Form 8-K - Current report

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): July 28, 2023


			CB FINANCIAL SERVICES, INC.
			(Exact name of registrant as specified in its charter)

Commission file number: 001-36706


Pennsylvania						51-0534721
(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 share

CBFV

The 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 July 28, 2023, CB Financial Services, Inc. (the "Company") issued a press release announcing its financial results for the three and six months ended June 30, 2023, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 8.01. Other Events.

On July 28, 2023, 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 May 31, 2023 to stockholders of record as of the close of business on May 15, 2023.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

99.1. Press Release Dated July 28, 2023

99.2. Investor Presentation - July 2023

104. Cover Page Interactive Data File (embedded in Inline XBRL)

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: July 28, 2023	By:	/s/ Jamie L. Prah
		Jamie L. Prah
		Executive Vice President and Chief Financial Officer

EXHIBIT 99.1

CB Financial Services, Inc.

Announces Second Quarter and Year-to-Date 2023 Financial Results and

Declares Quarterly Cash Dividend

WASHINGTON, PA., July 28, 2023 -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc. (“EU”), a wholly-owned insurance subsidiary of the Bank, today announced its second quarter and year-to-date 2023 financial results.

2023 Second Quarter Financial Highlights

(Comparisons to three months ended June 30, 2022 unless otherwise noted)

•Net income was $2.8 million, compared to $118,000. Prior period results were negatively impacted by provision for credit losses expense of approximately $3.8 million due primarily to a single commercial loan charge-off of $2.7 million. Current period results were positively impacted by net interest margin (NIM) expansion coupled with a modest increase in noninterest income, partially offset by an increase in noninterest expense.

◦Income before income tax expense (benefit) was $3.5 million compared to $74,000.

◦Pre-provision net revenue (PPNR) (non-GAAP) was $3.95 million compared to $3.86 million.

•Earnings per diluted common share (EPS) increased to $0.54 from $0.02.

•Return on average assets (annualized) was 0.79%, compared to 0.03%.

•Return on average equity (annualized) was 9.38%, compared to 0.40%.

•NIM improved to 3.29% from 3.12%.

•Net interest and dividend income was $11.1 million, compared to $10.2 million.

•Noninterest income increased to $2.3 million, compared to $2.1 million. The most significant changes in noninterest income included an increase in insurance commissions of $142,000 and a decrease in net losses on securities of $99,000.

•Noninterest expense increased to $9.5 million, compared to $8.4 million, primarily due to increases in compensation and benefits, equipment and data processing costs.

(Amounts at June 30, 2023; comparisons to December 31, 2022, unless otherwise noted)

•Total assets increased to $1.43 billion from $1.41 billion.

•Total loans increased $51.3 million, or 4.9%, to $1.10 billion compared to $1.05 billion, and included increases of $32.2 million, or 46.0%, in commercial and industrial loans, $21.8 million, or 5.0%, in commercial real estate loans, and $7.8 million, or 2.3%, in residential mortgage loans, partially offset by a decrease of $12.1 million, or 8.3%, in consumer loans, which is primarily comprised of indirect automobile loans.

•Nonperforming loans to total loans was 0.37%, a decrease of 18 basis points (“bps”), compared to 0.55%.

•Total deposits were $1.26 billion, a decrease of $5.2 million, compared to $1.27 billion.

•Book value per share was $22.81, compared to $22.90 as of March 31, 2023 and $21.60 as of December 31, 2022.

•Tangible book value per share (Non-GAAP) was $20.39, compared to $20.40 as of March 31, 2023 and $19.00 as of December 31, 2022. The year-to-date change was due to an increase in stockholders’ equity primarily related to current period net income of $6.9 million and a $2.1 million positive adjustment due to the Company’s January 1, 2023 adoption of CECL, partially offset by current period dividends paid to stockholders of $2.6 million.

Management Commentary

President and CEO John H. Montgomery stated, “Our second quarter results demonstrated the durability of both our franchise and the community bank model in general. While macro dislocations seen in the banking industry during the first quarter have abated, we continue to face headwinds resulting from a rising interest rate environment. First and foremost, we are focused on ensuring the bank maintains adequate liquidity and a strong capital position. In doing so, we are able to navigate challenging economic times from a position of strength which also allows us to maintain relationships with trusted customers and develop new ones, as evidenced by our continued loan growth during the quarter. The markets we serve in southwestern Pennsylvania, eastern Ohio and northern West Virginia have remained resilient despite continued interest rate increases by the Federal Reserve. In recent years, our markets have exhibited more stability than others in key areas such as real estate values and employment, allowing Community Bank to experience less volatility.”

Mr. Montgomery continued, “We have noted for several quarters that our funding costs have been rising, with net interest margin decreasing from first quarter levels while improving compared with the second quarter last year. As we highlighted last quarter, our deposit base is well-diversified, with a significant majority insured or collateralized. Within our deposit base, the most significant change during the second quarter was a shift to interest-bearing from noninterest-bearing deposits as our customers responded to the overall increase in market interest rates. The other half of our NIM calculation is our interest income, which has been supported by the repricing of variable rate loans and the addition of new, higher priced loans via the continued growth of our loan book during the second quarter, with C&I loans having been the biggest contributor, followed by commercial real estate loans. Moving forward, our NIM will also benefit as we reposition our loan book by reducing transactional indirect auto loans with higher yielding C&I and CRE loans ”

Mr. Montgomery concluded, “As I noted previously, our team here at Community Bank is focused on maintaining solid capital and liquidity positions. Success on those fronts provides a range of positive outcomes for our business that ultimately lead to long-term value creation which benefits all our constituents - shareholders, employees, customers, and our communities at large. While the near-term economic picture remains somewhat muddled, we are also committed to making proper investments in our franchise to position the bank for long-term growth. During the second quarter we added revenue producing members to our team while also continuing to make targeted technology investments necessary for our competitive positioning. We also declared and paid a $0.25 cash dividend during the quarter while allowing our previous share repurchase program to expire. I am proud of our entire team for all their hard work and look forward to our continued success.”

Dividend Information

The Company’s Board of Directors declared a $0.25 quarterly cash dividend per outstanding share of common stock, payable on or about August 31, 2023, to stockholders of record as of the close of business on August 15, 2023.

Stock Repurchase Program

On April 21, 2022, CB announced a program to repurchase up to $10.0 million of the Company’s outstanding shares of common stock. The Company purchased a total of 74,656 shares of the Company’s common stock at an average price of $22.38 per share prior to the program expiration on May 1, 2023.

2023 Second Quarter Financial Review

Net Interest and Dividend Income

Net interest and dividend income increased $1.0 million, or 9.4%, to $11.1 million for the three months ended June 30, 2023 compared to $10.2 million for the three months ended June 30, 2022.

•Net interest margin (GAAP) increased to 3.29% for the three months ended June 30, 2023 compared to 3.12% for the three months ended June 30, 2022. Fully tax equivalent (FTE) net interest margin (Non-GAAP) increased 17 bps to 3.30% for the three months ended June 30, 2023 compared to 3.13% for the three months ended June 30, 2022.

•Interest and dividend income increased $4.2 million, or 38.7%, to $15.2 million for the three months ended June 30, 2023 compared to $11.0 million for the three months ended June 30, 2022.

◦Interest income on loans increased $3.7 million, or 37.9%, to $13.4 million for the three months ended June 30, 2023 compared to $9.7 million for the three months ended June 30, 2022. The average balance of loans increased $71.5 million to $1.08 billion from $1.01 billion, generating $724,000 of additional interest income on loans. The average yield increased 112 bps to 5.00% compared to 3.88% causing a $3.0 million increase in interest income on loans.

