# EDGAR Filing Document

**Accession Number:** 0001605301
**File Stem:** 0001605301-23-000003
**Filing Date:** 2023-1
**Character Count:** 129324
**Document Hash:** c36c864b2c24920c399d5b2e2aa62e9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001605301-23-000003.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001605301-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CB Financial Services, Inc.
- **CENTRAL INDEX KEY:** 0001605301
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36706
- **FILM NUMBER:** 23558100

**BUSINESS ADDRESS:**
- **STREET 1:** 100 NORTH MARKET STREET
- **CITY:** CARMICHAELS
- **STATE:** PA
- **ZIP:** 15320
- **BUSINESS PHONE:** 724-966-5041

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

?xml version="1.0" ? cbfv-20230126

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): January 26, 2023

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

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Commission file number**: <u>001-36706</u>**

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

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

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

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 Not Applicable <br> (Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **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) |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the

Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On January 26, 2023, CB Financial Services, Inc. (the "Company") issued a press release announcing its financial results for the year ended months ended December 31, 2022, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

**Item 8.01. Other Events.**

On January 26, 2023, the Company announced that its Board of Directors declared a cash dividend on the Company's outstanding shares of common stock. The dividend of $0.25 per share will be paid on or about February 28, 2023 to stockholders of record as of the close of business on February 15, 2023.

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1. Press Release Dated January 26, 2023.](a20221231ex9914thqtrearnin.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2. Investor Presentation - January 2023](cbfvjanuary2023investorp.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Cover Page Interactive Data File (embedded in Inline XBRL)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | CB FINANCIAL SERVICES, INC. | CB FINANCIAL SERVICES, INC. |
| Date: January 26, 2023 | By: | /s/ Jamie L. Prah |
|  |  | Jamie L. Prah |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![cbfinancialservices.jpg](cbfinancialservices.jpg)

**CB Financial Services, Inc.** 

**Announces Fourth Quarter and Full Year 2022 Financial Results and** 

**Declares Quarterly Cash Dividend**

WASHINGTON, PA., January 26, 2023 -- CB Financial Services, Inc. ("CB" or the "Company") (NASDAQGM: CBFV), the holding company of Community Bank (the "Bank") and Exchange Underwriters, Inc. ("EU"), a wholly-owned insurance subsidiary of the Bank, today announced its fourth quarter and 2022 financial results.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| *(Dollars in thousands, except per share data) (Unaudited)* |  |  |  |  |  |  |  |
| Net Income (GAAP) | $4152 | $3929 | $118 | $3047 | $6965 | $11247 | $11570 |
| Non-Recurring Items  | (66) | (310) | 157 | 12 | (4122) | (208) | (1053) |
| Adjusted Net Income (Non-GAAP) <sup>(1)</sup>  | $4086 | $3619 | $275 | $3059 | $2843 | $11039 | $10517 |
| Earnings per Common Share - Diluted (GAAP) | $0.81 | $0.77 | $0.02 | $0.58 | $1.31 | $2.18 | $2.15 |
| Adjusted Earnings per Common Share - Diluted (Non-GAAP) <sup>(1)</sup> | $0.80 | $0.71 | $0.05 | $0.59 | $0.53 | $2.14 | $1.95 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of adjusted net income and adjusted earnings per common share - diluted in this Press Release.

**<u>2022 Fourth Quarter Financial Highlights</u>**

**(Comparisons to three months ended December 31, 2021 unless otherwise noted)**

• Net income was $4.2 million, compared to net income of $7.0 million. Current period results were driven by net interest margin expansion coupled with a reduction of noninterest expense of $974,000 for the three months ended December 31, 2022 compared to the three months ended December 31, 2021, which benefited from a gain on sale of $5.2 million resulting from the sale of branch locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Adjusted net income (Non-GAAP) was $4.1 million, compared to $2.8 million.*

• Earnings per diluted common share (EPS) decreased to $0.81 from $1.31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Adjusted earnings per common share - diluted (Non-GAAP) was $0.80, compared to $0.53.*

• Return on average assets (annualized) of 1.16%, compared to 1.87%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Adjusted return on average assets (annualized) (Non-GAAP) of 1.15%, compared to 0.76%.*

• Return on average equity (annualized) of 15.26%, compared to 20.95% (annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Adjusted return on average equity (annualized) (Non-GAAP) of 15.01%, compared to 8.55%.*

**•** Net interest margin (NIM) improved to 3.45% from 2.95%.

• Net interest and dividend income was $11.9 million, compared to $10.2 million.

• Noninterest income decreased to $2.4 million, compared to $8.7 million. The prior year period benefited from the recognition of $5.2 million in gain on sales of branches of two branch locations as part of branch optimization initiatives while the current year period included a decrease of income from net gain on sale of loans of $977,000 primarily the result of the sale of a nonperforming commercial real estate loan in the hotel portfolio. In addition, a decrease of $219,000 in insurance commissions was primarily driven by contingency income which resulted from the timing of lock-in amounts recorded and was partially offset by an increase in core business for commercial insurance lines.

**(Amounts at December 31, 2022; comparisons to December 31, 2021, unless otherwise noted)**

• Total loans, including Payroll Protection Program ("PPP") loans, were $1.05 billion, an increase of $29.1 million from $1.02 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total loans held for investment, excluding PPP loans, increased $53.5 million, or 5.4%, to $1.05 billion compared to $996.3 million, and included increases of $24.8 million, or 27.1%, in consumer loans, and $44.7 million, or 15.2%, growth in commercial real estate loans, partially offset by decreases of $40.1 million in construction real estate and $19.0 million in commercial and industrial loans. Total loans held for investment, excluding PPP loans,

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**EXHIBIT 99.1**

as of December 31, 2022, increased $7.6 million, or 0.7%, as compared to September 30, 2022. This included increases of $8.5 million, or 13.8%, in commercial and industrial loans, $4.3 million, or 1.0%, in commercial real estate loans, and $2.5 million, or 0.8%, in residential loans, partially offset by decreases of $4.6 million, or 9.2%, in construction loans, and $3.7 million, or 2.4%, in consumer loans.

• Nonperforming loans to total loans was 0.55%, a decrease of 16 basis points ("bps"), compared to 0.71%.

• Total deposits were $1.27 billion, an increase of $41.9 million, compared to $1.23 billion.

• Total assets remained level at $1.43 billion.

• Book value per share was $21.60, compared to $20.94 as of September 30, 2022 and $25.31 as of December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Tangible book value per share (Non-GAAP) was $19.00, compared to $18.25 as of September 30, 2022 and $22.45 as of December 31, 2021, reflecting impact to Accumulated Other Comprehensive Income from unrealized losses on securities portfolios.

**<u>Management Commentary</u>**

President and CEO John H. Montgomery stated, "In closing out what was a successful 2022, our fourth quarter results continued to benefit from margin expansion on top of consistent loan growth. Two years ago we undertook a long term strategy that consisted of first driving down our expenses in a durable manner by rationalizing our physical branch footprint while also working to make sure our operations were optimized and efficient. This effort set the stage for the reduced the non-interest expenses we enjoyed throughout 2022. With our branch optimization largely completed, in 2022 we turned our attention to driving growth through smart additions of key leadership on both the retail and commercial sides of our business. Those investments helped drive growth in our loan portfolio through 2022 which coupled with rising interest rates to yield growth in our net interest income."

Mr. Montgomery continued, "We remain watchful with respect to the overall economic climate as the Federal Reserve continues to work to rein in inflation while not tipping the country into a recession. As I have noted in the past, our credit team possesses a wealth of experience, including demonstrated success during the Great Financial Crisis just over a dozen years ago. With that experience, we are confident in our ability to navigate whatever macroeconomic headwinds we face."

Mr. Montgomery concluded, "Continuing our commitment to CB shareholders, we increased our regular quarterly dividend to $0.25 per share. In addition, we repurchased 4,620 shares during the fourth quarter under the current $10.0 million share repurchase program announced earlier in 2022. We remain well-capitalized with the ability to support growth along with these shareholder-friendly actions."

**<u>Dividend Information</u>**

The Company's Board of Directors has approved a 4.2% increase in the regular quarterly cash dividend by declaring a $0.25 quarterly cash dividend per outstanding share of common stock, payable on or about February 28, 2023, to stockholders of record as of the close of business on February 15, 2023.

**<u>Stock Repurchase Program</u>**

On April 21, 2022, CB announced a program to repurchase up to $10.0 million of the Company's outstanding shares of common stock. Based on the Company's closing stock price at January 23, 2023, the repurchase program, if fully completed, would encompass 430,906 shares, or approximately 8.4% of the shares currently outstanding.

**<u>2022 Fourth Quarter Financial Review</u>**

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

Net interest and dividend income increased $1.6 million, or 16.0%, to $11.9 million for the three months ended December 31, 2022 compared to $10.2 million for the three months ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin (GAAP) increased to 3.45% for the three months ended December 31, 2022 compared to 2.95% for the three months ended December 31, 2021. Fully Tax Equivalent ("FTE") Net interest margin (Non-GAAP) increased 50 bps to 3.46% for the three months ended December 31, 2022 compared to 2.96% for the three months ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest and dividend income increased $2.9 million, or 26.4%, to $13.9 million for the three months ended December 31, 2022 compared to $11.0 million for the three months ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest income on loans increased $1.9 million, or 19.5%, to $11.8 million for the three months ended December 31, 2022 compared to $9.9 million for the three months ended December 31, 2021. The average balance of loans increased $29.9 million to $1.03 billion from $1.00 billion and the average yield increased 62 bps to 4.54% compared to 3.92%. Interest and fee income on PPP loans was $22,000 for the three months ended December 31, 2022 and didn't impact loan yield, compared to $391,000 for the three months ended

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December 31, 2021, which contributed 4 bps to loan yield. The impact of the accretion of the credit mark on acquired loan portfolios was $61,000 for the three months ended December 31, 2022 compared to $83,000 for the three months ended December 31, 2021, or 2 bps in the current period compared to 3 bps in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest income on taxable investment securities increased $108,000, or 12.5%, to $974,000 for the three months ended December 31, 2022 compared to $866,000 for the three months ended December 31, 2021 driven by a $11.6 million increase in average balance partially coupled with a 11 bps increase in average yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense increased $1.3 million, or 171.7%, to $2.0 million for the three months ended December 31, 2022 compared to $732,000 for the three months ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest expense on deposits increased $1.2 million, or 184.7%, to $1.8 million for the three months ended December 31, 2022 compared to $636,000 for the three months ended December 31, 2021. While average interest-earning deposit balances decreased $7.2 million, or 0.8%, to $887.7 million as of December 31, 2022 compared to $894.8 million as of December 31, 2021, rising interest rates led to the repricing of higher-cost demand and money market deposits and resulted in a 53 bps, or 188.0%, increase in average cost compared to the three months ended December 31, 2021. In addition, the average balance of time deposits and the related average cost decreased $38.2 million and 5 bps, respectively. These decreases are partially offset by an increase in average other borrowings of $8.1 million or 85.8% to $17.6 million as of December 31, 2022 compared to $9.5 million as of December 31, 2021, which was driven by the issuance of subordinate debt of $15.0 million in late December of 2021, and outstanding for the entire quarter ended December 31, 2022.

*<u>Provision for Loan Losses</u>*

There was no provision for loan losses for the three months ended December 31, 2022 or for the three months ended December 31, 2021.

*<u>Noninterest income</u>*

Noninterest income decreased $6.3 million, or 72.8%, to $2.4 million for the three months ended December 31, 2022, compared to $8.7 million for the three months ended December 31, 2021. The decrease was primarily related to non-recurring prior period recognition of $5.2 million gain on sale of branches as a result of branch optimization initiatives and $897,000 due to the sale of a nonperforming commercial real estate loan in the hotel portfolio. . During the quarter, there was a $219,000 decrease in insurance commissions. The decrease in insurance commissions was primarily driven by contingency income which resulted from the timing of lock-in amounts received and core business including commercial and personal insurance lines.

*<u>Noninterest Expense</u>*

Noninterest expense decreased $974,000, or 9.8%, to $9.0 million for the three months ended December 31, 2022 compared to $10.0 million for the three months ended December 31, 2021. Salaries and benefits decreased $556,000 to $4.6 million and contracted services decreased $728,000 to $405,000 for the three months ended December 31, 2022 compared to $1.1 million for the three months ended December 31, 2021. This was a result of branch optimization initiatives completed in the prior year. These decreases were partially offset by an increase in occupancy expenses of $198,000.

**<u>Statement of Financial Condition Review</u>**

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

Total assets decreased $16.5 million, or 1.16%, to $1.41 billion at both December 31, 2022, and December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Cash and due from banks decreased $16.0 million, or 13.3%, to $103.7 million at December 31, 2022, compared to $119.7 million at December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities decreased $34.9 million, or 15.5%, to $190.1 million at December 31, 2022, compared to $225.0 million at December 31, 2021. The Securities balance was primarily impacted by a $32.3 million decrease in the market value of the debt securities portfolio, primarily due to the increase in market interest rates. The current year included $26.8 million of purchases, and $29.2 million of pay downs. The purchases were made to earn a higher yield on excess cash. In addition, there was $168,000 decrease in the market value in the equity securities portfolio, which is primarily comprised of bank stocks.

*<u>Payroll Protection Program Update</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PPP loans decreased $24.4 million to $126,000 at December 31, 2022 compared to $24.5 million at December 31, 2021.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5,000 of net PPP loan origination fees were unearned at December 31, 2022 compared to $678,000 at December 31, 2021. $22,000 of net PPP loan origination fees were earned in the three months ended December 31, 2022 compared to $117,000 for the three months ended September 30, 2022.

