0001605301FALSE00016053012024-10-252024-10-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 2024
CB FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)

Commission file number: 001-36706

Pennsylvania51-0534721
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

100 N. Market Street, Carmichaels, PA
15320
(Address of principal executive offices)(Zip Code)

(724) 966-5041
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:

Common stock, par value $0.4167 per shareCBFVThe Nasdaq Stock Market, LLC
(Title of each class)(Trading symbol)(Name of each exchange on which registered)


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the
Exchange Act.  ☐



Item 2.02. Results of Operations and Financial Condition.
On October 25, 2024, CB Financial Services, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 30, 2024, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01. Other Events.
On October 25, 2024, the Company announced that its Board of Directors declared a cash dividend on the Company's outstanding shares of common stock. The dividend of $0.25 per share will be paid on or about November 29, 2024 to stockholders of record as of the close of business on November 15, 2024.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
104. Cover Page Interactive Data File (embedded in Inline XBRL)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 CB FINANCIAL SERVICES, INC.
   
   
Date: October 25, 2024
By: /s/ Jamie L. Prah
  Jamie L. Prah
  Executive Vice President and Chief Financial Officer

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EXHIBIT 99.1
cbfinancialservicesa.jpg

CB Financial Services, Inc.
Announces Third Quarter and Year-to-Date 2024 Financial Results and
Declares Quarterly Cash Dividend

WASHINGTON, PA., October 25, 2024 -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), today announced its third quarter and year-to-date 2024 financial results.

Three Months EndedNine Months Ended
9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
(Dollars in thousands, except per share data) (Unaudited)
Net Income (GAAP)$3,219 $2,650 $4,196 $12,966 $2,672 $10,065 $9,586 
Net Income Adjustments
(293)24 (1,000)(9,905)29 (1,269)(20)
Adjusted Net Income (Non-GAAP) (1)
$2,926 $2,674 $3,196 $3,061 $2,701 $8,796 $9,566 
Earnings per Common Share - Diluted (GAAP)$0.60 $0.51 $0.82 $2.52 $0.52 $1.89 $1.87 
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)
$0.55 $0.52 $0.62 $0.60 $0.53 $1.65 $1.87 
(1)    Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of adjusted net income and adjusted earnings per common share - diluted as presented later in this Press Release.
2024 Third Quarter Financial Highlights
(Comparisons to three months ended September 30, 2023 unless otherwise noted)
•Net income was $3.2 million, compared to $2.7 million. Results were impacted by the December 2023 sale of the Bank’s subsidiary insurance agency, Exchange Underwriters (“EU”), which drove decreases in noninterest income and noninterest expense.
•Earnings per diluted common share (EPS) increased to $0.60 from $0.52.
•Return on average assets (annualized) was 0.84%, compared to 0.75%.
•Return on average equity (annualized) was 8.80%, compared to 9.03%.
•Net interest and dividend income was $11.5 million, compared to $10.7 million.
•Noninterest income decreased to $1.2 million, compared to $2.4 million. The significant decrease in noninterest income was driven by a $1.4 million decrease in insurance commissions due to the sale of EU.
•Noninterest expense decreased to $8.8 million, compared to $9.5 million, due to decreases in compensation and benefits and intangible amortization expenses also driven by the sale of EU, partially offset by increases in contracted services, data processing, occupancy and Pennsylvania shares tax expenses.

(Amounts at September 30, 2024; comparisons to December 31, 2023, unless otherwise noted)
•Total assets increased $105.7 million, or 7.3%, to $1.6 billion from $1.5 billion.
•Total loans decreased $44.6 million, or 4.0%, to $1.07 billion compared to $1.11 billion, and included decreases in consumer, residential real estate, commercial real estate and commercial and industrial loans of $31.6 million, $8.9 million, $2.8 million and $2.7 million, respectively. The consumer loan portfolio is primarily comprised of indirect automobile loans and decreased as a result of the discontinuation of that product as of June 30, 2023. Excluding the $31.8 million decrease in indirect automobile loans, total loans decreased $12.8 million, or 1.2%. In total, $95.5 million of loans have paid off since December 31, 2023.
•Nonperforming loans to total loans was 0.19% at September 30, 2024, compared to 0.20% at December 31, 2023.
•Total deposits were $1.35 billion, an increase of $86.7 million, compared to $1.27 billion.
•Book value per share was $29.07, compared to $27.79 as of June 30, 2024 and $27.32 as of December 31, 2023.
•Tangible book value per share (Non-GAAP) was $27.16, compared to $25.83 as of June 30, 2024 and $25.23 as of December 31, 2023. The year-to-date change was due to an increase in stockholders’ equity primarily related to current period net income of $10.1 million and a $2.8 million decrease in accumulated other comprehensive loss, partially offset by the payment of $3.9 million in dividends since December 31, 2023.
1
EXHIBIT 99.1


Management Commentary
President and CEO John H. Montgomery commented, “Funding costs continued to increase from the prior period, maintaining pressure on our net interest margin. However, relief from this ongoing trend appears to be on the horizon with prevailing market deposit costs beginning to soften. Our balance sheet strategies and continued focus on quality, relationship-driven loan production continue to strengthen the fundamentals of our bank.
During the quarter, our loan portfolio decreased $12.9 million, or 1.2%, with the previously exited Indirect Lending Portfolio declining $10.4 million. Commercial real estate loans increased $5.6 million, while residential real estate loans declined $3.8 million, results that are consistent with the purposeful repositioning of our loan portfolio. Notably, our asset quality remains robust, with nonperforming loans remaining stable at $2.0 million (0.19% of total loans) from $2.2 million (0.20% of total loans) at year end 2023.
Overall, deposit movements continued during the quarter, shifting from non-interest and low interest-bearing accounts to higher-cost time deposits. Total deposits remained relatively stable, with a slight increase, largely due to growth in our interest-bearing demand deposits and time deposits.