◦Interest income on interest-earning deposits at other banks increased $599,000, to $721,000 for the three months ended June 30, 2023 compared to $122,000 for the three months ended June 30, 2022 as the average yield increased 443 bps, partially offset by a $1.9 million decrease in average balances. The increase in the average yield was the result of the Federal Reserve Board’s interest rate increases.

•Interest expense increased $3.3 million, or 413.6%, to $4.1 million for the three months ended June 30, 2023 compared to $795,000 for the three months ended June 30, 2022.

◦Interest expense on deposits increased $3.2 million, or 536.1%, to $3.8 million for the three months ended June 30, 2023 compared to $604,000 for the three months ended June 30, 2022. Rising market interest rates led to the repricing of interest-bearing demand and money market deposits and a shift in deposits from non interest-bearing to interest-bearing demand and time deposits and resulted in a 137 bps, or 466.9%, increase in the average cost of interest-bearing deposits compared to the three months ended June 30, 2022. This accounted for a $3.2 million increase in interest expense. Additionally, interest-bearing deposit balances increased $104.5 million, or 12.7%, to $930.1 million as of June 30, 2023 compared to $825.6 million as of June 30, 2022, accounting for a $70,000 increase in interest expense.

Provision for Credit Losses

Effective January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The provision for credit losses recorded for the three months ended June 30, 2023 was $432,000 and was required primarily due to loan growth coupled with a modeled slowdown in loan prepayment speeds. This compared to $3.8 million in provision for credit losses recorded for the three months ended June 30, 2022, primarily due to the charge-off of a $2.7 million commercial and industrial loan to a borrower that ceased operations.

Noninterest income

Noninterest income increased $164,000, or 7.8%, to $2.3 million for the three months ended June 30, 2023, compared to $2.1 million for the three months ended June 30, 2022. This increase was primarily related to a $142,000 increase in commercial and personal insurance commissions and a decrease in net losses on securities of $99,000.

Noninterest Expense

Noninterest expense increased $1.1 million, or 13.0%, to $9.5 million for the three months ended June 30, 2023 compared to $8.4 million for the three months ended June 30, 2022. Salaries and benefits increased $692,000, or 15.2%, to $5.2 million primarily due to merit increases, revenue producing staff additions and associated $160,000 of recruiting costs, and $96,000 of severance costs related to the discontinuation of indirect automobile lending. Data processing expense increased $272,000, or 61.0%, to $718,000, due to increased ongoing costs related to the fourth quarter 2022 core conversion and equipment expense increased $101,000 or 55.5%, to $283,000, due to costs associated with the implementation of new interactive teller machines.

Statement of Financial Condition Review

Assets

Total assets increased $23.8 million, or 1.7%, to $1.43 billion at June 30, 2023, compared to $1.41 billion at December 31, 2022.

•Cash and due from banks decreased $25.6 million, or 24.7%, to $78.1 million at June 30, 2023, compared to $103.7 million at December 31, 2022, due to significant loan growth.

•Securities decreased $8.6 million, or 4.5%, to $181.4 million at June 30, 2023, compared to $190.1 million at December 31, 2022. The securities balance was primarily impacted by $8.1 million of repayments on mortgage-backed and collateralized mortgage obligation securities and a $332,000 decrease in the market value in the equity securities portfolio, which is primarily comprised of bank stocks.

Loans and Credit Quality

•Total loans increased $51.3 million, or 4.9%, to $1.10 billion at June 30, 2023 compared to $1.05 billion at December 31, 2022. Loan growth was driven by increases in commercial and industrial loans, commercial real estate loans and residential mortgage loans of $32.2 million, $21.8 million, and $7.8 million, respectively, partially offset by a decrease in consumer loans of $12.1 million. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to rising market interest rates. Further decreases in this portfolio is expected as the Bank discontinued this product offering at June 30, 2023 to allocate resources and focus production efforts on more profitable commercial products.

•The allowance for credit losses (ACL) was $10.7 million at June 30, 2023 and $12.8 million at December 31, 2022. As a result, the ACL to total loans was 0.97% at June 30, 2023 compared to 1.22% at December 31, 2022. The change in the ACL was primarily due to the Company's aforementioned adoption of CECL. At adoption, the Company decreased its ACL by $3.4 million. Contributing to the change in ACL was a prior year charge-off of $2.7 million and qualitative factors that significantly impacted the incurred loss model driven by historical activity compared to the adopted CECL methodology that is centered around current expected credit loss (CECL) activity using a forecast approach.

•Net charge-offs for the three months ended June 30, 2023 were $96,000, or 0.04% of average loans on an annualized basis. Net charge-offs for the three months ended June 30, 2022 were $2.5 million, or 1.01% of average loans on an annualized basis primarily due to the aforementioned $2.7 million charge-off of a commercial and industrial loan. Net recoveries for the six months ended June 30, 2023 were $660,000 primarily due to recoveries totaling $750,000 related to the prior year charged-off loan. Net charge-offs for the six months ended June 30, 2022 were $2.5 million.

•Nonperforming loans, which includes nonaccrual loans and accruing loans past due 90 days or more, were $4.1 million at June 30, 2023 compared to $5.8 million at December 31, 2022. The decrease of $1.7 million was due to ten loans totaling $1.7 million being moved from nonaccrual to accrual status during the current period. Current nonperforming loans to total loans ratio was 0.37% compared to 0.55% at December 31, 2022.

Other

•Intangible assets decreased $891,000, or 25.6%, to $2.6 million at June 30, 2023 compared to $3.5 million at December 31, 2022 due to amortization expense recognized during the period.

•Accrued interest and other assets increased $5.6 million, or 26.8%, to $26.7 million at June 30, 2023, compared to $21.1 million at December 31, 2022 due to the sale of a $2.0 million syndicated loan which was sold but not yet settled at the end of the period, and increases in accounts receivable for EU, income taxes receivable and BOLI death benefit claims receivable $853,000, $761,000 and $664,000.

Total liabilities increased $17.4 million, or 1.3%, to $1.32 billion at June 30, 2023 compared to $1.30 billion at December 31, 2022.

Deposits

•Total deposits decreased $5.2 million to $1.26 billion as of June 30, 2023 compared to $1.27 billion at December 31, 2022. Interest-bearing demand deposits increased $62.8 million and time deposits increased $60.4 million, while non interest-bearing demand deposits decreased $74.3 million, money market deposits decreased $23.3 million and savings deposits decreased $30.8 million. The increase in interest-bearing demand deposits is primarily the result of higher interest rates attracting more customers and additional deposits from existing customers while higher time deposits resulted from the offering of a higher-rate certificate of deposit product. FDIC insured deposits totaled approximately 61.1% of total deposits while an additional 16.5% of deposits were collateralized with investment securities.

Borrowed Funds

•Long-term borrowings increased $20.0 million, or 136.6%, to $34.7 million at June 30, 2023, compared to $14.6 million at December 31, 2022. During the second quarter, the Bank entered into $20.0 million of FHLB advances for a term of 24 months at 4.92%, the proceeds of which were utilized to match fund originations within the Bank’s commercial and industrial loan portfolio.

•Short-term borrowings decreased $8.1 million, or 100.0%, as there were no short-term borrowings at June 30, 2023, compared to $8.1 million at December 31, 2022. At December 31, 2022, short-term borrowings were comprised entirely of securities sold under agreements to repurchase. These accounts were transitioned into other deposit products and account for a portion of the interest-bearing demand deposit increase.