*<u>Loans and Credit Quality</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total loans held for investment increased $29.1 million, or 2.85%, to $1.05 billion at December 31, 2022 compared to $1.02 billion at December 31, 2021. Excluding the net decline of $24.4 million in PPP loans in the current period, loans increased $53.5 million or 5.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allowance for loan losses was $12.8 million at December 31, 2022 and $11.6 million at December 31, 2021. As a result, the allowance for loan losses to total loans was 1.22% at December 31, 2022 compared to 1.13% at December 31, 2021. The allowance for loan losses to total loans, excluding PPP loans, was 1.22% at December 31, 2022 compared to 1.16% at December 31, 2021. The change in the allowance for loan losses was primarily due to adjustments to historical loss factors and changes in qualitative factors in particular economic and industry conditions since December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net charge-offs for the three months ended December 31, 2022 were $35,000, or 0.01% of average loans on an annualized basis. Net charge-offs for the three months ended December 31, 2021 were $74,000, or 0.03% of average loans on an annualized basis. Net charge-offs for the year ended December 31, 2022 were $2.5 million, or 0.25% of average loans on an annualized basis. Net charge-offs for the year ended December 31, 2021 were $64,000, and had an immaterial and one hundredth effect on ratios for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nonperforming loans, which includes nonaccrual loans, accruing loans past due 90 days or more, and accruing loans that are considered troubled debt restructurings, were $5.8 million at December 31, 2022 compared to $7.3 million at December 31, 2021. Current nonperforming loans to total loans ratio was 0.55% compared to 0.71% at December 31, 2021.

*<u>Other</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intangible assets decreased $1.8 million, or 34.0%, to $3.5 million at December 31, 2022 compared to $5.3 million at December 31, 2021 due to amortization expense recognized during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accrued interest receivable and other assets increased $8.3 million, or 64.5% to $21.1 million at December 31, 2022, compared to $12.9 million at December 31, 2021. This change was primarily driven by the increase in market interest rate conditions and an increase in deferred tax assets of $7.5 million.

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

Total liabilities increased $6.4 million, or 0.5%, to $1.30 billion at December 31, 2022 compared to $1.29 billion at December 31, 2021.

*<u>Deposits</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Total deposits increased $41.9 million to $1.27 billion as of December 31, 2022 compared to $1.23 billion at December 31, 2021, an increase of 3.4%. Interest-bearing and non interest-bearing demand deposits increased $39.3 million and $4.6 million, respectively, partially offset by a decrease in time deposits of $27.6 million. Average total deposits increased $45.9 million, primarily in both interest-bearing and non interest-bearing demand deposits for the three months ended December 31, 2022. The increase in interest-bearing demand deposits is primarily the result of the transition of customer deposits from securities sold under agreements to repurchase product, which are related to business deposit customers whose funds, above designated target balances, are transferred into an overnight interest-earning investment account by purchasing securities from the Bank's investment portfolio under an agreement to repurchase.

*<u>Borrowed Funds</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Short-term borrowings decreased $31.2 million, or 79.5%, to $8.1 million at December 31, 2022, compared to $39.3 million at December 31, 2021. At December 31, 2022 and December 31, 2021, short-term borrowings were comprised entirely of securities sold under agreements to repurchase as noted in the above-mentioned deposit section. A portion of this decrease is due to accounts that were transitioned into other deposit products and account for most of the interest-bearing demand deposit increase.

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

Stockholders' equity decreased $23.0 million, or 17.3%, to $110.2 million at December 31, 2022, compared to $133.1 million at December 31, 2021. Key factors impacting stockholders' equity included accumulated other comprehensive loss, which increased $25.3 million primarily due to the effect of rising market interest rates on the Company's investment securities; the payment of $4.9 million in dividends since December 31, 2021; and activity under share repurchase programs, offset by the positive impact of $11.2 million of net income. On February 15, 2022, the Company completed its stock repurchase program that was implemented on June 10, 2021. On April 21, 2022, a new $10 million repurchase program was authorized, with the

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Company repurchasing 62,178 shares at an average price of $22.47 per share since the inception of the plan. In total, the Company has repurchased $4.8 million since December 31, 2021.

*<u>Book value per share</u>*

Book value per common share was $21.60 at December 31, 2022 compared to $25.31 at December 31, 2021, a decrease of $3.71.

Tangible book value per common share (Non-GAAP) was $19.00 at December 31, 2022, compared to $22.45 at December 31, 2021, a decrease of $3.45.

Refer to "Explanation of Use of Non-GAAP Financial Measures" at the end of this Press Release.

**<u>About CB Financial Services, Inc.</u>**

CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.

For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.

**<u>Statement About Forward-Looking Statements</u>**

Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, the scope and duration of economic contraction as a result of the COVID-19 pandemic and its effects on the Company's business and that of the Company's customers, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company's periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

<u>Company Contact</u>:

John H. Montgomery

President and Chief Executive Officer

Phone: (724) 225-2400

<u>Investor Relations:</u>

Jeremy Hellman, Vice President

The Equity Group Inc.

Phone: (212) 836-9626

Email: jhellman@equityny.com

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|:---|:---|:---|:---|:---|:---|
| **CB FINANCIAL SERVICES, INC.**<br>**SELECTED CONSOLIDATED FINANCIAL INFORMATION** | **CB FINANCIAL SERVICES, INC.**<br>**SELECTED CONSOLIDATED FINANCIAL INFORMATION** | **CB FINANCIAL SERVICES, INC.**<br>**SELECTED CONSOLIDATED FINANCIAL INFORMATION** | **CB FINANCIAL SERVICES, INC.**<br>**SELECTED CONSOLIDATED FINANCIAL INFORMATION** | **CB FINANCIAL SERVICES, INC.**<br>**SELECTED CONSOLIDATED FINANCIAL INFORMATION** | **CB FINANCIAL SERVICES, INC.**<br>**SELECTED CONSOLIDATED FINANCIAL INFORMATION** |
| *(Dollars in thousands, except share and per share data) (Unaudited)* | *(Dollars in thousands, except share and per share data) (Unaudited)* |  |  |  |  |
| **Selected Financial Condition Data** | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Assets |  |  |  |  |  |
| Cash and Due From Banks | $103700 | $122801 | $81121 | $123588 | $119674 |
| Securities | 190058 | 193846 | 213505 | 231097 | 224974 |
| Loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | 330725 | 328248 | 325138 | 317254 | 320798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 436805 | 432516 | 426105 | 427227 | 392124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 44923 | 49502 | 41277 | 54227 | 85028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and Industrial |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and Industrial | 69918 | 61428 | 62054 | 59601 | 64487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPP | 126 | 768 | 3853 | 8242 | 24523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 146927 | 150615 | 148921 | 143422 | 122152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 20449 | 19865 | 20621 | 10669 | 11684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Loans | 1049873 | 1042942 | 1027969 | 1020642 | 1020796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for Loan Losses | (12819) | (12854) | (12833) | (11595) | (11582) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Net | 1037054 | 1030088 | 1015136 | 1009047 | 1009214 |
| Premises and Equipment, Net | 17844 | 18064 | 18196 | 18349 | 18399 |
| Bank-Owned Life Insurance | 25893 | 25750 | 25610 | 25468 | 25332 |
| Goodwill | 9732 | 9732 | 9732 | 9732 | 9732 |
| Intangible Assets, Net | 3513 | 3959 | 4404 | 4850 | 5295 |
| Accrued Interest and Other Assets | 21144 | 21680 | 18757 | 16539 | 12859 |
| Total Assets | $1408938 | $1425920 | $1386461 | $1438670 | $1425479 |
| Liabilities |  |  |  |  |  |
| Deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Interest Bearing Demand Deposits | $390405 | $407107 | $389127 | $400105 | $385775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Bearing Demand Accounts | 311825 | 298755 | 265347 | 280455 | 272518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Accounts | 209125 | 198715 | 185308 | 192929 | 192125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings Accounts | 248022 | 250378 | 250226 | 247589 | 239482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | 109126 | 120879 | 125182 | 129235 | 136713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Deposits | 1268503 | 1275834 | 1215190 | 1250313 | 1226613 |
| Short-Term Borrowings | 8060 | 18108 | 32178 | 39219 | 39266 |
| Other Borrowings | 14638 | 17627 | 17618 | 17607 | 17601 |
| Accrued Interest Payable and Other Liabilities | 7582 | 7645 | 7703 | 9375 | 8875 |
| Total Liabilities | 1298783 | 1319214 | 1272689 | 1316514 | 1292355 |
| Stockholders' Equity | $110155 | $106706 | $113772 | $122156 | $133124 |
| Total Liabilities and Stockholders' Equity | $1408938 | $1425920 | $1386461 | $1438670 | $1425479 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Dollars in thousands, except share and per share data) (Unaudited)* | *(Dollars in thousands, except share and per share data) (Unaudited)* |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Selected Operating Data** | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Interest and Dividend Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Including Fees | $11835 | $10815 | $9733 | $9551 | $9904 | $41933 | $39704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 974 | 985 | 988 | 905 | 866 | 3852 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-Exempt | 40 | 49 | 57 | 66 | 66 | 213 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 28 | 21 | 20 | 22 | 21 | 91 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Interest and Dividend Income | 978 | 417 | 160 | 72 | 106 | 1627 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest and Dividend Income | 13855 | 12287 | 10958 | 10616 | 10963 | 47716 | 43557 |
| Interest Expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 1811 | 1079 | 604 | 530 | 636 | 4025 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Borrowings | 7 | 19 | 18 | 19 | 26 | 63 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 171 | 174 | 173 | 174 | 70 | 693 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Expense | 1989 | 1272 | 795 | 723 | 732 | 4781 | 3405 |
| Net Interest and Dividend Income | 11866 | 11015 | 10163 | 9893 | 10231 | 42935 | 40152 |
| Provision (Recovery) for Loan Losses |  |  | 3784 |  | 75 | 3784 | (1125) |
| Net Interest and Dividend Income After Provision (Recovery) for Loan Losses | 11866 | 11015 | 6379 | 9893 | 10156 | 39151 | 41277 |
| Noninterest Income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Fees | 530 | 544 | 559 | 526 | 569 | 2160 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Commissions | 1399 | 1368 | 1369 | 1798 | 1618 | 5934 | 5616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Commissions | 157 | 244 | 179 | 89 | 90 | 669 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain on Sales of Loans |  |  |  |  | 977 |  | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain (Loss) on Securities | 83 | (46) | (199) | (7) | 44 | (168) | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain on Purchased Tax Credits | 14 | 14 | 14 | 14 | 17 | 57 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Sale of Branches |  |  |  |  | 5203 |  | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain (Loss) on Disposal of Fixed Assets |  | 439 |  | (8) |  | 431 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from Bank-Owned Life Insurance | 143 | 140 | 142 | 136 | 142 | 561 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Income | 34 | 36 | 41 | 65 | 29 | 176 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Noninterest Income | 2360 | 2739 | 2105 | 2613 | 8689 | 9820 | 16280 |
| Noninterest Expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and Employee Benefits | 4625 | 4739 | 4539 | 4565 | 5181 | 18469 | 19938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy | 817 | 768 | 776 | 686 | 619 | 3047 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | 178 | 170 | 182 | 210 | 252 | 739 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data Processing | 681 | 540 | 446 | 485 | 488 | 2152 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC Assessment | 154 | 147 | 128 | 209 | 222 | 638 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;PA Shares Tax | 258 | 240 | 240 | 240 | 173 | 979 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracted Services | 405 | 288 | 348 | 587 | 1133 | 1628 | 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and Professional Fees | 362 | 334 | 389 | 152 | 206 | 1237 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 165 | 131 | 115 | 116 | 191 | 527 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Real Estate Owned (Income) | (38) | (38) | (37) | (38) | (30) | (151) | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible Assets | 446 | 445 | 446 | 445 | 445 | 1782 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible Assets and Goodwill Impairment |  |  |  |  |  |  | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Writedown of Fixed Assets |  |  |  |  | 23 |  | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 945 | 1063 | 838 | 999 | 1069 | 3844 | 3899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Noninterest Expense | 8998 | 8827 | 8410 | 8656 | 9972 | 34891 | 42862 |
| Income Before Income Tax Expense (Benefit) | 5228 | 4927 | 74 | 3850 | 8873 | 14080 | 14695 |
| Income Tax Expense (Benefit) | 1076 | 998 | (44) | 803 | 1908 | 2833 | 3125 |
| Net Income | $4152 | $3929 | $118 | $3047 | $6965 | $11247 | $11570 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|<br>**Per Common Share Data** | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Dividends Per Common Share | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.96 | $0.96 |
| Earnings Per Common Share - Basic | 0.81 | 0.77 | 0.02 | 0.59 | 1.32 | 2.19 | 2.15 |
| Earnings Per Common Share - Diluted | 0.81 | 0.77 | 0.02 | 0.58 | 1.31 | 2.18 | 2.15 |
| Adjusted Earnings Per Common Share - Diluted (Non-GAAP) <sup>(1)</sup> | 0.80 | 0.71 | 0.05 | 0.59 | 0.53 | 2.14 | 1.95 |
| Weighted Average Common Shares Outstanding - Basic | 5095237 | 5106861 | 5147846 | 5198194 | 5291795 | 5136670 | 5382441 |
| Weighted Average Common Shares Outstanding - Diluted | 5104254 | 5118627 | 5156975 | 5220887 | 5314537 | 5149312 | 5392729 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Common Shares Outstanding | 5100189 | 5096672 | 5128333 | 5156897 | 5260672 |
| Book Value Per Common Share | $21.60 | $20.94 | $22.18 | $23.69 | $25.31 |
| Tangible Book Value per Common Share <sup>(1)</sup> | 19.00 | 18.25 | 19.43 | 20.86 | 22.45 |
| Stockholders' Equity to Assets | 7.8% | 7.5% | 8.2% | 8.5% | 9.3% |
| Tangible Common Equity to Tangible Assets <sup>(1)</sup> | 6.9 | 6.6 | 7.3 | 7.6 | 8.4 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|<br>**Selected Financial Ratios** <sup>(2)</sup> | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Return on Average Assets | 1.16% | 1.12% | 0.03% | 0.87% | 1.87% | 0.80% | 0.79% |
| Adjusted Return on Average Assets <sup>(1)</sup> | 1.15 | 1.03 | 0.08 | 0.87 | 0.76 | 0.78 | 0.72 |
| Return on Average Equity | 15.26 | 13.60 | 0.40 | 9.50 | 20.95 | 9.56 | 8.66 |
| Adjusted Return on Average Equity <sup>(1)</sup> | 15.01 | 12.53 | 0.93 | 9.54 | 8.55 | 9.39 | 7.87 |
| Average Interest-Earning Assets to Average Interest-Bearing Liabilities | 149.04 | 149.41 | 149.03 | 144.48 | 145.09 | 148.00 | 145.44 |
| Average Equity to Average Assets | 7.63 | 8.20 | 8.49 | 9.14 | 8.93 | 8.36 | 9.12 |
| Net Interest Rate Spread | 3.17 | 3.10 | 3.00 | 2.98 | 2.85 | 3.07 | 2.81 |
| Net Interest Rate Spread (FTE) <sup>(1)</sup> | 3.18 | 3.11 | 3.01 | 2.99 | 2.86 | 3.08 | 2.82 |
| Net Interest Margin | 3.45 | 3.29 | 3.12 | 3.08 | 2.95 | 3.24 | 2.92 |
| Net Interest Margin (FTE) <sup>(1)</sup> | 3.46 | 3.30 | 3.13 | 3.10 | 2.96 | 3.25 | 2.94 |
| Net Charge-offs and (Recoveries) to Average Loans | 0.01 | (0.01) | 1.01 | (0.01) | 0.03 | 0.25 | 0.01 |
| Efficiency Ratio | 63.25 | 64.18 | 68.55 | 69.21 | 52.71 | 66.14 | 75.95 |
| Adjusted Efficiency Ratio <sup>(1)</sup> | 60.74 | 63.02 | 64.18 | 65.88 | 69.73 | 63.36 | 74.25 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Quality Ratios** | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Allowance for Loan Losses to Total Loans | 1.22% | 1.23% | 1.25% | 1.14% | 1.13% |
| Allowance for Loan Losses to Total Loans, Excluding PPP Loans<sup>(1)</sup> | 1.22 | 1.23 | 1.25 | 1.15 | 1.16 |
| Allowance for Loan Losses to Nonperforming Loans <sup>(3)</sup> | 221.06 | 218.61 | 219.89 | 158.88 | 159.40 |
| Allowance for Loan Losses to Noncurrent Loans <sup>(4)</sup> | 320.64 | 318.96 | 329.47 | 218.28 | 233.37 |
| Delinquent and Nonaccrual Loans to Total Loans <sup>(4) (5)</sup> | 0.81 | 0.46 | 0.45 | 0.79 | 0.78 |
| Nonperforming Loans to Total Loans <sup>(3)</sup> | 0.55 | 0.56 | 0.57 | 0.72 | 0.71 |
| Noncurrent Loans to Total Loans <sup>(4)</sup> | 0.38 | 0.39 | 0.38 | 0.52 | 0.49 |
| Nonperforming Assets to Total Assets <sup>(6)</sup> | 0.41 | 0.41 | 0.42 | 0.51 | 0.51 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Capital Ratios** <sup>(7)</sup> | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Common Equity Tier 1 Capital (to Risk Weighted Assets) | 12.33% | 12.02% | 11.83% | 11.99% | 11.95% |
| Tier 1 Capital (to Risk Weighted Assets) | 12.33 | 12.02 | 11.83 | 11.99 | 11.95 |
| Total Capital (to Risk Weighted Assets) | 13.58 | 13.27 | 13.08 | 13.20 | 13.18 |
| Tier 1 Leverage (to Adjusted Total Assets) | 8.66 | 8.51 | 8.33 | 8.19 | 7.76 |

