0001605301FALSE00016053012025-01-292025-01-29

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): January 29, 2025
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 January 29, 2025, CB Financial Services, Inc. (the "Company") issued a press release announcing its financial results for the year ended December 31, 2024, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01. Other Events.
On January 29, 2025, 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 February 28, 2025 to stockholders of record as of the close of business on February 14, 2025.
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: January 29, 2025
By: /s/ John H. Montgomery
  John H. Montgomery
  President and Chief Executive Officer

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EXHIBIT 99.1
cbfinancialservicesa.jpg

CB Financial Services, Inc.
Announces Fourth Quarter and Full Year 2024 Financial Results and
Declares Quarterly Cash Dividend

WASHINGTON, PA., January 29, 2025 -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), today announced its fourth quarter and 2024 financial results.

Three Months EndedYear Ended
12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
(Dollars in thousands, except per share data) (Unaudited)
Net Income (GAAP)$2,529 $3,219 $2,650 $4,196 $12,966 $12,594 $22,550 
Net Income Adjustments
(562)(293)24 (1,000)(9,905)(1,830)(9,926)
Adjusted Net Income (Non-GAAP) (1)
$1,967 $2,926 $2,674 $3,196 $3,061 $10,764 $12,624 
Earnings per Common Share - Diluted (GAAP)$0.46 $0.60 $0.51 $0.82 $2.52 $2.38 $4.40 
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)
$0.35 $0.55 $0.52 $0.62 $0.60 $2.03 $2.46 
(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 Fourth Quarter Financial Highlights
(Comparisons to three months ended December 31, 2023 unless otherwise noted)
•Net income was $2.5 million, compared to $13.0 million. Prior period results included a $24.6 million pre-tax gain on the sale of the Bank’s subsidiary insurance company, Exchange Underwriters (EU), partially offset by a $9.8 million pre-tax loss on the sale of securities resulting primarily from the execution of a balance sheet repositioning strategy. The December 2023 sale of EU drove decreases in noninterest income and noninterest expense.
•Net interest and dividend income was $11.5 million, compared to $11.1 million.
•Noninterest income decreased to $1.7 million, compared to $16.5 million. Noninterest income for the prior period included the gain on the sale of EU and the loss on the sale of securities as described above and $1.0 million in insurance commissions from the operation of EU. Noninterest income for the current period included a $708,000 earn out payment related to the prior year sale of EU.
•Noninterest expense decreased to $9.5 million, compared to $10.8 million, due to decreases in compensation and benefits, intangible amortization, legal and professional fees, occupancy and other expenses also driven by the sale of EU, partially offset by increases in contracted services, data processing and Pennsylvania shares tax expenses.

(Amounts at December 31, 2024; comparisons to December 31, 2023, unless otherwise noted)
•Total assets increased $25.5 million, or 1.8%, to $1.48 billion from $1.46 billion.
•Total loans decreased $17.8 million, or 1.6%, to $1.09 billion compared to $1.11 billion, and included decreases in consumer and residential real estate loans of $41.1 million and $9.8 million, respectively, partially offset by increases in commercial real estate, construction real estate and other loans of $18.4 million, $11.6 million and $2.5 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 $41.5 million decrease in indirect automobile loans, total loans increased $23.7 million, or 2.1%. In total, $112.2 million of loans have paid off since December 31, 2023.
•Nonperforming loans to total loans was 0.16% at December 31, 2024, compared to 0.20% at December 31, 2023.
•Total deposits were $1.28 billion, an increase of $16.4 million, compared to $1.27 billion.
•Book value per share was $28.71, compared to $29.07 as of September 30, 2024 and $27.32 as of December 31, 2023.
•Tangible book value per share (Non-GAAP) was $26.82, compared to $27.16 as of September 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 $12.6 million, partially offset by the payment of $5.1 million in dividends since December 31, 2023 and a $488,000 increase in accumulated other comprehensive loss.
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EXHIBIT 99.1


Management Commentary
President and CEO John H. Montgomery commented, “While 2024 presented many dynamic issues for banks, we finished the year strong, with a consistent net interest margin along with solid fourth quarter loan growth. Funding costs decreased at a more favorable rate than asset yields from the prior period, contributing to the stability of the net interest margin for the fourth quarter. In addition to softening deposit costs from the impact from the recent Federal Reserve rate cuts, we reduced our concentration of brokered time deposits during the quarter, which also helped lower our cost of funds. Our conservative balance sheet strategy and continued focus on high quality, relationship driven loan production continues to strengthen our bank.

Compared to a year ago, our loan portfolio decreased $17.8 million, or 1.6%, driven by decreases in the consumer loan portfolio of $41.1 million, in part due to the previously exited Indirect Lending Portfolio. On a quarter over quarter basis, the loan portfolio grew $26.5 million, with commercial real estate loans, construction loans and commercial and industrial loans posting the largest gains. We have made tremendous efforts in expanding our commercial lending team over the last year, which is contributing to this growth. In addition, our asset quality remained pristine at year-end, with nonperforming loans improving to 0.16% of total loans, from 0.20% of total loans a year ago.

Changes in our deposit mix continued during the quarter, with a shift from low interest-bearing accounts to higher-yielding deposit accounts. On a quarter over quarter basis, deposits decreased by $70.3 million, which was largely due to allowing $60.6 million of brokered time deposits to mature. This helped to reduce cash on the balance sheet and improve our net interest margin. For the year, total deposits increased modestly, primarily due to growth in our interest-bearing demand deposits and time deposits as well as an increase in brokered time deposits.

We are making forward progress in implementing our Specialty Treasury Payments & Services program as part of our long term strategic initiatives to drive revenue growth and enhance our core deposit base. 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 nationwide. Implementation of this strategy commenced during the second quarter of 2024, with full utilization expected during the third quarter of 2025. While costs associated with the full implementation of this strategy will impact our operating expenses in the near term, we believe that this investment in our franchise will ultimately benefit all stakeholders over time and anticipate this strategy contributing to revenue growth by the end of the year.

With our strong capital levels, pristine credit quality and ample liquidity, we have a great foundation to build upon as we transform the bank and take advantage of growth opportunities in the year ahead.”

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 February 28, 2025, to stockholders of record as of the close of business on February 14, 2025.

2024 Fourth Quarter Financial Review

Net Interest and Dividend Income
Net interest and dividend income increased $396,000, or 3.6%, to $11.5 million for the three months ended December 31, 2024 compared to $11.1 million for the three months ended December 31, 2023.
•Net Interest Margin (NIM) (GAAP) decreased to 3.12% for the three months ended December 31, 2024 compared to 3.19% for the three months ended December 31, 2023. Fully tax equivalent (FTE) NIM (Non-GAAP) decreased 8 basis points (“bps”) to 3.13% for the three months ended December 31, 2024 compared to 3.21% for the three months ended December 31, 2023.
•Interest and dividend income increased $2.5 million, or 14.9%, to $19.4 million for the three months ended December 31, 2024 compared to $16.9 million for the three months ended December 31, 2023.
◦Interest income on loans increased $126,000, or 0.9%, to $14.9 million for the three months ended December 31, 2024 compared to $14.8 million for the three months ended December 31, 2023. The average yield on loans increased 23 bps to 5.59% compared to 5.36% resulting in a $624,000 increase in interest income on loans. The yield on loans was positively impacted as the Bank collected $313,000 of interest income related to the payoff of a loan previously on nonaccrual during the three months ended December 31, 2024. Additionally, 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. The average balance of loans decreased $32.0 million to $1.07 billion from $1.10 billion, causing a $489,000 decrease in interest income on loans.
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◦Interest income on taxable investment securities increased $1.9 million, or 166.0%, to $3.1 million for the three months ended December 31, 2024 compared to $1.2 million for the three months ended December 31, 2023 driven by a 211 bp increase in average yield coupled with a $77.3 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 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 $99.2 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 cash reserves and brokered certificates of deposits.
◦Interest income on interest-earning deposits at other banks increased $530,000 to $1.3 million for the three months ended December 31, 2024 compared to $808,000 for the three months ended December 31, 2023 driven by a $46.8 million increase in average balances, partially offset by a 11 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 $2.1 million, or 36.9%, to $7.9 million for the three months ended December 31, 2024 compared to $5.8 million for the three months ended December 31, 2023.
◦Interest expense on deposits increased $2.2 million, or 40.4%, to $7.5 million for the three months ended December 31, 2024 compared to $5.3 million for the three months ended December 31, 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 59 bp, or 26.8%, increase in the average cost of interest-bearing deposits compared to the three months ended December 31, 2023. This accounted for a $1.5 million increase in interest expense. Additionally, interest-bearing deposit balances increased $107.0 million, or 11.1%, to $1.1 billion as of December 31, 2024 compared to $961.0 million as of December 31, 2023, accounting for a $619,000 increase in interest expense.
Provision for Credit Losses
The provision for credit losses recorded for the three months ended December 31, 2024 was $683,000. The provision for credit losses - loans was $483,000 and was primarily due to loan growth, increases in the loss rate and qualitative adjustments on construction and land development loans and an increase in qualitative adjustments on residential real estate loans, partially offset by a payoff of an impaired loan. The provision for credit losses - unfunded commitments was $200,000 and was due to an increase in the loss rate on construction loans. This compared to a $1.4 million recovery for credit losses recorded for the three months ended December 31, 2023 and was primarily due to improvements in qualitative factors coupled with a decrease in historical loss rates.