Accrued Interest Payable and Other Liabilities

•Accrued interest payable and other liabilities increased $10.6 million, or 139.8%, to $18.2 million at June 30, 2023, compared to $7.6 million at December 31, 2022 primarily due to the purchase of $8.9 million of syndicated loans which were unfunded at the end of the period.

Stockholders’ Equity

Stockholders’ equity increased $6.4 million, or 5.8%, to $116.6 million at June 30, 2023, compared to $110.2 million at December 31, 2022. Key factors positively impacting stockholders’ equity included $6.9 million of net income for the current period and a $2.1 million positive adjustment, net of tax, due to the Company’s January 1, 2023 adoption of CECL as described above. These factors were partially offset by the payment of $2.6 million in dividends since December 31, 2022 and activity under share repurchase programs. On April 21, 2022, a $10.0 million repurchase program was authorized, with the Company repurchasing 74,656 shares at an average price of $22.38 per share since the inception of the plan. In total, the Company repurchased $274,000 of common stock since December 31, 2022. The plan expired on May 1, 2023.

Book value per share

Book value per common share was $22.81 at June 30, 2023 compared to $21.60 at December 31, 2022, an increase of $1.21.

Tangible book value per common share (Non-GAAP) was $20.39 at June 30, 2023, compared to $19.00 at December 31, 2022, an increase of $1.39.

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 and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.

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) 225-2400

Investor Relations:

Jeremy Hellman, Vice President

The Equity Group Inc.

Phone: (212) 836-9626

Email: jhellman@equityny.com


CB FINANCIAL SERVICES, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)

Selected Financial Condition Data	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22
Assets
Cash and Due From Banks	$	78,093	$	103,545	$	103,700	$	122,801	$	81,121
Securities	181,427		189,025		190,058		193,846		213,505

Loans
Real Estate:
Residential	338,493		332,840		330,725		328,248		325,138
Commercial	458,614		452,770		436,805		432,516		426,105
Construction	44,523		39,522		44,923		49,502		41,277
Commercial and Industrial:
Commercial and Industrial	102,232		79,436		69,918		61,428		62,054
PPP	34		65		126		768		3,853
Consumer	134,788		146,081		146,927		150,615		148,921
Other	22,470		21,151		20,449		19,865		20,621
Total Loans	1,101,154		1,071,865		1,049,873		1,042,942		1,027,969
Allowance for Credit Losses	(10,666)		(10,270)		(12,819)		(12,854)		(12,833)
Loans, Net	1,090,488		1,061,595		1,037,054		1,030,088		1,015,136

Premises and Equipment, Net	18,582		17,732		17,844		18,064		18,196
Bank-Owned Life Insurance	25,082		24,943		25,893		25,750		25,610
Goodwill	9,732		9,732		9,732		9,732		9,732
Intangible Assets, Net	2,622		3,068		3,513		3,959		4,404
Accrued Interest Receivable and Other Assets	26,707		21,068		21,144		21,680		18,757
Total Assets	$	1,432,733	$	1,430,708	$	1,408,938	$	1,425,920	$	1,386,461


Liabilities

Deposits
Noninterest-Bearing Demand Accounts	$	316,098	$	350,911	$	390,405	$	407,107	$	389,127
Interest-Bearing Demand Accounts	374,654		359,051		311,825		298,755		265,347
Money Market Accounts	185,814		206,174		209,125		198,715		185,308
Savings Accounts	217,267		234,935		248,022		250,378		250,226
Time Deposits	169,482		130,449		109,126		120,879		125,182
Total Deposits	1,263,315		1,281,520		1,268,503		1,275,834		1,215,190

Short-Term Borrowings	—		121		8,060		18,108		32,178
Other Borrowings	34,658		14,648		14,638		17,627		17,618
Accrued Interest Payable and Other Liabilities	18,171		17,224		7,582		7,645		7,703
Total Liabilities	1,316,144		1,313,513		1,298,783		1,319,214		1,272,689

Stockholders’ Equity	116,589		117,195		110,155		106,706		113,772
Total Liabilities and Stockholders’ Equity	$	1,432,733	$	1,430,708	$	1,408,938	$	1,425,920	$	1,386,461



(Dollars in thousands, except share and per share data) (Unaudited)

	Three Months Ended										Six Months Ended
Selected Operating Data	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		6/30/23		6/30/22
Interest and Dividend Income:
Loans, Including Fees	$	13,426	$	12,371	$	11,835	$	10,815	$	9,733	$	25,797	$	19,284
Securities:
Taxable	950		964		974		985		988		1,914		1,893
Tax-Exempt	42		41		40		49		57		83		123
Dividends	25		24		28		21		20		49		42
Other Interest and Dividend Income	760		844		978		417		160		1,605		232
Total Interest and Dividend Income	15,203		14,244		13,855		12,287		10,958		29,448		21,574
Interest Expense:
Deposits	3,842		2,504		1,811		1,079		604		6,346		1,134
Short-Term Borrowings	3		2		7		19		18		5		37
Other Borrowings	238		155		171		174		173		393		347
Total Interest Expense	4,083		2,661		1,989		1,272		795		6,744		1,518
Net Interest and Dividend Income	11,120		11,583		11,866		11,015		10,163		22,704		20,056
Provision for Credit Losses - Loans	492		80		—		—		3,784		572		3,784
Recovery for Credit Losses - Unfunded Commitments	(60)		—		—		—		—		(60)		—
Net Interest and Dividend Income After Provision for Credit Losses	10,688		11,503		11,866		11,015		6,379		22,192		16,272
Noninterest Income:
Service Fees	448		445		530		544		559		892		1,085
Insurance Commissions	1,511		1,922		1,399		1,368		1,369		3,434		3,167
Other Commissions	224		144		157		244		179		368		268
Net (Loss) Gain on Sales of Loans	(5)		2		—		—		—		(3)		—
Net (Loss) Gain on Securities	(100)		(232)		83		(46)		(199)		(332)		(206)
Net Gain on Purchased Tax Credits	7		7		14		14		14		14		28

Net Gain (Loss) on Disposal of Fixed Assets	—		11		—		439		—		11		(8)
Income from Bank-Owned Life Insurance	139		140		143		140		142		280		278
Net Gain on Bank-Owned Life Insurance Claims	1		302		—		—		—		303		—
Other Income	44		69		34		36		41		113		106
Total Noninterest Income	2,269		2,810		2,360		2,739		2,105		5,080		4,718
Noninterest Expense:
Salaries and Employee Benefits	5,231		5,079		4,625		4,739		4,539		10,310		9,104
Occupancy	789		701		817		768		776		1,490		1,462
Equipment	283		218		178		170		182		501		392
Data Processing	718		857		681		540		446		1,575		931
FDIC Assessment	224		152		154		147		128		376		337
PA Shares Tax	195		260		258		240		240		455		480
Contracted Services	434		147		405		288		348		581		935
Legal and Professional Fees	246		182		362		334		389		428		541
Advertising	75		79		165		131		115		154		231
Other Real Estate Owned (Income)	(35)		(37)		(38)		(38)		(37)		(72)		(75)
Amortization of Intangible Assets	446		445		446		445		446		891		891


Other	895		945		945		1,063		838		1,841		1,837
Total Noninterest Expense	9,501		9,028		8,998		8,827		8,410		18,530		17,066
Income Before Income Tax Expense (Benefit)	3,456		5,285		5,228		4,927		74		8,742		3,924
Income Tax Expense (Benefit)	699		1,129		1,076		998		(44)		1,827		759
Net Income	$	2,757	$	4,156	$	4,152	$	3,929	$	118	$	6,915	$	3,165