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

(2)&nbsp;&nbsp;&nbsp;&nbsp;Interim period ratios are calculated on an annualized basis.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans consist of nonaccrual loans, accruing loans that are 90 days or more past due, and troubled debt restructured loans.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due.

(5)&nbsp;&nbsp;&nbsp;&nbsp;Delinquent loans consist of accruing loans that are 30 days or more past due.

(6)&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming assets consist of nonperforming loans and other real estate owned.

(7)&nbsp;&nbsp;&nbsp;&nbsp;Capital ratios are for Community Bank only.

Certain items previously reported may have been reclassified to conform with the current reporting period's format.

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **March 31, 2022** | **March 31, 2022** | **March 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| | **Average Balance** | **Interest and Dividends** | **Yield / Cost** <sup>(1)</sup> | **Average Balance** | **Interest and Dividends** | **Yield / Cost** <sup>(1)</sup> | **Average Balance** | **Interest and Dividends** | **Yield / Cost** <sup>(1)</sup> | **Average Balance** | **Interest and Dividends** | **Yield / Cost** <sup>(1)</sup> | **Average Balance** | **Interest and Dividends** | **Yield / Cost** <sup>(1)</sup> |
| *(Dollars in thousands) (Unaudited)* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-Earning Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, Net <sup>(2)</sup> | $1034714 | $11853 | 4.54% | $1024363 | $10833 | 4.20% | $1007874 | $9751 | 3.88% | $1009210 | $9573 | 3.85% | $1004827 | $9927 | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 216915 | 974 | 1.80 | 222110 | 985 | 1.77 | 228315 | 988 | 1.73 | 215906 | 905 | 1.68 | 205328 | 866 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt From Federal Tax | 6277 | 51 | 3.25 | 7998 | 62 | 3.10 | 9109 | 73 | 3.21 | 10195 | 84 | 3.30 | 10477 | 84 | 3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 2693 | 28 | 4.16 | 2693 | 21 | 3.12 | 2693 | 20 | 2.97 | 2693 | 22 | 3.27 | 2693 | 21 | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Bearing Deposits at Banks | 99108 | 939 | 3.79 | 67870 | 378 | 2.23 | 56379 | 122 | 0.87 | 59296 | 33 | 0.22 | 150102 | 61 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Interest-Earning Assets | 2875 | 39 | 5.38 | 2784 | 39 | 5.56 | 3235 | 38 | 4.71 | 3483 | 39 | 4.54 | 3475 | 45 | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Earning Assets | 1362582 | 13884 | 4.04 | 1327818 | 12318 | 3.68 | 1307605 | 10992 | 3.37 | 1300783 | 10656 | 3.32 | 1376902 | 11004 | 3.17 |
| Noninterest-Earning Assets | 51718 |  |  | 68796 |  |  | 84323 |  |  | 122288 |  |  | 100607 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1414300 |  |  | $1396614 |  |  | $1391928 |  |  | $1423071 |  |  | $1477509 |  |  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Demand Deposits <sup>(3)</sup> | $315352 | $810 | 1.02% | $278412 | $393 | 0.56% | $260655 | $111 | 0.17 | $276603 | $48 | 0.07 | $278546 | $51 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings <sup>(3)</sup> | 249948 | 29 | 0.05 | 251148 | 20 | 0.03 | 248356 | 20 | 0.03 | 243786 | 19 | 0.03 | 252387 | 20 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market <sup>(3)</sup> | 206192 | 604 | 1.16 | 189371 | 269 | 0.56 | 188804 | 61 | 0.13 | 192425 | 41 | 0.09 | 209572 | 57 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits <sup>(3)</sup> | 116172 | 368 | 1.26 | 123438 | 397 | 1.28 | 127832 | 412 | 1.29 | 132015 | 422 | 1.30 | 154342 | 508 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Deposits <sup>(3)</sup> | 887664 | 1811 | 0.81 | 842369 | 1079 | 0.51 | 825647 | 604 | 0.29 | 844829 | 530 | 0.25 | 894847 | 636 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Sold Under Agreements to Repurchase | 8985 | 7 | 0.31 | 28738 | 19 | 0.26 | 34135 | 18 | 0.21 | 37884 | 19 | 0.20 | 44709 | 26 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 17598 | 171 | 3.86 | 17621 | 174 | 3.92 | 17611 | 173 | 3.94 | 17604 | 174 | 4.01 | 9474 | 70 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Liabilities | 914247 | 1989 | 0.86 | 888728 | 1272 | 0.57 | 877393 | 795 | 0.36 | 900317 | 723 | 0.33 | 949030 | 732 | 0.31 |
| Noninterest-Bearing Demand Deposits | 391300 |  |  | 390658 |  |  | 391975 |  |  | 384188 |  |  | 388787 |  |  |
| Other Liabilities | 788 |  |  | 2636 |  |  | 4415 |  |  | 8554 |  |  | 7800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1306335 |  |  | 1282022 |  |  | 1273783 |  |  | 1293059 |  |  | 1345617 |  |  |
| Stockholders' Equity | 107965 |  |  | 114592 |  |  | 118145 |  |  | 130012 |  |  | 131892 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $1414300 |  |  | $1396614 |  |  | $1391928 |  |  | $1423071 |  |  | $1477509 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Income (FTE)<br>(Non-GAAP) <sup>(4)</sup> |  | $11895 |  |  | $11046 |  |  | $10197 |  |  | $9933 |  |  | $10272 |  |
| Net Interest-Earning Assets <sup>(5)</sup> | 448335 |  |  | 439090 |  |  | 430212 |  |  | 400466 |  |  | 427872 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Rate Spread (FTE)<br>(Non-GAAP) <sup>(4) (6)</sup> |  |  | 3.18% |  |  | 3.11% |  |  | 3.01% |  |  | 2.99% |  |  | 2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Margin (FTE) <br>(Non-GAAP) <sup>(4)(7)</sup> |  |  | 3.46 |  |  | 3.30 |  |  | 3.13 |  |  | 3.10 |  |  | 2.96 |
| PPP Loans | 216 | 22 | 40.41 | 2424 | 123 | 20.13 | 5546 | 144 | 10.41 | 14673 | 445 | 12.30 | 29067 | 391 | 5.34 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Annualized based on three months ended results.

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

(3)&nbsp;&nbsp;&nbsp;&nbsp;Includes Deposits Held for Sale that were sold in December 2021.

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

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

(6)&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.

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** | **AVERAGE BALANCES AND YIELDS** |
| | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| | **Average Balance** | **Interest and Dividends** | **Yield /Cost** | **Average Balance** | **Interest and Dividends** | **Yield / Cost** |
| *(Dollars in thousands) (Unaudited)* |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |
| Interest-Earning Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, Net <sup>(1)</sup> | $1019124 | $42010 | 4.12% | $1014405 | $39799 | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 220818 | 3852 | 1.74 | 162987 | 2990 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt From Federal Tax | 8383 | 270 | 3.22 | 11829 | 366 | 3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable Equity Securities | 2693 | 91 | 3.38 | 2657 | 84 | 3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Bearing Deposits at Banks | 70765 | 1473 | 2.08 | 177768 | 304 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Interest-Earning Assets | 3092 | 154 | 4.98 | 3733 | 186 | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Earning Assets | 1324875 | 47850 | 3.61 | 1373379 | 43729 | 3.18 |
| Noninterest-Earning Assets | 81553 |  |  | 91075 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1406428 |  |  | $1464454 |  |  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Demand Deposits <sup>(2)</sup> | $282850 | $1362 | 0.48% | $272256 | $232 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings <sup>(2)</sup> | 248334 | 88 | 0.04 | 247864 | 98 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market <sup>(2)</sup> | 194223 | 976 | 0.50 | 201222 | 281 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits <sup>(2)</sup> | 124817 | 1599 | 1.28 | 171805 | 2514 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Deposits <sup>(2)</sup> | 850224 | 4025 | 0.47 | 893147 | 3125 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Borrowings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Sold Under Agreements to Repurchase | 27360 | 63 | 0.23 | 43988 | 98 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 17609 | 693 | 3.94 | 7172 | 182 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Liabilities | 895193 | 4781 | 0.53 | 944307 | 3405 | 0.36 |
| Noninterest-Bearing Demand Deposits | 389553 |  |  | 378374 |  |  |
| Other Liabilities | 4072 |  |  | 8168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1288818 |  |  | 1330849 |  |  |
| Stockholders' Equity | 117610 |  |  | 133605 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $1406428 |  |  | $1464454 |  |  |
| Net Interest Income (FTE) (Non-GAAP) <sup>(3)</sup> |  | 43069 |  |  | 40324 |  |
| Net Interest-Earning Assets <sup>(4)</sup> | 429682 |  |  | 429072 |  |  |
| Net Interest Rate Spread (FTE) (Non-GAAP) <sup>(3)(5)</sup> |  |  | 3.08% |  |  | 2.82% |
| Net Interest Margin (FTE) (Non-GAAP) <sup>(3)(6)</sup> |  |  | 3.25 |  |  | 2.94 |
| PPP Loans | 5666 | 734 | 12.95 | 45905 | 2189 | 4.77 |

---

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

(2)&nbsp;&nbsp;&nbsp;&nbsp;Includes Deposits Held for Sale that were sold in December 2021.

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

(4)&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.

