UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                               ------------------
                                   FORM 10-QSB
(Mark One)

|X|   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
      OF 1934

      For the quarterly period ended: September 30, 2006

                               ------------------

|_|   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934

      For the transition period from __________ to ___________

                               ------------------
                        Commission file number: 000-51351
                            CB FINANCIAL CORPORATION

        (Exact name of Small Business Issuer as Specified in its Charter)

                               ------------------

                  North Carolina                           20-2928613
   (State or Other Jurisdiction of Incorporation        (I.R.S. Employer
                 or Organization)                      Identification No.)

                             3710 Nash Street North
                        Post Office Box 8189 (Zip 27893)
                        Wilson, North Carolina 27896-1120
                    (Address of principal executive offices)

                                 (252) 243-5588
                (Issuer's Telephone Number, Including Area Code)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes |X| No |_|

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes |_| No |X|

As of November  10, 2006,  there were  1,064,253  shares of the issuer's  common
stock outstanding.

Transitional Small Business Disclosure Format (Check one): Yes |_| No |X|


                                     - 1 -
<PAGE>

                                                                        Page No.
                                                                        --------

Part I.  FINANCIAL INFORMATION

Item 1 - Financial Statements (Unaudited)

            Consolidated Statements of Financial Condition
            September 30, 2006 and December 31, 2005 ..........................3

            Consolidated Statements of Operations
            Three Months and Nine Months Ended September 30, 2006 and 2005.....4

            Consolidated Statements of Cash Flows
            Nine Months Ended September 30, 2006 and 2005......................5

            Notes to Consolidated Financial Statements.........................6

Item 2 - Management's Discussion and Analysis of Financial
            Condition and Results of Operations...............................13

Item 3 -    Controls and Procedures...........................................17

Part II.    OTHER INFORMATION

Item 1 -    Legal Proceedings.................................................18

Item 6 -    Exhibits..........................................................18

Signatures....................................................................21



                                     - 2 -
<PAGE>

Part I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
================================================================================
<TABLE>
<CAPTION>
                                                                September 30, 2006   December 31,
                                                                    (Unaudited)         2005*
                                                                   -------------     -------------
                                                                      (Amounts in thousands,
                                                                        except share data)
ASSETS
<S>                                                                <C>               <C>
Cash and due from banks                                            $       3,371     $       4,903
Interest-earning deposits in banks                                         4,552             4,607
Federal funds sold                                                         8,529                --
CD's with other banks                                                      1,140             5,453
Investment securities available for sale, at fair value                   27,698            13,441
Investment securities held to maturity, at amortized cost                     --             6,083
Loans                                                                    115,635           114,468
Allowance for loan losses                                                 (1,644)           (1,775)
                                                                   -------------     -------------
         NET LOANS                                                       113,991           112,693

Accrued interest receivable                                                  818               628
Stock in Federal Home Loan Bank of Atlanta, at cost                          594               529
Premises and equipment                                                     2,330             1,757
Bank-owned life insurance                                                  1,377             1,338
Real estate owned                                                            451               117
Other assets                                                               1,654             1,222
                                                                   -------------     -------------
         TOTAL ASSETS                                              $     166,505     $     152,771
                                                                   =============     =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
   Demand                                                          $      12,493     $      11,638
   Savings                                                                 1,048             1,129
   Money market and NOW                                                   34,536            35,107
   Time                                                                   95,123            81,195
                                                                   -------------     -------------
         TOTAL DEPOSITS                                                  143,200           129,069

Short term borrowings                                                         --             1,055
Long term borrowings                                                      11,405            11,488
Accrued interest payable                                                     263               238
Accrued expenses and other liabilities                                       416               479
                                                                   -------------     -------------
         TOTAL LIABILITIES                                               155,284           142,329
                                                                   -------------     -------------

Stockholders' equity:
   Preferred stock, 20,000,000 shares authorized, none issued                 --                --
   Common stock, no par value, 80,000,000 shares authorized;
     1,064,253 issued and outstanding at September 30, 2006
       and 1,014,228 issued and outstanding at December 31, 2005          10,508             9,640
   Retained earnings                                                         950               960
   Accumulated other comprehensive loss                                     (237)             (158)
                                                                   -------------     -------------
         TOTAL STOCKHOLDERS' EQUITY                                       11,221            10,442
                                                                   -------------     -------------
         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                $     166,505     $     152,771
                                                                   =============     =============
</TABLE>

*Derived from audited financial statements.

See accompanying notes


                                     - 3 -
<PAGE>

                                       -4-
                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
================================================================================

<TABLE>
<CAPTION>
                                                 Three Months Ended         Nine Months Ended
                                                   September 30,              September 30,
                                              -----------------------   -----------------------
                                                 2006         2005         2006         2005
                                              ----------   ----------   ----------   ----------
                                               (In thousands, except share and per share data)
<S>                                           <C>          <C>          <C>          <C>
INTEREST INCOME
   Loans                                      $    2,468   $    1,752   $    7,075   $    4,608
   Investments                                       286          157          710          411
   Federal funds sold                                 77           30          200          109
   Interest-earning bank deposits                     11           41           97           85
   Other interest and dividends                       82           20          203           85
                                              ----------   ----------   ----------   ----------
     TOTAL INTEREST INCOME                         2,924        2,000        8,285        5,298
                                              ----------   ----------   ----------   ----------

INTEREST EXPENSE
   Money market, NOW and savings deposits            196          221          688          620
   Time deposits                                   1,119          509        2,838        1,237
   Borrowings                                        153           92          445          120
                                              ----------   ----------   ----------   ----------
     TOTAL INTEREST EXPENSE                        1,468          822        3,971        1,977
                                              ----------   ----------   ----------   ----------

     NET INTEREST INCOME                           1,456        1,178        4,314        3,321

PROVISION FOR LOAN LOSSES                             11          217          738          415
                                              ----------   ----------   ----------   ----------

     NET INTEREST INCOME AFTER
       PROVISION FOR LOAN LOSSES                   1,445          961        3,576        2,906
                                              ----------   ----------   ----------   ----------

NON-INTEREST INCOME
   Service charges on deposit accounts               117          115          384          338
   Mortgage operations                                74           42          237          128
   Other income                                       32           46           89          166
                                              ----------   ----------   ----------   ----------
     TOTAL NON-INTEREST INCOME                       223          203          710          632
                                              ----------   ----------   ----------   ----------

