
Net Interest Income (FTE) (Non-GAAP)
(3)
43,069
40,324
Net Interest-Earning Assets (4)
429,682
429,072
Net Interest Rate Spread (FTE) (Non-GAAP)
(3)(5)
3.08
%
2.82
%
Net Interest Margin (FTE) (Non-GAAP)
(3)(6)
3.25
2.94
PPP Loans
5,666
734
12.95
45,905
2,189
4.77
(1)
Net of the allowance for loan
losses and includes nonaccrual loans with a zero yield and Loans
Held for Sale if applicable.
(2)
Includes Deposits Held for Sale
that were sold in December 2021.
(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.
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 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.
Three Months Ended
Year Ended
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
(Dollars in thousands, except share and
per share data) (Unaudited)
Net Income (GAAP)
$
4,152
$
3,929
$
118
$
3,047
$
6,965
$
11,247
$
11,570
Adjustments
(Gain) Loss on Securities
(83
)
46
199
7
(44
)
168
(526
)
Gain on Sale of Branches
—
—
—
—
(5,203
)
—
(5,203
)
(Gain) Loss on Disposal of Fixed
Assets
—
(439
)
—
8
—
(431
)
3
Tax effect
17
83
(42
)
(3
)
1,102
55
1,202
Non-Cash Charges:
Intangible Assets and Goodwill
Impairment
—
—
—
—
—
—
1,178
Writedown on Fixed Assets
—
—
—
—
23
—
2,293
Tax Effect
—
—
—
—
—
—
Adjusted Net Income (Non-GAAP)
$
4,086
$
3,619
$
275
$
3,059
$
2,843
$
11,039
$
10,517
Weighted-Average Diluted Common Shares and
Common Stock Equivalents Outstanding
5,104,254
5,118,627
5,156,975
5,220,887
5,314,537
5,149,312
5,392,729
Earnings per Common Share - Diluted
(GAAP)
$
0.81
$
0.77
$
0.02
$
0.58
$
1.31
$
2.18
$
2.15
Adjusted Earnings per Common Share -
Diluted (Non-GAAP)
$
0.80
$
0.71
$
0.05
$
0.59
$
0.53
$
2.15
$
1.95
Net Income (GAAP) (Numerator)
$
4,152
$
3,929
$
118
$
3,047
$
6,965
$
11,247
$
11,570
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Assets (Denominator)
1,414,300
1,396,614
1,391,928
1,423,071
1,477,509
1,406,428
1,464,454
Return on Average Assets (GAAP)
1.16
%
1.12
%
0.03
%
0.87
%
1.87
%
0.80
%
0.79
%
Adjusted Net Income (Non-GAAP)
(Numerator)
$
4,086
$
3,619
$
275
$
3,059
$
2,843
$
11,039
$
10,517
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Assets (Denominator)
1,414,300
1,396,614
1,391,928
1,423,071
1,477,509
1,407,413
1,455,368
Adjusted Return on Average Assets
(Non-GAAP)
1.15
%
1.03
%
0.08
%
0.87
%
0.76
%
0.78
%
0.72
%
Three Months Ended
Year Ended
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
(Dollars in thousands) (Unaudited)
Net Income (GAAP) (Numerator)
$
4,152
$
3,929
$
118
$
3,047
$
6,965
$
11,247
$
11,570
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Equity (GAAP) (Denominator)
107,965
114,592
118,145
130,012
131,892
117,610
133,605
Return on Average Equity (GAAP)
15.26
%
13.60
%
0.40
%
9.50
%
20.95
%
9.56
%
8.66
%
Adjusted Net Income (Non-GAAP)
(Numerator)
$
4,086
$
3,619
$
275
$
3,059
$
2,843
$
11,039
$
10,517
Annualization Factor
3.97
3.97
4.01
4.06
3.97
1.00
1.00
Average Equity (GAAP) (Denominator)
107,965
114,592
118,145
130,012
131,892
117,610
133,605
Adjusted Return on Average Equity
(Non-GAAP)
15.01
%
12.53
%
0.93
%
9.54
%
8.55
%
9.39
%
7.87
%
Tangible book value per common share is a Non-GAAP measure and
is calculated based on tangible common equity divided by period-end
common shares outstanding. Tangible common equity to tangible
assets is a Non-GAAP measure and is calculated based on tangible
common equity divided by tangible assets. We believe these Non-GAAP
measures serve as useful tools to help evaluate the strength and
discipline of the Company's capital management strategies and as an
additional, conservative measure of the Company’s total value.