	Three Months Ended										Six Months Ended
Per Common Share Data	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22			6/30/23		6/30/22
Dividends Per Common Share	$	0.25	$	0.25	$	0.24	$	0.24	$	0.24		$	0.50	$	0.48
Earnings Per Common Share - Basic	0.54		0.81		0.81		0.77		0.02			1.35		0.61
Earnings Per Common Share - Diluted	0.54		0.81		0.81		0.77		0.02			1.35		0.61

Weighted Average Common Shares Outstanding - Basic	5,111,987		5,109,597		5,095,237		5,106,861		5,147,846			5,110,799		5,172,881
Weighted Average Common Shares Outstanding - Diluted	5,116,134		5,115,705		5,104,254		5,118,627		5,156,975			5,118,396		5,189,144


	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
Common Shares Outstanding	5,111,678			5,116,830			5,100,189			5,096,672			5,128,333
Book Value Per Common Share	$	22.81		$	22.90		$	21.60		$	20.94		$	22.18
Tangible Book Value per Common Share (1)	20.39			20.40			19.00			18.25			19.43
Stockholders’ Equity to Assets	8.1		%	8.2		%	7.8		%	7.5		%	8.2		%
Tangible Common Equity to Tangible Assets (1)	7.3			7.4			6.9			6.6			7.3


	Three Months Ended										Six Months Ended
Selected Financial Ratios (2)	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22			6/30/23		6/30/22
Return on Average Assets	0.79	%	1.21	%	1.16	%	1.12	%	0.03	%		1.00	%	0.45	%
Return on Average Equity	9.38		14.69		15.26		13.60		0.40			11.98		5.15
Average Interest-Earning Assets to Average Interest-Bearing Liabilities	142.37		147.53		149.04		149.41		149.03			144.88		146.74
Average Equity to Average Assets	8.38		8.27		7.63		8.20		8.49			8.33		8.81
Net Interest Rate Spread	2.78		3.12		3.17		3.10		3.00			2.95		3.00
Net Interest Rate Spread (FTE) (1)	2.79		3.13		3.18		3.11		3.01			2.96		3.01
Net Interest Margin	3.29		3.51		3.45		3.29		3.12			3.40		3.10
Net Interest Margin (FTE) (1)	3.30		3.52		3.46		3.30		3.13			3.41		3.11
Net Charge-Offs (Recoveries) to Average Loans	0.04		(0.29)		0.01		(0.01)		1.01			(0.12)		0.50
Efficiency Ratio	70.96		62.72		63.25		64.18		68.55			66.69		68.89


Asset Quality Ratios	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22
Allowance for Credit Losses to Total Loans	0.97	%	0.96	%	1.22	%	1.23	%	1.25	%

Allowance for Credit Losses to Nonperforming Loans (3)	260.46		189.73		221.06		218.61		219.89
Allowance for Credit Losses to Noncurrent Loans (4)	260.46		189.73		320.64		318.96		329.47
Delinquent and Nonaccrual Loans to Total Loans (4) (5)	0.68		1.02		0.81		0.46		0.45
Nonperforming Loans to Total Loans (3)	0.37		0.51		0.55		0.56		0.57
Noncurrent Loans to Total Loans (4)	0.37		0.51		0.38		0.39		0.38
Nonperforming Assets to Total Assets (6)	0.30		0.40		0.41		0.41		0.42


Capital Ratios (7)	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22
Common Equity Tier 1 Capital (to Risk Weighted Assets)	12.54	%	12.60	%	12.33	%	12.02	%	11.83	%
Tier 1 Capital (to Risk Weighted Assets)	12.54		12.60		12.33		12.02		11.83
Total Capital (to Risk Weighted Assets)	13.64		13.69		13.58		13.27		13.08
Tier 1 Leverage (to Adjusted Total Assets)	9.26		9.24		8.66		8.51		8.33

(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) Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due.

(5) Delinquent loans consist of accruing loans that are 30 days or more past due.

(6) Nonperforming assets consist of nonperforming loans and other real estate owned.

(7) Capital ratios are for Community Bank only.

Certain items previously reported may have been reclassified to conform with the current reporting period’s format.


AVERAGE BALANCES AND YIELDS

	Three Months Ended
	June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
	Average Balance		Interest and Dividends		Yield / Cost (1)		Average Balance		Interest and Dividends		Yield / Cost (1)		Average Balance		Interest and Dividends		Yield / Cost (1)		Average Balance		Interest and Dividends		Yield / Cost (1)		Average Balance		Interest and Dividends		Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)	$	1,079,399	$	13,450	5.00	%	$	1,040,570	$	12,391	4.83	%	$	1,034,714	$	11,853	4.54	%	$	1,024,363	$	10,833	4.20	%	$	1,007,874	$	9,751	3.88	%
Debt Securities
Taxable	209,292		950		1.82		213,158		964		1.81		216,915		974		1.80		222,110		985		1.77		228,315		988		1.73
Exempt From Federal Tax	6,180		53		3.43		6,270		52		3.32		6,277		51		3.25		7,998		62		3.10		9,109		73		3.21
Equity Securities	2,693		25		3.71		2,693		24		3.56		2,693		28		4.16		2,693		21		3.12		2,693		20		2.97
Interest-Earning Deposits at Banks	54,466		721		5.30		74,555		805		4.32		99,108		939		3.79		67,870		378		2.23		56,379		122		0.87
Other Interest-Earning Assets	2,783		39		5.62		2,633		39		6.01		2,875		39		5.38		2,784		39		5.56		3,235		38		4.71
Total Interest-Earning Assets	1,354,813		15,238		4.51		1,339,879		14,275		4.32		1,362,582		13,884		4.04		1,327,818		12,318		3.68		1,307,605		10,992		3.37
Noninterest-Earning Assets	51,928						48,369						51,718						68,796						84,323
Total Assets	$	1,406,741					$	1,388,248					$	1,414,300					$	1,396,614					$	1,391,928
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts	$	354,497	$	1,582	1.79	%	$	335,327	$	1,191	1.44	%	$	315,352	$	810	1.02	%	$	278,412	$	393	0.56	%	$	260,655	$	111	0.17	%
Savings Accounts	225,175		53		0.09		242,298		37		0.06		249,948		29		0.05		251,148		20		0.03		248,356		20		0.03
Money Market Accounts	194,565		1,033		2.13		213,443		939		1.78		206,192		604		1.16		189,371		269		0.56		188,804		61		0.13
Time Deposits	155,867		1,174		3.02		101,147		337		1.35		116,172		368		1.26		123,438		397		1.28		127,832		412		1.29
Total Interest-Bearing Deposits	930,104		3,842		1.66		892,215		2,504		1.14		887,664		1,811		0.81		842,369		1,079		0.51		825,647		604		0.29
Short-Term Borrowings	480		3		2.51		1,344		2		0.60		8,985		7		0.31		28,738		19		0.26		34,135		18		0.21
Other Borrowings	21,026		238		4.54		14,641		155		4.29		17,598		171		3.86		17,621		174		3.92		17,611		173		3.94
Total Interest-Bearing Liabilities	951,610		4,083		1.72		908,200		2,661		1.19		914,247		1,989		0.86		888,728		1,272		0.57		877,393		795		0.36
Noninterest-Bearing Demand Deposits	326,262						362,343						391,300						390,658						391,975
Other Liabilities	10,920						2,953						788						2,636						4,415
Total Liabilities	1,288,792						1,273,496						1,306,335						1,282,022						1,273,783
Stockholders' Equity	117,949						114,752						107,965						114,592						118,145
Total Liabilities and Stockholders' Equity	$	1,406,741					$	1,388,248					$	1,414,300					$	1,396,614					$	1,391,928
Net Interest Income (FTE) (Non-GAAP) (3)			$	11,155					$	11,614					$	11,895					$	11,046					$	10,197
Net Interest-Earning Assets (4)	403,203						431,679						448,335						439,090						430,212
Net Interest Rate Spread (FTE) (Non-GAAP) (3) (5)					2.79	%					3.13	%					3.18	%					3.11	%					3.01	%
Net Interest Margin (FTE) (Non-GAAP) (3)(6)					3.30						3.52						3.46						3.30						3.13
PPP Loans	38		1		10.56		100		3		12.17		216		22		40.41		2,424		123		20.13		5,546		144		10.41

(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.