------

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

In addition to financial measures presented in accordance with generally accepted accounting principles ("GAAP"), we use, and this Press Release contains or references, certain Non-GAAP financial measures. We believe these Non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company's business and in analyzing the Company's operating results on the same basis as that applied by management. Although we believe that these Non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with 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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| *(Dollars in thousands, except share and per share data) (Unaudited)* |  |  |  |  |  |  |  |
| Net Income (GAAP) | $4152 | $3929 | $118 | $3047 | $6965 | $11247 | $11570 |
| <u>Adjustments</u> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) Loss on Securities | (83) | 46 | 199 | 7 | (44) | 168 | (526) |
| &nbsp;&nbsp;&nbsp;Gain on Sale of Branches |  |  |  |  | (5203) |  | (5203) |
| &nbsp;&nbsp;&nbsp;(Gain) Loss on Disposal of Fixed Assets |  | (439) |  | 8 |  | (431) | 3 |
| &nbsp;&nbsp;&nbsp;Tax effect | 17 | 83 | (42) | (3) | 1102 | 55 | 1202 |
| Non-Cash Charges: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Intangible Assets and Goodwill Impairment |  |  |  |  |  |  | 1178 |
| &nbsp;&nbsp;&nbsp;Writedown on Fixed Assets |  |  |  |  | 23 |  | 2293 |
| &nbsp;&nbsp;&nbsp;Tax Effect |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted Net Income (Non-GAAP) | $4086 | $3619 | $275 | $3059 | $2843 | $11039 | $10517 |
| Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding | 5104254 | 5118627 | 5156975 | 5220887 | 5314537 | 5149312 | 5392729 |
| Earnings per Common Share - Diluted (GAAP) | $0.81 | $0.77 | $0.02 | $0.58 | $1.31 | $2.18 | $2.15 |
| Adjusted Earnings per Common Share - Diluted (Non-GAAP) | $0.80 | $0.71 | $0.05 | $0.59 | $0.53 | $2.15 | $1.95 |
| Net Income (GAAP) (Numerator) | $4152 | $3929 | $118 | $3047 | $6965 | $11247 | $11570 |
| Annualization Factor | 3.97 | 3.97 | 4.01 | 4.06 | 3.97 | 1.00 | 1.00 |
| Average Assets (Denominator) | 1414300 | 1396614 | 1391928 | 1423071 | 1477509 | 1406428 | 1464454 |
| Return on Average Assets (GAAP) | 1.16% | 1.12% | 0.03% | 0.87% | 1.87% | 0.80% | 0.79% |
| Adjusted Net Income (Non-GAAP) (Numerator) | $4086 | $3619 | $275 | $3059 | $2843 | $11039 | $10517 |
| Annualization Factor | 3.97 | 3.97 | 4.01 | 4.06 | 3.97 | 1.00 | 1.00 |
| Average Assets (Denominator) | 1414300 | 1396614 | 1391928 | 1423071 | 1477509 | 1407413 | 1455368 |
| Adjusted Return on Average Assets (Non-GAAP) | 1.15% | 1.03% | 0.08% | 0.87% | 0.76% | 0.78% | 0.72% |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| *(Dollars in thousands) (Unaudited)* |  |  |  |  |  |  |  |
| Net Income (GAAP) (Numerator) | $4152 | $3929 | $118 | $3047 | $6965 | $11247 | $11570 |
| Annualization Factor | 3.97 | 3.97 | 4.01 | 4.06 | 3.97 | 1.00 | 1.00 |
| Average Equity (GAAP) (Denominator) | 107965 | 114592 | 118145 | 130012 | 131892 | 117610 | 133605 |
| Return on Average Equity (GAAP) | 15.26% | 13.60% | 0.40% | 9.50% | 20.95% | 9.56% | 8.66% |
| Adjusted Net Income (Non-GAAP) (Numerator) | $4086 | $3619 | $275 | $3059 | $2843 | $11039 | $10517 |
| Annualization Factor | 3.97 | 3.97 | 4.01 | 4.06 | 3.97 | 1.00 | 1.00 |
| Average Equity (GAAP) (Denominator) | 107965 | 114592 | 118145 | 130012 | 131892 | 117610 | 133605 |
| Adjusted Return on Average Equity (Non-GAAP) | 15.01% | 12.53% | 0.93% | 9.54% | 8.55% | 9.39% | 7.87% |

---

Tangible book value per common share is a Non-GAAP measure and is calculated based on tangible common equity divided by period-end common shares outstanding. Tangible common equity to tangible assets is a Non-GAAP measure and is calculated based on tangible common equity divided by tangible assets. We believe these Non-GAAP measures serve as useful tools 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| *(Dollars in thousands, except share and per share data) (Unaudited)* |  |  |  |  |  |
| Assets (GAAP) | $1408938 | $1425920 | $1386461 | $1438670 | $1425479 |
| Goodwill and Intangible Assets, Net | (13245) | (13691) | (14136) | (14582) | (15027) |
| Tangible Assets (Non-GAAP) (Numerator) | $1395693 | $1412229 | $1372325 | $1424088 | $1410452 |
| Stockholders' Equity (GAAP) | $110155 | $106706 | $113772 | $122156 | $133124 |
| Goodwill and Intangible Assets, Net | (13245) | (13691) | (14136) | (14582) | (15027) |
| Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator) | $96910 | $93015 | $99636 | $107574 | $118097 |
| Stockholders' Equity to Assets (GAAP) | 7.8% | 7.5% | 8.2% | 8.5% | 9.3% |
| Tangible Common Equity to Tangible Assets (Non-GAAP) | 6.9% | 6.6% | 7.3% | 7.6% | 8.4% |
| Common Shares Outstanding (Denominator) | 5100189 | 5096672 | 5128333 | 5156897 | 5260672 |
| Book Value per Common Share (GAAP) | $21.60 | $20.94 | $22.18 | $23.69 | $25.31 |
| Tangible Book Value per Common Share (Non-GAAP) | $19.00 | $18.25 | $19.43 | $20.86 | $22.45 |

---

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 and securities using the federal statutory income tax rate of 21 percent. 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** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| *(Dollars in thousands) (Unaudited)* |  |  |  |  |  |  |  |
| Interest Income (GAAP) | $13855 | $12287 | $10958 | $10616 | $10963 | $47716 | $43557 |
| Adjustment to FTE Basis | 29 | 31 | 34 | 40 | 41 | 134 | 172 |
| Interest Income (FTE) (Non-GAAP) | 13884 | 12318 | 10992 | 10656 | 11004 | 47850 | 43729 |
| Interest Expense (GAAP) | 1989 | 1272 | 795 | 723 | 732 | 4781 | 3405 |
| Net Interest Income (FTE) (Non-GAAP) | $11895 | $11046 | $10197 | $9933 | $10272 | $43069 | $40324 |
| Net Interest Rate Spread (GAAP) | 3.17% | 3.10% | 3.00% | 2.98% | 2.85% | 3.07% | 2.81% |
| Adjustment to FTE Basis | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Net Interest Rate Spread (FTE) (Non-GAAP) | 3.18 | 3.11 | 3.01 | 2.99 | 2.86 | 3.08 | 2.82 |
| Net Interest Margin (GAAP) | 3.45% | 3.29% | 3.12% | 3.08% | 2.95% | 3.24% | 2.92% |
| Adjustment to FTE Basis | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 |
| Net Interest Margin (FTE) (Non-GAAP) | 3.46 | 3.30 | 3.13 | 3.10 | 2.96 | 3.25 | 2.94 |

---

Adjusted efficiency ratio excludes the effect of certain non-recurring or non-cash items and represents adjusted noninterest expense divided by adjusted operating revenue. The Company evaluates its operational efficiency based on its adjusted efficiency ratio and believes it provides additional perspective on its ongoing performance as well as peer comparability.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| *(Dollars in thousands) (Unaudited)* |  |  |  |  |  |  |  |
| Noninterest Expense (GAAP) (Numerator) | $8998 | $8827 | $8410 | $8656 | $9972 | $34891 | $42862 |
| Net Interest and Dividend Income (GAAP) | $11866 | $11015 | $10163 | $9893 | $10231 | $42935 | $40152 |
| Noninterest Income (GAAP) | 2360 | 2739 | 2105 | 2613 | 8689 | 9820 | 16280 |
| Operating Revenue (GAAP) (Denominator) | $14226 | $13754 | $12268 | $12506 | $18920 | $52755 | $56432 |
| Efficiency Ratio (GAAP) | 63.25% | 64.18% | 68.55% | 69.21% | 52.71% | 66.14% | 75.95% |
| Noninterest Expense (GAAP) | $8998 | $8827 | $8410 | $8656 | $9972 | $34891 | $42862 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Real Estate Owned (Income) | (38) | (38) | (37) | (38) | (30) | (151) | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible Assets | 446 | 445 | 446 | 445 | 445 | 1782 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible Assets and Goodwill Impairment |  |  |  |  |  |  | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Writedown on Fixed Assets |  |  |  |  | 23 |  | 2293 |
| Adjusted Noninterest Expense (Non-GAAP) (Numerator) | $8590 | $8420 | $8001 | $8249 | $9534 | $33260 | $37648 |
| Net Interest and Dividend Income (GAAP) | $11866 | $11015 | $10163 | $9893 | $10231 | $42935 | $40152 |
| Noninterest Income (GAAP) | 2360 | 2739 | 2105 | 2613 | 8689 | 9820 | 16280 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain (Loss) on Securities | 83 | (46) | (199) | (7) | 44 | (168) | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Sale of Branches |  |  |  |  | 5203 |  | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Gain (Loss) on Disposal of Fixed Assets |  | 439 |  | (8) |  | 431 | (3) |
| Adjusted Noninterest Income (Non-GAAP) | $2277 | $2346 | $2304 | $2628 | $3442 | $9557 | $10554 |
| Adjusted Operating Revenue (Non-GAAP) (Denominator) | $14143 | $13361 | $12467 | $12521 | $13673 | $52492 | $50706 |
| Adjusted Efficiency Ratio (Non-GAAP) | 60.74% | 63.02% | 64.18% | 65.88% | 69.73% | 63.36% | 74.25% |

---

------

Allowance for loan losses to total loans, excluding PPP loans, is a Non-GAAP measure that serves as a useful measurement to evaluate the allowance for loan losses without the impact of SBA guaranteed loans.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| *(Dollars in thousands) (Unaudited)* |  |  |  |  |  |
| Allowance for Loan Losses (Numerator) | $12819 | $12854 | $12833 | $11595 | $11582 |
| Total Loans | 1049873 | $1042942 | 1027969 | $1020642 | $1020796 |
| PPP Loans | (126) | (768) | (3853) | (8242) | (24523) |
| Total Loans, Excluding PPP Loans (Non-GAAP) (Denominator) | $1049747 | $1042174 | $1024116 | $1012400 | $996273 |
| &nbsp;&nbsp;&nbsp;Allowance for Loan Losses to Total Loans, Excluding<br>PPP Loans (Non-GAAP) | 1.22% | 1.23% | 1.25% | 1.15% | 1.16% |

---

## Exhibit 99.2

![](cbfvjanuary2023investorp001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services, Inc. Investor Presentation \| January 2023

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![](cbfvjanuary2023investorp002.jpg)

CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 2 Forward-Looking Statements and Non-GAAP Financial Measures Statements contained in this investor presentation that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, the scope and duration of economic contraction as a result of the COVID-19 pandemic and its effects on the Company's business and that of the Company's customers, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company's periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation. Explanation of Use of Non-GAAP Financial Measures In addition to financial measures presented in accordance with generally accepted accounting principles ("GAAP"), we use, and this investor presentation contains or references, certain non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company's business and in analyzing the Company's operating results on the same basis as that applied by management. Although we believe that these non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with 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.

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![](cbfvjanuary2023investorp003.jpg)

CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 3 "We partner with individuals, businesses and communities to realize their dreams, protect their financial futures and improve their lives " Mission Statement

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![](cbfvjanuary2023investorp004.jpg)

CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 4 Market Presence with Brand Recognition Seasoned Executive Leadership Deploying Technology to Enhance Client Experience Investment Summary Serving Stable Southwestern PA & Ohio River Valley markets Proven experience through all economic cycles Continuing to invest with a tech- forward and people-centric approach Investing for Growth Adding new talent, tech upgrades and investing in process improvement Rewarding Shareholders Stable quarterly dividend and active share repurchase program

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![](cbfvjanuary2023investorp005.jpg)

CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 5 Corporate Overview Headquartered in Southwestern, Pennsylvania Community Bank (the "Bank"), the wholly-owned subsidiary of CB Financial Services, Inc. operates ten offices providing a wide range of banking services in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, and three offices in Marshall and Ohio Counties in West Virginia. In addition, the Bank provides personal and commercial insurance products through its Exchange Underwriters subsidiary which is based in the Bank's headquarters in Washington, PA. Financial Overview(1) Assets Loans Deposits $1.41 billion $1.05 billion $1.27 billion Founded in 1901 (1) Data is as of December 31, 2022

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 6 CBFV Share Price $21.57 Shares Outstanding 5.1M Public Float 4.6M Market Cap 109.8M Total Stockholders' Equity $110.2M Book Value per Common Share $21.60 Tangible Book Value per Common Share (1) $19.00 Price to Book Value 0.99x Price to Tangible Book Value (1) 1.13x P/E LTM (LTM EPS of $2.18) 9.89x P/E LTM (LTM Adjusted EPS of $2.14) (1) 10.08x ◦ All daily trading information/multiples as of January 23, 2023 ◦ All other financial information as of December 31, 2022 (1) Refer to Non-GAAP Financial Measures in the Appendix for the calculation of the measure and reconciliation to the most comparable GAAP measure. Share / Trading Information

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 7 Commercial Banking Retail Banking Mortgage Banking Insurance Brokerage ▪ Well-positioned to serve the needs of small and medium-sized businesses across our footprint ▪ Growing presence within the Pittsburgh MSA ▪ Strong asset quality ▪ Branch optimization completed in 2021 ▪ Currently operating in Southwestern PA and Ohio River Valley ▪ Ongoing investment in technology and physical infrastructure ▪ Active mortgage origination platform with dedicated mortgage originators ▪ Low volatility housing market ▪ Expanding mortgage banking platform into legacy markets ▪ Provides relatively uncorrelated source of revenues ▪ Complementary to commercial and retail banking business Diversified Business

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 8 2023 Macro Outlook Item Comment Deposits Market pricing began to rise during Q4 and we expect that will continue; Corporate wide initiatives to increase deposits in place Loans Strong focus area with new talent in place, continuing to push for growth in the face of headwinds stemming from moderating economic conditions Net Interest Margin Compression is possible as deposit costs increase, focus on attracting Core non/low interest bearing to mitigate compression Non-interest expense Upward bias as we attract top talent, continued investments in technology to generate efficiencies Expectations are that the Federal Reserve will raise rates further during 2023, leading to continued moderation of economic conditions with a resulting mixed impact on CB

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 9 Pittsburgh Metropolitan Area • 2.4 million people, including surrounding counties, with a median household income at $50,536(1) • Large market for energy, healthcare, technology, and manufacturing companies Large, Diverse Market Large Employers in Operating Area • Fortune 500 companies headquartered in Pittsburgh include: Kraft Heinz, PPG Industries, U.S. Steel, Alcoa, Dick's Sporting Goods, and WESCO International(2) • The largest employers within the operating area include: Education • Carnegie Mellon University and the University of Pittsburgh bring tech jobs and innovation to the area, both through direct university activities and by providing a steady stream of graduates for employment elsewhere in the community • UPMC is investing $2 billion in three new specialty hospitals in Pittsburgh and is constructing a new hospital facility in Washington County, PA Opening of Southern Beltway • Pittsburgh's first major highway in decades • 110,000 drivers connected between Washington County and Pittsburgh International Airport 1. https://www.statista.com/statistics/815309/pittsburgh-metro-area-population/#:~:text=In%202021%2C%20the%20population%20of,was%20about%202.37%20million%20people. 2. http://fortune.com/fortune500/ Attractive Operating Market