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
(Dollars in thousands, except share and
per share data) (Unaudited)
Assets (GAAP)
$
1,408,938
$
1,425,920
$
1,386,461
$
1,438,670
$
1,425,479
Goodwill and Intangible Assets, Net
(13,245
)
(13,691
)
(14,136
)
(14,582
)
(15,027
)
Tangible Assets (Non-GAAP) (Numerator)
$
1,395,693
$
1,412,229
$
1,372,325
$
1,424,088
$
1,410,452
Stockholders' Equity (GAAP)
$
110,155
$
106,706
$
113,772
$
122,156
$
133,124
Goodwill and Intangible Assets, Net
(13,245
)
(13,691
)
(14,136
)
(14,582
)
(15,027
)
Tangible Common Equity or Tangible Book
Value (Non-GAAP) (Denominator)
$
96,910
$
93,015
$
99,636
$
107,574
$
118,097
Stockholders’ Equity to Assets (GAAP)
7.8
%
7.5
%
8.2
%
8.5
%
9.3
%
Tangible Common Equity to Tangible Assets
(Non-GAAP)
6.9
%
6.6
%
7.3
%
7.6
%
8.4
%
Common Shares Outstanding
(Denominator)
5,100,189
5,096,672
5,128,333
5,156,897
5,260,672
Book Value per Common Share (GAAP)
$
21.60
$
20.94
$
22.18
$
23.69
$
25.31
Tangible Book Value per Common Share
(Non-GAAP)
$
19.00
$
18.25
$
19.43
$
20.86
$
22.45
Interest income on interest-earning assets, net interest rate
spread and net interest margin are presented on a fully
tax-equivalent (“FTE”) basis. The FTE basis adjusts for the tax
benefit of income on certain tax-exempt loans and securities using
the federal statutory income tax rate of 21 percent. We believe the
presentation of net interest income on a FTE basis ensures
comparability of net interest income arising from both taxable and
tax-exempt sources and is consistent with industry practice. The
following table reconciles net interest income, net interest spread
and net interest margin on a FTE basis for the periods
indicated:
Three Months Ended
Year Ended
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)
$
13,855
$
12,287
$
10,958
$
10,616
$
10,963
$
47,716
$
43,557
Adjustment to FTE Basis
29
31
34
40
41
134
172
Interest Income (FTE) (Non-GAAP)
13,884
12,318
10,992
10,656
11,004
47,850
43,729
Interest Expense (GAAP)
1,989
1,272
795
723
732
4,781
3,405
Net Interest Income (FTE) (Non-GAAP)
$
11,895
$
11,046
$
10,197
$
9,933
$
10,272
$
43,069
$
40,324
Net Interest Rate Spread (GAAP)
3.17
%
3.10
%
3.00
%
2.98
%
2.85
%
3.07
%
2.81
%
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)
3.18
3.11
3.01
2.99
2.86
3.08
2.82
Net Interest Margin (GAAP)
3.45
%
3.29
%
3.12
%
3.08
%
2.95
%
3.24
%
2.92
%
Adjustment to FTE Basis
0.01
0.01
0.01
0.02
0.01
0.01
0.02
Net Interest Margin (FTE) (Non-GAAP)
3.46
3.30
3.13
3.10
2.96
3.25
2.94
Adjusted efficiency ratio excludes the effect of certain
non-recurring or non-cash items and represents adjusted noninterest
expense divided by adjusted operating revenue. The Company
evaluates its operational efficiency based on its adjusted
efficiency ratio and believes it provides additional perspective on
its ongoing performance as well as peer comparability.
