CB Financial Services CBFV

NASDAQ CBFV

$40.34 -0.86 (-2.09%)

At close: Nov 10, 2026 · 4:00 PM EST

CB Financial Services (CBFV) stock price is $40.34, down 2.09% on the day, as of Nov 10, 2026. It has a market cap of $208.32Mn and a P/E ratio of 28.89, and is classified in the Regional Banks industry (Financial Services sector).

Key Stats

Market Cap208.32 Mn

P/E28.89

FCF (Yr)17.16 Mn

ROA (Yr)0.32

EV to EBIT-0.45

Net Income (Yr)4.90 Mn

Enterprise Value-14.53 Mn

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About

CB Financial Services, Inc. is a bank holding company that conducts its operations primarily through its wholly owned subsidiary Community Bank, a Pennsylvania chartered commercial bank. Community Bank maintains nine full service branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in Pennsylvania and three branches in Marshall and Ohio Counties in West Virginia. In addition to its branch network the bank operates loan production offices in Allegheny and Washington Counties and an operations center in Greene County. The bank offers a full suite of products including residential real estate loans, commercial real estate loans, construction loans, commercial and industrial loans, consumer loans, and a variety of deposit accounts for individuals and businesses. As of December 31 2025 the company reported total assets of $1.55 billion, total loans of $1.16 billion and stockholders equity of $157.5 million. The bank is a member of the Federal Home Loan Bank of Pittsburgh, which provides additional liquidity and borrowing capacity.

The company's primary source of revenue is interest income earned on its loan portfolio. As of December 31 2025 the loan portfolio consisted of 28.3% residential real estate loans, 47.5% commercial real estate loans, 3.9% construction loans, 13.9% commercial and industrial loans, 3.7% consumer loans, and 2.7% other loans. Interest income from these loans, together with fees from deposit services, wealth management, and other banking activities, constitutes the bulk of the company's earnings. The company also generates noninterest income from service charges on deposit accounts, gains on the sale of securities, and other fee based services. The investment portfolio consists largely of U. S. government agency securities, municipal bonds, mortgage backed securities, collateralized loan obligations, and corporate debt securities. In addition, the company recorded gains from the sale of its former insurance subsidiary, Exchange Underwriters, which contributed to noninterest income in prior periods.

CB Financial Services, Inc. operates in a highly competitive market that includes numerous commercial banks, savings banks, credit unions, and online financial institutions. As of June 30 2025 the bank's FDIC insured deposit market share in the counties it serves was 0.65% out of 46 bank and thrift institutions. Excluding Allegheny County where the bank has a limited presence its market share rises to 5.20% out of 31 institutions. The bank differentiates itself through deep local market knowledge, relationship based customer service, and a community oriented approach. Capital ratios remain well above regulatory minimums with the bank classified as well capitalized at the end of 2025. These factors give the company a competitive edge in attracting and retaining customers despite the presence of larger national rivals. The bank continues to invest in digital banking platforms to improve customer experience while maintaining its focus on personal service.

The company serves individuals, families, and small and medium sized businesses primarily in southwestern Pennsylvania and West Virginia. Its customer base also includes municipalities that borrow for projects such as office buildings and other public works. While the bank does not disclose specific customer names, its retail and commercial relationships span a broad mix of households, entrepreneurs, and local enterprises across its footprint. Deposit products include demand deposits, NOW accounts, money market accounts, and savings accounts, which together form a stable source of funding.

