CB Financial Corporation Reports Third Quarter 2017 Earnings

WILSON, N.C., Nov. 13, 2017 /PRNewswire/ -- CB Financial Corporation ("CB") (OTC-QB: CBFA), the holding company for Cornerstone Bank ("Cornerstone"), reported net income of $156,000 for the quarter ended September 30, 2017, compared to net income of $94,000 for the quarter ended September 30, 2016.

For the nine-month period ended September 30, 2017, CB reported net income of $451,000 compared to $2.8 million for the nine months ended September 30, 2016.  Prior year-to-date earnings were positively impacted by the reversal of a deferred tax asset ("DTA") valuation allowance, resulting in a one-time tax benefit of $2.4 million in June of 2016.  As of September 30, 2017, CB reported total assets of $107.4 million, total loans of $73.8 million and total deposits of $88.6 million. 

"It is a pleasure to report CB's consistent, positive financial performance," said Mark A. Holmes, president of CB and Cornerstone. "In addition, we are pleased to share that on October 30, 2017, CB shareholders voted to approve the strategic merger of CB/Cornerstone with Rocky Mount, NC-based Providence Bank.  Pending regulatory approvals, we look forward to completing the proposed merger during first quarter 2018." 

Cornerstone opened its doors in 2000 to serve the community banking needs of the City of Wilson, Wilson County, and the surrounding area.  Cornerstone operates from a main office location at 3710 Nash Street North in Wilson.

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The information as of and for the quarter ended September 30, 2017, as presented, is unaudited. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.

SOURCE CB Financial Corporation

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