# EDGAR Filing Document

**Accession Number:** 0001605301
**File Stem:** 0001605301-26-000023
**Filing Date:** 2026-5
**Character Count:** 210929
**Document Hash:** 1899e6e2841c0863f47459adb7c02549
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001605301-26-000023.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001605301-26-000023

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CB Financial Services, Inc.
- **CENTRAL INDEX KEY:** 0001605301
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 510534721
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 549300JEGYKCDOBSG664

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36706
- **FILM NUMBER:** 26966352

**BUSINESS ADDRESS:**
- **STREET 1:** 100 NORTH MARKET STREET
- **CITY:** CARMICHAELS
- **STATE:** PA
- **ZIP:** 15320
- **BUSINESS PHONE:** (888) 223-8099

**MAIL ADDRESS:**
- **STREET 1:** 100 NORTH MARKET STREET
- **CITY:** CARMICHAELS
- **STATE:** PA
- **ZIP:** 15320

?xml version='1.0' encoding='ASCII'? cbfv-20260331

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-Q**

(Mark One)

 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 001-36706

---

| |
|:---|
| **CB FINANCIAL SERVICES, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

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

---

---

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

---

---

| |
|:---|
| **(724) 966-5041** |
| (Registrant's telephone number, including area code) |

---

---

| |
|:---|
| **N/A** |
| (Former name, former address and former fiscal year, if changed since last report) |

---

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

---

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

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
| Emerging growth company ☐ | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of May 6, 2026, the number of shares outstanding of the Registrant's Common Stock was 5,072,611.

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

**FORM 10-Q**

**INDEX**

---

| | |
|:---|:---|
| | Page |
| [PART I –](#i3369e5e9ff4f41a28d3b25d0ec01cb00_10)[CONDENSED](#i3369e5e9ff4f41a28d3b25d0ec01cb00_10)[FINANCIAL](#i3369e5e9ff4f41a28d3b25d0ec01cb00_10)[I](#i3369e5e9ff4f41a28d3b25d0ec01cb00_10)NFORMATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Financial Statements (Unaudited)](#i3369e5e9ff4f41a28d3b25d0ec01cb00_13)</u> | <u>[1](#i3369e5e9ff4f41a28d3b25d0ec01cb00_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Financial Condition](#i3369e5e9ff4f41a28d3b25d0ec01cb00_16)</u> | <u>[1](#i3369e5e9ff4f41a28d3b25d0ec01cb00_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Income](#i3369e5e9ff4f41a28d3b25d0ec01cb00_19)</u> | <u>[2](#i3369e5e9ff4f41a28d3b25d0ec01cb00_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income](#i3369e5e9ff4f41a28d3b25d0ec01cb00_22)</u> | <u>[3](#i3369e5e9ff4f41a28d3b25d0ec01cb00_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes In Stockholders' Equity](#i3369e5e9ff4f41a28d3b25d0ec01cb00_28)</u> | <u>[4](#i3369e5e9ff4f41a28d3b25d0ec01cb00_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i3369e5e9ff4f41a28d3b25d0ec01cb00_34)</u> | <u>[5](#i3369e5e9ff4f41a28d3b25d0ec01cb00_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to the Consolidated Financial Statements (Unaudited)](#i3369e5e9ff4f41a28d3b25d0ec01cb00_37)</u> | <u>[7](#i3369e5e9ff4f41a28d3b25d0ec01cb00_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_217)</u> | <u>[29](#i3369e5e9ff4f41a28d3b25d0ec01cb00_217)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosure about Market Risk.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_367)</u> | <u>[38](#i3369e5e9ff4f41a28d3b25d0ec01cb00_367)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_370)</u> | <u>[39](#i3369e5e9ff4f41a28d3b25d0ec01cb00_370)</u> |
| [PART II - OTHER INFORMATION](#i3369e5e9ff4f41a28d3b25d0ec01cb00_373) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_376)</u> | <u>[41](#i3369e5e9ff4f41a28d3b25d0ec01cb00_376)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_379)</u> | <u>[41](#i3369e5e9ff4f41a28d3b25d0ec01cb00_379)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_382)</u> | <u>[41](#i3369e5e9ff4f41a28d3b25d0ec01cb00_382)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_388)</u> | <u>[41](#i3369e5e9ff4f41a28d3b25d0ec01cb00_388)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_391)</u> | <u>[41](#i3369e5e9ff4f41a28d3b25d0ec01cb00_391)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 5. Other Information.](#i3369e5e9ff4f41a28d3b25d0ec01cb00_394)</u> | <u>[41](#i3369e5e9ff4f41a28d3b25d0ec01cb00_394)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 6. Exhibits](#i3369e5e9ff4f41a28d3b25d0ec01cb00_397)</u> | <u>[42](#i3369e5e9ff4f41a28d3b25d0ec01cb00_397)</u> |
| <u>[SIGNATURES](#i3369e5e9ff4f41a28d3b25d0ec01cb00_400)</u> | <u>[43](#i3369e5e9ff4f41a28d3b25d0ec01cb00_400)</u> |

---

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

---

| | | |
|:---|:---|:---|
| | **(Unaudited) March 31,<br>2026** | **December 31,<br>2025** |
| *(Dollars in Thousands, except per share and share data)* |  |  |
| ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Due From Banks: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-Earning | $42849 | $18374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-Earning | 12700 | 13319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Cash and Due From Banks | 55549 | 31693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-Sale Debt Securities, at Fair Value | 294535 | 278986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities, at Fair Value | 917 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities | 295452 | 279895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Net of Allowance for Credit Losses of $10,303 and $10,116 at March 31, 2026 and December 31, 2025, Respectively | 1147534 | 1152144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and Equipment, Net | 19428 | 19646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank-Owned Life Insurance | 24964 | 24812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 9732 | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest Receivable and Other Assets | 30633 | 29771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $1583292 | $1547693 |
| LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-Bearing Demand Accounts | $301053 | $291745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Demand Accounts | 384599 | 357134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Accounts | 209258 | 209166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings Accounts | 172172 | 169307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | 308355 | 312453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Deposits | 1375437 | 1339805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 34768 | 34758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest Payable and Other Liabilities | 14336 | 15593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 1424541 | 1390156 |
| STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,876,197 Shares Issued and 5,072,183 Shares Outstanding at March 31, 2026, with 5,835,325 and 5,036,509 Shares Issued and Outstanding at December 31, 2025. | 2449 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Surplus | 88083 | 87644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | 93081 | 90625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock, at Cost (804,014 and 798,816 Shares at March 31, 2026 and December 31, 2025, Respectively) | (19947) | (19752) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Other Comprehensive Loss | (4915) | (3412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL STOCKHOLDERS' EQUITY | 158751 | 157537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1583292 | $1547693 |

---

***The accompanying notes are an integral part of these consolidated financial statements***

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| *(Dollars in Thousands, except share and per share data)* |  |  |
| INTEREST AND DIVIDEND INCOME |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Including Fees | $15957 | $14528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 2999 | 2777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt | 416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 7 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Interest and Dividend Income | 272 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INTEREST AND DIVIDEND INCOME | 19651 | 17847 |
| INTEREST EXPENSE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 5232 | 6111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Borrowings | 188 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 359 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INTEREST EXPENSE | 5779 | 6536 |
| NET INTEREST AND DIVIDEND INCOME | 13872 | 11311 |
| Provision for Credit Losses - Loans | 228 | 68 |
| Provision (Recovery) for Credit Losses - Unfunded Commitments | 13 | (108) |
| NET INTEREST AND DIVIDEND INCOME AFTER NET PROVISION (RECOVERY) FOR CREDIT LOSSES | 13631 | 11351 |
| NONINTEREST INCOME |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Fees | 554 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Commissions | 76 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain on Sale of Loans | 11 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain (Loss) on Investment Securities | 8 | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain on Purchased Tax Credits | 10 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from Bank-Owned Life Insurance | 152 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Income | 151 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL NONINTEREST INCOME | 962 | 787 |
| NONINTEREST EXPENSE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and Employee Benefits | 5997 | 6036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy | 656 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | 349 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data Processing | 942 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Deposit Insurance Corporation Assessment | 173 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Shares Tax | 286 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracted Services | 405 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and Professional Fees | 221 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 142 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expense | 841 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL NONINTEREST EXPENSE | 10012 | 9802 |
| Income Before Income Tax Expense | 4581 | 2336 |
| Income Tax Expense | 714 | 427 |
| Net Income | $3867 | $1909 |
| EARNINGS PER SHARE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.77 | $0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.73 | 0.35 |
| WEIGHTED AVERAGE SHARES OUTSTANDING |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 5053586 | 5125577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 5318874 | 5471006 |

---

***The accompanying notes are an integral part of these consolidated financial statements***

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| *(Dollars in Thousands)* |  |  |
| Net Income | $3867 | $1909 |
| Other Comprehensive (Loss) Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Loss on Available-for-Sale Debt Securities | (1909) | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Effect | 406 | (506) |
| Other Comprehensive (Loss) Income, Net of Income Tax Effect | (1503) | 1865 |
| Total Comprehensive Income | $2364 | $3774 |

---

***The accompanying notes are an integral part of these consolidated financial statements***

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Shares Issued** | **Common Stock** | **Capital Surplus** | **Retained Earnings** | **Treasury Stock** | **Accumulated Other Comprehensive Loss** | **Total Stockholders' Equity** |
| *(Dollars in Thousands, except share and per share data)* | *(Dollars in Thousands, except share and per share data)* |  |  |  |  |  |  |
| **December 31, 2025** | 5835325 | $2432 | $87644 | $90625 | $(19752) | $(3412) | $157537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive Income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income |  |  |  | 3867 |  |  | 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Comprehensive Loss |  |  |  |  |  | (1503) | (1503) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Awards Granted | 30425 | 13 | (13) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-Based Compensation Expense |  |  | 212 |  |  |  | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of Stock Options | 10447 | 4 | 240 |  | 97 |  | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock purchased, at cost (8,553 shares) |  |  |  |  | (292) |  | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Paid ($0.28 Per Share) |  |  |  | (1411) |  |  | (1411) |
| **March 31, 2026** | 5876197 | $2449 | $88083 | $93081 | $(19947) | $(4915) | $158751 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **Shares Issued** | **Common Stock** | **Capital Surplus** | **Retained Earnings** | **Treasury Stock** | **Accumulated Other Comprehensive Loss** | **Total Stockholders' Equity** |
| *(Dollars in Thousands, except share and per share data)* | *(Dollars in Thousands, except share and per share data)* |  |  |  |  |  |  |
| **December 31, 2024** | 5787744 | $2412 | $86373 | $90856 | $(15028) | $(17235) | $147378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive Income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income |  |  |  | 1909 |  |  | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Comprehensive Income |  |  |  |  |  | 1865 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Awards Forfeited | (200) |  | 2 |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Awards Granted | 25235 | 10 | (10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-Based Compensation Expense |  |  | 223 |  |  |  | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of Stock Options | 15938 | 7 | 372 |  | 194 |  | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock Purchased, at cost (82,923 shares) |  |  |  |  | (2378) |  | (2378) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends Paid ($0.25 Per Share) |  |  |  | (1281) |  |  | (1281) |
| **March 31, 2025** | 5828717 | $2429 | $86960 | $91484 | $(17214) | $(15370) | $148289 |

---

***The accompanying notes are an integral part of these consolidated financial statements***

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

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

---

| | | |
|:---|:---|:---|
| **Three Months Ended March 31,** | **2026** | **2025** |
| *(Dollars in Thousands)* |  |  |
| OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | $3867 | $1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Accretion on Securities | (260) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 445 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for Credit Losses - Loans | 228 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (Recovery) for Credit Losses - Unfunded Commitments | 13 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss on Sale of Equity Securities |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized (Gain) Loss Recognized on Equity Securities | (8) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on Purchased Tax Credits | (10) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from Bank-Owned Life Insurance | (152) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds From Mortgage Loans Sold | 303 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations of Mortgage Loans for Sale | (292) | (1774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Gain on Sale of Loans | (11) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash Expense for Stock-Based Compensation | 212 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in Accrued Interest Receivable | (77) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benefit) Provision in Deferred Income Tax | (406) | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Taxes Payable | 623 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on Operating Leases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in Accrued Interest Payable | (101) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, Net | (1356) | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Operating Activities | 3018 | 4027 |
| INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Available for Sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds From Principal Repayments and Maturities | 8764 | 14171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of Securities | (25962) | (10069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Debt Securities |  | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Loans | 4382 | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of Premises and Equipment | (202) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Low Income Housing Tax Credit | (197) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Historical Tax Credit | (217) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Restricted Equity Securities |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash (Used in) Provided by Investing Activities | (13432) | 13181 |
| FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Deposits | 35632 | (2420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Dividends Paid | (1411) | (1281) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock, Purchases at Cost | (292) | (2378) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of Stock Options | 341 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by (Used in) Financing Activities | 34270 | (5506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Cash and Due from Banks | 23856 | 11702 |
| CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 31693 | 49572 |
| CASH AND DUE FROM BANKS AT END OF PERIOD | $55549 | $61274 |

---

***The accompanying notes are an integral part of these consolidated financial statements***

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

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

---

| | | |
|:---|:---|:---|
| **Three Months Ended March 31,** | **2026** | **2025** |
| *(Dollars in Thousands)* |  |  |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Paid For: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $5,478 and $6,302, Respectively) | $5881 | $6581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | 10 | 1000 |
| SUPPLEMENTAL NONCASH DISCLOSURE: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer of Loans from Loans Held for Sale to Portfolio |  | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Syndicated Loans Purchased and Sold Not Settled, net |  | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of Use Asset Recognized | 495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unfunded Commitment in Low Income Housing Tax Credit | 3841 | 4995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unfunded Commitment in Historical Tax Credits | 555 |  |

---

***The accompanying notes are an integral part of these consolidated financial statements***

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**Note 1. Summary Of Significant Accounting Policies**

**Principles of Consolidation and Basis of Presentation**

The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc. ("CB Financial") and its wholly owned subsidiary, Community Bank (the "Bank"), and the Bank's wholly owned subsidiary, Exchange Underwriters, Inc. ("Exchange Underwriters" or "EU"). CB Financial, the Bank and Exchange Underwriters are collectively referred to as the "Company". Effective September 29, 2025, EU merged with and into the Bank, with the Bank as the surviving institution. All intercompany transactions and balances have been eliminated in consolidation.

