----

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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

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**FORM      10-QSB**

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

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

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** **
***000-1329385***

**CB      Financial Corporation**

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

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| **North                  Carolina**                                                             |   | **20-2928613**                                        |
|-------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|
| (State                  or Other Jurisdiction of Incorporationor                  Organization) |   | (I.R.S.                  Employer 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) |   |

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|                                   |                                                                                                                             | Page                No.                                                  |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|
|                                   |                                                                                                                             |                                                                          |
| **Part              I.**               | **FINANCIAL              INFORMATION**                                                                                           |                                                                          |
|                                   |                                                                                                                             |                                                                          |
| **Item              1              -** | **Financial              Statements (Unaudited)**                                                                                |                                                                          |
|                                   |                                                                                                                             |                                                                          |   |
|                                   |                                                                                                                             | Consolidated                Statements of Financial Condition                 |   |
|                                   |                                                                                                                             | September                30, 2005 and December 31, 2004                       | 3 |
|                                   |                                                                                                                             |                                                                          |   |
|                                   |                                                                                                                             | Consolidated                Statements of Operations                          |   |
|                                   |                                                                                                                             | Three                Months and Nine Months Ended September 30, 2005 and 2004 | 4 |
|                                   |                                                                                                                             |                                                                          |   |
|                                   |                                                                                                                             | Consolidated                Statements of Cash Flows                          |   |
|                                   |                                                                                                                             | Nine                Months Ended September 30, 2005 and 2004                  | 5 |
|                                   |                                                                                                                             |                                                                          |   |
|                                   |                                                                                                                             | Notes                to Consolidated Financial Statements                     | 6 |
|                                   |                                                                                                                             |                                                                          |   |
| **Item 2                -**       | **Management’s****Discussion                and Analysis of Financial Condition and Results of                Operations** |  11                                                                      |
|                                   |                                                                                                                             |                                                                          |
| **Item                3 -**            | **Controls                and Procedures**                                                                                       | 15                                                                            |
|                                   |                                                                                                                             |                                                                          |
| **Part                II.**            | **OTHER                INFORMATION**                                                                                             |                                                                          |
|                                   |                                                                                                                             |                                                                          |
| **I****tem                1 -**        | **Legal                Proceedings**                                                                                             | 17                                                                            |
|                                   |                                                                                                                             |                                                                          |
| **Item                6 -**            | **Exhibits**                                                                                                                     | 17                                                                            |

