CB Financial Services(US:CBFV)2023-05-11 16:00Financial Performance - Net interest income increased by $1.7 million, or 17.1%, to $11.6 million for the three months ended March 31, 2023, compared to $9.9 million for the same period in 2022[214] - Interest and dividend income rose by $3.6 million, or 34.2%, to $14.2 million for the three months ended March 31, 2023, compared to $10.6 million for the same period in 2022[214] - Net income for the three months ended March 31, 2023, was $4.2 million, an increase of $1.1 million compared to $3.0 million for the same period in 2022[241] - Noninterest income rose by $197,000, or 7.5%, to $2.8 million for the three months ended March 31, 2023, compared to $2.6 million for the same period in 2022[248] Asset and Liability Management - Total assets increased by $21.8 million, or 1.5%, to $1.43 billion as of March 31, 2023, compared to $1.41 billion at December 31, 2022[237] - Total liabilities increased by $14.7 million, or 1.1%, to $1.31 billion at March 31, 2023, compared to $1.30 billion at December 31, 2022[211] - Total deposits rose by $13.0 million to $1.28 billion as of March 31, 2023, reflecting an annualized increase of 4.1%[238] Equity and Capital Ratios - Tangible common equity increased to $104.4 million at March 31, 2023, compared to $96.9 million at March 31, 2022[208] - Stockholders' equity increased by $7.0 million, or 6.4%, to $117.2 million at March 31, 2023, compared to $110.2 million at December 31, 2022[240] - Common Equity Tier 1 ratio improved to 12.60% at March 31, 2023, compared to 12.33% at December 31, 2022[227] Interest and Yield Metrics - The average yield on loans increased by 98 basis points to 4.83% for the three months ended March 31, 2023, compared to 3.85% for the same period in 2022[214] - The net interest margin increased to 3.51% for the three months ended March 31, 2023, compared to 3.08% for the same period in 2022[214] - Interest expense increased by $1.9 million, or 268.0%, to $2.7 million for the three months ended March 31, 2023, compared to $723,000 for the same period in 2022[244] Regulatory Compliance and Governance - The certification of the Chief Executive Officer and Chief Financial Officer was completed in accordance with the Sarbanes-Oxley Act of 2002, ensuring compliance and accountability[278] - The company is committed to transparency and regulatory compliance as evidenced by the incorporation of amended articles and bylaws[278] - The company has implemented new controls and modified existing controls as part of adopting the CECL accounting standard effective January 1, 2023[273] Strategic Insights and Future Outlook - The financial results are expected to provide insights into future performance and strategic direction[278] - The company emphasizes the significance of its financial condition in guiding investment and operational decisions moving forward[281] - The financial services sector continues to evolve, with the company adapting to market changes and regulatory requirements[281] Liquidity and Funding - Cash and due from banks totaled $103.5 million at March 31, 2023, with unpledged securities providing an additional liquidity source of $16.1 million[250] - The company had the ability to borrow up to $449.7 million from the FHLB of Pittsburgh, with $447.8 million available as of March 31, 2023[250] - 54.2% of total time deposits, amounting to $70.7 million, are set to mature within one year[250] Shareholder Returns - The company declared and paid $1.3 million in dividends to common stockholders in the current period[240] - The company repurchased a total of 74,656 shares at an average price of $22.38 per share as part of a $10.0 million stock repurchase program[276]