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 10 Revenue Generating Initiatives 2023 Goals p Continue investment in technology / applications to support the customer experience p Fine-tune build out of Commercial Banking team; begin implementation of new Loan Origination System to streamline processes p Rollout new consumer loan products including FHA mortgage products, securities based lending program and an advanced suite of treasury management products We executed well against our revenue-oriented goals in 2022 and expect to continue that success through 2023 2022 Goals p Add seasoned commercial and retail sales leaders tasked with driving growth p Developed and implemented a Business Banking Division to support loan and deposit production based on extreme responsiveness and streamlined processing p Completed major technology related projects including a full Core migration and new Teller system, creating efficiencies and positioning for growth

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 11 Senior Executive Vice President & Chief Credit Officer, Director since 2018 Nearly 35 years of experience with CBFV Responsibilities include oversight of credit and underwriting policies Ralph Burchianti Senior Executive Vice President & Chief Operations Officer. Appointed SEVP in October 2021, EVP – COO in May 2019, joined CBFV in October 2014 Jennifer George President & CEO since August 2020 Previously Chief Credit Officer at First Bank, a privately held $6 Billion bank Over 30 years of experience John Montgomery Executive Vice President, Director of Client Experience & Innovation Since April 2022. Responsibilities include overseeing operations tied to client experience and employee engagement functions Ben Brown Executive Vice President, Chief Commercial Banking Officer since February 2022. Responsibilities include all commercial sales, customer service, process, and product initiatives Bruce Sharp Executive Vice President & Chief Financial Officer. 20+ years of banking experience with over 10 years in CEO/ CFO role.Responsible for financial oversight, SEC/Regulatory reporting. Jamie Prah Alan Bicker Executive Vice President, Chief Consumer Banking Officer since March 2022 Responsibilities include all retail bank operations and related support systems Executive Leadership Team

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Strong Q4 and FY Performance

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 13 Q4 2022 – Highlights of the Quarter Improvement in Multiple Key Metrics(1) • Net Interest Margin (NIM) of 3.45%, up 16 basis points from the third quarter • Q4 2022 adjusted Efficiency Ratio (non-GAAP) of 60.7%, compared with 69.7% in Q4 2021. • Pre-tax, pre-provision (PTPP) net income (excluding PPP and one-time items) of $5.1M in Q4 2022 was up 48.5% compared with $3.4M during Q4 2021 Loan growth and Capital redeployment to shareholders continues • Loans, excluding Payroll Protection Program (PPP) loans, grew $7.6 million (2.9% annualized) from September 30, 2022 • Tier 1 capital remains strong at 12.3%, compared with 12.0% at September 30, 2022 • Repurchased 4,620 shares at an average cost of $21.88 per share, with $8.6 million of remaining availability (1) Numbers and comparisons may be on an adjusted basis. See appendix for discussion and reconciliation of non-GAAP financial measures. Numbers and percent changes may not add/equate precisely due to rounding. Financial Performance Balance Sheet Strength Strong quarterly performance, driven by operating leverage and strategic initiatives driving financial results

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 14 FY 2022 – Highlights of the Year • Continue to drive smart growth in retail and commercial channels • Drive margin expansion through top-line growth coupled with reduced non-interest expense levels • Expand the implementation and usage of technology across the customer experience • Deliver improved profitability and return metrics • Loans, excluding Payroll Protection Program (PPP) loans, grew $29.1 million from December 31, 2021 • Efficiency ratio for the year of 66.14% compared with 75.95% in FY 2021 • Completed Core migration, new teller system and implementation of new fraud products, providing enhanced benefits to the customer experience • FY ROAE of 9.56% compared with 8.66% in 2021 / ROAA of 0.80% compared with 0.79% in 2021 (1) Numbers and comparisons may be on an adjusted basis. See appendix for discussion and reconciliation of non-GAAP financial measures. Numbers and percent changes may not add/equate precisely due to rounding. Goals Entering the Year(1) How We Did Solid execution and organic growth strategies, underpinned by durable expense reduction, resulted in bottom-line growth

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 15 Financial Update – Q4 2022 2019 FY 2020 FY 2021 FY 2022 FY Q4 2021 Q4 2022 ($000s except per share) 12/31/19 12/31/20 12/31/21 12/31/22 12/31/21 12/31/22 Balance Sheet Total Assets $1,321,537 $1,416,720 $1,425,479 $1,408,938 $1,425,479 $1,408,938 Total Loans 952,496 1,044,753 1,020,796 1,049,873 1,020,796 1,049,873 Total Deposits 1,118,359 1,224,569 1,226,613 1,268,503 1,226,613 1,268,503 Tangible Common Equity(2) 112,145 116,399 118,097 96,910 118,097 96,910 Loans/ Deposits 85.2 % 85.3 % 83.2 % 82.8 % 83.2 % 82.8 % Capital Ratios (%) Tier 1 Leverage 7.85 % 7.81 % 7.76 % 8.66 % 7.76 % 8.66 % Tangible. Common Equity / Tangible Assets(2) 8.74 8.32 8.37 6.94 8.37 6.94 Tier 1 Ratio(3) 11.40 11.80 11.95 12.33 11.95 12.33 Total Capital Ratio(3) 12.50 13.00 13.18 13.58 13.18 13.58 Asset Quality (%)(1) NPAs/ Assets 0.42 % 1.04 % 0.51 % 0.41 % 0.51 % 0.41 % NCOs/ Avg Loans 0.05 0.11 0.01 0.25 0.03 0.01 Reserves/ Nonaccrual Loans 340 117 233 321 233 321 Profitability Net Income (Loss) $14,327 $(10,640) $11,570 $11,247 $6,965 $4,152 ROAA 1.09 % (0.77) % 0.79 % 0.80 % 1.87 % 1.16 % PTPP ROAA(2) 1.28 1.05 1.32 1.27 2.41 1.47 ROAE 9.89 (7.18) 8.66 9.56 20.95 15.26 ROATCE(2) 15.09 8.86 12.54 12.60 25.22 19.32 Net Interest Margin (FTE)(2) 3.64 3.32 2.94 3.25 2.96 3.46 Adjusted Efficiency Ratio(2) 63.83 68.14 74.25 63.36 69.73 60.74 Diluted EPS $2.63 $(1.97) $2.15 $2.18 $1.31 $0.81 TBV Per Share(2) 20.52 21.42 22.45 19.00 22.45 19.00 • Diluted EPS (GAAP) for Q4 2022 was $0.81, compared to $1.31 in the prior year period • NIM (FTE) (Non-GAAP) increased 50 bps year-over-year to 3.46% compared with Q4 2021 of 2.96% on declining asset yields slightly offset by lower interest-bearing deposit costs • Total loans (including PPP loans) were $1.05 billion, an increase of $29.1 million compared to prior year end • Total loans (excluding PPP loans) were $1.05 billion, a increase of $53.5 million compared to the prior year end • Total deposits were $1.27 billion, an increase of $41.9 million compared to the prior year end • Regulatory capital levels remain well capitalized • Q4 2021 includes non-recurring $5.2 million of income from the sale of two branches as part of optimization initiative (1) NPLs include nonaccrual loans, 90+ days past due loans and TDRs. NPAs include NPLs and OREO. (2) Non-GAAP financial metric. Please see the appendix to view this presentation for Non-GAAP reconciliations. (3) Regulatory capital ratios are bank-level. • Total assets were $1.41 billion, compared to $1.43 billion at the prior year end

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 16 Period ended balances excluding PPP loans were $1.05 billion at December 31, 2022 compared to $996.3 million at December 31, 2021, an increase of 5.4%. in m ill io ns Quarter End Loan Balances $996 $1,012 $1,024 $1,042 $1,050 Total Loans excluding PPP(1) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $700 $750 $800 $850 $900 $950 $1,000 $1,050 $1,100 Quarterly Loan Growth excluding PPP loans (1) Non-GAAP financial metric. Please see the appendix to view this presentation for Non-GAAP reconciliations.

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 17 After completion of the branch optimization in June 2021, there has been continuous growth in core earnings from $3.3 million in the three months ended September 30, 2021 to $5.1 million in the three months ended December 31, 2022, an increase of 55.4%. in th ou sa nd s $3,297 $3,449 $3,460 $3,927 $4,417 $5,123 Core Earnings Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 1. Core earnings based on adjustments made in Non-GAAP Financial Measures: Core Earnings table in Appendix. Core Earnings GAAP equivalent is pre-tax income(loss) for the following quarters starting with Q3 2021 as noted, $3.3 million, $3.4 million, $3.5 million, $3.9 million, $4.4 million, $5.2 million Core Earnings(1) Growth

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Driving Margins by Controlling Costs

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 19 ▪ Total Interest and Dividend Income, plus Insurance Commissions, continue to grow ▪ Completion of optimization initiative in 2021 is resulting in improved efficiency ▪ Investing in retail deposit and commercial loan growth through our recent strategic hires Improving Returns on Our Human Capital Revenue per Full-time Employee $208,853 $183,024 $245,865 $272,570 FY 2019 FY 2020 FY 2021 FY 2022 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 $240,000 $260,000 $280,000 Revenue Metrics Benefiting from Optimization Efforts

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 20 ◦ Reduced overall branch locations from 22 to 13 during 2021 - 2022 ◦ Solidified the reduction of non-interest expense, including salaries ◦ Deposits per branch continuing to trend well above pre-optimization levels ◦ Focus on driving revenue initiatives while continuing to scrub for additional optimization opportunities Branch Optimization Efforts Yielding Results $ in thousands $58,385 $79,757 $80,488 $87,615 $89,308 $86,799 $91,131 $97,577 Total Deposits Deposits Per Branch 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $— $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Increasing Efficiency In Our Branch Networks $ in th ou sa nd s

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 21 \* Peers include public and private Pennsylvania banks with total assets of $1 billion to $5 billion as of 6/30/22. Source: S&P Global Market Intelligence; Financial data as of 9/30/22. CB Has Maintained a Lower Average Cost of Deposits Versus Peers\* Through the Most Recent Cycle CB Peers Avg Fed Funds Rate 2018 2019 2020 2021 Q1 2022 Q2 2022 Q3 2022 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% Favorable Cost of Deposits

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 22 \* Peers include public and private Pennsylvania banks with total assets of $1 billion to $5 billion as of 9/30/22 as Q4 2022 data is unavailable Source: S&P Global Market Intelligence; Financial data as of 9/30/22. CB Has Maintained a Higher Non-Interest Bearing Deposit Compared to Peers Average\* Through the Most Recent Cycle Non-Interest Bearing Deposit Market Advantage CB Peers 2018 2019 2020 2021 Q3 2022 10% 15% 20% 25% 30% 35%

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 23 Total income is increasing while total expenses remain flat over the prior 5 quarters, producing positive operating leverage. in th ou sa nd s Core Income (1) Core Expense (1) Income Trendline Expense Trendline Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $— $2,500 $5,000 $7,500 $10,000 $12,500 $15,000 $17,500 1. Core income/expense based on adjustments made in Non-GAAP Financial Measures: Core Earnings table in Appendix Operating Leverage Benefiting From Optimization

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Credit Insights

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 25 Home Prices and Unemployment in the Pittsburgh MSA Compared Favorably with Pennsylvania and National Average Attractive Operating Markets ~ Less Recessionary Impact During Last Recession

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 26 Credit Breakdown by Industry Industry Breakdown Total Outstanding Balance ($000) % of Total Loans Retail Space $121,046 $1,049,873,000 11.5 % Multifamily 77,374 7.4 Office Space 60,286 5.7 Senior Housing 16,427 1.6 Hotels 17,128 1.6 Oil and Gas 13,196 1.3 Restaurants 3,247 0.3 Total Industries $308,704 29.4 % ▪ No loans are in deferral as of 12/31/2022 ▪ Exposure includes categories of CRE, Construction CRE, and C&I loans Source: Company information as of 12/31/2022 Retail 39.2% Multifamily 25.1% Office Space 19.5% Senior Housing 5.3% Hotels 5.5% Oil and Gas 4.3% Restaurants 1.1% Diversified Commercial Book Reduces Recession Sensitivity

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 27 Borrower Credit Score Bands Borrower Credit Score Bands Total Outstanding Balance ($000) % of Indirect Loans % of Total Loans > 800 $61,771 45.4 % 5.9 % 740-799 49,354 36.3 82 % 4.7 700-739 16,192 11.9 1.5 661-699 7,200 5.3 0.7 640-660 604 0.4 0.1 < 640 943 0.7 $1,049,873,000.00 .1 Total $136,064 100.0 % 13.0 % Key Takeaways: • Indirect Auto represents 13.0% of our total loan portfolio • Within Indirect Auto, 45.4% of loans are to borrowers with FICO scores of 800 or better at the time of underwriting • 81.7% of loans are to borrowers with FICO scores of 740 or better at the time of underwriting Source: Company information as of 12/31/2022 < 640 0.7% 640-660 0.4% 661-699 5.3% 700-739 11.9%740-799 36.3% > 800 45.4% Indirect Auto Lending Supported by Prime Borrower Relationships

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 28 Borrower Loan to Value Bands Borrower Loan to Value Bands Total Outstanding Balance ($000) % of Residential Loans % of Total Loans < 50% $95,514 28.9 % $1,049,873,000 9.1 % 50% - 59% 39,622 12.0 $1 3.8 60% - 69% 56,852 17.2 5.4 70% - 79% 89,086 26.9 8.5 80% - 89% 27,148 8.2 2.6 90% - 99% 21,162 6.4 2.0 > 100% 1,339 0.4 0.1 Total Borrower Loan to Value Bands $330,725 100.0 % 31.5 % Key Takeaways: • Residential loans represent 31.5% of our total loan portfolio • Within our residential book, 28.9% of loans carried an LTV of less than 50% at the time of underwriting • 58.1% of loans carried an LTV of 69% or lower at the time of underwriting Source: Company information as of 12/31/2022 < 50% 28.9% 50% - 59% 12.0% 60% - 69% 17.2% 70% - 79% 26.9% 80% - 89% 8.2% 90% - 99% 6.4% > 100% 0.4% Residential Real Estate Segment Characterized by Conservative Loan to Value (LTVs)