Noninterest Income
Noninterest income decreased $14.9 million, or 90.0%, to $1.7 million for the three months ended December 31, 2024, compared to $16.5 million for the three months ended December 31, 2023. This decrease resulted primarily as prior period results included a $24.6 million pre-tax gain on the sale of EU, partially offset by a $9.8 million pre-tax loss on the sale of securities from the execution of a balance sheet repositioning strategy. Additionally, insurance commissions decreased $968,000 as no income was recognized for the three months ended December 31, 2024 due to the December 2023 sale of EU, compared to a full quarter of income recognized for the three months ended December 31, 2023. Other noninterest income increased $840,000 due to a $708,000 earn out payment related to the sale of EU recognized in December 2024.

Noninterest Expense
Noninterest expense decreased $1.3 million, or 12.2%, to $9.5 million for the three months ended December 31, 2024 compared to $10.8 million for the three months ended December 31, 2023. Salaries and benefits decreased $966,000, or 15.5%, to $5.3 million primarily due one-time non-recurring expenses associated with sale of the insurance subsidiary of $691,000 recognized during the three months ended December 31, 2023 and $561,000 of normal salary expense recognized for the three months ended December 31, 2023 compared to no expense related to EU recognized for the three months ended December 31, 2024 due to the December 2023 sale, partially offset by merit increases and revenue producing staff additions. Intangible amortization decreased $342,000 as a portion of the Bank’s core deposit intangible was fully amortized in February 2024 and EU intangible amortization of $42,000 was realized during the three months ended December 31, 2023. Legal and professional fees decreased $166,000 primarily due to timing differences related to internal audit and CECL model validation services. Occupancy expense decreased $158,000 due to $244,000 of non-recurring purchase accounting amortization related to a branch rebuild and $44,000 of EU occupancy expenses realized during the three months ended December 31, 2023, partially offset by increases in rent and depreciation expenses. Other noninterest expense decreased $140,000 primarily due to $116,000 of EU
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expenses realized during the three months ended December 31, 2023. Contracted services increased $223,000 due to costs associated with cybersecurity support, website administration, equity compensation management and treasury product consulting services. Data processing expense increased $106,000 due to costs associated with the implementation of a new loan origination system and financial dashboard platform. Pennsylvania shares tax expense increased $84,000 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 $25.5 million, or 1.8%, to $1.48 billion at December 31, 2024, compared to $1.46 billion at December 31, 2023.
•Cash and due from banks decreased $18.7 million, or 27.3%, to $49.6 million at December 31, 2024, compared to $68.2 million at December 31, 2023.
•Securities increased $55.1 million, or 26.6%, to $262.2 million at December 31, 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 $15.4 million of principal repayments on amortizing securities.
Loans and Credit Quality
•Total loans decreased $17.8 million, or 1.6%, to $1.09 billion compared to $1.11 billion, and included decreases in consumer and residential real estate loans of $41.1 million and $9.8 million, respectively, partially offset by increases in commercial real estate, construction real estate and other loans of $18.4 million, $11.6 million and $2.5 million, 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. Total loans increased $26,871, or 2.5%, from September 30, 2024 due to strong commercial loan production during the quarter. Loan production totaled $148.2 million while $112.2 million of loans were paid off since December 31, 2023.
•The allowance for credit losses (ACL) was $9.8 million at December 31, 2024 and $9.7 million at December 31, 2023. As a result, the ACL to total loans was 0.90% at December 31, 2024 and 0.87% at December 31, 2023. During the current year, the Company recorded a net provision for credit losses of $570,000.
•Net charge-offs for the three months ended December 31, 2024 were $157,000, or 0.06% of average loans on an annualized basis. Net recoveries for the three months ended December 31, 2023 were $6,000, or 0.00% of average loans on an annualized basis. Net charge-offs for the year ended December 31, 2024 were $281,000. Net recoveries for the year ended December 31, 2023 were $557,000 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 $1.8 million at December 31, 2024 and $2.2 million at December 31, 2023. Nonperforming loans to total loans ratio was 0.16% at December 31, 2024 and 0.20% at December 31, 2023.
Other
•Accrued interest and other assets increased $7.2 million or 29.6%, to $31.5 million at December 31, 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 $17.9 million, or 1.4%, to $1.33 billion at December 31, 2024 compared to $1.32 billion at December 31, 2023.
Deposits
•Total deposits increased $16.4 million to $1.28 billion as of December 31, 2024 compared to $1.27 billion at December 31, 2023. Time deposits increased $66.2 million and money market deposits increased $30.4 million while interest-bearing demand, savings and non interest-bearing demand deposits decreased $46.2 million, $24.2 million and $9.9 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 $10.0 million of brokered time deposits during the period. Brokered time deposits totaled $39.0 million as of December 31, 2024 compared to $29.0 million at December 31, 2023, all of which mature within three months and were utilized to fund the purchase of floating rate CLO securities. At December 31, 2024, FDIC insured deposits totaled approximately 62.5% of total deposits while an additional 15.9% of total deposits were collateralized with investment securities.
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Accrued Interest Payable and Other Liabilities
•Accrued interest payable and other liabilities increased $1.5 million, or 10.4%, to $16.0 million at December 31, 2024, compared to $14.4 million at December 31, 2023 primarily due to a $5.0 million unfunded commitment related to a low-income housing tax credit project.

Stockholders’ Equity
Stockholders’ equity increased $7.5 million, or 5.4%, to $147.4 million at December 31, 2024, compared to $139.8 million at December 31, 2023. The key factor positively impacting stockholders’ equity was $12.6 million of net income for the current year partially offset by the payment of $5.1 million in dividends since December 31, 2023 and and a $488,000 increase in accumulated other comprehensive loss.
Book value per share
Book value per common share was $28.71 at December 31, 2024 compared to $27.32 at December 31, 2023, an increase of $1.39.

Tangible book value per common share (Non-GAAP) was $26.82 at December 31, 2024, compared to $25.23 at December 31, 2023, an increase of $1.59.