The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and in conformity with accounting principles generally accepted in the United States of America ("GAAP") and with general practice within the banking industry. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading in any material respect. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and income and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for credit losses on loans, goodwill and intangible assets impairment, and the valuation of deferred tax assets.

In the opinion of management, the accompanying unaudited interim financial statements include all adjustments considered necessary for a fair presentation of the Company's financial position and results of operations at the dates and for the periods presented. All these adjustments are of a normal, recurring nature, and they are the only adjustments included in the accompanying unaudited interim consolidated financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Interim results are not necessarily indicative of results for a full year.

**Nature of Operations**

The Company derives substantially all its income from banking and bank-related services which include interest income on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest and dividend income on securities, and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. The Bank operates nine offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, and three offices in Marshall and Ohio Counties in West Virginia.

**Operating Segments**

An operating segment is defined as a component of an enterprise that engages in business activities which generate revenue and incur expense, and the operating results of which are reviewed by management. The Company has evaluated the provisions of ASC Topic 280, *Segment Reporting*, and determined that at March 31, 2026 and December 31, 2025, the Company had one reportable segment, community banking services.

**Critical Accounting Policies; Use of Critical Accounting Estimates**

The disclosures below supplement the accounting policies disclosed in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

**Allowance for Credit Losses (ACL)**

The ACL represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The ACL is established through a provision for credit losses that is charged against income. The methodology for determining the ACL is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded ACL. The ACL is reported separately as a contra-asset account on the Consolidated Statement of Financial Condition. The expected credit loss for unfunded loan commitments is reported on the Consolidated Statement of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in provision for credit losses - unfunded commitments in the Consolidated Statements of Income.

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

*ACL on Loans Receivable*

The ACL on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the ACL when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.

The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include residential mortgage, commercial real estate mortgages, construction, commercial business, consumer and other. For most segments, the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount.

The Company estimates the ACL on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

Also included in the ACL on loans are qualitative reserves to cover losses that are expected but, in the Company's assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, and the effect of external factors such as competition, legal and regulatory requirements, among others. Furthermore, the Company considers the inherent uncertainty in quantitative models that are built upon historical data.

*Individually Evaluated Loans*

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the ACL will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves.

*ACL on Off-Balance Sheet Unfunded Commitments*

The Company is required to include unfunded commitments that are expected to be funded in the future within the ACL calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the ACL on unfunded loan commitments is included in other liabilities on the Consolidated Statement of Financial Condition and the related credit expense is recorded in provision for credit losses - unfunded commitments in the Consolidated Statements of Income.

*ACL on Available-for-Sale Securities*

For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

fair value is less than the amortized cost. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income (loss), net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses.

Changes in the ACL are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

*Accrued Interest Receivable*

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities. Accrued interest receivable on loans is reported as a component of accrued interest receivable and other assets on the Consolidated Statement of Financial Condition, totaled $4.43 million at March 31, 2026 and $4.41 million at December 31, 2025 and is excluded from the estimate of credit losses. Accrued interest receivable on available-for-sale securities, also a component of accrued interest receivable and other assets on the Consolidated Statement of Financial Condition, totaled $2.02 million at March 31, 2026 and $1.96 million at December 31, 2025 and is excluded from the estimate of credit losses.

**Recent Accounting Standards**

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses (DISE);* this ASU was then superseded by ASU 2025-01, *Clarifying the Effective Date*, to clarify the effective date for interim reporting. Collectively, these ASU's require that public entities on an annual and interim basis disclose specific natural expenses contained within each relevant income statement expense caption. These specified natural expenses are: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion and amortization recognized as part of oil- and gas- producing activities (DD&A). This ASU is effective for public entities for annual periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this update on its disclosures, however does not expect the adoption of this update to have a material effect on its consolidated financial statements.

In November 2025, the FASB issued ASU 2025-08, *Financial Instruments—Credit Losses (Topic 326):Purchased Loans.* The update expands the population of acquired financial assets subject to the gross-up approach in Topic 326 to include acquired seasoned loans without credit deterioration (excluding credit cards). This ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods with early adoption permitted. The amendments in this update are to be applied prospectively to loans that are acquired on or after the initial application date. The Company adopted this update January 1, 2026 and will implement the guidance upon the occurrence of a future acquisition transaction.

In November 2025, the FASB issued ASU 2025-09, *Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.* The update clarifies hedge accounting guidance and addresses issues arising from the global reference rate reform initiative. There are five issues addressed: 1) expanding risks permitted to be aggregated for cash flow hedges to include those having a similar risk exposure; 2) provide cash flow accounting guidance on choose-your-rate debt instruments; 3) expand hedge accounting for forecasted purchases and sales of nonfinancial assets; 4) update guidance on net written options as hedging instruments; 5) refine foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). This ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in this update are to be applied on a prospective basis. The Company does not expect the adoption of the ASU to have a material effect on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, *Interim Reporting (Topic 270): Narrow-Scope Improvements.* The update provides a comprehensive list of interim disclosures that are required by GAAP to provide clarity about the current requirements. The update also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update can be applied prospectively or retrospectively. The Company does not expect the adoption of the ASU to have a material impact on its consolidated financial statements.

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In December 2025, the FASB issued ASU 2025-12, *Codification Improvements*. The amendments in this update represent changes that (1) clarify, (2) correct errors or (3) make minor improvements to the Codification. The amendments are intended to make the Codification easier to understand and apply. The amendments in this update are varied in nature and may affect the application of guidance in cases in which the original guidance may have been unclear. The amendments in this update are effective for all entities for annual reporting beginning after December 15, 2026, and interim reporting for periods within those annual reporting periods. Early adoption is permitted in amendments on an issue-by-issue basis. The Company is currently evaluating the impact of the update on its financial disclosures, however does not expect the adoption of this update to have a material impact on its consolidated financial statements.

**Note 2. Earnings Per Share**

There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statements of Income is used as the numerator.

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| *(Dollars in Thousands, except share and per share data)* |  |  |
| Net Income | $3867 | $1909 |
| Weighted-Average Basic Common Shares Outstanding | 5053586 | 5125577 |
| Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock) | 265288 | 345429 |
| Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding | 5318874 | 5471006 |
| Earnings Per Share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.77 | $0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.73 | 0.35 |

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The dilutive effect on weighted average diluted common shares outstanding is the result of outstanding stock options and nonvested restricted stock. The following table presents for the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options' exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive.

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Stock Options |  | 24310 |
| Restricted Stock | 24425 | 25235 |

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**Note 3. Securities**

The following tables present the amortized cost and fair value of securities available-for-sale at the dates indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | **Fair**<br>**Value** |
| *(Dollars in Thousands)* |  |  |  |  |
| Available-for-Sale Debt Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies | $2000 | $— | $(33) | $1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of States and Political Subdivisions | 35202 | 551 |  | 35753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Government-Sponsored Enterprises | 47633 | 193 | (92) | 47734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Government-Sponsored Enterprises | 86287 | 275 | (6082) | 80480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Non-Agency | 10030 |  | (110) | 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | 96469 | 12 | (291) | 96190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Debt | 23159 | 216 | (884) | 22491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Available-for-Sale Debt Securities | $300780 | $1247 | $(7492) | $294535 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds |  |  |  | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Securities |  |  |  | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities |  |  |  | $295452 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | **Fair**<br>**Value** |
| *(Dollars in Thousands)* |  |  |  |  |
| Available-for-Sale Debt Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of States and Political Subdivisions | $35227 | $997 | $— | $36224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Government-Sponsored Enterprises | 40577 | 512 |  | 41089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Government-Sponsored Enterprises | 72266 | 576 | (5267) | 67575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Non-Agency | 10671 | 1 | (125) | 10547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | 101409 | 14 | (205) | 101218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Debt | 23172 | 137 | (976) | 22333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Available-for-Sale Debt Securities | $283322 | $2237 | $(6573) | $278986 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds |  |  |  | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Securities |  |  |  | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities |  |  |  | $279895 |

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The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 Months or Greater** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** | **Total** |
| | **Number**<br>**of**<br>**Securities** | **Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Number**<br>**of**<br>**Securities** | **Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Number**<br>**of**<br>**Securities** | **Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |  |  |
| U.S. Government Agencies | 1 | $1967 | $(33) |  | $— | $— | 1 | $1967 | $(33) |
| Mortgage Backed Securities- Government-Sponsored Enterprises | 4 | 19688 | (92) | 1 | 33 |  | 5 | 19721 | (92) |
| Collateralized Mortgage Obligations - Government-Sponsored Enterprises | 9 | 33971 | (792) | 7 | 18141 | (5290) | 16 | 52112 | (6082) |
| Collateralized Mortgage Obligations - Non-Agency | 4 | 9920 | (110) |  |  |  | 4 | 9920 | (110) |
| Collateralized Loan Obligations | 4 | 20822 | (85) | 8 | 57927 | (206) | 12 | 78749 | (291) |
| Corporate Debt |  |  |  | 3 | 8588 | (884) | 3 | 8588 | (884) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 22 | $86368 | $(1112) | 19 | $84689 | $(6380) | 41 | $171057 | $(7492) |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Less than 12 months** | **Less than 12 months** | **Less than 12 months** | **12 Months or Greater** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** | **Total** |
| | **Number**<br>**of**<br>**Securities** | **Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Number**<br>**of**<br>**Securities** | **Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** | **Number**<br>**of**<br>**Securities** | **Fair**<br>**Value** | **Gross**<br>**Unrealized**<br>**Losses** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |  |  |
| Mortgage Backed Securities- Government-Sponsored Enterprises |  | $— | $— | 1 | $47 | $— | 1 | $47 | $— |
| Collateralized Mortgage Obligations - Government-Sponsored Enterprises | 3 | 13357 | (114) | 7 | 18782 | (5153) | 10 | 32139 | (5267) |
| Collateralized Mortgage Obligations - Non-Agency | 3 | 9206 | (125) |  |  |  | 3 | 9206 | (125) |
| Collateralized Loan Obligations | 10 | 68567 | (194) | 2 | 11174 | (11) | 12 | 79741 | (205) |
| Corporate Debt | 2 | 3495 | (5) | 3 | 8503 | (971) | 5 | 11998 | (976) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 18 | $94625 | $(438) | 13 | $38506 | $(6135) | 31 | $133131 | $(6573) |

---

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

For debt securities, the Company does not believe that any individual unrealized loss as of March 31, 2026 or December 31, 2025, represents a credit related impairment. The Company performs a review of the entire securities portfolio on a quarterly basis to identify securities that may indicate a credit related impairment. The unrealized losses on securities at March 31, 2026 and December 31, 2025 relate principally to changes in market interest rates subsequent to the acquisition of the specific securities. The Company does not intend to sell, and it is not more likely than not that it will be required to sell any of the securities in an unrealized loss position before recovery of its amortized cost or maturity of the security.

Total securities available to be pledged have a fair value of $272.0 million at March 31, 2026 and $256.7 million at December 31, 2025 of which securities with a fair value of $168.9 million and $172.6 million at March 31, 2026 and December 31, 2025, respectively, were pledged to secure uninsured public deposits, borrowings or for other purposes as required or permitted by law.

The scheduled maturities of securities available-for-sale are summarized as follows. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities, collateralized mortgage obligations and collateralized loan obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| | **Amortized<br>Cost** | **Fair<br>Value** |
| *(Dollars in Thousands)* |  |  |
| Due in One Year or Less | $33 | $33 |
| Due after One Year through Five Years |  |  |
| Due after Five Years through Ten Years | 35486 | 34820 |
| Due after Ten Years | 265261 | 259682 |
| Total | $300780 | $294535 |

---

The following table presents the gain and loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. There was no realized gain or loss on sales of debt securities for the periods indicated. All gains and losses presented in the table below are reported in Net Gain (Loss) on Investment Securities on the Consolidated Statements of Income.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| *(Dollars in thousands)* |  |  |
| Equity Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gain (Loss) Recognized on Securities Held | $8 | $(56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss Recognized on Securities Sold |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain (Loss) on Equity Securities | $8 | $(69) |
| Net Gain (Loss) on Investment Securities | $8 | $(69) |

---

**Note 4. Loans And Allowance For Credit Losses**

The Company's loan portfolio is segmented to enable management to monitor risk and performance. Real estate loans are further segregated into three classes. Residential mortgages include those secured by residential properties and include home equity loans, while commercial mortgages consist of loans to commercial borrowers secured by commercial real estate. Construction loans typically consist of loans to build commercial buildings and acquire and develop residential real estate. The commercial and industrial segment consists of loans to finance the activities of commercial customers. The consumer segment consists primarily of indirect auto loans as well as personal installment loans and personal or overdraft lines of credit. The other segments consists primarily of loans to municipal borrowers that are secured by improved property or other business asset.

Residential mortgage loans are typically longer-term loans and, therefore, generally present greater interest rate risk than the consumer and commercial loans. Under certain economic conditions, housing values may decline, which may increase the risk that the collateral values are not sufficient.

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

Commercial real estate loans generally present a higher level of credit risk than loans secured by residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income-producing properties, and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayment of commercial real estate loans is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower's ability to repay the loan may be impaired.

Construction loans are originated to individuals to finance the construction of residential dwellings and are also originated for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses. Construction loans generally provide for the payment of interest only during the construction phase, which is usually 12 to 18 months. At the end of the construction phase, the loan generally converts to a permanent residential or commercial mortgage loan. Construction loan risks include overfunding in comparison to the plans, untimely completion of work, and leasing and stabilization after project completion.

Commercial and industrial loans are generally secured by inventories, accounts receivable, and other business assets, which present collateral risk.

Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan.