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Returning Capital to Shareholders

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 30 CB Financial has paid a regular quarterly dividend of $0.24 per share since Q1 2019, with an increase of 4.2% to $0.25 as of the current quarter Completed $7.5 million repurchase program in February 2022 308,996 Total Shares Average Cost $24.27 per share Authorized new $10 million repurchase program in April 2022 62,178 Shares purchased as of December 31, 2022 Average Cost $22.47 per share Strong Capital Position Allows us to Maintain Shareholder-friendly Initiatives Despite an Economic Uncertainty Shareholder Friendly Programs

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Key Financial Metrics

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 32 ◦ Continuing to focus on credit underwriting standards ◦ Providing personalized customer engagement that leads to repeat and referral business ◦ Focusing on growth in core deposits ◦ Branch optimization ($ in m ill io ns) Total Assets $1,321.5 $1,416.7 $1,425.5 $1,408.9 12/31/19 12/31/20 12/31/21 12/31/22 $600 $800 $1,000 $1,200 $1,400 $1,600 Operating Initiatives Have Led to a High-Quality Balance Sheet

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 33 Expertise in Commercial Real Estate Commercial & Industrial 6.7% Real Estate- Construction 4.3% Real Estate- Commercial 41.6% Real Estate- Residential 31.5% Consumer 14.0% Other 1.9% (as of December 31, 2022) ($ in m ill io ns) Total Loans $952.8 $1,044.8 $1,020.8 $1,049.9 12/31/19 12/31/20 12/31/21 12/31/22 $500.0 $600.0 $700.0 $800.0 $900.0 $1,000.0 $1,100.0 Loan Growth Trend and CRE Loan Composition

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 34 Owner Occupied CRE Loans by Industry – $103.3M Non-Owner Occupied CRE Loans by Industry – $333.5M Source: Company information as of 9/30/2022 Retail Space 33.1% Other Non-Farm/Non- Residential 16.9% Warehouse Space 14.9% Office Space 12.3% Medical Facilities 6.3% Vacant Land 3.9% Manufacturing 3.8% Senior Housing 3.4% Churches 3.3% Restaurants 2.1% Retail Space 26.2% Multifamily 23.1% Warehouse Space 14.8% Office Space 11.1% Manufacturing 8.9% Hotels 5.1% Medical Facilities 3.7% Senior Housing 2.7% Other Non-Farm/ Non-Residential 2.6% Oil and Gas 1.6%Other 0.2% CRE Portfolio by Industry

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 35 C&I Loans by Industry – $69.9M Source: Company information as of 12/31/2022 Manufacturing 16.2% Educational Services 10.1% Oil and Gas 10.0% Arts, Entertainment and Recreation 8.9% Real Estate Rental and Leasing 8.5% Professional, Scientific, and Technical Services 7.4% Senior Housing 5.9% Retail Trade 4.8% Wholesale Trade 4.5% Administrative and Support and Waste Management and Remediation Services 3.7% Finance and Insurance 3.7% Information 3.7% Health Care and Social Assistance 3.6% Transportation and Warehousing 2.8% Construction 2.3% Other Services 1.9% Utilities 1.8% Other C&I Industries 0.2% C&I Portfolio by Industry

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 36 (as of December 31, 2022) ($ in m ill io ns) Total Deposits $1,118.4 $1,224.6 $1,226.6 $1,268.5 12/31/19 12/31/20 12/31/21 12/31/22 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 Deposit Composition Non-Interest Bearing Demand Deposits 30.8% Interest Bearing Demand Deposits 24.6% Money Market Accounts 16.5% Savings Accounts 19.5% Time Deposits 8.6% Source: Company information as of 9/30/2022 Total Deposits and Deposit Composition

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 37 NCOs (Recoveries)/Average LoansNon-Current Loans/Total Loans Allowance for Loan Losses to Total Loans NPAs/Total Assets 0.49% 0.52% 0.38% 0.39% 0.38% 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 0.03% (0.01)% 1.01% (0.01)% 0.01% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.13% 1.14% 1.25% 1.23% 1.22% 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 1.10% 1.15% 1.20% 1.25% 1.30% 0.51% 0.51% 0.42% 0.41% 0.41% 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 0.40% 0.45% 0.50% 0.55% Asset Quality Trends

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 38 • Noninterest income sources comprised approximately 14.6% of total operating revenue during Q4 2022; provides stable revenue stream • Q4 2021 Noninterest income included $5.2 million from the sale of branches as part of optimization initiative $ in M ill io ns Total Revenue - Five Quarter Trend ($M) $10.2 $9.9 $10.2 $11.0 $11.9 $8.7 $2.6 $2.1 $2.7 $2.4 Net Interest Income Noninterest Income Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $0.0 $4.0 $8.0 $12.0 $16.0 $20.0 Insurance Commissions $1,399 59.3% Other Income $431 18.3% Service Fees $530 22.4% Revenue Diversification Q4 2022 - Noninterest Income Mix (000's)

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 39 (1) Refer to Non-GAAP Financial Measures in the Appendix for the calculation of the measure and reconciliation to the most comparable GAAP measure. Net Income $ in 000's $6,965 $3,047 $118 $3,929 $4,152 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $0 $2,000 $4,000 $6,000 $8,000 Adjusted Net Income (1) $ in 000's $2,843 $3,059 $275 $3,619 $4,086 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 $0 $2,000 $4,000 $6,000 $8,000 Net Income and Adjusted Net Income(1) – Last 5 Quarters

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 40 (1) Refer to Non-GAAP Financial Measures in the Appendix for the calculation of the measure and reconciliation to the most comparable GAAP measure. EPS - Diluted 1.31 0.58 0.02 0.77 0.81 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (0.25) 0.00 0.25 0.50 0.75 1.00 1.25 1.50 Adjusted EPS - Diluted 0.53 0.59 0.05 0.71 0.80 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (0.25) 0.00 0.25 0.50 0.75 1.00 1.25 1.50 (1) EPS - Diluted and Adjusted EPS - Diluted(1) – Last 5 Quarters

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 41 (1) Net Interest Margin (GAAP) was 2.95%, 3.08%, 3.12%, 3.29%, and 3.45%, respectively, for the same time periods. 3.17% 3.32% 3.37% 3.68% 4.04% 2.96% 3.10% 3.13% 3.30% 3.46% 0.31% 0.33% 0.36% 0.57% 0.86% Yield on Earning Assets Net Interest Margin (FTE) Cost of Funds Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Net Interest Margin (FTE)(1)

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 42 (1) Refer to Non-GAAP Financial Measures in the Appendix for the calculation of the measure and reconciliation to the most comparable GAAP measure. Efficiency Ratio (GAAP) was 52.71%, 69.21%, 68.55%, 64.18%, and 63.25%, respectively, for the same time periods. 69.73% 65.88% 64.18% 63.02% 60.74% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 60.00% 65.00% 70.00% 75.00% Adjusted Efficiency Ratio(1)

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 43 Adjusted Return on Average Assets – ROAA(1) Adjusted Return on Average Equity – ROAE(1) (1) Refer to Non-GAAP Financial Measures in the Appendix for the calculation of the measure and reconciliation to the most comparable GAAP measure. ROAA (GAAP) was 1.87%, 0.87%, 0.03%, 1.12% and 1.16%, respectively, for the same time periods. ROAE (GAAP) was 20.95%, 9.50%, 0.40%, 13.60%, and 15.26%, respectively, for the same time periods. 0.76% 0.87% 0.08% 1.03% 1.15% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% 1.30% 8.55% 9.54% 0.93% 12.53% 15.01% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00%

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 44 11.79% 11.79% 13.04% 7.81% 11.95% 11.95% 13.18% 7.76% 12.33% 12.33% 13.58% 8.66% December 31, 2020 December 31, 2021 December 31, 2022 Common Equity Tier 1 Capital (to Risk Weighted Assets) Tier 1 Capital (to Risk Weighted Assets) Total Capital (to Risk Weighted Assets) Tier 1 Leverage (to Adjusted Total Assets) 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Strong Capital Ratios (Community Bank)

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 45 ◦ Intense focus on sales and service culture which builds full relationships with our customers ◦ Utilize technology investments to enhance speed of process while improving customer experience ◦ Enhance profitability and efficiency potential while continuing to invest for future growth ◦ Continue our track record of opportunistic growth in the robust Pittsburgh Metropolitan and across our footprint ◦ Maintain and expand our low-cost deposit base which enables the bank to deliver attractive net interest margins ◦ Leverage our credit culture and strong loan underwriting as a foundation to uphold our asset quality metrics Be the Community Bank of choice across our footprint for residents and small and medium-sized businesses Concluding Thoughts

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 46 Company Contact John H. Montgomery President and Chief Executive Officer Phone: (724) 225-2400 Investor Relations Jeremy Hellman, CFA Phone: (212) 836-9626 Email: jhellman@equityny.com NASDAQ Global Market: CBFV 100 N. Market Street Carmichaels, PA 15320 Phone: (724) 966-5041 Fax: (724) 966-7867 Contact Information

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Appendix

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 48 (Dollars in thousands) (Unaudited) Selected Financial Condition Data 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 ASSETS Cash and Due From Banks $103,700 $122,801 $81,121 $123,588 $119,674 Securities 190,058 193,846 213,505 231,097 224,974 Loans Held for Sale — — — — — Loans Real Estate: Residential 330,725 328,248 325,138 317,254 320,798 Commercial 436,805 432,516 426,105 427,227 392,124 Construction 44,923 49,502 41,277 54,227 85,028 Commercial and Industrial PPP 126 768 3,853 8,242 24,523 Other Commercial and Industrial 69,918 61,428 62,054 59,601 64,487 Consumer 146,927 150,615 148,921 143,422 122,152 Other 20,449 19,865 20,621 10,669 11,684 Total Loans 1,049,873 1,042,942 1,027,969 1,020,642 1,020,796 Allowance for Loan Losses (12,819) (12,854) (12,833) (11,595) (11,582) Loans, Net 1,037,054 1,030,088 1,015,136 1,009,047 1,009,214 Premises and Equipment Held for Sale — — — — — Premises and Equipment, Net 17,844 18,064 18,196 18,349 18,399 Bank-Owned Life Insurance 25,893 25,750 25,610 25,468 25,332 Goodwill 9,732 9,732 9,732 9,732 9,732 Intangible Assets, Net 3,513 3,959 4,404 4,850 5,295 Accrued Interest and Other Assets 21,144 21,680 18,757 16,539 12,859 Total Assets $1,408,938 $1,425,920 $1,386,461 $1,438,670 $1,425,479 LIABILITIES Deposits Held for Sale $— $— $— $— $— Deposits Non-Interest Bearing Demand Deposits 390,405 407,107 389,127 400,105 385,775 Interest Bearing Demand Accounts 311,825 298,755 265,347 280,455 272,518 Money Market Accounts 209,125 198,715 185,308 192,929 192,125 Savings Accounts 248,022 250,378 250,226 247,589 239,482 Time Deposits 109,126 120,879 125,182 129,235 136,713 Total Deposits 1,268,503 1,275,834 1,215,190 1,250,313 1,226,613 Short-Term Borrowings 8,060 18,108 32,178 39,219 39,266 Other Borrowings 14,638 17,627 17,618 17,607 17,601 Accrued Interest and Other Liabilities 7,582 7,645 7,703 9,375 8,875 Total Liabilities 1,298,783 1,319,214 1,272,689 1,316,514 1,292,355 STOCKHOLDERS' EQUITY $110,155 $106,706 $113,772 $122,156 $133,124 Total Liabilities and Stockholders' Equity $1,408,938 $— $1,425,920 $— $1,386,461 $— $1,438,670 $— $1,425,479 Selected Consolidated Financial Information

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 49 Three Months Ended Year Ended Selected Operating Data 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Interest and Dividend Income Loans, Including Fees $11,835 $10,815 $9,733 $9,551 $9,904 $41,933 $39,704 Securities: Taxable 974 985 988 905 866 3,852 2,990 Tax-Exempt 40 49 57 66 66 213 289 Dividends 28 21 20 22 21 91 84 Other Interest and Dividend Income 978 417 160 72 106 1,627 490 Total Interest and Dividend Income 13,855 12,287 10,958 10,616 10,963 47,716 43,557 Interest Expense Deposits 1,811 1,079 604 530 636 4,025 3,125 Short-Term Borrowings 7 19 18 19 26 63 98 Other Borrowings 171 174 173 174 70 693 182 Total Interest Expense 1,989 1,272 795 723 732 4,781 3,405 Net Interest and Dividend Income 11,866 11,015 10,163 9,893 10,231 42,935 40,152 Provision (Recovery) for Loan Losses — — 3,784 — 75 3,784 (1,125) Net Interest and Dividend Income After Provision (Recovery) for Loan Losses 11,866 11,015 6,379 9,893 10,156 39,151 41,277 Noninterest Income: Service Fees 530 544 559 526 569 2,160 2,331 Insurance Commissions 1,399 1,368 1,369 1,798 1,618 5,934 5,616 Other Commissions 157 244 179 89 90 669 521 Net Gain on Sales of Loans — — — — 977 — 1,143 Net Gain (Loss) on Securities 83 (46) (199) (7) 44 (168) 526 Net Gain on Purchased Tax Credits 14 14 14 14 17 57 70 Gain on Sale of Branches — — — — 5,203 — 5,203 Net Gain (Loss) on Disposal of Fixed Assets — 439 — (8) — 431 (3) Income from Bank-Owned Life Insurance 143 140 142 136 142 561 553 Other Income 34 36 41 65 29 176 320 Total Noninterest Income 2,360 2,739 2,105 2,613 8,689 9,820 16,280 Noninterest Expense: Salaries and Employee Benefits 4,625 4,739 4,539 4,565 5,181 18,469 19,938 Occupancy 817 768 776 686 619 3,047 2,968 Equipment 178 170 182 210 252 739 1,034 Data Processing 681 540 446 485 488 2,152 2,154 FDIC Assessment 154 147 128 209 222 638 1,014 PA Shares Tax 258 240 240 240 173 979 887 Contracted Services 405 288 348 587 1,133 1,628 4,011 Legal and Professional Fees 362 334 389 152 206 1,237 994 Advertising 165 131 115 116 191 527 749 Other Real Estate Owned (Income) (38) (38) (37) (38) (30) (151) (183) Amortization of Intangible Assets 446 445 446 445 445 1,782 1,926 Intangible Assets and Goodwill Impairment — — — — — — 1,178 Writedown of Fixed Assets — — — — 23 — 2,293 Other 945 1,063 838 999 1,069 3,844 3,899 Total Noninterest Expense 8,998 8,827 8,410 8,656 9,972 34,891 42,862 Income Before Income Tax (Benefit) Expense 5,228 4,927 74 3,850 8,873 14,080 14,695 Income Tax (Benefit) Expense 1,076 998 (44) 803 1,908 2,833 3,125 Net Income $4,152 $3,929 $118 $3,047 $6,965 $11,247 $11,570 (Dollars in thousands) (Unaudited) Quarterly Income Statements

