株探米国株
日本語 英語
エドガーで原本を確認する
0001605301FALSE00016053012025-10-232025-10-23

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): October 23, 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 October 23, 2025, CB Financial Services, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended September 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 8.01. Other Events.
On October 23, 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 November 28, 2025 to stockholders of record as of the close of business on November 14, 2025.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
99.1. Press Release Dated October 23, 2025
99.2 Investor Presentation - October 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: October 23, 2025
 By:  /s/ John H. Montgomery
    John H. Montgomery
    President and Chief Executive Officer

3
EX-99.1 2 a20250930ex9913rdqtrearnin.htm EX-99.1 3RD QUARTER DIVIDEND PRESS RELEASE Document

EXHIBIT 99.1
cbfinancialservicesa.jpg

CB Financial Services, Inc.
Announces Third Quarter 2025 Financial Results and
Declares Quarterly Cash Dividend

WASHINGTON, PA., October 23, 2025 -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), today announced its third quarter and year-to-date 2025 financial results.

Three Months Ended Nine Months Ended
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
(Dollars in thousands, except per share data) (Unaudited)
Net (Loss) Income (GAAP)
 $ (5,696) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 164  $ 10,065 
Net Income Adjustments
 9,623  —  808  (562) (293) 10,431  (1,269)
Adjusted Net Income (Non-GAAP) (1)
$ 3,927  $ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 10,595  $ 8,796 
(Loss) Earnings per Common Share - Diluted (GAAP) $ (1.07) $ 0.74  $ 0.35  $ 0.46  $ 0.60  $ 0.03  $ 1.89 
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)
 $ 0.74  $ 0.74  $ 0.50  $ 0.35  $ 0.55  $ 1.98  $ 1.65 
(Loss) Income Before Income Tax Expense (GAAP) $ (7,020) $ 4,715  $ 2,336  $ 3,051  $ 3,966  $ 33  $ 12,292 
Net Provision (Recovery) for Credit Losses 259  8  (40) 683  (41) 227  (114)
Pre-Provision Net Revenue (“PPNR”)
 $ (6,761) $ 4,723  $ 2,296  $ 3,734  $ 3,925  $ 260  $ 12,178 
Net Income Adjustments 11,752  —  1,023  (711) (383) 11,772  (1,376)
Adjusted PPNR (Non-GAAP) (1)
 $ 4,991  $ 4,723  $ 3,319  $ 3,023  $ 3,542  $ 12,032  $ 10,802 
(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 Third Quarter Financial Highlights
•During the quarter ended September 30, 2025, the Bank implemented a balance sheet repositioning strategy of its portfolio of available-for-sale investment securities in which $129.6 million in book value of lower-yielding investment securities with an average yield of 2.87% were sold for an after-tax realized loss of $9.3 million. Investment securities sold included $121.1 million of mortgage-backed securities/collateralized mortgage obligations issued by the U.S. government-sponsored agencies, $5.0 million of U.S. government agency securities and $3.5 million of municipal securities. The Bank then purchased $117.8 million of higher-yielding mortgage-backed securities/collateralized mortgage obligations issued by U.S government-sponsored agencies, municipal securities, subordinated debt investments and non-agency guaranteed securitizations with an expected tax-equivalent yield of approximately 5.43%. This strategy is expected to add nearly 19 basis points to net interest margin (“NIM”) and approximately $0.40 to annual earnings per share.
•Total assets were $1.55 billion at September 30, 2025, an increase of $27.5 million from June 30, 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.
◦Executing the aforementioned securites repositioning strategy.
◦Redeploying repayments of indirect automobile and residential mortgage loans into higher-yielding commercial loan products. Commercial loans totaled 59.8% of the Bank’s loan portfolio at September 30, 2025 compared to 53.8% at September 30, 2024.
◦Effecting changes in the Bank’s deposit mix by focusing on growth in lower cost core deposit relationships and reducing reliance on higher priced funding.
1
EXHIBIT 99.1

•NIM improved to 3.64% for the three months ended September 30, 2025 compared to 3.54% for the three months ended June 30, 2025. Main factors impacting the improved NIM included:
◦An increase in the yield on earning assets to 5.41% from 5.31% as the positive impact of the balance sheet repositioning strategies offset the effect of recent federal funds rate cuts on asset repricing.
◦A reduction in the cost of funds to 1.86% from 1.89% 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.
•Noninterest expenses increased $435,000 to $9.2 million for the three months ended September 30, 2025 compared to $8.7 million for the three months ended June 30, 2025. This increase was driven by increases in professional fees due to the timing of internal and external audit services, Pennsylvania shares tax expense due to refunds received during the three months ended June 30, 2025 and salaries and employee benefits resulting primarily from additions to the Bank’s Treasury personnel.
•Asset quality remains strong as nonperforming loans to total loans was 0.19% at September 30, 2025.
•Book value per share and tangible book value per share (Non-GAAP) was $30.50 and $28.56, respectively at September 30, 2025. The improvements since year-end resulted from increased equity due to the decrease in accumulated other comprehensive losses resulting from the securities repositioning strategy and current period net income, 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, “ We are pleased with our third quarter results as continued balance sheet repositioning, including the realignment of our securities portfolio, drove strong core earnings. During the third quarter, we replaced low yielding indirect auto and residential mortgage loans with higher yielding, relationship driven, commercial loans. In addition, we saw a favorable shift in our deposit mix resulting from a targeted effort to build core banking relationships while strategically reducing higher priced deposits.
During the quarter, we made the strategic decision to realign our securities portfolio. This repositioning is expected to deliver meaningful long-term benefits to both our earnings profile and overall balance sheet performance. Specifically, we anticipate an approximate 19 basis point increase to our net interest margin and an estimated $0.40 increase in annual earnings per share. We view this initiative as a disciplined and forward-looking deployment of capital that reflects our commitment to enhancing long-term shareholder value while supporting sustainable earnings growth.

The balance sheet and securities portfolio repositioning resulted in the yield on earning assets to increase which helped offset the effects of declining interest rates on asset yields. Collectively, these outcomes highlight the strength of our active balance sheet management and support our ability to maintain solid margin performance going forward.

With economic headwinds still present, we continue to take a disciplined approach by maintaining a conservative balance sheet and closely managing risk across our loan portfolio. Since year-end, total loans have increased by $50.8 million, or 4.6%, primarily driven by strong activity in commercial real estate and commercial and industrial loans, while declines in indirect auto, construction and residential real estate lending partially offset that growth. We were encouraged by the momentum in loan demand this quarter. Credit quality remains solid, with nonperforming loans representing just 0.19% of total loans and allowance for credit losses covering 433.6% of nonperforming assets at quarter-end. These results reflect our continued focus on sound credit management and disciplined lending practices.

During the third quarter we continued forward with meaningful progress on the implementation of our Specialty Treasury Payments & Services program, a key pillar of our long-term strategy to drive sustainable revenue growth and expand our core deposit base. We have nearly completed building out the necessary treasury products, talent, and technology infrastructure for the program, with full deployment expected by the end of the year. While we anticipate a modest near-term impact on operating expenses, we view this as a high-value investment that will enhance the strength, efficiency, and long-term scalability of our franchise and is expected to generate meaningful revenue growth over time.

We remain focused on deepening core banking relationships. Looking ahead, as our treasury deposit initiatives begin to scale, we see meaningful potential to reduce or fully replace brokered funding, further aligning our deposit mix with the long-term goals of our funding strategy.”

Dividend Declaration
The Company’s Board of Directors declared a $0.26 quarterly cash dividend per outstanding share of common stock, payable on or about November 28, 2025, to stockholders of record as of the close of business on November 14, 2025.