AVERAGE BALANCES AND YIELDS

	Six Months Ended
	June 30, 2023						June 30, 2022
	Average Balance		Interest and Dividends		Yield /Cost (1)		Average Balance		Interest and Dividends		Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)	$	1,060,092	$	25,840	4.92	%	$	1,008,539	$	19,322	3.86	%
Debt Securities
Taxable	211,213		1,914		1.81		222,144		1,893		1.70
Exempt From Federal Tax	6,225		105		3.37		9,649		156		3.23
Marketable Equity Securities	2,693		49		3.64		2,693		42		3.12
Interest-Earning Deposits at Banks	64,455		1,526		4.74		57,829		156		0.54
Other Interest-Earning Assets	2,709		79		5.88		3,358		76		4.56
Total Interest-Earning Assets	1,347,387		29,513		4.42		1,304,212		21,645		3.35
Noninterest-Earning Assets	50,159						103,201
Total Assets	$	1,397,546					$	1,407,413

Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts	$	344,965	$	2,773	1.62	%	$	268,585	$	160	0.12	%
Savings Accounts	233,689		90		0.08		246,084		38		0.03
Money Market Accounts	203,952		1,972		1.95		190,605		102		0.11
Time Deposits	128,659		1,511		2.37		129,914		834		1.29
Total Interest-Bearing Deposits	911,265		6,346		1.40		835,188		1,134		0.27
Short-Term Borrowings	910		5		1.11		36,000		37		0.21
Other Borrowings	17,850		393		4.44		17,608		347		3.97
Total Interest-Bearing Liabilities	930,025		6,744		1.46		888,796		1,518		0.34
Noninterest-Bearing Demand Deposits	344,203						388,103
Other Liabilities	6,959						6,468
Total Liabilities	1,281,187						1,283,367
Stockholders' Equity	116,359						124,046
Total Liabilities and Stockholders' Equity	$	1,397,546					$	1,407,413
Net Interest Income (FTE) (Non-GAAP) (3)			22,769						20,127
Net Interest-Earning Assets (4)	417,362						415,416
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)					2.96	%					3.01	%
Net Interest Margin (FTE) (Non-GAAP) (3)(6)					3.41						3.11
PPP Loans	69		4		11.69		10,085		589		11.78

(1) Annualized based on six 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.

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.


	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
(Dollars in thousands, except share and per share data) (Unaudited)

Assets (GAAP)	$	1,432,733		$	1,430,708		$	1,408,938		$	1,425,920		$	1,386,461
Goodwill and Intangible Assets, Net	(12,354)			(12,800)			(13,245)			(13,691)			(14,136)
Tangible Assets (Non-GAAP) (Numerator)	$	1,420,379		$	1,417,908		$	1,395,693		$	1,412,229		$	1,372,325

Stockholders' Equity (GAAP)	$	116,589		$	117,195		$	110,155		$	106,706		$	113,772
Goodwill and Intangible Assets, Net	(12,354)			(12,800)			(13,245)			(13,691)			(14,136)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)	$	104,235		$	104,395		$	96,910		$	93,015		$	99,636

Stockholders’ Equity to Assets (GAAP)	8.1		%	8.2		%	7.8		%	7.5		%	8.2		%
Tangible Common Equity to Tangible Assets (Non-GAAP)	7.3		%	7.4		%	6.9		%	6.6		%	7.3		%

Common Shares Outstanding (Denominator)	5,111,678			5,116,830			5,100,189			5,096,672			5,128,333

Book Value per Common Share (GAAP)	$	22.81		$	22.90		$	21.60		$	20.94		$	22.18
Tangible Book Value per Common Share (Non-GAAP)	$	20.39		$	20.40		$	19.00		$	18.25		$	19.43


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
(Dollars in thousands) (Unaudited)

Net Income (GAAP)	$	2,757		$	4,156		$	4,152		$	3,929		$	118		$	6,915		$	3,165
Amortization of Intangible Assets, Net	446			445			446			445			446			891			891

Adjusted Net Income (Non-GAAP) (Numerator)	$	3,203		$	4,601		$	4,598		$	4,374		$	564		$	7,806		$	4,056

Annualization Factor	4.01			4.06			3.97			3.97			4.01			2.02			2.02

Average Stockholders' Equity (GAAP)	$	117,949		$	114,752		$	107,965		$	114,592		$	118,145		$	116,359		$	124,046
Average Goodwill and Intangible Assets, Net	(12,626)			(13,080)			(13,534)			(13,968)			(14,414)			(12,852)			(14,641)
Average Tangible Common Equity (Non-GAAP) (Denominator)	$	105,323		$	101,672		$	94,431		$	100,624		$	103,731		$	103,507		$	109,405

Return on Average Equity (GAAP)	9.38		%	14.69		%	15.26		%	13.60		%	0.40		%	11.98		%	5.15		%
Return on Average Tangible Common Equity (Non-GAAP)	12.20		%	18.35		%	19.32		%	17.25		%	2.18		%	15.21		%	7.48		%


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22				6/30/23			6/30/22
(Dollars in thousands) (Unaudited)

Interest Income (GAAP)	$	15,203		$	14,244		$	13,855		$	12,287		$	10,958			$	29,448		$	21,574
Adjustment to FTE Basis	35			31			29			31			34				65			71
Interest Income (FTE) (Non-GAAP)	15,238			14,275			13,884			12,318			10,992				29,513			21,645
Interest Expense (GAAP)	4,083			2,661			1,989			1,272			795				6,744			1,518
Net Interest Income (FTE) (Non-GAAP)	$	11,155		$	11,614		$	11,895		$	11,046		$	10,197			$	22,769		$	20,127

Net Interest Rate Spread (GAAP)	2.78		%	3.12		%	3.17		%	3.10		%	3.00		%		2.95		%	3.00		%
Adjustment to FTE Basis	0.01			0.01			0.01			0.01			0.01				0.01			0.01
Net Interest Rate Spread (FTE) (Non-GAAP)	2.79			3.13			3.18			3.11			3.01				2.96			3.01

Net Interest Margin (GAAP)	3.29		%	3.51		%	3.45		%	3.29		%	3.12		%		3.40		%	3.10		%
Adjustment to FTE Basis	0.01			0.01			0.01			0.01			0.01				0.01			0.01
Net Interest Margin (FTE) (Non-GAAP)	3.30			3.52			3.46			3.30			3.13				3.41			3.11


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
(Dollars in thousands) (Unaudited)

Net Income Before Income Tax Expense (Benefit) (GAAP)	$	3,456		$	5,285		$	5,228		$	4,927		$	74		$	8,742		$	3,924
Provision for Credit Losses	492			80			—			—			3,784			572			3,784
PPNR (Non-GAAP) (Numerator)	$	3,948		$	5,365		$	5,228		$	4,927		$	3,858		$	9,314		$	7,708

Annualization Factor	4.01			4.06			3.97			3.97			4.01			2.02			2.02

Average Assets (Denominator)	$	1,406,741		$	1,388,248		$	1,414,300		$	1,396,614		$	1,391,928		$	1,397,546		$	1,407,413

PPNR Return on Average Assets (Non-GAAP)	1.13		%	1.57		%	1.47		%	1.40		%	1.11		%	1.34		%	1.10		%

The Q2 2023 Investor Presentation should be read in conjunction with Earnings Release furnished in Exhibit 99.1 to Form 8K filed with the SEC on July 28, 2023.