----

**Part      I. **
**FINANCIAL      INFORMATION**

**Item      1 - Financial Statements**

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***CONSOLIDATED      STATEMENTS OF FINANCIAL CONDITION***

----

|                                                                                                                                                                                                                                                                                                                                                                                                           |   | September                  30, 2005                                               |    | December                  31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|---------|-------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                           |   | (Unaudited)                                                                       |    | 2004                  *       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   | (Amounts                  in thousands, except                  share data)  |    |
| **ASSETS**                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                   |    |                          |   |
| Cash                  and due from banks                                                                                                                                                                                                                                                                                                                                                                       |   | $                                                                                      | 3,785   |                          | $      | 2,717 |   |
| Interest-earning                  deposits in banks                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                   | 4,235   |                          |   | 3,397 |   |
| Federal                  funds sold                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                   | 2,127   |                          |   | 4,680 |   |
| Time                  deposits                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                   | 1,379   |                          |   | 4,316 |   |
| Investment                  securities available for sale, at fair value                                                                                                                                                                                                                                                                                                                                       |   |                                                                                   | 14,485  |                          |   | 10,908 |   |
| Investment                  securities held to maturity, at amortized cost                                                                                                                                                                                                                                                                                                                                     |   |                                                                                   | 5,869   |                          |   | 1,663 |   |
| Loans                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                   | 106,884 |                          |   | 89,330 |   |
| Allowance                  for loan losses                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                   | (1,628  | )                             |   | (1,216 |   |
|                                                               NET                  LOANS |   |                                                                                   | 105,256 |                          |   | 88,114 |   |
| Accrued                  interest receivable                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                   | 596     |                          |   | 443 |   |
| Stock                  in Federal Home Loan Bank of Atlanta, at cost                                                                                                                                                                                                                                                                                                                                           |   |                                                                                   | 664     |                          |   | 272 |   |
| Premises                  and equipment                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                   | 1,625   |                          |   | 1,540 |   |
| Bank                  owned life insurance                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                   | 1,325   |                          |   | 1,286 |   |
| Real                  estate owned                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                   | --      |                          |   | 39 |   |
| Other                  assets                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                   | 967     |                          |   | 597 |   |
|                                                            TOTAL                                        |   | $                                                                                      | 142,313 |                          | $      | 119,972 |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                   |    |                          |   |   |   |
| Deposits:                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                   |    |                          |   |   |   |
|    Demand                                                                                                                                                                                                                                                                                                                                                                                       |   | $                                                                                      | 16,338  |                          | $      | 16,203 |   |
|    Savings                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                   | 1,242   |                          |   | 1,093 |   |
|    Money                  market and NOW                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                   | 40,147  |                          |   | 44,184 |   |
|    Time                  over $100,000                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                   | 23,782  |                          |   | 21,025 |   |
|    Time                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                   | 36,353  |                          |   | 26,119 |   |
|                                                          TOTAL                  DEPOSITS                          |   |                                                                                   | 117,862 |                          |   | 108,624 |   |
| Advances                  from Federal Home Loan Bank of Atlanta                                                                                                                                                                                                                                                                                                                                               |   |                                                                                   | 7,417   |                          |   | 1,667 |   |
| Federal                  funds purchased                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                   | 1,000   |                          |   | -- |   |
| Junior                  subordinated debentures                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                   | 5,155   |                          |   | -- |   |
| Accrued                  interest payable                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                   | 179     |                          |   | 107 |   |
| Accrued                  expenses and other liabilities                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                   | 493     |                          |   | 179 |   |
|                                                       TOTAL                  LIABILITIES                                         |   |                                                                                   | 132,106 |                          |   | 110,577 |   |
| Stockholders'                  equity:                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                   |    |                          |   |   |   |
|    Common                  stock, no par value, 20,000,000 shares authorized; 1,007,348                  shares                                                                                                                                                                                                                                                                                 |   |                                                                                   |    |                          |   |   |   |
|      issued                  and outstanding at September 30, 2005 and 959,728 shares                  issued                                                                                                                                                                                                                                                                         |   |                                                                                   |    |                          |   |   |   |
|      and                  outstanding at December 31, 2004                                                                                                                                                                                                                                                                                                                            |   |                                                                                   | 9,546   |                          |   | 8,911 |   |
|    Retained                  earnings                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                   | 728     |                          |   | 459 |   |
|    Accumulated                  other comprehensive income (loss)                                                                                                                                                                                                                                                                                                                               |   |                                                                                   | (67     | )                             |   | 25 |   |
|                                              TOTAL                  STOCKHOLDERS' EQUITY                                                                                      |   |                                                                                   | 10,207  |                          |   | 9,395 |   |
|                                                   TOTAL                  LIABILITIES AND                                                             |   |                                                                                   |    |                          |   |   |   |
|                                                    STOCKHOLDERS'                  EQUITY                                                        |   | $                                                                                      | 142,313 |                          | $      | 119,972 |   |