Three Months Ended
Year Ended
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
12/31/22
12/31/21
(Dollars in thousands) (Unaudited)
Noninterest Expense (GAAP) (Numerator)
$
8,998
$
8,827
$
8,410
$
8,656
$
9,972
$
34,891
$
42,862
Net Interest and Dividend Income
(GAAP)
$
11,866
$
11,015
$
10,163
$
9,893
$
10,231
$
42,935
$
40,152
Noninterest Income (GAAP)
2,360
2,739
2,105
2,613
8,689
9,820
16,280
Operating Revenue (GAAP) (Denominator)
$
14,226
$
13,754
$
12,268
$
12,506
$
18,920
$
52,755
$
56,432
Efficiency Ratio (GAAP)
63.25
%
64.18
%
68.55
%
69.21
%
52.71
%
66.14
%
75.95
%
Noninterest Expense (GAAP)
$
8,998
$
8,827
$
8,410
$
8,656
$
9,972
$
34,891
$
42,862
Less:
Other Real Estate Owned (Income)
(38
)
(38
)
(37
)
(38
)
(30
)
(151
)
(183
)
Amortization of Intangible Assets
446
445
446
445
445
1,782
1,926
Intangible Assets and Goodwill
Impairment
—
—
—
—
—
—
1,178
Writedown on Fixed Assets
—
—
—
—
23
—
2,293
Adjusted Noninterest Expense (Non-GAAP)
(Numerator)
$
8,590
$
8,420
$
8,001
$
8,249
$
9,534
$
33,260
$
37,648
Net Interest and Dividend Income
(GAAP)
$
11,866
$
11,015
$
10,163
$
9,893
$
10,231
$
42,935
$
40,152
Noninterest Income (GAAP)
2,360
2,739
2,105
2,613
8,689
9,820
16,280
Less:
Net Gain (Loss) on Securities
83
(46
)
(199
)
(7
)
44
(168
)
526
Gain on Sale of Branches
—
—
—
—
5,203
—
5,203
Net Gain (Loss) on Disposal of Fixed
Assets
—
439
—
(8
)
—
431
(3
)
Adjusted Noninterest Income (Non-GAAP)
$
2,277
$
2,346
$
2,304
$
2,628
$
3,442
$
9,557
$
10,554
Adjusted Operating Revenue (Non-GAAP)
(Denominator)
$
14,143
$
13,361
$
12,467
$
12,521
$
13,673
$
52,492
$
50,706
Adjusted Efficiency Ratio (Non-GAAP)
60.74
%
63.02
%
64.18
%
65.88
%
69.73
%
63.36
%
74.25
%
Allowance for loan losses to total loans, excluding PPP loans,
is a Non-GAAP measure that serves as a useful measurement to
evaluate the allowance for loan losses without the impact of SBA
guaranteed loans.
12/31/22
9/30/22
6/30/22
3/31/22
12/31/21
(Dollars in thousands) (Unaudited)
Allowance for Loan Losses (Numerator)
$
12,819
$
12,854
$
12,833
$
11,595
$
11,582
Total Loans
1,049,873
$
1,042,942
1,027,969
$
1,020,642
$
1,020,796
PPP Loans
(126
)
(768
)
(3,853
)
(8,242
)
(24,523
)
Total Loans, Excluding PPP Loans
(Non-GAAP) (Denominator)
$
1,049,747
$
1,042,174
$
1,024,116
$
1,012,400
$
996,273
Allowance for Loan Losses to Total Loans,
Excluding
PPP Loans (Non-GAAP)
1.22
%
1.23
%
1.25
%
1.15
%
1.16
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230126005788/en/
Company Contact: John H. Montgomery
President and Chief Executive Officer Phone: (724) 225-2400
Investor Relations: Jeremy Hellman,
Vice President The Equity Group Inc. Phone: (212) 836-9626 Email:
jhellman@equityny.com
CB Financial Services (NASDAQ:CBFV)
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De Dic 2024 a Ene 2025
CB Financial Services (NASDAQ:CBFV)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