During the quarter, we continued progress on our strategic initiatives by implementing our Specialty Treasury Payments & Services strategy. This strategy includes development of a platform that will provide Treasury Management payments, products and an exceptional client experience to our traditional Commercial Treasury Clients and Multiple Deposit Niche markets. This targeted Specialized Treasury Management program will allow us to enter into new markets with a proven and differentiated approach, focusing on specific industries that are deposit rich, need high levels of service, and require access to highly efficient money movement systems.

Additionally, we completed the construction and celebrated the opening of a state-of-the-art branch office in Uniontown, PA, continuing the service we have provided to Fayette County for many decades.

We are confident that sustained investment in our franchise, unwavering commitment to our long-term strategy, and dedication to providing an exceptional client experience will benefit all stakeholders.”

Dividend Declaration
The Company’s Board of Directors declared a $0.25 quarterly cash dividend per outstanding share of common stock, payable on or about November 29, 2024, to stockholders of record as of the close of business on November 15, 2024.

2024 Third Quarter Financial Review

Net Interest and Dividend Income
Net interest and dividend income increased $757,000, or 7.1%, to $11.5 million for the three months ended September 30, 2024 compared to $10.7 million for the three months ended September 30, 2023.
•Net Interest Margin (NIM) (GAAP) decreased to 3.11% for the three months ended September 30, 2024 compared to 3.13% for the three months ended September 30, 2023. Fully tax equivalent (FTE) NIM (Non-GAAP) decreased 2 basis points (“bps”) to 3.12% for the three months ended September 30, 2024 compared to 3.14% for the three months ended September 30, 2023.
•Interest and dividend income increased $3.9 million, or 24.6%, to $19.8 million for the three months ended September 30, 2024 compared to $15.9 million for the three months ended September 30, 2023.
◦Interest income on loans increased $896,000, or 6.4%, to $14.9 million for the three months ended September 30, 2024 compared to $14.0 million for the three months ended September 30, 2023. The average yield on loans increased 47 bps to 5.60% compared to 5.13% resulting in a $1.3 million increase in interest income on loans. The average balance of loans decreased $24.7 million to $1.06 billion from $1.09 billion, causing a $357,000 decrease in interest income on loans. The increase in loan yield has been driven by a reduction in lower yielding consumer loans due to the discontinuation of the indirect automobile loan product with the redeployment of those funds into higher yielding commercial loan products.
◦Interest income on taxable investment securities increased $2.3 million, or 249.9%, to $3.3 million for the three months ended September 30, 2024 compared to $940,000 for the three months ended September 30, 2023 driven by a 272 bp increase in average yield coupled with a $83.4 million increase in average balances. The increase in the average yield was the result of the Bank implementing a balance sheet repositioning strategy of its portfolio of available-for-sale securities during the fourth quarter of 2023. The Bank sold $69.3 million in market value of its lower yielding U.S. government agency, mortgage-backed and municipal
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securities with an average yield of 1.89% and purchased $69.3 million of higher yielding mortgage-backed and collateralized mortgage obligation securities with an average yield of 5.49%. The increase in volume was driven by a $99.9 million increase in the average balance of collateralized loan obligation (“CLO”) securities as the Bank executed a leverage strategy to purchase these assets funded with brokered certificates of deposits.
◦Interest income on interest-earning deposits at other banks increased $698,000 to $1.4 million for the three months ended September 30, 2024 compared to $750,000 for the three months ended September 30, 2023 driven by a $58.7 million increase in average balances, partially offset by a 51 bp decrease in the average yield. The volume increase was due in part to $30.5 million in cash received from the December 2023 sale of EU.
•Interest expense increased $3.1 million, or 60.9%, to $8.3 million for the three months ended September 30, 2024 compared to $5.2 million for the three months ended September 30, 2023.
◦Interest expense on deposits increased $3.1 million, or 66.1%, to $7.9 million for the three months ended September 30, 2024 compared to $4.8 million for the three months ended September 30, 2023. Rising market interest rates led to the repricing of interest-bearing demand and money market deposits and a shift in deposits from noninterest-bearing and interest-bearing demand deposits into money market and time deposits which resulted in a 93 bp, or 46.3%, increase in the average cost of interest-bearing deposits compared to the three months ended September 30, 2023. This accounted for a $2.4 million increase in interest expense. Additionally, interest-bearing deposit balances increased $130.0 million, or 13.9%, to $1.1 billion as of September 30, 2024 compared to $937.8 million as of September 30, 2023, accounting for a $716,000 increase in interest expense.
Provision for Credit Losses
The provision for credit losses recorded for the three months ended September 30, 2024 was a net recovery of $41,000. The provision for credit losses - loans was $25,000 and was primarily due to changes in qualitative factors partially offset by changes in loan portfolio concentrations and an improvement in loss rates. The provision for credit losses - unfunded commitments was a recovery of $66,000 and was due to a decrease in the unfunded commitments and in the loss rate on construction loans. This compared to a $406,000 provision for credit losses recorded for the three months ended September 30, 2023 and was required primarily due to loan growth coupled with a modeled slowdown in loan prepayment speeds.