Investment Thesis

▲ Bull case

CB Financial Services, Inc. demonstrates resilient underlying earnings power despite volatile GAAP results, with adjusted net income showing consistent sequential growth from $2,717,000 in Q1 FY25 to $3,854,000 in Q1 FY26, reflecting a 41.8% increase driven by core operating improvements rather than one-time items. This stability is underpinned by disciplined balance sheet management, where the company successfully restructured its earning assets in Q3 FY25 to insulate the portfolio against rate cuts, allowing net interest margin to expand to 3.83% in Q1 FY26 from 3.27% in Q1 FY25—a 56 basis point improvement—while maintaining loan yields at 5.64% despite a falling rate environment. The Specialty Treasury Payments & Services program, fully deployed by Q4 FY25, generated $28 million in new deposits since year-end, signaling early traction in a high-margin, scalable revenue stream that enhances deposit mix and reduces cost of funds, a trend evidenced by declining interest expense on deposits from $6.1 million in Q1 FY25 to $5.2 million in Q1 FY26. Furthermore, the company’s mortgage lending expansion initiative, though not yet materially impacting results, aligns with its relationship-banking model and addresses a growing underserved segment in its Southwest Pennsylvania and West Virginia footprint, creating cross-selling potential with its treasury services platform. With the 125th anniversary Generations of Trust campaign launching in Q2 FY26, CBFV is poised to leverage its deep community roots to drive brand awareness and customer acquisition in a market where larger competitors are retreating, offering a structural advantage in retaining and growing core deposits. These initiatives collectively position the company to sustain PPNR growth above 1% on an adjusted basis, supported by a tangible common equity to tangible assets ratio of 9.5% and a CET1 ratio of 14.70%, providing ample capital to fund organic growth without relying on dilution or excessive risk-taking.
Asset quality metrics reveal a strengthening foundation that the market may be overlooking due to headline volatility from non-recurring items. Nonperforming loans as a percentage of total loans improved to 0.29% in Q1 FY26 from 0.46% in Q4 FY25 and 0.22% in Q1 FY25, reflecting effective risk management amid economic uncertainty, while the allowance for credit losses covered 309.5% of nonperforming assets—up significantly from 190.5% in Q4 FY25—indicating conservative provisioning and a buffer against potential downturns. This resilience is further supported by loan production momentum, with $30.5 million in new loans originated during Q1 FY26 versus $29.4 million in payoffs, signaling nascent demand recovery despite a slight decline in total loans (-0.4% QoQ), which was driven by strategic reductions in lower-yielding consumer and commercial industrial segments while growth occurred in higher-margin construction and residential real estate loans. The company’s net charge-off ratio remained negligible at 0.01% in Q1 FY26, well below historical averages and peer levels, underscoring disciplined underwriting. Crucially, the reduction in force expenses from prior periods have lapsed, meaning salary and benefit increases now reflect genuine investments in revenue-generating treasury and commercial banking personnel—evidenced by a $1.0 million YoY increase in salaries and benefits excluding one-time charges—directly supporting the Specialty Treasury and mortgage lending initiatives. With pre-provision net revenue (PPNR) stabilizing at $4.8 million in Q1 FY26 on an adjusted basis and efficiency ratios improving to 67.56% (non-GAAP), the company is transitioning from a cost-reduction phase to a growth investment phase, where incremental revenue from fee-based services and relationship banking is expected to flow through to earnings with high conversion, especially as interest rate volatility subsides and deposit pricing discipline sustains margin expansion.