2

2025 Third Quarter Financial Review
Net Interest and Dividend Income
Net interest and dividend income increased $1.6 million, or 14.2%, to $13.1 million for the three months ended September 30, 2025 compared to $11.5 million for the three months ended September 30, 2024.
•Net Interest Margin (NIM) (GAAP) increased to 3.64% for the three months ended September 30, 2025 compared to 3.11% for the three months ended September 30, 2024. Fully tax equivalent (FTE) NIM (Non-GAAP) increased 55 basis points (“bps”) to 3.67% for the three months ended September 30, 2025 compared to 3.12% for the three months ended September 30, 2024.
•Interest and dividend income decreased $432,000, or 2.2%, to $19.3 million for the three months ended September 30, 2025 compared to $19.8 million for the three months ended September 30, 2024.
◦Interest income on loans increased $1.0 million, or 6.9%, to $16.0 million for the three months ended September 30, 2025 compared to $14.9 million for the three months ended September 30, 2024. The average balance of loans increased $56.1 million to $1.12 billion from $1.06 billion, causing an $830,000 increase in interest income on loans. Additionally, the average yield on loans increased 8 bps to 5.68% from 5.60% despite a 125bp 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 $217,000 increase in interest income on loans.
◦Interest income on investment securities decreased $295,000, or 9.0%, to $3.0 million for the three months ended September 30, 2025 compared to $3.3 million for the three months ended September 30, 2024 driven by a $16.6 million decrease in average balances and a 9 bp decrease in average yield. The decrease in volume was due to the timing of sales and subsequent repurchases in the securites repositioning strategy. 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 $1.2 million to $293,000 for the three months ended September 30, 2025 compared to $1.4 million for the three months ended September 30, 2024 driven by a 126 bp decrease in the average yield and a $81.4 million decrease in average balances. The decrease in the yield was directly related to the Federal Reserve’s reductions in the federal funds rate while the decrease in the volume was due to the funding of loans and decrease in average deposits.
•Interest expense decreased $2.1 million, or 24.8%, to $6.2 million for the three months ended September 30, 2025 compared to $8.3 million for the three months ended September 30, 2024.
◦Interest expense on deposits decreased $2.1 million, or 26.4%, to $5.8 million for the three months ended September 30, 2025 compared to $7.9 million for the three months ended September 30, 2024. The cost of interest-bearing deposits declined 68 bps to 2.26% for the three months ended September 30, 2025 from 2.94% for the three months ended September 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 $1.8 million decrease in interest expense. Average interest-bearing deposit balances decreased $47.0 million, or 4.4%, to $1.02 billion as of September 30, 2025 compared to $1.07 billion as of September 30, 2024, primarily as the Bank strategically reduced time deposit only relationships. The decrease in average balances accounted for a $320,000 decrease in interest expense.
Provision for Credit Losses
A provision for credit losses of $259,000 was recorded for the three months ended September 30, 2025. The provision for credit losses on loans was $336,000 and was primarily due to additional reserves required for overall loan growth, changes in qualitative factors and an addition to individually assessed loans requiring specific reserves, partially offset by favorable changes in portfolio concentrations and the calculated loss rate. This was partially offset by a $77,000 recovery for credit losses on unfunded commitments due to a decrease in unfunded commitments. This compared to a net recovery of $41,000 recorded for the three months ended September 30, 2024 as the recovery for credit losses on unfunded commitments was $66,000 due to a decreases in unfunded commitments and the loss rate on construction loans and the provision for credit losses on loans was $25,000 due to changes in qualitative factors partially offset by changes in loan portfolio concentrations and an improvement in loss rates.

Noninterest Income
Noninterest income decreased $11.9 million, or 965.9%, to a loss of $10.7 million for the three months ended September 30, 2025, compared to income of $1.2 million for the three months ended September 30, 2024 as a result of $11.8 million in losses on the sale of securities from the securities repositioning strategy. Excluding security gains and losses from both periods and a gain on the sale of a subsidiary recognized during the three months ended September 30, 2025, noninterest income increased $225,000, or 26.5%, to $1.1 million for the three months ended September 30, 2025, compared to $850,000 for the three months ended September 30, 2024.
3

This resulted primarily from a $123,000 increase in service fees primarily related to corporate deposit and Individual Covered Health Reimbursement Arrangement accounts and a $112,000 increase in other income related to hedge fees.

Noninterest Expense
Noninterest expense increased $401,000, or 4.6%, to $9.2 million for the three months ended September 30, 2025 compared to $8.8 million for the three months ended September 30, 2024. Salaries and benefits increased $686,000, or 15.0%, to $5.2 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. Legal and professional fees increased $114,000 due to timing of internal and external audit services. Equipment expense increased $87,000 due to higher depreciation expense associated with interactive teller machines, security system upgrades and other equipment placed into service in 2024. These increases were partially offset as intangible amortization decreased $264,000 as the Bank’s core deposit intangibles were fully amortized in 2024. Occupancy expense decreased $181,000 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. Data processing expense decreased $64,000 due to costs associated with the implementation of a new loan origination system and financial dashboard platform during mid-2024.

Statement of Financial Condition Review

Assets
Total assets increased $64.0 million, or 4.3%, to $1.55 billion at September 30, 2025, compared to $1.48 billion at December 31, 2024.
•Cash and due from banks increased $6.3 million, or 12.7%, to $55.9 million at September 30, 2025, compared to $49.6 million at December 31, 2024.
•Securities increased $10.4 million, or 4.0%, to $272.6 million at September 30, 2025, compared to $262.2 million at December 31, 2024.
Loans and Credit Quality
•Total loans increased $50.8 million, or 4.6%, to $1.14 billion compared to $1.09 billion, and included increases in commercial real estate, commercial and industrial and other loans of $53.9 million, $31.9 million and $6.3 million, respectively, partially offset by decreases in consumer, construction and residential real estate loans of $20.9 million, $15.8 million and $4.6 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 $23.1 million decrease in indirect automobile loans, total loans increased $73.9 million, or 7.2%. Loan production totaled $163.3 million while $73.4 million of loans were paid off since December 31, 2024.
•The allowance for credit losses (ACL) was $10.1 million at September 30, 2025 and $9.8 million at December 31, 2024. As a result, the ACL to total loans was 0.89% at September 30, 2025 and 0.90% at December 31, 2024. During the current year, the Company recorded a net provision for credit losses of $227,000. The allowance for credit losses to nonperforming assets was 433.6% at September 30, 2025 and 548.1% at December 31, 2024.
•Net recoveries for the three months ended September 30, 2025 were $88,000, or 0.03% of average loans on an annualized basis. Net charge-offs for the three months ended September 30, 2024 were $73,000, or 0.03% of average loans on an annualized basis. Net recoveries for the nine months ended September 30, 2025 were $72,000. Net charge-offs for the nine months ended September 30, 2024 were $123,000.
•Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, were $2.2 million at September 30, 2025 and $1.8 million at December 31, 2024. Nonperforming loans to total loans ratio was 0.19% at September 30, 2025 and 0.16% at December 31, 2024.

Liabilities
Total liabilities increased $58.9 million, or 4.4%, to $1.39 billion at September 30, 2025 compared to $1.33 billion at December 31, 2024.
Deposits
•Total deposits increased $50.9 million, or 4.0%, to $1.33 billion as of September 30, 2025 compared to $1.28 billion at December 31, 2024. Interest-bearing demand, non interest-bearing demand and time deposits increased $49.2 million, $24.0 million and $4.5 million, respectively while money market and savings deposits decreased $25.3 million and
4

$1.5 million, respectively. This favorable change in the deposit mix was the result of an increased focus on building core banking relationships while strategically reducing higher priced relationships. Brokered time deposits totaled $98.5 million as of September 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 September 30, 2025, FDIC insured deposits totaled approximately 59.6% of total deposits while an additional 16.3% of total deposits were collateralized with investment securities.
Accrued Interest Payable and Other Liabilities
•Accrued interest payable and other liabilities increased $7.9 million, or 49.5%, to $23.9 million at September 30, 2025, compared to $16.0 million at December 31, 2024 primarily due to $4.0 million of syndicated national credits purchased and not yet settled and $4.0 million of securities purchased and not yet settled.

Stockholders’ Equity
Stockholders’ equity increased $5.1 million, or 3.5%, to $152.5 million at September 30, 2025, compared to $147.4 million at December 31, 2024. The key factors positively impacting stockholders’ equity was a $13.2 million decrease in accumulated other comprehensive loss resulting primarily from the securities repositioning strategy, $1.7 million of shares issued as a result of stock option exercises and $164,000 of net income for the current year, partially offset by $6.8 million of treasury shares purchased under the stock repurchase program and the payment of $3.8 million in dividends since December 31, 2024.
Book value per share
Book value per common share was $30.50 at September 30, 2025 compared to $28.71 at December 31, 2024, an increase of $1.79.

Tangible book value per common share (Non-GAAP) was $28.56 at September 30, 2025, compared to $26.82 at December 31, 2024, an increase of $1.74.