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 2 Forward-Looking Statements and Non-GAAP Financial Measures Statements contained in this investor presentation 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. 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 investor presentation may contain or reference, 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 within the referenced earnings release.

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 3 CB Financial Services, Inc. - Corporate Overview • Holding Company for Community Bank (Carmichaels, PA), serving the community since 1901 • Community Bank operates 13 full-service branch offices and two loan production offices in southwestern Pennsylvania and northern West Virginia and owns Exchange Underwriters, Inc., a full-service independent insurance agency. • NASDAQ: CBFV Washington Waynesburg Wheeling Uniontown Belle Vernon Rostraver Carmichaels Trading Highlights CBFV Share Price $22.50 Shares Outstanding 5.1M Market Cap $115.0M Total Stockholders' Equity $116.6M Book Value per Common Share $22.81 Tangible Book Value per Common Share $20.39 Price to Book Value 0.99x Price to Tangible Book Value 1.10x P/E LTM (LTM EPS of $2.93) 7.68x ◦ All daily trading information/multiples as of July 26, 2023 ◦ All other financial information as of June 30, 2023 Pittsburgh

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 4 Meet CB Financial Services Our Mission Statement "We partner with individuals, businesses and communities to realize their dreams, protect their financial futures and improve their lives" Our Core Values 1. Take care of Each Other 2. Always do the Right Thing 3. Protect the Bank 4. Work Hard to Achieve Our Goals 5. Give and Expect Mutual Respect 6. Enjoy Life Everyday "With a differentiated model and approach to risk management, our Operational Goals for 2023 are not impacted by recent bank failures" Strategic Initiatives p Continue investment in technology to support the customer experience p Solidify Commercial Banking team and implement new Loan Origination System to streamline processes p Rollout new consumer loan products including FHA mortgages, securities- based lending program and an advanced suite of treasury management products Mortgage Banking Commercial Banking Insurance Brokerage Retail Banking Diversified Business Model

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 5 2023 Macro Outlook Item Comment Deposits Market interest rates began increasing during 2022 resulting in increased deposit costs so far in 2023 and we expect that will continue; Corporate wide initiatives to retain deposits in place Loans Focal area with new talent in place, continuing to opportunistically push for growth in the face of headwinds stemming from moderating economic conditions Net Interest Margin Compression is apparent as deposit costs increase, continued focus on attracting core non/low interest bearing deposits to mitigate compression Non-interest expense Upward bias as we attract top talent and continue to invest in technology to generate efficiencies and enhance customer experience Expectations for the balance of 2023 are marked by 'Uncertainty' as potential future interest rate changes by the Federal Reserve, a potential recession, and industry- specific developments exert a resulting mixed impact on CB

Q2 2023 Financial Highlights

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 7 Q2 2023 Highlights Earnings (for the three months ended June 30, 2023 unless otherwise noted) • Solid earnings. Net income was $2.8 million, with diluted earnings per share of $0.54. Pre-provision net revenue (PPNR) (non-GAAP) was $3.9 million. • Margin compression. Net interest income was $11.1 million, a decrease of 4.0% from Q1 2023 and an increase of 9.4% from Q2 2022. Net interest margin was 3.29%, down 22 bps from Q1 2023 and up 17 bps from Q2 2022 following seven quarters of NIM expansion. • Positive returns. Return on average tangible common equity (non-GAAP) was 12.20% for Q2 2023, compared 2.18% in Q2 2022. • Diversified revenue sources. Noninterest income represents 13.0% of operating revenues. Balance Sheet & Asset Quality (as of June 30, 2023 unless otherwise noted) • Robust loan growth. Net loans ($1.09 billion) increased 2.7% from March 31, 2023 and 5.1% from December 31, 2022. • Stable deposit base. Deposits ($1.26 billion) decreased 1.4% from March 31, 2023 and 0.4% from December 31, 2022. • High concentration of core deposits. Core deposits (non-time) were 87% of total deposits at June 30, 2023. • Limited wholesale funding. Borrowings to total assets was 2% at June 30, 2023. The Bank had no brokered deposits at June 30, 2023. • Strong credit quality. Nonperforming loans to total loans was 0.37% and nonperforming assets to total assets was 0.30% as of June 30, 2023. Annualized net charge-offs to average loans for the current quarter was 0.04%. Liquidity and Capital Strength (as of June 30, 2023 unless otherwise noted) • Significant available liquidity. Cash on deposit was $78.1 million and available borrowing capacity was $610.0 million. Available liquidity covers 240% of uninsured/non-collateralized deposits. • Low-risk deposit base. Insured/collateralized deposits account for 77% of total deposits. • Well-capitalized. The Bank's Tier 1 Leverage ratio was 9.3% at June 30, 2023, compared to 8.66% at December 31, 2022. • Increasing shareholder value. TBV per common share (non-GAAP) was $20.39 at June 30, 2023, compared to $19.00 at December 31, 2022.

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 8 Financial Highlights Change ($000s except per share) Q2 2023 Q1 2023 Q2 2022 Balance Sheet Total Loans (Net Allowance) $ 1,090,488 $ 28,893 $ 75,352 Total Deposits 1,263,315 (18,205) 48,125 Income Statement Net Interest Income 11,120 (463) 957 Provision for Credit Losses 432 352 (3,352) Noninterest Income (excl Net Gain (Loss) on Investment Securities) 2,369 (673) 65 Net Gain (Loss) on Investment Securities (100) 132 99 Noninterest Expense 9,501 473 1,091 Income Tax Expense 699 (430) 743 Net Income 2,757 (1,399) 2,639 Performance Ratios Earnings Per Share, Diluted $ 0.54 $ (0.27) $ 0.52 Net Interest Margin(1) 3.29 % (0.22) % 0.17 % ROAA(1) 0.79 % (0.42) % 0.76 % ROATCE(1)(2) 12.20 % (6.15) % 10.02 % NCOs/Average Loans(1) 0.04 % 0.33 % (0.97) % Tangible Book Value per Share(2) $ 20.39 $ (0.01) $ 0.96 Tangible Equity Ratio (TCE / TA)(2) 7.34 % (0.02) % 0.08 % Capital Ratios (Bank Only) Tier 1 Leverage 9.26 % 0.02 % 0.93 % Common Equity Tier 1 Capital 12.54 % (0.06) % 0.71 % Tier 1 Capital 12.54 % (0.06) % 0.71 % Total Risk-Based Capital 13.64 % (0.05) % 0.56 % Q2 2023 Results Overview (1) Annualized (2) Non-GAAP Calculation in Press Release (3) Comparisons are to Q1 2023 unless otherwise noted Quarterly Highlights(3) Balance Sheet: • Loans increased $28.9 million. • Deposits decreased $18.2 million. • Tangible book value per share (non-GAAP) was $20.39. Earnings and Capital: • Net income was $2.8 million and diluted EPS was $0.54. • Net interest margin(1) was down 22 bps to 3.29% resulting from increase in deposit costs. • Provision expense increased $352,000. Provision expense for Q2 2023 was driven primarily by loan growth while provision expense for Q1 2023 was positively impacted by a $750,000 recovery on a previously charged-off C&I loan. • Noninterest income declined primarily due to non-recurring BOLI claims recorded during Q1 2023. • Noninterest expense increased 5.2% due to costs associated with strategic staffing additions, technology investments (ITMs, website redesign) and branch improvements. • Effective Tax Rate was 20.2%. • Tier 1 Leverage ratio was 9.3%.

