CB Financial Services, Inc. (NASDAQ: CBFV)

CB Financial Services, Inc. is a bank holding company headquartered in Carmichaels, Pennsylvania. As of December 31, 2025, the company reported total assets of $1.55 billion, total liabilities of $1.39 billion and stockholders’ equity of $157.5 million. It conducts its operations primarily through its wholly owned subsidiary, Community Bank, a Pennsylvania chartered commercial bank that maintains nine full service offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in Pennsylvania and three offices in Marshall and Ohio Counties in West Virginia, complemented by a loan production office in Allegheny County, a loan production office and a corporate center in Washington County and an operations center in Greene County. Community Bank traces its origins to 1901 when it was chartered as The First National Bank of Carmichaels and has undergone several name changes before becoming a Pennsylvania chartered institution in December 2006. The bank offers a comprehensive suite of products including residential and commercial real estate loans, commercial and industrial loans, consumer loans, and a variety of deposit accounts for individuals and businesses.

The company generates revenue principally from interest income earned on its diversified loan portfolio. At year end 2025, loans totaled $1.16 billion, composed of residential real estate loans representing 28.3% ($329.2 million), commercial real estate loans 47.5% ($552.2 million), construction loans 3.9% ($45.4 million), commercial and industrial loans 13.9% ($161.1 million), consumer loans 3.7% ($42.9 million) and other loans 2.7% ($31.5 million). In addition to loan interest, the bank earns noninterest income from service charges on deposit accounts, fees associated with loan origination and servicing, and gains related to the divestiture of its former insurance subsidiary, which contributed a pre tax gain of $24.6 million at closing and subsequent earn out payments. Interest income remains the primary earnings driver while fee based revenue provides a meaningful supplement.

CB Financial Services, Inc. operates within a highly competitive banking environment that includes large national banks, regional banks, savings institutions, credit unions and an increasing presence of online financial service providers throughout its primary market of southwestern Pennsylvania and northern West Virginia. According to FDIC data, the bank’s insured deposit market share was 0.65% across the counties it serves, a figure that rises to 5.20% when excluding Allegheny County where the bank maintains only a single branch, underscoring a stronger position in its core communities. The company differentiates itself through deep local market knowledge, a history extending back to 1901, and a relationship based service model that emphasizes personal interaction and community involvement. Its strategy focuses on growing low cost core deposits, maintaining prudent underwriting standards, and leveraging technology to improve efficiency, all of which help sustain its competitive stance against larger rivals that may lack the same community ties.

The company serves individual consumers and small to medium sized businesses that reside and operate primarily within its geographic footprint, which encompasses Allegheny, Fayette, Greene, Washington and Westmoreland Counties in Pennsylvania and Marshall and Ohio Counties in West Virginia. Its retail customer base includes individuals seeking checking, savings, money market and certificate of deposit accounts, as well as those needing mortgage financing, home equity lines of credit and various consumer loans. On the commercial side, the bank provides loans to businesses for real estate acquisition and development, equipment purchases, inventory financing and working capital, alongside deposit products tailored to corporate clients such as commercial checking and cash management services. This blend of retail and commercial relationships supports a diversified revenue stream rooted in the local economy.