The following table presents the classifications of loans as of the dates indicated:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| *(Dollars in Thousands)* |  |  |
| Real Estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $330761 | $329237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 550029 | 552180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 51394 | 45419 |
| Commercial and Industrial | 157694 | 161081 |
| Consumer | 36720 | 42876 |
| Other | 31239 | 31467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Loans | 1157837 | 1162260 |
| Allowance for Credit Losses | (10303) | (10116) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Net | $1147534 | $1152144 |

---

Included in total loans above are unamortized net deferred loan fees of $718,000 and $830,000 at March 31, 2026 and December 31, 2025, respectively.

The Company uses a nine-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first five categories are not considered criticized and are aggregated as "pass" rated. The criticized rating categories used by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are below average quality, resulting in an undue credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as loss are considered uncollectible and of such little value that continuance as an asset is not warranted.

The following tables present the Company's loans by year of origination, loan segmentation, risk indicator summarized by the aggregate Pass and the criticized categories of Special Mention and Substandard and gross charge-offs for the three months ended March 31, 2026 and year ended December 31, 2025. The Company did not have any loans classified as Doubtful or Loss as of the dates indicated.

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Classified Loans by Origination Year (as of March 31, 2026)** | **Classified Loans by Origination Year (as of March 31, 2026)** | **Classified Loans by Origination Year (as of March 31, 2026)** | **Classified Loans by Origination Year (as of March 31, 2026)** | **Classified Loans by Origination Year (as of March 31, 2026)** | **Classified Loans by Origination Year (as of March 31, 2026)** | **Classified Loans by Origination Year (as of March 31, 2026)** | **Classified Loans by Origination Year (as of March 31, 2026)** |
| | **2026** | **2025** | **2024** | **2023** | **2022** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Total** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |  |
| Real Estate: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | $15603 | $18479 | $15060 | $28507 | $42478 | $185828 | $19691 | $325646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  | 356 |  |  | 1529 | 1 |  | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 427 |  | 2113 | 73 | 616 |  | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 15603 | 19262 | 15060 | 30620 | 44080 | 186445 | 19691 | 330761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 13602 | 97337 | 65662 | 52300 | 68475 | 229772 | 3849 | 530997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  | 621 | 5493 |  |  | 12493 |  | 18607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 200 |  |  |  | 225 |  | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 13602 | 98158 | 71155 | 52300 | 68475 | 242490 | 3849 | 550029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 3623 | 15336 | 9799 | 7362 | 7441 | 7021 |  | 50582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 812 |  |  |  | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 3623 | 15336 | 9799 | 8174 | 7441 | 7021 |  | 51394 |
| Commercial and Industrial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 8759 | 39221 | 21165 | 17681 | 5850 | 12063 | 51010 | 155749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  | 110 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 1704 | 131 |  |  |  |  | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 8759 | 40925 | 21296 | 17681 | 5850 | 12173 | 51010 | 157694 |
| Consumer |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 209 | 620 | 342 | 4866 | 14338 | 7926 | 8330 | 36631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 89 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 209 | 620 | 342 | 4866 | 14338 | 8015 | 8330 | 36720 |
| Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 62 | 99 | 105 | 3835 | 21670 | 4350 | 1118 | 31239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 62 | 99 | 105 | 3835 | 21670 | 4350 | 1118 | 31239 |
| Total Loans | $41858 | $174400 | $117757 | $117476 | $161854 | $460494 | $83998 | $1157837 |
| Real Estate: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |  |  |  |
| Total Real Estate |  |  |  |  |  |  |  |  |
| Commercial and Industrial |  |  |  |  |  |  |  |  |
| Consumer |  |  | 9 | 22 | 60 | 38 | 18 | 147 |
| Other |  |  |  |  |  |  |  |  |
| Total Gross Charge Offs |  |  | 9 | 22 | 60 | 38 | 18 | 147 |

---

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Classified Loans by Origination Year (as of December 31, 2025)** | **Classified Loans by Origination Year (as of December 31, 2025)** | **Classified Loans by Origination Year (as of December 31, 2025)** | **Classified Loans by Origination Year (as of December 31, 2025)** | **Classified Loans by Origination Year (as of December 31, 2025)** | **Classified Loans by Origination Year (as of December 31, 2025)** | **Classified Loans by Origination Year (as of December 31, 2025)** | **Classified Loans by Origination Year (as of December 31, 2025)** |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Total** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |  |
| Real Estate: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | $18321 | $15378 | $29290 | $43086 | $38637 | $156386 | $23082 | $324180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 785 |  |  | 1541 |  |  |  | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 2139 |  |  | 592 |  | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 19106 | 15378 | 31429 | 44627 | 38637 | 156978 | 23082 | 329237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 98535 | 69669 | 55379 | 69488 | 74487 | 164948 | 2126 | 534632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 824 | 5513 | 519 |  | 7466 | 1169 |  | 15491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 1962 |  |  |  | 95 |  | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 99359 | 77144 | 55898 | 69488 | 81953 | 166212 | 2126 | 552180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 11170 | 12220 | 6807 | 7446 |  | 7022 |  | 44665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 754 |  |  |  |  | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 11170 | 12220 | 7561 | 7446 |  | 7022 |  | 45419 |
| Commercial and Industrial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 40139 | 22131 | 20315 | 6442 | 2670 | 10182 | 56820 | 158699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 1780 | 139 |  |  |  | 163 | 300 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 41919 | 22270 | 20315 | 6442 | 2670 | 10345 | 57120 | 161081 |
| Consumer |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 688 | 411 | 5635 | 17322 | 7047 | 3229 | 8437 | 42769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 25 | 82 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 688 | 411 | 5635 | 17322 | 7072 | 3311 | 8437 | 42876 |
| Other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 103 | 120 | 3837 | 21837 |  | 4452 | 1118 | 31467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 103 | 120 | 3837 | 21837 |  | 4452 | 1118 | 31467 |
| Total Loans | $172345 | $127543 | $124675 | $167162 | $130332 | $348320 | $91883 | $1162260 |
| Real Estate: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $25 | $— | $— | $— | $— | $— | $— | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial |  |  |  | 19 |  |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  |  |  |  |  |  |  |
| Total Real Estate | $25 |  |  | 19 |  |  |  | 44 |
| Commercial and Industrial | 218 |  |  |  |  | 5 |  | 223 |
| Consumer |  | 4 | 19 | 95 | 23 | 97 | 64 | 302 |
| Other |  |  |  |  |  |  |  |  |
| Total Gross Charge Offs | $243 | $4 | $19 | $114 | $23 | $102 | $64 | $569 |

---

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of the dates indicated:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Loans**<br>**Current** | **30-59**<br>**Days**<br>**Past Due** | **60-89**<br>**Days**<br>**Past Due** | **90 Days**<br>**Or More**<br>**Past Due** | **Total**<br>**Past Due** | **Non-**<br>**Accrual** | **Total**<br>**Loans** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |
| Real Estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $325687 | $2155 | $189 | $— | $2344 | $2730 | $330761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 549690 | 244 |  |  | 244 | 95 | 550029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 50979 |  |  |  |  | 415 | 51394 |
| Commercial and Industrial | 157694 |  |  |  |  |  | 157694 |
| Consumer | 36300 | 325 | 6 |  | 331 | 89 | 36720 |
| Other | 31239 |  |  |  |  |  | 31239 |
| Total Loans | $1151589 | $2724 | $195 | $— | $2919 | $3329 | $1157837 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Loans**<br>**Current** | **30-59**<br>**Days**<br>**Past Due** | **60-89**<br>**Days**<br>**Past Due** | **90 Days**<br>**Or More**<br>**Past Due** | **Total**<br>**Past Due** | **Non-**<br>**Accrual** | **Total**<br>**Loans** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |
| Real Estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $322628 | $3434 | $444 | $— | $3878 | $2731 | $329237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 549990 |  | 133 |  | 133 | 2057 | 552180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 45004 |  |  |  |  | 415 | 45419 |
| Commercial and Industrial | 161081 |  |  |  |  |  | 161081 |
| Consumer | 42142 | 539 | 88 |  | 627 | 107 | 42876 |
| Other | 31467 |  |  |  |  |  | 31467 |
| Total Loans | $1152312 | $3973 | $665 | $— | $4638 | $5310 | $1162260 |

---

Additional interest income that would have been recorded if the loans that were nonaccrual at March 31, 2026 were current was $27,000 for the three months ended March 31, 2026, and $52,000 for the three months ended March 31, 2025.

The following table sets forth the amounts for amortized cost basis of loans on nonaccrual status, loans past due 90 days still accruing, and categories of nonperforming assets at the dates indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Nonaccrual With No ACL** | **Nonaccrual With ACL** | **Loans Past Due 90 Days Still Accruing** | **Total Nonperforming Assets** |
| *(Dollars in Thousands)* |  |  |  |  |
| <u>Nonaccrual Loans:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | $1613 | $1117 | $— | $2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 95 |  |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction |  | 415 |  | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 89 |  |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Nonaccrual Loans | $1797 | $1532 | $— | 3329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Real Estate Owned |  |  |  |  |
| Total Nonperforming Assets |  |  |  | $3329 |

---

------

<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Nonaccrual With No ACL** | **Nonaccrual With ACL** | **Loans Past Due 90 Days Still Accruing** | **Total Nonperforming Assets** |
| *(Dollars in Thousands)* |  |  |  |  |
| <u>Nonaccrual Loans:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | $2210 | $521 | $— | $2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 2057 |  |  | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 131 | 284 |  | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 107 |  |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Nonaccrual Loans | $4505 | $805 | $— | 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Real Estate Owned |  |  |  |  |
| Total Nonperforming Assets |  |  |  | $5310 |

---

No interest income on nonaccrual loans was recognized during the three months ended March 31, 2026 and March 31, 2025.

All modifications and refinancing, including those with borrowers that are experiencing financial difficulty are subject to the modification guidance in ASC 310-20. Loan modifications could meet the definition of a new loan if certain terms of the loan are modified to the benefit of the lender and the modification to the terms of the loan are more than minor. Both of these criteria have to be met to define the modification as a new loan. If a loan modification meets the criteria of new loan, then the new loan should include the remaining net investment in the original loan, additional funds advanced, fees received, and direct loan origination costs with the refinancing or restructuring. Additionally, the effective interest rate should be recalculated based on the amortized cost basis of the new loan and a reassessment of contractual cash flow.

For the three months ended March 31, 2026 and March 31, 2025, there were no new loan modifications to borrowers experiencing financial difficulty.

The recorded investment of residential real estate loans for which formal foreclosure proceedings were in process according to applicable requirements of the local jurisdiction was $662,000 and $892,000 at March 31, 2026 and December 31, 2025, respectively.

The activity in the ACL - Loans is summarized below by primary segments for the periods indicated:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Real**<br>**Estate**<br>**Residential** | **Real**<br>**Estate**<br>**Commercial** | **Real**<br>**Estate**<br>**Construction** | **Commercial**<br>**and**<br>**Industrial** | **Consumer** | **Other** | **Total** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |
| December 31, 2025 | $2526 | $3153 | $1205 | $2562 | $450 | $220 | $10116 |
| Charge-offs |  |  |  |  | (147) |  | (147) |
| Recoveries |  |  |  | 36 | 70 |  | 106 |
| (Recovery) Provision for Credit Losses - Loans | (24) | 80 | 112 | 9 | 49 | 2 | 228 |
| March 31, 2026 | $2502 | $3233 | $1317 | $2607 | $422 | $222 | $10303 |

---

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Real<br>Estate<br>Residential** | **Real<br>Estate<br>Commercial** | **Real<br>Estate<br>Construction** | **Commercial<br>and<br>Industrial** | **Consumer** | **Other** | **Total** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |
| December 31, 2024 | $2926 | $3103 | $1264 | $1584 | $687 | $241 | $9805 |
| Charge-offs |  |  |  |  | (135) |  | (135) |
| Recoveries | 1 |  |  | 43 | 37 |  | 81 |
| (Recovery) Provision for Credit Losses - Loans | (31) | 25 | (37) | 121 | (3) | (7) | 68 |
| March 31, 2025 | $2896 | $3128 | $1227 | $1748 | $586 | $234 | $9819 |

---

Loans that do not share risk characteristics are evaluated on an individual basis. For loans that are individually evaluated and collateral dependent, financial loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL - Loans is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. As of March 31, 2026, there were $1.9 million of loans that required specific valuation allowances of $331,000. This included residential real estate loans for $1.1 million with a valuation allowance of $94,000, a construction loan for $414,000 with a valuation allowance of $154,000, and commercial and industrial loans for $323,000 with a valuation allowance of $83,000. As of December 31, 2025, there were $970,000 of loans that required specific valuation allowances of $165,000. This included residential real estate loans for $556,000 with a valuation allowance of $35,000, and a construction real estate loan for $414,000 with a valuation allowance of $130,000.

The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Primary Type of Collateral** | **Primary Type of Collateral** | |
| | **Real Estate** | **Business Assets** | **<u>Total</u>** |
| *(Dollars in thousands)* |  |  |  |
| Real Estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $2801 | $— | $2801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 469 | 200 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 812 |  | 812 |
| Commercial and Industrial |  | 623 | 623 |
| Consumer |  |  |  |
| Other |  |  |  |
| Total Loans | $4082 | $823 | $4905 |

---

---

| | |
|:---|:---|
| | **December 31, 2025**<br>**Primary Type of Collateral** |
| | **Real Estate** |
| *(Dollars in thousands)* |  |
| Real Estate: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 754 |
| Commercial and Industrial |  |
| Consumer |  |
| Other |  |
| Total Loans | $5386 |

---

The Company's ACL on unfunded commitments is recognized as a liability (accrued interest payable and other liabilities on the Consolidated Statement of Financial Condition), with adjustments to the reserve recognized in provision for credit losses -

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

unfunded commitments on the Consolidated Statement of Income. The Company's activity in the ACL on unfunded commitments for the periods indicated was as follows:

---

| | |
|:---|:---|
| | **Allowance for Credit Losses** |
| *(Dollars in Thousands)* |  |
| Balance at December 31, 2025 | $746 |
| Provision for Credit Losses - Unfunded Commitments | 13 |
| Balance at March 31, 2026 | $759 |

---

---

| | |
|:---|:---|
| | **Allowance for Credit Losses** |
| *(Dollars in Thousands)* |  |
| Balance at December 31, 2024 | $691 |
| Recovery for Credit Losses - Unfunded Commitments | (108) |
| Balance at March 31, 2025 | $583 |

---

**Note 5. Derivatives And Hedging Activities**

*<u>Derivatives Not Designated as Hedging Instruments</u>* 

<u>Interest Rate Swaps</u>. The Company enters into interest rate swap agreements to meet the financing and interest rate management needs of qualifying commercial loan customers. The Company simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of the offsetting customer and dealer counterparty swap agreements is that the customer pays a fixed rate of interest and the Company receives a floating rate. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Swap derivative transactions with customers are not subject to enforceable master netting arrangements and are generally secured by rights to non-financial collateral, such as real and personal property.

