**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

----

**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 |
|---|------------------------------------------------------------------------------------------------------------------|

----

** **
***000-51351***

**CB      Financial Corporation**

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

----

| **North                Carolina**                                                           | **20-2928613**                                      |
|---------------------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                or Other Jurisdiction of 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**

----

| **Part                  I.**      | **FINANCIAL                  INFORMATION**                                                                                        |   |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|--------|
|                              |                                                                                                                              |   |
| **Item                  1 -**     | **Financial                  Statements (Unaudited)**                                                                             |   |
|                              |                                                                                                                              |   |
|                              | Consolidated                  Statements of Financial Condition                                                                   |   |
|                              | June                  30, 2007 and December 31, 2006                                                                              | 3      |
|                              |                                                                                                                              |   |
|                              | Consolidated                  Statements of Operations                                                                            |   |
|                              | Three                  Months and Six Months Ended June 30, 2007 and 2006                                                         | 4      |
|                              |                                                                                                                              |   |
|                              | Consolidated                  Statements of Cash Flows                                                                            |   |
|                              | Six                  Months Ended June 30, 2007 and 2006                                                                          | 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**                                                                                            | 16     |
|                              |                                                                                                                              |   |
| **Item                  4-**      | **Submission                  of Matters to a Vote of Security Holders**                                                          | 16     |
|                              |                                                                                                                              |   |
| **Item                  6 -**     | **Exhibits**                                                                                                                      | 16     |
|                              |                                                                                                                              |   |
| **Signatures**               |                                                                                                                              | 18     |

----

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

**Item      1.**
** **
**Financial      Statements**

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***CONSOLIDATED      STATEMENTS OF FINANCIAL CONDITION***

----

|                                                                              |   | June                  30, 2007          |    |  December                  31, |   |
|-----------------------------------------------------------------------------------|--------|-----------------------------------------|---------|-------------------------------------|--------|
|                                                                              |   | (Unaudited)                             |    |  2006                  *       |   |
|                                                                              |   | (Amounts                  in thousands, |    |
|                                                                              |   | except                  share data)     |    |
| **ASSETS**                                                                        |   |                               |    |                           |   |
| Cash                  and due from banks                                          |   | $                                       | 3,728   |                                | $      | 4,321 |   |
| Interest-earning                  deposits in banks                               |   |                                    | 2,085   |                                |   | 4,183 |   |
| Federal                  funds sold                                               |   |                                    | 4,893   |                                |   | 5,879 |   |
