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North Carolina-based CB Financial reverses DTA valuation allowance

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North Carolina-based CB Financial reverses DTA valuation allowance

CB Financial Corp.reversed its deferred tax asset valuation allowance in the second quarter, resultingin a one-time tax benefit of $2.4 million, or 5 cents per common share.

The Wilson, N.C.-based company posted net income of $2.7 million,or 6 cents per share, for the six months ended June 30, much higher than the $271,000,or 1 cent per share, the bank earned for the first half of 2015, according to aJuly 25 earnings release.