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 Data12/31/249/30/246/30/243/31/2412/31/23
Assets
Cash and Due From Banks$49,572 $147,325 $142,600 $73,691 $68,223 
Securities262,153 270,881 268,769 232,276 207,095 
Loans Held for Sale900 428 632 200 — 
Loans 
Real Estate: 
Residential337,990 338,926 342,689 346,938 347,808 
Commercial485,513 464,354 458,724 470,430 467,154 
Construction54,705 43,515 44,038 44,323 43,116 
Commercial and Industrial112,047 108,554 112,395 103,313 111,278 
Consumer70,508 80,004 90,357 100,576 111,643 
Other31,863 30,402 30,491 30,763 29,397 
Total Loans1,092,626 1,065,755 1,078,694 1,096,343 1,110,396 
Allowance for Credit Losses(9,805)(9,479)(9,527)(9,582)(9,707)
Loans, Net1,082,821 1,056,276 1,069,167 1,086,761 1,100,689 
Premises and Equipment, Net20,708 20,838 20,326 19,548 19,704 
Bank-Owned Life Insurance24,209 24,057 23,910 23,763 25,378 
Goodwill9,732 9,732 9,732 9,732 9,732 
Intangible Assets, Net— 88 353 617 958 
Accrued Interest Receivable and Other Assets31,469 32,116 24,770 26,501 24,312 
Total Assets$1,481,564 $1,561,741 $1,560,259 $1,473,089 $1,456,091 
Liabilities
Deposits
Noninterest-Bearing Demand Accounts$267,896 $267,022 $269,964 $275,182 $277,747 
Interest-Bearing Demand Accounts316,764 326,505 324,688 323,134 362,994 
Money Market Accounts231,458 220,789 229,998 208,375 201,074 
Savings Accounts170,530 172,354 179,081 190,206 194,703 
Time Deposits296,869 367,150 346,037 265,597 230,641 
Total Deposits1,283,517 1,353,820 1,349,768 1,262,494 1,267,159 
Other Borrowings34,718 34,708 34,698 34,688 34,678 
Accrued Interest Payable and Other Liabilities15,951 24,073 32,911 34,317 14,420 
Total Liabilities1,334,186 1,412,601 1,417,377 1,331,499 1,316,257 
Stockholders’ Equity147,378 149,140 142,882 141,590 139,834 
Total Liabilities and Stockholders’ Equity$1,481,564 $1,561,741 $1,560,259 $1,473,089 $1,456,091 
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(Dollars in thousands, except share and per share data) (Unaudited)
 Three Months EndedYear Ended
Selected Operating Data12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
Interest and Dividend Income:
Loans, Including Fees$14,930 $14,945 $14,670 $14,838 $14,804 $59,383 $54,650 
Securities:
Taxable3,096 3,289 2,844 2,303 1,164 11,533 4,017 
Tax-Exempt— — — — 33 — 157 
Dividends27 28 27 27 32 110 106 
Other Interest and Dividend Income1,378 1,511 1,398 818 872 5,105 3,295 
Total Interest and Dividend Income19,431 19,773 18,939 17,986 16,905 76,131 62,225 
Interest Expense:
Deposits7,492 7,892 7,065 5,991 5,336 28,441 16,433 
Short-Term Borrowings— — — — 26 — 32 
Other Borrowings407 407 404 404 407 1,622 1,207 
Total Interest Expense7,899 8,299 7,469 6,395 5,769 30,063 17,672 
Net Interest and Dividend Income11,532 11,474 11,470 11,591 11,136 46,068 44,553 
Provision (Recovery) for Credit Losses - Loans483 25 12 (143)(1,147)379 (284)
Provision (Recovery) for Credit Losses - Unfunded Commitments200 (66)(48)106 (273)191 (218)
Net Interest and Dividend Income After Net Provision (Recovery) for Credit Losses10,849 11,515 11,506 11,628 12,556 45,498 45,055 
Noninterest Income:
Service Fees460 451 354 415 460 1,680 1,819 
Insurance Commissions1 1 1 2 969 6 5,839 
Other Commissions63 104 22 62 60 251 521 
Net Gain on Sales of Loans3 18 9 22 2 52 — 
Net Gain (Loss) on Securities3 245 (31)(166)(9,830)51 (10,199)
Net Gain on Purchased Tax Credits12 12 12 12 7 49 29 
Gain on Sale of Subsidiary— 138 — — 24,578 138 24,578 
    Net Gain on Disposal of Premises and Equipment— — — 274 — 274 11 
Income from Bank-Owned Life Insurance152 147 147 148 151 594 576 
Net Gain on Bank-Owned Life Insurance Claims— — — 915 — 915 303 
Other Income961 117 174 232 121 1,484 535 
Total Noninterest Income1,655 1,233 688 1,916 16,518 5,494 24,012 
Noninterest Expense:
Salaries and Employee Benefits5,258 4,561 4,425 4,576 6,224 18,821 21,903 
Occupancy652 755 940 749 810 3,096 2,998 
Equipment313 280 298 264 298 1,155 1,064 
Data Processing832 772 1,011 692 726 3,308 3,014 
Federal Deposit Insurance Corporation Assessment172 177 161 129 189 639 754 
Pennsylvania Shares Tax301 265 297 297 217 1,161 889 
Contracted Services522 431 390 281 299 1,623 1,166 
Legal and Professional Fees268 297 208 212 434 985 1,182 
Advertising137 141 78 129 158 484 426 
Other Real Estate Owned (Income)34 2 37 (23)(36)50 (115)
Amortization of Intangible Assets88 264 264 341 430 958 1,766 
Other Expense876 837 875 781 1,016 3,369 3,735 
Total Noninterest Expense9,453 8,782 8,984 8,428 10,765 35,649 38,782 
Income Before Income Tax Expense3,051 3,966 3,210 5,116 18,309 15,343 30,285 
Income Tax Expense522 747 560 920 5,343 2,749 7,735 
Net Income $2,529 $3,219 $2,650 $4,196 $12,966 $12,594 $22,550 
7

