CBB Bancorp, Inc. (OTCQX: CBBI), the parent company of Commonwealth Business Bank, operating under the name “CBB Bank” announced that its net income for the third quarter of 2024 was $5.6 million, translating to $0.53 per diluted share. This represents an increase from $5.5 million, or $0.51 per diluted share, in the second quarter of 2024.
CBB Bancorp’s net income for Q3 2024 was supported by core business activities, solid loan growth, and efficient expense management. This stability was underscored by a notable increase in net interest income compared to the prior quarter, driven by a balanced loan portfolio and the company’s commitment to efficient capital deployment. These results reflect CBB Bancorp’s focus on providing robust financial services to small- and medium-sized businesses through Commonwealth Business Bank.
In alignment with its performance, CBB Bancorp also declared a quarterly dividend of $0.10 per share. The dividend is payable on November 22, 2024, to shareholders of record as of November 8, 2024. This dividend policy signals confidence in the bank’s ongoing cash flow and commitment to delivering shareholder value.
The company’s growth strategy has included expanding its lending and service capabilities across Los Angeles, Orange, Dallas, and Honolulu, focusing on small business needs and community banking. The bank’s attention to maintaining high-quality assets and a prudent approach to loan expansion has helped it to navigate economic challenges while staying competitive in the commercial banking sector. CBB Bancorp’s latest quarterly report and dividend announcement reinforce its stability, supported by a sustainable balance sheet and a focus on its core markets.