Noninterest Income
Noninterest income decreased $1.2 million, or 48.9%, to $1.2 million for the three months ended September 30, 2024, compared to $2.4 million for the three months ended September 30, 2023. This decrease resulted primarily from a $1.4 million decrease in insurance commissions as no income was recognized for the three months ended September 30, 2024 due to the December 2023 sale of EU, compared to a full quarter of income recognized for the three months ended September 30, 2023.

Noninterest Expense
Noninterest expense decreased $705,000, or 7.4%, to $8.8 million for the three months ended September 30, 2024 compared to $9.5 million for the three months ended September 30, 2023. Salaries and benefits decreased $808,000, or 15.0%, to $4.6 million primarily due to no expense related to EU recognized for the three months ended September 30, 2024 due to the December 2023 sale, compared to $878,000 of expense recognized for the three months ended September 30, 2023, partially offset by merit increases and revenue producing staff additions. Intangible amortization decreased $181,000 as a portion of the Bank’s core deposit intangible was fully amortized in February 2024 and EU intangible amortization of $47,000 was realized during the three months ended September 30, 2023. Data processing expense increased $58,000 due to costs associated with the implementation of a new loan origination system and financial dashboard platform. Occupancy expense increased $57,000 due to $130,000 of environmental remediation costs related to a construction project on one of the Bank’s office locations, partially offset by $44,000 of EU occupancy expense realized during the three months ended September 30, 2023. Pennsylvania shares tax expense increased $48,000 due to a higher taxable base due to the increase in equity resulting from the sale of EU.

Statement of Financial Condition Review

Assets
Total assets increased $105.7 million, or 7.3%, to $1.6 billion at September 30, 2024, compared to $1.5 billion at December 31, 2023.
•Cash and due from banks increased $79.1 million, or 115.9%, to $147.3 million at September 30, 2024, compared to $68.2 million at December 31, 2023.
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•Securities increased $63.8 million, or 30.8%, to $270.9 million at September 30, 2024, compared to $207.1 million at December 31, 2023. The securities balance was primarily impacted by the purchase of $69.8 million of CLO securities, partially offset by $10.7 million of principal repayments on amortizing securities.
Loans and Credit Quality
•Total loans decreased $44.6 million, or 4.0%, to $1.07 billion at September 30, 2024 compared to $1.11 billion at December 31, 2023. This was driven by decreases in consumer, residential real estate, commercial real estate and commercial and industrial loans of $31.6 million, $8.9 million, $2.8 million and $2.7 million, respectively, partially offset by increases in other loans and construction loans of $1.0 million and $399,000, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to rising market interest rates and the discontinuation of this product offering as of June 30, 2023. This portfolio is expected to continue to decline as resources are allocated and production efforts are focused on more profitable commercial products. In total, $95.5 million of loans have paid off since December 31, 2023.
•The allowance for credit losses (ACL) was $9.5 million at September 30, 2024 and $9.7 million at December 31, 2023. As a result, the ACL to total loans was 0.89% at September 30, 2024 and 0.87% at December 31, 2023. During the current year, the Company recorded a net recovery of credit losses of $114,000.
•Net charge-offs for the three months ended September 30, 2024 were $73,000, or 0.03% of average loans on an annualized basis. Net charge-offs for the three months ended September 30, 2023 were $109,000, or 0.04% of average loans on an annualized basis. Net charge-offs for the nine months ended September 30, 2024 were $123,000. Net recoveries for the nine months ended September 30, 2023 were $551,000 primarily due to recoveries totaling $750,000 related to a prior year $2.7 million charged-off commercial and industrial loan.
•Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, were $2.0 million at September 30, 2024 and $2.2 million at December 31, 2023. Nonperforming loans to total loans ratio was 0.19% at September 30, 2024 and 0.20% at December 31, 2023.
Other
•Accrued interest and other assets increased $7.8 million or 32.1%, to $32.1 million at September 30, 2024, compared to $24.3 million at December 31, 2023 due primarily to a $6.0 million investment in a low-income housing tax credit project.

Total liabilities increased $96.3 million, or 7.3%, to $1.4 billion at September 30, 2024 compared to $1.3 billion at December 31, 2023.
Deposits
•Total deposits increased $86.7 million to $1.35 billion as of September 30, 2024 compared to $1.27 billion at December 31, 2023. Time deposits increased $136.5 million and money market deposits increased $19.7 million while interest-bearing demand, savings and non interest-bearing demand deposits decreased $36.5 million, $22.3 million and $10.7 million, respectively. Deposit changes were primarily the result of the current interest rate environment causing a shift in deposit products to higher priced money market and time deposits. Additionally, the Bank added $70.6 million of brokered certificates of deposit during the period. Brokered certificates of deposit totaled $99.6 million as of September 30, 2024 compared to $29.0 million at December 31, 2023, all mature within three months and were utilized to fund the purchase of floating rate CLO securities. At September 30, 2024, FDIC insured deposits totaled approximately 62.4% of total deposits while an additional 15.9% of total deposits were collateralized with investment securities.
Accrued Interest Payable and Other Liabilities
•Accrued interest payable and other liabilities increased $9.7 million, or 67.3%, to $24.1 million at September 30, 2024, compared to $14.4 million at December 31, 2023 primarily due to the purchase of $6.0 million of syndicated loans which were unfunded at the end of the period and a $5.4 million unfunded commitment related to a low-income housing tax credit project.