<u>Risk Participation Agreements</u>. The Company has five risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which it is a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution.

*<u>Derivatives Designated as Hedging Instruments</u>* 

In October 2023, the Company entered into an interest rate swap contract that is designated as a fair value hedge to mitigate the risk of interest rate increases and the subsequent impact on the associated fixed rate mortgages. This contract matures on October 17, 2026, has a notional amount of $75.0 million and is benchmarked to SOFR. The Company expects the hedge to remain effective during the remaining term of the swap.

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding and interest rate swaps and risk participation agreements with other financial institutions. These adjustments are included in Accrued Interest Payable and Other Liabilities and Accrued Interest Receivable and Other Assets on the Company's Consolidated Statement of Financial Condition.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
| | **Notional Amount** | **Fair Value** | **Notional Amount** | **Fair Value** |
| *(Dollars in Thousands)* |  |  |  |  |
| **Derivatives Designated as Hedging Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swap Contracts | $— | $— | $75000 | $401 |
| **Total Derivatives Designated as Hedging Instruments** |  |  | 75000 | 401 |
| **Derivatives Not Designated as Hedging Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swap Contracts - Commercial Loans | 10938 | 37 | 10938 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk Participation Agreements |  |  | 30576 | 60 |
| **Total Derivatives Not Designated as Hedging Instruments** | 10938 | 37 | 41514 | 97 |
| **Total Derivatives** | $10938 | $37 | $116514 | $498 |

---

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<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
| | **Notional Amount** | **Fair Value** | **Notional Amount** | **Fair Value** |
| *(Dollars in Thousands)* |  |  |  |  |
| **Derivatives Designated as Hedging Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swap Contracts | $— | $— | $75000 | $704 |
| **Total Derivatives Designated as Hedging Instruments** |  |  | 75000 | 704 |
| **Derivatives Not Designated as Hedging Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swap Contracts - Commercial Loans | 10920 | 103 | 10920 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk Participation Agreements |  |  | 30672 | 66 |
| **Total Derivatives Not Designated as Hedging Instruments** | 10920 | 103 | 41591 | 169 |
| **Total Derivatives** | $10920 | $103 | $116591 | $873 |

---

**Note 6. Fair Value Disclosure**

ASC Topic 820 "Fair Value Measurement" defines fair value and provides the framework for measuring fair value and required disclosures about fair value measurements. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the transaction date. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used in valuation methods to determine fair value.

The three levels of fair value hierarchy are as follows:

Level 1 –&nbsp;&nbsp;&nbsp;&nbsp;Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available.

Level 2 –&nbsp;&nbsp;&nbsp;&nbsp;Fair value is based on significant inputs, other than Level 1 inputs, that are observable either directly or indirectly for substantially the full term of the asset through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets, quoted market prices in markets that are not active for identical or similar assets, and other observable inputs.

Level 3 –&nbsp;&nbsp;&nbsp;&nbsp;Fair value is based on significant unobservable inputs. Examples of valuation methodologies that would result in Level 3 classification include option pricing models, discounted cash flows, and other similar techniques.

This hierarchy requires the use of observable market data when available. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

The majority of the Company's securities are included in Level 2 of the fair value hierarchy. Fair values for Level 2 securities were primarily determined by a third-party pricing service using both quoted prices for similar assets, when available, and model-based valuation techniques that derive fair value based on market-corroborated data, such as instruments with similar prepayment speeds and default interest rates. The standard inputs that are normally used include benchmark yields of like securities, reportable trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.

The Company uses derivative instruments, including interest rate swaps and risk participation agreements, and the fair value of such instruments are calculated using accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, considering the contractual terms of each derivative, and uses observable market-based inputs, such as interest rate curves and implied volatilities. Credit valuation adjustments are incorporated to appropriately reflect nonperformance risk and the respective counterparties' nonperformance risk in calculating fair value measurements. These instruments are classified as Level 2.

There were no transfers into or out of Level 3 during the three months ended March 31, 2026 or year ended December 31, 2025.

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statements of Financial Condition as of the dates indicated, by level within the fair value hierarchy:

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value**<br>**Hierarchy** | **March 31, 2026** | **December 31, 2025** |
| *(Dollars in Thousands)* |  |  |  |
| ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;<u>Available-for-Sale Debt Securities</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies | Level 2 | $1967 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of States and Political Subdivisions | Level 2 | 35753 | 36224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Government-Sponsored Enterprises | Level 2 | 47734 | 41089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Government Sponsored Enterprises | Level 2 | 80480 | 67575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Non-Agency | Level 2 | 9920 | 10547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | Level 2 | 96190 | 101218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Debt | Level 2 | 22491 | 22333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Available-for-Sale Debt Securities |  | 294535 | 278986 |
| &nbsp;&nbsp;&nbsp;<u>Equity Securities</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | Level 1 | 917 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equity Securities |  | 917 | 909 |
| &nbsp;&nbsp;Total Securities |  | 295452 | 279895 |
| &nbsp;&nbsp;<u>Derivative Financial Assets</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaps - Commercial Loans | Level 2 | $37 | $103 |
| Total Assets |  | $295489 | $279998 |
| LIABILITIES |  |  |  |
| &nbsp;&nbsp;<u>Derivative Financial Liabilities</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaps | Level 2 | $401 | $704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaps - Commercial Loans | Level 2 | 37 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk Participation Agreements | Level 2 | 60 | 66 |
| Total Liabilities |  | $498 | $873 |

---

The following table presents the financial assets on the Consolidated Statements of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Asset** | **Fair Value Hierarchy** | **March 31,<br>2026** | **Valuation<br>Techniques** | **Significant Unobservable Inputs** | **Range** | **Range** | **Range** | **Weighted Average** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |  |
| Collateral-Dependent Loans Individually Assessed | Level 3 | $1523 | Appraisal of Collateral <sup>(1)</sup> | Appraisal Adjustments <sup>(2)</sup> | 31% | to | 86% | 59.9% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Asset** | **Fair Value Hierarchy** | **December 31,<br>2025** | **Valuation<br>Techniques** | **Significant Unobservable Inputs** | **Range** | **Range** | **Range** | **Weighted Average** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |  |
| Collateral-Dependent Loans Individually Assessed | Level 3 | $805 | Appraisal of Collateral <sup>(1)</sup> | Appraisal Adjustments <sup>(2)</sup> | 31% | to | 85% | 69.9% |

---

*(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include various Level 3 inputs, which are not identifiable.* 

*(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal.*

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Collateral-dependent loans are evaluated and valued at the time the loan is identified as collateral-dependent, at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing the loans and is classified as Level 3 in the fair value hierarchy. At March 31, 2026, the fair value of these loans consisted of loan balances of $1.9 million less specific valuation allowances of $331,000. At December 31, 2025, the fair value of these loans consisted of loan balances of $1.0 million less specific valuation allowances of $165,000.

Financial instruments are defined as cash, evidence of an ownership in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If no readily available market exists, the fair value estimates for financial instruments should be based upon management's judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses and other factors, as determined through various option pricing formulas or simulation modeling. As many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting estimated fair values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated fair values are based may have significant impact on the resulting estimated fair values.

As certain assets such as deferred tax assets and premises and equipment are not considered financial instruments, the estimated fair value of financial instruments would not represent the full value of the Company.

The following table presents the estimated fair values of the Company's financial instruments at the dates indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| |<br>**Fair Value**<br>**Hierarchy** | **Carrying**<br>**Value** | **Fair**<br>**Value** | **Carrying**<br>**Value** | **Fair**<br>**Value** |
| *(Dollars in Thousands)* |  |  |  |  |  |
| Financial Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Due From Banks: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-Earning | Level 1 | $42849 | $42849 | $18374 | $18374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-Earning | Level 1 | 12700 | 12700 | 13319 | 13319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | See Above | 295452 | 295452 | 279895 | 279895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Net | Level 3 | 1147534 | 1113261 | 1152144 | 1119213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock | Level 2 | 3587 | 3587 | 2985 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Servicing Rights | Level 3 | 403 | 696 | 415 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative Assets | Level 2 | 37 | 37 | 103 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest Receivable | Level 2 | 6451 | 6451 | 6374 | 6374 |
| Financial Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | Level 2 | 1375437 | 1374804 | 1339805 | 1339286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowed Funds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB Borrowings | Level 2 | 20000 | 20035 | 20000 | 20109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt | Level 2 | 14768 | 14322 | 14758 | 14452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative Liabilities | Level 2 | 498 | 498 | 873 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest Payable | Level 2 | 1920 | 1920 | 2021 | 2021 |

---

**Note 7. Commitments And Contingent Liabilities**

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business primarily to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and performance letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.

The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and performance letters of credit written is represented by the contractual amount of

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

The Company maintains an ACL on unfunded commitments to provide for the risk of loss inherent in these arrangements. The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. The ACL on unfunded loan commitments is included in other liabilities on the Consolidated Statement of Financial Condition and the related expense is recorded in provision for credit losses - unfunded commitments in the Consolidated Statement of Income.

The following table presents the unused and available credit balances of financial instruments whose contracts represent credit risk at the dates indicated:

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| *(Dollars in Thousands)* |  |  |
| Standby Letters of Credit | $218 | $630 |
| Performance Letters of Credit | 1973 | 1974 |
| Construction Loans | 41709 | 43294 |
| Personal Lines of Credit | 9096 | 9659 |
| Overdraft Protection Lines | 4006 | 4067 |
| Home Equity Lines of Credit | 35408 | 32112 |
| Commercial Lines of Credit | 99139 | 104654 |
| Total Commitments | $191549 | $196390 |

---

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties.

Performance letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These instruments are issued primarily to support bid or performance-related contracts. The coverage period for these instruments is typically a one-year period with an annual renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized upon expiration of the letter. For secured letters of credit, the collateral is typically Company deposit instruments or customer business assets. The Company recorded no liability associated with standby letters of credit as of March 31, 2026 and December 31, 2025.

**Note 8. Leases**

The Company evaluates all contracts at commencement to determine if a lease is present. In accordance with ASC Topic 842, leases are defined as either operating or finance leases. The Company's lease contracts are all classified as operating leases and create operating right-of-use ("ROU") assets and corresponding lease liabilities on the Consolidated Statements of Financial Condition. The leases are primarily ROU assets of land and building for branch and loan production locations. ROU assets are reported in Accrued Interest Receivable and Other Assets and the related lease liabilities in Accrued Interest Payable and Other Liabilities on the Consolidated Statements of Financial Condition.

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

The following tables present the lease expense, ROU assets, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods and dates indicated.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| *(Dollars in Thousands)* |  |  |
| Operating Lease Expense | $147 | $117 |
| Variable Lease Expense | 12 | 12 |
| Total Lease Expense | $159 | $129 |

---

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| *(Dollars in Thousands)* |  |  |
| Operating Leases: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ROU Assets | $2904 | $2529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Lease Term in Years | 9.21 | 10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Discount Rate | 4.18% | 4.25% |

---

---

| | |
|:---|:---|
| | **March 31, 2026** |
| *(Dollars in Thousands)* |  |
| Maturity Analysis: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due in One Year | $623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due After One Year to Two Years | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due After Two Years to Three Years | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due After Three Years to Four Years | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due After Four to Five Years | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due After Five Years | 1475 |
| Total | $3734 |
| Less: Present Value Discount | 748 |
| Lease Liabilities | $2986 |

---

During the three months ended March 31, 2026, the Bank entered into a lease agreement under which the Bank leased office space located in Canonsburg, Pennsylvania. The lease agreement is for an initial term of three years with specific renewal options. The lease agreement includes a 2.5% annual rent escalation during the initial term and renewal terms, if exercised. The Bank recorded an operating lease ROU asset and corresponding lease liability of $495,000.

**Note 9. Segment And Related Information**

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. The Company's President and Chief Executive Officer functions as its CODM. At March 31, 2026 and December 31, 2025, the Company had one reportable segment, community banking services, upon which the CODM makes decisions regarding how to allocate resources and assess performance. Individual bank branches offer a group of similar services, including commercial, real estate and consumer loans, time deposits, checking and savings accounts all with similar operating and economic characteristics. While the CODM monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis.

The CODM uses net interest income, noninterest income and net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Company, pursue acquisitions or pay out dividends. Net income is used to monitor budget versus actual results. These metrics and the Company's significant expense categories are disclosed on the Company's Consolidated Statements of Income.

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**Note 10. Stock Based Compensation**

The following table presents stock option information for the period and at the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Contractual<br>Life in Years** |
| Outstanding Options at December 31, 2025 | 223794 | $24.13 | 6.1 |
| Granted |  |  |  |
| Exercised | (13802) | 24.69 |  |
| Forfeited |  |  |  |
| Outstanding Options at March 31, 2026 | 209992 | $24.10 | 5.8 |
| Exercisable Options at March 31, 2026 | 130633 | $24.98 | 5.0 |
|  | **Number of Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Service Period in Years** |
| Nonvested Options at March 31, 2026 | 79359 | $22.65 | 7.3 |

---

The following table presents restricted stock award information for the period indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted Average Grant Date Fair Value Price** | **Weighted Average Remaining Service Period in Years** |
| Nonvested Restricted Stock at December 31, 2025 | 65866 | $25.83 | 3.1 |
| Granted | 30425 | 36.83 |  |
| Vested | (16570) | 25.56 |  |
| Forfeited |  |  |  |
| Nonvested Restricted Stock at March 31, 2026 | 79721 | $30.08 | 3.4 |

---

The Company recognizes expense over a five-year vesting period for the restricted stock awards and stock options. Stock-based compensation expense related to restricted stock awards and stock options was $212,000 and $223,000 for the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025, total unrecognized compensation expense was $350,000 and $397,000, respectively, related to stock options, and $2.3 million and $1.3 million, respectively, related to restricted stock awards.