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 50 (1) Non-GAAP Financial Measures: Adjusted Net Income, Adjusted EPS, Adjusted ROAA and Adjusted ROAE in the Appendix section. (2) Non-GAAP Financial Measures: Tangible Common Equity, Tangible Book Value per Share and Tangible Common Equity to Tangible Assets in the Appendix section. Three Months Ended Year Ended Per Common Share Data 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Dividends Per Common Share $0.24 $0.24 $0.24 $0.24 $0.24 $0.96 $0.96 Earnings Per Common Share - Basic 0.81 0.77 0.02 0.59 1.32 2.19 2.15 Earnings Per Common Share - Diluted 0.81 0.77 0.02 0.58 1.31 2.18 2.15 Adjusted Earnings Per Common Share - Diluted (Non-GAAP) (1) 0.80 0.71 0.05 0.59 0.53 2.15 1.95 Weighted Average Common Shares Outstanding - Basic 5,095,237 5,106,861 5,147,846 5,198,194 5,291,795 5,136,670 5,382,441 Weighted Average Common Shares Outstanding - Diluted 5,104,254 5,118,627 5,156,975 5,220,887 5,314,537 5,149,312 5,392,729 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 Common Shares Outstanding 5,100,189 5,096,672 5,128,333 5,156,897 5,260,672 Book Value Per Common Share $21.60 $20.94 $22.18 $23.69 $25.31 Tangible Book Value per Common Share (Non-GAAP) (2) 19.00 18.25 19.43 20.86 22.45 Stockholders' Equity to Assets 7.8 % 7.5 % 8.2 % 8.5 % 9.3 % Tangible Common Equity to Tangible Assets (Non-GAAP) (2) 6.9 6.6 7.3 7.6 8.4 Per Common Share Data

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 51 Three Months Ended Year Ended Selected Financial Ratios (2) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Return on Average Assets 1.16 % 1.12 % 0.03 % 0.87 % 1.87 % 0.80 % 0.79 % Adjusted Return on Average Assets (Non-GAAP) (1) 1.15 1.03 0.08 0.87 0.76 0.78 0.72 Return on Average Equity 15.26 13.60 0.40 9.50 20.95 9.56 8.66 Adjusted Return on Average Equity (Non-GAAP) (1) 15.01 12.53 0.93 9.54 8.55 9.39 7.87 Average Interest-Earning Assets to Average Interest-Bearing Liabilities 149.04 149.41 149.03 144.48 145.09 148.00 145.44 Average Equity to Average Assets 7.63 8.20 8.49 9.14 8.93 8.36 9.12 Net Interest Rate Spread 3.17 3.10 3.00 2.98 2.85 3.07 2.81 Net Interest Rate Spread (FTE) (Non-GAAP) (1) 3.18 3.11 3.01 2.99 2.86 3.08 2.82 Net Interest Margin 3.45 3.29 3.12 3.08 2.95 3.24 2.92 Net Interest Margin (FTE) (Non-GAAP) (1) 3.46 3.30 3.13 3.10 2.96 3.25 2.94 Net (Recoveries) Charge-offs to Average Loans 0.01 (0.01) 1.01 (0.01) 0.03 0.25 0.01 Efficiency Ratio 63.25 64.18 68.55 69.21 52.71 66.14 75.95 Adjusted Efficiency Ratio (Non-GAAP) (1) 60.74 63.02 64.18 65.88 69.73 63.36 74.25 Asset Quality Ratios 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 Allowance for Loan Losses to Total Loans 1.22 % 1.23 % 1.25 % 1.14 % 1.13 % Allowance for Loan Losses to Total Loans, Excluding PPP Loans (Non-GAAP) (1) 1.22 1.23 1.25 1.15 1.16 Allowance for Loan Losses to Nonperforming Loans (3) 221.06 218.61 219.89 158.88 159.40 Allowance for Loan Losses to Noncurrent Loans (4) 320.64 318.96 329.47 218.28 233.37 Delinquent and Nonaccrual Loans to Total Loans (4) (5) 0.81 0.46 0.45 0.79 0.78 Nonperforming Loans to Total Loans (3) 0.55 0.56 0.57 0.72 0.71 Noncurrent Loans to Total Loans (4) 0.38 0.39 0.38 0.52 0.49 Nonperforming Assets to Total Assets (6) 0.41 0.41 0.42 0.51 0.51 Capital Ratios (7) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 Common Equity Tier 1 Capital (to Risk Weighted Assets) 12.33 % 12.02 % 11.83 % 11.99 % 11.95 % Tier 1 Capital (to Risk Weighted Assets) 12.33 12.02 11.83 11.99 11.95 Total Capital (to Risk Weighted Assets) 13.58 13.27 13.08 13.20 13.18 Tier 1 Leverage (to Adjusted Total Assets) 8.66 8.51 8.33 8.19 7.76 (1) Refer to Explanation of Use of Non-GAAP Financial Measures in this presentation for the calculation of the measure and reconciliation to the most comparable GAAP measure. (2) Interim period ratios are calculated on an annualized basis. (3) Nonperforming loans consist of nonaccrual loans, accruing loans that are 90 days or more past due, and troubled debt restructured loans. (4) Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due. (5) Delinquent loans consist of accruing loans that are 30 days or more past due. (6) Nonperforming assets consist of nonperforming loans and other real estate owned. (7) Capital ratios are for Community Bank only. Certain items previously reported may have been reclassified to conform with the current reporting period's format. Selected Financial Ratios / Asset Quality Ratios / Capital Ratios

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 52 (1) Annualized based on three months ended results. (2) Net of allowance for loan losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable (3) Includes Deposits Held for Sale that were sold in December 2021. (4) Refer to Explanation and Use of Non-GAAP Financial Measures in this presentation for the calculation of the measure and reconciliation to the most comparable GAAP measure. (5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (6) 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. (7) Net interest margin represents net interest income divided by average total interest-earning assets. Three Months Ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Average Balance Interest and Dividends Yield / Cost (1) Average Balance Interest and Dividends Yield / Cost (1) Average Balance Interest and Dividends Yield / Cost (1) Average Balance Interest and Dividends Yield / Cost (1) Average Balance Interest and Dividends Yield / Cost (1) (Dollars in thousands) (Unaudited) Assets: Interest-Earning Assets: Loans, Net (2) $1,034,714 $11,853 4.54 % $1,024,363 $10,833 4.20 % $1,007,874 $9,751 3.88 % $1,009,210 $9,573 3.85 % $1,004,827 $9,927 3.92 % Debt Securities Taxable 216,915 974 1.80 222,110 985 1.77 228,315 988 1.73 215,906 905 1.68 205,328 866 1.69 Exempt From Federal Tax 6,277 51 3.25 7,998 62 3.10 9,109 73 3.21 10,195 84 3.30 10,477 84 3.21 Equity Securities 2,693 28 4.16 2,693 21 3.12 2,693 20 2.97 2,693 22 3.27 2,693 21 3.12 Interest Bearing Deposits at Other Banks 99,108 939 3.79 67,870 378 2.23 56,379 122 0.87 59,296 33 0.22 150,102 61 0.16 Other Interest-Earning Assets 2,875 39 5.38 2,784 39 5.56 3,235 38 4.71 3,483 39 4.54 3,475 45 5.14 Total Interest-Earning Assets 1,362,582 13,884 4.04 1,327,818 12,318 3.68 1,307,605 10,992 3.37 1,300,783 10,656 3.32 1,376,902 11,004 3.17 Noninterest-Earning Assets 51,718 68,796 84,323 122,288 100,607 Total Assets $1,414,300 $1,396,614 $1,391,928 $1,423,071 $1,477,509 Liabilities and Stockholders' Equity Interest-Bearing Liabilities: Interest-Bearing Demand Deposits (3) $315,352 810 1.02 % $278,412 393 0.56 % $260,655 111 0.17 % $276,603 48 0.07 % $278,546 51 0.07 % Savings (3) 249,948 29 0.05 251,148 20 0.03 248,356 20 0.03 243,786 19 0.03 252,387 20 0.03 Money Market (3) 206,192 604 1.16 189,371 269 0.56 188,804 61 0.13 192,425 41 0.09 209,572 57 0.11 Time Deposits (3) 116,172 368 1.26 123,438 397 1.28 127,832 412 1.29 132,015 422 1.30 154,342 508 1.31 Total Interest-Bearing Deposits (3) 887,664 1,811 0.81 842,369 1,079 0.51 825,647 604 0.29 844,829 530 0.25 894,847 636 0.28 Short-Term Borrowings Securities Sold Under Agreements to Repurchase 8,985 7 0.31 28,738 19 0.26 34,135 18 0.21 37,884 19 0.20 44,709 26 0.23 Other Borrowings 17,598 171 3.86 17,621 174 3.92 17,611 173 3.94 17,604 174 4.01 9,474 70 2.93 Total Interest-Bearing Liabilities 914,247 1,989 0.86 888,728 1,272 0.57 877,393 795 0.36 900,317 723 0.33 949,030 732 0.31 Noninterest-Bearing Demand Deposits 391,300 390,658 391,975 384,188 388,787 Accrued Interest Payable and Other Liabilities 788 2,636 4,415 8,554 7,800 Total Liabilities 1,306,335 1,282,022 1,273,783 1,293,059 1,345,617 Stockholders' Equity 107,965 114,592 118,145 130,012 131,892 Total Liabilities and Stockholders' Equity $1,414,300 $1,396,614 $1,391,928 $1,423,071 $1,477,509 Net Interest Income (FTE) (Non-GAAP) (4) 11,895 11,046 10,197 9,933 10,272 Net Interest-Earning Assets (5) 448,335 439,090 430,212 400,466 427,872 Net Interest Rate Spread (FTE)(Non-GAAP) (4) (6) 3.18 % 3.11 % 3.01 % 2.99 % 2.86 % Net Interest Margin (FTE) (Non-GAAP) (4)(7) 3.46 3.30 3.13 3.10 2.96 PPP Loans 216 22 40.41 2,424 123 20.13 5,546 144 10.41 14,673 445 12.30 29,067 391 5.34 Average Balances and Yields

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 53 Three Months Ended Year Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 12/31/20 12/31/19 (Dollars in thousands, except share and per share data) (Unaudited) Net Income (GAAP) $4,152 $3,929 $118 $3,047 $6,965 $11,247 $11,570 $(10,640) $14,327 Adjustments (Gain) Loss on Securities (83) 46 199 7 (44) 168 (526) (233) (140) (Gain) on Sale of Branches — — — — (5,203) — (5,203) (Gain) Loss on Disposal of Fixed Assets — (439) — 8 — (431) 3 61 (2) Tax effect 17 83 (42) (3) 1,102 55 1,202 36 30 Non-Cash Charges: Intangible Asset and Goodwill Impairment — — — — — — 1,178 18,693 — Writedown on Fixed Assets — — — — 23 — 2,293 1,124 — Tax Effect — — — — — — (338) — Adjusted Net Income (Non-GAAP) $4,086 $3,619 $275 $3,059 $2,843 $11,039 $10,517 $8,703 $14,215 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,104,254 5,118,627 5,156,975 5,220,887 5,314,537 5,149,312 5,392,729 5,406,290 5,448,761 Earnings per Common Share - Diluted (GAAP) $0.81 $0.77 $0.02 $0.58 $1.31 $2.18 $2.15 $(1.97) $2.63 Adjusted Earnings per Common Share - Diluted (Non- GAAP) $0.80 $0.71 $0.05 $0.59 $0.53 $2.14 $1.95 $1.61 $2.61 Net Income (GAAP) (Numerator) $4,152 $3,929 $118 $3,047 $6,965 $11,247 $11,570 $(10,640) $14,327 Annualization Factor 3.97 3.97 4.01 4.06 3.97 1.00 1.00 1.00 1.00 Average Assets (Denominator) $1,414,300 $1,396,614 $1,391,928 $1,423,071 $1,477,509 1,406,428 1,464,454 1,378,074 1,311,425 Return on Average Assets (GAAP) 1.16 % 1.12 % 0.03 % 0.87 % 1.87 % 0.80 % 0.79 % (0.77) % 1.09 % Adjusted Net Income (Non-GAAP) (Numerator) $4,086 $3,619 $275 $3,059 $2,843 $11,039 $10,517 $8,703 $14,215 Annualization Factor 3.97 3.97 4.01 4.06 3.97 1.00 1.00 1.00 1.00 Average Assets (Denominator) $1,414,300 $1,396,614 $1,391,928 $1,423,071 $1,477,509 1,406,428 1,464,454 1,378,074 1,311,425 Adjusted Return on Average Assets (Non-GAAP) 1.15 % 1.03 % 0.08 % 0.87 % 0.76 % 0.78 % 0.72 % 0.63 % 1.08 % Share Price $21.43 Divided by: Earnings per Common Share - Diluted (GAAP) (Last 12 Months) $2.18 Price to EPS (GAAP) 9.8x Share Price $21.76 Divided by: Adjusted Earnings per Common Share - Diluted (GAAP) (Last 12 Months) $2.14 Price to Adjusted EPS (Non-GAAP) 10.2x Non-GAAP Financial Measures: Adjusted Net Income, Adjusted EPS and Adjusted ROAA

