Christian Brothers Services

Cb Financial Services

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Facilitating government stimulus through participation in the Payroll Protection Program (“PPP”) administered by the Small Business Administration (“SBA”). The CARES Act authorized the SBA to temporarily guarantee loans under a new 7 loan program called the PPP. Under the PPP, participating SBA and other qualifying lenders can originate loans to eligible businesses that are fully guaranteed by the SBA as to principal and interest, have more favorable terms than traditional SBA loans and may be forgiven if the proceeds are used by the borrower for certain purposes. PPP is designed to help small businesses keep their workforce employed and cover expenses during the COVID-19 crisis. These loans have a two-year loan term to maturity, an interest rate of 1% per annum and loan payments are deferred for six months. The Bank receives a processing fee from the SBA ranging from 1% to 5% depending on the size of the loan, which is offset by a 0.75% third-party servicing agent fee. The PPP launched on April 3, 2020 and the $349 billion funding cap was reached on April 16, 2020.

However, this was a decrease of $406,000 compared to $10.9 million the three months ended December 31, 2019. Despite the decrease in net interest income compared to the quarter ended December 31, 2019, the net interest margin remained stable at 3.57%.

Cb Financial Services

Quarterly results for the three months ended December 31, 2019 were significantly impacted from the recognition of a one-time income tax benefit of $1.3 million related to the reversal of a valuation allowance (“VA”) for an alternative minimum tax (“AMT”) credit carryforward. Quarterly results for the three months ended March 31, 2020 were significantly impacted by a $2.5 million provision for loan losses and significant decline in market value of the Company’s marketable equities portfolio.

In addition, the net loss recognized for the three months ended September 30, 2020 primarily due to goodwill impairment negatively impacted the assessment rate in the current period resulting in an increased FDIC assessment. The impact on interest income was primarily due to declines on interest rates earned on deposits at other financial institutions, which resulted in a 218 bp decrease in average yield. There was no provision for loan losses recorded for the three months ended December 31, 2020 compared to $1.2 million for the three months ended September 30, 2020. Refer to the Statement of Income – Quarter to Prior Year Quarter Highlights section above for further details on the provision in the current period. The prior quarter provision was driven by an increase in specific reserves related to commercial real estate loans, which was partially offset by a reduction in the qualitative factors related to economic trends and industry conditions due to improving macroeconomic conditions.

We believe these non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

Analysts Estimate Cb Financial Services (cbfv) To Report A Decline In Earnings: What To Look Out For

At CB&S Financial Services, Inc., we have helped our customers grow and protect their investments for 30 years. We offer a complete range of investment and insurance options and are committed to the high quality of service you have come to expect from CB&S Bank. Helping clients accelerate business performance by improving the way they plan, manage and align workplace and operations with their business strategy. Transaction professionals and occupier consultants specializing in portfolio right-sizing, labor analytics and reporting, market intelligence and benchmarking. Integrated building operations, maintenance and employee services that enhance workplace environments and align with enterprise-wide strategic objectives. CBRE Workplace’s ‘Rise of the Workplace Consumer’ research puts the spotlight on banking and finance gathering insights from professional, middle management and executive survey responders and interviewees. CB Financial Services AG is a Swiss FinTech and Certified Financial Intermediary founded in 2014 and based in Zurich.

CB Financial Services

Our programs offer broad and comprehensive coverages and limits, as well as a variety of risk control services tailored to meet the needs of each ministry. These programs are designed exclusively for the benefit of the Catholic Church and are sensitive to the unique needs of Catholic employers. Christian Brothers Services is a nonprofit organization that administers cooperative programs in health, retirement, property/casualty, technology, school management, financial and administrative consulting to church organizations. Please, feel free to browse our website to see the services we offer as well as the many helpful resources we provide.

What Other Stocks Do Shareholders Of Cb Financial Services Own?