Intrinsic value represents the amount by which the fair value of the underlying stock at March 31, 2026 and December 31, 2025 exceeds the exercise price of the stock options. The intrinsic value of stock options was $2.1 million and $2.4 million at March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026 and December 31, 2025, there were 231,840 and 262,265 shares of common stock available and reserved under the 2024 Plan to be issued as restricted stock awards or units based on the terms of the Plan. At March 31, 2026, 55,660 shares have been granted under the 2024 Plan. The 2021 Plan shall remain in effect as long as any awards are outstanding, but as a result of the approval of the 2024 Plan, no more awards can be granted under the 2021 Plan.

**Note 11. Variable Interest Entities**

The Company has investment interests in the following non-consolidated entities that meets the definition of variable interest entities ("VIEs").

The Company's funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions. The Company's maximum exposure to loss as a result of its involvement is limited to the carrying amounts of the investments, including the unfunded commitments. The investments in these partnerships are included in Accrued Interest

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Receivable and Other Assets and unfunded commitments are included in Accrued Interest Payable and Other Liabilities on the Consolidated Statements of Financial Condition. The Company currently expects to fund these commitments by the end of 2035.

The Company accounts for qualifying investments under the proportional amortization method. Under this method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense.

**Low Income Housing Tax Credit Investments**

The Company makes equity investments in an entity that sponsors affordable housing and other community development projects that qualify for the Low Income Housing Tax Credit ("LIHTC") program pursuant to Section 42 of the Internal Revenue Code. The purpose of this investment is not only to assist the Bank in meeting its responsibilities under the Community Reinvestment Act, but also to provide an investment return, primarily through the realization of tax benefits. The LIHTC partnership is managed by unrelated general partners that have the power to direct the activities which most significantly affect the performance of the partnership. The Company is therefore not the primary beneficiary of the LIHTC partnership and accordingly, does not consolidate this VIE.

The following table presents the balances of the Company's LIHTC investments and related unfunded commitments:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| *(Dollars in thousands)* |  |  |
| Low Income Housing Tax Credit Investments | $6000 | $6000 |
| Less: Amortization | (271) | (190) |
| Net Low Income Housing Tax Credit Investments | $5729 | $5810 |
| Unfunded Commitments | $3841 | $4038 |

---

**Historical Tax Credit Investments**

The Company makes equity investments in an entity that sponsors rehabilitation projects that qualify for the Historical Tax Credit ("HTC") program pursuant to Section 47 of the Internal Revenue Code. The purpose of this investment is to provide an investment return, primarily through the realization of tax benefits. The HTC partnership is managed by unrelated general partners that have the power to direct the activities which most significantly affect the performance of the partnership. The Company is therefore not the primary beneficiary of the HTC partnership and accordingly, does not consolidate this VIE.

The following table presents the balances of the Company's HTC investments and related unfunded commitments:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| *(Dollars in thousands)* |  |  |
| Historical Tax Credit Investments | $772 | $— |
| Less: Amortization |  |  |
| Net Historical Tax Credit Investments | $772 | $— |
| Unfunded Commitments | $555 | $— |

---

The following table presents other information related to the Company's tax credit investments:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| *(dollars in thousands)* |  |  |
| Tax Credits and Other Tax Benefits Recognized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LIHTC | $91 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;HTC | $— | $— |
| Proportional Amortization Expense Included in Provision for Income Taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LIHTC | $80 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp;HTC | $— | $— |

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

**Note 12. Subsequent Events**

The Company evaluated subsequent events through the date the consolidated financial statements were filed with the SEC and incorporated into the consolidated financial statements the effect of all material known events determined by Accounting Standards Codification ("ASC") 855, *Subsequent Events*, to be recognizable events.

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**Item 2. Management's Discussion And Analysis Of Financial Condition And Results Of Operations.**

This discussion should be read in conjunction with the unaudited consolidated financial statements, notes and tables included in this report. For further information, refer to the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**Forward-Looking Statements**

This report contains certain "forward-looking statements" within the meaning of the federal securities laws. These statements are not historical facts, but rather statements based on the Company's current expectations regarding its business strategies, intended results and future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions. Management's ability to predict results or the effect of future plans or strategies is inherently uncertain. Factors which could affect actual results include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and local economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in market interest rates, deposit flows, demand for loans, real estate values and competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competitive products and pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of our customers to make scheduled loan payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan delinquency rates and trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to manage the risks involved in our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to integrate the operations of businesses we acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to control costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation, market and monetary fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in federal and state legislation and regulation applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actions by our competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other factors disclosed in the Company's periodic reports as filed with the Securities and Exchange Commission.

These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

**General**

CB Financial Services is a bank holding company established in 2006 and headquartered in Carmichaels, Pennsylvania. CB Financial's business activity is conducted primarily through its wholly owned bank subsidiary, Community Bank.

The Bank is a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank operates from nine branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania and three offices in Marshall and Ohio Counties in West Virginia. The Bank also has a loan production office in Allegheny County, a corporate center in Washington County and an operations center in Greene County, all of which are in Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area.

**Subsequent Event**

As reported on the Company's Current Report on Form 8-K filed with the SEC on May 11, 2026, the Company became aware of an internal incident involving the disclosure of certain non-public customer information using an unauthorized artificial intelligence-based software application. Due to the volume and confidential nature of the information at issue, the event was determined to be material; however, the Company does not expect a material impact on its consolidated financial condition or results of operations.

**Overview**

The following discussion and analysis is presented to assist in the understanding and evaluation of our consolidated financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q and should be read in conjunction therewith. The detailed discussion focuses on our consolidated financial condition as of March 31, 2026, compared to the consolidated financial condition as of December 31, 2025 and the consolidated results of operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

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Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provision for credit losses, noninterest income and noninterest expense. Noninterest income consists primarily of fees and service charges on deposit accounts, income from bank-owned life insurance and other income. Noninterest expense consists primarily of expenses related to salaries and employee benefits, occupancy and equipment, data processing, contracted services, legal and professional fees, advertising, deposit and general insurance and other expenses.

Financial institutions like us, in general, are significantly affected by economic conditions, competition, and the monetary and fiscal policies of the federal government. Lending activities are influenced by the demand for and supply of housing, competition among lenders, interest rate conditions, and funds availability. Our operations and lending are principally concentrated in the southwestern Pennsylvania and Ohio Valley market areas.

**Explanation of Use of Non-GAAP Financial Measures**

In addition to financial measures presented in accordance with U.S. GAAP, we present certain non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company's business and in analyzing the Company's operating results on the same basis as that applied by management. Although we believe that these non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar non-GAAP measures which may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

The interest income on interest-earning assets, net interest rate spread and net interest margin are presented on a fully tax-equivalent ("FTE") basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans using the federal statutory income tax rate of 21.0%. We believe the presentation of net interest income on a FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.

The following table reconciles net interest income, net interest spread and net interest margin on a FTE basis for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| *(Dollars in Thousands)* |  |  |
| Interest Income (GAAP) | $19651 | $17847 |
| Adjustment to FTE Basis | 177 | 56 |
| Interest Income (FTE) (Non-GAAP) | 19828 | 17903 |
| Interest Expense (GAAP) | 5779 | 6536 |
| Net Interest Income (FTE) (Non-GAAP) | $14049 | $11367 |
| Net Interest Rate Spread (GAAP) | 3.29% | 2.61% |
| Adjustment to FTE Basis | 0.05 | 0.02 |
| Net Interest Rate Spread (FTE) (Non-GAAP) | 3.34% | 2.63% |
| Net Interest Margin (GAAP) | 3.83% | 3.27% |
| Adjustment to FTE Basis | 0.05 | 0.01 |
| Net Interest Margin (FTE) (Non-GAAP) | 3.88% | 3.28% |

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Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of the Company's capital management strategies and as an additional, conservative measure of the Company's total value.

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31, 2025** |
| *(Dollars in Thousands, except share and per share data)* |  |  |
| Stockholders' Equity (GAAP) | $158751 | $157537 |
| Goodwill and Other Intangible Assets, Net | (9732) | (9732) |
| Tangible Common Equity or Tangible Book Value (Non-GAAP) (Numerator) | $149019 | $147805 |
| Common Shares Outstanding (Denominator) | 5072183 | 5036509 |
| Book Value per Common Share (GAAP) | $31.30 | $31.28 |
| Tangible Book Value per Common Share (Non-GAAP) | $29.38 | $29.35 |

---

**Consolidated Statements Of Financial Condition Analysis**

***<u>Assets</u>***

Total assets increased $35.6 million, or 2.3%, to $1.58 billion at March 31, 2026 compared to $1.55 billion at December 31, 2025.

*<u>Cash and Securities</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and due from banks increased $23.9 million, or 75.3%, to $55.5 million at March 31, 2026, compared to $31.7 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities increased $15.6 million, or 5.6%, to $295.5 million at March 31, 2026, compared to $279.9 million at December 31, 2025. This was primarily due to $26.0 million of security purchases, partially offset by $8.8 million of repayments on amortizing securities and a $1.9 million increase in unrealized losses on the portfolio.

*<u>Loans, Allowance for Credit Losses (ACL) and Credit Quality</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total loans decreased $4.4 million, or 0.4%, to $1.158 billion compared to $1.162 billion, and included decreases in consumer, commercial and industrial, commercial real estate and other loans of $6.2 million, $3.4 million, $2.2 million and $228,000, respectively, partially offset by increases in construction and residential real estate loans of $6.0 million and $1.5 million, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to the discontinuation of this product offering as of June 30, 2023. This portfolio is expected to continue to decline as resources are allocated and production efforts are focused on more profitable commercial products. Excluding the $5.8 million decrease in indirect automobile loans, total loans increased $1.4 million, or 0.1%. Loan production totaled $30.5 million while $29.4 million of loans were paid off since December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allowance for credit losses (ACL) was $10.3 million at March 31, 2026 and $10.1 million at December 31, 2025. As a result, the ACL to total loans was 0.89% at March 31, 2026 and 0.87% at December 31, 2025. During the three months ended March 31, 2026, the Company recorded a net provision for credit losses of $241,000 including a provision for credit losses on loans of $228,000 and a provision for credit losses on unfunded commitments of $13,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net charge-offs for the three months ended March 31, 2026 were $41,000, or 0.01% of average loans on an annualized basis. Net charge-offs for the three months ended March 31, 2025 were $54,000, or 0.02% of average loans on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, were $3.3 million at March 31, 2026 and $5.3 million at December 31, 2025. Nonperforming loans to total loans ratio was 0.29% at March 31, 2026 and 0.46% at December 31, 2025. The decrease in nonperforming loans was due to the full repayment of a $2.0 million commercial real estate loan which was placed on nonaccrual status in the fourth quarter of 2025.

***<u>Liabilities</u>***

Total liabilities increased $34.4 million, or 2.5%, to $1.42 billion at March 31, 2026 compared to $1.39 billion at December 31, 2025.

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*<u>Deposits</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total deposits increased $35.6 million, or 2.7%, to $1.38 billion as of March 31, 2026 compared to $1.34 billion at December 31, 2025. Interest-bearing demand, non interest-bearing demand, savings and money market deposits increased $27.5 million, $9.3 million, $2.9 million and $92,000, respectively, while time deposits decreased $4.1 million. This favorable change in the deposit mix occurred as the Bank began onboarding Specialty Treasury clients during the three months ended March 31, 2026. The Bank continues to focus on building core banking relationships while strategically reducing higher priced funding. Brokered time deposits totaled $98.5 million as of March 31, 2026 and December 31, 2025, all of which mature within three months and were utilized to fund the purchase of floating rate CLO securities. At March 31, 2026, FDIC insured deposits totaled approximately 58.8% of total deposits while an additional 16.7% of total deposits were collateralized with investment securities.

***<u>Stockholders' Equity</u>*** 

Stockholders' equity increased $1.2 million, or 0.8%, to $158.8 million at March 31, 2026, compared to $157.5 million at December 31, 2025. The key factors positively impacting stockholders' equity were $3.9 million of net income for the current year and $341,000 of shares issued as a result of stock option exercises, partially offset by a $1.5 million increase in accumulated other comprehensive loss resulting from the securities market interest rate changes, the payment of $1.4 million in dividends and $292,000 of treasury shares purchased under the stock repurchase program since December 31, 2025.

Book value per common share (GAAP) was $31.30 at March 31, 2026 compared to $31.28 at December 31, 2025, an increase of $0.02. Tangible book value per common share (Non-GAAP) was $29.38 at March 31, 2026 compared to $29.35 at December 31, 2025, an increase of $0.03.

**Consolidated Results of Operations for the Three Months Ended March 31, 2026 and 2025** 

***Overview***. Net income was $3.9 million for the three months ended March 31, 2026, an increase of $2.0 million compared to net income of $1.9 million for the three months ended March 31, 2025.

***Net Interest and Dividend Income***. Net interest and dividend income increased $2.6 million, or 22.6%, to $13.9 million for the three months ended March 31, 2026 compared to $11.3 million for the three months ended March 31, 2025. Net interest margin (GAAP) increased 56 basis points (bps) to 3.83% for the three months ended March 31, 2026 compared to 3.27% for the three months ended March 31, 2025. Fully Tax Equivalent (FTE) net interest margin (Non-GAAP) increased 60 bps to 3.88% for the three months ended March 31, 2026 compared to 3.28% for the three months ended March 31, 2025.

