CB Financial Services(CBFV) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $3.2 million, an increase of 19.8% from$ 2.7 million in Q3 2023[3] - Earnings per diluted common share rose to $0.60, up from$ 0.52 in the same period last year[3] - Net Income for Q3 2024 was $3,219,000, compared to$ 2,672,000 in Q3 2023, reflecting a 20.5% increase[27] - Adjusted Net Income (Non-GAAP) for Q3 2024 was $3,483,000, compared to$ 3,117,000 in Q3 2023, reflecting a year-over-year increase of 11.7%[39] - Earnings Per Common Share - Basic rose to $0.63 in Q3 2024, up from$ 0.52 in Q3 2023, marking a 21.2% increase[29] - Net Income (GAAP) for Q3 2024 was $3,219,000, an increase from$ 2,650,000 in Q2 2024, and $4,196,000 in Q1 2024[46] Asset and Liability Management - Total assets increased by$ 105.7 million, or 7.3%, to $1.6 billion compared to$ 1.5 billion at the end of 2023[4] - Total liabilities increased by $96.3 million, or 7.3%, to$ 1.4 billion at September 30, 2024[16] - Total deposits increased by $86.7 million to$ 1.35 billion as of September 30, 2024, with time deposits rising by $136.5 million[17] - Total loans decreased by$ 44.6 million, or 4.0%, to $1.07 billion, with significant declines in consumer and residential real estate loans[4] - Total Interest-Bearing Liabilities were$ 1,061,400 thousand with a cost of 2.79% for the current period, compared to $944,309 thousand and 1.69% previously[35] Income and Expense Analysis - Net interest and dividend income increased by$ 757,000, or 7.1%, to $11.5 million compared to Q3 2023[8] - Total Noninterest Expense decreased to$ 8,782,000 in Q3 2024 from $9,487,000 in Q3 2023, a reduction of 7.4%[27] - Interest expense on deposits surged by$ 3.1 million, or 66.1%, to $7.9 million due to rising market interest rates[9] - Interest Expense increased to$ 8,299,000 in Q3 2024, up from $5,157,000 in Q3 2023, a rise of 60.5%[27] Credit Quality and Losses - The provision for credit losses was a net recovery of$ 41,000, contrasting with a $406,000 provision in Q3 2023[10] - Nonperforming loans decreased to$ 2.0 million at September 30, 2024, resulting in a nonperforming loans to total loans ratio of 0.19%[15] - Net charge-offs for the three months ended September 30, 2024, were $73,000, or 0.03% of average loans on an annualized basis[15] - Provision for Credit Losses - Loans was$ 25,000 in Q3 2024, compared to a recovery of $291,000 in Q3 2023[27] Capital and Equity - Stockholders' equity increased by$ 9.3 million, or 6.7%, to $149.1 million at September 30, 2024, driven by$ 10.1 million of net income[20] - Common Equity Tier 1 Capital ratio increased to 14.79% from 14.62%, reflecting a stronger capital position[30] - Book value per common share increased by $1.75 to$ 29.07 at September 30, 2024[20] - Book Value per Common Share (GAAP) increased to $29.07 from$ 22.43 year-over-year[38] Operational Efficiency - Efficiency ratio improved to 69.11% from 73.89% in the previous quarter, indicating better cost management[30] - Return on average assets improved to 0.84% from 0.71% in the prior quarter, indicating enhanced asset efficiency[30] - Return on average equity rose to 8.80% from 7.58% in the previous quarter, demonstrating better profitability for shareholders[30] Market Expansion - The company opened a new state-of-the-art branch office in Uniontown, PA, as part of its market expansion strategy[6]