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.cb.bank.

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


5

CB FINANCIAL SERVICES, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)
Selected Financial Condition Data 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24
Assets
Cash and Due From Banks $ 55,890  $ 64,506  $ 61,274  $ 49,572  $ 147,325 
Securities 272,559  267,171  258,699  262,153  270,881 
Loans Held for Sale 107  512  230  900  428 
Loans  
Real Estate:  
Residential 333,430  329,324  334,744  337,990  338,926 
Commercial 539,395  513,197  497,316  485,513  464,354 
Construction 38,905  40,680  54,597  54,705  43,515 
Commercial and Industrial 143,919  138,221  107,419  112,047  108,554 
Consumer 49,581  57,376  61,854  70,508  80,004 
Other 38,156  32,026  32,564  31,863  30,402 
Total Loans 1,143,386  1,110,824  1,088,494  1,092,626  1,065,755 
Allowance for Credit Losses (10,146) (9,722) (9,819) (9,805) (9,479)
Loans, Net 1,133,240  1,101,102  1,078,675  1,082,821  1,056,276 
Premises and Equipment, Net 19,896  20,223  20,392  20,708  20,838 
Bank-Owned Life Insurance 24,660  24,506  24,358  24,209  24,057 
Goodwill 9,732  9,732  9,732  9,732  9,732 
Intangible Assets, Net —  —  —  —  88 
Accrued Interest Receivable and Other Assets 29,430  30,232  30,096  31,469  32,116 
Total Assets $ 1,545,514  $ 1,517,984  $ 1,483,456  $ 1,481,564  $ 1,561,741 
Liabilities
Deposits
Noninterest-Bearing Demand Accounts $ 291,882  $ 278,685  $ 267,392  $ 267,896  $ 267,022 
Interest-Bearing Demand Accounts 365,976  353,448  341,212  316,764  326,505 
Money Market Accounts 206,166  225,141  228,005  231,458  220,789 
Savings Accounts 169,005  172,021  176,722  170,530  172,354 
Time Deposits 301,391  280,137  267,766  296,869  367,150 
Total Deposits 1,334,420  1,309,432  1,281,097  1,283,517  1,353,820 
Other Borrowings 34,748  34,738  34,728  34,718  34,708 
Accrued Interest Payable and Other Liabilities 23,881  25,452  19,342  15,951  24,073 
Total Liabilities 1,393,049  1,369,622  1,335,167  1,334,186  1,412,601 
Stockholders’ Equity 152,465  148,362  148,289  147,378  149,140 
Total Liabilities and Stockholders’ Equity $ 1,545,514  $ 1,517,984  $ 1,483,456  $ 1,481,564  $ 1,561,741 
6

(Dollars in thousands, except share and per share data) (Unaudited)
  Three Months Ended Nine Months Ended
Selected Operating Data 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Interest and Dividend Income:
Loans, Including Fees $ 15,973  $ 15,492  $ 14,528  $ 14,930  $ 14,945  $ 45,993  $ 44,453 
Securities:
Taxable 2,848  2,860  2,777  3,096  3,289  8,485  8,437 
Tax-Exempt 146  —  —  —  —  146  — 
Dividends 7  9  28  27  28  44  82 
Other Interest and Dividend Income 367  399  514  1,378  1,511  1,279  3,727 
Total Interest and Dividend Income 19,341  18,760  17,847  19,431  19,773  55,947  56,699 
Interest Expense:
Deposits 5,810  5,721  6,111  7,492  7,892  17,643  20,948 
Short-Term Borrowings 68  108  23  —  —  199  — 
Other Borrowings 364  391  402  407  407  1,156  1,215 
Total Interest Expense 6,242  6,220  6,536  7,899  8,299  18,998  22,163 
Net Interest and Dividend Income 13,099  12,540  11,311  11,532  11,474  36,949  34,536 
Provision (Recovery) for Credit Losses - Loans 336  (136) 68  483  25  269  (105)
(Recovery) Provision for Credit Losses - Unfunded Commitments (77) 144  (108) 200  (66) (42) (9)
Net Interest and Dividend Income After Net Provision (Recovery) for Credit Losses 12,840  12,532  11,351  10,849  11,515  36,722  34,650 
Noninterest Income:
Service Fees 574  559  462  460  451  1,595  1,220 
Insurance Commissions 1  1  1  1  1  3  4 
Other Commissions 63  66  63  63  104  192  188 
Net Gain on Sale of Loans 50  26  22  3  18  99  49 
Net (Loss) Gain on Securities (11,752) —  (69) 3  245  (11,821) 49 
Net Gain on Purchased Tax Credits 4  4  4  12  12  11  37 
Gain on Sale of Subsidiary —  —  —  —  138  —  138 
Net Gain on Disposal of Premises and Equipment —  —  —  —  —  —  274 
Income from Bank-Owned Life Insurance 154  148  149  152  147  451  442 
Net Gain on Bank-Owned Life Insurance Claims —  —  —  —  —  —  915 
Other Income 229  127  155  961  117  512  523 
Total Noninterest (Loss) Income (10,677) 931  787  1,655  1,233  (8,958) 3,839 
Noninterest Expense:
Salaries and Employee Benefits 5,247  5,088  6,036  5,258  4,561  16,371  13,563 
Occupancy 574  616  750  652  755  1,939  2,444 
Equipment 367  372  330  313  280  1,070  842 
Data Processing 708  761  797  832  772  2,266  2,476 
Federal Deposit Insurance Corporation Assessment 173  203  176  172  177  552  467 
Pennsylvania Shares Tax 306  143  257  301  265  706  860 
Contracted Services 371  382  310  522  431  1,063  1,102 
Legal and Professional Fees 411  117  262  268  297  789  717 
Advertising 132  124  119  137  141  374  348 
Other Real Estate Owned
 8  1  —  34  2  9  16 
Amortization of Intangible Assets —  —  —  88  264  —  870 
Other Expense 886  941  765  876  837  2,592  2,492 
Total Noninterest Expense 9,183  8,748  9,802  9,453  8,782  27,731  26,197 
(Loss) Income Before Income Tax Expense (7,020) 4,715  2,336  3,051  3,966  33  12,292 
Income Tax (Benefit) Expense (1,324) 766  427  522  747  (131) 2,227 
Net (Loss) Income $ (5,696) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 164  $ 10,065 
7