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 54 Three Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 (Dollars in thousands) (Unaudited) Net Income (GAAP) $4,152 $3,929 $118 $3,047 $6,965 Adjustments (Gain) Loss on Securities (83) 46 199 7 (44) (Gain) on Sale of Branches — — — — (5,203) (Gain) Loss on Disposal of Fixed Assets — (439) — 8 — Tax effect 17 83 (42) (3) 1,102 Non-Cash Charges: Intangible Asset and Goodwill Impairment — — — — — Writedown on Fixed Assets — — — — 23 Tax Effect — — — — — Adjusted Net Income (Non-GAAP) $4,086 $3,619 $275 $3,059 $2,843 Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding 5,104,254 5,118,627 5,156,975 5,220,887 5,314,537 Earnings per Common Share - Diluted (GAAP) $0.81 $0.77 $0.02 $0.58 $1.31 Adjusted Earnings per Common Share - Diluted (Non-GAAP) $0.80 $0.71 $0.05 $0.59 $0.53 Net Income (GAAP) (Numerator) $4,152 3,929 118 3,047 6,965 Annualization Factor 3.97 3.97 4.01 4.06 3.97 Average Equity (Denominator) (GAAP) $107,965 114,592 118,145 130,012 131,892 Return on Average Equity (GAAP) 15.26 % 13.60 % 0.40 % 9.50 % 20.95 % Adjusted Net Income (Non- GAAP) (Numerator) $4,086 $3,619 $275 $3,059 $2,843 Annualization Factor 3.97 3.97 4.01 4.06 3.97 Average Equity (Denominator) (GAAP) $107,965 114,592 118,145 130,012 131,892 Adjusted Return on Average Equity (Non-GAAP) 15.01 % 12.53 % 0.93 % 9.54 % 8.55 % Non-GAAP Financial Measures: Adjusted Net Income, Adjusted EPS and Adjusted ROAE Share Price $21.43 Divided by: Earnings per Common Share - Diluted (GAAP) (Last 12 Months) $2.18 Price to EPS (GAAP) 9.8x Share Price $21.76 Divided by: Adjusted Earnings per Common Share - Diluted (GAAP) (Last 12 Months) $2.14 Price to Adjusted EPS (Non-GAAP) 10.2x

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 55 12/31/22 12/31/21 12/31/20 12/31/19 (Dollars in thousands, except share and per share data) Stockholders' Equity (GAAP) $110,155 $133,124 $134,530 $151,097 Goodwill and Intangible Assets, Net (13,245) (15,027) (18,131) (38,952) Tangible Common Equity or Tangible Book Value (Non-GAAP) $96,910 $118,097 $116,399 $112,145 Common Shares Outstanding 5,100,189 5,260,672 5,434,374 5,463,828 Book Value per Common Share (GAAP) $21.60 $25.31 $24.76 $27.65 Tangible Book Value per Common Share (Non-GAAP) $19.00 $22.45 $21.42 $20.52 Total Assets (GAAP) $1,408,938 $1,425,479 $1,416,720 $1,321,537 Goodwill and Intangible Assets, Net (13,245) (15,027) (18,131) (38,952) Tangible Assets (Non-GAAP) $1,395,693 $1,410,452 $1,398,589 $1,282,585 Stockholders' Equity to Assets (GAAP) 7.8 % 9.3 % 9.5 % 11.4 % Tangible Common Equity / Tangible Assets (Non-GAAP) 6.9 % 8.4 % 8.3 % 8.7 % Share Price (as of December 31, 2022) $21.43 Price to Book Value (GAAP) 0.99x Price to Tangible Book Value (Non-GAAP) 1.13x Non-GAAP Financial Measures: Tangible Common Equity, Tangible Book Value per Share and Tangible Common Equity to Tangible Assets

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 56 Three Months Ended Year Ended 12/31/22 12/31/21 12/31/22 12/31/21 12/31/20 12/31/19 (Dollars in thousands) Net Income (Loss) (GAAP) $4,152 $6,965 $11,247 $11,570 $(10,640) $14,327 Amortization of Intangible Assets, Net 446 445 1,782 1,926 2,128 1,532 Goodwill Impairment — — — 1,178 18,693 — Adjusted Net Income (Non-GAAP) (Numerator) $4,598 $7,410 $13,029 $14,674 $10,181 $15,859 Annualization Factor 3.97 3.97 1.00 1.00 1.00 1.00 Average Stockholders' Equity (GAAP) $107,965 $131,892 $117,610 $133,605 $148,132 $144,903 Average Goodwill and Intangible Assets, Net (13,534) (15,311) (14,193) (16,591) (33,207) (39,782) Average Tangible Common Equity (Non-GAAP) (Denominator) $94,431 $116,581 $103,417 $117,014 $114,925 $105,121 Return on Average Equity (GAAP) 15.26 % 20.95 % 9.56 % 8.66 % (7.18) % 9.89 % Return on Average Tangible Common Equity (Non-GAAP) 19.32 % 25.22 % 12.60 % 12.54 % 8.86 % 15.09 % Non-GAAP Financial Measures: Return on Average Tangible Common Equity

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 57 Three Months Ended Year Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 12/31/20 12/31/19 (Dollars in thousands) Interest Income per Consolidated Statement of Income (GAAP) $13,855 $12,287 $10,958 $10,616 $10,963 $47,716 $43,557 $47,467 $51,031 Adjustment to FTE Basis 29 31 34 40 41 134 172 211 251 Interest Income (FTE) (Non-GAAP) $13,884 $12,318 $10,992 $10,656 $11,004 $47,850 $43,729 $47,678 $51,282 Interest Expense per Consolidated Statement of Income (GAAP) 1,989 1,272 795 723 732 4,781 3,405 5,563 7,857 Net Interest Income (FTE) (Non-GAAP) $11,895 $11,046 $10,197 $9,933 $10,272 $43,069 $40,324 $42,115 $43,425 Net Interest Income (GAAP) $11,866 $11,015 $10,163 $9,893 $10,231 $42,935 $40,152 $41,904 $43,174 Net Interest Rate Spread (GAAP) 3.17 % 3.10 % 3.00 % 2.98 % 2.85 % 3.07 % 2.81 % 3.13 % 3.40 % Adjustment to FTE Basis 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 Net Interest Rate Spread (FTE) (Non-GAAP) 3.18 % 3.11 % 3.01 % 2.99 % 2.86 % 3.08 % 2.82 % 3.15 % 3.42 % Divided by: Average Interest Earning Assets $1,362,582 $1,327,818 $1,307,605 $1,300,783 $1,376,902 $1,324,875 $1,373,379 $1,268,833 $1,192,371 Multiplied by: Annualization Factor 3.9674 3.9674 4.0110 4.0556 3.9674 1.0000 1.0000 1.0000 1.0000 Net Interest Margin (FTE) (Non-GAAP) 3.46 % 3.30 % 3.13 % 3.10 % 2.96 % 3.25 % 2.94 % 3.32 % 3.64 % Net Interest Margin (GAAP) 3.45 % 3.29 % 3.12 % 3.08 % 2.95 % 3.24 % 2.92 % 3.30 % 3.62 % Non-GAAP Financial Measures: Net Interest Rate Spread (FTE) and Net Interest Margin (FTE)

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 58 Three Months Ended Year Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 12/31/20 12/31/19 (Dollars in thousands) Efficiency Ratio (GAAP) Noninterest expense (GAAP) $8,998 $8,827 $8,410 $8,656 $9,972 $34,891 $42,862 $56,767 $34,960 Net Interest and Dividend Income (GAAP) 11,866 11,015 10,163 9,893 10,231 42,935 40,152 41,904 43,174 Noninterest Income (GAAP) 2,360 2,739 2,105 2,613 8,689 9,820 16,280 9,471 8,567 Operating Revenue (GAAP) $14,226 $13,754 $12,268 $12,506 $18,920 $52,755 $56,432 $51,375 $51,741 Efficiency Ratio (GAAP) 63.25 % 64.18 % 68.55 % 69.21 % 52.71 % 66.14 % 75.95 % 110.50 % 67.57 % Adjusted Efficiency Ratio (Non-GAAP) Noninterest expense (GAAP) $8,998 $8,827 $8,410 $8,656 $9,972 $34,891 $42,862 $56,767 $34,960 Less: Other Real Estate Owned (Income) (38) (38) (37) (38) (30) (151) (183) (69) (103) Amortization of Intangible Assets, Net 446 445 446 445 445 1,782 1,926 2,128 2,127 Intangible Assets and Goodwill Impairment — — — — — — 1,178 18,693 — Writedown on Fixed Assets — — — — 23 — 2,293 1,124 — Adjusted Noninterest Expense (Non-GAAP) $8,590 $8,420 $8,001 $8,249 $9,534 $33,260 $37,648 $34,891 $32,936 Net Interest and Dividend Income (GAAP) $11,866 $11,015 $10,163 $9,893 $10,231 $42,935 $40,152 $41,904 $43,174 Noninterest Income (GAAP) 2,360 2,739 2,105 2,613 8,689 9,820 16,280 9,471 8,567 Less: Net Gain (Loss) on Securities 83 (46) (199) (7) 44 (168) 526 233 140 Gain on Sale of Branches — — — — 5,203 — 5,203 — — Net Gain (Loss) on Disposal of Fixed Assets — 439 — (8) — 431 (3) (61) 2 Adjusted Noninterest Income (Non-GAAP) $2,277 $2,346 $2,304 $2,628 $3,442 $9,557 $10,554 $9,299 $8,425 Adjusted Operating Revenue (Non-GAAP) $14,143 $13,361 $12,467 $12,521 $13,673 $52,492 $50,706 $51,203 $51,599 Adjusted Efficiency Ratio (Non-GAAP) 60.74 % 63.02 % 64.18 % 65.88 % 69.73 % 63.36 % 74.25 % 68.14 % 63.83 % Non-GAAP Financial Measures: Adjusted Efficiency Ratio

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 59 Non-GAAP Financial Measures: Core Earnings (1) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Interest Income (GAAP) $13,855 $12,287 $10,958 $10,616 $10,963 $10,786 Noninterest Income (GAAP) 2,360 2,739 2,105 2,613 8,689 2,198 (Gain) loss on securities (83) 46 199 7 (44) (24) (Gain) on sale of branches — — — — (5,203) — (Gain) loss on disposal of Fixed Assets — (439) — 8 — — PPP Fees (22) (117) (130) (405) (321) (379) Nonperforming commercial real estate loan (2) — — — — (897) — Core Income (Non-GAAP) $16,110 $14,516 $13,132 $12,839 $13,187 $12,581 Interest Expense (GAAP) $1,989 $1,272 $795 $723 $732 $776 Noninterest Expense (GAAP) 8,998 8,827 8,410 8,656 9,972 9,773 Goodwill Impairment — — — — — — Branch Optimization(1): Writedown on Fixed Assets — — — — (23) (2) Impairment of Intangible Assets — — — — — — Contracted Services — — — — (859) (1,212) Employee Severance Costs — — — — — — Branch Lease Impairment — — — — — — Occupancy Termination Costs — — — — — Legal and Professional Fees — — — — (76) (37) Data Processing Fees — — — — (8) (14) Other Expenses — — — — — — Core Expense (Non-GAAP) $10,987 $10,099 $9,205 $9,379 $9,738 $9,284 Core Earnings (Non-GAAP) $5,123 $4,417 $3,927 $3,460 $3,449 $3,297 (1) Core Earnings adjusted for provision, PPP fees, other one-time items, and branch optimization expenses that were previously reported in the Company's quarterly press release filings with the Securities and Exchange Commission ("SEC") from September 30, 2021 through December 31, 2022. (2) Nonperforming commercial real estate loan was previously reported in the Company's Press Release for the December 31, 2021 time period.

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 60 Three Months Ended Year Ended 12/31/22 12/31/21 12/31/22 12/31/21 12/31/20 12/31/19 (Dollars in thousands) Net Income (Loss) Before Income Tax Expense (Benefit) (GAAP) $5,228 $8,873 $14,080 $14,695 $(9,392) $16,056 Provision (Recovery) for Loan Losses — 75 3,784 (1,125) 4,000 725 Goodwill and Intangible Asset Impairment — — — 1,178 18,693 — Writedown on Fixed Assets — 23 — 2,293 1,124 — PTPP Net Income (Non-GAAP) (Numerator) $5,228 $8,971 $17,864 $17,041 $14,425 $16,781 Annualization Factor 3.9674 3.9674 1.0000 1.0000 1.0000 1.0000 Average Assets (Denominator) $1,414,300 $1,477,509 $1,406,428 $1,286,686 $1,378,074 $1,311,425 PTPP Return on Average Assets (Non-GAAP) 1.47 % 2.41 % 1.27 % 1.32 % 1.05 % 1.28 % Non-GAAP Financial Measures: Pre-Tax Pre-Provision Return on Average Assets

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CB Financial Services, Inc. (Nasdaq: CBFV) January 2023 Page 61 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 (Dollars in thousands) Allowance for Loan Losses $12,819 $12,854 $12,833 $11,595 $11,582 Total Loans $1,049,873 $1,042,942 $1,027,969 $1,020,642 $1,020,796 PPP Loans (126) (768) (3,853) (8,242) (24,523) Total Loans, Excluding PPP Loans (Non-GAAP) $1,049,747 $1,042,174 $1,024,116 $1,012,400 $996,273 Allowance for Loan Losses to Total Loans, Excluding PPP Loans (Non-GAAP) 1.22 % 1.23 % 1.25 % 1.15 % 1.16 % Non-GAAP Financial Measures: Allowance for Loan Losses, Excluding PPP Loans

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