| Time                  deposits                                                    |   |                                    | 1,379   |                                |   | 1,140 |   |
| Investment                  securities available for sale, at fair value          |   |                                    | 31,502  |                                |   | 29,684 |   |
| Loans                                                                             |   |                                    | 131,857 |                                |   | 120,619 |   |
| Allowance                  for loan losses                                        |   |                                    | (2,044  | )                                   |   | (1,687 | ) |
| NET                  LOANS                                                        |   |                                    | 129,813 |                                |   | 118,932 |   |
| Accrued                  interest receivable                                      |   |                                    | 985     |                                |   | 887 |   |
| Stock                  in Federal Home Loan Bank of Atlanta, at cost              |   |                                    | 597     |                                |   | 594 |   |
| Premises                  and equipment                                           |   |                                    | 2,254   |                                |   | 2,312 |   |
| Bank-owned                  life insurance                                        |   |                                    | 4,443   |                                |   | 1,390 |   |
| Real                  estate owned                                                |   |                                    | 285     |                                |   | 452 |   |
| Other                  assets                                                     |   |                                    | 1,819   |                                |   | 1,384 |   |
| TOTAL                  ASSETS                                                     |   | $                                       | 183,783 |                                | $      | 171,158 |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                   |   |                                    |    |                                |   |   |   |
| Deposits:                                                                         |   |                                    |    |                                |   |   |   |
| Demand                                                                            |   | $                                       | 11,087  |                                | $      | 11,896 |   |
| Savings                                                                           |   |                                    | 1,365   |                                |   | 1,144 |   |
| Money                  market and NOW                                             |   |                                    | 38,189  |                                |   | 35,825 |   |
| Time                                                                              |   |                                    | 109,214 |                                |   | 98,546 |   |
| TOTAL                  DEPOSITS                                                   |   |                                    | 159,855 |                                |   | 147,411 |   |
| Long                  term borrowings                                             |   |                                    | 11,405  |                                |   | 11,405 |   |
| Accrued                  interest payable                                         |   |                                    | 300     |                                |   | 271 |   |
| Accrued                  expenses and other liabilities                           |   |                                    | 224     |                                |   | 328 |   |
| TOTAL                  LIABILITIES                                                |   |                                    | 171,784 |                                |   | 159,415 |   |
| Stockholders’                  equity:                                      |   |                                    |    |                                |   |   |   |
|  Preferred                  stock, 20,000,000 shares authorized, none issued |   |                                    | -       |                                |   | - |   |
|  Common                  stock, no par value, 80,000,000 shares authorized;  |   |                                    |    |                                |   |   |   |
|  1,070,208                  shares issued and outstanding                    |   |                                    | 10,600  |                                |   | 10,586 |   |
|  Retained                  earnings                                          |   |                                    | 1,804   |                                |   | 1,212 |   |
|  Accumulated                  other comprehensive loss                       |   |                                    | (405    | )                                   |   | (55 | ) |
| TOTAL                  STOCKHOLDERS’ EQUITY                                 |   |                                    | 11,999  |                                |   | 11,743 |   |
| TOTAL                  LIABILITIES AND                                            |   |                                    |    |                                |   |   |   |
| STOCKHOLDERS’                  EQUITY                                       |   | $                                       | 183,783 |                                | $      | 171,158 |   |