Three Months Ended Nine Months Ended
Per Common Share Data 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Dividends Per Common Share $ 0.26  $ 0.25  $ 0.25  $ 0.25  $ 0.25  $ 0.76  $ 0.75 
(Loss) Earnings Per Common Share - Basic (1.14) 0.79  0.37  0.49  0.63  0.03  1.96 
(Loss) Earnings Per Common Share - Diluted (1.07) 0.74  0.35  0.46  0.60  0.03  1.89 
Weighted Average Common Shares Outstanding - Basic 4,985,188  5,022,813  5,125,577  5,126,782  5,137,586  5,044,012  5,136,546 
Weighted Average Common Shares Outstanding - Diluted 5,319,594  5,332,026  5,471,006  5,544,829  5,346,750  5,357,173  5,328,610 
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24
Common Shares Outstanding 4,998,383  4,972,300  5,099,069  5,132,654  5,129,921 
Book Value Per Common Share $ 30.50  $ 29.84  $ 29.08  $ 28.71  $ 29.07 
Tangible Book Value per Common Share (1)
 28.56  27.88  27.17  26.82  27.16 
Stockholders’ Equity to Assets 9.9  % 9.8  % 10.0  % 9.9  % 9.5  %
Tangible Common Equity to Tangible Assets (1)
 9.3  9.2  9.4  9.4  9.0 
Three Months Ended Nine Months Ended
Selected Financial Ratios (2)
 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Return on Average Assets (1.50) % 1.06  % 0.53  % 0.65  % 0.84  % 0.01  % 0.90  %
Return on Average Equity (15.15) 10.76  5.24  6.80  8.80  0.15  9.45 
Average Interest-Earning Assets to Average Interest-Bearing Liabilities 134.42  135.33  134.70  133.33  133.26  134.82  135.28 
Average Equity to Average Assets 9.93  9.88  10.07  9.63  9.54  9.96  9.54 
Net Interest Rate Spread 3.05  2.91  2.61  2.41  2.36  2.86  2.48 
Net Interest Rate Spread (FTE) (1)
 3.08  2.93  2.63  2.42  2.38  2.88  2.50 
Net Interest Margin 3.64  3.54  3.27  3.12  3.11  3.49  3.21 
Net Interest Margin (FTE) (1)
 3.67  3.55  3.28  3.13  3.12  3.51  3.22 
Net Charge-Offs (Recoveries) to Average Loans
 (0.03) (0.01) 0.02  0.06  0.03  (0.01) 0.02 
Efficiency Ratio 379.15  64.94  81.02  71.68  69.11  99.07  68.27 
Asset Quality Ratios 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24
Allowance for Credit Losses to Total Loans 0.89  % 0.88  % 0.90  % 0.90  % 0.89  %
Allowance for Credit Losses to Nonperforming Loans (3)
 464.99  550.20  414.48  548.07  463.07 
Delinquent and Nonaccrual Loans to Total Loans (4)
 0.59  0.49  0.54  0.72  0.98 
Nonperforming Loans to Total Loans (3)
 0.19  0.16  0.22  0.16  0.19 
Nonperforming Assets to Total Assets (5)
 0.15  0.13  0.16  0.12  0.14 
Capital Ratios (6)
 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24
Common Equity Tier 1 Capital (to Risk Weighted Assets) 14.19  % 15.28  % 14.94  % 14.78  % 14.79  %
Tier 1 Capital (to Risk Weighted Assets) 14.19  15.28  14.94  14.78  14.79 
Total Capital (to Risk Weighted Assets) 15.20  16.29  15.95  15.79  15.76 
Tier 1 Leverage (to Adjusted Total Assets) 10.06  10.49  10.36  9.98  9.96 
(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
  September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 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)
 $ 1,120,036  $ 16,034  5.68  % $ 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  %
Debt Securities
Taxable 259,196  2,848  4.40  284,499  2,860  4.02  278,362  2,777  3.99  284,002  3,096  4.36  288,208  3,289  4.56 
Tax-Exempt 12,461  185  5.94  —  —  —  —  —  —  —  —  —  —  —  — 
Equity Securities 1,000  7  2.80  1,000  9  3.60  2,674  28  4.19  2,693  27  4.01  2,693  28  4.16 
Interest-Earning Deposits at Banks 29,682  293  3.95  33,564  331  3.94  45,056  459  4.07  114,245  1,338  4.68  111,131  1,448  5.21 
Other Interest-Earning Assets 3,972  74  7.39  3,767  68  7.24  3,196  55  6.98  3,070  40  5.18  3,108  63  8.06 
Total Interest-Earning Assets 1,426,347  19,441  5.41  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 
Noninterest-Earning Assets 75,480  67,513  63,324  65,786  57,602 
Total Assets $ 1,501,827  $ 1,489,041  $ 1,467,695  $ 1,536,100  $ 1,526,688 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts $ 350,232  $ 1,835  2.08  % $ 334,752  $ 1,677  2.01  % $ 317,799  $ 1,526  1.95  % $ 328,129  $ 1,838  2.23  % $ 316,301  $ 1,923  2.42  %
Money Market Accounts 211,660  1,401  2.63  238,195  1,747  2.94  230,634  1,726  3.04  227,606  1,821  3.18  217,148  1,726  3.16 
Savings Accounts 171,188  43  0.10  174,055  42  0.10  172,322  41  0.10  170,612  45  0.10  175,753  46  0.10 
Time Deposits 287,646  2,531  3.49  259,506  2,255  3.49  285,093  2,818  4.01  341,686  3,788  4.41  358,498  4,197  4.66 
Total Interest-Bearing Deposits 1,020,726  5,810  2.26  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 
Short-Term Borrowings 5,655  68  4.77  9,143  108  4.74  1,985  23  4.70  —  —  —  —  —  — 
Other Borrowings 34,743  364  4.16  34,733  391  4.52  34,723  402  4.70  34,713  407  4.66  34,702  407  4.67 
Total Interest-Bearing Liabilities 1,061,124  6,242  2.33  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 
Noninterest-Bearing Demand Deposits 271,462  270,729  265,522  267,598  263,650 
Total Funding and Cost of Funds
 1,332,586  1.86  1,321,113  1.89  1,308,078  2.03  1,370,344  2.29  1,366,052  2.42 
Other Liabilities 20,120  20,789  11,854  17,883  15,043 
Total Liabilities 1,352,706  1,341,902  1,319,932  1,388,227  1,381,095 
Stockholders' Equity 149,121  147,139  147,763  147,873  145,593 
Total Liabilities and Stockholders' Equity $ 1,501,827  $ 1,489,041  $ 1,467,695  $ 1,536,100  $ 1,526,688 
Net Interest Income (FTE)
(Non-GAAP) (3)
 $ 13,199  $ 12,597  $ 11,367  $ 11,577  $ 11,516 
Net Interest-Earning Assets (4)
 365,223  371,144  361,815  367,568  366,684 
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
 3.08  % 2.93  % 2.63  % 2.42  % 2.38  %
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
 3.67  3.55  3.28  3.13  3.12 
(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
Nine Months Ended
September 30, 2025 September 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)
 $ 1,098,105  $ 46,167  5.62  % $ 1,076,052  $ 44,571  5.53  %
Debt Securities
Taxable 273,949  8,485  4.13  263,433  8,437  4.27 
Exempt From Federal Tax 4,199  185  5.87  —  —  — 
Marketable Equity Securities 1,552  44  3.78  2,693  82  4.06 
Interest-Earning Deposits at Banks 36,044  1,083  4.01  90,507  3,493  5.15 
Other Interest-Earning Assets 3,648  196  7.18  3,166  234  9.87 
Total Interest-Earning Assets 1,417,497  56,160  5.30  1,435,851  56,817  5.29 
Noninterest-Earning Assets 69,034  55,366 
Total Assets $ 1,486,531  $ 1,491,217 
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts $ 334,380  $ 5,039  2.01  % $ 325,383  $ 5,576  2.29  %
Savings Accounts 172,517  126  0.10  184,017  157  0.11 
Money Market Accounts 226,760  4,874  2.87  211,921  4,885  3.08 
Time Deposits 277,424  7,604  3.66  305,386  10,330  4.52 
Total Interest-Bearing Deposits 1,011,081  17,643  2.33  1,026,707  20,948  2.73 
Short-Term Borrowings 5,607  199  4.75  1  —  — 
Other Borrowings 34,733  1,156  4.45  34,692  1,215  4.68 
Total Interest-Bearing Liabilities 1,051,421  18,998  2.42  1,061,400  22,163  2.79 
Noninterest-Bearing Demand Deposits 269,259  271,511 
Total Funding and Cost of Funds
 1,320,680  1.92  1,332,911  2.22 
Other Liabilities 17,812  16,045 
Total Liabilities 1,338,492  1,348,956 
Stockholders' Equity 148,039  142,261 
Total Liabilities and Stockholders' Equity $ 1,486,531  $ 1,491,217 
Net Interest Income (FTE) (Non-GAAP) (3)
 37,162  34,654 
Net Interest-Earning Assets (4)
 366,076  374,451 
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)
 2.88  % 2.50  %
Net Interest Margin (FTE) (Non-GAAP) (3)(6)
 3.51  3.22 
(1)    Annualized based on nine 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.