Noninterest income increased $904,000, or 10.6%, to $9.5 million for the year ended December 31, 2020, compared to $8.6 million for the year ended December 31, 2019. Service fees decreased $83,000 to $560,000 for the three months ended December 31, 2020, compared to $643,000 for the three months ended December 31, 2019 due to decreases in overdraft fees and customer usage from the pandemic. Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due. Nonperforming loans consist of nonaccrual loans, accruing loans that are 90 days or more past due, and troubled debt restructured loans.

$1.1 million of net origination fees were earned in 2020 and $604,000 for the three months ended December 31, 2020. Excluding the impact of PPP loans, organic loan growth was $37.2 million and represented an annualized growth rate of 3.9% as of December 31, 2020. 2020 loan growth was experienced through net funding of $37.0 million in construction loans and $22.2 million in commercial real estate loans.

How Were Cb Financial Services’ Earnings Last Quarter?

The following table provides details of loans in forbearance as of April 29, 2020. The COVID-19 pandemic and government response to curtail the spread of the virus through shelter-in-place orders and mandatory closures of all but essential businesses beginning in March 2020 is significantly impacting the economy and unemployment in our market area. These conditions did not exist at the beginning of the year and continue to worsen after the end of the March 31, 2020 reporting period. A $2.2 trillion emergency stimulus package, the largest in U.S. history, was implemented by the federal government through the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to aid businesses and consumers from the COVID-19 impact.

We help customers unlock their business potential with fully digital and compliant «Front-to-Back» processes – From «Customer Identification», «Virtual Collaboration», «Electronic Signature» to «Escrow Payment Transaction». So, if you are looking for a decent pick in a strong industry, consider CB Financial Services. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment. This is because this security in the Banks – Northeast space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective. Despite annual volume down 34% from 2019, investment activity in Q4 surged by over 97% from Q3, indicating a strong resurgence of investor confidence.

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This two-day event explored trends and challenges with 20 of our financial services clients. CBRE’s long-standing relationships, service and strategic capabilities, and pulse on the market enables a deep understanding of our client’s unique business needs. Zacks has a proven record of recommending stocks with significant upside potential. This report reveals the 7 stocks predicted to have the most explosive gains over the next 1-3 months.

The allowance for loan losses was $12.3 million at March 31, 2020 compared to $9.9 million at December 31, 2019. This reflects the $2.5 million provision for loan loss due to an increase in qualitative factors to account for the adverse economic impact of COVID-19 as previously noted. As a result, the allowance for loan losses to total loans increased from 1.04% at December 31, 2019 to 1.26% at March 31, 2020. Contracted services increased in the current quarter compared to the quarter ended December 31, 2019 and March 31, 2019 primarily due to $116,000 in consulting fees associated with the search for a new CEO. Legal fees increased in the first quarter of 2020 due to fees associated with the CEO transition.

Cb Financial Services (cbfv) Tops Q2 Earnings Estimates

Whether you are a sole trader, an employee, a retired person with investment income, or a property investor with rental income from buy-to let properties, we can help you with your tax return. This report reveals the 7 stocks predicted to have the most explosive gains over the next days. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Estimates have actually risen so much that the stock now has a Zacks Rank #1 suggesting this relatively unloved stock could be due for a breakout soon. This will be especially true if CBFV stock can build momentum from here and find a way to continue higher of off this encouraging trading development. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security.

  • Simulate the impacts of a lease on your company’s financial statements prior to execution.
  • Total assets increased $95.2 million, or 7.2%, to $1.42 billion at December 31, 2020, compared to $1.32 billion at December 31, 2019.
  • The interest income on interest-earning assets, net interest rate spread and net interest margin are presented on a fully tax-equivalent (“FTE”) basis.
  • CB Financial expects an annual reduction in pre-tax operating expenses in 2021 of approximately $1.5 million, along with $3.0 million of ongoing pre-tax cost savings as a result of the implementation of the branch optimization initiatives.
  • On average, they anticipate CB Financial Services’ stock price to reach $20.00 in the next twelve months.