| *Derived                  from audited financial statements. |   |   |   |   |   |   |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***CONSOLIDATED***
***STATEMENTS      OF OPERATIONS (Unaudited)***

----

|                                                    |   | Three                  Months Ended                                    |      | Six                  Months Ended |   |
|---------------------------------------------------------|--------|------------------------------------------------------------------------|-----------|-----------------------------------|--------|
|                                                    |   | June                  30,                                              |      | June                  30,         |   |
|                                                    |   | 2007                                                                   |      | 2006                              |   | 2007 |   | 2006 |   |
|                                                    |   |  (In                  thousands, except share and per share data) |      |
| INTEREST                  INCOME                        |   |                                                                   |      |                              |   |   |   |   |   |
| Loans                                                   |   | $                                                                      | 2,720     |                              | $      | 2,376 |   | $ | 5,327 |   | $ | 4,607 |   |
| Investments                                             |   |                                                                   | 376       |                              |   | 224 |   |   | 753 |   |   | 424 |   |
| Federal                  funds sold                     |   |                                                                   | 58        |                              |   | 70 |   |   | 109 |   |   | 122 |   |
| Interest-earning                  bank deposits         |   |                                                                   | 30        |                              |   | 50 |   |   | 82 |   |   | 103 |   |
| Other                  interest and dividends           |   |                                                                   | 22        |                              |   | 37 |   |   | 41 |   |   | 105 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| TOTAL                  INTEREST INCOME                  |   |                                                                   | 3,206     |                              |   | 2,757 |   |   | 6,312 |   |   | 5,361 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| INTEREST                  EXPENSE                       |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| Money                  market, NOW and savings deposits |   |                                                                   | 249       |                              |   | 211 |   |   | 482 |   |   | 492 |   |
| Time                  deposits                          |   |                                                                   | 1,319     |                              |   | 949 |   |   | 2,546 |   |   | 1,719 |   |
| Borrowings                                              |   |                                                                   | 152       |                              |   | 152 |   |   | 303 |   |   | 292 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| TOTAL                  INTEREST EXPENSE                 |   |                                                                   | 1,720     |                              |   | 1,312 |   |   | 3,331 |   |   | 2,503 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| NET                  INTEREST INCOME                    |   |                                                                   | 1,486     |                              |   | 1,445 |   |   | 2,981 |   |   | 2,858 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| PROVISION                  FOR LOAN LOSSES              |   |                                                                   | 217       |                              |   | 332 |   |   | 404 |   |   | 727 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| NET                  INTEREST INCOME AFTER              |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| PROVISION                  FOR LOAN LOSSES              |   |                                                                   | 1,269     |                              |   | 1,113 |   |   | 2,577 |   |   | 2,131 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| NON-INTEREST                  INCOME                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| Service                  charges on deposit accounts    |   |                                                                   | 132       |                              |   | 139 |   |   | 270 |   |   | 267 |   |
| Mortgage                  operations                    |   |                                                                   | 72        |                              |   | 96 |   |   | 132 |   |   | 163 |   |
| Other                  income                           |   |                                                                   | 102       |                              |   | 18 |   |   | 162 |   |   | 57 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| TOTAL                  NON-INTEREST INCOME              |   |                                                                   | 306       |                              |   | 253 |   |   | 564 |   |   | 487 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| NON-INTEREST                  EXPENSE                   |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| Salaries                  and employee benefits         |   |                                                                   | 632       |                              |   | 549 |   |   | 1,303 |   |   | 1,088 |   |
| Occupancy                  and equipment                |   |                                                                   | 99        |                              |   | 112 |   |   | 192 |   |   | 189 |   |
| Data                  processing expenses               |   |                                                                   | 137       |                              |   | 145 |   |   | 256 |   |   | 258 |   |
| Other                  (Note D)                         |   |                                                                   | 319       |                              |   | 245 |   |   | 553 |   |   | 418 |   |
| TOTAL                  NON-INTEREST EXPENSE             |   |                                                                   | 1,187     |                              |   | 1,051 |   |   | 2,304 |   |   | 1,953 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| INCOME                  BEFORE INCOME TAXES             |   |                                                                   | 388       |                              |   | 315 |   |   | 837 |   |   | 665 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| INCOME                  TAXES                           |   |                                                                   | 103       |                              |   | 92 |   |   | 245 |   |   | 207 |   |
| NET                  INCOME                             |   | $                                                                      | 285       |                              | $      | 223 |   | $ | 592 |   | $ | 458 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| Net                  Income Per Common Share            |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| Basic                                                   |   | $                                                                      | .27       |                              | $      | .21 |   | $ | .55 |   | $ | .43 |   |
| Diluted                                                 |   |                                                                   | .25       |                              |   | .20 |   |   | .53 |   |   | .42 |   |
|                                                    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| Weighted                  Average Shares Outstanding    |   |                                                                   |      |                              |   |   |   |   |   |   |   |   |   |
| Basic                                                   |   |                                                                   | 1,070,208 |                              |   | 1,064,253 |   |   | 1,070,208 |   |   | 1,064,253 |   |
| Diluted                                                 |   |                                                                   | 1,121,149 |                              |   | 1,100,877 |   |   | 1,118,905 |   |   | 1,098,472 |   |

| *See                  accompanying notes* |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