*<u>Interest and Dividend Income</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest and dividend income increased $1.8 million, or 10.1%, to $19.7 million for the three months ended March 31, 2026 compared to $17.8 million the three months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest income on loans increased $1.4 million, or 9.8%, to $16.0 million for the three months ended March 31, 2026 compared to $14.5 million for the three months ended March 31, 2025. The average balance of loans increased $76.9 million to $1.15 billion from $1.08 billion, causing a $1.1 million increase in interest income on loans. Additionally, the average yield on loans increased 14 bps to 5.64% from 5.50% despite a 75 bp reduction in the federal funds target rate since September 2025. While this led to the downward repricing of variable and adjustable rate loans, the impact was partially by a reduction in lower yielding consumer loans due to the discontinuation of the indirect automobile loan product with the redeployment of those funds into higher yielding commercial loan products. The increase in the average yield caused a $378,000 increase in interest income on loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest income on investment securities increased $638,000, or 23.0%, to $3.4 million for the three months ended March 31, 2026 compared to $2.8 million for the three months ended March 31, 2025 driven by a 96 bp increase in the average yield, coupled with a $6.8 million increase in average balances. The increase in yield was primarily due to the third quarter 2025 implementation of a balance sheet repositioning strategy of the Bank's portfolio of available-for-sale investment securities in which $129.6 million in book value of lower-yielding investment securities with an average yield of 2.87% were sold for an after-tax realized loss of $9.3 million. Investment securities sold included $121.1 million of mortgage-backed securities/collateralized mortgage obligations issued by the U.S. government-sponsored agencies, $5.0 million of U.S. government agency securities and $3.5 million of municipal securities. The Bank then purchased $117.8 million of higher-yielding mortgage-backed securities/collateralized mortgage obligations issued by U.S government-sponsored agencies, municipal securities, subordinated debt investments and non-agency guaranteed securitizations with an expected tax-equivalent yield of approximately 5.43%.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest income on interest-earning deposits at other banks decreased $259,000 to $200,000 for the three months ended March 31, 2026 compared to $459,000 for the three months ended March 31, 2025 driven by a 113 bp decrease in the average yield and a $17.8 million decrease in average balances. The decrease in the yield was primarily related to the Federal Reserve's reductions in the target federal funds rate while the decrease in the volume was due to the funding of loans.

*<u>Interest Expense</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense decreased $757,000, or 11.6%, to $5.8 million for the three months ended March 31, 2026 compared to $6.5 million for the three months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest expense on deposits decreased $879,000, or 14.4%, to $5.2 million for the three months ended March 31, 2026 compared to $6.1 million for the three months ended March 31, 2025. The cost of interest-bearing deposits declined 43 bps to 2.03% for the three months ended March 31, 2026 from 2.46% for the three months ended March 31, 2025 due to the change in the deposit mix and the recent Federal Reserve federal funds target rate decreases. The decrease in the cost of interest-bearing deposits accounted for a $1.1 million decrease in interest expense. This was partially offset as average interest-bearing deposit balances increased $39.4 million, or 3.9%, to $1.05 billion as of March 31, 2026 compared to $1.01 billion as of March 31, 2025, primarily as the Bank grew core banking relationships, onboarded Specialty Treasury clients and strategically reduced time deposit only relationships. The increase in average balances accounted for a $221,000 increase in interest expense.

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***Average Balances and Yields***. The following table presents information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting average yields and costs. Average balances are derived from daily balances over the periods indicated. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense. FTE yield adjustments have been made for tax exempt loan and security interest income utilizing a marginal federal income tax rate of 21.0% for the periods presented. As such, amounts will not agree to income as reported in the consolidated financial statements. The yields and costs for the periods indicated are derived by dividing annualized income or expense by the average balances of assets or liabilities, respectively, for the periods presented.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
| | **Average<br>Balance** | **Interest<br>and<br>Dividends** | **Yield/**<br>**Cost** <sup>(1)</sup> | **Average<br>Balance** | **Interest<br>and<br>Dividends** | **Yield/**<br>**Cost** <sup>(1)</sup> |
| *(Dollars in Thousands) (Unaudited)* |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |
| Interest-Earning Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Net <sup>(2)</sup> | $1151941 | $16023 | 5.64% | $1075083 | $14584 | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 249917 | 2999 | 4.80 | 278362 | 2777 | 3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt From Federal Tax | 35218 | 527 | 5.99 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 1000 | 7 | 2.80 | 2674 | 28 | 4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Earning Deposits at Banks | 27236 | 200 | 2.94 | 45056 | 459 | 4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Interest-Earning Assets | 3874 | 72 | 7.54 | 3196 | 55 | 6.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Earning Assets | 1469186 | 19828 | 5.47 | 1404371 | 17903 | 5.17 |
| Noninterest-Earning Assets | 87352 |  |  | 63324 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1556538 |  |  | $1467695 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Demand Deposits | $365729 | 1642 | 1.82% | $317799 | 1526 | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Accounts | 209181 | 1104 | 2.14 | 230634 | 1726 | 3.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings Accounts | 169568 | 40 | 0.10 | 172322 | 41 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | 300781 | 2446 | 3.30 | 285093 | 2818 | 4.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Deposits | 1045259 | 5232 | 2.03 | 1005848 | 6111 | 2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Borrowings | 18990 | 188 | 4.01 | 1985 | 23 | 4.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 34764 | 359 | 4.19 | 34723 | 402 | 4.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Liabilities | 1099013 | 5779 | 2.13 | 1042556 | 6536 | 2.54 |
| Noninterest-Bearing Demand Deposits | 283546 |  |  | 265522 |  |  |
| Total Funding and Cost of Funds | 1382559 |  | 1.70 | 1308078 |  | 2.03 |
| Other Liabilities | 14564 |  |  | 11854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1397123 |  |  | 1319932 |  |  |
| Stockholders' Equity | 159415 |  |  | 147763 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $1556538 |  |  | $1467695 |  |  |
| Net Interest Income (FTE) (Non-GAAP) <sup>(3)</sup> |  | $14049 |  |  | $11367 |  |
| Net Interest-Earning Assets <sup>(4)</sup> | $370173 |  |  | $361815 |  |  |
| Net Interest Rate Spread (FTE) (Non-GAAP) <sup>(3)(5)</sup> |  |  | 3.34% |  |  | 2.63% |
| Net Interest Margin (GAAP) <sup>(6)</sup> |  |  | 3.83 |  |  | 3.27 |
| Net Interest Margin (FTE) (Non-GAAP) <sup>(3)(6)</sup> |  |  | 3.88 |  |  | 3.28 |
| Return on Average Assets <sup>(1)</sup> |  |  | 1.01 |  |  | 0.53 |
| Return on Average Equity <sup>(1)</sup> |  |  | 9.84 |  |  | 5.24 |
| Average Equity to Average Assets |  |  | 10.24 |  |  | 10.07 |
| Average Interest-Earning Assets to Average Interest-Bearing Liabilities |  |  | 133.68 |  |  | 134.70 |

---

*(1)Annualized based on three months ended results.*

*(2)&nbsp;&nbsp;&nbsp;&nbsp;Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.*

*(3)&nbsp;&nbsp;&nbsp;&nbsp;Refer to Explanation and Use of Non-GAAP Financial Measures in this filing for the calculation of the measure and reconciliation to the most comparable GAAP measure.*

*(4)&nbsp;&nbsp;&nbsp;&nbsp;Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.*

*(5)&nbsp;&nbsp;&nbsp;&nbsp;Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.*

*(6)&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin represents annualized net interest income divided by average total interest-earning assets.*

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

***Rate/Volume Analysis***. The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. FTE yield adjustments have been made for tax exempt loan and security income utilizing a marginal federal income tax rate of 21.0%. The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. The total column represents the sum of the prior columns.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026**<br>**Compared to**<br>**Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2026**<br>**Compared to**<br>**Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2026**<br>**Compared to**<br>**Three Months Ended March 31, 2025** |
| | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** |
| | **Volume** | **Rate** | **Total** |
| *(Dollars in Thousands) (Unaudited)* |  |  |  |
| Interest and Dividend Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $1061 | $378 | $1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | (303) | 525 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt From Federal Tax | 527 |  | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | (14) | (7) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash at Other Banks | (154) | (105) | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Interest-Earning Assets | 13 | 4 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Earning Assets | 1130 | 795 | 1925 |
| Interest Expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 221 | (1100) | (879) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Borrowings | 168 | (3) | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 1 | (44) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Liabilities | 390 | (1147) | (757) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Net Interest and Dividend Income | $740 | $1942 | $2682 |

---

***Provision for Credit Losses.*** A provision for credit losses of $241,000 was recorded for the three months ended March 31, 2026. The provision for credit losses on loans was $228,000 and was primarily due to additional reserves required for individually assessed loans requiring specific reserves and charge-offs. Additionally, the provision for credit losses on unfunded commitments was $13,000 and was due to an increase in unfunded commitments. This compared to a recovery for credit losses of $40,000 recorded for the three months ended March 31, 2025 as the provision for credit losses on loans was $68,000 primarily due to qualitative adjustments on economic factors, and the provision for credit losses on unfunded commitments was $108,000 due to a decrease in unfunded commitments and a decrease in funding rates.

***Noninterest Income.*** Noninterest income increased $175,000, or 22.2%, to $962,000 for the three months ended March 31, 2026, compared to $787,000 for the three months ended March 31, 2025 primarily due to a $92,000 increase in service fees related to new corporate deposit and Individual Covered Health Reimbursement Arrangement accounts and a $77,000 increase in net gain on securities due to net losses of $69,000 recognized for the three months ended March 31, 2025 related primarily to the sale of equity securities.

***Noninterest Expense.*** Noninterest expense increased $210,000, or 2.1%, to $10.0 million for the three months ended March 31, 2026 compared to $9.8 million for the three months ended March 31, 2025. Data processing expense increased $145,000 due to the implementation of enhanced treasury and commercial banking platforms in late 2025. Contracted services increased $95,000 due to outsourced information security services and robotic process automation projects. Other noninterest expense increased $76,000 due to increases in travel, meals and entertainment expenses related to sales activities and increases in dues and subscriptions and printing and office supplies expenses. Partially offsetting these increases, occupancy expense decreased $94,000 due to certain property management cost savings initiatives implemented in 2025 and salaries and benefits decreased $39,000. During the three months ended March 31, 2025, the Bank recorded $1.0 million of one-time non-recurring expenses related to a reduction in force. Excluding these one-time charges, salaries and benefits increased $1.0 million primarily due to revenue producing treasury and commercial banking personnel additions, merit increases and higher benefit compensation costs.

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

***Income Taxes.*** Income tax expense was $714,000 for the three months ended March 31, 2026 compared to $427,000 for the three months ended March 31, 2025. This change was primarily driven by an increase in pre-tax income to $4.6 million for the three months ended March 31, 2026 compared to $2.3 million of income for the three months ended March 31, 2025.

**Off-Balance Sheet Arrangements**

Other than loan commitments and standby and performance letters of credit, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a significant current or future effect on our financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors. Refer to Note 7 in the Notes to Consolidated Financial Statements of this report for a summary of commitments outstanding as of March 31, 2026 and December 31, 2025.

**Liquidity and Capital Management**

***Liquidity.*** Liquidity is the ability to meet current and future financial obligations of a short-term nature. The Company's primary sources of funds consist of deposit inflows, loan repayments and maturities, calls and sales of securities. While maturities and scheduled amortization of loans and securities are typically predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions and competition.

The Company regularly adjusts its investments in liquid assets based upon its assessment of expected loan demand, expected deposit flows, yields available on interest-earning deposits and securities, and the objectives of its asset/liability management program. Excess liquid assets are invested generally in interest-earning deposits with other banks and short- and intermediate-term securities. The Company believes that it had sufficient liquidity at March 31, 2026 to satisfy its short- and long-term liquidity needs.

The Company's most liquid assets are cash and due from banks, which totaled $55.5 million at March 31, 2026. The levels of these assets depend on our operating, financing, lending and investing activities during any given period. Unpledged securities, which provide an additional source of liquidity, totaled $126.5 million at March 31, 2026. In addition, at March 31, 2026, the Company had the ability to borrow up to $536.0 million from the FHLB of Pittsburgh, of which $514.0 million was available. The Company also has the ability to borrow up to $76.6 million from the FRB through its Borrower-In-Custody line of credit agreement and the Company also maintains multiple line of credit arrangements with various unaffiliated banks totaling $50.0 million as of both March 31, 2026 and December 31, 2025, currently these credit arrangements have remained unused.

At March 31, 2026, $277.9 million, or 90.1% of total time deposits mature within one year. If these time deposits do not remain with the Company, the Company will be required to seek other sources of funds. Depending on market conditions, the Company may be required to pay higher rates on such deposits or other borrowings than it currently pays on these time deposits. The Company believes, however, based on past experience that a significant portion of its time deposits will remain with it, either as time deposits or as other deposit products. The Company has the ability to attract and retain deposits by adjusting the interest rates offered. At March 31, 2026, the Bank's current deposit portfolio is 58.8% insured by the FDIC, and with additional coverage of 16.7% from the Bank's investment securities; of the total deposits held at the Bank only 24.5% are uninsured.

We are committed to maintaining a strong liquidity position; therefore, we monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. The marginal cost of new funding, however, whether from deposits or borrowings from the FHLB, will be carefully considered as we monitor our liquidity needs. Therefore, in order to minimize our cost of funds, we may consider additional borrowings from the FHLB in the future.

CB Financial is a separate legal entity from the Bank and must provide for its own liquidity to pay any dividends to its shareholders and for other corporate purposes. Its primary source of liquidity is dividend payments it receives from the Bank. The Bank's ability to pay dividends to CB Financial is subject to regulatory limitations. At March 31, 2026, CB Financial (on an unconsolidated, stand-alone basis) had liquid assets of $7.5 million. The ability to pay future dividends or conduct stock repurchases may be limited under applicable banking regulations and regulatory policies due to expected losses for future periods and/or the inability to upstream funds from the Bank to the Company as a result of lower income or regulatory capital levels.

***Capital Management.*** The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, each must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Under the Regulatory Capital Rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier I capital above its minimum risk-based capital requirements in an amount greater than 2.5% of total risk-weighted assets.

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

At March 31, 2026 and December 31, 2025, the Bank was categorized as "well capitalized" under the regulatory framework for prompt corrective action.