Three Months EndedYear Ended
Per Common Share Data12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
Dividends Per Common Share$0.25 $0.25 $0.25 $0.25 $0.25 $1.00 $1.00 
Earnings Per Common Share - Basic0.49 0.63 0.52 0.82 2.53 2.45 4.41 
Earnings Per Common Share - Diluted0.46 0.60 0.51 0.82 2.52 2.38 4.40 
Weighted Average Common Shares Outstanding - Basic5,126,782 5,137,586 5,142,139 5,129,903 5,119,184 5,134,092 5,113,978 
Weighted Average Common Shares Outstanding - Diluted5,544,829 5,346,750 5,152,657 5,142,286 5,135,997 5,302,522 5,122,916 
12/31/249/30/246/30/243/31/2412/31/23
Common Shares Outstanding5,132,654 5,129,921 5,141,911 5,142,901 5,118,713 
Book Value Per Common Share$28.71 $29.07 $27.79 $27.53 $27.32 
Tangible Book Value per Common Share (1)
26.82 27.16 25.83 25.52 25.23 
Stockholders’ Equity to Assets9.9 %9.5 %9.2 %9.6 %9.6 %
Tangible Common Equity to Tangible Assets (1)
9.4 9.0 8.6 9.0 8.9 
Three Months EndedYear Ended
Selected Financial Ratios (2)
12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
Return on Average Assets0.65 %0.84 %0.71 %1.17 %3.62 %0.84 %1.60 %
Return on Average Equity6.80 8.80 7.58 12.03 44.99 8.77 19.42 
Average Interest-Earning Assets to Average Interest-Bearing Liabilities133.33 133.26 135.69 137.07 138.67 134.78 141.85 
Average Equity to Average Assets9.63 9.54 9.36 9.72 8.04 9.56 8.25 
Net Interest Rate Spread2.41 2.36 2.44 2.67 2.56 2.47 2.73 
Net Interest Rate Spread (FTE) (1)
2.42 2.38 2.46 2.68 2.57 2.48 2.74 
Net Interest Margin3.12 3.11 3.18 3.36 3.19 3.19 3.28 
Net Interest Margin (FTE) (1)
3.13 3.12 3.19 3.37 3.21 3.20 3.29 
Net Charge-Offs (Recoveries) to Average Loans
0.06 0.03 0.02 (0.01)— 0.03 (0.05)
Efficiency Ratio71.68 69.11 73.89 62.40 38.93 69.14 56.56 
Asset Quality Ratios12/31/249/30/246/30/243/31/2412/31/23
Allowance for Credit Losses to Total Loans0.90 %0.89 %0.88 %0.87 %0.87 %
Allowance for Credit Losses to Nonperforming Loans (3)
548.07 463.07 513.03 437.73 433.35 
Delinquent and Nonaccrual Loans to Total Loans (4)
0.72 0.98 0.53 0.63 0.62 
Nonperforming Loans to Total Loans (3)
0.16 0.19 0.17 0.20 0.20 
Nonperforming Assets to Total Assets (5)
0.12 0.14 0.13 0.15 0.16 
Capital Ratios (6)
12/31/249/30/246/30/243/31/2412/31/23
Common Equity Tier 1 Capital (to Risk Weighted Assets)14.78 %14.79 %14.62 %14.50 %13.64 %
Tier 1 Capital (to Risk Weighted Assets)14.78 14.79 14.62 14.50 13.64 
Total Capital (to Risk Weighted Assets)15.79 15.76 15.61 15.51 14.61 
Tier 1 Leverage (to Adjusted Total Assets)9.98 9.96 9.98 10.28 10.19 
(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
 December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 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)
$1,066,304 $14,975 5.59 %$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 %
Debt Securities
Taxable284,002 3,096 4.36 288,208 3,289 4.56 266,021 2,844 4.28 235,800 2,303 3.91 206,702 1,164 2.25 
Tax-Exempt— — — — — — — — — — — — 4,833 42 3.48 
Equity Securities2,693 27 4.01 2,693 28 4.16 2,693 27 4.01 2,693 27 4.01 2,693 32 4.75 
Interest-Earning Deposits at Banks114,245 1,338 4.68 111,131 1,448 5.21 101,277 1,313 5.19 58,887 733 4.98 67,450 808 4.79 
Other Interest-Earning Assets3,070 40 5.18 3,108 63 8.06 3,154 85 10.84 3,235 85 10.57 3,387 64 7.50 
Total Interest-Earning Assets1,470,314 19,476 5.27 1,469,086 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 
Noninterest-Earning Assets65,786 57,602 53,564 54,910 38,464 
Total Assets$1,536,100 $1,526,688 $1,503,164 $1,443,414 $1,421,813 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts $328,129 $1,838 2.23 %$316,301 $1,923 2.42 %$325,069 $1,858 2.30 %$334,880 $1,794 2.15 %$362,018 $1,965 2.15 %
Money Market Accounts227,606 1,821 3.18 217,148 1,726 3.16 214,690 1,646 3.08 203,867 1,514 2.99 205,060 1,441 2.79 
Savings Accounts170,612 45 0.10 175,753 46 0.10 184,944 52 0.11 191,444 59 0.12 200,737 57 0.11 
Time Deposits341,686 3,788 4.41 358,498 4,197 4.66 308,956 3,509 4.57 248,118 2,624 4.25 193,188 1,873 3.85 
Total Interest-Bearing Deposits1,068,033 7,492 2.79 1,067,700 7,892 2.94 1,033,659 7,065 2.75 978,309 5,991 2.46 961,003 5,336 2.20 
Short-Term Borrowings— — — — — — 2 — — — — — 1,902 26 5.42 
Other Borrowings34,713 407 4.66 34,702 407 4.67 34,692 404 4.68 34,682 404 4.69 34,673 407 4.66 
Total Interest-Bearing Liabilities1,102,746 7,899 2.85 1,102,402 8,299 2.99 1,068,353 7,469 2.81 1,012,991 6,395 2.54 997,578 5,769 2.29 
Noninterest-Bearing Demand Deposits267,598 263,650 272,280 278,691 305,789 
Total Funding and Cost of Funds
1,370,344 2.29 1,366,052 2.42 1,340,633 2.24 1,291,682 1.99 1,303,367 1.76 
Other Liabilities17,883 15,043 21,867 11,441 4,119 
Total Liabilities1,388,227 1,381,095 1,362,500 1,303,123 1,307,486 
Stockholders' Equity147,873 145,593 140,664 140,291 114,327 
Total Liabilities and Stockholders' Equity$1,536,100 $1,526,688 $1,503,164 $1,443,414 $1,421,813 
Net Interest Income (FTE)
(Non-GAAP) (3)
$11,577 $11,516 $11,511 $11,630 $11,181 
Net Interest-Earning Assets (4)
367,568 366,684 381,247 375,513 385,771 
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
2.42 %2.38 %2.46 %2.68 %2.57 %
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
3.13 3.12 3.19 3.37 3.21 
(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
Year Ended
December 31, 2024December 31, 2023
Average BalanceInterest and DividendsYield /CostAverage BalanceInterest and DividendsYield / Cost
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (1)
$1,073,601 $59,544 5.55 %$1,076,928 $54,763 5.09 %
Debt Securities
Taxable268,604 11,533 4.29 208,472 4,017 1.93 
Exempt From Federal Tax— — — 5,821 199 3.42 
Marketable Equity Securities2,693 110 4.08 2,693 106 3.94 
Interest-Earning Deposits at Banks96,474 4,831 5.01 61,638 3,084 5.00 
Other Interest-Earning Assets3,142 274 8.72 3,027 211 6.97 
Total Interest-Earning Assets1,444,514 76,292 5.28 1,358,579 62,380 4.59 
Noninterest-Earning Assets57,986 48,448 
Total Assets$1,502,500 $1,407,027 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts$326,073 $7,414 2.27 %$354,060 $6,741 1.90 %
Savings Accounts180,647 202 0.11 220,146 202 0.09 
Money Market Accounts215,864 6,706 3.11 199,962 4,554 2.28 
Time Deposits 314,510 14,119 4.49 156,310 4,936 3.16 
Total Interest-Bearing Deposits 1,037,094 28,441 2.74 930,478 16,433 1.77 
Short-Term Borrowings— — — 931 32 3.44 
Other Borrowings34,697 1,622 4.67 26,328 1,207 4.58 
Total Interest-Bearing Liabilities1,071,791 30,063 2.80 957,737 17,672 1.85 
Noninterest-Bearing Demand Deposits270,528 326,408 
Total Funding and Cost of Funds
1,342,319 2.24 1,284,145 1.38 
Other Liabilities16,559 6,764 
Total Liabilities1,358,878 1,290,909 
Stockholders' Equity143,622 116,118 
Total Liabilities and Stockholders' Equity$1,502,500 $1,407,027 
Net Interest Income (FTE) (Non-GAAP) (2)
46,229 44,708 
Net Interest-Earning Assets (3)
372,723 400,842 
Net Interest Rate Spread (FTE) (Non-GAAP) (2)(4)
2.48 %2.74 %
Net Interest Margin (FTE) (Non-GAAP) (2)(5)
3.20 3.29 
(1)    Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(2)    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.
(3)    Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)    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.
(5)    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.

