CB Financial Corporation Reports Second Quarter And Year-To-Date 2017 Earnings

WILSON, N.C., July 10, 2017 /PRNewswire/ -- CB Financial Corporation ("CB" –OTC-QB: CBFA), the holding company for Cornerstone Bank ("Cornerstone"), reported net income of $153,000 for the quarter ended June 30, 2017, compared to net income of $2.6 million for the quarter ended June 30, 2016, reported Mark A. Holmes, president of both CB and Cornerstone. CB posted net income of $296,000 for the six months ended June 30, 2017, compared to net income of $2.7 million for the six months ended June 30, 2016.  CB reversed its deferred tax asset ("DTA") valuation allowance in the second quarter of 2016 which resulted in a one-time tax benefit of $2.4 million making year-to-year comparisons difficult.

As of June 30, 2017, CB reported total assets of $106.8 million, total loans of $76.0 million and total deposits of $87.3 million.  The company continues to post positive core earnings, improved asset quality, solid loan growth and strong capital ratios – well in excess of regulatory guidelines for well-capitalized banks.

"This positive second quarter financial performance follows a good first quarter and three consecutive years of profitable operations," said Holmes. "We are especially pleased that our 2017 year-to-date, pre-tax net income was 42% higher than in the first half of 2016.  We are well-positioned for continued success and are pleased to be meeting the banking needs of the Wilson community."

Cornerstone opened its doors in 2000 to serve the community banking needs of 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" – thecornerstonebank.com

The information as of and for the quarter and six-month period ended June 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