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Stockholders’ Equity
Stockholders’ equity increased $9.3 million, or 6.7%, to $149.1 million at September 30, 2024, compared to $139.8 million at December 31, 2023. The key factor positively impacting stockholders’ equity was $10.1 million of net income for the current period and a $2.8 million decrease in accumulated other comprehensive loss, partially offset by the payment of $3.9 million in dividends since December 31, 2023.
Book value per share
Book value per common share was $29.07 at September 30, 2024 compared to $27.32 at December 31, 2023, an increase of $1.75.

Tangible book value per common share (Non-GAAP) was $27.16 at September 30, 2024, compared to $25.23 at December 31, 2023, an increase of $1.93.

Refer to “Explanation of Use of Non-GAAP Financial Measures” at the end of this Press Release.

About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a broad array of retail and commercial lending and deposit services.
For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.

Statement About Forward-Looking Statements
Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

Company Contact:
John H. Montgomery
President and Chief Executive Officer
Phone: (724) 223-8317


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CB FINANCIAL SERVICES, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)
Selected Financial Condition Data9/30/246/30/243/31/2412/31/239/30/23
Assets
Cash and Due From Banks$147,325 $142,600 $73,691 $68,223 $52,597 
Securities270,881 268,769 232,276 207,095 172,904 
Loans Held for Sale428 632 200 — — 
Loans 
Real Estate: 
Residential338,926 342,689 346,938 347,808 346,485 
Commercial464,354 458,724 470,430 467,154 466,910 
Construction43,515 44,038 44,323 43,116 41,874 
Commercial and Industrial108,554 112,395 103,313 111,278 100,873 
Consumer80,004 90,357 100,576 111,643 122,516 
Other30,402 30,491 30,763 29,397 23,856 
Total Loans1,065,755 1,078,694 1,096,343 1,110,396 1,102,514 
Allowance for Credit Losses(9,479)(9,527)(9,582)(9,707)(10,848)
Loans, Net1,056,276 1,069,167 1,086,761 1,100,689 1,091,666 
Premises and Equipment, Net20,838 20,326 19,548 19,704 18,524 
Bank-Owned Life Insurance24,057 23,910 23,763 25,378 25,227 
Goodwill9,732 9,732 9,732 9,732 9,732 
Intangible Assets, Net88 353 617 958 2,177 
Accrued Interest Receivable and Other Assets32,116 24,770 26,501 24,312 26,665 
Total Assets$1,561,741 $1,560,259 $1,473,089 $1,456,091 $1,399,492 
Liabilities
Deposits
Noninterest-Bearing Demand Accounts$267,022 $269,964 $275,182 $277,747 $305,145 
Interest-Bearing Demand Accounts326,505 324,688 323,134 362,994 357,381 
Money Market Accounts220,789 229,998 208,375 201,074 189,187 
Savings Accounts172,354 179,081 190,206 194,703 207,148 
Time Deposits367,150 346,037 265,597 230,641 177,428 
Total Deposits1,353,820 1,349,768 1,262,494 1,267,159 1,236,289 
Other Borrowings34,708 34,698 34,688 34,678 34,668 
Accrued Interest Payable and Other Liabilities24,073 32,911 34,317 14,420 13,689 
Total Liabilities1,412,601 1,417,377 1,331,499 1,316,257 1,284,646 
Stockholders’ Equity149,140 142,882 141,590 139,834 114,846 
Total Liabilities and Stockholders’ Equity$1,561,741 $1,560,259 $1,473,089 $1,456,091 $1,399,492 
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(Dollars in thousands, except share and per share data) (Unaudited)
 Three Months EndedNine Months Ended
Selected Operating Data9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
Interest and Dividend Income:
Loans, Including Fees$14,945 $14,670 $14,838 $14,804 $14,049 $44,453 $39,846 
Securities:
Taxable3,289 2,844 2,303 1,164 940 8,437 2,853 
Tax-Exempt— — — 33 41 — 124 
Dividends28 27 27 32 25 82 74 
Other Interest and Dividend Income1,511 1,398 818 872 819 3,727 2,424 
Total Interest and Dividend Income19,773 18,939 17,986 16,905 15,874 56,699 45,321 
Interest Expense:
Deposits7,892 7,065 5,991 5,336 4,750 20,948 11,097 
Short-Term Borrowings— — — 26 — — 5 
Other Borrowings407 404 404 407 407 1,215 800 
Total Interest Expense8,299 7,469 6,395 5,769 5,157 22,163 11,902 
Net Interest and Dividend Income11,474 11,470 11,591 11,136 10,717 34,536 33,419 
Provision (Recovery) for Credit Losses - Loans25 12 (143)(1,147)291 (105)863 
(Recovery) Provision for Credit Losses - Unfunded Commitments(66)(48)106 (273)115 (9)54 
Net Interest and Dividend Income After Net (Recovery) Provision for Credit Losses11,515 11,506 11,628 12,556 10,311 34,650 32,502 
Noninterest Income:
Service Fees451 354 415 460 466 1,220 1,359 
Insurance Commissions1 1 2 969 1,436 4 4,870 
Other Commissions104 22 62 60 94 188 462 
Net Gain (Loss) on Sales of Loans18 9 22 2 — 49 (3)
Net Gain (Loss) on Securities245 (31)(166)(9,830)(37)49 (369)
Net Gain on Purchased Tax Credits12 12 12 7 7 37 22 
Gain on Sale of Subsidiary138 — — 24,578 — 138 — 
    Net Gain on Disposal of Premises and Equipment— — 274 — — 274 11 
Income from Bank-Owned Life Insurance147 147 148 151 145 442 425 
Net Gain on Bank-Owned Life Insurance Claims— — 915 — — 915 303 
Other Income117 174 232 121 301 523 413 
Total Noninterest Income1,233 688 1,916 16,518 2,412 3,839 7,493 
Noninterest Expense:
Salaries and Employee Benefits4,561 4,425 4,576 6,224 5,369 13,563 15,679 
Occupancy755 940 749 810 698 2,444 2,188 
Equipment280 298 264 298 265 842 766 
Data Processing772 1,011 692 726 714 2,476 2,289 
Federal Deposit Insurance Corporation Assessment177 161 129 189 189 467 565 
Pennsylvania Shares Tax265 297 297 217 217 860 672 
Contracted Services431 390 281 299 286 1,102 868 
Legal and Professional Fees297 208 212 434 320 717 748 
Advertising141 78 129 158 114 348 268 
Other Real Estate Owned (Income)2 37 (23)(36)(8)16 (80)
Amortization of Intangible Assets264 264 341 430 445 870 1,336 
Other Expense837 875 781 1,016 878 2,492 2,718 
Total Noninterest Expense8,782 8,984 8,428 10,765 9,487 26,197 28,017 
Income Before Income Tax Expense3,966 3,210 5,116 18,309 3,236 12,292 11,978 
Income Tax Expense747 560 920 5,343 564 2,227 2,392 
Net Income $3,219 $2,650 $4,196 $12,966 $2,672 $10,065 $9,586 
7