12/31/249/30/246/30/243/31/2412/31/23
(Dollars in thousands, except share and per share data) (Unaudited)
Total Assets (GAAP)
$1,481,564 $1,561,741 $1,560,259 $1,473,089 $1,456,091 
Goodwill and Intangible Assets, Net(9,732)(9,820)(10,085)(10,349)(10,690)
Tangible Assets (Non-GAAP) (Numerator)$1,471,832 $1,551,921 $1,550,174 $1,462,740 $1,445,401 
Stockholders' Equity (GAAP)$147,378 $149,140 $142,882 $141,590 $139,834 
Goodwill and Intangible Assets, Net(9,732)(9,820)(10,085)(10,349)(10,690)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)$137,646 $139,320 $132,797 $131,241 $129,144 
Stockholders’ Equity to Assets (GAAP)9.9 %9.5 %9.2 %9.6 %9.6 %
Tangible Common Equity to Tangible Assets (Non-GAAP)9.4 %9.0 %8.6 %9.0 %8.9 %
Common Shares Outstanding (Denominator)5,132,654 5,129,921 5,141,911 5,142,901 5,118,713 
Book Value per Common Share (GAAP)$28.71 $29.07 $27.79 $27.53 $27.32 
Tangible Book Value per Common Share (Non-GAAP)$26.82 $27.16 $25.83 $25.52 $25.23 

Three Months EndedYear Ended
12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP)$2,529 $3,219 $2,650 $4,196 $12,966 $12,594 $22,550 
Amortization of Intangible Assets, Net88 264 264 341 430 958 1,766 
Adjusted Net Income (Non-GAAP) (Numerator)$2,617 $3,483 $2,914 $4,537 $13,396 $13,552 $24,316 
Annualization Factor3.98 3.98 4.02 4.02 3.97 1.00 1.00 
Average Stockholders' Equity (GAAP)$147,873 $145,593 $140,664 $140,291 $114,327 $143,622 $116,118 
Average Goodwill and Intangible Assets, Net(9,758)(9,987)(10,242)(10,553)(11,829)(10,134)(12,426)
Average Tangible Common Equity (Non-GAAP) (Denominator)$138,115 $135,606 $130,422 $129,738 $102,498 $133,488 $103,692 
Return on Average Equity (GAAP)6.80 %8.80 %7.58 %12.03 %44.99 %8.77 %19.42 %
Return on Average Tangible Common Equity (Non-GAAP)7.54 %10.22 %8.99 %14.07 %51.85 %10.15 %23.45 %
11

Three Months EndedYear Ended
12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)$19,431 $19,773 $18,939 $17,986 $16,905 $76,131 $62,225 
Adjustment to FTE Basis45 42 41 39 45 161 155 
Interest Income (FTE) (Non-GAAP)19,476 19,815 18,980 18,025 16,950 76,292 62,380 
Interest Expense (GAAP)7,899 8,299 7,469 6,395 5,769 30,063 17,672 
Net Interest Income (FTE) (Non-GAAP)$11,577 $11,516 $11,511 $11,630 $11,181 $46,229 $44,708 
Net Interest Rate Spread (GAAP)2.41 %2.36 %2.44 %2.67 %2.56 %2.47 %2.73 %
Adjustment to FTE Basis0.01 0.02 0.02 0.01 0.01 0.01 0.01 
Net Interest Rate Spread (FTE) (Non-GAAP)2.42 %2.38 %2.46 %2.68 %2.57 %2.48 %2.74 %
Net Interest Margin (GAAP)3.12 %3.11 %3.18 %3.36 %3.19 %3.19 %3.28 %
Adjustment to FTE Basis0.01 0.01 0.01 0.01 0.02 0.01 0.01 
Net Interest Margin (FTE) (Non-GAAP)3.13 %3.12 %3.19 %3.37 %3.21 %3.20 %3.29 %

Three Months EndedYear Ended
12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
(Dollars in thousands) (Unaudited)
Income Before Income Tax Expense (GAAP)$3,051 $3,966 $3,210 $5,116 $18,309 $15,343 $30,285 
Net Provision (Recovery) for Credit Losses683 (41)(36)(37)(1,420)570 (502)
Adjustments
Net (Gain) Loss on Securities(3)(245)31 166 9,830 (51)10,199 
Gain on Sale of Subsidiary— (138)— — (24,578)(138)(24,578)
Net Gain on Disposal of Premises and Equipment— — — (274)— (274)(11)
Earn-out Payment Related to the Sale of EU(708)— — — — (708)— 
Net Gain on Bank-Owned Life Insurance Claims— — — (915)— (915)(303)
Adjusted PPNR (Non-GAAP) (Numerator)$3,023 $3,542 $3,205 $4,056 $2,141 $13,827 $15,090 
Annualization Factor3.98 3.98 4.02 4.02 3.97 1.00 1.00 
Average Assets (Denominator)$1,536,100 $1,526,688 $1,503,164 $1,443,414 $1,421,813 $1,502,500 $1,407,027 
Adjusted PPNR Return on Average Assets (Non-GAAP)0.78 %0.92 %0.86 %1.13 %0.60 %0.92 %1.07 %
12

Three Months EndedYear Ended
12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
(Dollars in thousands, except share and per share data) (Unaudited)
Net Income (GAAP)$2,529 $3,219 $2,650 $4,196 $12,966 $12,594 $22,550 
Adjustments
Net (Gain) Loss on Securities(3)(245)31 166 9,830 (51)10,199 
Gain on Sale of Subsidiary— (138)— — (24,578)(138)(24,578)
Net Gain on Disposal of Premises and Equipment— — — (274)— (274)(11)
Earn-out Payment Related to the Sale of EU(708)— — — — (708)— 
Net Gain on Bank-Owned Life Insurance Claims— — — (915)— (915)(303)
Tax effect149 90 (7)23 4,843 256 4,767 
Adjusted Net Income (Non-GAAP)$1,967 $2,926 $2,674 $3,196 $3,061 $10,764 $12,624 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding5,544,829 5,346,750 5,152,657 5,142,286 5,135,997 5,302,522 5,122,916 
Earnings per Common Share - Diluted (GAAP)$0.46 $0.60 $0.51 $0.82 $2.52 $2.38 $4.40 
Adjusted Earnings per Common Share - Diluted (Non-GAAP)$0.35 $0.55 $0.52 $0.62 $0.60 $2.03 $2.46 
Net Income (GAAP) (Numerator)$2,529 $3,219 $2,650 $4,196 $12,966 $12,594 $22,550 
Annualization Factor3.98 3.98 4.02 4.02 3.97 1.00 1.00 
Average Assets (Denominator)1,536,100 1,526,688 1,503,164 1,443,414 1,421,813 1,502,500 1,407,027 
Return on Average Assets (GAAP)0.65 %0.84 %0.71 %1.17 %3.62 %0.84 %1.60 %
Adjusted Net Income (Non-GAAP) (Numerator)$1,967 $2,926 $2,674 $3,196 $3,061 $10,764 $12,624 
Annualization Factor3.98 3.98 4.02 4.02 3.97 1.00 1.00 
Average Assets (Denominator)1,536,100 1,526,688 1,503,164 1,443,414 1,421,813 1,502,500 1,407,027 
Adjusted Return on Average Assets (Non-GAAP)0.51 %0.76 %0.72 %0.89 %0.85 %0.72 %0.90 %
Three Months EndedYear Ended
12/31/249/30/246/30/243/31/2412/31/2312/31/2412/31/23
(Dollars in thousands) (Unaudited)
Net Income (GAAP) (Numerator)$2,529 $3,219 $2,650 $4,196 $12,966 $12,594 $22,550 
Annualization Factor3.98 3.98 4.02 4.02 3.97 1.00 1.00 
Average Equity (GAAP) (Denominator)147,873 145,593 140,664 140,291 114,327 143,622 116,118 
Return on Average Equity (GAAP)6.80 %8.80 %7.58 %12.03 %44.99 %8.77 %19.42 %
Adjusted Net Income (Non-GAAP) (Numerator)$1,967 $2,926 $2,674 $3,196 $3,061 $10,764 $12,624 
Annualization Factor3.98 3.98 4.02 4.02 3.97 1.00 1.00 
Average Equity (GAAP) (Denominator)147,873 145,593 140,664 140,291 114,327 143,622 116,118 
Adjusted Return on Average Equity (Non-GAAP)5.29 %8.00 %7.65 %9.16 %10.62 %7.49 %10.87 %
13
The Q4 2024 Investor Presentation should be read in conjunction with the Earnings Release furnished in Exhibit 99.1 to Form 8K furnished with the SEC on January 29, 2025.

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 2 2025 Macro Outlook Item Comment Monetary Policy The Federal Reserve's rate cuts are anticipated to continue although at a slower pace, which could impact pricing on deposits, borrowings and loans. Interest rate and liquidity management are primary components to managing impact. Inflation/Demand Inflationary pressures may persist, however pent up demand and new economic policies may drive economic activity. Cost-control measures and pricing strategies are critical to remain competitive. Regulatory Environment Evolving regulations may impact operations and compliance costs. Risk management (cybersecurity and data privacy in particular) is on the forefront with continued shift to digital channels. Market Dynamics Competitive pressures and market conditions will require agile and innovative strategies to remain relevant while prioritizing client experience to build loyalty and differentiation. Overall, while there are positive factors, CB will need to remain vigilant and adaptable to navigate the uncertainties and complexities of the macroeconomic landscape in 2025.

