CB Financial Services, Inc. (CBFV) Bundle
A Brief History of CBFV
Company Overview
CBFV, as of 2024, operates primarily in the financial services sector, focusing on banking and lending. The company has shown resilience and adaptability in a fluctuating market environment.
Financial Performance Metrics
For the nine months ended September 30, 2024, CBFV reported a net income of $10.1 million, an increase of $479,000 from the previous year. The net interest and dividend income rose to $34.5 million, a 3.3% increase compared to $33.4 million in the same period of 2023.
| Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Income | $10.1 million | $9.6 million |
| Net Interest and Dividend Income | $34.5 million | $33.4 million |
| Net Interest Margin (GAAP) | 3.21% | 3.31% |
| Interest Expense | $22.2 million | $11.9 million |
Balance Sheet Highlights
As of September 30, 2024, total assets increased to $1.6 billion, reflecting a 7.3% rise from $1.5 billion at the end of 2023. The stockholders' equity reached $149.1 million, up from $139.8 million at year-end 2023.
| Balance Sheet Item | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $1.6 billion | $1.5 billion |
| Stockholders' Equity | $149.1 million | $139.8 million |
| Book Value per Share (GAAP) | $29.07 | $27.32 |
| Total Liabilities | $1.4 billion | $1.3 billion |
Loan and Deposit Trends
CBFV's total loans decreased by 4.0% to $1.07 billion as of September 30, 2024, compared to $1.11 billion at the end of 2023. This shift was attributed to a decline in consumer and commercial loans. Total deposits increased to $1.4 billion, marking an increase of $86.7 million from the previous year.
| Loan and Deposit Category | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Loans | $1.07 billion | $1.11 billion |
| Total Deposits | $1.4 billion | $1.3 billion |
| Allowance for Credit Losses | $9.5 million | $9.7 million |
Market Position and Strategy
CBFV has focused on repositioning its investment securities portfolio, resulting in significant increases in interest income from its taxable investment securities, which rose to $8.4 million in 2024 from $2.9 million in 2023. The strategy includes reallocating resources towards higher-yielding commercial loan products.
Challenges and Future Outlook
The company faced challenges in the form of rising interest rates, which impacted the cost of deposits and overall loan production. However, CBFV's management anticipates continued growth through strategic investments and a focus on profitable lending opportunities.
A Who Owns CB Financial Services, Inc. (CBFV)
Ownership Structure
As of September 30, 2024, CB Financial Services, Inc. (CBFV) has a total of 5,789,438 common shares issued and 5,129,921 shares outstanding. The ownership of these shares is distributed among various institutional and individual shareholders.
| Shareholder Type | Number of Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 2,000,000 | Approximately 35% |
| Insiders (Executives and Directors) | Approximately 1,200,000 | Approximately 21% |
| Retail Investors | Approximately 2,000,000 | Approximately 35% |
| Treasury Stock | 659,517 | Approximately 11% |
Recent Shareholder Changes
In July 2024, CB Financial Services announced a share repurchase program to buy back up to 5% of its outstanding common stock, totaling approximately 257,095 shares. As of September 30, 2024, the company had repurchased 11,758 shares at an average price of $26.13 per share.
Financial Performance and Market Impact
For the nine months ended September 30, 2024, CB Financial Services reported net income of $10,065,000, which contributed to a total stockholders' equity of $149,140,000. This represents an increase from $139,834,000 as of December 31, 2023.
| Financial Metric | Value (as of September 30, 2024) |
|---|---|
| Net Income | $10,065,000 |
| Total Assets | $1,561,741,000 |
| Total Liabilities | $1,412,601,000 |
| Tangible Book Value per Share | $27.16 |
Conclusion on Ownership Dynamics
The ownership structure of CB Financial Services, Inc. reflects a balanced distribution among institutional, insider, and retail investors. The company’s performance metrics suggest a stable financial position which may influence future ownership trends as the market evolves.
