CB Financial Services, Inc. (CBFV) has reported a 16.67 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $1.70 million, or $0.42 a share in the quarter, compared with $2.04 million, or $0.50 a share for the same period last year. Revenue during the quarter went up marginally by 2.78 percent to $8.65 million from $8.42 million in the previous year period. Net interest income for the quarter dropped 5.72 percent over the prior year period to $7 million. Non-interest income for the quarter rose 12.34 percent over the last year period to $2.08 million.
CB Financial Services, Inc. has made provision of $0.42 million for loan losses during the quarter, down 50.59 percent from $0.85 million in the same period last year.
Net interest margin contracted 28 basis points to 3.62 percent in the quarter from 3.90 percent in the last year period. Efficiency ratio for the quarter deteriorated to 68.54 percent from 59.50 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
We are pleased to report on our first quarter financial performance. The first quarter produced solid results, although the first quarter failed to enjoy the $566,000 pretax gain from the OREO transactions of the first quarter of 2016. Because of this and other factors, our net income in the current quarter is down compared to the prior year quarter” said Barron P. McCune, Jr., vice chairman, president and chief executive officer.
Assets outpace liabilities growth
Total assets stood at $868.82 million as on Mar. 31, 2017, up 4.29 percent compared with $833.06 million on Mar. 31, 2016. On the other hand, total liabilities stood at $774.79 million as on Mar. 31, 2017, up 4.05 percent from $744.67 million on Mar. 31, 2016.
Deposits outpace loan growth
Net loans stood at $666.80 million as on Mar. 31, 2017, down 1.51 percent compared with $677.03 million on Mar. 31, 2016. Deposits stood at $725.46 million as on Mar. 31, 2017, up 5.15 percent compared with $689.95 million on Mar. 31, 2016. Investments stood at $114.52 million as on Mar. 31, 2017, up 22.27 percent or $20.86 million from year-ago. Shareholders equity stood at $90.57 million as on Mar. 31, 2017, up 2.47 percent or $2.18 million from year-ago.
Return on assets moved down 17 basis points to 0.81 percent in the quarter from 0.98 percent in the last year period. At the same time, return on equity decreased 170 basis points to 7.66 percent in the quarter from 9.36 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.90 percent in the quarter.
Book value per share was $22.16 for the quarter.
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