*See      accompanying notes.*

----

**CB      FINANCIAL CORPORATION AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF OPERATIONS (Unaudited)**

----

|                                                                                                                                                                                                                              |   |  Three                  Months Ended                                                  |      | Nine                  Months Ended  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|-----------|------------------------------------------|--------|
|                                                                                                                                                                                                                              |   | September                  30,                                                             |      | September                  30,           |   |
|                                                                                                                                                                                                                              |   | 2005                                                                                       |      | 2004                                |   |  2005 |   |  2004  |   |
|                                                                                                                                                                                                                              |   | (Amounts                  in thousands, except share and per                  share data)  |      |
| INTEREST                  INCOME                                                                                                                                                                                                  |   |                                                                                            |      |                                     |   |   |   |   |   |
|    Loans                                                                                                                                                                                                           |   | $                                                                                               | 1,752     |                                     | $      | 1,162 |   | $ | 4,608 |   | $ | 3,232 |   |
|    Investments                                                                                                                                                                                                     |   |                                                                                            | 157       |                                     |   | 116 |   |   | 411 |   |   | 307 |   |
|    Federal                  funds sold                                                                                                                                                                             |   |                                                                                            | 30        |                                     |   | 1 |   |   | 109 |   |   | 2 |   |
|    Interest-earning                  bank deposits                                                                                                                                                                 |   |                                                                                            | 41        |                                     |   | 21 |   |   | 85 |   |   | 62 |   |
|    Other                  interest and dividends                                                                                                                                                                   |   |                                                                                            | 20        |                                     |   | 13 |   |   | 85 |   |   | 37 |   |
|                       TOTAL                  INTEREST INCOME                                                        |   |                                                                                            | 2,000     |                                     |   | 1,313 |   |   | 5,298 |   |   | 3,640 |   |
| INTEREST                  EXPENSE                                                                                                                                                                                                 |   |                                                                                            |      |                                     |   |   |   |   |   |   |   |   |   |
|    Money                  market, NOW and savings deposits                                                                                                                                                         |   |                                                                                            | 221       |                                     |   | 200 |   |   | 620 |   |   | 564 |   |
|    Time                  deposits                                                                                                                                                                                  |   |                                                                                            | 509       |                                     |   | 258 |   |   | 1,237 |   |   | 758 |   |
|    Borrowings                                                                                                                                                                                                      |   |                                                                                            | 92        |                                     |   | 22 |   |   | 120 |   |   | 64 |   |
|                      TOTAL                  INTEREST EXPENSE                                                             |   |                                                                                            | 822       |                                     |   | 480 |   |   | 1,977 |   |   | 1,386 |   |
|                         NET                  INTEREST INCOME                                              |   |                                                                                            | 1,178     |                                     |   | 833 |   |   | 3,321 |   |   | 2,254 |   |
| PROVISION                  FOR LOAN LOSSES                                                                                                                                                                                        |   |                                                                                            | 217       |                                     |   | 157 |   |   | 415 |   |   | 411 |   |
|                   NET                  INTEREST INCOME AFTER                                                                            |   |                                                                                            |      |                                     |   |   |   |   |   |   |   |   |   |
|                   PROVISION                  FOR LOAN LOSSES                                                                            |   |                                                                                            | 961       |                                     |   | 676 |   |   | 2,906 |   |   | 1,843 |   |
