CB Financial Services(US:CBFV)2023-08-10 16:00Financial Performance - Net income for the six months ended June 30, 2023, was $6.9 million, an increase of $3.8 million compared to $3.2 million for the same period in 2022[59]. - Net income for the second quarter of 2023 was $2,757 thousand, a significant increase from $118 thousand in the same period of 2022, marking a growth of over 2200%[72]. - Net income for the three months ended June 30, 2023, was $2,757,000, compared to $3,165,000 for the same period in the previous year[92]. - For the six months ended June 30, 2023, net income was $6,915 thousand, a decrease of 6.5% compared to $7,395 thousand for the same period in 2022[211]. Assets and Liabilities - As of June 30, 2023, total assets amounted to $1,406,741,000, an increase from $1,391,928,000 as of December 31, 2022[40]. - Total liabilities as of June 30, 2023, were $1,316,144,000, compared to $1,298,783,000 at December 31, 2022, an increase of approximately 1.3%[87]. - Total stockholders' equity increased by $6.4 million, or 5.8%, to $116.6 million at June 30, 2023, compared to $110.2 million at December 31, 2022[46]. - The company reported a total interest and dividend income of $15,203 thousand in June 2023, up from $10,958 thousand in June 2022, an increase of approximately 38.5%[71]. Loans and Credit Quality - Total loans increased by $51.3 million, or 4.9%, to $1.10 billion at June 30, 2023, compared to $1.05 billion at December 31, 2022, driven by growth in commercial and industrial loans, commercial real estate, and residential mortgages[44]. - The allowance for credit losses decreased from $12.819 million at December 31, 2022, to $10.666 million as of June 30, 2023[150]. - Nonperforming loans decreased to $4.1 million at June 30, 2023, from $5.8 million at December 31, 2022, resulting in a nonperforming loans to total loans ratio of 0.37%[44]. - The provision for credit losses recorded for the three months ended June 30, 2023, was $432,000, compared to $3.8 million for the same period in 2022[54]. Interest Income and Expenses - Net interest income for the three months ended June 30, 2023, was $11,155,000, compared to $10,197,000 for the same period in 2022[40]. - Interest expense increased by $3.3 million, or 413.6%, to $4.1 million for the three months ended June 30, 2023, compared to $795,000 for the same period in 2022[50]. - Net interest and dividend income increased by $1.0 million, or 9.4%, to $11.1 million for the three months ended June 30, 2023, compared to $10.2 million for the same period in 2022[49]. Equity and Shareholder Information - Book value per share increased by $1.21 to $22.81 at June 30, 2023, compared to $21.60 at December 31, 2022[46]. - The number of shares issued increased to 5,733,408 as of June 30, 2023, from 5,708,433 at December 31, 2022, a slight increase of 0.4%[87]. - Dividends paid for the quarter were $1,277,000, with a dividend per share of $0.25[92]. Noninterest Income and Expenses - Noninterest income increased by $164,000, or 7.8%, to $2.3 million for the three months ended June 30, 2023, compared to $2.1 million for the same period in 2022[55]. - Total noninterest expense increased to $9,501 thousand in June 2023 from $8,410 thousand in June 2022, reflecting an increase of approximately 12.9%[71]. Market and Economic Conditions - The company anticipates potential risks including changes in market interest rates and economic conditions that could affect future performance[35]. - The company has identified approximately $16.2 million in outstanding loan balances tied to the LIBOR reference rate as of June 30, 2023[112]. Branch and Market Presence - The company operates 10 branches in Pennsylvania and three offices in West Virginia, focusing on community-oriented banking services[33]. - The bank's loan production office is located in Allegheny County, enhancing its market presence in southwestern Pennsylvania[33].