The following table presents the Bank's regulatory capital amounts and ratios, as well as the minimum amounts and ratios required to be well capitalized as of the dates indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Amount** | **Ratio** | **Amount** | **Ratio** |
| *(Dollars in Thousands)* |  |  |  |  |
| **Common Equity Tier 1 (to risk weighted assets)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | $160461 | 14.70% | $156459 | 13.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;For Capital Adequacy Purposes | 49122 | 4.50 | 50583 | 4.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;To Be Well Capitalized | 70954 | 6.50 | 73064 | 6.50 |
| **Tier 1 Capital (to risk weighted assets)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | 160461 | 14.70 | 156459 | 13.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;For Capital Adequacy Purposes | 65496 | 6.00 | 67444 | 6.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;To Be Well Capitalized | 87328 | 8.00 | 89925 | 8.00 |
| **Total Capital (to risk weighted assets)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | 171523 | 15.71 | 167321 | 14.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;For Capital Adequacy Purposes | 87328 | 8.00 | 89925 | 8.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;To Be Well Capitalized | 109160 | 10.00 | 112407 | 10.00 |
| **Tier 1 Leverage (to adjusted total assets)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual | 160461 | 10.34 | 156459 | 10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;For Capital Adequacy Purposes | 62062 | 4.00 | 61674 | 4.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;To Be Well Capitalized | 77578 | 5.00 | 77093 | 5.00 |

---

**Loan Credit Exposure**

Refer to the "Lending Activities" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for a description of each loan portfolio segment.

At March 31, 2026, the Company's loans totaled $1.158 billion, representing a $4.4 million, or 0.4%, decrease compared to $1.162 billion at December 31, 2025.

The table below provides the composition of the loan portfolio:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| *(Dollars in Thousands)* |  |  |  |  |
| Real Estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $330761 | 28.6% | $329237 | 28.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 550029 | 47.5 | 552180 | 47.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 51394 | 4.4 | 45419 | 3.9 |
| Commercial and Industrial | 157694 | 13.6 | 161081 | 13.9 |
| Consumer | 36720 | 3.2 | 42876 | 3.7 |
| Other | 31239 | 2.7 | 31467 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Loans | $1157837 | 100.0% | $1162260 | 100.0% |

---

The Company's loan portfolio is a mix of consumer and commercial credits. Overall credit exposure and portfolio compensation is managed via a credit concentration policy. The policy designates specific loan types, collateral types and loan structures to be formally tracked and assigned maximum exposure limits as a percentage of capital. Commercial lending by asset class, specific limits for Commercial Real Estate ("CRE") project types, loans secured by residential real estate, large dollar exposures and designated high risk loan categories represent examples of specifically tracked components of our concentration management process. There are no identified concentrations that exceed the assigned exposure limits. Our concentration management policy is approved by the Company's Board of Directors and is used to ensure a high-quality, well diversified portfolio that is consistent with our overall objective of maintaining an acceptable level of risk.

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

The Company's CRE portfolio totaled $550.0 million at March 31, 2026, a decrease of $2.2 million, or 0.4%, compared to December 31, 2025. CRE loans are concentrated in the Pittsburgh metropolitan area.

The tables below provides further detail of the composition of the CRE portfolio as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CRE Nonowner Occupied Loans** | **CRE Nonowner Occupied Loans** | **CRE Nonowner Occupied Loans** | **CRE Nonowner Occupied Loans** |
| | **Outstanding Balance** | **Percent** | **Average Loan Size** | **Average LTV** <sup>(1)</sup> |
| *(Dollars in Thousands)* |  |  |  |  |
| Retail Space | $109314 | 24.93% | $1497 | 61.69% |
| Multifamily | 104265 | 23.78 | 1043 | 60.81 |
| Warehouse Space | 77864 | 17.76 | 2104 | 55.40 |
| Office Space | 59681 | 13.61 | 1270 | 57.62 |
| Manufacturing | 21137 | 4.82 | 2114 | 42.45 |
| Medical Facilities | 17844 | 4.07 | 1190 | 55.10 |
| Hotels | 15324 | 3.50 | 1916 | 60.70 |
| Vacant Land | 3203 | 0.73 | 3203 | 41.03 |
| Senior Housing | 4685 | 1.07 | 1562 | 57.51 |
| Other | 25112 | 5.73 | 897 | 59.77 |
| **Total Nonowner Occupied CRE** | $**438429** | **100.00%** | $**1362** | **58.27%** |

---

<sup>(1)</sup> *Based on collateral value at the time of loan origination.*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **CRE Owner Occupied Loans** | **CRE Owner Occupied Loans** | **CRE Owner Occupied Loans** | **CRE Owner Occupied Loans** |
| | **Outstanding Balance** | **Percent** | **Average Loan Size** | **Average LTV** <sup>(1)</sup> |
| *(Dollars in Thousands)* |  |  |  |  |
| Retail Space | $26341 | 23.60% | $675 | 50.05% |
| Warehouse Space | 18388 | 16.48 | 766 | 44.86 |
| Office Space | 9394 | 8.42 | 447 | 71.99 |
| Medical Facilities | 8385 | 7.51 | 699 | 73.90 |
| Senior Housing | 5160 | 4.62 | 645 | 67.78 |
| Manufacturing | 3022 | 2.71 | 336 | 56.60 |
| Vacant Land | 5815 | 5.21 | 1938 | 26.80 |
| Other | 35095 | 31.45 | 462 | 51.93 |
| **Total Owner Occupied CRE** | $**111600** | **100.00%** | $**581** | **53.21%** |

---

<sup>(1)</sup> *Based on collateral value at the time of loan origination.*

**Item 3. Quantitative And Qualitative Disclosure About Market Risk.**

***Management of Interest Rate Risk.*** The majority of the Company's assets and liabilities are monetary in nature. Consequently, the Company's most significant form of market risk is interest rate risk and a principal part of its business strategy is to manage interest rate risk by reducing the exposure of net interest income to changes in market interest rates. Accordingly, the Company's Board has established an Asset/Liability Management Committee, which is responsible for evaluating the interest rate risk inherent in the Company's assets and liabilities, for determining the level of risk that is appropriate given the Company's business strategy, operating environment, capital, liquidity and performance objectives; and for managing this risk consistent with the guidelines approved by the Board. Senior management monitors the level of interest rate risk and the Asset/Liability Management Committee meets on a quarterly basis to review its asset/liability policies and position and interest rate risk position, and to discuss and implement interest rate risk strategies.

The Company monitors interest rate risk through the use of a simulation model. The quarterly reports developed in the simulation model assist the Company in identifying, measuring, monitoring and controlling interest rate risk to ensure compliance within the Company's policy guidelines. This quantitative analysis measures interest rate risk from both a capital and earnings perspective. With regard to earnings, movements in interest rates and the shape of the yield curve significantly influence the amount of net interest income that is recognized. Movements in market interest rates significantly influence the spread between the interest earned on our interest-earning assets and the interest paid on our interest-bearing liabilities. Our internal interest rate risk analysis

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

calculates the sensitivity of our projected net interest income over a one year period utilizing a static balance sheet assumption through which incoming and outgoing asset and liability cash flows are reinvested into similar instruments. Product pricing and earning asset prepayment speeds are adjusted for each rate scenario.

With regard to capital, our internal interest rate risk analysis calculates the sensitivity of our economic value of equity ("EVE") ratio to movements in interest rates. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities. EVE attempts to quantify our economic value using a discounted cash flow methodology while the EVE ratio reflects that value as a form of capital ratio. The degree to which the EVE ratio changes for any hypothetical interest rate scenario from its base case measurement is a reflection of an institution's sensitivity to interest rate risk.

For both net interest income and capital at risk, our interest rate risk analysis calculates a base case scenario that assumes no change in interest rates. The model then measures changes throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve up and down 100, 200, 300 and 400 basis points with additional scenarios modeled where appropriate. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios.

The table below sets forth, as of March 31, 2026, the estimated changes in EVE and net interest income at risk that would result from the designated instantaneous changes in market interest rates. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit decay, and should not be relied upon as indicative of actual results. Changes presented in the table below are within the policy limits approved by the Board of Directors.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **EVE** | **EVE** | **EVE** | **EVE as a Percent of Portfolio Value of Assets** | **EVE as a Percent of Portfolio Value of Assets** | **Net Interest<br>Earnings at Risk** | **Net Interest<br>Earnings at Risk** | **Net Interest<br>Earnings at Risk** |
| **Change in Interest Rates in Basis Points** | **Dollar Amount** | **Dollar Change** | **Percent Change** | **NPV Ratio** | **Basis Point Change** | **Dollar Amount** | **Dollar Change** | **Percent Change** |
| *(Dollars in Thousands)* |  |  |  |  |  |  |  |  |
| +400 | $212467 | $(46023) | (17.8)% | 15.12% | (165) | $63011 | $2949 | 4.9% |
| +300 | 223486 | (35004) | (13.5) | 15.55 | (122) | 62266 | 2204 | 3.7 |
| +200 | 235884 | (22606) | (8.7) | 16.04 | (73) | 61573 | 1511 | 2.5 |
| +100 | 247788 | (10702) | (4.1) | 16.45 | (32) | 60862 | 800 | 1.3 |
| Flat | 258490 |  |  | 16.77 |  | 60062 |  |  |
| (100) | 266716 | 8226 | 3.2 | 16.92 | 15 | 59044 | (1018) | (1.7) |
| (200) | 271697 | 13207 | 5.1 | 16.87 | 10 | 57813 | (2249) | (3.7) |
| (300) | 273905 | 15415 | 6.0 | 16.66 | (11) | 57056 | (3006) | (5.0) |
| (400) | 263287 | 4797 | 1.9 | 15.72 | (105) | 57534 | (2528) | (4.2) |

---

Certain shortcomings are inherent in the methodology used in the above interest rate risk measurement. Modeling changes in EVE and net interest income require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the table presented assumes that the composition of the Company's interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured, and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the table provides an indication of the Company's interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on EVE and net interest income and will differ from actual results. EVE calculations also may not reflect the fair values of financial instruments. For example, changes in market interest rates can increase the fair values of the Company's loans, deposits and borrowings.

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<u>[**Table of Contents**](#i3369e5e9ff4f41a28d3b25d0ec01cb00_7)</u>

![cb financial services.jpg](cbfv-20260331_g1.jpg)

**Item 4. Controls And Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)Evaluation of Disclosure Controls and Procedures***

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures.

Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the SEC (1) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (2) is accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)Changes in Internal Control Over Financial Reporting***

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

Periodically, there have been various claims and lawsuits against us, such as claims to enforce liens, claims seeking damages for improper collection procedures or misrepresentations, condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans and other issues incident to our business. We are not a party to any other pending legal proceedings that we believe would have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

**Item 1a. Risk Factors.**

In addition to the other information set forth in this report, you should carefully consider the factors discussed in "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition or future results. The risks described in such Annual Report on Form 10-K are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

**Item 2. Unregistered Sales Of Equity Securities, Use Of Proceeds And Issuer Purchases Of Equity Securities.**

The Company made the following purchases of its common stock during the three months ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** <sup>(1)</sup> | **Average Price Paid per Share** | **Total Number of Shares Purchased as<br>Part of the Publicly Announced Program** | **Approximate Dollar Value of Shares That<br>May Yet Be Purchased Under the Program** |
| January 1 through 31, 2026 | 1584 | $34.26 | 1584 | $3695738 |
| February 1 through 28, 2026 | 1303 | 33.79 | 1303 | 3651715 |
| March 1 through 31, 2026 | 4692 | 33.78 | 4692 | 2500000 |
| Total | 7579 | $33.88 | 7579 |  |

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<sup>(1)</sup> *On September 4, 2025, the Company announced that the Board had approved a program to repurchase up to $5.0 million of the Company's then outstanding common stock based on the closing price on September 3, 2025. In connection with the program, the Company has purchased a total of 7,579 shares of the Company's common stock at an average price of $33.88 per share.*

**Item 3. Defaults Upon Senior Securities.**

Not applicable.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

During the three months ended March 31, 2026, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of SEC Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement (as such term is defined in Item 408 of SEC Regulation S-K).

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

**Item 6. Exhibits**

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| | |
|:---|:---|
| 3.1 | <u>[Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-4 filed on June 13, 2014 (File No. 333-196749))](https://www.sec.gov/Archives/edgar/data/1605301/000119312514236306/d738892dex31.htm)</u> |
| 3.2 | <u>[Bylaws, as amended (incorporated herein by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on May 20, 2020)](https://www.sec.gov/Archives/edgar/data/1605301/000117184320003890/exh_32.htm)</u> |
| 10.1 | <u>[C](https://www.sec.gov/Archives/edgar/data/1605301/000160530126000004/changeincontrolagreement-e.htm)[hange in Control Agreement Between Community Bank and Amanda L. Engles (inc](https://www.sec.gov/Archives/edgar/data/1605301/000160530126000004/changeincontrolagreement-e.htm)[orporated herein by reference to exhibit 10.](https://www.sec.gov/Archives/edgar/data/1605301/000160530126000004/changeincontrolagreement-e.htm)[20](https://www.sec.gov/Archives/edgar/data/1605301/000160530126000004/changeincontrolagreement-e.htm)[to the Company's Current Report on](https://www.sec.gov/Archives/edgar/data/1605301/000160530126000004/changeincontrolagreement-e.htm)[Form 8-K](https://www.sec.gov/Archives/edgar/data/1605301/000160530126000004/changeincontrolagreement-e.htm)[, filed on January 27, 2026.](https://www.sec.gov/Archives/edgar/data/1605301/000160530126000004/changeincontrolagreement-e.htm)</u> |
| 10.2 | <u>[C](a20260331cbfv-ex102changei.htm)[hange in Control Agreement Between Community Bank and James Mele.](a20260331cbfv-ex102changei.htm)</u> |
| 31.1 | <u>[Rule 13a-14(a) / 15d-14(a) Certification (Chief Executive Officer)](a20260331cbfv-ex311ceocert.htm)</u> |
| 31.2 | <u>[Rule 13a-14(a) / 15d-14(a) Certification (Chief Financial Officer)](a20260331cbfv-ex312cfocert.htm)</u> |
| 32.1 | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](a20260331cbfv-ex321ceoandc.htm)</u> |
| 101 | The following materials for the quarter ended March 31, 2026, formatted in XBRL (Extensible Business Reporting Language); the (i) Consolidated Statements of Financial Condition, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements (Unaudited) |
| 104 | Cover Page Interactive Data File (Embedded within Inline XBRL contained in Exhibit 101) |

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![cb financial services.jpg](cbfv-20260331_g1.jpg)

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | | **CB FINANCIAL SERVICES, INC.** |
| | | (Registrant) |
| Date: | May 12, 2026 | /s/ John H. Montgomery |
|  |  | John H. Montgomery |
|  |  | President and Chief Executive Officer |
| Date: | May 12, 2026 | /s/ Amanda L. Engles |
|  |  | Amanda L. Engles |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer and Chief Accounting Officer) |

---

## Exhibit 10.2

**CHANGE IN CONTROL AGREEMENT**

This Change in Control Agreement (this "Agreement") is entered into and effective as of October 1, 2025 (the "Effective Date"), by and between Community Bank (the "Bank") and James E. Mele ("Executive"). Any reference to the "Company" means CB Financial Services, Inc., the stock holding company of the Bank.