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 9 Financial Trends - Balance Sheet Total Net LoansTotal Assets Total Deposits Total Stockholders' Equity in m ill io ns $1,386 $1,426 $1,409 $1,431 $1,433 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 $1,300 $1,350 $1,400 $1,450 $1,500 in m ill io ns $1,015 $1,030 $1,037 $1,062 $1,090 Net Loans Yield on Loans 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 $900 $1,000 $1,100 3.00% 4.00% 5.00% in m ill io ns $1,215 $1,276 $1,269 $1,282 $1,263 Total Deposits Cost of Interest Bearing Deposits 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 $1,100 $1,150 $1,200 $1,250 $1,300 —% 1.00% 2.00% 3.00% in m ill io ns $114 $107 $110 $117 $117 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 $75 $100 $125 $150

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 10 Financial Trends - Earnings and Profitability Net Income / PPNR (non-GAAP) Earnings Per Share (EPS) in th ou sa nd s $118 $3,929 $4,152 $4,156 $2,757 $3,858 $4,927 $5,228 $5,365 $3,948 Net Income PPNR Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $— $2,000 $4,000 $6,000 $0.02 $0.77 $0.81 $0.81 $0.54 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $— $0.25 $0.50 $0.75 $1.00 Annualized Return on Average Equity (ROAE) 0.40% 13.60% 15.26% 14.69% 9.38% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 —% 5.00% 10.00% 15.00% 20.00% Annualized Return on Average Assets (ROAA) 0.03% 1.12% 1.16% 1.21% 0.79% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 —% 0.50% 1.00% 1.50%

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 11 Financial Trends - Earnings and Profitability Total Revenue Q2 2023 - Noninterest Income Mix (in 000's) Efficiency Ratio $10,163 $11,015 $11,866 $11,583 $11,120 $2,105 $2,739 $2,360 $2,810 $2,269 Net Interest Income Noninterest Income Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $— $5,000 $10,000 $15,000 64.2% 63.0% 60.7% 60.2% 67.4% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 50.0% 55.0% 60.0% 65.0% 70.0% Net Interest Margin (NIM) 3.37% 3.68% 4.04% 4.32% 4.51% 3.13% 3.30% 3.46% 3.52% 3.30% 0.36% 0.57% 0.86% 1.19% 1.72% Yield on Earning Assets Net Interest Margin (FTE) Cost of Funds Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 —% 2.00% 4.00% 6.00% $1,511 66.6% $309 13.6% $448 19.8% Insurance Commissions Other Income Service Fees

Deposit Composition / Characteristics

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 13 Deposit Mix and Cost 25.0% 29.7% 14.7% 17.2% 13.4% Non-Interest Bearing Demand Interest Bearing Demand Money Market Accounts Savings Accounts Time Deposits As of 6/30/2023 Cost of Interest-Bearing Deposits 0.29% 0.51% 0.81% 1.14% 1.66% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 —% 0.50% 1.00% 1.50% 2.00% Deposit Composition (in millions) 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 NIB Demand $ 389.1 $ 407.1 $ 390.4 $ 350.9 $ 316.1 IB Demand $ 265.3 $ 298.8 $ 311.8 $ 359.1 $ 374.7 Money Market $ 185.3 $ 198.7 $ 209.1 $ 206.2 $ 185.8 Savings Accounts $ 250.2 $ 250.4 $ 248.0 $ 234.9 $ 217.3 Time Deposits $ 125.2 $ 120.9 $ 109.1 $ 130.4 $ 169.5 Total Deposits $ 1,215.1 $ 1,275.9 $ 1,268.4 $ 1,281.5 $ 1,263.4 Highlights • Deposits decreased $5.2 million, or 0.4%, from December 31, 2022. • Mix shifting to higher-cost IB demand and time deposits. • Retaining deposits through certificate offering at a cost favorable to alternative funding sources. • Cost of interest bearing deposits was 1.66% for Q2 2023, compared to 1.14% for Q1 2023 and 0.29% for Q2 2022. Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50%

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 14 Secure Deposit Base • In total, 77.6% of deposits are FDIC insured or collateralized with investment securities as of June 30, 2023. This compares to 75.0% as of March 31, 2023. • Uninsured deposits consist of business & retail deposits of 16.6% and 5.8% of total deposits, respectively. • At June 30, 2023, deposits consisted of 55.1% retail, 29.8% business, and 15.0% municipal. • CB is focused on providing opportunities for uninsured depositors to move funds to alternate products, providing benefit to both customers and the bank. FDIC Insured, 61.1% Collateralized, 16.5% Uninsured, 22.4% Source: Company information as of 6/30/2023

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 15 Strong Liquidity Position • Cash & Cash Equivalents totaled $78.1 million, or 5.5% of total assets. • Investment Securities totaled $181.4 million, with $171.4 million utilized as collateral for municipal deposits. All securities are classified as available-for-sale and marked to market. • Total borrowings totaled $34.7 million, or 2.4% of total assets and included $20.0 million in FHLB borrowings and $14.7 million in subordinated debt. • The Bank has $610.0 million in available borrowing capacity (FED, FHLB, Other). • Available liquidity covers 240% of uninsured/non- collateralized deposits. • The Bank had no wholesale or broker deposits. $45,381 25.0% $13,212 7.3% $38,409 21.2% $74,699 41.2% $7,360 4.1% $2,366 1.3% Government Agency Municipal MBS's CMO's Corporate Debt Marketable Equity Cash $78.1 million Investments $10.1 million Fed Capacity $115.9 million FHLB Capacity $444.1 million Other Capacity $50.0 million Available Liquidity of $698.2 million Highlights Source: Company information as of 6/30/2023

Loan Composition / Characteristics

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 17 Loan Portfolio Composition Commercial & Industrial 9.3% Real Estate- Construction 4.1% Real Estate- Commercial 41.7% Real Estate- Residential 30.7% Consumer 12.2% Other 2.0% As of 6/30/2023 Loan Portfolio Detail dollars in millions 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 YoY Growth Annualized YTD Real Estate - Residential $ 325.1 $ 328.2 $ 330.7 $ 332.8 $ 338.5 4.1% 4.6% Real Estate - Commercial 426.1 432.5 436.8 452.8 458.6 7.6% 10.1% Real Estate - Construction 41.3 49.5 44.9 39.5 44.5 7.7% (1.8)% Commercial & Industrial 65.9 62.2 70.0 79.5 102.3 55.2% 92.8% Consumer 148.9 150.6 146.9 146.1 134.8 (9.5)% (16.7)% Other 20.6 19.9 20.4 21.2 22.5 9.2% 20.0% Total Loans $ 1,027.9 $ 1,042.9 $ 1,049.7 $ 1,071.9 $ 1,101.2 7.1% 9.8% Highlights • Loans increased $53.4 million, or 5.1%, from December 31, 2022. • Loan growth was driven by increases in C&I and CRE loans, including the purchase of $8.9 million in syndicated loans. • No loans are currently in deferral. • CB continues to focus on disciplined pricing and credit quality standards. • CB remains committed to hiring and retaining experienced loan officers.

