CB Financial Corporation Reports Year-End 2016 Earnings

WILSON, N.C., Feb. 8, 2017 /PRNewswire/ -- CB Financial Corporation ("CB" –OTC-QB: "CBFA"), the holding company for Cornerstone Bank ("Cornerstone"), reported net income of $2.5 million, or earnings per share of $0.05, for the year ended December 31, 2016, compared to net income of $601,000, or earnings per share of per share of $0.01, for the prior year.  The 2016 results were aided by the reversal of CB's deferred tax asset ("DTA") valuation allowance that resulted in a one-time tax benefit of approximately $2.0 million.

As of December 31, 2016, CB reported total assets of $109.9 million, total loans of $72.0 million and total deposits of $91.1 million.  Assets, loans and deposits were up 5%, 4% and 2%, respectively, compared to totals reported at year-end December 31, 2015.

"With these results, CB is reporting its third consecutive year of profitable operations," said Mark A. Holmes, president of CB and Cornerstone. "While it was great to gain the $2.0 million tax benefit from the reversal of our DTA; other key indicators such as positive core earnings, dramatically improved asset quality and solid loan and deposit growth, bode well for future financial performance."

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.

OTC-QB: CBFA 

The information as of and for the year ended December 31, 2016, 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

Related Links

http://thecornerstonebank.com