Three Months EndedNine Months Ended
Per Common Share Data9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
Dividends Per Common Share$0.25 $0.25 $0.25 $0.25 $0.25 $0.75 $0.75 
Earnings Per Common Share - Basic0.63 0.52 0.82 2.53 0.52 1.96 1.88 
Earnings Per Common Share - Diluted0.60 0.51 0.82 2.52 0.52 1.89 1.87 
Weighted Average Common Shares Outstanding - Basic5,137,586 5,142,139 5,129,903 5,119,184 5,115,026 5,136,546 5,112,223 
Weighted Average Common Shares Outstanding - Diluted5,346,750 5,152,657 5,142,286 5,135,997 5,126,546 5,328,610 5,118,279 
9/30/246/30/243/31/2412/31/239/30/23
Common Shares Outstanding5,129,921 5,141,911 5,142,901 5,118,713 5,120,678 
Book Value Per Common Share$29.07 $27.79 $27.53 $27.32 $22.43 
Tangible Book Value per Common Share (1)
27.16 25.83 25.52 25.23 20.10 
Stockholders’ Equity to Assets9.5 %9.2 %9.6 %9.6 %8.2 %
Tangible Common Equity to Tangible Assets (1)
9.0 8.6 9.0 8.9 7.4 
Three Months EndedNine Months Ended
Selected Financial Ratios (2)
9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
Return on Average Assets0.84 %0.71 %1.17 %3.62 %0.75 %0.90 %0.91 %
Return on Average Equity8.80 7.58 12.03 44.99 9.03 9.45 10.98 
Average Interest-Earning Assets to Average Interest-Bearing Liabilities133.26 135.69 137.07 138.67 139.65 135.28 143.07 
Average Equity to Average Assets9.54 9.36 9.72 8.04 8.32 9.54 8.33 
Net Interest Rate Spread2.36 2.44 2.67 2.56 2.54 2.48 2.80 
Net Interest Rate Spread (FTE) (1)
2.38 2.46 2.68 2.57 2.55 2.50 2.81 
Net Interest Margin3.11 3.18 3.36 3.19 3.13 3.21 3.31 
Net Interest Margin (FTE) (1)
3.12 3.19 3.37 3.21 3.14 3.22 3.32 
Net Charge-Offs (Recoveries) to Average Loans
0.03 0.02 (0.01)— 0.04 0.02 (0.07)
Efficiency Ratio69.11 73.89 62.40 38.93 72.26 68.27 68.48 
Asset Quality Ratios9/30/246/30/243/31/2412/31/239/30/23
Allowance for Credit Losses to Total Loans0.89 %0.88 %0.87 %0.87 %0.98 %
Allowance for Credit Losses to Nonperforming Loans (3)
463.07 513.03 437.73 433.35 330.13 
Delinquent and Nonaccrual Loans to Total Loans (4)
0.98 0.53 0.63 0.62 0.73 
Nonperforming Loans to Total Loans (3)
0.19 0.17 0.20 0.20 0.30 
Nonperforming Assets to Total Assets (5)
0.14 0.13 0.15 0.16 0.23 
Capital Ratios (6)
9/30/246/30/243/31/2412/31/239/30/23
Common Equity Tier 1 Capital (to Risk Weighted Assets)14.79 %14.62 %14.50 %13.64 %12.77 %
Tier 1 Capital (to Risk Weighted Assets)14.79 14.62 14.50 13.64 12.77 
Total Capital (to Risk Weighted Assets)15.76 15.61 15.51 14.61 13.90 
Tier 1 Leverage (to Adjusted Total Assets)9.96 9.98 10.28 10.19 9.37 
(1)    Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(2)    Interim period ratios are calculated on an annualized basis.
(3)    Nonperforming loans consist of all nonaccrual loans and accruing loans that are 90 days or more past due.
(4)    Delinquent loans consist of accruing loans that are 30 days or more past due.
(5)    Nonperforming assets consist of nonperforming loans and other real estate owned.
(6)    Capital ratios are for Community Bank only.
Certain items previously reported may have been reclassified to conform with the current reporting period’s format. 
8