CB Financial Services, Inc. demonstrates resilient underlying earnings power despite volatile GAAP results, with adjusted net income showing consistent sequential growth from $2,717,000 in Q1 FY25 to $3,854,000 in Q1 FY26, reflecting a 41.8% increase driven by core operating improvements rather than one-time items. This stability is underpinned by disciplined balance sheet management, where the company successfully restructured its earning assets in Q3 FY25 to insulate the portfolio against rate cuts, allowing net interest margin to expand to 3.83% in Q1 FY26 from 3.27% in Q1 FY25—a 56 basis point improvement—while maintaining loan yields at 5.64% despite a falling rate environment. The Specialty Treasury Payments & Services program, fully deployed by Q4 FY25, generated $28 million in new deposits since year-end, signaling early traction in a high-margin, scalable revenue stream that enhances deposit mix and reduces cost of funds, a trend evidenced by declining interest expense on deposits from $6.1 million in Q1 FY25 to $5.2 million in Q1 FY26. Furthermore, the company’s mortgage lending expansion initiative, though not yet materially impacting results, aligns with its relationship-banking model and addresses a growing underserved segment in its Southwest Pennsylvania and West Virginia footprint, creating cross-selling potential with its treasury services platform. With the 125th anniversary Generations of Trust campaign launching in Q2 FY26, CBFV is poised to leverage its deep community roots to drive brand awareness and customer acquisition in a market where larger competitors are retreating, offering a structural advantage in retaining and growing core deposits. These initiatives collectively position the company to sustain PPNR growth above 1% on an adjusted basis, supported by a tangible common equity to tangible assets ratio of 9.5% and a CET1 ratio of 14.70%, providing ample capital to fund organic growth without relying on dilution or excessive risk-taking.
Asset quality metrics reveal a strengthening foundation that the market may be overlooking due to headline volatility from non-recurring items. Nonperforming loans as a percentage of total loans improved to 0.29% in Q1 FY26 from 0.46% in Q4 FY25 and 0.22% in Q1 FY25, reflecting effective risk management amid economic uncertainty, while the allowance for credit losses covered 309.5% of nonperforming assets—up significantly from 190.5% in Q4 FY25—indicating conservative provisioning and a buffer against potential downturns. This resilience is further supported by loan production momentum, with $30.5 million in new loans originated during Q1 FY26 versus $29.4 million in payoffs, signaling nascent demand recovery despite a slight decline in total loans (-0.4% QoQ), which was driven by strategic reductions in lower-yielding consumer and commercial industrial segments while growth occurred in higher-margin construction and residential real estate loans. The company’s net charge-off ratio remained negligible at 0.01% in Q1 FY26, well below historical averages and peer levels, underscoring disciplined underwriting. Crucially, the reduction in force expenses from prior periods have lapsed, meaning salary and benefit increases now reflect genuine investments in revenue-generating treasury and commercial banking personnel—evidenced by a $1.0 million YoY increase in salaries and benefits excluding one-time charges—directly supporting the Specialty Treasury and mortgage lending initiatives. With pre-provision net revenue (PPNR) stabilizing at $4.8 million in Q1 FY26 on an adjusted basis and efficiency ratios improving to 67.56% (non-GAAP), the company is transitioning from a cost-reduction phase to a growth investment phase, where incremental revenue from fee-based services and relationship banking is expected to flow through to earnings with high conversion, especially as interest rate volatility subsides and deposit pricing discipline sustains margin expansion.

▼ Bear case

CB Financial Services, Inc. faces meaningful headwinds from a stagnating loan portfolio and weakening revenue diversification, with total loans declining by $4.4 million (0.4%) in Q1 FY26 despite management’s emphasis on loan production momentum, signaling that organic loan demand remains fragile in its core markets of Southwest Pennsylvania and West Virginia. The decline was broad-based, affecting consumer, commercial and industrial, and commercial real estate loans—categories that historically contribute significantly to yield and relationship depth—while only construction and residential real estate loans showed growth, suggesting a shift toward lower-margin or more volatile lending segments. This trend is exacerbated by the company’s reliance on noninterest income, which remains a small fraction of total revenue at just $962,000 in Q1 FY26 (6.5% of operating revenue), and whose growth is heavily dependent on volatile items like net gains on securities ($8,000) and service fees tied to niche products such as Individual Covered Health Reimbursement Arrangement accounts, which lack scalability and are susceptible to regulatory or market shifts. The Specialty Treasury Payments & Services program, while generating $28 million in new deposits, has not yet translated into meaningful fee revenue, as noninterest income growth was driven primarily by conventional service fees and securities gains—not treasury-related fees—raising doubts about the near-term monetization of this costly initiative. Furthermore, the mortgage lending expansion, though highlighted as a strategic pillar, has not yet appeared in loan breakdowns, implying it is still in early hiring or platform-building stages, with no tangible impact on loan production or revenue to date, making it a future-oriented promise rather than a current catalyst.
Profitability is being propped up by artificial tailwinds from falling interest rates and non-recurring benefits that are unlikely to persist, creating a misleading impression of sustainable earnings momentum. Net interest margin expansion to 3.83% in Q1 FY26 was largely attributable to a lower cost of funds from disciplined deposit pricing and the cumulative impact of federal funds target rate reductions—not from asset yield improvement or organic loan growth—meaning that any pause or reversal in rate cuts would immediately compress margins, especially given that earning asset yields held steady only due to the prior balance sheet restructuring, which has now been fully executed and offers no further insulation. The company’s adjusted PPNR return on average assets remained flat at 1.00% in Q1 FY26 versus 0.75% in Q1 FY25, but this improvement is entirely derived from the lapse of the $1.0 million reduction in force expense from the prior year period, meaning that core operating efficiency has not genuinely improved; in fact, salaries and benefits increased $1.0 million YoY excluding one-time charges, reflecting higher fixed costs from new hires in treasury and commercial banking that must be justified by future revenue that has not yet materialized. Additionally, the accumulation of other comprehensive loss increased by $1.5 million in Q1 FY26 due to market interest rate changes, directly reducing stockholders’ equity and tangible book value growth to a mere $0.02 and $0.03 per share, respectively—signaling that even modest rate volatility can erode capital, and that the company’s securities portfolio remains vulnerable to further mark-to-market losses if rates rise unexpectedly. With the efficiency ratio at 67.49% (GAAP) and tangible common equity to tangible assets at 9.5%, the company operates with minimal margin for error, and any deterioration in credit quality or unexpected expense—such as increased fraud losses (which drove other noninterest expense up $85,000 in Q4 FY25) or technology integration costs from the treasury platform—could quickly reverse the modest earnings gains.

CB Financial Services, Inc. faces meaningful headwinds from a stagnating loan portfolio and weakening revenue diversification, with total loans declining by $4.4 million (0.4%) in Q1 FY26 despite management’s emphasis on loan production momentum, signaling that organic loan demand remains fragile in its core markets of Southwest Pennsylvania and West Virginia. The decline was broad-based, affecting consumer, commercial and industrial, and commercial real estate loans—categories that historically contribute significantly to yield and relationship depth—while only construction and residential real estate loans showed growth, suggesting a shift toward lower-margin or more volatile lending segments. This trend is exacerbated by the company’s reliance on noninterest income, which remains a small fraction of total revenue at just $962,000 in Q1 FY26 (6.5% of operating revenue), and whose growth is heavily dependent on volatile items like net gains on securities ($8,000) and service fees tied to niche products such as Individual Covered Health Reimbursement Arrangement accounts, which lack scalability and are susceptible to regulatory or market shifts. The Specialty Treasury Payments & Services program, while generating $28 million in new deposits, has not yet translated into meaningful fee revenue, as noninterest income growth was driven primarily by conventional service fees and securities gains—not treasury-related fees—raising doubts about the near-term monetization of this costly initiative. Furthermore, the mortgage lending expansion, though highlighted as a strategic pillar, has not yet appeared in loan breakdowns, implying it is still in early hiring or platform-building stages, with no tangible impact on loan production or revenue to date, making it a future-oriented promise rather than a current catalyst.
Profitability is being propped up by artificial tailwinds from falling interest rates and non-recurring benefits that are unlikely to persist, creating a misleading impression of sustainable earnings momentum. Net interest margin expansion to 3.83% in Q1 FY26 was largely attributable to a lower cost of funds from disciplined deposit pricing and the cumulative impact of federal funds target rate reductions—not from asset yield improvement or organic loan growth—meaning that any pause or reversal in rate cuts would immediately compress margins, especially given that earning asset yields held steady only due to the prior balance sheet restructuring, which has now been fully executed and offers no further insulation. The company’s adjusted PPNR return on average assets remained flat at 1.00% in Q1 FY26 versus 0.75% in Q1 FY25, but this improvement is entirely derived from the lapse of the $1.0 million reduction in force expense from the prior year period, meaning that core operating efficiency has not genuinely improved; in fact, salaries and benefits increased $1.0 million YoY excluding one-time charges, reflecting higher fixed costs from new hires in treasury and commercial banking that must be justified by future revenue that has not yet materialized. Additionally, the accumulation of other comprehensive loss increased by $1.5 million in Q1 FY26 due to market interest rate changes, directly reducing stockholders’ equity and tangible book value growth to a mere $0.02 and $0.03 per share, respectively—signaling that even modest rate volatility can erode capital, and that the company’s securities portfolio remains vulnerable to further mark-to-market losses if rates rise unexpectedly. With the efficiency ratio at 67.49% (GAAP) and tangible common equity to tangible assets at 9.5%, the company operates with minimal margin for error, and any deterioration in credit quality or unexpected expense—such as increased fraud losses (which drove other noninterest expense up $85,000 in Q4 FY25) or technology integration costs from the treasury platform—could quickly reverse the modest earnings gains.

Consolidated Entities Breakdown of Revenue (2020)

History

Peer percentiles

How CB Financial Services ranks

Ranked against the 368 companies in Banking58 metrics · as of Nov 6, 2026

Valuation

12 metrics · Lower multiples rank higher; a negative multiple ranks last

P/E 28.6xMedian 12.3x 14^th
P/FCF 10.6xMedian 10.6x 54^th
P/Operating cash flow 10.3xMedian 9.88x 48^th
P/S 4.28xMedian 3.42x 25^th
P/B 1.28xMedian 1.22x 43^rd
P/Tangible book 1.28xMedian 1.25x 46^th
EV/EBITDA 6.65xMedian 4.99x 23^rd
EV/EBIT 7.07xMedian 5.16x 25^th
EV/Revenue 4.75xMedian 3.72x 32^nd
EV/FCF 11.8xMedian 11.8x 53^rd
EV/Operating cash flow 11.4xMedian 11.1x 49^th
PEG (3Y EPS CAGR)EPS is not growing −1.25Median 1.29 Not meaningful —

Growth

14 metrics · Year-on-year growth and three-year compound annual growth

Revenue growth (1Y) −6.1%Median 12.7% 8^th
Revenue CAGR (3Y) −4.7%Median 6.8% 7^th
Gross profit growth (1Y) —Median 15.5% No data —
Gross profit CAGR (3Y) —Median 8.5% No data —
Operating income growth (1Y) —Median 2.9% No data —
Operating income CAGR (3Y) —Median 2.3% No data —
Net income growth (1Y) −37.9%Median 22.7% 9^th
Net income CAGR (3Y) −21.7%Median 8.1% 9^th
EPS growth (1Y) −38.1%Median 21.7% 9^th
EPS CAGR (3Y) −22.8%Median 6.1% 8^th
Operating cash flow growth (1Y) 56.8%Median 28.6% 69^th
Operating cash flow CAGR (3Y) 4.9%Median 5.8% 47^th
Free cash flow growth (1Y) 72.4%Median 29.1% 73^rd
Free cash flow CAGR (3Y) 7.2%Median 5.7% 52^nd

Profitability

14 metrics · Margins, returns on capital and the quality of earnings

Gross margin —Median 84.3% No data —
EBITDA margin 71.5%Median 74.4% 44^th
Operating margin —Median 26.3% No data —
Pretax margin 16.4%Median 34.9% 14^th
Net margin 14.9%Median 27.9% 17^th
FCF margin 40.4%Median 31.7% 75^th
Operating cash flow margin 41.6%Median 34.3% 72^nd
Return on equity 4.5%Median 10.6% 14^th
Return on assets 0.4%Median 1.1% 11^th
Return on invested capital 13.0%Median 16.3% 29^th
Return on capital employed —Median 1.0% No data —
Asset turnover 0.03xMedian 0.04x 12^th
Cash conversion (OCF / net income) 2.79xMedian 1.22x 93^rd
Stock comp / revenue 1.8%Median 1.3% 30^th

Financial Health

11 metrics · Leverage, liquidity and solvency; less debt ranks higher

Debt / assets 6.0%Median 3.4% 31^st
Debt / equity 0.62xMedian 0.33x 28^th
Net debt / EBITDA 0.66xMedian 0.35x 42^nd
Debt / FCF 5.11xMedian 2.55x 28^th
Liabilities / assets 90.2%Median 89.1% 33^rd
Equity / assets 9.8%Median 10.9% 33^rd
Interest coverage 1.32xMedian 1.75x 17^th
Current ratio —Median 0.45x No data —
Quick ratio —Median 0.25x No data —
Cash ratio —Median 0.14x No data —
Altman Z-score —Median 0.05 No data —

Peer group

Peer Comparison

Companies in the Regional Banks

View all peers

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	JPM	Jpmorgan Chase & Co	918.91 Bn	14.24	4.52	531.50 Bn
2	BSAC	Banco Santander Chile	870.35 Bn	815.19	77.37	49.65 Bn
3	BAC	Bank Of America Corp /De/	358.55 Bn	11.66	2.98	380.92 Bn
4	HSBC	Hsbc Holdings Plc	315.74 Bn	-	-	-
5	MS	Morgan Stanley	290.88 Bn	14.66	3.63	388.59 Bn
6	RY	Royal Bank Of Canada	287.92 Bn	17.53	5.60	-
7	GS	Goldman Sachs Group Inc	270.57 Bn	12.70	3.88	444.82 Bn
8	CBFV	CB Financial Services, Inc.	0.21 Bn	28.89	4.31	0.10 Bn