**WHEREAS**, the Bank wishes to assure itself of the continued services of Executive for the period provided in this Agreement; and

**WHEREAS,** to induce Executive to commence and continue employment with the Bank and to provide further incentive to achieve the financial and performance objectives of the Bank, the parties desire to specify the benefits which shall be due to Executive upon Executives termination of employment under certain circumstances in the event of a Change in Control.

**NOW THEREFORE,** in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Annual Renewal</u>**. The initial term of this Agreement will begin as of the Effective Date and will continue for twenty-four (24) full calendar months. Commencing on May 1, 2026 and continuing on May 1<sup>st</sup> of each calendar year thereafter (each, the "<u>Renewal Date</u>"), this Agreement will renew so that the remaining term will be twenty-four (24) months after each Renewal Date; provided, however, that in order for this Agreement to renew, beginning in 2026, the disinterested members of the Board of Directors of the Bank (the "Board") must affirmatively approve the renewal of this Agreement and include that decision in the minutes of the Board's meeting. If the disinterested members of the Board decide not to renew this Agreement, then the Board will provide Executive with a written notice of non-renewal ("Non-Renewal Notice") no later than five business days after such action is taken, in which event this Agreement will terminate twenty-four (24) months from the prior Renewal Date. The failure of the disinterested members of the Board to take the actions set forth herein before any Renewal Date will result in the automatic non-renewal of this Agreement, even if the Board fails to affirmatively issue the Non-Renewal Notice to Executive. Reference herein to the term of this Agreement will refer to both the initial term and the extended terms. Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a transaction that would be considered a Change in Control as defined below, then the term of this Agreement shall be extended and shall terminate twenty-four (24) months following the date on which the Change in Control occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms of Employment</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Position and Responsibilities</u>. Executive will serve as Executive Vice President, Director of Specialty Deposits of the Bank or any successor executive position with the Bank with similar authorities and responsibilities (the "Executive Position") and will perform the duties and will have all powers associated with such position as set forth in any job description provided to Executive by the Bank. During his employment hereunder, except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, Executive will devote all of his business time, attention, skill and efforts to the faithful performance of his duties; provided, however, that Executive may serve as a member of the board of directors of business, community and charitable organizations, provided that in each case the service does not materially interfere with the performance of his duties under this Agreement, adversely affect the reputation of the Bank or any other affiliates of the Bank, or present any conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Salary</u>. The Bank will pay Executive an initial base salary of $285,000.00 per year ("Base Salary"). Executive's Base Salary will be payable in accordance with the customary payroll practices of the Bank. Following a Change in Control and during the term of this Agreement, the Board may increase, but not decrease (other than a decrease which is applicable to all senior officers of the Bank and in a percentage not exceeding the percentage decrease for other senior officers), Executive's Base Salary, as the Board deems appropriate. Any change in Base Salary will become Executive's new "Base Salary" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefits and Incentive Compensation</u>. Executive will be entitled to participate in all employee benefit plans, arrangements and perquisites offered to employees and officers of the Bank. Executive will also be

------

entitled to participate in any bonus, incentive plan or similar arrangements of the Bank in which Executive is eligible to participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>**. Unless defined elsewhere in this Agreement, the following words and terms shall have the meanings set forth below for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</u>. For purposes of this Agreement, the term "Change in Control" shall mean the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger</u>: The Company or the Bank merges into or consolidates with another entity, or merges another bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisition of Significant Share Ownership</u>: There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company's or the Bank's voting securities; provided, however, this clause (ii) shall not apply to beneficial ownership of the Company's or the Bank's voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities<u>;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Board Composition</u>: During any period of two consecutive years, individuals who constitute the Company's or the Bank's Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company's or the Bank's Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period or who is appointed to the board as the result of a directive, supervisory agreement or order issued by the primary federal regulator of the Company or the Bank or by the Federal Deposit Insurance Corporation ("FDIC") shall be deemed to have also been a director at the beginning of such period; or

<u>(</u>iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale of Assets</u>: The Company or the Bank sells to a third party all or substantially all of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Code</u>. "Code" shall mean the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Good Reason</u>. For purposes of this Agreement, "Good Reason" shall mean a termination by Executive, when without Executive's express written consent, any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a material reduction in Executive's Base Salary or benefits provided to Executive (other than a reduction or elimination of Executive's benefits under one or more benefit plans maintained by the Bank as part of a good faith, overall reduction or elimination of such plans or benefits applicable to all participants in a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with applicable law)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a change in the Executive's employment position that results in Executive working in a different position and, or, department that requires knowledge and expertise that Executive does not possess and cannot reasonably obtain.

Notwithstanding the foregoing, prior to any termination of employment for Good Reason, Executive must first provide written notice to the Board within 90 days following the initial existence of the condition, describing the existence of such condition, and the Bank shall thereafter have the right to remedy the condition within 30 days of the date the Board received the written notice from Executive, but the Bank

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may waive its right to cure. If the Bank remedies the condition within such 30-day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Bank does not remedy the condition within such 30-day cure period, then Executive may deliver a notice of termination for Good Reason at any time within 60 days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination for Cause</u>. Termination for Cause shall mean termination because of, in the good faith determination of the Board, Executive's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;material 6act of dishonesty or fraud in performing Executive's duties on behalf of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;incompetence (in determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the banking industry);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;breach of fiduciary duty involving personal profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;willful violation of any law, rule or regulation (other than traffic violations or similar offenses which results only in a fine or other non-custodial penalty) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; any violation of the policies and procedures of the Bank as outlined in the Bank's employee handbook, which would result in termination of the Bank employees, as from time to time amended and incorporated herein by reference, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;material breach by Executive of any provision of this Agreement.

Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a notice of termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the disinterested members of the Board, at a meeting of the Board called and held for the purpose of finding that, in good faith opinion of the Board (after reasonable notice to Executive and an opportunity for Executive to be heard before the Board with counsel) that Executive was guilty of the conduct described in any of the paragraphs (i) through (vii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefits upon Termination in Connection with a Change in Control</u>**. In the event of a Change in Control followed by Executive's involuntary termination of employment by the Bank for reasons other than Termination for Cause or Executive's voluntary termination of employment by Executive for Good Reason (either occurring during the term of this Agreement following the Change in Control), the Bank shall pay Executive, or in the event of Executive's subsequent death, Executive's beneficiary or estate, as the case may be, as severance pay, a cash lump sum payment equal to two (2) times the sum of (i) the highest rate of annual Base Salary paid to Executive during the calendar year of Executive's date of termination or either of the two (2) calendar years immediately preceding Executive's date of termination and (ii) the average of the annual cash bonus earned by Executive for the three years preceding the year in which the Change in Control. The payment will be payable within 30 days following Executive's date of termination and will be subject to applicable withholding taxes.

In addition, the Bank will continue to provide to Executive with medical and dental insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Executive immediately prior to Executive's termination under the same cost-sharing arrangements that apply for active employees of the Bank as of Executive's date of termination. Such continued coverage shall cease upon the earlier of: (i) the date which is 24 months from Executive's date of termination or (ii) the date on which Executive becomes a full-time employee of another employer, provided Executive is entitled to benefits with such

------

other employer that are substantially similar to the health and welfare benefits provided by the Bank. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, applicable rules and regulations prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. Such cash payment shall be made in a lump sum within 30 days after the later of: (i) Executive's date of termination; or (ii) the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>280G Cutback</u>**. Notwithstanding anything in this Agreement to the contrary, in no event shall the aggregate payments or benefits to be made or afforded to Executive under this Agreement , either as a stand-alone benefit or when aggregated with other payments to, or for the benefit of, Executive (collectively referred to as the "Change in Control Benefits") that are contingent on a change in control (as defined under Code Section 280G), constitute an "excess parachute payment" under Code Section 280G or any successor thereto, and in order to avoid such a result, Executive's benefits payable under this Agreement shall be reduced by the minimum amount necessary so that the Change in Control Benefits that are payable to Executive are not subject to penalties under Code Sections 280G and 4999.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Source of Payments</u>**. All payments provided in this Agreement shall be timely paid by check or direct deposit from the general funds of the Bank (or any successor to the Bank).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on Prior Agreements and Conflicting Agreements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement contains the entire understanding between the parties with respect to the matters agreed to herein. All prior agreements between the Bank and Executive with respect to the matters agreed to herein are hereby superseded and shall have no force or effect, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to Executive without reference to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which he is a party or is bound, and that he is not now subject to any covenants against competition or similar covenants which would affect the performance of his obligations under this Agreement to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Post-Termination Non-Solicitation of Customers or Employees</u>**<u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In exchange for entering into this Agreement, for a period beginning the date of this Agreement to one year following Executive's termination of employment with the Bank, Executive shall not, except as otherwise permitted in writing by the Bank: (i) directly or indirectly solicit persons or entities who were customers or referral sources of the Bank or its affiliates within one year Executive's termination of employment, to a become customer or referral source of a person or entity other than the Bank or its affiliates; or (ii) directly or indirectly solicit any employee of the Bank or its affiliates who were employed within one year of Executive's termination of employment to work for anyone other than the Bank or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Executive agrees that the restrictions contained in this Agreement are fair and reasonable and necessary for the protection of the legitimate business interests of the Bank, and the parties intend that such restrictions be enforceable and enforced to their fullest extent. Executive acknowledges that he can earn a livelihood without violating any of the undertakings contained in this Agreement, and that the restrictions in this Agreement will not prevent him from obtaining employment in different jobs within his chosen field of work. Executive further acknowledges that it would take at least 8 months to locate, hire and adequately train a replacement and to give Executive's replacement sufficient time to develop a good business relationship with the clients with whom Executive has worked or will work during employment with the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Executive acknowledges that any violation of this Agreement may subject him to a civil action for money damages by the Bank for losses sustained as a result of the breach of this Section 8 or any covenants

------

contained herein. Executive recognizes that the Bank's remedies at law may be inadequate and that the Bank shall have the right to seek injunctive relief in addition to any other remedy available to it. If Executive breaches the covenants contained herein, the Bank has the right to seek issuance of a court-ordered injunction as well as any and all other remedies and damages, to compel the enforcement of the terms stated herein. This provision with respect to injunctive relief shall not, however, diminish the right of the Bank to claim and recover damages in addition to injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Attachment</u>**. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding on Successors</u>**. The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank's obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification and Waiver</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Required Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Board may terminate Executive's employment at any time, but any termination by the Bank's Board other than termination for Cause shall not prejudice Executive's right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any period after Executive's termination for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything else in this Agreement to the contrary, Executive's employment shall not be deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Code Section 409A. For purposes of this Agreement, a "Separation from Service" shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50 percent of the average level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation 1.409A-1(h)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in the event Executive is a Specified Employee (as defined herein) and any payment under this Agreement is triggered due to Executive's Separation from Service, then, solely, to the extent required to avoid penalties under Code Section 409A, Executive's payments shall be delayed until the first day of the seventh month following Executive's Separation from Service. A "Specified Employee" shall be interpreted to comply with Code Section 409A and shall mean a key employee within the meaning of Code Section

------

416(i) (without regard to paragraph 5 thereof), but an individual shall be a "Specified Employee" only if the Bank or Company is or becomes a publicly traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>**. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania but only to the extent not superseded by federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>**. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator mutually acceptable to the Bank and Executive, sitting in a location selected by the Bank within 50 miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association's National Rules for the Resolution of Employment Disputes then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>**. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

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| | |
|:---|:---|
| To the Bank | Community Bank<br>2111 North Franklin Drive<br>Washington, PA 15301 |
| To Executive: | Most recent address on file with the Bank |

---

**IN WITNESS WHEREOF**, this Agreement is entered into as of the date first above written.

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| |
|:---|
| **COMMUNITY BANK** |
| **By:** |
| **Name: John H. Montgomery** |
| **Title: President & CEO** |
| **EXECUTIVE** |
| **James E. Mele** |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**RULE 13a-14(a)/15d-14(a)**

**CHIEF EXECUTIVE OFFICER CERTIFICATION**

I, John H. Montgomery, President and Chief Executive Officer of CB Financial Services, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of CB Financial Services, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | May 12, 2026 | /s/ John H. Montgomery |
| | | John H. Montgomery |
| | | President and Chief Executive Officer |

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## Exhibit 31.2

**EXHIBIT 31.2**

**RULE 13a-14(a)/15d-14(a)**

**CHIEF FINANCIAL OFFICER CERTIFICATION**

I, Amanda L. Engles, Executive Vice President and Chief Financial Officer of CB Financial Services, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of CB Financial Services, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 12, 2026 | /s/ Amanda L. Engles |
| | | Amanda L. Engles |
| | | Executive Vice President and Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of CB Financial Services, Inc. (the "Company") for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission (the "Report"), I, John H. Montgomery, President and Chief Executive Officer of the Company, and Amanda L. Engles, Executive Vice President and Chief Financial Officer, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: | May 12, 2026 | /s/ John H. Montgomery |
| | | John H. Montgomery |
| | | President and Chief Executive Officer |
| Date: | May 12, 2026 | /s/ Amanda L. Engles |
| | | Amanda L. Engles |
| | | Executive Vice President and Chief Financial Officer |

---

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