AVERAGE BALANCES AND YIELDS
 Three Months Ended
 September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Average BalanceInterest and Dividends
Yield / Cost (1)
Average BalanceInterest and Dividends
Yield / Cost (1)
Average BalanceInterest and Dividends
Yield / Cost (1)
Average BalanceInterest and Dividends
Yield / Cost (1)
Average BalanceInterest and Dividends
Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
$1,063,946 $14,987 5.60 %$1,076,455 $14,711 5.50 %$1,087,889 $14,877 5.50 %$1,098,284 $14,840 5.36 %$1,088,691 $14,081 5.13 %
Debt Securities
Taxable288,208 3,289 4.56 266,021 2,844 4.28 235,800 2,303 3.91 206,702 1,164 2.25 204,848 940 1.84 
Tax-Exempt— — — — — — — — — 4,833 42 3.48 6,013 52 3.46 
Equity Securities2,693 28 4.16 2,693 27 4.01 2,693 27 4.01 2,693 32 4.75 2,693 25 3.71 
Interest-Earning Deposits at Banks111,131 1,448 5.21 101,277 1,313 5.19 58,887 733 4.98 67,450 808 4.79 52,466 750 5.72 
Other Interest-Earning Assets3,108 63 8.06 3,154 85 10.84 3,235 85 10.57 3,387 64 7.50 3,292 69 8.32 
Total Interest-Earning Assets1,469,086 19,815 5.37 1,449,600 18,980 5.27 1,388,504 18,025 5.22 1,383,349 16,950 4.86 1,358,003 15,917 4.65 
Noninterest-Earning Assets57,602 53,564 54,910 38,464 52,885 
Total Assets$1,526,688 $1,503,164 $1,443,414 $1,421,813 $1,410,888 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts $316,301 $1,923 2.42 %$325,069 $1,858 2.30 %$334,880 $1,794 2.15 %$362,018 $1,965 2.15 %$363,997 $2,003 2.18 %
Money Market Accounts217,148 1,726 3.16 214,690 1,646 3.08 203,867 1,514 2.99 205,060 1,441 2.79 187,012 1,141 2.42 
Savings Accounts175,753 46 0.10 184,944 52 0.11 191,444 59 0.12 200,737 57 0.11 212,909 54 0.10 
Time Deposits358,498 4,197 4.66 308,956 3,509 4.57 248,118 2,624 4.25 193,188 1,873 3.85 173,832 1,552 3.54 
Total Interest-Bearing Deposits1,067,700 7,892 2.94 1,033,659 7,065 2.75 978,309 5,991 2.46 961,003 5,336 2.20 937,750 4,750 2.01 
Short-Term Borrowings— — — 2 — — — — — 1,902 26 5.42 — — — 
Other Borrowings34,702 407 4.67 34,692 404 4.68 34,682 404 4.69 34,673 407 4.66 34,662 407 4.66 
Total Interest-Bearing Liabilities1,102,402 8,299 2.99 1,068,353 7,469 2.81 1,012,991 6,395 2.54 997,578 5,769 2.29 972,412 5,157 2.10 
Noninterest-Bearing Demand Deposits263,650 272,280 278,691 305,789 312,016 
Total Funding and Cost of Funds
1,366,052 2.42 1,340,633 2.24 1,291,682 1.99 1,303,367 1.76 1,284,428 1.59 
Other Liabilities15,043 21,867 11,441 4,119 9,025 
Total Liabilities1,381,095 1,362,500 1,303,123 1,307,486 1,293,453 
Stockholders' Equity145,593 140,664 140,291 114,327 117,435 
Total Liabilities and Stockholders' Equity$1,526,688 $1,503,164 $1,443,414 $1,421,813 $1,410,888 
Net Interest Income (FTE)
(Non-GAAP) (3)
$11,516 $11,511 $11,630 $11,181 $10,760 
Net Interest-Earning Assets (4)
366,684 381,247 375,513 385,771 385,591 
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
2.38 %2.46 %2.68 %2.57 %2.55 %
Net Interest Margin (GAAP) (6)
3.11 3.18 3.36 3.19 3.13 
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
3.12 3.19 3.37 3.21 3.14 
(1)    Annualized based on three months ended results.
(2)    Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)    Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)    Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)    Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6)    Net interest margin represents annualized net interest income divided by average total interest-earning assets.
9

AVERAGE BALANCES AND YIELDS
Nine Months Ended
September 30, 2024September 30, 2023
Average BalanceInterest and Dividends
Yield /Cost (1)
Average BalanceInterest and Dividends
Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
$1,076,052 $44,571 5.53 %$1,069,729 $39,924 4.99 %
Debt Securities
Taxable263,433 8,437 4.27 209,069 2,853 1.82 
Exempt From Federal Tax— — — 6,154 157 3.40 
Marketable Equity Securities2,693 82 4.06 2,693 74 3.66 
Interest-Earning Deposits at Banks90,507 3,493 5.15 60,474 2,276 5.02 
Other Interest-Earning Assets3,166 234 9.87 2,905 148 6.81 
Total Interest-Earning Assets1,435,851 56,817 5.29 1,351,024 45,432 4.50 
Noninterest-Earning Assets55,366 51,018 
Total Assets$1,491,217 $1,402,042 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts$325,383 $5,576 2.29 %$351,379 $4,776 1.82 %
Savings Accounts184,017 157 0.11 226,686 145 0.09 
Money Market Accounts211,921 4,885 3.08 198,243 3,113 2.10 
Time Deposits 305,386 10,330 4.52 143,881 3,063 2.85 
Total Interest-Bearing Deposits 1,026,707 20,948 2.73 920,189 11,097 1.61 
Short-Term Borrowings1 — — 604 5 1.11 
Other Borrowings34,692 1,215 4.68 23,516 800 4.55 
Total Interest-Bearing Liabilities1,061,400 22,163 2.79 944,309 11,902 1.69 
Noninterest-Bearing Demand Deposits271,511 333,356 
Total Funding and Cost of Funds
1,332,911 2.22 1,277,665 1.25 
Other Liabilities16,045 7,655 
Total Liabilities1,348,956 1,285,320 
Stockholders' Equity142,261 116,722 
Total Liabilities and Stockholders' Equity$1,491,217 $1,402,042 
Net Interest Income (FTE) (Non-GAAP) (3)
34,654 33,530 
Net Interest-Earning Assets (4)
374,451 406,715 
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)
2.50 %2.81 %
Net Interest Margin (FTE) (Non-GAAP) (3)(6)
3.22 3.32 
(1)    Annualized based on nine months ended results.
(2)    Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)    Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)    Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)    Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6)    Net interest margin represents annualized net interest income divided by average total interest-earning assets.


10

Explanation of Use of Non-GAAP Financial Measures
In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this Press Release contains or references, certain Non-GAAP financial measures. We believe these Non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company’s business and in analyzing the Company’s operating results on the same basis as that applied by management. Although we believe that these Non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar Non-GAAP measures which may be presented by other companies. Where Non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

9/30/246/30/243/31/2412/31/239/30/23
(Dollars in thousands, except share and per share data) (Unaudited)
Total Assets (GAAP)
$1,561,741 $1,560,259 $1,473,089 $1,456,091 $1,399,492 
Goodwill and Intangible Assets, Net(9,820)(10,085)(10,349)(10,690)(11,909)
Tangible Assets (Non-GAAP) (Numerator)$1,551,921 $1,550,174 $1,462,740 $1,445,401 $1,387,583 
Stockholders' Equity (GAAP)$149,140 $142,882 $141,590 $139,834 $114,846 
Goodwill and Intangible Assets, Net(9,820)(10,085)(10,349)(10,690)(11,909)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)$139,320 $132,797 $131,241 $129,144 $102,937 
Stockholders’ Equity to Assets (GAAP)9.5 %9.2 %9.6 %9.6 %8.2 %
Tangible Common Equity to Tangible Assets (Non-GAAP)9.0 %8.6 %9.0 %8.9 %7.4 %
Common Shares Outstanding (Denominator)5,129,921 5,141,911 5,142,901 5,118,713 5,120,678 
Book Value per Common Share (GAAP)$29.07 $27.79 $27.53 $27.32 $22.43 
Tangible Book Value per Common Share (Non-GAAP)$27.16 $25.83 $25.52 $25.23 $20.10 

Three Months EndedNine Months Ended
9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP)$3,219 $2,650 $4,196 $12,966 $2,672 $10,065 $9,586 
Amortization of Intangible Assets, Net264 264 341 430 445 870 1,336 
Adjusted Net Income (Non-GAAP) (Numerator)$3,483 $2,914 $4,537 $13,396 $3,117 $10,935 $10,922 
Annualization Factor3.98 4.02 4.02 3.97 3.97 1.34 1.34 
Average Stockholders' Equity (GAAP)$145,593 $140,664 $140,291 $114,327 $117,435 $142,261 $116,722 
Average Goodwill and Intangible Assets, Net(9,987)(10,242)(10,553)(11,829)(12,185)(10,260)(12,627)
Average Tangible Common Equity (Non-GAAP) (Denominator)$135,606 $130,422 $129,738 $102,498 $105,250 $132,001 $104,095 
Return on Average Equity (GAAP)8.80 %7.58 %12.03 %44.99 %9.03 %9.45 %10.98 %
Return on Average Tangible Common Equity (Non-GAAP)10.22 %8.99 %14.07 %51.85 %11.75 %11.07 %14.03 %
11

Three Months EndedNine Months Ended
9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)$19,773 $18,939 $17,986 $16,905 $15,874 $56,699 $45,321 
Adjustment to FTE Basis42 41 39 45 43 118 111 
Interest Income (FTE) (Non-GAAP)19,815 18,980 18,025 16,950 15,917 56,817 45,432 
Interest Expense (GAAP)8,299 7,469 6,395 5,769 5,157 22,163 11,902 
Net Interest Income (FTE) (Non-GAAP)$11,516 $11,511 $11,630 $11,181 $10,760 $34,654 $33,530 
Net Interest Rate Spread (GAAP)2.36 %2.44 %2.67 %2.56 %2.54 %2.48 %2.80 %
Adjustment to FTE Basis0.02 0.02 0.01 0.01 0.01 0.02 0.01 
Net Interest Rate Spread (FTE) (Non-GAAP)2.38 %2.46 %2.68 %2.57 %2.55 %2.50 %2.81 %
Net Interest Margin (GAAP)3.11 %3.18 %3.36 %3.19 %3.13 %3.21 %3.31 %
Adjustment to FTE Basis0.01 0.01 0.01 0.02 0.01 0.01 0.01 
Net Interest Margin (FTE) (Non-GAAP)3.12 %3.19 %3.37 %3.21 %3.14 %3.22 %3.32 %

