News Release

Midlothian, Virginia, April 29, 2021: CBB Financial Corp. reported net income of $104,000 for the three-month period ended March 31, 2021, compared to net income of $75,000 for the three-month period ended December 31, 2020 and net income of $98,000 in the three-month period ended March 31, 2020.  CBB and CBBFC report on a consolidated basis.

The Company started 2021 with strong financial performance despite the challenges of the continuing COVID-19 pandemic and unprecedented liquidity in the community banking industry:

a. Non-interest income for the first quarter of 2021 was 12.5% higher than the same period in the previous year.  The increase was driven in part by interest-sensitive fee income that rises when market rates fall.  Also, there were more securities transactions by volume in the first quarter of 2021, which produced a 19.1% increase in CBB’s brokerage revenues compared to the same period in 2020.

b. Gross loan balances declined by 7.0% in the first quarter of 2021 as balances re-financed by other institutions exceeded funding of new loans.

c. In the first quarter of 2020, the Bank had provided $100,000 to its allowance for loan losses as a precautionary measure against potential deterioration of asset quality in certain loan segments including those with payment modifications as a result of the COVID-19 pandemic; however, no charge-offs were recorded in 2020.  No loan provision was added in the first quarter of 2021.

The Bank continues to maintain a strong capital position that exceeds all regulatory requirements to be classified as “well capitalized,” with a Community Bank Leverage Ratio of 10.53% at March 31, 2021, compared to 11.24% at December 31, 2020 and 12.71% at March 31, 2020.

Gary R. Shook, President and Chief Executive Officer of CBB Financial Corp. and Community Bankers’ Bank, commented “The first quarter of 2021 saw record security transactions through CBB’s trading partnership which primarily drove the increase in fee income.  That momentum offset the headwinds all banks, including CBB, face from loan payoffs due to record liquidity in the banking system.  We remain focused on growing the balance sheet as well as other income as we move forward through 2021.  Additionally, I look forward to getting out of the office and meeting our bankers in their communities.”


For further information, please contact:

Gary R. Shook
President & CEO

2601 Promenade Pkwy
Midlothian, VA 23113

Phone: 804-256-0530
Fax: 804-378-2856


Stephen R. Kinnier
Executive Vice President & CFO

2601 Promenade Pkwy
Midlothian, VA 23113

Phone: 804-794-5885 x 127
Fax: 804-378-2856

For Correspondent Services Information, contact:

Virginia and West Virginia:
Jo Ellen McKinley, Senior Vice President
Investment Officer and Regional Manager
Phone:  804-239-0452

Maryland, Northern Virginia, and the District of Columbia:
Leesa McShane, Senior Vice President
Regional Manager
Phone:  443-928-3070

North Carolina and South Carolina:
Rose J. Washofsky, Senior Vice President
Regional Manager
Phone:  919-368-0217

Main Office:
Wendy C. Wright, Executive Vice President
Operations & IT
Phone:  804-794-5885 x 119

For Summary Consolidated Financial Data, please download the full Press Release: