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0001605301FALSE00016053012025-04-232025-04-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2025
CB FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)

Commission file number: 001-36706

Pennsylvania 51-0534721
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

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

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

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

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

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


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

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


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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the On July 22, 2025, CB Financial Services, Inc. (the "Company") issued a press release announcing its financial results for the three and six months ended June 30, 2025, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Exchange Act.  ☐



Item 2.02. Results of Operations and Financial Condition.
Item 7.01. Regulation FD Disclosure.
John H. Montgomery, President and Chief Executive Officer of the Company and Community Bank (the “Bank”), and Amanda Engles, Senior Vice President and Interim Chief Financial Officer of the Company and the Bank, will meet with investors at the Keefe, Bruyette & Woods 26th Annual Community Bank Investor Conference being held in New York, New York on July 28-30, 2025. A copy of the investor presentation to be used at the meeting is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
Item 8.01. Other Events.
On July 22, 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 $0.26 per share will be paid on or about August 29, 2025 to stockholders of record as of the close of business on August 15, 2025.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
99.1. Press Release Dated July 22, 2025
99.2 Investor Presentation - July 2025
104. Cover Page Interactive Data File (embedded in Inline XBRL)
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  CB FINANCIAL SERVICES, INC.
     
     
Date: July 22, 2025
 By:  /s/ John H. Montgomery
    John H. Montgomery
    President and Chief Executive Officer

3
EX-99.1 2 a20250630ex9912ndqtrearnin.htm EX-99.1 EARNINGS RELEASE Document

EXHIBIT 99.1
cbfinancialservices.jpg

CB Financial Services, Inc.
Announces Second Quarter 2025 Financial Results and
Declares Quarterly Cash Dividend Increase of 4%

WASHINGTON, PA., July 22, 2025 -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), today announced its second quarter and year-to-date 2025 financial results.

Three Months Ended Six Months Ended
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
(Dollars in thousands, except per share data) (Unaudited)
Net Income (GAAP) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 2,650  $ 5,858  $ 6,847 
Net Income Adjustments
 —  808  (562) (293) 24  808  (976)
Adjusted Net Income (Non-GAAP) (1)
$ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 2,674  $ 6,666  $ 5,871 
Earnings per Common Share - Diluted (GAAP) $ 0.74  $ 0.35  $ 0.46  $ 0.60  $ 0.51  $ 1.09  $ 1.33 
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)
 $ 0.74  $ 0.50  $ 0.35  $ 0.55  $ 0.52  $ 1.24  $ 1.14 
Income Before Income Tax Expense (GAAP) $ 4,715  $ 2,336  $ 3,051  $ 3,966  $ 3,210  $ 7,051  $ 8,327 
Net Provision (Recovery) for Credit Losses 8  (40) 683  (41) (36) (32) (73)
Pre-Provision Net Revenue (“PPNR”)
 $ 4,723  $ 2,296  $ 3,734  $ 3,925  $ 3,174  $ 7,019  $ 8,254 
Net Income Adjustments $ —  $ 1,023  $ (711) $ (383) $ 31  $ 20  $ (992)
Adjusted PPNR (Non-GAAP) (1)
 $ 4,723  $ 3,319  $ 3,023  $ 3,542  $ 3,205  $ 7,039  $ 7,262 
(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.
2025 Second Quarter Financial Highlights
•Total assets were $1.52 billion at June 30, 2025, an increase of $34.5 million from March 31, 2025. Growth has been largely driven through strong commercial real estate and commercial and industrial loan production funded through a rise in core deposit accounts. The Bank also continues to focus efforts on repositioning the balance sheet to maximize earnings while maintaining its historic risk profile. These strategic movements include:
◦Effectively managing cash and liquidity.
◦Redeploying repayments of indirect automobile and residential mortgage loans into higher-yielding commercial loan products. Commercial loans totaled 59% of the Bank’s loan portfolio at June 30, 2025 compared to 53% at June 30, 2024.
◦Effecting changes in the Bank’s deposit mix by focusing on growth in lower cost core deposit relationships and reducing reliance on time deposits.
•Net interest margin (“NIM”) improved to 3.54% for the three months ended June 30, 2025 compared to 3.27% for the three months ended March 31, 2025. Main factors impacting the improved NIM included:
◦A reduction in the cost of funds to 1.89% from 2.03% resulting from the favorable change in the Bank’s deposit mix coupled with disciplined deposit pricing and the recent reduction in the federal funds rate.
◦An increase in the yield on earning assets to 5.31% from 5.17% as the positive impact of the balance sheet repositioning strategies offset the effect of recent rate cuts on asset repricing.
•Noninterest expenses decreased $1.1 million to $8.7 million for the three months ended June 30, 2025 compared to $9.8 million for the three months ended March 31, 2025. During the quarter ended March 31, 2025, the Bank recognized $1.0 million in one-time expenses related to the previously announced reduction in force. Excluding these one-time charges, noninterest expense decreased $51,000 as ongoing savings from the reduction in force and other operational changes involving property management, recruitment and other activities are realized and expenses are actively managed and controlled.
1
EXHIBIT 99.1

•Asset quality remains strong as nonperforming loans to total loans was 0.16% at June 30, 2025.
•Book value per share and tangible book value per share (Non-GAAP) was $29.84 and $27.88, respectively at June 30, 2025. The improvements since year-end resulted from increased equity due to current period net income and a decrease in accumulated other comprehensive losses, partially offset by treasury shares repurchased under the Company’s stock repurchase program and the payment of dividends.
•The Bank remains well-capitalized and is positioned for future growth.

Management Commentary
President and CEO John H. Montgomery commented, “The first half of the year demonstrated solid loan growth and continued net interest margin improvement, with our strong second quarter operating results further reinforcing this positive momentum. Net interest margin expansion during the quarter was driven primarily by a reduction in our cost of funds, reflecting a more favorable deposit mix, disciplined deposit pricing and the recent federal funds rate cuts. Additionally, the yield on earning assets increased during the quarter, supported by the positive impact of our balance sheet repositioning strategies, which effectively mitigated the effects of recent rate reductions on asset repricing. Together, these factors demonstrate the effectiveness of our proactive management approach and position us to sustain strong margin performance moving forward.

In navigating a fluctuating economic environment, we remain disciplined by maintaining a conservative balance sheet and actively managing risk. Since year-end, our loan portfolio grew by $18.2 million, or 1.7%, driven by increases in commercial real estate and commercial and industrial loans, partially offset by declines in construction, consumer and residential real estate loans. We were encouraged by loan growth during the quarter and anticipate steady loan demand throughout the year. Asset quality remains strong, with nonperforming loans representing just 0.16% of total loans and allowance for credit losses to nonperforming assets of 505.0% at quarter-end, reflecting our commitment to prudent credit management.

In the second quarter we advanced the implementation of our Specialty Treasury Payments & Services program—an integral part of our long-term strategic plan to drive sustainable revenue growth and expand our core deposit base. All focus remains on building out the treasury products, personnel and technology to be fully operational by late 2025. While related expenses will modestly impact operating costs in the near term, we expect this to be a high-return investment in the strength and scalability of our franchise.

We continue to prioritize strengthening core banking relationships and strategically reducing our reliance on time deposit-only accounts, contributing to a positive shift in our deposit mix. Since year-end, total time deposits declined by $16.7 million, driven by a $56.7 million reduction in organic time deposits, partially offset by a $40.0 million increase in brokered CDs. As we begin to scale our treasury deposit initiatives later this year, we anticipate the opportunity to reduce or fully replace brokered CDs, further aligning our funding mix with our long-term strategic objectives.

As we move into the second half of the year, we maintain a positive outlook on the effectiveness of our strategic initiatives and believe we are well-positioned to achieve meaningful revenue growth by year-end.”

Dividend Declaration
The Company’s Board of Directors has approved a 4.0% increase in the regular quarterly dividend by declaring a $0.26 quarterly cash dividend per outstanding share of common stock, payable on or about August 29, 2025, to stockholders of record as of the close of business on August 15, 2025.

2025 Second Quarter Financial Review

Net Interest and Dividend Income
Net interest and dividend income increased $1.1 million, or 9.3%, to $12.5 million for the three months ended June 30, 2025 compared to $11.5 million for the three months ended June 30, 2024.
•Net Interest Margin (NIM) (GAAP) increased to 3.54% for the three months ended June 30, 2025 compared to 3.18% for the three months ended June 30, 2024. Fully tax equivalent (FTE) NIM (Non-GAAP) increased 36 basis points (“bps”) to 3.55% for the three months ended June 30, 2025 compared to 3.19% for the three months ended June 30, 2024.
•Interest and dividend income decreased $179,000, or 0.9%, to $18.8 million for the three months ended June 30, 2025 compared to $18.9 million for the three months ended June 30, 2024.
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◦Interest income on loans increased $822,000, or 5.6%, to $15.5 million for the three months ended June 30, 2025 compared to $14.7 million for the three months ended June 30, 2024. The average yield on loans increased 18 bps to 5.68% from 5.50% despite a 100bp reduction in the federal funds rate since September 2024. While this led to the downward repricing of variable and adjustable rate loans, the impact was negated 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 increase in the average yield caused a $489,000 increase in interest income on loans. Additionally, the average balance of loans increased $22.2 million to $1.10 billion from $1.08 billion, causing a $349,000 increase in interest income on loans.
◦Interest income on taxable investment securities increased $16,000, or 0.6%, to $2.9 million for the three months ended June 30, 2025 compared to $2.8 million for the three months ended June 30, 2024 driven by a $18.5 million increase in average balances, partially offset by a 26 bp decrease in average yield. The increase in volume was driven by a $22.9 million increase in the average balance of collateralized loan obligation (“CLO”) securities as the Bank executed a leverage strategy during 2024 to purchase these assets funded with cash reserves and brokered certificates of deposits. The decrease in yield resulted from the reductions in the federal funds rate since September 2024.
◦Interest income on interest-earning deposits at other banks decreased $982,000 to $331,000 for the three months ended June 30, 2025 compared to $1.3 million for the three months ended June 30, 2024 driven by a 125 bp decrease in the average yield and a $67.7 million decrease in average balances. The decrease in the yield was directly related to the Federal Reserve’s reductions in the federal funds rate.
•Interest expense decreased $1.2 million, or 16.7%, to $6.2 million for the three months ended June 30, 2025 compared to $7.5 million for the three months ended June 30, 2024.
◦Interest expense on deposits decreased $1.3 million, or 19.0%, to $5.7 million for the three months ended June 30, 2025 compared to $7.1 million for the three months ended June 30, 2024. The cost of interest-bearing deposits declined 47 bps to 2.28% for the three months ended June 30, 2025 from 2.75% for the three months ended June 30, 2024 due to the change in the deposit mix and the recent Federal Reserve federal funds rate decreases. The decrease in the cost of interest-bearing deposits accounted for a $1.2 million reduction in interest expense. Average interest-bearing deposit balances decreased $27.2 million, or 2.6%, to $1.01 billion as of June 30, 2025 compared to $1.03 billion as of June 30, 2024, primarily as the Bank strategically reduced brokered deposits and time deposit only relationships. The decrease in average balances accounted for a $161,000 reduction in interest expense.
Provision for Credit Losses
A provision for credit losses of $8,000 was recorded for the three months ended June 30, 2025. The provision for credit losses - loans was a $136,000 recovery and was primarily due to a reduction of reserve required for individually assessed loans and changes in loan concentrations, partially offset by additional reserve required for overall loan growth and a change in qualitative factors relating to economic conditions. The provision for credit losses - unfunded commitments was $144,000 and was due to an increase in unfunded commitments and an increase in funding rates. This compared to a net recovery of $36,000 recorded for the three months ended June 30, 2024 as the provision for credit losses - loans was $12,000 and was primarily due to an increase in the reserve required for individually assessed loans, partially offset by a decrease in loan balances while the provision for credit losses - unfunded commitments was a recovery of $48,000 and was due to a decrease in loss rates.

Noninterest Income
Noninterest income increased $243,000, or 35.3%, to $931,000 for the three months ended June 30, 2025, compared to $688,000 for the three months ended June 30, 2024. This resulted primarily from a $205,000 increase in service fees primarily related to corporate deposit and Individual Covered Health Reimbursement Arrangement accounts.

Noninterest Expense
Noninterest expense decreased $236,000, or 2.6%, to $8.7 million for the three months ended June 30, 2025 compared to $9.0 million for the three months ended June 30, 2024. Occupancy expense decreased $324,000 due to environmental remediation costs related to a construction project on one of the Bank’s office locations recognized only in 2024 and certain property management cost savings initiatives implemented in 2025. Intangible amortization decreased $264,000 as the Bank’s core deposit intangibles were fully amortized in 2024. Data processing expense decreased $250,000 due to costs associated with the implementation of a new loan origination system and financial dashboard platform during mid-2024. Pennsylvania shares tax expense decreased $154,000 due to $217,000 of refunds received on amended returns filed for prior years. Legal and professional fees decreased $91,000 primarily due to timing differences related to internal and external audit and tax services. These decreases were partially offset as salaries and benefits increased $663,000, or 15.0%, to $5.1 million primarily due to merit increases, revenue producing staff additions and higher insurance benefit costs, partially offset by savings realized due to the reduction in force implemented earlier this year.
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Equipment expense increased $74,000 due to higher depreciation expense associated with interactive teller machines, security system upgrades and other equipment placed into service in 2024.

Statement of Financial Condition Review

Assets
Total assets increased $36.4 million, or 2.5%, to $1.52 billion at June 30, 2025, compared to $1.48 billion at December 31, 2024.
•Cash and due from banks increased $14.9 million, or 30.1%, to $64.5 million at June 30, 2025, compared to $49.6 million at December 31, 2024.
•Securities increased $5.0 million, or 1.9%, to $267.2 million at June 30, 2025, compared to $262.2 million at December 31, 2024. The securities balance was primarily impacted by security purchases and an increase in the market value of the portfolio, partially offset by principal repayments on amortizing securities and the sale of equity securities.
Loans and Credit Quality
•Total loans increased $18.2 million, or 1.7%, to $1.11 billion compared to $1.09 billion, and included increases in commercial real estate and commercial and industrial loans of $27.7 million and $26.2 million, respectively, partially offset by decreases in construction, consumer and residential real estate loans of $14.0 million, $13.1 million and $8.7 million, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to 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. Excluding the $8.3 million decrease in indirect automobile loans, total loans increased $26.4 million, or 2.4%. Loan production totaled $97.0 million while $51.5 million of loans were paid off since December 31, 2024.
•The allowance for credit losses (ACL) was $9.7 million at June 30, 2025 and $9.8 million at December 31, 2024. As a result, the ACL to total loans was 0.88% at June 30, 2025 and 0.90% at December 31, 2024. During the current year, the Company recorded a net recovery for credit losses of $32,000. The allowance for credit losses to nonperforming assets was 505.0% at June 30, 2025 and 548.1% at December 31, 2024.
•Net recoveries for the three months ended June 30, 2025 were $39,000, or 0.01% of average loans on an annualized basis. Net charge-offs for the three months ended June 30, 2024 were $67,000, or 0.02% of average loans on an annualized basis. Net charge-offs for the six months ended June 30, 2025 were $15,000. Net charge-offs for the six months ended June 30, 2024 were $50,000.
•Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, were $1.8 million at June 30, 2025 and December 31, 2024. Nonperforming loans to total loans ratio was 0.16% at June 30, 2025 and December 31, 2024.

Liabilities
Total liabilities increased $35.4 million, or 2.7%, to $1.37 billion at June 30, 2025 compared to $1.33 billion at December 31, 2024.
Deposits
•Total deposits increased $25.9 million, or 2.0%, to $1.31 billion as of June 30, 2025 compared to $1.28 billion at December 31, 2024. Interest-bearing demand, non interest-bearing demand and savings deposits increased $36.7 million, $10.8 million and $1.5 million, respectively while time deposits decreased $16.7 million and money market deposits decreased $6.3 million, respectively. This favorable change in the deposit mix was the result of an increased focus on building core banking relationships while strategically reducing time deposit-only relationships. Brokered time deposits totaled $79.0 million as of June 30, 2025 and $39.0 million as of December 31, 2024, all of which mature within three months and were utilized to fund the purchase of floating rate CLO securities. At June 30, 2025, FDIC insured deposits totaled approximately 61.0% of total deposits while an additional 14.8% of total deposits were collateralized with investment securities.
Accrued Interest Payable and Other Liabilities
•Accrued interest payable and other liabilities increased $9.5 million, or 59.6%, to $25.5 million at June 30, 2025, compared to $16.0 million at December 31, 2024 primarily due to $9.0 million of syndicated national credits not yet settled.

4

Stockholders’ Equity
Stockholders’ equity increased $984,000, or 0.7%, to $148.4 million at June 30, 2025, compared to $147.4 million at December 31, 2024. The key factors positively impacting stockholders’ equity was $5.9 million of net income for the current year, a $2.9 million decrease in accumulated other comprehensive loss and $1.1 million of shares issued as a result of stock option exercises, partially offset by $6.8 million of treasury shares purchased under the stock repurchase program and the payment of $2.5 million in dividends since December 31, 2024.
Book value per share
Book value per common share was $29.84 at June 30, 2025 compared to $28.71 at December 31, 2024, an increase of $1.13.

Tangible book value per common share (Non-GAAP) was $27.88 at June 30, 2025, compared to $26.82 at December 31, 2024, an increase of $1.06.

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 Data 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
Assets
Cash and Due From Banks $ 64,506  $ 61,274  $ 49,572  $ 147,325  $ 142,600 
Securities 267,171  258,699  262,153  270,881  268,769 
Loans Held for Sale 512  230  900  428  632 
Loans  
Real Estate:  
Residential 329,324  334,744  337,990  338,926  342,689 
Commercial 513,197  497,316  485,513  464,354  458,724 
Construction 40,680  54,597  54,705  43,515  44,038 
Commercial and Industrial 138,221  107,419  112,047  108,554  112,395 
Consumer 57,376  61,854  70,508  80,004  90,357 
Other 32,026  32,564  31,863  30,402  30,491 
Total Loans 1,110,824  1,088,494  1,092,626  1,065,755  1,078,694 
Allowance for Credit Losses (9,722) (9,819) (9,805) (9,479) (9,527)
Loans, Net 1,101,102  1,078,675  1,082,821  1,056,276  1,069,167 
Premises and Equipment, Net 20,223  20,392  20,708  20,838  20,326 
Bank-Owned Life Insurance 24,506  24,358  24,209  24,057  23,910 
Goodwill 9,732  9,732  9,732  9,732  9,732 
Intangible Assets, Net —  —  —  88  353 
Accrued Interest Receivable and Other Assets 30,232  30,096  31,469  32,116  24,770 
Total Assets $ 1,517,984  $ 1,483,456  $ 1,481,564  $ 1,561,741  $ 1,560,259 
Liabilities
Deposits
Noninterest-Bearing Demand Accounts $ 278,685  $ 267,392  $ 267,896  $ 267,022  $ 269,964 
Interest-Bearing Demand Accounts 353,448  341,212  316,764  326,505  324,688 
Money Market Accounts 225,141  228,005  231,458  220,789  229,998 
Savings Accounts 172,021  176,722  170,530  172,354  179,081 
Time Deposits 280,137  267,766  296,869  367,150  346,037 
Total Deposits 1,309,432  1,281,097  1,283,517  1,353,820  1,349,768 
Other Borrowings 34,738  34,728  34,718  34,708  34,698 
Accrued Interest Payable and Other Liabilities 25,452  19,342  15,951  24,073  32,911 
Total Liabilities 1,369,622  1,335,167  1,334,186  1,412,601  1,417,377 
Stockholders’ Equity 148,362  148,289  147,378  149,140  142,882 
Total Liabilities and Stockholders’ Equity $ 1,517,984  $ 1,483,456  $ 1,481,564  $ 1,561,741  $ 1,560,259 
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(Dollars in thousands, except share and per share data) (Unaudited)
  Three Months Ended Six Months Ended
Selected Operating Data 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Interest and Dividend Income:
Loans, Including Fees $ 15,492  $ 14,528  $ 14,930  $ 14,945  $ 14,670  $ 30,020  $ 29,508 
Securities:
Taxable 2,860  2,777  3,096  3,289  2,844  5,637  5,148 
Dividends 9  28  27  28  27  37  54 
Other Interest and Dividend Income 399  514  1,378  1,511  1,398  912  2,216 
Total Interest and Dividend Income 18,760  17,847  19,431  19,773  18,939  36,606  36,926 
Interest Expense:
Deposits 5,721  6,111  7,492  7,892  7,065  11,833  13,056 
Short-Term Borrowings 108  23  —  —  —  131  — 
Other Borrowings 391  402  407  407  404  792  808 
Total Interest Expense 6,220  6,536  7,899  8,299  7,469  12,756  13,864 
Net Interest and Dividend Income 12,540  11,311  11,532  11,474  11,470  23,850  23,062 
(Recovery) Provision for Credit Losses - Loans (136) 68  483  25  12  (68) (130)
Provision (Recovery) for Credit Losses - Unfunded Commitments 144  (108) 200  (66) (48) 36  57 
Net Interest and Dividend Income After Net Provision (Recovery) for Credit Losses 12,532  11,351  10,849  11,515  11,506  23,882  23,135 
Noninterest Income:
Service Fees 559  462  460  451  354  1,021  769 
Insurance Commissions 1  1  1  1  1  2  3 
Other Commissions 66  63  63  104  22  129  84 
Net Gain on Sales of Loans 26  22  3  18  9  49  30 
Net (Loss) Gain on Securities —  (69) 3  245  (31) (69) (197)
Net Gain on Purchased Tax Credits 4  4  12  12  12  7  25 
Gain on Sale of Subsidiary —  —  —  138  —  —  — 
    Net Gain on Disposal of Premises and Equipment —  —  —  —  —  —  274 
Income from Bank-Owned Life Insurance 148  149  152  147  147  297  295 
Net Gain on Bank-Owned Life Insurance Claims —  —  —  —  —  —  915 
Other Income 127  155  961  117  174  282  406 
Total Noninterest Income 931  787  1,655  1,233  688  1,718  2,604 
Noninterest Expense:
Salaries and Employee Benefits 5,088  6,036  5,258  4,561  4,425  11,124  9,001 
Occupancy 616  750  652  755  940  1,366  1,689 
Equipment 372  330  313  280  298  702  562 
Data Processing 761  797  832  772  1,011  1,558  1,703 
Federal Deposit Insurance Corporation Assessment 203  176  172  177  161  379  290 
Pennsylvania Shares Tax 143  257  301  265  297  400  595 
Contracted Services 382  310  522  431  390  692  671 
Legal and Professional Fees 117  262  268  297  208  378  420 
Advertising 124  119  137  141  78  242  206 
Other Real Estate Owned
 1  —  34  2  37  2  14 
Amortization of Intangible Assets —  —  88  264  264  —  605 
Other Expense 941  765  876  837  875  1,706  1,656 
Total Noninterest Expense 8,748  9,802  9,453  8,782  8,984  18,549  17,412 
Income Before Income Tax Expense 4,715  2,336  3,051  3,966  3,210  7,051  8,327 
Income Tax Expense 766  427  522  747  560  1,193  1,480 
Net Income $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 2,650  $ 5,858  $ 6,847 
7

Three Months Ended Six Months Ended
Per Common Share Data 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Dividends Per Common Share $ 0.25  $ 0.25  $ 0.25  $ 0.25  $ 0.25  $ 0.50  $ 0.50 
Earnings Per Common Share - Basic 0.79  0.37  0.49  0.63  0.52  1.15  1.33 
Earnings Per Common Share - Diluted 0.74  0.35  0.46  0.60  0.51  1.09  1.33 
Weighted Average Common Shares Outstanding - Basic 5,022,813  5,125,577  5,126,782  5,137,586  5,142,139  5,073,911  5,136,021 
Weighted Average Common Shares Outstanding - Diluted 5,332,026  5,471,006  5,544,829  5,346,750  5,152,657  5,387,924  5,151,188 
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
Common Shares Outstanding 4,972,300  5,099,069  5,132,654  5,129,921  5,141,911 
Book Value Per Common Share $ 29.84  $ 29.08  $ 28.71  $ 29.07  $ 27.79 
Tangible Book Value per Common Share (1)
 27.88  27.17  26.82  27.16  25.83 
Stockholders’ Equity to Assets 9.8  % 10.0  % 9.9  % 9.5  % 9.2  %
Tangible Common Equity to Tangible Assets (1)
 9.2  9.4  9.4  9.0  8.6 
Three Months Ended Six Months Ended
Selected Financial Ratios (2)
 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Return on Average Assets 1.06  % 0.53  % 0.65  % 0.84  % 0.71  % 0.80  % 0.93  %
Return on Average Equity 10.76  5.24  6.80  8.80  7.58  8.01  9.80 
Average Interest-Earning Assets to Average Interest-Bearing Liabilities 135.33  134.70  133.33  133.26  135.69  135.02  136.36 
Average Equity to Average Assets 9.88  10.07  9.63  9.54  9.36  9.97  9.54 
Net Interest Rate Spread 2.91  2.61  2.41  2.36  2.44  2.76  2.55 
Net Interest Rate Spread (FTE) (1)
 2.93  2.63  2.42  2.38  2.46  2.78  2.56 
Net Interest Margin 3.54  3.27  3.12  3.11  3.18  3.40  3.27 
Net Interest Margin (FTE) (1)
 3.55  3.28  3.13  3.12  3.19  3.42  3.28 
Net Charge-Offs (Recoveries) to Average Loans
 (0.01) 0.02  0.06  0.03  0.02  —  0.01 
Efficiency Ratio 64.94  81.02  71.68  69.11  73.89  72.55  67.84 
Asset Quality Ratios 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
Allowance for Credit Losses to Total Loans 0.88  % 0.90  % 0.90  % 0.89  % 0.88  %
Allowance for Credit Losses to Nonperforming Loans (3)
 550.20  414.48  548.07  463.07  513.03 
Delinquent and Nonaccrual Loans to Total Loans (4)
 0.49  0.54  0.72  0.98  0.53 
Nonperforming Loans to Total Loans (3)
 0.16  0.22  0.16  0.19  0.17 
Nonperforming Assets to Total Assets (5)
 0.13  0.16  0.12  0.14  0.13 
Capital Ratios (6)
 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
Common Equity Tier 1 Capital (to Risk Weighted Assets) 15.28  % 14.94  % 14.78  % 14.79  % 14.62  %
Tier 1 Capital (to Risk Weighted Assets) 15.28  14.94  14.78  14.79  14.62 
Total Capital (to Risk Weighted Assets) 16.29  15.95  15.79  15.76  15.61 
Tier 1 Leverage (to Adjusted Total Assets) 10.49  10.36  9.98  9.96  9.98 
(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
  June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
Average Balance Interest and Dividends
Yield / Cost (1)
 Average Balance Interest and Dividends
Yield / Cost (1)
 Average Balance Interest and Dividends
Yield / Cost (1)
 Average Balance Interest and Dividends
Yield / Cost (1)
 Average Balance Interest and Dividends
Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
 $ 1,098,698  $ 15,549  5.68  % $ 1,075,083  $ 14,584  5.50  % $ 1,066,304  $ 14,975  5.59  % $ 1,063,946  $ 14,987  5.60  % $ 1,076,455  $ 14,711  5.50  %
Debt Securities
Taxable 284,499  2,860  4.02  278,362  2,777  3.99  284,002  3,096  4.36  288,208  3,289  4.56  266,021  2,844  4.28 
Equity Securities 1,000  9  3.60  2,674  28  4.19  2,693  27  4.01  2,693  28  4.16  2,693  27  4.01 
Interest-Earning Deposits at Banks 33,564  331  3.94  45,056  459  4.07  114,245  1,338  4.68  111,131  1,448  5.21  101,277  1,313  5.19 
Other Interest-Earning Assets 3,767  68  7.24  3,196  55  6.98  3,070  40  5.18  3,108  63  8.06  3,154  85  10.84 
Total Interest-Earning Assets 1,421,528  18,817  5.31  1,404,371  17,903  5.17  1,470,314  19,476  5.27  1,469,086  19,815  5.37  1,449,600  18,980  5.27 
Noninterest-Earning Assets 67,513  63,324  65,786  57,602  53,564 
Total Assets $ 1,489,041  $ 1,467,695  $ 1,536,100  $ 1,526,688  $ 1,503,164 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts $ 334,752  $ 1,677  2.01  % $ 317,799  $ 1,526  1.95  % $ 328,129  $ 1,838  2.23  % $ 316,301  $ 1,923  2.42  % $ 325,069  $ 1,858  2.30  %
Money Market Accounts 238,195  1,747  2.94  230,634  1,726  3.04  227,606  1,821  3.18  217,148  1,726  3.16  214,690  1,646  3.08 
Savings Accounts 174,055  42  0.10  172,322  41  0.10  170,612  45  0.10  175,753  46  0.10  184,944  52  0.11 
Time Deposits 259,506  2,255  3.49  285,093  2,818  4.01  341,686  3,788  4.41  358,498  4,197  4.66  308,956  3,509  4.57 
Total Interest-Bearing Deposits 1,006,508  5,721  2.28  1,005,848  6,111  2.46  1,068,033  7,492  2.79  1,067,700  7,892  2.94  1,033,659  7,065  2.75 
Short-Term Borrowings 9,143  108  4.74  1,985  23  4.70  —  —  —  —  —  —  2  —  — 
Other Borrowings 34,733  391  4.52  34,723  402  4.70  34,713  407  4.66  34,702  407  4.67  34,692  404  4.68 
Total Interest-Bearing Liabilities 1,050,384  6,220  2.38  1,042,556  6,536  2.54  1,102,746  7,899  2.85  1,102,402  8,299  2.99  1,068,353  7,469  2.81 
Noninterest-Bearing Demand Deposits 270,729  265,522  267,598  263,650  272,280 
Total Funding and Cost of Funds
 1,321,113  1.89  1,308,078  2.03  1,370,344  2.29  1,366,052  2.42  1,340,633  2.24 
Other Liabilities 20,789  11,854  17,883  15,043  21,867 
Total Liabilities 1,341,902  1,319,932  1,388,227  1,381,095  1,362,500 
Stockholders' Equity 147,139  147,763  147,873  145,593  140,664 
Total Liabilities and Stockholders' Equity $ 1,489,041  $ 1,467,695  $ 1,536,100  $ 1,526,688  $ 1,503,164 
Net Interest Income (FTE)
(Non-GAAP) (3)
 $ 12,597  $ 11,367  $ 11,577  $ 11,516  $ 11,511 
Net Interest-Earning Assets (4)
 371,144  361,815  367,568  366,684  381,247 
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
 2.93  % 2.63  % 2.42  % 2.38  % 2.46  %
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
 3.55  3.28  3.13  3.12  3.19 
(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
Six Months Ended
June 30, 2025 June 30, 2024
Average Balance Interest and Dividends
Yield /Cost (1)
 Average Balance Interest and Dividends
Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
 $ 1,086,955  $ 30,132  5.59  % $ 1,082,172  $ 29,586  5.50  %
Debt Securities
Taxable 281,447  5,637  4.01  250,912  5,148  4.10 
Marketable Equity Securities 1,832  37  4.04  2,693  54  4.01 
Interest-Earning Deposits at Banks 39,278  789  4.02  80,082  2,045  5.11 
Other Interest-Earning Assets 3,484  123  7.12  3,195  171  10.76 
Total Interest-Earning Assets 1,412,996  36,718  5.24  1,419,054  37,004  5.24 
Noninterest-Earning Assets 65,758  54,141 
Total Assets $ 1,478,754  $ 1,473,195 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts $ 326,322  $ 3,203  1.98  % $ 329,974  $ 3,653  2.23  %
Savings Accounts 173,193  83  0.10  188,194  111  0.12 
Money Market Accounts 234,436  3,473  2.99  209,279  3,159  3.04 
Time Deposits 272,229  5,074  3.76  278,538  6,133  4.43 
Total Interest-Bearing Deposits 1,006,180  11,833  2.37  1,005,985  13,056  2.61 
Short-Term Borrowings 5,584  131  4.73  1  —  — 
Other Borrowings 34,728  792  4.60  34,687  808  4.68 
Total Interest-Bearing Liabilities 1,046,492  12,756  2.46  1,040,673  13,864  2.68 
Noninterest-Bearing Demand Deposits 268,140  275,485 
Total Funding and Cost of Funds
 1,314,632  1.96  1,316,158  2.12 
Other Liabilities 16,673  16,559 
Total Liabilities 1,331,305  1,332,717 
Stockholders' Equity 147,449  140,478 
Total Liabilities and Stockholders' Equity $ 1,478,754  $ 1,473,195 
Net Interest Income (FTE) (Non-GAAP) (3)
 23,962  23,140 
Net Interest-Earning Assets (4)
 366,504  378,381 
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)
 2.78  % 2.56  %
Net Interest Margin (FTE) (Non-GAAP) (3)(6)
 3.42  3.28 
(1)    Annualized based on six months ended results.
(2)    Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)    Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)    Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)    Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6)    Net interest margin represents annualized net interest income divided by average total interest-earning assets.


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.

6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
(Dollars in thousands, except share and per share data) (Unaudited)
Total Assets (GAAP)
 $ 1,517,984  $ 1,483,456  $ 1,481,564  $ 1,561,741  $ 1,560,259 
Goodwill and Intangible Assets, Net (9,732) (9,732) (9,732) (9,820) (10,085)
Tangible Assets (Non-GAAP) (Numerator) $ 1,508,252  $ 1,473,724  $ 1,471,832  $ 1,551,921  $ 1,550,174 
Stockholders' Equity (GAAP) $ 148,362  $ 148,289  $ 147,378  $ 149,140  $ 142,882 
Goodwill and Intangible Assets, Net (9,732) (9,732) (9,732) (9,820) (10,085)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator) $ 138,630  $ 138,557  $ 137,646  $ 139,320  $ 132,797 
Stockholders’ Equity to Assets (GAAP) 9.8  % 10.0  % 9.9  % 9.5  % 9.2  %
Tangible Common Equity to Tangible Assets (Non-GAAP) 9.2  % 9.4  % 9.4  % 9.0  % 8.6  %
Common Shares Outstanding (Denominator) 4,972,300  5,099,069  5,132,654  5,129,921  5,141,911 
Book Value per Common Share (GAAP) $ 29.84  $ 29.08  $ 28.71  $ 29.07  $ 27.79 
Tangible Book Value per Common Share (Non-GAAP) $ 27.88  $ 27.17  $ 26.82  $ 27.16  $ 25.83 

Three Months Ended Six Months Ended
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
(Dollars in thousands) (Unaudited)
Net Income (GAAP) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 2,650  $ 5,858  $ 6,847 
Amortization of Intangible Assets, Net —  —  88  264  264  —  605 
Adjusted Net Income (Non-GAAP) (Numerator) $ 3,949  $ 1,909  $ 2,617  $ 3,483  $ 2,914  $ 5,858  $ 7,452 
Annualization Factor 4.01  4.06  3.98  3.98  4.02  2.02  2.01 
Average Stockholders' Equity (GAAP) $ 147,139  $ 147,763  $ 147,873  $ 145,593  $ 140,664  $ 147,449  $ 140,478 
Average Goodwill and Intangible Assets, Net (9,732) (9,732) (9,758) (9,987) (10,242) (9,732) (10,398)
Average Tangible Common Equity (Non-GAAP) (Denominator) $ 137,407  $ 138,031  $ 138,115  $ 135,606  $ 130,422  $ 137,717  $ 130,080 
Return on Average Equity (GAAP) 10.76  % 5.24  % 6.80  % 8.80  % 7.58  % 8.01  % 9.80  %
Return on Average Tangible Common Equity (Non-GAAP) 11.53  % 5.61  % 7.54  % 10.22  % 8.99  % 8.58  % 11.52  %
11

Three Months Ended Six Months Ended
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
(Dollars in thousands) (Unaudited)
Interest Income (GAAP) $ 18,760  $ 17,847  $ 19,431  $ 19,773  $ 18,939  $ 36,606  $ 36,926 
Adjustment to FTE Basis 57  56  45  42  41  112  78 
Interest Income (FTE) (Non-GAAP) 18,817  17,903  19,476  19,815  18,980  36,718  37,004 
Interest Expense (GAAP) 6,220  6,536  7,899  8,299  7,469  12,756  13,864 
Net Interest Income (FTE) (Non-GAAP) $ 12,597  $ 11,367  $ 11,577  $ 11,516  $ 11,511  $ 23,962  $ 23,140 
Net Interest Rate Spread (GAAP) 2.91  % 2.61  % 2.41  % 2.36  % 2.44  % 2.76  % 2.55  %
Adjustment to FTE Basis 0.02  0.02  0.01  0.02  0.02  0.02  0.01 
Net Interest Rate Spread (FTE) (Non-GAAP) 2.93  % 2.63  % 2.42  % 2.38  % 2.46  % 2.78  % 2.56  %
Net Interest Margin (GAAP) 3.54  % 3.27  % 3.12  % 3.11  % 3.18  % 3.40  % 3.27  %
Adjustment to FTE Basis 0.01  0.01  0.01  0.01  0.01  0.02  0.01 
Net Interest Margin (FTE) (Non-GAAP) 3.55  % 3.28  % 3.13  % 3.12  % 3.19  % 3.42  % 3.28  %

Three Months Ended Six Months Ended
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
(Dollars in thousands) (Unaudited)
Income Before Income Tax Expense (GAAP) $ 4,715  $ 2,336  $ 3,051  $ 3,966  $ 3,210  $ 7,051  $ 8,327 
Net Provision (Recovery) for Credit Losses 8  (40) 683  (41) (36) (32) (73)
PPNR (Non-GAAP)
 4,723  2,296  3,734  3,925  3,174  7,019  8,254 
Adjustments
Net Loss (Gain) on Securities —  69  (3) (245) 31  69  197 
Gain on Sale of Subsidiary —  —  —  (138) —  —  — 
Net Gain on Disposal of Premises and Equipment —  —  —  —  —  —  (274)
Earn-out Payment Related to the Sale of EU —  (49) (708) —  —  (49) — 
Net Gain on Bank-Owned Life Insurance Claims —  —  —  —  —  —  (915)
Reduction in Force Expenses —  1,003  —  —  — 
Adjusted PPNR (Non-GAAP) (Numerator) $ 4,723  $ 3,319  $ 3,023  $ 3,542  $ 3,205  $ 7,039  $ 7,262 
Annualization Factor 4.01  4.06  3.98  3.98  4.02  2.02  2.01 
Average Assets (Denominator) $ 1,489,041  $ 1,467,695  $ 1,536,100  $ 1,526,688  $ 1,503,164  $ 1,478,754  $ 1,473,195 
Adjusted PPNR Return on Average Assets (Non-GAAP) 1.27  % 0.92  % 0.78  % 0.92  % 0.86  % 0.96  % 0.99  %
12

Three Months Ended Six Months Ended
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
(Dollars in thousands, except share and per share data) (Unaudited)
Net Income (GAAP) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 2,650  $ 5,858  $ 6,847 
Adjustments
Net Loss (Gain) on Securities —  69  (3) (245) 31  69  197 
Gain on Sale of Subsidiary —  —  —  (138) —  —  — 
Net Gain on Disposal of Premises and Equipment —  —  —  —  —  —  (274)
Earn-out Payment Related to the Sale of EU —  (49) (708) —  —  (49) — 
Net Gain on Bank-Owned Life Insurance Claims —  —  —  —  —  —  (915)
Reduction in Force Expenses —  1,003  —  —  —  1,003  — 
Tax effect —  (215) 149  90  (7) (215) 16 
Adjusted Net Income (Non-GAAP) $ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 2,674  $ 6,666  $ 5,871 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,332,026  5,471,006  5,544,829  5,346,750  5,152,657  5,387,924  5,151,188 
Earnings per Common Share - Diluted (GAAP) $ 0.74  $ 0.35  $ 0.46  $ 0.60  $ 0.51  $ 1.09  $ 1.33 
Adjusted Earnings per Common Share - Diluted (Non-GAAP) $ 0.74  $ 0.50  $ 0.35  $ 0.55  $ 0.52  $ 1.24  $ 1.14 
Net Income (GAAP) (Numerator) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 2,650  $ 5,858  $ 6,847 
Annualization Factor 4.01  4.06  3.98  3.98  4.02  2.02  2.01 
Average Assets (Denominator) 1,489,041  1,467,695  1,536,100  1,526,688  1,503,164  1,478,754  1,473,195 
Return on Average Assets (GAAP) 1.06  % 0.53  % 0.65  % 0.84  % 0.71  % 0.80  % 0.93  %
Adjusted Net Income (Non-GAAP) (Numerator) $ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 2,674  $ 6,666  $ 5,871 
Annualization Factor 4.01  4.06  3.98  3.98  4.02  2.02  2.01 
Average Assets (Denominator) 1,489,041  1,467,695  1,536,100  1,526,688  1,503,164  1,478,754  1,473,195 
Adjusted Return on Average Assets (Non-GAAP) 1.06  % 0.75  % 0.51  % 0.76  % 0.72  % 0.91  % 0.80  %
Three Months Ended Six Months Ended
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
(Dollars in thousands) (Unaudited)
Net Income (GAAP) (Numerator) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 2,650  $ 5,858  $ 6,847 
Annualization Factor 4.01  4.06  3.98  3.98  4.02  2.02  2.01 
Average Equity (GAAP) (Denominator) 147,139  147,763  147,873  145,593  140,664  147,449  140,478 
Return on Average Equity (GAAP) 10.76  % 5.24  % 6.80  % 8.80  % 7.58  % 8.01  % 9.80  %
Adjusted Net Income (Non-GAAP) (Numerator) $ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 2,674  $ 6,666  $ 5,871 
Annualization Factor 4.01  4.06  3.98  3.98  4.02  2.02  2.01 
Average Equity (GAAP) (Denominator) 147,139  147,763  147,873  145,593  140,664  147,449  140,478 
Adjusted Return on Average Equity (Non-GAAP) 10.76  % 7.46  % 5.29  % 8.00  % 7.65  % 9.12  % 8.40  %
13
EX-99.2 3 a20250630cbfvinvestorpre.htm EX-99.2 JULY INVESTOR PRESENTATION a20250630cbfvinvestorpre




CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 2 Forward-Looking Statements and Non-GAAP Financial Measures Statements contained in this investor presentation that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our 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.

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 3 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 $27.56 Shares Outstanding 5.0M Market Cap $138.4M Avg. 3 Mo. Daily Trading Volume 24,035 shares Insider Ownership 9.80% Institutional Ownership 41.32% Dividend Yield 3.63% Total Stockholders' Equity $148.4M Book Value per Common Share $29.84 Tangible Book Value per Common Share (1) $27.88 Price to Book Value 0.92x Price to Tangible Book Value (1) 0.99x P/E LTM (LTM EPS of $2.15) 12.82x ◦ All daily trading information/multiples as of July 18, 2025 ◦ All other financial information as of June 30, 2025 Washington Waynesburg Moundsville Canonsburg Uniontown Branches/ITM LPO Operations (1) Non GAAP financial measure.

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 4 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) July 2025 Page 5 Creating Value for our Shareholders and Stakeholders • 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) July 2025 Page 6 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) July 2025 Page 7 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 and a potential economic slowdown may temper loan demand. 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.

 
Q2 2025 Financial Highlights

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 9 Q2 2025 Highlights (Unaudited) Earnings (for the three months ended June 30, 2025 unless otherwise noted) • Reported earnings. Net income was $3.9 million, with diluted earnings per share of $0.74. Pre-provision net revenue (PPNR) (non-GAAP) was $4.7 million. • Margin. Net interest income was $12.5 million, an increase of 10.9% from Q1 2025. Net interest margin was 3.54%, up 27 bp from Q1 2025 as yield on interest-earning assets increased 4 bps and cost of funds decreased 14 bps. • Positive returns. Return on average tangible common equity (non-GAAP) was 11.53% for Q2 2025, compared to 8.99% for Q2 2024. Balance Sheet & Asset Quality (as of June 30, 2025 unless otherwise noted) • Steady loan portfolio. Total loans ($1.10 billion) increased 2.1% from March 31, 2025 and 1.7% from December 31, 2024 due to commercial lending efforts. Excluding the reduction in the Bank's indirect auto loans, the portfolio grew 2.4% year-to-date. • Strong deposit base. Deposits ($1.31 billion) increased 2.2% from March 31, 2025 and 2.0% from December 31, 2024. Deposit growth for Q2 2025 included $16.0 million of core (non-time) deposits and $12.4 million of time deposits. • High concentration of core deposits. Core deposits were 79% of total deposits at June 30, 2025. • Limited wholesale funding. Borrowings to total assets was 2.3% and brokered time deposits to total assets was 5.2% at June 30, 2025. • Strong credit quality. Nonperforming loans to total loans was 0.16% and nonperforming assets to total assets was 0.13% as of June 30, 2025. Annualized net recoveries to average loans for the current quarter was 0.01%. Liquidity and Capital Strength (as of June 30, 2025 unless otherwise noted) • Significant available liquidity. Cash on deposit was $64.5 million and available borrowing capacity was $614.0 million. Available liquidity covers 260% of uninsured/non-collateralized deposits. • Low-risk deposit base. Insured/collateralized deposits account for 75.8% of total deposits. • Well-capitalized. The Bank's Tier 1 Leverage ratio was 10.49% at June 30, 2025, compared to 9.98% at December 31, 2024. • Increasing shareholder value. TBV per common share (non-GAAP) was $27.88 at June 30, 2025, compared to $26.82 at December 31, 2024. • Stock Repurchase Plan (SRP). Completed 5% SRP in Q2 2025 that was announced in July 2024. Attractive way to return capital to shareholders.

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 10 Financial Highlights Change ($000s except per share) Q2 2025 Q1 2025 Q2 2024 Balance Sheet     Total Net Loans (Net Allowance) $ 1,101,102 $ 22,427 $ 31,935 Total Deposits 1,309,432 28,335 (40,336)       Income Statement     Net Interest Income 12,540 1,229 1,070 Provision for Credit Losses 8 48 44 Noninterest Income (excl Net Gain (Loss) on Investment Securities) 931 75 212 Noninterest Expense 8,748 (1,054) (236) Income Tax Expense 766 339 206 Net Income 3,949 2,040 1,299 Performance Ratios Earnings Per Share, Diluted $ 0.74 $ 0.42 $ 0.27 Net Interest Margin(1) 3.54 % 0.27 % 0.36 % ROAA(1) 1.06 % 0.53 % 0.35 % ROATCE(1)(2) 11.53 % 5.92 % 2.54 % NCOs/Average Loans(1) (0.01) % (0.03) % (0.04) % Tangible Book Value per Share(2) $ 27.88 $ 0.71 $ 2.05 Tangible Equity Ratio (TCE / TA)(2) 9.19 % (0.21) % 0.62 % Capital Ratios (Bank Only) Tier 1 Leverage 10.49 % 0.13 % 0.51 % Common Equity Tier 1 Capital 15.28 % 0.34 % 0.65 % Tier 1 Capital 15.28 % 0.34 % 0.65 % Total Risk-Based Capital 16.29 % 0.34 % 0.68 % Q2 2025 Results Overview (Unaudited) (1) Annualized (2) Non-GAAP Calculation in Press Release (3) Comparisons are to Q1 2025 unless otherwise noted Quarterly Highlights(3) Balance Sheet: • Loans increased $22.4 million as a result of the commercial lending efforts, partially offset by discontinued indirect portfolio product offering. • Deposits increased $28.3 million due to increases of $16.0 million in core (non-time) deposits and $12.4 million in time deposits. • Tangible book value per share (non-GAAP) was $27.88. Earnings and Capital: • Net income was $3.9 million and diluted EPS was $0.74. Net income increased $2.0 million compared to Q1 2025, due to $1.0 million in one-time costs associated with the reduction in force in the prior quarter and increased net interest income. • Net interest margin(1) was up 27 bp to 3.54% due to an increase in loan yields and a reduction in the cost of funds. • Noninterest income increased primarily due to higher services fees in Q2 2025. • Noninterest expense decreased 10.8% primarily due to the reduction in force costs in the prior quarter. • Effective Tax Rate was 16.2%. • The Bank's Tier 1 Leverage ratio was 10.49%.

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 11 Financial Trends - Balance Sheet Total Net LoansTotal Assets Total Deposits Total Stockholders' Equity in m ill io ns $1,560 $1,562 $1,482 $1,483 $1,518 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $1,300 $1,400 $1,500 $1,600 in m ill io ns $1,069 $1,056 $1,083 $1,079 $1,101 Net Loans Yield on Loans 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $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 $1,350 $1,354 $1,284 $1,281 $1,309 Total Deposits Cost of Interest Bearing Deposits 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $1,150 $1,200 $1,250 $1,300 $1,350 $1,400 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% in m ill io ns $143 $149 $147 $148 $148 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $120 $130 $140 $150

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 12 Financial Trends - Reported Earnings and Profitability Net Income / PPNR (non-GAAP) Earnings Per Share (EPS) - Diluted in th ou sa nd s $2,650 $3,219 $2,529 $1,909 $3,949 $3,174 $3,925 $3,734 $2,296 $4,723 Net Income PPNR Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $— $1,000 $2,000 $3,000 $4,000 $5,000 $0.51 $0.60 $0.46 $0.35 $0.74 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $— $0.20 $0.40 $0.60 $0.80 Annualized Return on Average Equity (ROAE) 7.58% 8.80% 6.80% 5.24% 10.76% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 —% 3.00% 6.00% 9.00% 12.00% Annualized Return on Average Assets (ROAA) 0.71% 0.84% 0.65% 0.53% 1.06% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 —% 0.25% 0.50% 0.75% 1.00% 1.25%

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 13 Financial Trends - Core Earnings and Profitability (1) Core Net Income / Core PPNR (non-GAAP) Core EPS (non-GAAP) - Diluted in th ou sa nd s $2,674 $2,926 $1,967 $2,717 $3,949 $3,205 $3,542 $3,023 $3,319 $4,723 Core Net Income Core PPNR Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $— $1,000 $2,000 $3,000 $4,000 $5,000 $0.52 $0.55 $0.35 $0.50 $0.74 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $— $0.20 $0.40 $0.60 $0.80 Core Annualized ROAE (non-GAAP) 7.65% 8.00% 5.29% 7.46% 10.76% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 —% 3.00% 6.00% 9.00% 12.00% Core Annualized ROAA (non-GAAP) 0.72% 0.76% 0.51% 0.75% 1.06% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 —% 0.25% 0.50% 0.75% 1.00% 1.25% (1) Non-GAAP Calculation in Press Release

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 14 Financial Trends - Earnings and Profitability Total Revenue (non-GAAP) Highlights - Noninterest Income (adj.) (non-GAAP) Efficiency Ratio $11,470 $11,474 $11,532 $11,311 $12,540$718 $849 $943 $806 $930 Net Interest Income Noninterest Income (adj.) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $7,000 $8,750 $10,500 $12,250 $14,000 73.9% 69.1% 71.7% 81.0% 64.9% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 20.0% 40.0% 60.0% 80.0% 100.0%Net Interest Margin (NIM) (non-GAAP) (1) 5.27% 5.37% 5.27% 5.17% 5.31% 3.19% 3.12% 3.13% 3.28% 3.55% 2.24% 2.42% 2.29% 2.03% 1.89% Yield on Earning Assets Net Interest Margin (FTE) Cost of Funds Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 —% 2.00% 4.00% 6.00% • All periods exclude gains/losses on securities. • Q3 2024 - excludes a gain of $138,000 related to the 2023 sale of Exchange Underwriters ("EU"). • Q4 2024 - excludes a $708,000 earn-out payment from the sale of EU. • Q1 2025 - excludes a $49,000 earn-out payment from sale of EU. (1) Non-GAAP Calculation in Press Release $11,470 $11,474 $11,532 $11,311 $12,540$688 $1,233 $1,655 $787 $931 Net Interest Income Noninterest Income Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $— $5,000 $10,000 $15,000 Eliminating the $1.0 million of one-time reduction in force expenses results in an adjusted efficiency ratio of 72.7% for Q1 2025.

 
Deposit Composition / Characteristics

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 16 Deposit Mix and Cost 21.3% 27.0% 17.2% 13.1% 21.4% Non-Interest Bearing Demand Interest Bearing Demand Money Market Accounts Savings Accounts Time Deposits Deposit Mix Cost of Interest-Bearing Deposits 2.75% 2.94% 2.79% 2.46% 2.28% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 —% 1.00% 2.00% 3.00% 4.00% Deposit Composition (in millions) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 NIB Demand $ 270.0 $ 267.0 $ 267.9 $ 267.4 $ 278.7 IB Demand 324.7 326.5 316.8 341.2 353.4 Money Market 230.0 220.8 231.5 228.0 225.1 Savings Accounts 179.1 172.4 170.5 176.7 172.0 Organic Time Deposits 253.9 267.5 257.9 228.8 201.1 Brokered Time Deposits 92.1 99.6 39.0 39.0 79.0 Total Deposits $ 1,349.8 $ 1,353.8 $ 1,283.5 $ 1,281.1 $ 1,309.4 Highlights • Deposits increased $25.9 million, or 2.0%, from December 31, 2024. • Brokered time deposits were utilized to fund commercial loan growth and the purchase of floating rate CLO securities and mature within three months. • Mix shifting from time to lower-cost demand and savings deposits. • Offering short-term certificate offering at a cost favorable to alternative funding sources. • Cost of interest-bearing deposits was 2.28% for Q2 2025, compared to 2.46% for Q1 2025 and 2.75% for Q2 2024. 2.30% 2.42% 2.23% 1.95% 2.01% 3.08% 3.16% 3.18% 3.04% 2.94% 0.11% 0.10% 0.10% 0.10% 0.10% 4.32% 4.39% 4.29% 3.95% 3.27% 5.46% 5.36% 4.81% 4.40% 4.37% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 —% 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 20.0% 19.7% 20.9% 20.9% 21.3% 24.1% 24.1% 24.7% 26.6% 27.0% 17.0% 16.3% 18.0% 17.8% 17.2% 13.3% 12.7% 13.3% 13.8% 13.1% 18.8% 19.8% 20.1% 17.9% 15.4% 6.8% 7.4% 3.0% 3.0% 6.0% Noninterest-Bearing Interest-Bearing Money Market Accounts Savings Accounts Organic Time Deposits Brokered Time Deposits 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 17 Secure Deposit Base • In total, 75.8% of client deposits (non- brokered) are FDIC insured or collateralized with investment securities as of June 30, 2025, compared to 78.4% as of December 31, 2024. • Uninsured client deposits consist of business & retail deposits of 14.8% and 9.4% of total deposits, respectively. • At June 30, 2025, client deposits consisted of 57.4% retail, 28.0% business, and 14.7% 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, 61.0% Collateralized, 14.8% Uninsured, 24.2% Source: Company information as of 6/30/2025 As of 06/30/2025

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 18 Strong Liquidity Position $4,177 2.4% $3,452 2.0% $49,691 29.0% $102,540 59.9% $10,420 6.1% $890 0.5% Government Agency Municipal MBS's CMO's Corporate Debt Marketable Equity Cash $64.5 million Investments $100.9 million Fed Capacity $69.7 million FHLB Capacity $494.3 million Other Capacity $50.0 million Available Liquidity of $779.5 million Highlights Source: Company information as of 6/30/2025 • Cash & Cash Equivalents totaled $64.5 million, or 4.2% of total assets. • Investment Securities totaled $267.2 million, with $166.2 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 $614.0 million in available borrowing capacity (FED, FHLB, Other). • Available liquidity covers 260% of uninsured/ non-collateralized deposits.

 
Loan Portfolio Composition

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 20 Loan Portfolio Composition Commercial & Industrial 12.4% Real Estate- Construction 3.7% Real Estate- Commercial 46.2% Real Estate- Residential 29.6% Consumer 5.2% Other 2.9% As of 6/30/2025 Loan Portfolio Detail dollars in millions 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 QoQ Change YoY Change Real Estate - Residential $ 342.7 $ 338.9 $ 338.0 $ 334.7 $ 329.3 (1.6) % (3.9) % Real Estate - Commercial 458.7 464.4 485.5 497.3 513.2 3.2 11.9 Real Estate - Construction 44.0 43.5 54.7 54.6 40.7 (25.5) (7.5) Commercial & Industrial 112.4 108.6 112.0 107.4 138.2 28.7 23.0 Consumer 90.4 80.0 70.5 61.9 57.4 (7.3) (36.5) Other 30.5 30.4 31.9 32.6 32.0 (1.8) 4.9 Total Loans $ 1,078.7 $ 1,065.8 $ 1,092.6 $ 1,088.5 $ 1,110.8 2.0 % 3.0 % Highlights • Loans increased $18.2 million, or 1.7%, from December 31, 2024 due primarily from commercial lending. Excluding the indirect loans, loans increased $26.4 million, or 2.4%, from December 31, 2024. • Loan production for Q2 2025 totaled $97.0 million while loans paid off totaled $51.5 million. • 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) July 2025 Page 21 Commercial Loan Portfolio Detail 24.9% 18.4% 16.6% 12.6% 5.3% 4.9% 2.7% 1.8% 1.5% 11.3% Retail Space Multifamily Warehouse Space Office Space Medical Facilities Manufacturing Hotels Senior Housing Vacant Land Other C&I and CRE Loans by Industry Highlights Commercial Real Estate Loan Portfolio Details Total O/S Balance CRE Owner Occupied CRE Non-Owner Occupied O/S Balance Percent Avg Loan Size Avg LTV O/S Balance Percent Avg Loan Size Avg LTV Retail Space $ 127,922 $ 30,473 5.93 % $ 662 73.09 % $ 97,449 18.98 % $ 1,188 72.90 % Multifamily 94,461 — — — — 94,461 18.40 787 75.41 Warehouse Space 85,201 18,850 3.67 554 52.32 66,351 12.92 1,508 59.33 Office Space 64,692 9,316 1.81 333 83.31 55,376 10.78 989 80.30 Medical Facilities 27,473 8,869 1.73 682 75.57 18,604 3.62 1,094 64.67 Manufacturing 25,090 3,221 0.63 293 57.46 21,869 4.26 1,682 59.32 Hotels 13,642 — — — — 13,642 2.66 1,516 59.50 Senior Housing 9,169 5,893 1.15 1,964 27.11 3,276 0.64 3,276 41.97 Vacant Land 7,537 2,161 0.42 127 42.87 5,376 1.05 1,075 46.24 Other 58,010 33,490 6.53 441 56.23 24,520 4.82 817 61.62 Total $ 513,197 $ 112,273 21.87 % $ 482 62.09 % $ 400,924 78.13 % $ 1,063 69.39 % • CRE loans represent 46.2% of the total loan portfolio. • Limited exposure to office space. • 21.9% of CRE loans are owner occupied. • Non-Owner Occupied CRE loans had an average LTV of 69.4% at the time of underwriting, whereas Owner Occupied CRE's were 62.1%. • Average Non-Owner Occupied CRE loan size is approximately $1.1 million, and Owner Occupied is approximately $482,000. • No loans are currently in deferral. • CRE loans are concentrated in the Pittsburgh metropolitan area. Source: Company information as of 6/30/2025

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 22 Consumer Loan Portfolio Detail 85.2% 11.9% 2.9% 1-4 Family Indirect Auto Other Consumer 29.8% 14.5% 20.3% 22.1% 10.7% 2.6% < 50% 50% - 59% 60% - 69% 70% - 79% 80% - 89% > 90% 44.6% 36.0% 13.0% 5.7% 0.7% > 800 740-799 700-739 661-699 < 660 Consumer Lending Portfolio - $387.2M Residential Real Estate Loan to Values (LTV's) - $329.8MIndirect Auto Portfolio by Max FICO Score- $46.0M Highlights • Residential loans represent 29.7% of total loans. • 64.6% of residential loans carried an LTV of less than 70%, at the time of underwriting. • Indirect auto loans represent 4.0% of total loans. • 80.6% 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 6/30/2025 Source: Company information as of 6/30/2025 Source: Company information as of 6/30/2025

 
Asset Quality, Capital Ratios and IRR

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 24 Asset Quality Trends Net Charge-Offs (Recoveries) / Average Loans Allowance for Credit Losses / Total LoansNonperforming Assets / Total Assets $2,008 $2,197 $1,789 $2,369 $1,925 Nonperforming Assets NPA's / Assets 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $— $1,000 $2,000 $3,000 0.09% 0.12% 0.15% 0.18% Allowance for Credit Losses / Nonperforming Assets Nonperforming Loans to Total Loans $1,857 $2,047 $1,789 $2,369 $1,767 Nonperforming Loans (000's) Nonperforming/Total Loans 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $— $1,000 $2,000 $3,000 0.15% 0.20% 0.25% $67 $73 $157 $54 $(39) Net Charge Offs (Recoveries) NCO's (Recoveries)/ Avg Loans Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $(100) $— $100 $200 (0.02)% —% 0.02% 0.04% 0.06% 0.08% 0.10% $9,527 $9,479 $9,805 $9,819 $9,722 Loan Loss Reserve ($000's) ALLL/ Total Loans 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $— $4,000 $8,000 $12,000 0.84% 0.86% 0.88% 0.90% 0.92% $2,008 $2,197 $1,789 $2,369 $1,925 Nonperforming Assets ALLL / Nonperforming Assets 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 $— $1,000 $2,000 $3,000 —% 200.00% 400.00% 600.00%

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 25 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 14.62% 14.79% 14.78% 14.94% 15.28% Common Equity Tier 1 Capital Adequately Capitalized Well Capitalized 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 14.62% 14.79% 14.78% 14.94% 15.28% Tier 1 Capital Adequately Capitalized Well Capitalized 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Tier 1 Leverage (to Adjusted Total Assets) 9.98% 9.96% 9.98% 10.36% 10.49% Tier 1 Leverage Adequately Capitalized Well Capitalized 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 4.00% 6.00% 8.00% 10.00% 12.00% Total Capital (to Risk Weighted Assets) 15.61% 15.76% 15.79% 15.95% 16.29% Total Capital Adequately Capitalized Well Capitalized 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 8.00% 10.00% 12.00% 14.00% 16.00%

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 26 Change in Rates (bp) (in th ou sa nd s) $(3,762) $(2,152) $(1,063) $— $907 $1,743 $2,577 -300 -200 -100 0 +100 +200 +300 $(6,000) $(4,000) $(2,000) $— $2,000 $4,000 Change in Rates (bp) (in th ou sa nd s) $12,040 $9,412 $4,844 $— $(6,931) $(14,506) $(22,175) -300 -200 -100 0 +100 +200 +300 $(30,000) $(20,000) $(10,000) $— $10,000 $20,000 Change in Net Interest Income (as of 3/31/2025) Change in Economic Value of Equity (as of 3/31/2025) Interest Rate Risk Interest Rate Risk Details EVE EVE as a Percent of Portfolio Value of Assets Net Interest Earnings at Risk Change in Interest Rates in Basis Points Dollar Amount Dollar Change Percent Change NPV Ratio Basis Point Change Dollar Amount Dollar Change Percent Change (Dollars in thousands) +300 $ 188,786 $ (22,175) (10.5) % 14.18 % (65) $ 54,021 $ 2,577 5.0 % +200 196,455 (14,506) (6.9) 14.44 (39) 53,187 1,743 3.4 +100 204,030 (6,931) (3.3) 14.66 (17) 52,351 907 1.8 Flat 210,961 — — 14.83 — 51,444 — — -100 215,805 4,844 2.3 14.84 1 50,381 (1,063) (2.1) -200 220,373 9,412 4.5 14.82 (1) 49,292 (2,152) (4.2) -300 223,001 12,040 5.7 14.66 (17) 47,682 (3,762) (7.3)

 
Conclusions

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 28 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 Increased quarterly dividend 4% to $0.26 per share in Q2 2025

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 29 Delivering Value to Shareholders Our goal is to continue operating as a high-performing, independent community bank, creating positive returns and adding significant value for our stakeholders. ◦ Committed to Improving Financial Performance ▪ Revenue Growth ▪ Consistent returns ◦ Dividend and Capital Reinvestment ▪ Regular and reliable dividend payouts ▪ Attractive dividend yield ▪ Capital reinvestment to produce higher returns ◦ Investing in Products and Strategies for Future Growth ▪ Specialty Treasury Payments & Services ▪ Commercial Banking ◦ Creating Franchise Value ◦ Supporting Local Communities (building value beyond financial returns)

 
CB Financial Services, Inc. (Nasdaq: CBFV) July 2025 Page 30 ◦ Community bank model is highly-differentiated compared with large regional banks recently experiencing 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) July 2025 Page 31 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 Bank Main Office: 100 N. Market Street Carmichaels, PA 15320 Corporate Center: 2111 North Franklin Drive, Suite 200 Washington, PA 15301 Contact Information