CB Financial Services reports Q1 adjusted EPS 50c, consensus 38c

Total loans decreased $4.1 million, or 0.4%, to $1.088 billion compared to $1.093 billion, and included decreases in consumer, commercial and industrial and residential real estate loans of $8.7 million, $4.6 million and $3.2 million, respectively, partially offset by increases in commercial real estate and other loans of $11.8 million and $701,000, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to the discontinuation of this product offering as of June 30, 2023. President and CEO John H. Montgomery commented, “Our first quarter operating results were a good start to the year, with an improvement in net interest margin along with solid first quarter loan production. The reduction in funding costs during the quarter more than offset the decline in asset yields, contributing to net interest margin growth for the first quarter compared to the prior quarter. In addition to softening deposit costs from the impact of the Federal Reserve rate cuts implemented during the second half of 2024, we reduced our concentration of time deposits during the quarter, which also helped lower our cost of funds. Impacting earnings for the quarter were $1.0 million in one-time non-recurring expenses associated with the previously announced reduction in staff earlier this year. “