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Investing.com -- CB Financial Services, Inc. (NASDAQGM:CBFV) saw its shares rise 2% after reporting second quarter earnings that significantly exceeded analyst expectations, with adjusted earnings per share of $0.74 beating estimates by $0.32.
The Pennsylvania-based bank holding company reported revenue of $13.53 million for the quarter, surpassing the consensus estimate of $12.79 million. Net interest income increased 9.3% YoY to $12.5 million, while net interest margin improved to 3.54% from 3.18% in the same quarter last year.
The company’s strong performance was driven by successful balance sheet repositioning and improved deposit mix. Total (EPA:TTEF) assets reached $1.52 billion at quarter-end, up $34.5 million from the previous quarter, with growth primarily coming from commercial real estate and commercial and industrial loan production.
"The first half of the year demonstrated solid loan growth and continued net interest margin improvement, with our strong second quarter operating results further reinforcing this positive momentum," said President and CEO John H. Montgomery. "Net interest margin expansion during the quarter was driven primarily by a reduction in our cost of funds."
Asset quality remained strong with nonperforming loans representing just 0.16% of total loans. The company also announced a 4% increase in its quarterly dividend to $0.26 per share, payable August 29 to shareholders of record as of August 15.
Commercial loans now represent 59% of the bank’s loan portfolio compared to 53% a year ago, reflecting the company’s strategic shift toward higher-yielding commercial products and away from indirect automobile and residential mortgage loans.
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