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 3 Strategic Focus Treasury Management & Commercial Banking Strategy Strategic Focus Objectives Results CB's footprint contains highly concentrated markets and there is opportunity to gain market share in Commercial Banking and Treasury Services. Build and develop a Treasury Management (TM) and Specialized Deposit Division that provides a first class client experience. In 2024, the Bank retained Jim Mele, a seasoned veteran with an established track record of success, to start building and developing TM and Specialized Deposit Division (initial phase to be completed by 4Q25 - Est. 2025 personnel costs of $1.1 million). Targeted investments related to technology and systems to develop new products and processes, with a focus on ensuring a positive client experience. Leverage existing core system strengths and enhance with new TM products and processes with an exceptional client experience as the primary goal. Agreements are signed and plans are in process to upgrade current or implement new technology and develop products (initial phase to be completed in 3Q25 - Est. 2025 cost of $700,000). Treasury Services are the least commoditized deposits and servicing these accounts will generate growth in lower cost deposits and noninterest income. Enhance liquidity position with sticky, granular cost-effective deposits while also adding net fee income. Dependent on staffing the division, developing the products and implementing technology, deposit generation is expected to be approximately $120 million by the end of 4Q25. Combined with the expansion of the Bank's Commercial Banking team, this two pronged strategy brings the ability to improve net interest margin and net income. Be opportunistic in retaining talented Commercial Bankers to gain market share (initiate throughout 2025). The Bank is currently in the process of evaluating and hiring additional Commercial Banking talent (to be completed by 4Q25 - Est. 2025 personnel costs of $900,000). Expenses related to these strategies are expected to be offset with additional cost savings and incremental revenue.

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 4 Strategic Initiatives • Revenue Growth ▪ Outperform peer organic revenue growth • People, Culture & Innovation ▪ Upgrade our organizational culture, practices and structure to attract top talent and embed innovation • Digital Delivery & Transformation ▪ Leverage our upgraded, flexible and stable core platform • Client Experience ▪ Optimize our network and delivery channels through new technologies and improved processes to enhance our client experience, lower costs, mitigate risks and improve profitability • Improve Efficiency ▪ Streamline processes and procedures, make data based decisions Strategic Initiatives

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 5 Community Bank partners with individuals, businesses and communities to realize their dreams, protect their financial futures and improve their lives. Take Care of Each Other Always Do the Right Thing Be a Great Teammate Work Hard to Achieve Our Goals Give and Expect Mutual Respect Enjoy Life Everyday Be Positive Have a Sense of Urgency Client Experience First Our Mission Statement Our Core Values Our Cornerstone About Us

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 6 CB Financial Services, Inc. - Corporate Overview • Holding Company for Community Bank (Carmichaels, PA), serving the community since 1901 • Community Bank operates 12 full-service branch offices and two loan production offices in southwestern Pennsylvania and northern West Virginia • NASDAQ: CBFV Market Data CBFV Share Price $29.21 Shares Outstanding 5.1M Market Cap $149.9M Avg. 3 Mo. Daily Trading Volume 6,818 shares Insider Ownership 9.02% Institutional Ownership 39.11% Dividend Yield 3.44% Total Stockholders' Equity $147.4M Book Value per Common Share $28.71 Tangible Book Value per Common Share (1) $26.82 Price to Book Value 1.00x Price to Tangible Book Value (1) 1.07x P/E LTM (LTM EPS of $2.39) 12.22x ◦ All daily trading information/multiples as of January 27, 2025 ◦ All other financial information as of December 31, 2024 Washington Waynesburg Moundsville Canonsburg Uniontown Branches/ITM LPO Operations (1) Non GAAP financial measure.

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 7 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 clients 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.

 
Q4 2024 Financial Highlights

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 9 Q4 2024 Highlights Earnings (for the three months ended December 31, 2024 unless otherwise noted) • Solid earnings. Net income was $2.5 million, with diluted earnings per share of $0.46. Pre-provision net revenue (PPNR) (non-GAAP) was $3.7 million. • Margin. Net interest income was $11.5 million, an increase of 0.5% from Q3 2024. Net interest margin was 3.12%, up 1 bp from Q3 2024. • Positive returns. Return on average tangible common equity (non-GAAP) was 7.54% for Q4 2024. • Diversified revenue sources. Noninterest income represents 7.8% of operating revenues. Balance Sheet & Asset Quality (as of December 31, 2024 unless otherwise noted) • Steady loan portfolio. Net loans ($1.08 billion) increased 2.5% from September 30, 2024 due to commercial lending efforts. • Strong deposit base. Deposits ($1.28 billion) decreased 5.2% from September 30, 2024 primarily due to a decrease in brokered time deposits. • High concentration of core deposits. Core deposits (non-time) were 77% of total deposits at December 31, 2024. • Limited wholesale funding. Borrowings to total assets was 2.3% and brokered time deposits to total assets was 2.6% at December 31, 2024. • Strong credit quality. Nonperforming loans to total loans was 0.16% and nonperforming assets to total assets was 0.12% as of December 31, 2024. Annualized net charge-offs to average loans for the current quarter was 0.06%. Liquidity and Capital Strength (as of December 31, 2024 unless otherwise noted) • Significant available liquidity. Cash on deposit was $49.6 million and available borrowing capacity was $601.6 million. Available liquidity covers 369% of uninsured/non-collateralized deposits. • Low-risk deposit base. Insured/collateralized deposits account for 78.4% of total deposits. • Well-capitalized. The Bank's Tier 1 Leverage ratio was 9.98% at December 31, 2024, compared to 10.19% at December 31, 2023. • Increasing shareholder value. TBV per common share (non-GAAP) was $26.82 at December 31, 2024, compared to $25.83 at December 31, 2023. • Stock Repurchase Plan. Attractive way to return capital to shareholders.

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 10 Financial Highlights Change ($000s except per share) Q4 2024 Q3 2024 Q4 2023 Balance Sheet     Total Loans (Net Allowance) $ 1,082,821 $ 26,545 $ (17,868) Total Deposits 1,283,517 (70,303) 16,358       Income Statement     Net Interest Income 11,532 58 396 Provision for Credit Losses 683 724 2,103 Noninterest Income (excl Net Gain (Loss) on Investment Securities) 1,652 664 (24,696) Noninterest Expense 9,453 671 (1,312) Income Tax Expense 522 (225) (4,821) Net Income 2,529 (690) (10,437) Performance Ratios Earnings Per Share, Diluted $ 0.46 $ (0.14) $ (2.04) Net Interest Margin(1) 3.12 % 0.01 % (0.07) % ROAA(1) 0.65 % (0.19) % (2.97) % ROATCE(1)(2) 7.54 % (2.68) % (44.31) % NCOs/Average Loans(1) 0.06 % 0.03 % 0.06 % Tangible Book Value per Share(2) $ 26.82 $ (0.34) $ 1.59 Tangible Equity Ratio (TCE / TA)(2) 9.35 % 0.37 % 0.42 % Capital Ratios (Bank Only) Tier 1 Leverage 9.98 % 0.03 % (0.21) % Common Equity Tier 1 Capital 14.78 % (0.01) % 1.13 % Tier 1 Capital 14.78 % (0.01) % 1.13 % Total Risk-Based Capital 15.79 % 0.03 % 1.18 % Q4 2024 Results Overview (1) Annualized (2) Non-GAAP Calculation in Press Release (3) Comparisons are to Q3 2024 unless otherwise noted Quarterly Highlights(3) Balance Sheet: • Loans increased $26.5 million as a result of commercial lending efforts. • Deposits decreased $70.3 million largely due to a $60.6 million decrease in brokered time deposits. • Tangible book value per share (non-GAAP) was $26.82. Earnings and Capital: • Net income was $2.5 million and diluted EPS was $0.46. • Net interest margin(1) was up 1 bp to 3.12%. Interest income for Q4 2024 included $313,000 related to the payoff of a loan previously on nonaccrual. • Noninterest income increased due to a $708,000 annual earn- out payment related to the December 2023 sale of Exchange Underwriters ("EU") recognized during Q4 2024. • Noninterest expense increased 7.6% due to costs associated with salaries and benefits. • Effective Tax Rate was 17.1%. • Tier 1 Leverage ratio was 9.98%.