| NON-INTEREST                  INCOME                                                                                                                                                                                              |   |                                                                                            |      |                                     |   |   |   |   |   |   |   |   |   |
|    Service                  charges on deposit accounts                                                                                                                                                            |   |                                                                                            | 115       |                                     |   | 94 |   |   | 338 |   |   | 258 |   |
|    Mortgage                  operations                                                                                                                                                                            |   |                                                                                            | 42        |                                     |   | 37 |   |   | 128 |   |   | 172 |   |
|    Other                  income                                                                                                                                                                                   |   |                                                                                            | 46        |                                     |   | 51 |   |   | 166 |   |   | 97 |   |
|                   TOTAL                  NON-INTEREST INCOME                                                                            |   |                                                                                            | 203       |                                     |   | 182 |   |   | 632 |   |   | 527 |   |
| NON-INTEREST                  EXPENSE                                                                                                                                                                                             |   |                                                                                            |      |                                     |   |   |   |   |   |   |   |   |   |
|    Salaries                  and employee benefits                                                                                                                                                                 |   |                                                                                            | 441       |                                     |   | 346 |   |   | 1,209 |   |   | 999 |   |
|    Occupancy                  and equipment                                                                                                                                                                        |   |                                                                                            | 52        |                                     |   | 38 |   |   | 137 |   |   | 113 |   |
|    Data                  processing expenses                                                                                                                                                                       |   |                                                                                            | 105       |                                     |   | 76 |   |   | 269 |   |   | 210 |   |
|    Other                  (Note D)                                                                                                                                                                                 |   |                                                                                            | 174       |                                     |   | 151 |   |   | 507 |   |   | 412 |   |
|                  TOTAL                  NON-INTEREST EXPENSE                                                                                 |   |                                                                                            | 772       |                                     |   | 611 |   |   | 2,122 |   |   | 1,734 |   |
|                  INCOME                  BEFORE INCOME TAXES                                                                                 |   |                                                                                            | 392       |                                     |   | 247 |   |   | 1,416 |   |   | 636 |   |
| INCOME                  TAXES                                                                                                                                                                                                     |   |                                                                                            | 136       |                                     |   | 68 |   |   | 513 |   |   | 171 |   |
|                                  NET                  INCOME |   | $                                                                                               | 256       |                                     | $      | 179 |   | $ | 903 |   | $ | 465 |   |
| Net                  Income Per Common Share                                                                                                                                                                                      |   |                                                                                            |      |                                     |   |   |   |   |   |   |   |   |   |
|    Basic                                                                                                                                                                                                           |   | $                                                                                               | .25       |                                     | $      | .19 |   | $ | .90 |   | $ | .48 |   |
|    Diluted                                                                                                                                                                                                         |   |                                                                                            | .25       |                                     |   | .18 |   |   | .88 |   |   | .48 |   |
| Weighted                  Average Common Shares Outstanding                                                                                                                                                                       |   |                                                                                            |      |                                     |   |   |   |   |   |   |   |   |   |
|    Basic                                                                                                                                                                                                           |   |                                                                                            | 1,007,348 |                                     |   | 959,728 |   |   | 1,007,348 |   |   | 959,728 |   |
|    Diluted                                                                                                                                                                                                         |   |                                                                                            | 1,030,356 |                                     |   | 972,183 |   |   | 1,026,605 |   |   | 970,012 |   |