Three Months EndedNine Months Ended
9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
(Dollars in thousands) (Unaudited)
Income Before Income Tax Expense (GAAP)$3,966 $3,210 $5,116 $18,309 $3,236 $12,292 $11,978 
Net (Recovery) Provision for Credit Losses(41)(36)(37)(1,420)406 (114)917 
Adjustments
Net (Gain) Loss on Securities(245)31 166 9,830 37 (49)369 
Gain on Sale of Subsidiary(138)— — (24,578)— (138)— 
Net Gain on Disposal of Premises and Equipment— — (274)— — (274)(11)
Net Gain on Bank-Owned Life Insurance Claims— — (915)— — (915)(303)
Adjusted PPNR (Non-GAAP) (Numerator)$3,542 $3,205 $4,056 $2,141 $3,679 $10,802 $12,950 
Annualization Factor3.98 4.02 4.02 3.97 3.97 1.34 1.34 
Average Assets (Denominator)$1,526,688 $1,503,164 $1,443,414 $1,421,813 $1,410,888 $1,491,217 $1,402,042 
Adjusted PPNR Return on Average Assets (Non-GAAP)0.92 %0.86 %1.13 %0.60 %1.04 %0.97 %1.24 %
12

Three Months EndedNine Months Ended
9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
(Dollars in thousands, except share and per share data) (Unaudited)
Net Income (GAAP)$3,219 $2,650 $4,196 $12,966 $2,672 $10,065 $9,586 
Adjustments
Net (Gain) Loss on Securities(245)31 166 9,830 37 (49)369 
Gain on Sale of Subsidiary(138)— — (24,578)— (138)— 
Net Gain on Disposal of Premises and Equipment— — (274)— — (274)(11)
Net Gain on Bank-Owned Life Insurance Claims— — (915)— — (915)(303)
Tax effect90 (7)23 4,843 (8)107 (75)
Adjusted Net Income (Non-GAAP)$2,926 $2,674 $3,196 $3,061 $2,701 $8,796 $9,566 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding5,346,750 5,152,657 5,142,286 5,135,997 5,126,546 5,328,610 5,118,279 
Earnings per Common Share - Diluted (GAAP)$0.60 $0.51 $0.82 $2.52 $0.52 $1.89 $1.87 
Adjusted Earnings per Common Share - Diluted (Non-GAAP)$0.55 $0.52 $0.62 $0.60 $0.53 $1.65 $1.87 
Net Income (GAAP) (Numerator)$3,219 $2,650 $4,196 $12,966 $2,672 $10,065 $9,586 
Annualization Factor3.98 4.02 4.02 3.97 3.97 1.34 1.34 
Average Assets (Denominator)1,526,688 1,503,164 1,443,414 1,421,813 1,410,888 1,491,217 1,402,042 
Return on Average Assets (GAAP)0.84 %0.71 %1.17 %3.62 %0.75 %0.90 %0.91 %
Adjusted Net Income (Non-GAAP) (Numerator)$2,926 $2,674 $3,196 $3,061 $2,701 $8,796 $9,566 
Annualization Factor3.98 4.02 4.02 3.97 3.97 1.34 1.34 
Average Assets (Denominator)1,526,688 1,503,164 1,443,414 1,421,813 1,410,888 1,491,217 1,402,042 
Adjusted Return on Average Assets (Non-GAAP)0.76 %0.72 %0.89 %0.85 %0.76 %0.79 %0.91 %
Three Months EndedNine Months Ended
9/30/246/30/243/31/2412/31/239/30/239/30/249/30/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP) (Numerator)$3,219 $2,650 $4,196 $12,966 $2,672 $10,065 $9,586 
Annualization Factor3.98 4.02 4.02 3.97 3.97 1.34 1.34 
Average Equity (GAAP) (Denominator)145,593 140,664 140,291 114,327 117,435 142,261 116,722 
Return on Average Equity (GAAP)8.80 %7.58 %12.03 %44.99 %9.03 %9.45 %10.98 %
Adjusted Net Income (Non-GAAP) (Numerator)$2,926 $2,674 $3,196 $3,061 $2,701 $8,796 $9,566 
Annualization Factor3.98 4.02 4.02 3.97 3.97 1.34 1.34 
Average Equity (GAAP) (Denominator)145,593 140,664 140,291 114,327 117,435 142,261 116,722 
Adjusted Return on Average Equity (Non-GAAP)8.00 %7.65 %9.16 %10.62 %9.12 %8.26 %10.96 %
13
v3.24.3
Cover
Oct. 25, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 25, 2024
Entity Registrant Name CB FINANCIAL SERVICES, INC.
Entity File Number 001-36706
Entity Incorporation, State or Country Code PA
Entity Tax Identification Number 51-0534721
Entity Address, Address Line One 100 N. Market Street
Entity Address, City or Town Carmichaels
Entity Address, State or Province PA
Entity Address, Postal Zip Code 15320
City Area Code 724
Local Phone Number 966-5041
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.4167 per share
Trading Symbol CBFV
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001605301
Amendment Flag false
CB Financial Services (NASDAQ:CBFV)
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