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 18 Commercial Real Estate Loan Portfolio Detail 26.8% 17.8% 14.1% 13.1% 6.4% 4.1% 2.6% 2.4% 1.7% 11.0% Retail Space Multifamily Warehouse Space Office Space Manufacturing Medical Facilities Senior Housing Hotels Vacant Land Other C&I and CRE Loans by Industry Highlights Commercial Real Estate Loan Portfolio Details Total O/S Balance CRE Owner Occupied CRE Non-Owner Occupied O/S Balance Percent Avg Loan Size Avg LTV O/S Balance Percent Avg Loan Size Avg LTV Retail Space $ 123,037 $ 36,507 29.67 % $ 716 86.22 % $ 86,530 70.33 % $ 1,254 71.66 % Multifamily $ 81,570 $ — — % $ — — % $ 81,570 100.00 % $ 748 79.07 % Warehouse Space $ 64,446 $ 15,965 24.77 % $ 515 48.88 % $ 48,481 75.23 % $ 1,276 64.25 % Office Space $ 60,144 $ 13,004 21.62 % $ 433 61.53 % $ 47,139 78.38 % $ 962 72.64 % Manufacturing $ 29,503 $ 3,753 12.72 % $ 313 59.11 % $ 25,751 87.28 % $ 1,839 63.38 % Medical Facilities $ 18,776 $ 7,435 39.60 % $ 620 61.10 % $ 11,341 60.40 % $ 756 71.97 % Senior Housing $ 12,085 $ 3,262 27.00 % $ 1,631 26.34 % $ 8,823 73.00 % $ 4,411 56.27 % Hotels $ 10,863 $ — — % $ — — % $ 10,863 100.00 % $ 836 37.99 % Vacant Land $ 7,828 $ 7,671 98.00 % $ 349 50.45 % $ 157 2.00 % $ 157 28.91 % Other $ 50,362 $ 31,306 62.16 % $ 401 56.20 % $ 19,056 37.84 % $ 681 56.50 % Total $ 458,614 $ 118,903 25.93 % $ 491 64.18 % $ 339,711 74.07 % $ 1,005 69.55 % • CRE loans represent 41.6% of our total loan portfolio. • Limited exposure to office space. • 25.9% of CRE loans are owner occupied. • Non-Owner Occupied CRE loans had an average LTV of 69.6% at the time of underwriting, whereas Owner Occupied CRE's were 64.2%. • Average Non-Owner Occupied CRE loan size is approximately $1.0 million, and Owner Occupied is approximately $491,000. • No loans are currently in deferral. • CRE loans are concentrated in the Pittsburgh metropolitan area. Source: Company information as of 6/30/2023

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 19 Residential and Consumer Detail 71.5% 27.1% 1.4% 1-4 Family Indirect Auto Other Consumer 28.0% 11.7% 17.2% 28.5% 8.9% 5.7% < 50% 50% - 59% 60% - 69% 70% - 79% 80% - 89% > 90% 46.2% 35.6% 12.1% 5.1% 1.0% > 800 740-799 700-739 661-699 < 660 Consumer Lending Portfolio - $473.3M Residential Real Estate Loan to Values (LTV's) - $338.6MIndirect Auto Portfolio by Max FICO Score- $128.3M Commercial Loan - Industry Details Outstanding Balance Available Credit Number of Loans Average LTV Average Rem. Term Retail Space $ — $ 1,667 118 Multifamily $ — $ 2,293 115 Warehouse Space $ — $ 452 67 Office Space $ — $ 305 80 Manufacturing $ — $ 5,546 79 Medical Facilities $ — $ — 27 Hotels $ — $ 183 13 Highlights • Residential loans represent 30.7% of our total loan portfolio. • 57.0% of residential loans carried an LTV of less 70%, at the time of underwriting. • Indirect auto loans represent 11.6% of our total loan portfolio. • 81.8% of indirect auto loans are to borrowers with FICO scores greater than 740, at the time of underwriting. • CB discontinued the indirect auto lending program in Q2 2023 due to continued focus on higher-priced commercial lending. Source: Company information as of 6/30/2023 Source: Company information as of 6/30/2023 Source: Company information as of 6/30/2023

Asset Quality and Capital Ratios

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 21 Asset Quality Trends Net Charge-Offs (Recoveries) / Average Loans Allowance for Credit Losses / Total Loans $12,833 $12,854 $12,819 $10,270 $10,666 Loan Loss Reserve ($000's) ALLL/ Total Loans 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 $— $5,000 $10,000 $15,000 0.7% 1.0% 1.2% 1.4% Nonperforming Assets / Total Assets $5,836 $5,880 $5,799 $5,661 $4,261 Nonperforming Assets NPA's / Assets 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 $— $2,500 $5,000 $7,500 0.20% 0.30% 0.40% 0.50% Noncurrent Loans / Total Loans $3,895 $4,030 $3,998 $5,413 $4,095 Noncurrent Loans (000's) Noncurrent/Total Loans 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 $— $2,000 $4,000 $6,000 0.30% 0.40% 0.50% 0.60%$2,546 $(21) $35 $(756) $96 Net Charge Offs (Recoveries) NCO's (Recoveries)/ Avg Loans Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $(1,500) $— $1,500 $3,000 (1.00)% —% 1.00% 2.00%

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 22 Capital Ratios (Bank Only) Common Equity Tier 1 Capital (to Risk Weighted Assets) Tier 1 Capital to Risk Weighted Assets in th ou sa nd s 11.83% 12.02% 12.33% 12.60% 12.54% Common Equity Tier 1 Capital Adequately Capitalized Well Capitalized 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 11.83% 12.02% 12.33% 12.60% 12.54% Tier 1 Capital Adequately Capitalized Well Capitalized 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 6.00% 8.00% 10.00% 12.00% 14.00% Tier 1 Leverage (to Adjusted Total Assets) 8.33% 8.51% 8.66% 9.24% 9.26% Tier 1 Leverage Adequately Capitalized Well Capitalized 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 4.00% 6.00% 8.00% 10.00% Total Capital (to Risk Weighted Assets) 13.08% 13.27% 13.58% 13.69% 13.64% Total Capital Adequately Capitalized Well Capitalized 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 8.00% 10.00% 12.00% 14.00%

Conclusions

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 24 Market Presence with Brand Recognition Seasoned Executive Leadership Deploying Technology to Enhance Client Experience Investment Summary Serving Stable Southwestern PA & Ohio River Valley markets Proven experience through all economic cycles Continuing to invest with a tech- forward and people-centric approach Investing for Growth Adding new talent, tech upgrades and investing in process improvement Rewarding Shareholders Stable quarterly dividend

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 25 ◦ Community bank model is highly-differentiated compared with large regional banks experiencing recent regulatory issues ◦ Intense focus on sales and service culture which builds full relationships with our customers ◦ Utilize technology investments to enhance speed of process while improving customer experience ◦ Enhance profitability and efficiency potential while continuing to invest for future growth ◦ Continue our track record of opportunistic growth in the robust Pittsburgh Metropolitan and across our footprint ◦ Defend our relatively low-cost deposit base which enables the bank to protect net interest margins ◦ Leverage our credit culture and strong loan underwriting as a foundation to uphold our asset quality metrics Be the Community Bank of choice across our footprint for residents and small and medium-sized businesses Concluding Thoughts

CB Financial Services, Inc. (Nasdaq: CBFV) July 2023 Page 26 Company Contact John H. Montgomery President and Chief Executive Officer Phone: (724) 225-2400 Investor Relations Jeremy Hellman, Vice President The Equity Group, Inc. Phone: (212) 836-9626 Email: jhellman@equityny.com NASDAQ Global Market: CBFV 100 N. Market Street Carmichaels, PA 15320 Phone: (724) 966-5041 Fax: (724) 966-7867 Contact Information

Cover	Jul. 28, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 28, 2023
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