In This Story
CB Financial Services Inc. (CBFV-2.70%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets of $1.48 billion, an increase from $1.46 billion the previous year. Total liabilities rose to $1.33 billion from $1.32 billion.
Net income for the year was reported at $12.6 million, down from $22.6 million in the previous year. The decrease in net income is attributed to a significant reduction in noninterest income, primarily due to the prior year's gain on the sale of a subsidiary.
Total loans decreased by $17.8 million to $1.09 billion, with declines in consumer and residential mortgage loans. However, commercial real estate loans increased by $18.4 million.
The company's allowance for credit losses was $9.8 million at the end of 2024, representing 0.90% of total loans, up from 0.87% the previous year.
Deposits increased by $16.4 million to $1.28 billion, with a notable shift from noninterest-bearing to interest-bearing deposits.
CB Financial Services reported a net interest income of $46.1 million, a 3.4% increase from the previous year, while the net interest margin decreased slightly to 3.19%.
The company does not anticipate significant changes in its market area, which includes southwestern Pennsylvania and parts of West Virginia.
CB Financial Services continues to focus on managing interest rate risk and maintaining adequate liquidity, with available borrowing capacity from the Federal Home Loan Bank and other sources.
The filing also details the company's capital ratios, with the bank remaining 'well capitalized' under regulatory standards.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CB Financial Services Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.