Other borrowed funds decreased $6.0 million to $8.0 million at December 31, 2020 due to Federal Home Loan Bank borrowings that matured in the current period. Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of net income and adjusted earnings per common share – diluted in this Press Release. Certain items previously reported may have been reclassified to conform with the current reporting period’s format. Loans acquired in connection with the mergers with FedFirst Financial Corporation and First West Virginia Bancorp were recorded at their estimated fair value at the acquisition date and did not include a carryover of the pre-merger allowance for loan losses. India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class. The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan. The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency.

Cb Financial Services Ag Has Transformed Into Rockon Digital Evolution

Noninterest expense increased $122,000, or 1.4% to $9.0 million for the three months ended March 31, 2020 compared to $8.9 million for the three months ended March 31, 2019 and was relatively flat compared to the three months ended December 31, 2019. Total loans increased $22.2 million to $974.7 million at March 31, 2020 and represented a 9.3% annualized growth rate compared to an 8.7% annualized growth rate in the fourth quarter of 2019. CB Financial Services, Inc. (“CB”) is a stock holding company established in 2006, whose wholly owned subsidiary is Community Bank, a Pennsylvania -chartered, commercial bank. Community Bank was founded in 1901 as The First National Bank of Carmichaels and changed its name to Community Bank over 30 years ago. Community Bank currently operates twenty offices in Southwestern Pennsylvania located in Greene, Washington, Fayette, Westmoreland and Allegheny Counties, seven offices located in West Virginia in Brooke, Marshall, Ohio, Upshur and Wetzel Counties and one office located in Ohio in Belmont County. German solar car firm Sono Motors is exploring a U.S. stock market listing that may value the company at more than $1 billion, people close to the matter said. Sono Motors is developing an electric car that uses solar panels on its outside to power its batteries, but which can also be charged using a plug.

Contracted services increased $46,000 to $577,000 for the three months ended December 31, 2020 compared to $531,000 for the three months ended September 30, 2020 primarily due to temporary employees hired to assist with PPP loan processing and a consulting agreement with the former CEO. Occupancy expense decreased $153,000 to $606,000 for the three months ended December 31, 2020 compared to $759,000 for the three months ended September 30, 2020.

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In addition, $17.9 million of securities were sold in the second quarter of 2020 to recognize gains on higher-interest mortgage-backed securities that were paying down quicker than expected. Current period yield benefited from approximately $231,000 in discount accretion from U.S. government agency calls. Noninterest expense decreased $19.2 million, or 66.4% to $9.7 million for the three months ended December 31, 2020 compared to $29.0 million for the three months ended September 30, 2020. This was primarily impacted by goodwill impairment of $18.7 million in the prior quarter as well as the writedown on fixed assets of $884,000 from the prior quarter compared to $240,000 in the current quarter. Excluding the impact of these non-cash charges, noninterest expense increased $94,000, or 1.0%, to $9.5 million for the three months ended December 31, 2020 compared to $9.4 million for the three months ended September 30, 2020. The Company’s marketable equity securities, which are primarily comprised of bank stocks, reflected an increase in fair value of $202,000 for the three months ended December 31, 2020 compared to a $59,000 loss or the three months ended September 30, 2020. At December 31, 2020, specific reserves on impaired loans decreased $2.2 million compared to September 30, 2020.

Wall Street analysts have given CB Financial Services a “Hold” rating, but there may be better short-term opportunities in the market. Some of MarketBeat’s past winning trading ideas have resulted in 5-15% weekly gains.


Noninterest expense increased $699,000, or 7.7%, to $9.7 million for the three months ended December 31, 2020 compared to $9.0 million for the three months ended December 31, 2019. This was primarily impacted by the writedown on fixed assets of $240,000 for the donation of property as previously noted. Excluding the impact of this non-cash charge, noninterest expense increased $459,000, or 5.1%, to $9.5 million for the three months ended December 31, 2020 compared to $9.0 million for the three months ended December 31, 2019.

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