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 11 Financial Trends - Balance Sheet Total Net LoansTotal Assets Total Deposits Total Stockholders' Equity in m ill io ns $1,456 $1,473 $1,560 $1,562 $1,482 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 $1,300 $1,400 $1,500 $1,600 in m ill io ns $1,101 $1,087 $1,069 $1,056 $1,083 Net Loans Yield on Loans 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 $1,000 $1,025 $1,050 $1,075 $1,100 $1,125 5.00% 5.20% 5.40% 5.60% 5.80% 6.00% in m ill io ns $1,267 $1,262 $1,350 $1,354 $1,284 Total Deposits Cost of Interest Bearing Deposits 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 $1,150 $1,200 $1,250 $1,300 $1,350 $1,400 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% in m ill io ns $140 $142 $143 $149 $147 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 $120 $130 $140 $150

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 12 Financial Trends - Earnings and Profitability Net Income / PPNR (non-GAAP) Earnings Per Share (EPS) - Diluted in th ou sa nd s $12,966 $4,196 $2,650 $3,219 $2,529 $16,889 $5,079 $3,174 $3,925 $3,734 Net Income PPNR Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $— $5,000 $10,000 $15,000 $20,000 $2.52 $0.82 $0.51 $0.60 $0.46 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $— $1.00 $2.00 $3.00 Annualized Return on Average Equity (ROAE) 44.99% 12.03% 7.58% 8.80% 6.80% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 —% 20.00% 40.00% 60.00% Annualized Return on Average Assets (ROAA) 3.62% 1.17% 0.71% 0.84% 0.65% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 —% 1.00% 2.00% 3.00% 4.00%

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 13 Financial Trends - Earnings and Profitability Total Revenue (non-GAAP) Highlights - Noninterest Income (adj.) Efficiency Ratio $11,136 $11,591 $11,470 $11,474 $11,532 $801 $891 $718 $849 $943 Net Interest Income Noninterest Income (adj.) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $7,500 $10,000 $12,500 38.9% 62.4% 73.9% 69.1% 71.7% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 20.0% 40.0% 60.0% 80.0% Net Interest Margin (NIM) (non-GAAP) (1) 4.86% 5.22% 5.27% 5.37% 5.27% 3.21% 3.37% 3.19% 3.12% 3.13% 1.76% 1.99% 2.24% 2.42% 2.29% Yield on Earning Assets Net Interest Margin (FTE) Cost of Funds Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 —% 2.00% 4.00% 6.00% • All periods exclude gains/losses on securities. • Q4 2023 - excludes a gain on the sale of Exchange Underwriters ("EU") of $24.6 million and insurance commissions of $969,000 (prior to the sale of EU). • Q1 2024 - excludes a $915,000 gain on bank-owned life insurance and a $274,000 gain on a sales leaseback transaction. • Q3 2024 - excludes an additional gain of $138,000 related to the sale of EU. • Q4 2024 - excludes a $708,000 earn-out payment from sale of EU. (1) Non-GAAP Calculation in Press Release $11,136 $11,591 $11,470 $11,474 $11,532 $16,518 $1,916 $688 $1,233 $1,655 Net Interest Income Noninterest Income Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $— $10,000 $20,000 $30,000

 
Deposit Composition / Characteristics

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 15 Deposit Mix and Cost 20.9% 24.7% 18.0% 13.3% 23.1% Non-Interest Bearing Demand Interest Bearing Demand Money Market Accounts Savings Accounts Time Deposits Deposit Mix Cost of Interest-Bearing Deposits 2.20% 2.46% 2.75% 2.94% 2.79% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 —% 1.00% 2.00% 3.00% 4.00% Deposit Composition (in millions) 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 NIB Demand $ 277.7 $ 275.2 $ 270.0 $ 267.0 $ 267.9 IB Demand $ 363.0 $ 323.1 $ 324.7 $ 326.5 $ 316.8 Money Market $ 201.1 $ 208.4 $ 230.0 $ 220.8 $ 231.5 Savings Accounts $ 194.7 $ 190.2 $ 179.1 $ 172.4 $ 170.5 Organic Time Deposits $ 201.6 $ 223.6 $ 253.9 $ 267.5 $ 257.9 Brokered Time Deposits $ 29.0 $ 42.0 $ 92.1 $ 99.6 $ 39.0 Total Deposits $ 1,267.1 $ 1,262.5 $ 1,349.8 $ 1,353.8 $ 1,283.6 Highlights • Deposits increased $16.4 million, or 1.3%, from December 31, 2023. • Brokered time deposits were utilized to fund the purchase of floating rate CLO securities and mature within three months. • Mix shifting to higher-cost money market and time deposits. • Retaining deposits through short-term certificate offering at a cost favorable to alternative funding sources. • Cost of interest-bearing deposits was 2.79% for Q4 2024, compared to 2.94% for Q3 2024 and 2.20% for Q4 2023. 2.15% 2.15% 2.30% 2.42% 2.23% 2.79% 2.99% 3.08% 3.16% 3.18% 0.11% 0.12% 0.11% 0.10% 0.10% 3.83% 4.08% 4.32% 4.39% 4.29% 4.74% 5.30% 5.46% 5.36% 4.81% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% Noninterest- Bearing Interest- Bearing Money Market Accounts Savings Accounts Time Deposits $— $100,000 $200,000 $300,000 $400,000 21.9% 21.8% 20.0% 19.7% 20.9% 28.6% 25.6% 24.1% 24.1% 24.7% 15.9% 16.5% 17.0% 16.3% 18.0% 15.4% 15.1% 13.3% 12.7% 13.3% 15.9% 17.7% 18.8% 19.8% 20.1% 2.3% 3.3% 6.8% 7.4% 3.0% Noninterest-Bearing Interest-Bearing Money Market Accounts Savings Accounts Organic Time Deposits Brokered Time Deposits 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 16 Secure Deposit Base • In total, 78.4% of client deposits (non- brokered) are FDIC insured or collateralized with investment securities as of December 31, 2024, compared to 77.6% as of December 31, 2023. • Uninsured client deposits consist of business & retail deposits of 13.5% and 8.2% of total deposits, respectively. • At December 31, 2024, client deposits consisted of 59.2% retail, 25.6% business, and 15.2% public funds. • CB is focused on providing opportunities for uninsured depositors to move funds to alternate products, providing benefit to both clients and the Bank. FDIC Insured, 62.5% Collateralized, 15.9% Uninsured, 21.6% Source: Company information as of 12/31/2024 As of 12/31/2024

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 17 Strong Liquidity Position $3,945 2.4% $3,347 2.0% $50,363 30.8% $94,957 58.1% $8,123 5.0% $2,639 1.6% Government Agency Municipal MBS's CMO's Corporate Debt Marketable Equity Cash $49.6 million Investments $86.0 million Fed Capacity $84.0 million FHLB Capacity $467.6 million Other Capacity $50.0 million Available Liquidity of $737.2 million Highlights Source: Company information as of 12/31/2024 • Cash & Cash Equivalents totaled $49.6 million, or 3.3% of total assets. • Investment Securities totaled $262.2 million, with $176.2 million utilized as collateral for public fund deposits. All securities are classified as available-for-sale and marked to market. • Total borrowings totaled $34.7 million, or 2.3% of total assets and included $20.0 million in FHLB borrowings and $14.7 million in subordinated debt. • The Bank has $601.6 million in available borrowing capacity (FED, FHLB, Other). • Available liquidity covers 369% of uninsured/ non-collateralized deposits.