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

----

|                                                                           |   |  Six                  Months Ended |    |
|--------------------------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                                           |   |  June                  30, _       |    |
|                                                                           |   | 2007                                    |    | 2006 |   |
|                                                                           |   | (In                  thousands)         |    |
| CASH                  FLOWS FROM OPERATING ACTIVITIES                          |   |                                    |    |   |   |
| Net                  income                                                    |   | $                                       | 592     |   | $ | 458 |   |
| Adjustments                  to reconcile net income to net                    |   |                                    |    |   |   |   |   |
| cash                  provided by operating activities:                        |   |                                    |    |   |   |   |   |
| Depreciation                  and amortization                                 |   |                                    | 60      |   |   | 88 |   |
| Stock                  based compensation expense                              |   |                                    | 14      |   |   | - |   |
| Provision                  for loan losses                                     |   |                                    | 404     |   |   | 727 |   |
| Provision                  for losses on real estate owned                     |   |                                    | -       |   |   | 10 |   |
| Gain                  on sale of real estate owned                             |   |                                    | (4      | ) |   | - |   |
| Earnings                  on bank-owned life insurance                         |   |                                    | (53     | ) |   | (26 | ) |
| Deferred                  income tax expense (benefit)                         |   |                                    | 62      |   |   | (188 | ) |
| Change                  in assets and liabilities:                             |   |                                    |    |   |   |   |   |
| Increase                  in accrued interest receivable                       |   |                                    | (98     | ) |   | (128 | ) |
| Increase                  in other assets                                      |   |                                    | (277    | ) |   | (311 | ) |
| Increase                  in accrued interest payable                          |   |                                    | 29      |   |   | 23 |   |
| Decrease                  in accrued expenses and other liabilities            |   |                                    | (103    | ) |   | (294 | ) |
|                                                                           |   |                                    |    |   |   |   |   |
| NET                  CASH PROVIDED BY                                          |   |                                    |    |   |   |   |   |
| OPERATING                  ACTIVITIES                                          |   |                                    | 626     |   |   | 359 |   |
|                                                                           |   |                                    |    |   |   |   |   |
| CASH                  FLOWS FROM INVESTING ACTIVITIES                          |   |                                    |    |   |   |   |   |
| Net                  maturities (purchases) of time deposits                   |   |                                    | (240    | ) |   | 4,489 |   |
| Purchase                  of available-for-sale investments                    |   |                                    | (5,235  | ) |   | (5,139 | ) |
| Maturities,                  sales and calls of available for sale investments |   |                                    | 2,853   |   |   | 1,709 |   |
| Purchase                  of bank owned life insurance                         |   |                                    | (3,000  | ) |   | - |   |
| Net                  increase in loans                                         |   |                                    | (11,299 | ) |   | (2,203 | ) |
| Proceeds                  from sale of real estate owned                       |   |                                    | 185     |   |   | 32 |   |
| Purchase                  of Federal Home Loan Bank stock                      |   |                                    | (3      | ) |   | (65 | ) |
| Purchases                  of bank premises and equipment                      |   |                                    | (9      | ) |   | (649 | ) |
|                                                                           |   |                                    |    |   |   |   |   |
| NET                  CASH USED BY                                              |   |                                    |    |   |   |   |   |
| INVESTING                  ACTIVITIES                                          |   |                                    | (16,748 | ) |   | (1,826 | ) |
|                                                                           |   |                                    |    |   |   |   |   |
| CASH                  FLOWS FROM FINANCING ACTIVITIES                          |   |                                    |    |   |   |   |   |
| Increase                  in deposits                                          |   |                                    | 12,445  |   |   | 6,946 |   |
| Decrease                  in Federal Home Loan Bank advances                   |   |                                    | -       |   |   | (83 | ) |
| Net                  repayments of short term borrowings                       |   |                                    | -       |   |   | (1,055 | ) |
|                                                                           |   |                                    |    |   |   |   |   |
| NET                  CASH PROVIDED BY                                          |   |                                    |    |   |   |   |   |
| FINANCING                  ACTIVITIES                                          |   |                                    | 12,445  |   |   | 5,808 |   |
|                                                                           |   |                                    |    |   |   |   |   |
| NET                  INCREASE (DECREASE) IN                                    |   |                                    |    |   |   |   |   |
| CASH                  AND CASH EQUIVALENTS                                     |   |                                    | (3,677  | ) |   | 4,341 |   |
|                                                                           |   |                                    |    |   |   |   |   |
| CASH                  AND CASH EQUIVALENTS, BEGINNING                          |   |                                    | 14,383  |   |   | 9,510 |   |
| CASH                  AND CASH EQUIVALENTS, ENDING                             |   | $                                       | 10,706  |   | $ | 13,851 |   |
|                                                                           |   |                                    |    |   |   |   |   |
| *SUPPLEMENTAL                  DISCLOSURES OF CASH FLOW INFORMATION*           |   |                                    |    |   |   |   |   |
| Interest                  paid                                                 |   | $                                       | 3,302   |   | $ | 2,480 |   |
| Income                  taxes paid                                             |   |                                    | 390     |   |   | 779 |   |