CB Financial Services, Inc. (CBFV) Mission Statement
Core Values
CB Financial Services, Inc. emphasizes a commitment to integrity, customer focus, and community involvement. The company aims to provide high-quality financial services while maintaining a strong ethical foundation.
Financial Performance
As of September 30, 2024, CB Financial Services reported the following key financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Total Assets | $1,561,741 |
| Total Liabilities | $1,412,601 |
| Stockholders' Equity | $149,140 |
| Net Income (Nine Months) | $10,377 |
| Net Interest Margin (GAAP) | 3.11% |
| Return on Average Assets | 0.84% |
| Return on Average Equity | 8.80% |
Strategic Objectives
- Enhance customer engagement through technology and personalized services.
- Expand market presence while ensuring sustainable growth.
- Invest in community development initiatives to strengthen local economies.
- Maintain a strong capital base to support future expansion and stability.
Market Positioning
CB Financial Services operates primarily in the financial services sector, focusing on community banking, insurance, and investment services. As of September 30, 2024, the company reported:
| Loan Category | Amount (in thousands) |
|---|---|
| Residential Real Estate | $338,926 |
| Commercial Real Estate | $464,354 |
| Commercial and Industrial | $108,554 |
| Consumer Loans | $80,004 |
| Total Loans | $1,065,755 |
Commitment to Community
CB Financial Services is dedicated to supporting community development through various initiatives, including:
- Investing in local businesses to stimulate job creation.
- Providing financial literacy programs to enhance community knowledge.
- Engaging in charitable activities that support local needs.
Future Outlook
The company is poised for growth, focusing on expanding its service offerings and improving operational efficiencies. Key projections include:
| Projection | Value |
|---|---|
| Projected Net Income (2025) | $11 million |
| Expected Asset Growth Rate | 5% |
| Target Return on Equity | 9% |
CB Financial Services, Inc. continues to adapt to changing market conditions while striving to fulfill its mission of providing exceptional financial services that benefit its customers and communities.
How CB Financial Services, Inc. (CBFV) Works
Overview of Operations
CB Financial Services, Inc. operates primarily as a bank holding company. As of September 30, 2024, the company reported total assets of $1.56 billion, a significant increase from $1.45 billion at December 31, 2023. The company focuses on providing banking services through its subsidiary, Community Bank, and engages in various investment strategies.
Financial Performance
For the nine months ended September 30, 2024, CBFV recorded a net income of $10.1 million, up from $9.6 million in the same period of the previous year. This represents an increase of $479,000, reflecting the company's growth strategies and effective cost management.
| Financial Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $1,561,741,000 | $1,456,091,000 |
| Total Liabilities | $1,412,601,000 | $1,316,257,000 |
| Stockholders’ Equity | $149,140,000 | $139,834,000 |
| Net Income (9 months) | $10,100,000 | $9,600,000 |
| Net Interest Margin (GAAP) | 3.21% | 3.31% |
Income Breakdown
Interest and dividend income for the nine months ended September 30, 2024, totaled $56.7 million, a 25.1% increase from $45.3 million in the prior year. The increase was driven by higher interest income from loans and investments.
| Income Sources | Amount (9 months ended September 30, 2024) | Amount (9 months ended September 30, 2023) |
|---|---|---|
| Interest Income from Loans | $44,571,000 | $39,924,000 |
| Interest Income from Securities | $8,437,000 | $2,853,000 |
| Interest Income from Deposits | $3,493,000 | $2,276,000 |
Loan Portfolio and Credit Quality
Cumulative loan balances decreased to $1.07 billion as of September 30, 2024, down from $1.11 billion at the end of 2023. The decrease was attributed to declines in consumer and commercial loans, reflecting a strategic shift towards higher-yielding products.
| Loan Type | Amount (September 30, 2024) | Amount (December 31, 2023) |
|---|---|---|
| Consumer Loans | $31,600,000 | Decreased |
| Commercial Real Estate | $2,800,000 | Decreased |
| Residential Real Estate | $8,900,000 | Decreased |
| Allowance for Credit Losses | $9,500,000 | $9,700,000 |
Noninterest Income and Expenses
Noninterest income for the nine months ended September 30, 2024, was reported at $3.8 million, a decrease of 48.8% from $7.5 million in the previous year, largely due to reduced insurance commissions following the sale of Exchange Underwriters.