 
Loan Portfolio Composition

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 19 Loan Portfolio Composition Commercial & Industrial 10.3% Real Estate- Construction 5.0% Real Estate- Commercial 44.4% Real Estate- Residential 30.9% Consumer 6.5% Other 2.9% As of 12/31/2024 Loan Portfolio Detail dollars in millions 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 QoQ Change YoY Change Real Estate - Residential $ 347.8 $ 346.9 $ 342.7 $ 338.9 $ 338.0 (0.3)% (2.8)% Real Estate - Commercial 467.2 470.4 458.7 464.4 485.5 4.5% 3.9% Real Estate - Construction 43.1 44.3 44.0 43.5 54.7 25.7% 26.9% Commercial & Industrial 111.3 103.3 112.4 108.6 112.0 3.1% 0.6% Consumer 111.6 100.6 90.4 80.0 70.5 (11.9)% (36.8)% Other 29.4 30.8 30.5 30.4 31.9 4.9% 8.5% Total Loans $ 1,110.4 $ 1,096.3 $ 1,078.7 $ 1,065.8 $ 1,092.6 2.5% (1.6)% Highlights • Loans decreased $17.8 million, or 1.6%, from December 31, 2023 due primarily from exit of indirect lending. Loans increased $26.9 million, or 2.5% from September 30, 2024 due to growth in commercial lending portfolios. • Loan production for 2024 totaled $148.2 million while loans paid off totaled $112.2 million. • 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 commercial bankers.

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 20 Commercial Loan Portfolio Detail 25.3% 18.4% 16.5% 11.8% 5.8% 5.3% 2.8% 1.9% 1.1% 11.1% Retail Space Multifamily Warehouse Space Office Space Medical Facilities Manufacturing Hotels Senior Housing Oil & Gas 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 $ 122,928 $ 31,326 6.44 % $ 681 77.70 % $ 91,602 18.84 % $ 1,272 71.83 % Multifamily $ 89,142 $ — — % $ — — % $ 89,142 18.34 % $ 768 78.27 % Warehouse Space $ 80,139 $ 19,680 4.05 % $ 562 53.68 % $ 60,460 12.44 % $ 1,440 60.37 % Office Space $ 57,125 $ 8,258 1.70 % $ 318 86.86 % $ 48,867 10.05 % $ 888 67.80 % Medical Facilities $ 28,230 $ 9,064 1.86 % $ 697 76.69 % $ 19,167 3.94 % $ 1,065 63.66 % Manufacturing $ 25,775 $ 3,404 0.70 % $ 309 57.44 % $ 22,371 4.60 % $ 1,721 60.51 % Hotels $ 13,877 $ — — % $ — — % $ 13,877 2.85 % $ 1,388 59.85 % Senior Housing $ 9,300 $ 5,943 1.22 % $ 1,981 27.31 % $ 3,357 0.69 % $ 3,357 43.00 % Oil & Gas $ 5,258 $ 1,962 0.40 % $ 392 71.50 % $ 3,296 0.68 % $ 1,648 51.66 % Other $ 53,739 $ 32,204 6.64 % $ 374 54.91 % $ 21,533 4.56 % $ 718 61.31 % Total $ 485,513 $ 111,841 23.01 % $ 486 64.26 % $ 373,672 76.99 % $ 1,041 68.40 % • CRE loans represent 44.4% of our total loan portfolio. • Limited exposure to office space. • 23.0% of CRE loans are owner occupied. • Non-Owner Occupied CRE loans had an average LTV of 68.4% at the time of underwriting, whereas Owner Occupied CRE's were 64.3%. • Average Non-Owner Occupied CRE loan size is approximately $1.0 million, and Owner Occupied is approximately $486,000. • No loans are currently in deferral. • CRE loans are concentrated in the Pittsburgh metropolitan area. Source: Company information as of 12/31/2024

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 21 Consumer Loan Portfolio Detail 82.8% 15.3% 1.9% 1-4 Family Indirect Auto Other Consumer 28.6% 13.9% 19.8% 23.8% 10.7% 3.2% < 50% 50% - 59% 60% - 69% 70% - 79% 80% - 89% > 90% 43.8% 36.9% 13.1% 5.4% 0.8% > 800 740-799 700-739 661-699 < 660 Consumer Lending Portfolio - $408.9M Residential Real Estate Loan to Values (LTV's) - $338.4MIndirect Auto Portfolio by Max FICO Score- $61.1M Highlights • Residential loans represent 31.0% of our total loan portfolio. • 62.3% of residential loans carried an LTV of less than 70%, at the time of underwriting. • Indirect auto loans represent 5.5% of our total loan portfolio. • 80.7% of indirect auto loans are to borrowers with FICO scores greater than 740, at the time of underwriting. • The indirect auto lending program was discontinued in Q2 2023 to prioritize more profitable commercial lending products. Source: Company information as of 12/31/2024 Source: Company information as of 12/31/2024 Source: Company information as of 12/31/2024

 
Asset Quality and Capital Ratios

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 23 Asset Quality Trends Net Charge-Offs (Recoveries) / Average Loans Allowance for Credit Losses / Total LoansNonperforming Assets / Total Assets $2,402 $2,189 $2,008 $2,197 $1,789 Nonperforming Assets NPA's / Assets 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 $— $1,000 $2,000 $3,000 0.08% 0.12% 0.16% 0.20% Nonperforming Loans / Total Loans $2,240 $2,189 $1,857 $2,047 $1,789 Nonperforming Loans (000's) Nonperforming/Total Loans 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 $— $800 $1,600 $2,400 0.15% 0.18% 0.21% 0.24% $(6) $(18) $67 $73 $157 Net Charge Offs (Recoveries) NCO's (Recoveries)/ Avg Loans Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $(50) $— $50 $100 $150 $200 (0.02)% —% 0.02% 0.04% 0.06% 0.08% 0.10% $9,707 $9,582 $9,527 $9,479 $9,805 Loan Loss Reserve ($000's) ALLL/ Total Loans 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 $— $4,000 $8,000 $12,000 0.85% 0.86% 0.87% 0.88% 0.89% 0.90%

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 24 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 13.64% 14.50% 14.62% 14.79% 14.78% Common Equity Tier 1 Capital Adequately Capitalized Well Capitalized 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 13.64% 14.50% 14.62% 14.79% 14.78% Tier 1 Capital Adequately Capitalized Well Capitalized 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Tier 1 Leverage (to Adjusted Total Assets) 10.19% 10.28% 9.98% 9.96% 9.98% Tier 1 Leverage Adequately Capitalized Well Capitalized 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 4.00% 6.00% 8.00% 10.00% 12.00% Total Capital (to Risk Weighted Assets) 14.61% 15.51% 15.61% 15.76% 15.79% Total Capital Adequately Capitalized Well Capitalized 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 8.00% 10.00% 12.00% 14.00% 16.00%

 
Conclusions

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 26 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 and active stock repurchase plan

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 27 ◦ Community bank model is highly-differentiated compared with large regional banks experiencing recent regulatory issues ◦ Intense focus on sales and service culture and quality product offerings which builds full relationships with our clients ◦ Utilize technology investments to enhance speed of process while improving client 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 area and across our footprint ◦ Defend our relatively low-cost deposit base which enables the bank to protect net interest margin ◦ 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 Concluding Thoughts

 
CB Financial Services, Inc. (Nasdaq: CBFV) January 2025 Page 28 Company Contact John H. Montgomery President and Chief Executive Officer Phone: (724) 223-8317 Investor Relations The IR Group Diane Fitzgibbons, President Phone: (206) 388-5789 Email: dianef@theIRgroup.com FDIC Headquarters: 100 N. Market Street Carmichaels, PA 15320 Corporate Center: 2111 North Franklin Drive, Suite 200 Washington, PA 15301 Contact Information

 
v3.24.4
Cover
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
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
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