----

***CB        FINANCIAL CORPORATION AND SUBSIDIARY***
** **

***NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS***

----

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

***Cash      and Cash Equivalents***

***NOTE      B - STOCK BASED COMPENSATION***

----

***CB        FINANCIAL CORPORATION AND SUBSIDIARY***
** **

***NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS***

----

***Employee      Stock Purchase Plan***

----

***CB        FINANCIAL CORPORATION AND SUBSIDIARY***
** **

***NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS***

----

***NOTE      C - LOANS***

|                                                                                            |   | Six                  Months Ended             |   |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                                            |   | June                  30                      |   |
|                                                                                            |   | 2007                                          |   |  2006 |   |
|                                                                                            |   |  (Dollars                  in thousands) |   |
| Allowance                  for loan losses at beginning of period                               |   | $                                             | 1,687  |   | $ | 1,775 |   |
| Provision                  for loan losses                                                      |   |                                          | 404    |   |   | 727 |   |
| Loans                  charged-off                                                              |   |                                          | (81    | ) |   | (1,046 | ) |
| Recoveries                                                                                      |   |                                          | 34     |   |   | 131 |   |
|                                                                                            |   |                                          |   |   |   |   |   |
| Allowance                  for loan losses at end of period                                     |   | $                                             | 2,044  |   | $ | 1,587 |   |
|                                                                                            |   |                                          |   |   |   |   |   |
| Allowance                  for loan losses as a percent of loans at                  period end |   |                                          | 1.55   | % |   | 1.37 | % |

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

|                                                   |   | Three                  Months EndedJune                  30, |   | Six                  Months EndedJune                    30, |   |
|--------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                                   |   | 2007                                                         |   | 2006                                                         |   | 2007 |   | 2006 |   |
|                                                   |   | (Dollars                  in thousands)                      |   |
| Postage,                  printing and office supplies |   | $                                                            | 34     |                                                         | $      | 18 |   | $ | 48 |   | $ | 46 |   |
| Advertising                  and promotion             |   |                                                         | 32     |                                                         |   | 40 |   |   | 72 |   |   | 65 |   |
| Professional                  services                 |   |                                                         | 91     |                                                         |   | 71 |   |   | 155 |   |   | 107 |   |
| Other                                                  |   |                                                         | 162    |                                                         |   | 116 |   |   | 278 |   |   | 200 |   |
|                                                   |   |                                                         |   |                                                         |   |   |   |   |   |   |   |   |   |
| Total                                                  |   | $                                                            | 319    |                                                         | $      | 245 |   | $ | 553 |   | $ | 418 |   |

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***
** **

***NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS***

----

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

|                                                 |   |  Three                  Months Ended           |   |  Six                  Months Ended |   |
|------------------------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------|--------|
|                                                 |   | June                  30,                           |   |  June                  30,         |   |
|                                                 |   | 2007                                                |   |  2006                              |   |  2007 |   |  2006 |   |
|                                                 |   | (Dollars                  in thousands)   |   |
| Net                  income                          |   | $                                                   | 285    |                                    | $      | 223 |   | $ | 592 |   | $ | 458 |   |
| Other                  comprehensive income (loss):  |   |                                                |   |                                    |   |   |   |   |   |   |   |   |   |
| Net                  decrease in the                 |   |                                                |   |                                    |   |   |   |   |   |   |   |   |   |
| fair                  value of investment securities |   |                                                |   |                                    |   |   |   |   |   |   |   |   |   |
| available                  for sale, net of tax      |   |                                                | (378   | )                                       |   | (145 | ) |   | (350 | ) |   | (170 | ) |
|                                                 |   |                                                |   |                                    |   |   |   |   |   |   |   |   |   |
| Total                  comprehensive income (loss)   |   | $                                                   | (93    | )                                       | $      | 78 |   | $ | 242 |   | $ | 288 |   |

***NOTE      F - PER SHARE RESULTS***

|                                                  |   |  Three                  Months Ended |      | Six                  Months Ended |   |
|-------------------------------------------------------|--------|-------------------------------------------|-----------|-----------------------------------|--------|
|                                                  |   | June                  30,                 |      |                              |   | June                  30, |   |   |   |
|                                                  |   | 2007                                      |      | 2006                              |   | 2007 |   | 2006 |   |
| Weighted                  average outstanding         |   |                                      |      |                              |   |   |   |   |   |
| shares                  used for basic EPS            |   |                                      | 1,070,208 |                              |   | 1,064,253 |   |   | 1,070,208 |   |   | 1,064,253 |   |
|                                                  |   |                                      |      |                              |   |   |   |   |   |   |   |   |   |
| Plus                  incremental shares from         |   |                                      |      |                              |   |   |   |   |   |   |   |   |   |
| assumed                  exercise of:                 |   |                                      |      |                              |   |   |   |   |   |   |   |   |   |
| Stock                  options                        |   |                                      | 49,915    |                              |   | 36,256 |   |   | 47,926 |   |   | 34,105 |   |
| Employee                  stock purchase plan options |   |                                      | 1,026     |                              |   | 367 |   |   | 771 |   |   | 114 |   |
|                                                  |   |                                      |      |                              |   |   |   |   |   |   |   |   |   |
| Weighted                  average outstanding         |   |                                      |      |                              |   |   |   |   |   |   |   |   |   |
| shares                  used for diluted EPS          |   |                                      | 1,121,149 |                              |   | 1,100,877 |   |   | 1,118,905 |   |   | 1,098,472 |   |