9/30/25 6/30/25 3/31/25 12/31/24 9/30/24
(Dollars in thousands, except share and per share data) (Unaudited)
Total Assets (GAAP)
 $ 1,545,514  $ 1,517,984  $ 1,483,456  $ 1,481,564  $ 1,561,741 
Goodwill and Intangible Assets, Net (9,732) (9,732) (9,732) (9,732) (9,820)
Tangible Assets (Non-GAAP) (Numerator) $ 1,535,782  $ 1,508,252  $ 1,473,724  $ 1,471,832  $ 1,551,921 
Stockholders' Equity (GAAP) $ 152,465  $ 148,362  $ 148,289  $ 147,378  $ 149,140 
Goodwill and Intangible Assets, Net (9,732) (9,732) (9,732) (9,732) (9,820)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator) $ 142,733  $ 138,630  $ 138,557  $ 137,646  $ 139,320 
Stockholders’ Equity to Assets (GAAP) 9.9  % 9.8  % 10.0  % 9.9  % 9.5  %
Tangible Common Equity to Tangible Assets (Non-GAAP) 9.3  % 9.2  % 9.4  % 9.4  % 9.0  %
Common Shares Outstanding (Denominator) 4,998,383  4,972,300  5,099,069  5,132,654  5,129,921 
Book Value per Common Share (GAAP) $ 30.50  $ 29.84  $ 29.08  $ 28.71  $ 29.07 
Tangible Book Value per Common Share (Non-GAAP) $ 28.56  $ 27.88  $ 27.17  $ 26.82  $ 27.16 

Three Months Ended Nine Months Ended
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
(Dollars in thousands) (Unaudited)
Net (Loss) Income (GAAP) $ (5,696) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 164  $ 10,065 
Amortization of Intangible Assets, Net —  —  —  88  264  —  870 
Adjusted Net (Loss) Income (Non-GAAP) (Numerator) $ (5,696) $ 3,949  $ 1,909  $ 2,617  $ 3,483  $ 164  $ 10,935 
Annualization Factor 3.97  4.01  4.06  3.98  3.98  1.34  1.34 
Average Stockholders' Equity (GAAP) $ 149,121  $ 147,139  $ 147,763  $ 147,873  $ 145,593  $ 148,039  $ 142,261 
Average Goodwill and Intangible Assets, Net (9,732) (9,732) (9,732) (9,758) (9,987) (9,732) (10,260)
Average Tangible Common Equity (Non-GAAP) (Denominator) $ 139,389  $ 137,407  $ 138,031  $ 138,115  $ 135,606  $ 138,307  $ 132,001 
Return on Average Equity (GAAP) (15.15) % 10.76  % 5.24  % 6.80  % 8.80  % 0.15  % 9.45  %
Return on Average Tangible Common Equity (Non-GAAP) (16.21) % 11.53  % 5.61  % 7.54  % 10.22  % 0.16  % 11.07  %
11

Three Months Ended Nine Months Ended
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
(Dollars in thousands) (Unaudited)
Interest Income (GAAP) $ 19,341  $ 18,760  $ 17,847  $ 19,431  $ 19,773  $ 55,947  $ 56,699 
Adjustment to FTE Basis 100  57  56  45  42  213  118 
Interest Income (FTE) (Non-GAAP) 19,441  18,817  17,903  19,476  19,815  56,160  56,817 
Interest Expense (GAAP) 6,242  6,220  6,536  7,899  8,299  18,998  22,163 
Net Interest Income (FTE) (Non-GAAP) $ 13,199  $ 12,597  $ 11,367  $ 11,577  $ 11,516  $ 37,162  $ 34,654 
Net Interest Rate Spread (GAAP) 3.05  % 2.91  % 2.61  % 2.41  % 2.36  % 2.86  % 2.48  %
Adjustment to FTE Basis 0.03  0.02  0.02  0.01  0.02  0.02  0.02 
Net Interest Rate Spread (FTE) (Non-GAAP) 3.08  % 2.93  % 2.63  % 2.42  % 2.38  % 2.88  % 2.50  %
Net Interest Margin (GAAP) 3.64  % 3.54  % 3.27  % 3.12  % 3.11  % 3.49  % 3.21  %
Adjustment to FTE Basis 0.03  0.01  0.01  0.01  0.01  0.02  0.01 
Net Interest Margin (FTE) (Non-GAAP) 3.67  % 3.55  % 3.28  % 3.13  % 3.12  % 3.51  % 3.22  %

Three Months Ended Nine Months Ended
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
(Dollars in thousands) (Unaudited)
(Loss) Income Before Income Tax Expense (GAAP) $ (7,020) $ 4,715  $ 2,336  $ 3,051  $ 3,966  $ 33  $ 12,292 
Net Provision (Recovery) for Credit Losses 259  8  (40) 683  (41) 227  (114)
PPNR (Non-GAAP)
 (6,761) 4,723  2,296  3,734  3,925  260  12,178 
Adjustments
Net Loss (Gain) on Securities 11,752  —  69  (3) (245) 11,821  (49)
Gain on Sale of Subsidiary —  —  —  —  (138) —  (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) $ 4,991  $ 4,723  $ 3,319  $ 3,023  $ 3,542  $ 12,032  $ 10,802 
Annualization Factor 3.97  4.01  4.06  3.98  3.98  1.34  1.34 
Average Assets (Denominator) $ 1,501,827  $ 1,489,041  $ 1,467,695  $ 1,536,100  $ 1,526,688  $ 1,486,531  $ 1,491,217 
Adjusted PPNR Return on Average Assets (Non-GAAP) 1.32  % 1.27  % 0.92  % 0.78  % 0.92  % 1.08  % 0.97  %
12

Three Months Ended Nine Months Ended
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
(Dollars in thousands, except share and per share data) (Unaudited)
Net (Loss) Income (GAAP)
 $ (5,696) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 164  $ 10,065 
Adjustments
Net Loss (Gain) on Securities 11,752  —  69  (3) (245) 11,821  (49)
Gain on Sale of Subsidiary —  —  —  —  (138) —  (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 (2,129) —  (215) 149  90  (2,344) 107 
Adjusted Net Income (Non-GAAP) $ 3,927  $ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 10,595  $ 8,796 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,319,594  5,332,026  5,471,006  5,544,829  5,346,750  5,357,173  5,328,610 
(Loss) Earnings per Common Share - Diluted (GAAP) $ (1.07) $ 0.74  $ 0.35  $ 0.46  $ 0.60  $ 0.03  $ 1.89 
Adjusted Earnings per Common Share - Diluted (Non-GAAP) $ 0.74  $ 0.74  $ 0.50  $ 0.35  $ 0.55  $ 1.98  $ 1.65 
Net (Loss) Income (GAAP) (Numerator) $ (5,696) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 164  $ 10,065 
Annualization Factor 3.97  4.01  4.06  3.98  3.98  1.34  1.34 
Average Assets (Denominator) 1,501,827  1,489,041  1,467,695  1,536,100  1,526,688  1,486,531  1,491,217 
Return on Average Assets (GAAP) (1.50) % 1.06  % 0.53  % 0.65  % 0.84  % 0.01  % 0.90  %
Adjusted Net Income (Non-GAAP) (Numerator) $ 3,927  $ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 10,595  $ 8,796 
Annualization Factor 3.97  4.01  4.06  3.98  3.98  1.34  1.34 
Average Assets (Denominator) 1,501,827  1,489,041  1,467,695  1,536,100  1,526,688  1,486,531  1,491,217 
Adjusted Return on Average Assets (Non-GAAP) 1.04  % 1.06  % 0.75  % 0.51  % 0.76  % 0.95  % 0.79  %
Three Months Ended Nine Months Ended
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
(Dollars in thousands) (Unaudited)
Net (Loss) Income (GAAP) (Numerator)
 $ (5,696) $ 3,949  $ 1,909  $ 2,529  $ 3,219  $ 164  $ 10,065 
Annualization Factor 3.97  4.01  4.06  3.98  3.98  1.34  1.34 
Average Equity (GAAP) (Denominator) 149,121  147,139  147,763  147,873  145,593  148,039  142,261 
Return on Average Equity (GAAP) (15.15) % 10.76  % 5.24  % 6.80  % 8.80  % 0.15  % 9.45  %
Adjusted Net Income (Non-GAAP) (Numerator) $ 3,927  $ 3,949  $ 2,717  $ 1,967  $ 2,926  $ 10,595  $ 8,796 
Annualization Factor 3.97  4.01  4.06  3.98  3.98  1.34  1.34 
Average Equity (GAAP) (Denominator) 149,121  147,139  147,763  147,873  145,593  148,039  142,261 
Adjusted Return on Average Equity (Non-GAAP) 10.45  % 10.76  % 7.46  % 5.29  % 8.00  % 9.57  % 8.26  %
13


Three Months Ended Nine Months Ended
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
(Dollars in thousands) (Unaudited)
Noninterest Expense (GAAP) (Numerator) $ 9,183  $ 8,748  $ 9,802  $ 9,453  $ 8,782  $ 27,731  $ 26,197 
Net Interest and Dividend Income (GAAP) $ 13,099  $ 12,540  $ 11,311  $ 11,532  $ 11,474  $ 36,949  $ 34,536 
Noninterest (Loss) Income (GAAP) (10,677) 931  787  1,655  1,233  (8,958) 3,839 
Operating Revenue (GAAP) (Denominator) $ 2,422  $ 13,471  $ 12,098  $ 13,187  $ 12,707  $ 27,991  $ 38,375 
Efficiency Ratio (GAAP) 379.15  % 64.94  % 81.02  % 71.68  % 69.11  % 99.07  % 68.27  %
Noninterest Expense (GAAP) $ 9,183  $ 8,748  $ 9,802  $ 9,453  $ 8,782  $ 27,731  $ 26,197 
Adjustments:
Reduction in Force Expenses —  —  (1,003) —  —  (1,003) — 
Amortization of Intangible Assets —  —  —  (88) (264) —  (870)
Adjusted Noninterest Expense (Non-GAAP) (Numerator) $ 9,183  $ 8,748  $ 8,799  $ 9,365  $ 8,518  $ 26,728  $ 25,327 
Net Interest and Dividend Income (GAAP) $ 13,099  $ 12,540  $ 11,311  $ 11,532  $ 11,474  $ 36,949  $ 34,536 
Noninterest (Loss) Income (GAAP) (10,677) 931  787  1,655  1,233  (8,958) 3,839 
Adjustments:
Net Loss (Gain) on Securities 11,752  —  69  (3) (245) 11,821  (49)
Gain on Sale of Branches —  —  —  —  (138) —  (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)
Adjusted Noninterest Income (Non-GAAP) $ 1,075  $ 931  $ 807  $ 944  $ 850  $ 2,814  $ 2,463 
Adjusted Operating Revenue (Non-GAAP) (Denominator) $ 14,174  $ 13,471  $ 12,118  $ 12,476  $ 12,324  $ 39,763  $ 36,999 
Adjusted Efficiency Ratio (Non-GAAP) 64.79  % 64.94  % 72.61  % 75.06  % 69.12  % 67.22  % 68.45  %

14
EX-99.2 3 a20250930cbfvinvestorpre.htm EX-99.2 OCTOBER INVESTOR PRESENTATION a20250930cbfvinvestorpre




CB Financial Services, Inc. (Nasdaq: CBFV) October 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) October 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 $32.48 Shares Outstanding 5.0M Market Cap $162.3M Avg. 3 Mo. Daily Trading Volume 14,674 shares Insider Ownership 9.31% Institutional Ownership 44.26% Dividend Yield 3.20% Total Stockholders' Equity $152.5M Book Value per Common Share $30.50 Tangible Book Value per Common Share (1) $28.56 Price to Book Value 1.06x Price to Tangible Book Value (1) 1.14x ◦ All daily trading information/multiples as of October 21, 2025 ◦ All other financial information as of September 30, 2025 Washington Waynesburg Moundsville Canonsburg Uniontown Branches/ITM LPO Operations (1) Non GAAP financial measure.

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 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) October 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 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) October 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 in 4Q25 - Est. 2025 personnel costs of $1.2 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 4Q25 - Est. 2025 cost of $500,000). 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 $60 million by the end of 4Q25. Combined with the expansion of the Bank's Commercial Banking team, this two pronged strategy enhances 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 continuing to evaluate and hire 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) October 2025 Page 7 2025 Macro Outlook Item Comment Monetary Policy The Federal Reserve's rate cuts are anticipated to continue during Q4 2025 and 2026 amid a softening job market 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 escalate 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 and beyond.

 
Q3 2025 Financial Highlights

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 9 Q3 2025 Highlights (Unaudited) Earnings (for the three months ended September 30, 2025 unless otherwise noted) • Core earnings. Core net income (non-GAAP) was $3.9 million, with diluted core earnings per share of $0.74. Core pre-provision net revenue (PPNR) (non-GAAP) was $5.0 million. • Margin. Net interest income was $13.1 million, an increase of 4.5% from Q2 2025. Net interest margin was 3.64%, up 10 bp from Q2 2025 as yield on interest-earning assets increased 10 bps and cost of funds decreased 3 bps. • Positive core returns. Adjusted return on average equity (non-GAAP) was 10.45% for Q3 2025, compared to 8.00% for Q3 2024. Balance Sheet & Asset Quality (as of September 30, 2025 unless otherwise noted) • Steady loan portfolio. Total loans ($1.13 billion) increased 2.9% from June 30, 2025 and 4.7% from December 31, 2024 due to commercial lending efforts. Excluding the reduction in the Bank's indirect auto loans, the portfolio grew 7.2% year-to-date. • Strong deposit base. Deposits ($1.33 billion) increased 1.9% from June 30, 2025 and 4.0% from December 31, 2024. Deposit growth for the year-to-date period included $46.4 million of core (non-time) deposits and $4.5 million of time deposits. • High concentration of core deposits. Core deposits were 77% of total deposits at September 30, 2025. • Limited wholesale funding. Borrowings to total assets was 2.2% and brokered time deposits to total assets was 6.4% at September 30, 2025. • Strong credit quality. Nonperforming loans to total loans was 0.19% and nonperforming assets to total assets was 0.15% as of September 30, 2025. Annualized net recoveries to average loans for the current quarter was 0.03%. Liquidity and Capital Strength (as of September 30, 2025 unless otherwise noted) • Significant available liquidity. Cash on deposit was $55.9 million and available borrowing capacity was $598.4 million. Available liquidity covers 250% of uninsured/non-collateralized deposits. • Low-risk deposit base. Insured/collateralized deposits account for 75.9% of total deposits. • Well-capitalized. The Bank's Tier 1 Leverage ratio was 10.06% at September 30, 2025, compared to 9.98% at December 31, 2024. • Increasing shareholder value. TBV per common share (non-GAAP) was $28.56 at September 30, 2025, compared to $26.82 at December 31, 2024. • Stock Repurchase Plan (SRP). Announced $5.0 million SRP in Q3 2025. Attractive way to return capital to shareholders.

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 10 Financial Highlights Change ($000s except per share) Q3 2025 Q2 2025 Q3 2024 Balance Sheet     Total Net Loans (Net Allowance) $ 1,133,240 $ 32,138 $ 76,964 Total Deposits 1,334,420 24,988 (19,400)       Income Statement     Net Interest Income 13,099 559 1,625 Net Provision (Recovery) for Credit Losses 259 251 300 Noninterest Income (excl Net (Loss) Gain on Investment Securities) 1,075 144 87 Loss on Sale of Securities (11,752) (11,752) (11,997) Noninterest Expense 9,183 435 401 Income Tax Expense (1,324) (2,090) (2,071) Net (Loss) Income (5,696) (9,645) (8,915) Performance Ratios Earnings Per Share, Diluted $ (1.07) $ (1.93) $ (1.77) Net Interest Margin(1) 3.64 % 0.10 % 0.53 % ROAA(1) (1.50) % (2.56) % (2.34) % ROATCE(1)(2) (16.21) % (27.74) % (26.43) % NCOs/Average Loans(1) (0.03) % (0.02) % (0.06) % Tangible Book Value per Share(2) $ 28.56 $ 0.68 $ 1.40 Tangible Equity Ratio (TCE / TA)(2) 9.29 % 0.10 % 0.31 % Capital Ratios (Bank Only) Tier 1 Leverage 10.06 % (0.43) % 0.10 % Common Equity Tier 1 Capital 14.19 % (1.09) % (0.60) % Tier 1 Capital 14.19 % (1.09) % (0.60) % Total Risk-Based Capital 15.20 % (1.09) % (0.56) % Q3 2025 Results Overview (Unaudited) (1) Annualized (2) Non-GAAP Calculation in Press Release (3) Comparisons are to Q2 2025 unless otherwise noted Quarterly Highlights(3) Balance Sheet: • Loans increased $32.1 million as a result of commercial lending efforts, partially offset by discontinued indirect portfolio product offering. • Deposits increased $25.0 million due to increases of $3.7 million in core (non-time) deposits and $21.3 million in time deposits. • Tangible book value per share (non-GAAP) was $28.56. Earnings and Capital: • Net loss was $5.7 million due to an $11.8 million pre-tax loss on the sale of securities related to the execution of a securities repositioning strategy during Q3. Core net income was $3.9 million, while core PPNR was $5.0 million, an increase from $4.7 million for Q2. • Net interest margin(1) was up 10 bp to 3.64% due to an increase in security yields and a reduction in the cost of funds. • Core noninterest income increased primarily due to higher service fees in Q3 2025. • Noninterest expense increased 5.0% primarily due to higher professional fees related to audit services and salaries related to treasury personnel. • Effective Tax Rate was 18.9%. • The Bank's Tier 1 Leverage ratio was 10.06%.

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 11 Financial Trends - Balance Sheet (Unaudited) Total Net LoansTotal Assets Total Deposits Total Stockholders' Equity in m ill io ns $1,562 $1,482 $1,483 $1,518 $1,546 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $1,300 $1,400 $1,500 $1,600 in m ill io ns $1,056 $1,083 $1,079 $1,101 $1,133 Net Loans Yield on Loans 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $1,000 $1,025 $1,050 $1,075 $1,100 $1,125 $1,150 5.00% 5.20% 5.40% 5.60% 5.80% 6.00% in m ill io ns $1,354 $1,284 $1,281 $1,309 $1,334 Total Deposits Cost of Interest Bearing Deposits 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $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 $149 $147 $148 $148 $152 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $130 $140 $150 $160

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 12 Financial Trends - Reported Earnings and Profitability (Unaudited) Net (Loss) Income / PPNR (non-GAAP) Earnings Per Share (EPS) - Diluted in th ou sa nd s $3,219 $2,529 $1,909 $3,949 $(5,696) $3,925 $3,734 $2,296 $4,723 $(6,761) Net (Loss) Income PPNR Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $(8,000) $(6,000) $(4,000) $(2,000) $— $2,000 $4,000 $0.60 $0.46 $0.35 $0.74 $(1.07) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $(1.50) $(1.00) $(0.50) $— $0.50 $1.00 Annualized Return on Average Equity (ROAE) 8.80% 6.80% 5.24% 10.76% (15.15)% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (20.00)% (16.00)% (12.00)% (8.00)% (4.00)% —% 4.00% 8.00% 12.00% Annualized Return on Average Assets (ROAA) 0.84% 0.65% 0.53% 1.06% (1.50)% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (2.00)% (1.50)% (1.00)% (0.50)% —% 0.50% 1.00%

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 13 Financial Trends - Core Earnings and Profitability (1) (Unaudited) Core Net Income / Core PPNR (non-GAAP) Core EPS - Diluted (non-GAAP) in th ou sa nd s $2,926 $1,967 $2,717 $3,949 $3,927 $3,542 $3,023 $3,319 $4,723 $4,991Core Net Income Core PPNR Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $— $1,000 $2,000 $3,000 $4,000 $5,000 $0.55 $0.35 $0.50 $0.74 $0.74 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $— $0.20 $0.40 $0.60 $0.80 Core Annualized ROAE (non-GAAP) 8.00% 5.29% 7.46% 10.76% 10.45% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 —% 3.00% 6.00% 9.00% 12.00% Core Annualized ROAA (non-GAAP) 0.76% 0.51% 0.75% 1.06% 1.04% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 —% 0.25% 0.50% 0.75% 1.00% 1.25% (1) Non-GAAP Calculation in Press Release

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 14 Financial Trends - Earnings and Profitability (Unaudited) Total Revenue (non-GAAP) Highlights - Noninterest Income (adj.) (non-GAAP) Core Efficiency Ratio (non-GAAP)(1) $11,474 $11,532 $11,311 $12,540 $13,099 $849 $943 $806 $930 $1,074 Net Interest Income Noninterest Income (adj.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $7,500 $9,000 $10,500 $12,000 $13,500 $15,000 69.1% 75.1% 72.6% 64.9% 64.8% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 50.0% 60.0% 70.0% 80.0%Net Interest Margin (NIM) (non-GAAP) (1) 5.37% 5.27% 5.17% 5.31% 5.41% 3.12% 3.13% 3.28% 3.55% 3.67% 2.42% 2.29% 2.03% 1.89% 1.86% Yield on Earning Assets Net Interest Margin (FTE) Cost of Funds Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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 $11,474 $11,532 $11,311 $12,540 $13,099$1,233 $1,655 $787 $931 $(10,677) Net Interest Income Noninterest Income Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $(20,000) $(10,000) $— $10,000 $20,000

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 15 Year-to-Date Monthly Trends (Unaudited) 3.25% 3.88% 5.16% 5.62% 2.56% 2.33% Net Interest Margin (FTE) Yield on Earning Assets Cost of Funds 1/31/2025 3/31/2025 5/31/2025 7/31/2025 9/30/2025 2.00% 3.00% 4.00% 5.00% 6.00% Net Interest Margin (NIM) (Non-GAAP) 1/31/2025 3/31/2025 5/31/2025 7/31/2025 9/30/2025 $— $500 $1,000 $1,500 $2,000 Pre-Tax Pre-Provision Income (Core) (Non-GAAP) 0.762% 1.160% 1/31/2025 3/31/2025 5/31/2025 7/31/2025 9/30/2025 0.500% 0.750% 1.000% 1.250% Core Annualized ROAA (Non-GAAP) 1/31/2025 3/31/2025 5/31/2025 7/31/2025 9/30/2025 $3,250 $3,500 $3,750 $4,000 $4,250 $4,500 $4,750 Net Interest Income (FTE) (Non-GAAP)

 
Deposit Composition / Characteristics

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 17 Deposit Mix and Cost (Unaudited) 21.9% 27.4% 15.4% 12.7% 22.6% Non-Interest Bearing Demand Interest Bearing Demand Money Market Accounts Savings Accounts Time Deposits Deposit Mix Cost of Interest-Bearing Deposits 2.94% 2.79% 2.46% 2.28% 2.26% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 —% 1.00% 2.00% 3.00% 4.00% Deposit Composition (in millions) 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 NIB Demand $ 267.0 $ 267.9 $ 267.4 $ 278.7 $ 291.9 IB Demand 326.5 316.8 341.2 353.4 366.0 Money Market 220.8 231.5 228.0 225.1 206.2 Savings Accounts 172.4 170.5 176.7 172.0 169.0 Organic Time Deposits 267.5 257.9 228.8 201.1 202.9 Brokered Time Deposits 99.6 39.0 39.0 79.0 98.5 Total Deposits $ 1,353.8 $ 1,283.5 $ 1,281.1 $ 1,309.4 $ 1,334.4 Highlights • Deposits increased $50.9 million, or 4.0%, 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 deposits. • Offering short-term certificate offering at a cost favorable to alternative funding sources. • Cost of interest-bearing deposits was 2.26% for Q3 2025, compared to 2.28% for Q2 2025 and 2.94% for Q3 2024. 2.42% 2.23% 1.95% 2.01% 2.08% 3.16% 3.18% 3.04% 2.94% 2.63% 0.10% 0.10% 0.10% 0.10% 0.10% 4.39% 4.29% 3.95% 3.27% 3.12% 5.36% 4.81% 4.40% 4.37% 4.36% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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 19.7% 20.9% 20.9% 21.3% 21.9% 24.1% 24.7% 26.6% 27.0% 27.4% 16.3% 18.0% 17.8% 17.2% 15.4% 12.7% 13.3% 13.8% 13.1% 12.7% 19.8% 20.1% 17.9% 15.4% 15.2% 7.4% 3.0% 3.0% 6.0% 7.4% Noninterest-Bearing Interest-Bearing Money Market Accounts Savings Accounts Organic Time Deposits Brokered Time Deposits 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 18 Secure Deposit Base (Unaudited) • In total, 75.9% of client deposits (non- brokered) are FDIC insured or collateralized with investment securities as of September 30, 2025, compared to 78.4% as of December 31, 2024. • Uninsured client deposits consist of business & retail deposits of 15.7% and 8.4% of total deposits, respectively. • At September 30, 2025, client deposits consisted of 55.2% retail, 29.1% business, and 15.7% 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, 59.6% Collateralized, 16.3% Uninsured, 24.1% Source: Company information as of 9/30/2025 As of 9/30/2025

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 19 Strong Liquidity Position (Unaudited) $— 0.0% $36,115 23.4% $41,723 27.0% $55,923 36.2% $19,732 12.8% $895 0.6% Government Agency Municipal MBS's CMO's Corporate Debt Marketable Equity Cash $55.9 million Investments $93.2 million Fed Capacity $69.8 million FHLB Capacity $478.6 million Other Capacity $50.0 million Available Liquidity of $747.5 million Highlights Source: Company information as of 9/30/2025 • Cash & Cash Equivalents totaled $55.9 million, or 3.6% of total assets. • Investment Securities totaled $272.6 million, with $179.3 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 2.2% of total assets and included $20.0 million in FHLB borrowings and $14.7 million in subordinated debt. • The Bank has $598.4 million in available borrowing capacity (FED, FHLB, Other). • Available liquidity covers 250% of uninsured/ non-collateralized deposits.

 
Loan Portfolio Composition

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 21 Loan Portfolio Composition (Unaudited) Commercial & Industrial 12.6% Real Estate- Construction 3.4% Real Estate- Commercial 47.2% Real Estate- Residential 29.2% Consumer 4.3% Other 3.3% As of 9/30/2025 Loan Portfolio Detail dollars in millions 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 QoQ Change YoY Change Real Estate - Residential $ 338.9 $ 338.0 $ 334.7 $ 329.3 $ 333.4 1.2 % (1.6) % Real Estate - Commercial 464.4 485.5 497.3 513.2 539.4 5.1 16.1 Real Estate - Construction 43.5 54.7 54.6 40.7 38.9 (4.4) (10.6) Commercial & Industrial 108.6 112.0 107.4 138.2 143.9 4.1 32.5 Consumer 80.0 70.5 61.9 57.4 49.6 (13.6) (38.0) Other 30.4 31.9 32.6 32.0 38.2 19.4 25.7 Total Loans $ 1,065.8 $ 1,092.6 $ 1,088.5 $ 1,110.8 $ 1,143.4 2.9 % 7.3 % Highlights • Loans increased $50.8 million, or 4.6%, from December 31, 2024 due primarily from commercial lending. Excluding the indirect loans, loans increased $73.9 million, or 7.2%, from December 31, 2024. • Loan production for Q3 2025 totaled $163.3 million while loans paid off totaled $73.4 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) October 2025 Page 22 Commercial Loan Portfolio Detail (Unaudited) 23.8% 18.9% 17.7% 13.2% 5.0% 4.6% 2.5% 1.7% 1.3% 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 $ 128,415 $ 26,348 4.88 % $ 712 51.90 % $ 102,067 18.92 % $ 1,501 62.80 % Multifamily 101,965 3,726 0.69 3,726 70.56 98,239 18.21 973 61.38 Warehouse Space 95,250 20,480 3.80 788 48.42 74,770 13.86 1,968 55.22 Office Space 71,305 9,224 1.71 401 72.67 62,081 11.51 1,293 60.90 Medical Facilities 27,123 8,768 1.63 674 75.02 18,355 3.40 1,224 56.39 Manufacturing 24,527 2,887 0.54 289 54.34 21,640 4.01 2,164 43.27 Hotels 13,551 — — — — 13,551 2.51 1,936 59.23 Senior Housing 9,110 5,867 1.09 1,956 27.00 3,243 0.60 3,243 41.54 Vacant Land 7,169 2,126 0.39 125 42.70 5,043 0.93 1,261 44.60 Other 60,980 36,465 6.75 514 52.54 24,515 4.57 943 61.08 Total $ 539,395 $ 115,891 21.48 % $ 577 54.10 % $ 423,504 78.52 % $ 1,332 58.98 % • CRE loans represent 47.2% of the total loan portfolio. • Limited exposure to office space. • 21.5% of CRE loans are owner occupied. • Non-Owner Occupied CRE loans have an average LTV of 59.0% based on appraised values at the time of origination, whereas Owner Occupied CRE's LTV is 54.1%. • Average Non-Owner Occupied CRE loan size is approximately $1.3 million, and Owner Occupied is approximately $577,000. • No loans are currently in deferral. • CRE loans are concentrated in the Pittsburgh metropolitan area.Source: Company information as of 9/30/2025

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 23 Consumer Loan Portfolio Detail (Unaudited) 87.1% 10.1% 2.8% 1-4 Family Indirect Auto Other Consumer 30.7% 15.3% 20.3% 21.2% 10.2% 2.3% < 50% 50% - 59% 60% - 69% 70% - 79% 80% - 89% > 90% 44.0% 36.1% 13.2% 6.0% 0.7% > 800 740-799 700-739 661-699 < 660 Consumer Lending Portfolio - $383.0M Residential Real Estate Loan to Values (LTV's) - $333.5MIndirect Auto Portfolio by Max FICO Score- $38.8M Highlights • Residential loans represent 29.2% of total loans. • 66.3% of residential loans have an LTV of less than 70%, based on appraised values at the time of origination. • Indirect auto loans represent 3.3% of total loans. • 80.1% 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 9/30/2025 Source: Company information as of 9/30/2025 Source: Company information as of 9/30/2025

 
Asset Quality, Capital Ratios and IRR

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 25 Asset Quality Trends (Unaudited) Net Charge-Offs (Recoveries) / Average Loans Allowance for Credit Losses / Total LoansNonperforming Assets / Total Assets $2,197 $1,789 $2,369 $1,925 $2,340 Nonperforming Assets NPA's / Assets 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $— $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 $2,047 $1,789 $2,369 $1,767 $2,182 Nonperforming Loans (000's) Nonperforming/Total Loans 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $— $1,000 $2,000 $3,000 0.15% 0.20% 0.25% $73 $157 $54 $(39) $(88) Net Charge Offs (Recoveries) NCO's (Recoveries)/ Avg Loans Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $(100) $— $100 $200 (0.04)% —% 0.04% 0.08% $9,479 $9,805 $9,819 $9,722 $10,146 Loan Loss Reserve ($000's) ALLL/ Total Loans 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $— $4,000 $8,000 $12,000 0.86% 0.88% 0.90% 0.92% $2,197 $1,789 $2,369 $1,925 $2,340 Nonperforming Assets ALLL / Nonperforming Assets 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 $— $1,000 $2,000 $3,000 —% 200.00% 400.00% 600.00%

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 26 Capital Ratios (Bank Only) (Unaudited) Common Equity Tier 1 Capital (to Risk Weighted Assets) Tier 1 Capital to Risk Weighted Assets in th ou sa nd s 14.79% 14.78% 14.94% 15.28% 14.19% Common Equity Tier 1 Capital Adequately Capitalized Well Capitalized 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 14.79% 14.78% 14.94% 15.28% 14.19% Tier 1 Capital Adequately Capitalized Well Capitalized 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Tier 1 Leverage (to Adjusted Total Assets) 9.96% 9.98% 10.36% 10.49% 10.06% Tier 1 Leverage Adequately Capitalized Well Capitalized 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 4.00% 6.00% 8.00% 10.00% 12.00% Total Capital (to Risk Weighted Assets) 15.76% 15.79% 15.95% 16.29% 15.20% Total Capital Adequately Capitalized Well Capitalized 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 8.00% 10.00% 12.00% 14.00% 16.00%

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 27 Change in Rates (bp) (in th ou sa nd s) $(4,441) $(2,788) $(1,352) $— $1,305 $2,542 $3,781 -300 -200 -100 0 +100 +200 +300 $(5,000) $(2,500) $— $2,500 $5,000 Change in Rates (bp) (in th ou sa nd s) $5,653 $7,656 $5,514 $— $(6,595) $(13,886) $(21,270) -300 -200 -100 0 +100 +200 +300 $(30,000) $(20,000) $(10,000) $— $10,000 Change in Net Interest Income (as of 6/30/2025) Change in Economic Value of Equity (as of 6/30/2025) Interest Rate Risk (Unaudited) Interest Rate Risk Details (as of 6/30/2025) 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 $ 196,138 $ (21,270) (9.8) % 14.32 % (55) $ 56,892 $ 3,781 7.1 % +200 203,522 (13,886) (6.4) 14.55 (32) 55,653 2,542 4.8 +100 210,813 (6,595) (3.0) 14.74 (13) 54,416 1,305 2.5 Flat 217,408 — — 14.87 — 53,111 — — -100 222,922 5,514 2.5 14.92 5 51,759 (1,352) (2.5) -200 225,064 7,656 3.5 14.75 (12) 50,323 (2,788) (5.2) -300 223,061 5,653 2.6 14.34 (53) 48,670 (4,441) (8.4)

 
Conclusions

 
CB Financial Services, Inc. (Nasdaq: CBFV) October 2025 Page 29 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) October 2025 Page 30 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 shareholders. ◦ 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) October 2025 Page 31 ◦ Community bank model is highly-differentiated compared with large regional banks ◦ 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) October 2025 Page 32 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