| Expense Categories | Amount (9 months ended September 30, 2024) | Amount (9 months ended September 30, 2023) |
|---|---|---|
| Noninterest Expense | $26,178,000 | $28,017,000 |
| Income Tax Expense | $2,265,000 | $2,074,000 |
Stock Performance and Dividends
The book value per common share increased to $29.07 as of September 30, 2024, from $27.32 at the end of 2023. The company has engaged in a stock repurchase program, acquiring 11,758 shares at an average price of $26.13 per share.
| Stock Metrics | Value (September 30, 2024) | Value (December 31, 2023) |
|---|---|---|
| Book Value per Share | $29.07 | $27.32 |
| Tangible Book Value per Share | $27.16 | $25.23 |
| Total Shares Outstanding | 5,129,921 | 5,118,713 |
How CB Financial Services, Inc. (CBFV) Makes Money
Revenue Streams
CB Financial Services, Inc. (CBFV) generates revenue primarily through interest income, noninterest income, and net gains from various financial activities. The breakdown of these revenue streams is as follows:
| Revenue Source | Amount (2024) | Comments |
|---|---|---|
| Interest and Dividend Income | $56.7 million | Increased by 25.1% compared to 2023 |
| Noninterest Income | $3.8 million | Decreased by 48.8% compared to 2023 |
| Net Income | $10.1 million | Increase of $479,000 compared to 2023 |
Interest Income Breakdown
Interest income is derived from loans, investment securities, and interest-earning deposits at banks. The following table summarizes the components of interest income:
| Interest Income Source | Amount (2024) | Change from 2023 |
|---|---|---|
| Loans | $44.5 million | +11.6% |
| Taxable Investment Securities | $8.4 million | +195.7% |
| Interest-Earning Deposits at Banks | $3.5 million | +52.2% |
Interest Expense
Interest expense has significantly increased due to rising market interest rates affecting the cost of deposits. The following table details the interest expense for 2024:
| Expense Type | Amount (2024) | Change from 2023 |
|---|---|---|
| Total Interest Expense | $22.2 million | +86.2% |
| Interest Expense on Deposits | $20.9 million | +88.8% |
| Interest Expense on Borrowed Funds | $1.2 million | +50.9% |
Noninterest Income Components
Noninterest income primarily consists of fees and commissions, which have seen a decline. The following table outlines the sources of noninterest income:
| Noninterest Income Source | Amount (2024) | Change from 2023 |
|---|---|---|
| Insurance Commissions | $4,000 | -99.9% |
| Service Fees | $1.2 million | -10.2% |
| Net Gain on Bank-Owned Life Insurance Claims | $915,000 | +102.9% |
Loan Portfolio Management
CBFV's loan portfolio has seen fluctuations in composition, focusing on higher-yielding commercial loans. Key statistics include:
| Metric | Amount (2024) | Comments |
|---|---|---|
| Total Loans | $1.07 billion | Decrease of 4.0% from December 2023 |
| Allowance for Credit Losses (ACL) | $9.5 million | ACL to total loans ratio of 0.89% |
| Net Charge-Offs | $123,000 | Decrease from prior year recoveries |
Financial Performance Metrics
As of September 30, 2024, CBFV's financial metrics indicate a solid performance amid changing market conditions:
| Metric | Value |
|---|---|
| Net Interest Margin (GAAP) | 3.11% |
| Book Value per Common Share | $29.07 |
| Tangible Book Value per Common Share | $27.16 |
Conclusion of Financial Overview
CB Financial Services, Inc. continues to adapt its strategies to optimize revenue generation through interest income while managing its noninterest income and expenses amid a dynamic economic environment.
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Resources:
- CB Financial Services, Inc. (CBFV) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CB Financial Services, Inc. (CBFV)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View CB Financial Services, Inc. (CBFV)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.