NON-INTEREST EXPENSE
   Salaries and employee benefits                    635          441        1,722        1,209
   Occupancy and equipment                            85           52          274          137
   Data processing expenses                          132          105          390          269
   Other (Note D)                                    219          174          638          507
                                              ----------   ----------   ----------   ----------
     TOTAL NON-INTEREST EXPENSE                    1,071          772        3,024        2,122
                                              ----------   ----------   ----------   ----------

                 INCOME BEFORE INCOME TAXES          597          392        1,262        1,416

INCOME TAXES                                         202          136          409          513
                                              ----------   ----------   ----------   ----------
     NET INCOME                               $      395   $      256   $      853   $      903
                                              ==========   ==========   ==========   ==========

Net Income Per Common Share
   Basic                                      $      .37   $      .24   $      .80   $      .85
   Diluted                                           .36          .24          .77          .84

Weighted Average Shares Outstanding
   Basic                                       1,064,253    1,057,029    1,064,253    1,057,029
   Diluted                                     1,106,008    1,085,159    1,102,347    1,080,243
</TABLE>

See accompanying notes.


                                     - 4 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
================================================================================
<TABLE>
<CAPTION>
                                                                                     Nine Months Ended
                                                                                       September 30,
                                                                                    --------------------
                                                                                      2006        2005
                                                                                    --------    --------
                                                                                       (In thousands)
<S>                                                                                 <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income                                                                        $    853    $    903
  Adjustments to reconcile net income to net
    cash provided by operating activities:
       Depreciation and amortization                                                     122         125
    Compensation expense as result of vesting acceleration of stock purchase plan         17          --
       Provision for loan losses                                                         738         415
       Provision for  losses on real estate owned                                         10          --
       Gain on sale of real estate owned                                                  --         (30)
       Loss from sale of real estate owned                                                49          --
       Earnings on life insurance                                                        (39)        (39)
       Change in assets and liabilities:
         Increase in accrued interest receivable                                        (190)       (153)
         Increase in other assets                                                       (383)        (33)
         Increase in accrued interest payable                                             25          72
         Increase (decrease) in accrued expenses and other liabilities                   (63)        314
                                                                                    --------    --------
           NET CASH PROVIDED BY OPERATING ACTIVITIES                                   1,139       1,574
                                                                                    --------    --------

CASH FLOWS FROM INVESTING ACTIVITIES
  Net maturities of CD's with other banks                                              4,313       2,937
  Purchase of available-for-sale securities                                          (11,442)     (6,050)
  Investment in CB Capital Trust                                                          --        (155)
  Maturities, sales and calls of available for sale investments                        3,123       2,280
  Purchase of held to maturity securities                                                 --      (4,210)
  Net increase in loans                                                               (2,711)    (17,557)
  Purchase of FHLB stock                                                                 (65)       (517)
  Proceeds from sale of real estate owned                                                282          69
  Purchases of premises and equipment                                                   (678)       (161)
                                                                                    --------    --------
           NET CASH USED BY INVESTING ACTIVITIES                                      (7,178)    (23,364)
                                                                                    --------    --------

CASH FLOWS FROM FINANCING ACTIVITIES
  Decrease/increase in Federal Home Loan Bank advances                                   (83)      5,750
 Increase in Junior Subordinated debentures                                               --       5,155
  Net decrease/increase in short term borrowings                                      (1,055)      1,000
 Cash dividends paid for fractional shares resulting from stock dividend
                                                                                         (12)         --
  Increase in deposits                                                                14,131       9,238
                                                                                    --------    --------
           NET CASH PROVIDED BY FINANCING ACTIVITIES                                  12,981      21,143
                                                                                    --------    --------

           NET INCREASE IN CASH AND CASH EQUIVALENTS                                   6,942        (647)

CASH AND CASH EQUIVALENTS, BEGINNING                                                   9,510      10,794
                                                                                    --------    --------
CASH AND CASH EQUIVALENTS, ENDING                                                   $ 16,452    $ 10,147
                                                                                    ========    ========

Supplemental disclosure of cash flow information
  Interest Paid                                                                     $  3,946    $  1,905
                                                                                    --------    --------
  Taxes Paid                                                                        $    779    $    320
                                                                                    --------    --------
</TABLE>

                                     - 5 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

NOTE A - BASIS OF PRESENTATION

In management's opinion, the financial information, which is unaudited, reflects
all adjustments  (consisting solely of normal recurring  adjustments)  necessary
for a fair presentation of the financial information as of and for the three and
nine month  periods  ended  September  30,  2006 and 2005,  in  conformity  with
accounting  principles  generally accepted in the United States of America.  The
consolidated   financial   statements  include  the  accounts  of  CB  Financial
Corporation (the "Company") and its wholly-owned  subsidiary,  Cornerstone Bank.
Operating  results for the nine month  period ended  September  30, 2006 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending December 31, 2006.

In June 2005,  the  shareholders  of Cornerstone  Bank (the "Bank")  approved an
Agreement  and  Plan of  Reorganization  pursuant  to which  the  Bank  became a
wholly-owned  banking subsidiary of CB Financial  Corporation,  a North Carolina
corporation  formed as a holding  company  for the Bank.  At the  closing of the
holding company reorganization (the "Reorganization"), one share of CB Financial
Corporation's  no  par  value  common  stock  was  exchanged  for  each  of  the
outstanding  shares of  Cornerstone  Bank's  $5.00 par value common  stock.  The
Company  currently has no  operations  and conducts no business on its own other
than its ownership of the Bank and the common shares of Financial  Capital Trust
I, a Connecticut  statutory  trust to  facilitate  the issuance of $5 million of
trust preferred securities.

The organization and business of Cornerstone Bank,  accounting policies followed
by the Bank and other information are contained in the notes to the consolidated
financial  statements  filed as part of the Company's 2005 annual report on Form
10-KSB.  This quarterly  report should be read in  conjunction  with such annual
report.

NOTE B - STOCK BASED COMPENSATION

Effective  January 1, 2006,  the Company  adopted SFAS No. 123  (revised  2004),
"Share-Based  Payment,"  ("SFAS  No.  123R")  which  was  issued  by the FASB in
December 2004.  SFAS No. 123R revised SFAS No. 123  "Accounting  for Stock Based
Compensation,"  and  supersedes  APB No.  25,  "Accounting  for Stock  Issued to
Employees," (APB No. 25) and its related interpretations. SFAS No. 123R requires
recognition of the cost of employee  services  received in exchange for an award
of equity  instruments in the financial  statements over the period the employee
is required to perform the services in exchange for the award (presumptively the
vesting period). SFAS No. 123R also requires measurement of the cost of employee
services received in exchange for an award based on the grant-date fair value of
the award.  SFAS No. 123R also amends SFAS No. 95  "Statement of Cash Flows," to
require that excess tax benefits be reported as financing  cash inflows,  rather
than as a reduction  of taxes  paid,  which is included  within  operating  cash
flows.

