Note 12 - Segment and Related Information

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note

12.

Segment and Related Information

At

March 31, 2020,

the Company’s business activities were comprised of

two

operating segments, which are community banking and insurance brokerage services. CB Financial Services, Inc. is the parent company of the Bank and Exchange Underwriters, a wholly owned subsidiary of the Bank. Exchange Underwriters has an independent board of directors from the Company and is managed separately from the banking and related financial services that the Company offers. Exchange Underwriters is an independent insurance agency that offers property, casualty, commercial liability, surety and other insurance products.

The following is a table of selected financial data for the Company’s subsidiaries and consolidated results at the dates and for the periods indicated.

	Community Bank		Exchange Underwriters, Inc.		CB Financial Services, Inc.			Net Eliminations			Consolidated
(Dollars in thousands)
March 31, 2020
Assets	$	1,312,732	$	3,911	$	151,555		$	(155,025	)	$	1,313,173
Liabilities		1,166,590		1,424		30			(6,396	)		1,161,648
Stockholders' equity		146,142		2,487		151,525			(148,629	)		151,525
December 31, 2019
Assets	$	1,321,001	$	4,076	$	151,124		$	(154,664	)	$	1,321,537
Liabilities		1,178,759		1,194		27			(9,540	)		1,170,440
Stockholders' equity		142,242		2,882		151,097			(145,124	)		151,097
Three Months Ended March 31, 2020
Interest and dividend income	$	12,313	$	1	$	15		$	-		$	12,329
Interest expense		1,796		-		-			-			1,796
Net interest income		10,517		1		15			-			10,533
Provision for loan losses		2,500		-		-			-			2,500
Net interest income after provision for loan losses		8,017		1		15			-			8,033
Noninterest income (loss)		1,044		1,281		(455	)		-			1,870
Noninterest expense		8,021		975		5			-			9,001
Undistributed net income of subsidiary		213		-		1,123			(1,336	)		-
Income before income tax expense (benefit)		1,253		307		678			(1,336	)		902
Income tax expense (benefit)		130		94		(95	)		-			129
Net income	$	1,123	$	213	$	773		$	(1,336	)	$	773
Three Months Ended March 31, 2019
Interest and dividend income	$	12,281	$	1	$	1,318		$	(1,304	)	$	12,296
Interest expense		1,862		-		-			-			1,862
Net interest income		10,419		1		1,318			(1,304	)		10,434
Provision for loan losses		25		-		-			-			25
Net interest income after provision for loan losses		10,394		1		1,318			(1,304	)		10,409
Noninterest income		958		1,147		8			-			2,113
Noninterest expense		7,901		975		3			-			8,879
Undistributed net income of subsidiary		118		-		1,604			(1,722	)		-
Income before income tax expense		3,569		173		2,927			(3,026	)		3,643
Income tax expense		661		55		2			-			718
Net income	$	2,908	$	118	$	2,925		$	(3,026	)	$	2,925