CB Financial Services, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, interest and dividend income was $7.9 million against $7.0 million last year. Net interest income was $7.2 million against $6.4 million last year. Net interest income after provision for loan losses was $6.2 million against $6.4 million last year. Income before income taxes was $2.4 million against $2.6 million last year. Net income was $1.8 million or $0.43 per basic and diluted share against $1.7 million or $0.50 per basic and diluted share last year. Return on average assets was 0.84% against 0.91% last year. Return on average equity was 8.00% against 10.32% last year. The quarterly results were largely impacted by a $1.0 million provision for loan losses recognized in the current period offset by $946,000 of merger-related expenses and an $840,000 pre-tax gain on sale of an other real estate owned property recognized in the prior period.

For the year, interest and dividend income was $31.9 million against $20.8 million last year. Net interest income was $29.2 million against $18.9 million last year. Net interest income after provision for loan losses was $27.2 million against $18.9 million last year. Income before income taxes was $11.9 million against $5.9 million last year. Net income was $8.4 million or $2.07 per basic and diluted share against $4.3 million or $1.63 per basic and diluted share last year. Return on average assets was 1.01% against 0.72% last year. Return on average equity was 9.89% against 8.60% last year. Book value per share was $21.29 against $20.12 at December 31, 2014. The annual results were largely impacted by the merger of FedFirst Financial Corporation with CB effective on October 31, 2014, as well as by $2.0 million of merger-related expenses incurred in the prior period only. Earnings per share did not increase in proportion to the net income percentage increase due to the issuance of common stock as part of the merger.

For the quarter, net charge-offs were $0.4 million, which included a $0.3 million charge-off on a commercial real estate loan in the oil and gas industry, compared to $0.4 million last year.