*See      accompanying notes.*

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***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***CONSOLIDATED***
**STATEMENTS OF CASH FLOWS (Unaudited)**

----

|                                                                                                                                                                                                                                                                                                                                                                                                |   | Nine                  Months Ended      |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                |   | September                  30,          |    |
|                                                                                                                                                                                                                                                                                                                                                                                                |   | 2005                                    |    | 2004 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   | (Amounts                  in thousands) |    |
| CASH                  FLOWS FROM OPERATING ACTIVITIES                                                                                                                                                                                                                                                                                                                                               |   |                                    |    |   |   |
|    Net                  income                                                                                                                                                                                                                                                                                                                                                       |   | $                                       | 903     |   | $ | 465 |   |
|    Adjustments                  to reconcile net income to net                                                                                                                                                                                                                                                                                                                       |   |                                    |    |   |   |   |   |
|       cash                  provided by operating activities:                                                                                                                                                                                                                                                                                                         |   |                                    |    |   |   |   |   |
|         Depreciation                  and amortization                                                                                                                                                                                                                                                                                                      |   |                                    | 125     |   |   | 143 |   |
|         Provision                  for loan losses                                                                                                                                                                                                                                                                                                          |   |                                    | 415     |   |   | 411 |   |
|         Earnings                  on life insurance                                                                                                                                                                                                                                                                                                         |   |                                    | (39     | ) |   | (43 |   |
|         Loss                  on sale of available for sale investments                                                                                                                                                                                                                                                                                     |   |                                    | --      |   |   | 15 |   |
|         Gain                  on sale of real estate owned                                                                                                                                                                                                                                                                                                  |   |                                    | (30     | ) |   | -- |   |
|         Change                  in assets and liabilities:                                                                                                                                                                                                                                                                                                  |   |                                    |    |   |   |   |   |
|           (Increase)                  decrease in accrued interest receivable                                                                                                                                                                                                                                                                     |   |                                    | (153    | ) |   | (106 |   |
|           (Increase)                  decrease in other assets                                                                                                                                                                                                                                                                                    |   |                                    | (33     | ) |   | 46 |   |
|           Increase                  (decrease) in accrued interest payable                                                                                                                                                                                                                                                                        |   |                                    | 72      |   |   | 21 |   |
|           Increase                  (decrease) in accrued expenses and other liabilities                                                                                                                                                                                                                                                          |   |                                    | 314     |   |   | (28 |   |
|                                                         NET                  CASH PROVIDED BY               |   |                                    |    |   |   |   |   |
|                                                         OPERATING                  ACTIVITIES               |   |                                    | 1,574   |   |   | 924 |   |
| CASH                  FLOWS FROM INVESTING ACTIVITIES                                                                                                                                                                                                                                                                                                                                               |   |                                    |    |   |   |   |   |
|    Net                  maturities (purchases) of time deposits                                                                                                                                                                                                                                                                                                                      |   |                                    | 2,937   |   |   | (108 |   |
|    Purchase                  of available-for-sale securities                                                                                                                                                                                                                                                                                                                        |   |                                    | (6,050  | ) |   | (3,883 |   |
|   Investment                  in CB Capital Trust                                                                                                                                                                                                                                                                                                                                         |   |                                    |    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    | (155    | ) |   | -- |   |
|    Maturities,                  sales and calls of available for sale investments                                                                                                                                                                                                                                                                                                    |   |                                    | 2,280   |   |   | 3,887 |   |
|    Purchase                  of held to maturity securities                                                                                                                                                                                                                                                                                                                          |   |                                    | (4,210  | ) |   | (1,224 |   |
|       Net                  increase in loans                                                                                                                                                                                                                                                                                                                          |   |                                    | (17,557 | ) |   | (13,138 |   |
|    Purchase                  of FHLB, Community Alliance and Capital South Partners                  stock                                                                                                                                                                                                                                                                           |   |                                    | (517    | ) |   | (419 |   |
|   Proceeds                  from sale of real estate owned                                                                                                                                                                                                                                                                                                                                |   |                                    | 69      |   |   | -- |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |
|    Purchases                  of company premises and equipment                                                                                                                                                                                                                                                                                                                      |   |                                    | (161    | ) |   | (23 |   |
|                                                            NET                  CASH USED BY |   |                                    |    |   |   |   |   |
|                                                         INVESTING                  ACTIVITIES               |   |                                    | (23,364 | ) |   | (14,908 |   |
| CASH                  FLOWS FROM FINANCING ACTIVITIES                                                                                                                                                                                                                                                                                                                                               |   |                                    |    |   |   |   |   |
|    Increase                  in Federal Home Loan Bank advances                                                                                                                                                                                                                                                                                                                      |   |                                    | 5,750   |   |   | 2,750 |   |
|     Increase                  in Junior Subordinated debentures                                                                                                                                                                                                                                                                                                                 |   |                                    |    |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                |   |                                    | 5,155   |   |   | -- |   |
|    Increase                  in federal funds purchased                                                                                                                                                                                                                                                                                                                              |   |                                    | 1,000   |   |   | (343 |   |
|    Increase                  in deposits                                                                                                                                                                                                                                                                                                                                             |   |                                    | 9,238   |   |   | 9,689 |   |
|                                                        NET                  CASH PROVIDED BY                     |   |                                    |    |   |   |   |   |
|                                                         FINANCING                  ACTIVITIES               |   |                                    | 21,143  |   |   | 12,096 |   |
|                                                         NET                  DECREASE IN                    |   |                                    |    |   |   |   |   |
|                                                    CASH                  AND CASH EQUIVALENTS                                        |   |                                    | (647    | ) |   | (1,888 |   |
| CASH                  AND CASH EQUIVALENTS, BEGINNING                                                                                                                                                                                                                                                                                                                                               |   |                                    | 10,794  |   |   | 9,940 |   |
|                                            CASH                  AND CASH EQUIVALENTS, ENDING                                                                                |   | $                                       | 10,147  |   | $ | 8,052 |   |

*See      accompanying notes.*

----

*CB      FINANCIAL CORPORATION AND SUBSIDIARY*

*NOTES      TO FINANCIAL STATEMENTS*

----

***NOTE      A - BASIS OF PRESENTATION***

***NOTE      B - STOCK COMPENSATION PLANS***

*Accounting      for Stock-Based Compensation*
*Accounting      for Stock Issued to Employees*

----

*CB        FINANCIAL CORPORATION AND SUBSIDIARY*

*NOTES        TO FINANCIAL STATEMENTS*

----

***NOTE      B - STOCK COMPENSATION PLANS (CONTINUED)***

|                                                                                         |   | Three                  Months Ended                                             |   | Nine                  Months Ended   |   |
|----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                                                         |   | September                  30,                                                  |   | September                  30,  |   |
|                                                                                         |   | 2005                                                                            |   |  2004                           |   | 2005 |   |   2004 |   |
|                                                                                         |   | (Amounts                  in thousands, except per share                  data) |   |
| Net                  income:                                                                 |   |                                                                            |   |                                 |   |   |   |   |   |
|   As                  reported                                                     |   | $                                                                               | 256    |                                 | $      | 179 |   | $ | 903 |   | $ | 465 |   |
|     Deduct:                  Total stock-based employee                  |   |                                                                            |   |                                 |   |   |   |   |   |   |   |   |   |
|       compensation                  expense determined         |   |                                                                            |   |                                 |   |   |   |   |   |   |   |   |   |
|       under                  fair value method for all awards, |   |                                                                            |   |                                 |   |   |   |   |   |   |   |   |   |
|       net                  of related tax effects              |   |                                                                            | (13    | )                                    |   | (14 | ) |   | (39 | ) |   | (42 | ) |
|   Pro                  forma                                                       |   | $                                                                               | 243    |                                 | $      | 165 |   | $ | 864 |   | $ | 423 |   |
| Basic                  net income per share:                                                 |   |                                                                            |   |                                 |   |   |   |   |   |   |   |   |   |
|   As                  reported                                                     |   | $                                                                               | .25    |                                 | $      | .18 |   | $ | .90 |   | $ | .46 |   |
|   Pro                  forma                                                       |   |                                                                            | .24    |                                 |   | .16 |   |   | .86 |   |   | .42 |   |
| Diluted                  net income per share:                                               |   |                                                                            |   |                                 |   |   |   |   |   |   |   |   |   |
|   As                  reported                                                     |   | $                                                                               | .25    |                                 | $      | .18 |   | $ | .88 |   | $ | .46 |   |
|   Pro                  forma                                                       |   |                                                                            | .24    |                                 |   | .16 |   |   | .84 |   |   | .42 |   |

***NOTE      C - LOANS***

|                                                                      |   |   | September                  30, 2005     |   |   | December                  31, 2004  |   |
|---------------------------------------------------------------------------|--------|--------|-----------------------------------------|--------|--------|------------------------------------------|--------|
|                                                                      |   |   |                                    |   |   | Percent                                  |   |   |   |   |   |  Percent |   |
|                                                                      |   |   | Amount                                  |   |   | of                  total                |   |   | Amount |   |   | of                  total |   |
|                                                                      |   |   | (Dollars                  in thousands) |   |
|                                                                      |   |   |                                    |   |   |                                     |   |   |   |   |   |   |   |
| Residential                  mortgage                                     |   | $      | 4,824                                   |   |   | 4.51                                     | %      | $ | 3,724 |   |   | 4.17 | % |
| Residential                  construction                                 |   |   | 4,297                                   |   |   | 4.02                                     | %      |   | 4,068 |   |   | 4.55 | % |
| Home                  equity lines of credit                              |   |   | 6,429                                   |   |   | 6.01                                     | %      |   | 5,574 |   |   | 6.24 | % |
| Commercial                  and industrial loans                          |   |   | 86,388                                  |   |   | 80.80                                    | %      |   | 71,376 |   |   | 79.87 | % |
| Loans                  to individuals                                     |   |   | 4,984                                   |   |   | 4.66                                     | %      |   | 4,618 |   |   | 5.17 | % |
|   Total                  loans                                  |   |   | 106,922                                 |   |   | 100.00                                   | %      |   | 89,360 |   |   | 100.00 | % |
| Less:                                                                     |   |   |                                    |   |   |                                     |   |   |   |   |   |   |   |
|   Allowance                  for loan losses                    |   |   | (1,628                                  | )      |   |                                     |   |   | (1,216 | ) |   |   |   |
|   Deferred                  loan fees and costs, net            |   |   | (38                                     | )      |   |                                     |   |   | (30 | ) |   |   |   |
|       Net                  loans receivable |   | $      | 105,256                                 |   |   |                                     |   | $ | 88,114 |   |   |   |   |

----

*CB          FINANCIAL CORPORATION AND SUBSIDIARY*

*NOTES          TO FINANCIAL STATEMENTS*

----

***NOTE      C - LOANS (Continued)***

|                                                                                 |   |   | Nine                  Months Ended      |   |
|--------------------------------------------------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                                                 |   |   | September                  30,          |   |
|                                                                                 |   |   | 2005                                    |   |   | 2004  |   |
|                                                                                 |   |   | (Dollars                  in thousands) |   |
|                                                                                 |   |   |                                    |   |   |   |   |
| Allowance                  for loan losses at beginning of period                    |   | $      | 1,216                                   |   | $ | 1,033 |   |
| Provision                  for loan losses                                           |   |   | 415                                     |   |   | 411 |   |
| Loans                  charged-off                                                   |   |   | (10                                     | )      |   | (174 | ) |
| Recoveries                                                                           |   |   | 7                                       |   |   | -- |   |
| Allowance                  for loan losses at end of period                          |   | $      | 1,628                                   |   | $ | 1,270 |   |
| Allowance                  for loan losses as a percent of loans                     |   |   |                                    |   |   |   |   |
|          at                  period end |   |   | 1.52                                    | %      |   | 1.47 | %  |

***NOTE      D - OTHER NON-INTEREST EXPENSE***

|                                                   |   |   | Three                  Months Ended     |   |   | Nine                  Months Ended |   |
|--------------------------------------------------------|--------|--------|-----------------------------------------|--------|--------|------------------------------------|--------|
|                                                   |   |   | September                  30,          |   |   | September                  30,     |   |
|                                                   |   |   | 2005                                    |   |   |  2004                         |   |   |  2005 |   |   | 2004 |   |
|                                                   |   |   | (Dollars                  in thousands) |   |
|                                                   |   |   |                                    |   |   |                               |   |   |   |   |   |   |   |
| Postage,                  printing and office supplies |   | $      | 25                                      |   | $      | 15                                 |   | $ | 72 |   | $ | 54 |   |
| Advertising                  and promotion             |   |   | 21                                      |   |   | 23                                 |   |   | 61 |   |   | 59 |   |
| Professional                  services                 |   |   | 45                                      |   |   | 44                                 |   |   | 134 |   |   | 114 |   |
| Other                                                  |   |   | 83                                      |   |   | 69                                 |   |   | 240 |   |   | 185 |   |
| Total                                                  |   | $      | 174                                     |   | $      | 151                                |   | $ | 507 |   | $ | 412 |   |

----

*CB                FINANCIAL CORPORATION AND SUBSIDIARY*

*NOTES                TO FINANCIAL STATEMENTS*

----

***NOTE      E - COMPREHENSIVE INCOME (LOSS)***

|                                                                               |   |   | Three                  Months Ended           |   |   | Nine                  Months Ended |   |
|------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|------------------------------------|--------|
|                                                                               |   |   | September                  30,                |   |   | September                  30,     |   |
|                                                                               |   |   | 2005                                     |   |   |  2004                         |   |   | 2005 |   |   |  2004 |   |
|                                                                               |   |   | (Dollars                  in thousands)  |   |
|                                                                               |   |   |                                          |   |   |                               |   |   |   |   |   |   |   |
| Net                  income                                                        |   | $      | 256                                           |   | $      | 179                                |   | $ | 903 |   | $ | 465 |   |
| Other                  comprehensive income (loss):                                |   |   |                                          |   |   |                               |   |   |   |   |   |   |   |
|    Net                  increase (decrease) in the                  |   |   |                                          |   |   |                               |   |   |   |   |   |   |   |
|      fair                  value of investment securities |   |   |                                          |   |   |                               |   |   |   |   |   |   |   |
|      available                  for sale, net of tax      |   |   | (32                                           | )      |   | 155                                |   |   | (92 | ) |   | 23 |   |
| Total                  comprehensive income (loss)                                 |   | $      | 224                                           |   | $      | 334                                |   | $ | 811 |   | $ | 488 |   |

***NOTE      F - PER SHARE***
**DATA**

|                                                                |   | Three                  Months Ended  |      | Nine                  Months Ended |   |
|---------------------------------------------------------------------|--------|-------------------------------------------|-----------|------------------------------------|--------|
|                                                                |   | September                  30,            |      | September                  30,     |   |
|                                                                |   | 2005                                      |      | 2004                               |   | 2005 |   | 2004 |   |
| Weighted                  average outstanding                       |   |                                      |      |                               |   |   |   |   |   |
|    shares                  used for basic earnings   |   |                                      |      |                               |   |   |   |   |   |
|    per                  share                        |   |                                      | 1,007,348 |                               |   | 1,007,348 |   |   | 1,007,348 |   |   | 1,007,348 |   |
| Plus                  incremental shares from assumed exercise of:  |   |                                      |      |                               |   |   |   |   |   |   |   |   |   |
|      Stock                  options        |   |                                      | 29,274    |                               |   | 13,078 |   |   | 24,868 |   |   | 10,798 |   |
| Weighted                  average outstanding                       |   |                                      |      |                               |   |   |   |   |   |   |   |   |   |
|    shares                  used for diluted earnings |   |                                      |      |                               |   |   |   |   |   |   |   |   |   |
|    per                  share                        |   |                                      | 1,036,922 |                               |   | 1,020,426 |   |   | 1,032,216 |   |   | 1,018,146 |   |

----

*CB            FINANCIAL CORPORATION AND SUBSIDIARY*

*NOTES            TO FINANCIAL STATEMENTS*

----

***NOTE***
***F - PER SHARE DATA (Continued)***

*Stock      Split in Form of Stock Dividend*

** **

***NOTE      G - Trust Preferred Securities***

*Trust      Preferred Transaction*

----

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

***FINANCIAL      CONDITION AT***

***September      30, 2005 and December 31, 2004***

***RESULTS      OF OPERATIONS FOR THE THREE MONTHS ENDED***

***September      30, 2005 and 2004***

*Overview.*
* *

*Net      Interest Income.*
* *

----

*Provision      for Loan Losses.*
* *

*Non-Interest      Income.*

*Non-Interest      Expenses.*

*Income      Taxes.*

***RESULTS      OF OPERATIONS FOR THE NINE MONTHS ENDED***

***September      30, 2005 and 2004***

*Overview.*
* *

----

*Net      Interest Income*

|                                                |                          |                          | Increase                (Decrease) |
|-----------------------------------------------------|-------------------------------|-------------------------------|------------------------------------|
|                                                | Sept.                30, 2004 | Sept.                30, 2005 | $                                  | % |
| Average                Interest-Earning Assets      | $                91.3M        | $                115.9M       | 24.5M                              | 26.85 |
| Average                Interest-Bearing Liabilities | $                93.5M        | $                116.9M       | 23.4M                              | 24.99 |

*Provision      for Loan Losses.*
* *

*Non-Interest      Income.*

*Non-Interest      Expenses.*

*Income      Taxes.*

----

***LIQUIDITY***

** **

***CAPITAL***

----

|                            |                            |                                  |    |
|---------------------------------|---------------------------------|---------------------------------------|---------|
|                            | Well                Capitalized | Adequately                Capitalized | Company | Bank |
| Total                Capital    | 10.0%                           | 8.0%                                  | 16.4%   | 16.5% |
| Tier                1 Capital   | 6.0%                            | 4.0%                                  | 13.3%   | 13.3% |
| Leverage                Capital | 5.0%                            | 4.0%                                  | 10.3%   | 10.4% |

***FORWARD-LOOKING      INFORMATION***

**Item      3. Controls and Procedures**

----

----

**Part      II.**
**OTHER      INFORMATION**

**Item      1. **
**Legal      Proceedings.**

**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                   |
|----------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  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                  31.1          |   |  Certification                  of Chief Executive Officer, Norman B. Osborn                                                                                                                                                                                                         |
|  Exhibit                  31.2          |   |  Certification                  of Principal Accounting Officer, Dora Kicklighter                                                                                                                                                                                                    |
|  Exhibit                  32            |   |  Certification                  of Periodic Financial Report Pursuant to                  18 U.S.C. § 1350                                                                                                                                                       |

----

**SIGNATURES**

|                                        |                                                 |                                           |
|---------------------------------------------|------------------------------------------------------|------------------------------------------------|
|                                        | **CB                FINANCIAL CORPORATION**          |
|                                   |                                            |                                      |
| Date: November                14, 2005 | By:                                        | /s/ Norman                B. Osborn  |
|                                        | Norman                B. Osborn                      |
|                                        | President                and Chief Executive Officer |

|                                   |                                        |                                     |
|----------------------------------------|---------------------------------------------|------------------------------------------|
|                                   |                                        |
|                              |                                   |                                |
| Date:                November 14, 2005 | By:                               | /s/ Dora                Kicklighter |
|                                   | Dora                Kicklighter             |
|                                   | Principal                Accounting Officer |

----