----

***CB        FINANCIAL CORPORATION AND SUBSIDIARY***
** **

***NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS***

----

***NOTE      F - PER SHARE RESULTS (CONTINUED)***

*Stock      Dividend*

***NOTE      G - RECLASSIFICATIONS***

*.*

----

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

***FINANCIAL      CONDITION AT***

***June      30, 2007 and December 31, 2006***

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

***June      30, 2007 and 2006***

*Overview.*
** **

*Net      Interest Income.*
** **

----

*Provision      for Loan Losses.*

*Non-Interest      Income.*

*Non-Interest      Expenses.*

*Income      Taxes.*

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

***June      30, 2007 and 2006***

*Net      Income*
**.      **

----

*Net      Interest Income.*
* *

*Provision      for Loan Losses.*

*Non-Interest      Income.*

*Non-Interest      Expenses.*

*Income      Taxes.*

----

***LIQUIDITY***

***CAPITAL***

***FORWARD-LOOKING      INFORMATION***

----

**Item      3. Controls and Procedures**

----

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

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

**Item      4.**
**Submission      of Matters to a Vote of Security Holders.**

| **Proposal 1:**  ** ** | **    ** |  To                elect three members of the Board of Directors for a three-year term                until                the Annual Meeting of Shareholders in 2009. Votes for each nominee                were as                follows: |
|---------------------------------------|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                                    |   |  For |    | Withheld |   |
|-----------------------------------------|--------|-----------|---------|----------|--------|
| John                  C. Anthony, Jr.   |   |      | 621,569 |     |   | 1,024 |   |
| Robert                  E. Kirkland III |   |      | 619,953 |     |   | 2,640 |   |
| W.                  Coalter Paxton III  |   |      | 621,478 |     |   | 1,115 |   |

| Thomas                  E. Brown III | Gregory                  A. Turnage | S.                  Christopher Williford |
|--------------------------------------|-------------------------------------|-------------------------------------------|
| Norman                  B. Osborn    | Judy                  A. Muirhead   | David                  W. Woodard         |

**Proposal**
**      2:**

|  For |   |  Against |   |  Abstain |
|-----------|--------|---------------|--------|---------------|
| 620,971   |   |  196     |   | 1,426         |

**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                10(x) | Lease                Agreement dated September 2, 2005 by and between CB Financial Corporation                and Cornerstone Bank, as lessee, and H/C Wilson, Inc., as lessor,                incorporated herein by reference to Exhibit 10.1 to the Form 8-K                filed                with the SEC on September 9, 2005 |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                11    | Statement                Regarding Computation of Per Share Earnings                                                                                                                                                                                                                                                                  |
|                         |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                31.1  | Certification                of Norman B. Osborn                                                                                                                                                                                                                                                                                      |
|                         |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                31.2  | Certification                of Dora Kicklighter                                                                                                                                                                                                                                                                                      |
|                         |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                32    | Certification                of Periodic Financial Report Pursuant to                18 U.S.C. § 1350                                                                                                                                                                                                             |

----

**SIGNATURES**

|                               |                                               |                                   |
|------------------------------------|----------------------------------------------------|----------------------------------------|
|                               | **CB              FINANCIAL CORPORATION**          |
|                          |                                          |                              |
| Date:              August 10, 2007 | By:                                      | /s/ Norman              B. Osborn |
|                               | Norman              B. Osborn                      |
|                               | President              and Chief Executive Officer |

|                               |                                      |                                   |
|------------------------------------|-------------------------------------------|----------------------------------------|
|                               |                                      |
| Date:              August 10, 2007 | By:                             | /s/ Dora              Kicklighter |
|                               | Dora              Kicklighter             |
|                               | Principal              Accounting Officer |

----