The Company adopted SFAS No. 123R using the modified prospective  application as
permitted under SFAS No. 123R.  Accordingly,  prior period amounts have not been
restated. Under this application, the Company is required to record compensation
expense for all awards  granted  after the date of adoption and for the unvested
portion of  previously  granted  awards that remain  outstanding  at the date of
adoption.

Prior to the adoption of SFAS No. 123R,  the Company  used the  intrinsic  value
method as prescribed by APB No. 25 and thus recognized no  compensation  expense
for options  granted with exercise  prices equal to the fair market value of the
Company's common stock on the date of grant.


                                     - 6 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

Stock Option Plans

The Company  has an  Employee  Stock  Option  Plan (the  "Employee  Plan") and a
Director  Stock Option Plan (the  "Director  Plan") in effect at  September  30,
2006.  All options  outstanding  under both plans as of  December  31, 2005 were
fully vested and no new options were issued during the nine-month  period ending
September 30, 2006.  Therefore,  no option  related  compensation  cost has been
charged against income for the nine months ended September 30, 2006.

In 2003,  the  Company  implemented  the  Employee  Plan and the  Director  Plan
(together,  the "Plans") that were approved by  shareholders  in 2002. Each plan
makes available  options to purchase 80,284 shares of the Company's common stock
for an aggregate  number of common shares reserved for options equal to 160,568.
No options were granted prior to 2003.  On August 31, 2003,  options to purchase
131,955 shares of common stock were granted. All options granted originally were
scheduled to vest over five years,  with 20% vesting on the first anniversary of
the grant date, and 20% vesting annually  thereafter.  During 2005, an amendment
was  made to the  grants  providing  for  accelerated  vesting  of all  options,
resulting in all options  being  immediately  vested.  All  unexercised  options
expire ten years after the date of grant.  Options  granted  under the Plans can
have a term of up to ten years from the date of grant, provided however, that in
the  case of an  employee  who owns  shares  representing  more  than 10% of the
outstanding common stock at the time an Incentive Stock Option (ISO) is granted,
the term of such ISO  shall  not  exceed  five  years.  Vesting  of  options  is
determined at the time of grant and ranges from immediate to ten years.  Options
under the Employee  Plan must be granted at a price that shall be the average of
the highest and lowest  selling  price on such exchange date or, if there are no
sales on such date,  shall be the mean between the bid and asked  price.  In the
case of the employee who owns shares representing more than 10% of the Company's
outstanding shares of common stock at the time the ISO is granted,  the exercise
price shall not be less than 110% of the market value of the optioned  shares at
the time the ISO is granted.  The weighted average exercise price of all options
outstanding under the Plans is $9.93.

The fair market  value of each option  award is  estimated  on the date of grant
using the  Black-Scholes  option pricing model.  No options were granted for the
nine months ended  September  30, 2006 and  September  30, 2005.  The  risk-free
interest  rate is based  upon a U.S.  Treasury  instrument  with a life  that is
similar to the expected  life of the option  grant.  Expected  volatility  is an
estimate  based upon  approximate  volatility  of  community  bank  stocks.  The
expected  term of the  options is an  estimate  based on the period  between the
initial full vesting term and expiration of the options.  The expected  dividend
yield of zero is based upon the previous  dividend  history of the  Company.  No
post-vesting restrictions exist for these options.


                                     - 7 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

Stock Option Plans (continued)

A summary  of option  activity  under the  Plans as of  September  30,  2006 and
changes  during the nine month  period  ended  September  30, 2006 is  presented
below:

<TABLE>
<CAPTION>
                                                                                     Weighted
                                               Shares                    Weighted     Average
                                             Available                   Average     Remaining   Aggregate
                                  Shares     For Future     Shares       Exercise   Contractual  Intrinsic
                                 In Plans      Grants     Outstanding     Price        Term        Value
                                -----------  ----------  -------------  ----------  -----------  ----------
<S>                                <C>          <C>           <C>      <C>                 <C>  <C>
At December 31, 2005                152,922      30,547        122,375  $    10.43          7.7  $  559,254
Exercised                                --          --             --          --           --          --
Authorized                               --          --             --          --           --          --
Forfeited                                --          --             --          --           --          --
Granted                                  --          --             --          --           --          --
Stock dividend                        7,646       1,539          6,107
                                -----------  ----------  -------------  ----------  -----------  ----------
At September 30, 2006               160,568      32,086        128,482  $     9.93          6.9  $  908,368
                                ===========  ==========  =============  ==========  ===========  ==========

Exercisable at September 30,
2006                                                           128,482  $     9.93          6.9  $  908,368
                                                         =============  ==========  ===========  ==========
</TABLE>

Had compensation costs for the Company's stock option plan been determined using
the fair  value  method,  the  Company's  pro forma net  income  would have been
affected as presented  below for the quarter and nine months ended September 30,
2005.

                                                 Three Months      Nine Months
                                                     Ended            Ended
                                                 September 30,    September 30,
                                                     2005             2005
                                                --------------  ----------------
                                                    (Amounts in thousands,
                                                     except per share data)
Net income:
As reported                                     $          256              903
   Deduct: Total stock-based employee
     compensation expense determined
     under fair value method for all awards,
     net of related tax effects                            (13)             (39)
                                                --------------  ---------------

   Pro forma                                    $          243  $           864
                                                ==============  ===============

Basic net income per share:
   As reported                                  $          .24  $           .85
   Pro forma                                               .23              .82

Diluted net income per share:
   As reported                                  $          .24  $           .84
   Pro forma                                               .22              .80


                                     - 8 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the "Purchase  Plan") is a voluntary plan that
enables  full-time  employees  of the Bank to purchase  shares of the  Company's
common stock based on their continued  service over a specified  period of time.
The Purchase  Plan is  administered  by a committee  of the Board of  Directors,
which has a broad  discretionary  authority to administer the Purchase Plan. The
Company's  Board of Directors may amend or terminate the Purchase Plan any time.
The Purchase Plan is intended to be qualified as an employee stock purchase plan
under Section 423 of the Internal Revenue Code of 1986, as amended.

Once a year,  participants  in the Purchase Plan  purchase the Company's  common
stock at the lesser of : (a) eighty-five  percent (85%) of the fair market value
of the common stock on the date of grant,  or (b)  eighty-five  percent (85%) of
the fair market value of the common stock on the purchase date. Participants are
permitted to purchase  shares under the Purchase  Plan up to a maximum  purchase
amount not to exceed $25,000 in fair market value.

The fair value of each option grant under the Purchase Plan was estimated on the
date of grant using the same  option  valuation  model used for options  granted
under the Plans and assumes that service period  requirements  will be achieved.
If such  requirements  are not met, no  compensation  cost is recognized and any
recognized  compensation  is reversed.  There were no options  granted under the
Purchase  Plan during the three months  ended  September  30, 2006.  For options
granted under the Purchase Plan during the nine months ended September 30, 2006,
we have used the  following  assumptions  in our  determination  of fair  value:
expected-volatility of 5.21%; expected dividends of zero, and risk free interest
rate of 4.38%.  The expected term for options granted under the Purchase Plan is
1 year at the grant date, .25 years remaining at September 30, 2006.

There were no  outstanding  options  under the Purchase  Plan as of December 31,
2005. On January 1, 2006, the Company  granted 8,400 options which are scheduled
to vest on December 31, 2006.  The  aggregate  intrinsic  value of these options
totaled  approximately  $18,000 as of the grant date and $40,800 as of September
30, 2006, respectively.

The  weighted-average  grant-date  fair value of options granted during the nine
months ended  September 30, 2006 was $2.73.  No options were exercised under the
Purchase Plan during the nine months ended  September 30, 2006 and September 30,
2005. For the nine months ended  September 30, 2006,  approximately  $17,000 has
been recognized as compensation expense related to proportionate  vesting of the
Purchase  Plan.  As of September  30, 2006,  there was  approximately  $5,700 of
unrecognized  compensation  cost related to nonvested  share-based  compensation
arrangements  granted  under the  Purchase  Plan;  that cost is  expected  to be
recognized over the final quarter of 2006.


                                     - 9 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

NOTE C - LOANS

Following  is a summary of  activity  in the  allowance  for loan losses for the
periods indicated:

                                                    Nine Months Ended
                                                       September 30,
                                                    2006         2005
                                                   -------     -------
                                                  (Dollars in thousands)

Allowance for loan losses at beginning of period   $ 1,775     $ 1,216
Provision for loan losses                              738         415
Loans charged-off                                   (1,126)        (10)
Recoveries                                             257           7
                                                   -------     -------

Allowance for loan losses at end of period         $ 1,644     $ 1,628
                                                   =======     =======

Allowance for loan losses as a percent of loans
     at period end                                    1.42%       1.52%

At September 30, 2006, the Company had loan commitments outstanding of $565,000,
pre-approved  but unused lines of credit  totaling  $35.5 million and commercial
and  standby  letters  of credit of  $46,500.  In  management's  opinion,  these
commitments  represent no more than normal  lending risk to the Company and will
be funded from normal sources of liquidity.

NOTE D - OTHER NON-INTEREST EXPENSE

The major components of other non-interest expense are as follows:

                                        Three Months Ended     Nine Months Ended
                                             September 30,       September 30,
                                        --------------------  ------------------
                                          2006        2005      2006      2005
                                        --------    --------  --------  --------
                                            (Dollars in thousands)

Postage, printing and office supplies   $     24    $     25  $     74  $     72
Advertising and promotion                     26          21        91        61
Professional services                         49          45       156       134
Other                                        120          83       317       240
                                        --------    --------  --------  --------

Total                                   $    219    $    174  $    638  $    507
                                        ========    ========  ========  ========


                                     - 10 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

NOTE E - COMPREHENSIVE INCOME

A summary of comprehensive income is as follows:

<TABLE>
<CAPTION>
                                                     Three Months Ended                    Nine Months Ended
                                                        September 30,                        September 30,
                                               -------------------------------     --------------------------------
                                                   2006               2005              2006              2005
                                               -------------     -------------     -------------      -------------
                                                                     (Dollars in thousands)

<S>                                            <C>               <C>               <C>               <C>
Net income                                     $         395     $         256     $         853     $          903
Other comprehensive income (loss):
   Net increase (decrease) in the
     fair value of investment securities
     available for sale, net of tax                       91               (32)               90                (92)
   Decrease from transfer of securities
       held to maturity to available for
       sale.                                              --                --               (82)                --
                                               -------------     -------------     --------------    --------------
         Total comprehensive income            $         486     $         224     $         861     $          811
                                               =============     =============     =============     ==============
</TABLE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

NOTE F - PER SHARE RESULTS

Basic  earnings per share  represents  income  available to common  stockholders
divided by the  weighted-average  number of common shares outstanding during the
period.  Diluted earnings per share reflect  additional common shares that would
have been outstanding if dilutive  potential  common shares had been issued,  as
well as any  adjustment  to income that would result from the assumed  issuance.
Potential  common  shares that may be issued by the Bank  relate to  outstanding
stock options, including those outstanding under the Employee Stock Option Plan,
the Director  Stock Option Plan;  and the Employee  Stock Purchase Plan, and are
determined using the treasury stock method.

The basic and diluted weighted average shares outstanding are as follows:

<TABLE>
<CAPTION>
                                                 Three Months Ended                    Nine Months Ended
                                                    September 30,                        September 30,
                                           -------------------------------     --------------------------------
                                               2006               2005              2006              2005
                                           -------------     -------------     -------------     --------------
<S>                                            <C>               <C>               <C>                <C>
Weighted average outstanding
  shares used for basic EPS                    1,064,253         1,057,029         1,064,253          1,057,029

Plus incremental shares from
  assumed exercise of:
   Stock options                                  40,010            28,130            36,691             23,214
   Employee stock purchase plan options            1,745                 -             1,403                  -
                                           -------------     -------------     -------------     --------------

Weighted average outstanding
  shares used for diluted EPS                  1,106,008         1,085,159         1,102,347          1,080,243
                                           =============     =============     =============     ==============
</TABLE>

No  adjustments  were  required to be made to net income in the  computation  of
diluted earnings per share.


                                     - 11 -
<PAGE>

                     CB FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
================================================================================

NOTE F - PER SHARE RESULTS (CONTINUED)

Stock Dividend

The Board of  Directors  of the Company  approved a 21-for-20  stock split to be
effected  in the form of a 5% stock  dividend  payable  on  August  31,  2006 to
shareholders of record on July 21, 2006. All references to per share results and
weighted  average  common and common  equivalent  shares  outstanding  have been
adjusted to reflect the effects of this stock dividend.

NOTE G - RECLASSIFICATIONS

Certain amounts presented on the accompanying  consolidated financial statements
as of September 30, 2005 have been  reclassified to conform to the  presentation
as of September 30, 2006. The  reclassifications had no effect on the net income
or total stockholders' equity as previously reported.

NOTE H - RECENT ACCOUNTING PRONOUNCEMENTS

FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN No.
48) was issued in June 2006 to clarify the accounting for  uncertainty in income
taxes  recognized  in the financial  statements in accordance  with SFAS No. 109
"Accounting for Income Taxes".  The  interpretation  defines a criterion than an
individual  tax position  must meet for any part of the benefit of that position
to be  recognized  in the financial  statements.  It also  provides  guidance on
measurement,  derecognition,  classification, interest and penalties, accounting
in interim periods,  disclosure and transition.  The Interpretation is effective
for fiscal years  beginning after December 15, 2006. The Company does not expect
adoption of FIN No. 48 to have a material effect on the  consolidated  financial
statements.

Also in September  2006,  FASB issued SFAS No. 158  "Employers'  Accounting  for
Defined  Benefit  Pension and Other  Postretirement  Plans" (SFAS No.  158),  an
amendment  of FASB  Statements  No. 87, 88, 106,  and 132 (R).  For fiscal years
ending after  December 15, 2006,  SFAS No. 158 requires an employer to recognize
the funded  status of a benefit plan on its balance  sheet and to recognize  the
gains or losses and prior service costs, not already recognized,  as a component
of other comprehensive income, net of taxes. SFAS No. 158 also requires that the
defined  benefit plan assets and  obligations  be measured as of the date of the
employer's fiscal year-end balance sheet effective for fiscal years ending after
December 15,  2008.  The Company does not expect the adoption of SFAS No. 158 to
have a material effect on the consolidated financial statements.


                                     - 12 -
<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Management's  discussion  and  analysis  is  intended  to assist  readers in the
understanding and evaluation of the financial condition and consolidated results
of operations of CB Financial  Corporation and its wholly owned bank subsidiary,
Cornerstone  Bank (the  "Company").  This  quarterly  report  on Form  10-QSB to
shareholders  may  contain  certain  forward-looking  statements  consisting  of
estimates  with respect to the financial  condition,  results of operations  and
other  business of the Company that are subject to various  factors  which could
cause actual results to differ  materially from those  estimates.  Factors which
could influence the estimates  include  changes in national,  regional and local
market conditions,  legislative and regulatory conditions, and the interest rate
environment.

                      COMPARISON OF FINANCIAL CONDITION AT
                    September 30, 2006 and December 31, 2005

During the first nine months of 2006,  the Company's  total assets  increased to
$166.5  million,  an  increase  of $13.7  million or 9.0% from  total  assets at
December  31,  2005 of  $152.8  million.  This  increase  in assets  was  mainly
attributable to increases in liquid investments and, to a lesser extent,  loans.
The  growth in total  assets  was funded  principally  by  inflows  of  customer
deposits,  which increased by $14.1 million or 10.9% to $143.2 million,  up from
$129.1 million at December 31, 2005. Liquid investments,  consisting of cash and
due from banks,  interest-earning  deposits in other banks,  federal funds sold,
time deposits and investment securities totaled $45.3 million, or 27.2% of total
assets and 31.6% of total  deposits  at  September  30,  2006,  representing  an
increase  of $10.8  million  from $34.5  million at  December  31,  2005.  Loans
increased to $115.6  million,  up from $114.5  million at December 31, 2005. The
low loan growth has resulted primarily from relatively high loan payoffs.  Total
stockholders'  equity increased from $10.4 million at December 31, 2005 to $11.2
million at September  30, 2006  primarily as a result of retention of net income
of $853,000  during the nine month period.  At September 30, 2006, both the Bank
and   Company's   capital   exceeded   the   levels   that  are   deemed  to  be
"well-capitalized" under applicable regulatory capital requirements.

      COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTH PERIODS ENDED
                           September 30, 2006 and 2005

Overview.  The Company earned net income of $395,000, or $.36 per diluted share,
for the quarter ended September, 2006, as compared to net income of $256,000, or
$.24 per  diluted  share,  for the  third  quarter  of 2005.  This  increase  of
$139,000,  or $0.12 per diluted  share in net operating  results,  was primarily
attributable  to an  increase  in net  interest  income and a  reduction  in the
provision  for loan losses.  Additional  information  on the  components  of net
income are provided below.

Net  Interest  Income.  Net  interest  income for the three month  period  ended
September 30, 2006 was $1.46 million,  an increase of $278,000,  or 23.6%,  from
the $1.18  million in the three month period  ended  September  30, 2005.  Total
interest  income  increased to $2.9 million for the quarter ended  September 30,
2006, a $924,000 or 46.2%  increase  from the $2.0  million  earned in the third
quarter of 2005. Total interest income benefited from the growth in the level of
average  earning  assets from year to year and an  increase  in interest  rates.
Average  total  interest-earning  assets  increased by $28.5  million,  or 22.7%
annualized,  compared to the three months ended  September  30, 2005,  while the
average  balance  of  total  interest-bearing  liabilities  increased  by  $32.8
million,  or 30.8% annualized during the same period. Our balance sheet is asset
sensitive,  with  approximately  85% of loans  having  the  prime  rate as their
repricing  index.  With six prime rate increases  totaling 1.50% since September
30, 2005,  this rate  sensitivity  has also  contributed  to the increase in net
interest income.


                                     - 13 -
<PAGE>

Provision  for Loan  Losses.  The Bank  recorded an $11,000  provision  for loan
losses,  after $80,000 in charge-offs in the third quarter of 2006,  compared to
the $217,000  provision made in the same quarter of 2005 after zero charge-offs.
Provisions for loan losses are charged to income to bring the allowance for loan
losses to a level deemed appropriate by management.  In evaluating the allowance
for loan losses,  management  considers  factors that include an analysis of the
risk  characteristics of various  classifications  of loans,  previous loan loss
experience,  specific loans which have loan loss potential,  delinquency trends,
estimated fair values of underlying collateral, current economic conditions, the
views of the Bank's  regulators  (who have the  authority to require  additional
reserves),  and geographic and industry loan  concentrations.  The third quarter
2006  provision  for loan losses was small  relative  to other  periods as total
loans outstanding actually declined by $121,000 during the quarter.

As of  September  30,  2006,  the  allowance  for loan  losses  was  $1,644,000,
representing  1.42% of  loans  outstanding,  down  from  1.52%  of  total  loans
outstanding at September 30, 2005.  Nonperforming  loans totaled  $1,536,000 and
$665,000 at September 30, 2006 and September 30, 2005, respectively.

Non-Interest  Income.  Non-interest income increased $20,000 to $223,000 for the
quarter ended September 30, 2006, as compared with $203,000 for the three months
ended September 30, 2005. Service charges on deposit accounts, which represent a
relatively  stable  and  predictable  source  of  non-interest  income,  totaled
$117,000  for third  quarter of 2006 as  compared  with  $115,000  for the third
quarter of 2005.  Through  associations with certain mortgage lending companies,
the  Bank  originates  a full  range of  competitively  priced  residential  and
commercial long-term  mortgages,  at both fixed and variable rates, earning fees
for loans originated. The Bank had income from mortgage operations of $74,000 in
the third quarter of 2006, an increase of $32,000 from the $42,000 earned during
the third quarter of 2005.

Non-Interest  Expenses.  Non-interest  expenses totaled $1,071,000 for the three
months ended September 30, 2006, an increase or $299,000,  or 38.7%,  from total
non-interest expenses of $772,000 for the three months ended September 30, 2005.
This  increase is mainly  attributable  to increased  compensation  and benefits
associated  with the  increase  in the number of  employees,  occupancy  expense
related  to a new  branch  opened  in  November  2005  and the  increase  in the
information systems expense related to the increase in customer transactions.

Income Taxes.  The Company  provided  $202,000 for income taxes during the three
months ended  September 30, 2006. The Company had $136,000 in income tax expense
for the three months ended September 30, 2005. The decrease in the effective tax
rate from 34.7% to 33.8% is primarily  attributable to the continued  investment
in municipal securities.

      COMPARISON OF RESULTS OF OPERATIONS FOR THE NINE MONTH PERIODS ENDED
                           September 30, 2006 and 2005

Overview.  The Company  earned net income of $853,000 or $.77 per diluted share,
for the nine  months  ended  September  30,  2006,  as compared to net income of
$903,000 or $.84 per diluted  share,  for the nine months  ended  September  30,
2005.  This  decrease  of $50,000  or $.06 per  diluted  share in net  operating
results was  principally  attributable  to the  increase in  provision  for loan
losses and in  non-interest  expenses.  The provision for loan losses  increased
from  $415,000  in 2005 to  $738,000  for the first nine  months of 2006,  while
non-interest  expense  increased from  $2,122,000 to $3,024,000  during the same
time period. The variances are discussed in detail below.

The  annualized  returns on average  assets and  average  equity  were 0.72% and
10.61%,  respectively,  for the nine  months  ended  September  30,  2006.  This
compares to an annualized  0.95% return on average assets and a 12.12% return on
average equity for the nine month period ended September 30, 2005.


                                     - 14 -
<PAGE>

Net Interest  Income.  Net interest income  increased to $4,314,000 for the nine
months  ended  September  30,  2006,  a  $993,000  or  29.9%  increase  from the
$3,321,000  earned in first nine months of 2005. Total interest income benefited
from growth in the level of average  earning  assets and an increase in interest
rates.  Average total  interest-earning  assets  increased by $30.3 million,  or
25.0% annualized, during the nine months ended September 30, 2006 as compared to
the nine months ended  September  30, 2005,  while the average  balance of total
interest-bearing  liabilities  increased by $37.6 million,  or 38.6% annualized,
during the same period. Our balance sheet is asset sensitive, with approximately
85% of loans having the prime rate as their repricing index. With six prime rate
increases  totaling 1.50% since  September 30, 2005,  this rate  sensitivity has
also contributed to the increase in net interest income.

Provision  for Loan  Losses.  The Bank  recorded a $738,000  provision  for loan
losses in the  first  nine  months  of 2006  after  charge-offs  of  $1,126,000,
compared to the $415,000  provision made in the same period of 2005 with $10,000
in  charge-offs.  Provisions  for loan losses are charged to income to bring the
allowance  for loan  losses to a level  deemed  appropriate  by  management.  In
evaluating  the allowance  for loan losses,  management  considers  factors that
include an analysis of the risk  characteristics  of various  classifications of
loans,  previous  loan loss  experience,  specific  loans  which  have loan loss
potential,  delinquency trends,  estimated fair values of underlying collateral,
current economic  conditions,  the views of the Bank's  regulators (who have the
authority to require  additional  reserves),  and  geographic  and industry loan
concentrations.  In the first nine months of 2006, the provision for loan losses
was made  principally  in response to 11  bankruptcy  filings made at the end of
October 2005. In October of 2005,  federal bankruptcy laws were changed and many
bankruptcies  occurred  in advance of the  change.  In Wilson  County,  over one
thousand cases were filed, 11 of which were Cornerstone customers. Additionally,
some of the  provision  was in  response  to  growth in  loans,  as total  loans
outstanding  increased  by $1.2  million and in response to risk  changes in the
portfolio and charge-offs.

The allowance for loan losses was $1,644,000 at September 30, 2006, representing
1.42% of loans outstanding,  as compared to $1,628,000,  or 1.52% of total loans
outstanding,  at September 30, 2005.  Nonperforming loans totaled $1,536,000 and
$665,000 at September 30, 2006 and September 30, 2005, respectively.

Non-Interest  Income.  Non-interest income increased $78,000 to $710,000 for the
nine months ended  September  30, 2006,  as compared  with $632,000 for the nine
months ended  September 30, 2005.  Service  charges on deposit  accounts,  which
represent a relatively  stable and predictable  source of  non-interest  income,
totaled $384,000 for the first nine months of 2006 as compared with $338,000 for
the first nine months of 2005,  with the  increase  resulting  principally  from
deposit growth from period to period. Through associations with certain mortgage
lending  companies,  the Bank  originates a full range of  competitively  priced
residential  and  commercial  long-term  mortgages,  at both fixed and  variable
rates,  earning  fees for loans  originated.  The Bank had income from  mortgage
operations of $237,000 in the first nine months of 2006, an increase of $109,000
from the $128,000 earned during the first nine months of 2005.

Non-Interest  Expenses.  Non-interest  expenses totaled  $3,024,000 for the nine
months ended September 30, 2006, an increase of $902,000,  or 42.5%,  from total
non-interest  expenses of  $2,122,000  for the nine months ended  September  30,
2005.  This  increase  is mainly  attributable  to  increased  compensation  and
benefits  associated  with the  increase in the number of  employees,  occupancy
expense  related to a new branch opened in November 2005 and the increase in the
information systems expense related to the increase in customer transactions.

Income Taxes. The Bank provided $409,000 for income taxes during the nine months
ended  September  30, 2006.  The Bank had $513,000 in income tax expense for the
nine months ended  September  30, 2005.  The decrease in the  effective tax rate
from 36.2% to 32.4% is primarily  attributable  to the  continued  investment in
non-taxable assets, such as municipal securities.


                                     - 15 -
<PAGE>

                                    LIQUIDITY

Our  liquidity  is a measure  of our  ability  to fund  loans,  withdrawals  and
maturities of deposits,  and other cash outflows in a cost effective manner. Our
principal sources of liquidity are deposits,  scheduled payments and prepayments
of loan  principal,  maturities  of  investment  securities,  access  to  liquid
deposits,  and funds provided by operations.  While  scheduled loan payments and
maturing investments are relatively  predictable sources of funds, deposit flows
and loan prepayments are greatly influenced by general interest rates,  economic
conditions and competition.

Liquid assets (consisting of cash and due from banks,  interest-earning deposits
with other banks,  federal funds sold and  investment  securities  classified as
available for sale)  comprised  27.2% of our total assets at September 30, 2006.
We have  traditionally  been a net seller of federal funds, as our liquidity has
exceeded our need to fund new loan demand.  Should the need arise, we would have
the  capability  to sell  securities  or to borrow funds as  necessary.  We have
established  credit lines with other  financial  institutions  to purchase up to
$15.3  million in federal  funds.  As a member of the Federal  Home Loan Bank of
Atlanta ("FHLB of Atlanta") we may obtain longer-term  advances up to 10% of our
assets.  As of September 30, 2006,  we had $6.3 million in advances  outstanding
with the FHLB of Atlanta.  Management believes that our current sources of funds
provide adequate liquidity for our current cash flow needs.

                                     CAPITAL

A significant measure of the strength of a financial  institution is its capital
base.  Our federal  regulators  have  classified  and defined  capital  into the
following  components:  (1) Tier I capital,  which includes common stockholders'
equity and qualifying preferred equity, and (2) Tier II capital,  which includes
a portion of the allowance for loan losses,  certain  qualifying  long-term debt
and preferred  stock which does not qualify as Tier I capital.  Minimum  capital
levels are regulated by risk-based capital adequacy guidelines,  which require a
financial institution to maintain capital as a percent of its assets and certain
off-balance   sheet  items   adjusted   for   predefined   credit  risk  factors
(risk-adjusted  assets). A financial  institution is required to maintain,  at a
minimum,  Tier I capital as a  percentage  of  risk-adjusted  assets of 4.0% and
combined Tier I and Tier II capital as a percentage of  risk-adjusted  assets of
8.0%. In addition to the risk-based guidelines, federal regulations require that
we maintain a minimum leverage ratio (Tier I capital as a percentage of tangible
assets) of 4.0%. As of September 30, 2006, the Bank's regulatory  capital ratios
exceeded  the  levels  above  which an  institution  is  considered  to be "well
capitalized" and were as follows:

      o     Tier 1 Capital as a Percentage of Risk-Adjusted Assets      13.49%
      o     Total Capital as a Percentage of Risk-Adjusted Assets       14.74%
      o     Tier 1 Leverage Ratio                                       10.17%

Management expects that the Bank will remain  "well-capitalized"  for regulatory
purposes, although there can be no assurance that additional capital will not be
required in the near future due to greater-than-expected growth, or otherwise.


                                     - 16 -
<PAGE>

                           FORWARD-LOOKING INFORMATION

This report  contains  certain  forward-looking  statements  with respect to the
financial  condition,  results of operations and business of the Company.  These
forward-looking  statements involve risks and uncertainties and are based on the
beliefs and  assumptions  of  management  of the Company and on the  information
available to management at the time that these disclosures were prepared.  These
statements  can be identified by the use of words like  "expect,"  "anticipate,"
"estimate"  and   "believe,"   variations  of  these  words  and  other  similar
expressions.   Readers  should  not  place  undue  reliance  on  forward-looking
statements as a number of important factors could cause actual results to differ
materially  from those in the  forward-looking  statements.  Factors  that could
cause actual results to differ materially  include,  but are not limited to, (1)
competition in the Bank's markets, (2) changes in the interest rate environment,
(3)  general  national,  regional  or  local  economic  conditions  may be  less
favorable than expected,  resulting in, among other things,  a deterioration  in
credit  quality and the possible  impairment  of  collectibility  of loans,  (4)
legislative or regulatory  changes,  including changes in accounting  standards,
(5)  significant   changes  in  the  federal  and  state  legal  and  regulatory
environment  and tax laws,  (6) the  impact of changes  in  monetary  and fiscal
policies, laws, rules and regulations and (7) other risks and factors identified
in the  Company's  other  filings  with  the  SEC.  The  Company  undertakes  no
obligation to update any forward-looking statements.

Item 3. Controls and Procedures

The Company maintains a system of internal  controls and procedures  designed to
provide  reasonable  assurance as to the reliability of our published  financial
statements and other disclosures included in this report. The Company's Board of
Directors,  operating  through its audit committee which is composed entirely of
independent  outside directors,  provides  oversight to the Company's  financial
reporting process.

The Company's  management,  under the supervision and with the  participation of
the Chief Executive Officer and the Principal  Accounting Officer of the Company
(its principal executive officer and principal financial officer, respectively),
have concluded based on their  evaluation as of the end of the period covered by
this Report that the Company's  disclosure controls and procedures are effective
to ensure  that  information  required  to be  disclosed  by the  Company in the
reports filed or submitted by it under the  Securities  Exchange Act of 1934, as
amended, is recorded, processed, summarized and reported within the time periods
specified in the applicable rules and forms, and include controls and procedures
designed to ensure that  information  required to be disclosed by the Company in
such  reports is  accumulated  and  communicated  to the  Company's  management,
including the Chief Executive  Officer and the Principal  Accounting  Officer of
the  Company,  as  appropriate  to allow  timely  decisions  regarding  required
disclosure.

The Company  made  certain  enhancements  to  internal  controls,  primarily  in
information technology and lending operations, during the period covered by this
Report as a result of comments received from a regulatory exam.


                                     - 17 -
<PAGE>

Part II.   OTHER INFORMATION

Item 1.    Legal Proceedings.

In the opinion of management, neither the Company nor the Bank is involved in
any pending legal proceedings other than routine litigation incidental to its
business.

Item 6. Exhibits

      Exhibit Name      Description

      Exhibit (2)       Articles of Share  Exchange  and  Agreement  and Plan of
                        Reorganization  dated May 26, 2005,  incorporated herein
                        by  reference  to Exhibit (2) to the Form 8-K filed with
                        the SEC on June 10, 2005

      Exhibit 3(i)      Articles  of  Incorporation,   incorporated   herein  by
                        reference to Exhibit 3(i) to the Form 8-K filed with the
                        SEC on June 10, 2005

      Exhibit 3(ii)     Bylaws,  incorporated  herein by  reference  to  Exhibit
                        3(ii)  to the Form  8-K  filed  with the SEC on June 10,
                        2005

      Exhibit 4(i)      Specimen  Stock  Certificate,   incorporated  herein  by
                        reference  to  Exhibit 4 to the Form 8-K filed  with the
                        SEC on June 10, 2005

      Exhibit 4(ii)     Indenture  dated July 12,  2005  between the Company and
                        U.S. Bank National Association, as trustee, incorporated
                        herein  by  reference  to  Exhibit  4(i) to the Form 8-K
                        filed with the SEC on July 15, 2005

      Exhibit 4(iii)    Amended and Restated Declaration of Trust dated July 12,
                        2005 by and among the  Company,  as sponsor,  U.S.  Bank
                        National Association,  as institutional trustee, and the
                        Administrators  named  therein,  incorporated  herein by
                        reference  to  Exhibit  4(ii) to the Form 8-K filed with
                        the SEC on July 15, 2005

      Exhibit 4(iv)     Form of Junior  Subordinated  Debenture  (included as an
                        exhibit to Exhibit 4(ii) above),  incorporated herein by
                        reference  to Exhibit  4(iii) to the Form 8-K filed with
                        the SEC on July 15, 2005

      Exhibit 4(v)      Form of Capital  Security  Certificate  (included  as an
                        exhibit to Exhibit 4(iii) above), incorporated herein by
                        reference  to  Exhibit  4(iv) to the Form 8-K filed with
                        the SEC on July 15, 2005

      Exhibit 4(vi)     Guarantee  Agreement  dated July 12,  2005  between  the
                        Company and U.S. Bank National Association, incorporated
                        herein  by  reference  to  Exhibit  4(v) to the Form 8-K
                        filed with the SEC on July 15, 2005

      Exhibit 10(i)     Employment Agreement with Norman B. Osborn, incorporated
                        herein by reference  to Exhibit  10(i) to the Form 10-SB
                        of  Cornerstone  Bank  filed  with the FDIC on April 30,
                        2001

      Exhibit 10(ii)    Employment    Agreement   with   Robert   W.   Kernodle,
                        incorporated  herein by reference  to Exhibit  10(ii) to
                        the Form 10-SB of  Cornerstone  Bank filed with the FDIC
                        on April 30, 2001


                                     - 18 -
<PAGE>

      Exhibit 10(iii)   Employment   Agreement   with   G.   Brooks   Batchelor,
                        incorporated  herein by reference to Exhibit  10(iii) to
                        the Form 10-SB of  Cornerstone  Bank filed with the FDIC
                        on April 30, 2001

      Exhibit 10(iv)    Employment   Agreement   with   Robert   H.   Ladd  III,
                        incorporated  herein by reference  to Exhibit  10(iv) to
                        the Form 10-SB of  Cornerstone  Bank filed with the FDIC
                        on April 30, 2001

      Exhibit 10(v)     Director  Stock  Option  Plan,  incorporated  herein  by
                        reference  to  Exhibit   10(v)  to  the  Form  10-SB  of
                        Cornerstone Bank filed with the FDIC on April 30, 2001

      Exhibit 10(vi)    Employee  Stock  Option  Plan,  incorporated  herein  by
                        reference  to  Exhibit  10(vi)  to  the  Form  10-SB  of
                        Cornerstone Bank filed with the FDIC on April 30, 2001

      Exhibit 10(vii)   Cornerstone  Bank 2005 Employee  Incentive  Compensation
                        Plan,  incorporated  by reference to Exhibit  10(vii) to
                        the Form 10-KSB of Cornerstone  Bank filed with the FDIC
                        on March 29, 2005

      Exhibit 10(viii)  Cornerstone   Bank  2005   Management   Team   Incentive
                        Compensation Plan,  incorporated by reference to Exhibit
                        10(viii)  to the Form 10-KSB of  Cornerstone  Bank filed
                        with the FDIC on March 29, 2005

      Exhibit 10(ix)    Cornerstone Bank 2005 Chief Executive  Officer Incentive
                        Compensation Plan,  incorporated by reference to Exhibit
                        10(ix) to the Form 10-KSB of Cornerstone Bank filed with
                        the FDIC on March 29, 2005

      Exhibit 10(x)     Lease  Agreement  dated September 2, 2005 by and between
                        CB  Financial   Corporation  and  Cornerstone  Bank,  as
                        lessee,  and H/C Wilson,  Inc., as lessor,  incorporated
                        herein  by  reference  to  Exhibit  10.1 to the Form 8-K
                        filed with the SEC on September 9, 2005

      Exhibit 11        Statement Regarding Computation of Per Share Earnings

      Exhibit 31.1      Certification of Norman B. Osborn

      Exhibit 31.2      Certification of Dora Kicklighter

      Exhibit 32        Certification  of Periodic  Financial Report Pursuant to
                        18 U.S.C. ss. 1350


                                     - 19 -
<PAGE>

                                   SIGNATURES


Under the  requirements of the Securities  Exchange Act of 1934, the Company has
duly caused this report to be signed on its behalf by the undersigned  thereunto
duly authorized.


                                        CB FINANCIAL CORPORATION


Date: November 10, 2006                 By: /s/   Norman B. Osborn
                                           -------------------------------------
                                           Norman B. Osborn
                                           President and Chief Executive Officer


Date: November 10, 2006                 By: /s/   Dora Kicklighter
                                           -------------------------------------
                                           Dora Kicklighter
                                           Principal Accounting Officer



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