News Release

Midlothian, Virginia, February 4, 2021:  CBB Financial Corp. reported net income of $75,000 for the three-month period ended December 31, 2020, compared to net income of $130,000 for the three-month period ended December 31, 2019.  Net income of $540,000 was recorded for the twelve-month period ended December 31, 2020, compared to net income of $626,000 for the twelve-month period ended December 31, 2019.  CBB Financial Corp. (“CBBFC”) and Community Bankers’ Bank (“CBB” or “the Bank”) report on a consolidated basis.

The Company finished 2020 with strong financial performance despite the challenges we faced during the year due to the COVID-19 pandemic.

a. Early in the pandemic, 20% of the Bank’s loan participations (approximately $20 million) were provided payment modifications for 90 to 120 days, consistent with guidelines of the CARES Act.  As of February 4, 2021, deferments are less than 1% of the portfolio.

b. The Bank added $25,000 to its allowance for loan losses in the fourth quarter of 2020, and $225,000 for the year, to account for growth of the loan portfolio, and as a precaution against potential deterioration of asset quality as a result of the COVID-19 pandemic.  The loan loss allowance at December 31, 2020 was $1,956,000, or 1.97% of gross loans, compared to $1,685,000, or 1.84% of gross loans, at December 31, 2019.  There were no non-performing assets at December 31, 2020, and December 31, 2019.

c. Gross loan balances in 2020 grew 8.1% and deposit balances grew 34.1% compared with the previous year.

d. Non-interest income for 2020 was 41% higher than the previous year.  The increase was driven in part by interest-sensitive fee income that rises when market rates fall.  Also, we saw an 81% increase in our fee income derived from successful placements of products and services provided by our Alliance Partners, especially in the accounts payable processing, merchant services, and check stock lines.  Finally, there were significantly more securities transactions by volume in 2020, which nearly doubled CBB’s brokerage revenues compared to 2019.

e. The Board of Directors of CBBFC paid a two dollar ($2.00) per share annual dividend for shareholders on December 1, 2020.

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 11.24% at December 31, 2020.  By comparison, the Bank’s Tier 1 leverage ratio using previous rules totaled 13.04% at December 31, 2019, and 13.24% at December 31, 2018, while the Bank’s Total Capital Ratio under previous rules equaled 16.72% at December 31, 2019 and 16.39% at December 31, 2018.

President and Chief Executive Officer Gary R. Shook commented, “CBB Financial Corp. and Community Bankers’ Bank moved forward on a number of fronts in 2020.  Despite the headwinds served up by the pandemic, CBB grew loans, deposits, and, most importantly, fee income by sizeable margins.  Moreover, paying the second consecutive dividend of $2.00 per share in December represents tangible evidence of CBB’s increased performance.  While the Board and Management’s attention remains on the continued growth of the franchise and serving community-based banks in the Fifth Federal Reserve District and beyond, the additional momentum gained from the support of our shareholders and clients in 2020 bodes well for CBB as we push into 2021.”


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: