CBFV 10-Q Quarterly Report March 31, 2025 | Alphaminr
CB Financial Services, Inc.
ALPHAMINR

CBFV 10-Q Quarter ended March 31, 2025

Balance Sheet
Cash Flow
Income Statement
CB FINANCIAL SERVICES, INC.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 001-36706
CB FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 51-0534721
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
100 N. Market Street , Carmichaels , PA
15320
(Address of principal executive offices) (Zip Code)
( 724 ) 966-5041
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Common stock, par value $0.4167 per share CBFV The Nasdaq Stock Market, LLC
(Title of each class) (Trading symbol) (Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer ☒
Smaller reporting company ☒
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of May 7, 2025, the number of shares outstanding of the Registrant’s Common Stock was 5,023,242 .

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FORM 10-Q
INDEX
Page

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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) March 31,
2025 		December 31,
2024
(Dollars in thousands, except per share and share data)
ASSETS
Cash and Due From Banks:
Interest-Earning $ 52,191 $ 39,332
Noninterest-Earning 9,083 10,240
Total Cash and Due From Banks 61,274 49,572
Securities:
Available-for-Sale Debt Securities, at Fair Value 257,809 259,514
Equity Securities, at Fair Value 890 2,639
Total Securities 258,699 262,153
Loans Held for Sale 230 900
Loans, Net of Allowance for Credit Losses of $ 9,819 and $ 9,805 at March 31, 2025 and December 31, 2024, Respectively
1,078,675 1,082,821
Premises and Equipment, Net
20,392 20,708
Bank-Owned Life Insurance
24,358 24,209
Goodwill
9,732 9,732
Accrued Interest Receivable and Other Assets 30,096 31,469
TOTAL ASSETS
$ 1,483,456 $ 1,481,564
LIABILITIES
Deposits:
Noninterest-Bearing Demand Accounts $ 267,392 $ 267,896
Interest-Bearing Demand Accounts 341,212 316,764
Money Market Accounts 228,005 231,458
Savings Accounts 176,722 170,530
Time Deposits 267,766 296,869
Total Deposits 1,281,097 1,283,517
Other Borrowings
34,728 34,718
Accrued Interest Payable and Other Liabilities 19,342 15,951
TOTAL LIABILITIES
1,335,167 1,334,186
STOCKHOLDERS' EQUITY
Common Stock, $ 0.4167 Par Value; 35,000,000 Shares Authorized, 5,828,717 Shares Issued and 5,099,069 Shares Outstanding at March 31, 2025, with 5,787,744 and 5,132,654 Shares Issued and Outstanding at December 31, 2024.
2,429 2,412
Capital Surplus
86,960 86,373
Retained Earnings
91,484 90,856
Treasury Stock, at Cost ( 729,648 and 655,090 Shares at March 31, 2025 and December 31, 2024, Respectively)
( 17,214 ) ( 15,028 )
Accumulated Other Comprehensive Loss ( 15,370 ) ( 17,235 )
TOTAL STOCKHOLDERS' EQUITY
148,289 147,378
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 1,483,456 $ 1,481,564
The accompanying notes are an integral part of these consolidated financial statements

1
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
March 31,
2025 2024
(Dollars in thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans, Including Fees $ 14,528 $ 14,838
Investment Securities:
Taxable 2,777 2,303
Dividends 28 27
Other Interest and Dividend Income 514 818
TOTAL INTEREST AND DIVIDEND INCOME 17,847 17,986
INTEREST EXPENSE
Deposits 6,111 5,991
Short-Term Borrowings 23 —
Other Borrowings 402 404
TOTAL INTEREST EXPENSE 6,536 6,395
NET INTEREST AND DIVIDEND INCOME 11,311 11,591
Provision (Recovery) For Credit Losses - Loans 68 ( 143 )
(Recovery) Provision For Credit Losses - Unfunded Commitments ( 108 ) 106
NET INTEREST AND DIVIDEND INCOME AFTER NET (RECOVERY) PROVISION FOR CREDIT LOSSES 11,351 11,628
NONINTEREST INCOME
Service Fees 462 415
Insurance Commissions 1 2
Other Commissions 63 62
Net Gain on Sales of Loans 22 22
Net Loss on Securities ( 69 ) ( 166 )
Net Gain on Purchased Tax Credits 4 12
Net Gain on Disposal of Premises and Equipment — 274
Income from Bank-Owned Life Insurance 149 148
Net Gain on Bank-Owned Life Insurance Claims — 915
Other Income 155 232
TOTAL NONINTEREST INCOME 787 1,916
NONINTEREST EXPENSE
Salaries and Employee Benefits 6,036 4,576
Occupancy 750 749
Equipment 330 264
Data Processing 797 692
Federal Deposit Insurance Corporation Assessment 176 129
Pennsylvania Shares Tax 257 297
Contracted Services 310 281
Legal and Professional Fees 262 212
Advertising 119 129
Other Real Estate Owned (Income) — ( 23 )
Amortization of Intangible Assets — 341
Other Expense 765 781
TOTAL NONINTEREST EXPENSE 9,802 8,428
Income Before Income Tax Expense
2,336 5,116
Income Tax Expense 427 920
NET INCOME $ 1,909 $ 4,196
EARNINGS PER SHARE
Basic $ 0.37 $ 0.82
Diluted 0.35 0.82
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 5,125,577 5,129,903
Diluted 5,471,006 5,142,286
The accompanying notes are an integral part of these consolidated financial statements

2
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended
March 31,
2025 2024
(Dollars in thousands)
Net Income $ 1,909 $ 4,196
Other Comprehensive Income (Loss):
Unrealized Gain (Loss) on Investment Securities Available-for-Sale 2,371 ( 1,628 )
Income Tax Effect ( 506 ) 295
Other Comprehensive Income (Loss), Net of Income Tax Effect 1,865 ( 1,333 )
Total Comprehensive Income $ 3,774 $ 2,863
The accompanying notes are an integral part of these consolidated financial statements

3
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)


Three Months Ended March 31, 2025 Shares Issued Common Stock Capital Surplus Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 2024 5,787,744 $ 2,412 $ 86,373 $ 90,856 $ ( 15,028 ) $ ( 17,235 ) $ 147,378
Comprehensive Income:
Net Income — — — 1,909 — — 1,909
Other Comprehensive Income — — — — — 1,865 1,865
Restricted Stock Awards Granted 25,235 10 ( 10 ) — — — —
Restricted Stock Awards Forfeited ( 200 ) — 2 — ( 2 ) — —
Stock-Based Compensation Expense — — 223 — — — 223
Exercise of Stock Options 15,938 7 372 — 194 — 573
Treasury stock purchased, at cost ( 82,923 shares)
— — — — ( 2,378 ) — ( 2,378 )
Dividends Paid ($ 0.25 Per Share)
— — — ( 1,281 ) — — ( 1,281 )
March 31, 2025 5,828,717 $ 2,429 $ 86,960 $ 91,484 $ ( 17,214 ) $ ( 15,370 ) $ 148,289


Three Months Ended March 31, 2024 Shares Issued Common Stock Capital Surplus Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 2023 5,759,378 $ 2,400 $ 85,334 $ 83,392 $ ( 14,545 ) $ ( 16,747 ) $ 139,834
Comprehensive Income:
Net Income — — — 4,196 — — 4,196
Other Comprehensive Loss — — — — — ( 1,333 ) ( 1,333 )
Restricted Stock Awards Forfeited ( 1,000 ) — — — — — —
Restricted Stock Awards Granted 25,410 11 ( 11 ) — — — —
Stock-Based Compensation Expense — — 178 — — — 178
Treasury Stock Purchased, at cost ( 222 shares)
— — — — ( 5 ) — ( 5 )
Dividends Paid ($ 0.25 Per Share)
— — — ( 1,280 ) — — ( 1,280 )
March 31, 2024 5,783,788 $ 2,411 $ 85,501 $ 86,308 $ ( 14,550 ) $ ( 18,080 ) $ 141,590

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

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, 2025 2024
(Dollars in thousands)
OPERATING ACTIVITIES
Net Income $ 1,909 $ 4,196
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities
Net Accretion on Securities ( 26 ) ( 212 )
Depreciation and Amortization 442 718
Provision (Recovery) for Credit Losses - Loans 68 ( 143 )
(Recovery) Provision for Credit Losses - Unfunded Commitments ( 108 ) 106
Loss on Securities 69 166
Gain on Purchased Tax Credits ( 4 ) ( 12 )
Income from Bank-Owned Life Insurance ( 149 ) ( 148 )
Gain on Bank-Owned Life Insurance Death Benefit Claims — ( 915 )
Proceeds From Mortgage Loans Sold 2,063 994
Originations of Mortgage Loans for Sale ( 1,774 ) ( 972 )
Gain on Sale of Loans ( 22 ) ( 22 )
Gain on Sale of Other Real Estate Owned and Repossessed Assets — ( 7 )
Noncash Expense for Stock-Based Compensation 223 178
Decrease (Increase) in Accrued Interest Receivable 57 ( 162 )
Gain on Disposal of Premises and Equipment — ( 274 )
Increase (Decrease) in Deferred Income Tax 510 ( 300 )
Increase in Taxes Payable 384 925
(Decrease) Increase in Accrued Interest Payable ( 46 ) 399
Other, Net 431 ( 1,255 )
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,027 3,260
INVESTING ACTIVITIES
Investment Securities Available for Sale:
Proceeds From Principal Repayments and Maturities 14,171 3,082
Purchases of Securities ( 10,069 ) ( 19,770 )
Proceeds from Sale of Securities 1,680 —
Net Decrease in Loans 7,466 24,482
Purchase of Premises and Equipment ( 101 ) ( 970 )
Proceeds from Disposal of Premises and Equipment — 988
Proceeds From Sale of Other Real Estate Owned — 169
Decrease in Restricted Equity Securities 34 177
NET CASH PROVIDED BY INVESTING ACTIVITIES 13,181 8,158
FINANCING ACTIVITIES
Net Decrease in Deposits ( 2,420 ) ( 4,665 )
Cash Dividends Paid ( 1,281 ) ( 1,280 )
Treasury Stock, Purchases at Cost ( 2,378 ) ( 5 )
Exercise of Stock Options 573 —
NET CASH USED IN FINANCING ACTIVITIES ( 5,506 ) ( 5,950 )
INCREASE IN CASH AND CASH EQUIVALENTS 11,702 5,468
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 49,572 68,223
CASH AND DUE FROM BANKS AT END OF PERIOD $ 61,274 $ 73,691







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

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, 2025 2024
(Dollars in thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash Paid For:
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $ 6,302 and $ 5,736 , Respectively)
$ 6,581 $ 5,995
Income Taxes 1,000 32
SUPPLEMENTAL NONCASH DISCLOSURE:
Transfer of Loans from Loans Held for Sale to Portfolio 403 —
Proceeds Receivable from Claims on Bank-Owned Life Insurance — 2,679
Securities Purchased Not Settled — 10,075
Syndicated Loans Purchased and Sold Not Settled, net 2,985 10,550
Right of Use Asset Recognized — 1,042
Lease Liability Recognized — 1,042
Unfunded Commitment in Low Income Housing Tax Credit
4,995 —
The accompanying notes are an integral part of these consolidated financial statements

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1. Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc. (“CB Financial”) and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters” or "EU"). CB Financial, the Bank and Exchange Underwriters are collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated in consolidation.
The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with general practice within the banking industry. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading in any material respect. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and income and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for credit losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, impairment evaluations of securities, goodwill and intangible assets impairment, and the valuation of deferred tax assets.
In the opinion of management, the accompanying unaudited interim financial statements include all adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations at the dates and for the periods presented. All these adjustments are of a normal, recurring nature, and they are the only adjustments included in the accompanying unaudited interim financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Interim results are not necessarily indicative of results for a full year.
Nature of Operations
The Company derives substantially all its income from banking and bank-related services which include interest income on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest and dividend income on securities, insurance commissions, and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. The Bank operates nine offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, and three offices in Marshall and Ohio Counties in West Virginia.
On December 1, 2023, the Company announced that the Bank and EU entered into an Asset Purchase Agreement with World Insurance Associates, LLC ("World") pursuant to which EU sold substantially all of its assets to World for a purchase price of $ 30.5 million cash plus possible additional earn-out payments. The sale of assets was completed December 8, 2023, and resulted in a pre-tax gain of $ 24.6 million. This transaction did not meet the criteria for discontinued operations reporting. During 2024, the Company recognized an additional gain of $ 138,000 following the final settlement of all liabilities and an earn-out payment of $ 708,000 .
Operating Segments
An operating segment is defined as a component of an enterprise that engages in business activities which generate revenue and incur expense, and the operating results of which are reviewed by management. The Company has evaluated the provisions of ASC Topic 280, Segment Reporting , and determined that at March 31, 2025 and December 31, 2024, the Company had one reportable segment, community banking services.
Critical Accounting Policies; Use of Critical Accounting Estimates
The disclosures below supplement the accounting policies disclosed in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.
Allowance for Credit Losses (ACL)
The ACL represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for
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determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded ACL. The ACL is reported separately as a contra-asset account on the Consolidated Statement of Financial Condition. The expected credit loss for unfunded loan commitments is reported on the Consolidated Statement of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in provision for credit losses - unfunded commitments in the Consolidated Statements of Income.

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

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

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

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

Individually Evaluated Loans
On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less estimated costs to sell at the reporting date, and the amortized cost basis of the loan.

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

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ACL on Available-for-Sale Securities
For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income (loss), net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses.

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

Accrued Interest Receivable
The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities. Accrued interest receivable on loans is reported as a component of accrued interest receivable and other assets on the Consolidated Statement of Financial Condition, totaled $ 4.0 million at March 31, 2025 and $ 3.9 million at December 31, 2024 and is excluded from the estimate of credit losses. Accrued interest receivable on available-for-sale securities, also a component of accrued interest receivable and other assets on the Consolidated Statement of Financial Condition, totaled $ 1.5 million at March 31, 2025 and $ 1.7 million at December 31, 2024 and is excluded from the estimate of credit losses.

Recent Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires that public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The ASU requires all entities to disclose on an annual basis (1) the amount of income taxes paid, disaggregated by federal, state and foreign taxes and (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal or greater than five percent of total income taxes paid. The ASU also requires that all entities disclose (1) income (loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic or foreign and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state and foreign. This ASU is effective for public entities for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the ASU to have a material effect on the Company's consolidated statements of financial condition and results of operations.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE); this ASU was then superseded by ASU 2025-01, Clarifying the Effective Date , to clarify the effective date for interim reporting. Collectively, these ASU's require that public entities on an annual and interim basis disclose specific natural expenses contained within each relevant income statement expense caption. These specified natural expenses are: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion and amortization recognized as part of oil- and gas- producing activities (DD&A). This ASU is effective for public entities for annual periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company does not expect the adoption of the ASU to have a material effect on the Company's consolidated statements of financial condition and results of operations.
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Note 2. Earnings Pe r Share
There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statements of Income is used as the numerator.
The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation:
Three Months Ended
March 31,
2025 2024
(Dollars in thousands, except share and per share data)
Net Income $ 1,909 $ 4,196
Weighted-Average Basic Common Shares Outstanding
5,125,577 5,129,903
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock)
345,429 12,383
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding
5,471,006 5,142,286
Earnings Per Share:
Basic
$ 0.37 $ 0.82
Diluted
0.35 0.82
The dilutive effect on weighted average diluted common shares outstanding is the result of outstanding stock options and nonvested restricted stock. The following table presents for the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options’ exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive.
Three Months Ended
March 31,
2025 2024
Stock Options 24,310 315,566
Restricted Stock 25,235 30,385


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Note 3. Securities
The following tables present the amortized cost and fair value of securities available-for-sale at the dates indicated:
March 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$ 4,997 $ — $ ( 879 ) $ 4,118
Obligations of States and Political Subdivisions
3,500 6 ( 87 ) 3,419
Mortgage-Backed Securities - Government-Sponsored Enterprises
52,647 231 ( 2,658 ) 50,220
Collateralized Mortgage Obligations - Government-Sponsored Enterprises 108,797 73 ( 14,415 ) 94,455
Collateralized Loan Obligations 97,922 8 ( 278 ) 97,652
Corporate Debt 9,477 — ( 1,532 ) 7,945
Total Available-for-Sale Debt Securities 277,340 318 ( 19,849 ) 257,809
Equity Securities:
Mutual Funds
890
Total Securities $ 258,699
December 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$ 4,996 $ — $ ( 1,051 ) $ 3,945
Obligations of States and Political Subdivisions
3,496 — ( 149 ) 3,347
Mortgage-Backed Securities - Government-Sponsored Enterprises
53,628 — ( 3,265 ) 50,363
Collateralized Mortgage Obligations - Government-Sponsored Enterprises 111,076 — ( 16,119 ) 94,957
Collateralized Loan Obligations 98,741 96 ( 58 ) 98,779
Corporate Debt 9,479 — ( 1,356 ) 8,123
Total Available-for-Sale Debt Securities 281,416 96 ( 21,998 ) 259,514
Equity Securities:
Mutual Funds
879
Other
1,760
Total Equity Securities 2,639
Total Securities $ 262,153
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The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated:
March 31, 2025
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
— $ — $ — 1 $ 4,118 $ ( 879 ) 1 $ 4,118 $ ( 879 )
Obligations of States and Political Subdivisions
1 531 ( 5 ) 5 2,332 ( 82 ) 6 2,863 ( 87 )
Mortgage Backed Securities- Government-Sponsored Enterprises 1 4,309 ( 43 ) 8 15,104 ( 2,615 ) 9 19,413 ( 2,658 )
Collateralized Mortgage Obligations - Government-Sponsored Enterprises 2 14,948 ( 79 ) 21 71,477 ( 14,336 ) 23 86,425 ( 14,415 )
Collateralized Loan Obligations 10 64,196 ( 252 ) 1 10,031 ( 26 ) 11 74,227 ( 278 )
Corporate Debt — — — 3 7,945 ( 1,532 ) 3 7,945 ( 1,532 )
Total 14 $ 83,984 $ ( 379 ) 39 $ 111,007 $ ( 19,470 ) 53 $ 194,991 $ ( 19,849 )
December 31, 2024
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
— $ — $ — 1 $ 3,945 $ ( 1,051 ) 1 $ 3,945 $ ( 1,051 )
Obligations of States and Political Subdivisions
2 1,068 ( 16 ) 5 2,279 ( 133 ) 7 3,347 ( 149 )
Mortgage Backed Securities- Government-Sponsored Enterprises 5 35,232 ( 222 ) 8 15,131 ( 3,043 ) 13 50,363 ( 3,265 )
Collateralized Mortgage Obligations - Government-Sponsored Enterprises 4 31,208 ( 662 ) 20 63,749 ( 15,457 ) 24 94,957 ( 16,119 )
Collateralized Loan Obligations 5 27,564 ( 58 ) — — — 5 27,564 ( 58 )
Corporate Debt — — — 3 8,123 ( 1,356 ) 3 8,123 ( 1,356 )
Total
16 $ 95,072 $ ( 958 ) 37 $ 93,227 $ ( 21,040 ) 53 $ 188,299 $ ( 21,998 )
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For debt securities, the Company does not believe that any individual unrealized loss as of March 31, 2025 or December 31, 2024, represents a credit related impairment. The Company performs a review of the entire securities portfolio on a quarterly basis to identify securities that may indicate a credit related impairment. The unrealized losses on securities at March 31, 2025 and December 31, 2024 relate principally to changes in market interest rates subsequent to the acquisition of the specific securities. The Company does not intend to sell, and it is not more likely than not that it will be required to sell any of the securities in an unrealized loss position before recovery of its amortized cost or maturity of the security.
Total securities available to be pledged have a fair value of $ 239.8 million at March 31, 2025 and $ 251.3 million at December 31, 2024 of which securities with a fair value of $ 163.1 million and $ 176.2 million at March 31, 2025 and December 31, 2024, respectively, were pledged to secure uninsured public deposits, borrowings or for other purposes as required or permitted by law.
The scheduled maturities of securities available-for-sale are summarized as follows. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities, collateralized mortgage obligations and collateralized loan obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.
March 31, 2025
Amortized
Cost
Fair
Value
(Dollars in thousands)
Due in One Year or Less
$ 37 $ 37
Due after One Year through Five Years
692 682
Due after Five Years through Ten Years
48,402 45,997
Due after Ten Years
228,209 211,093
Total
$ 277,340 $ 257,809
The following table presents the loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. There was no realized gain or loss on sales of debt securities for the periods indicated. All losses presented in the table below are reported in Net Loss on Securities on the Consolidated Statements of Income.
Three Months Ended
March 31,
2025 2024
(Dollars in thousands)
Equity Securities
Net Unrealized Loss Recognized on Securities Held $ ( 56 ) $ ( 166 )
Net Realized Loss Recognized on Securities Sold ( 13 ) —
Net Loss on Equity Securities $ ( 69 ) $ ( 166 )
Net Loss on Securities $ ( 69 ) $ ( 166 )
Note 4. Loans and Allowance for Credit Losses
The Company’s loan portfolio is segmented to enable management to monitor risk and performance. Real estate loans are further segregated into three classes. Residential mortgages include those secured by residential properties and include home equity loans, while commercial mortgages consist of loans to commercial borrowers secured by commercial real estate. Construction loans typically consist of loans to build commercial buildings and acquire and develop residential real estate. The commercial and industrial segment consists of loans to finance the activities of commercial customers. The consumer segment consists primarily of indirect auto loans as well as personal installment loans and personal or overdraft lines of credit.
Residential mortgage loans are typically longer-term loans and, therefore, generally present greater interest rate risk than the consumer and commercial loans. Under certain economic conditions, housing values may decline, which may increase the risk that the collateral values are not sufficient.
Commercial real estate loans generally present a higher level of credit risk than loans secured by residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income-producing properties, and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayment of commercial real estate loans is typically dependent upon the successful operation of the
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related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired.
Construction loans are originated to individuals to finance the construction of residential dwellings and are also originated for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses. Construction loans generally provide for the payment of interest only during the construction phase, which is usually 12 to 18 months. At the end of the construction phase, the loan generally converts to a permanent residential or commercial mortgage loan. Construction loan risks include overfunding in comparison to the plans, untimely completion of work, and leasing and stabilization after project completion.
Commercial and industrial loans are generally secured by inventories, accounts receivable, and other business assets, which present collateral risk.
Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan.
The following table presents the classifications of loans as of the dates indicated:
March 31, 2025 December 31, 2024
(Dollars in thousands)
Real Estate:
Residential
$ 334,744 $ 337,990
Commercial
497,316 485,513
Construction
54,597 54,705
Commercial and Industrial
107,419 112,047
Consumer
61,854 70,508
Other
32,564 31,863
Total Loans
1,088,494 1,092,626
Allowance for Credit Losses ( 9,819 ) ( 9,805 )
Loans, Net
$ 1,078,675 $ 1,082,821
Included in total loans above are unamortized net deferred loan fees of $ 896 ,000 and $ 846 ,000 at March 31, 2025 and December 31, 2024, respectively.
The Company uses a nine-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first five categories are not considered criticized and are aggregated as “pass” rated. The criticized rating categories used by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are below average quality, resulting in an undue credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as loss are considered uncollectible and of such little value that continuance as an asset is not warranted.
The following tables present the Company’s loans by year of origination, loan segmentation and risk indicator summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the dates indicated. There were no loans in the criticized category of Loss.

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Classified Loans by Origination Year (as of March 31, 2025)
(dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Total
Real Estate:
Residential
Pass $ 3,257 $ 18,488 $ 31,584 $ 45,939 $ 41,128 $ 170,600 $ 18,007 $ 329,003
Special Mention — — — 2,566 — — — 2,566
Substandard — — 2,205 — — 970 — 3,175
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 3,257 18,488 33,789 48,505 41,128 171,570 18,007 334,744
Commercial
Pass 17,778 64,171 53,004 68,639 82,096 192,369 2,390 480,447
Special Mention — 5,897 527 — 3,441 1,748 — 11,613
Substandard — — — 176 — 5,080 — 5,256
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 17,778 70,068 53,531 68,815 85,537 199,197 2,390 497,316
Construction
Pass — 11,968 20,782 14,574 269 — — 47,593
Special Mention — — — — — 7,004 — 7,004
Substandard — — — — — — — —
Doubtful — — — — — — — —
Loss — — — — — — — —
Total — 11,968 20,782 14,574 269 7,004 — 54,597
Commercial and Industrial
Pass 6,736 27,753 24,431 11,541 5,337 7,755 20,324 103,877
Special Mention — — 197 — — 3,145 200 3,542
Substandard — — — — — — — —
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 6,736 27,753 24,628 11,541 5,337 10,900 20,524 107,419
Consumer
Pass 238 667 8,138 27,884 12,936 6,691 5,170 61,724
Special Mention — — — — — — — —
Substandard — — — — 35 95 — 130
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 238 667 8,138 27,884 12,971 6,786 5,170 61,854
Other
Pass — 164 4,037 22,210 23 5,012 1,118 32,564
Special Mention — — — — — — — —
Substandard — — — — — — — —
Doubtful — — — — — — — —
Loss — — — — — — — —
Total — 164 4,037 22,210 23 5,012 1,118 32,564
Total Loans $ 28,009 $ 129,108 $ 144,905 $ 193,529 $ 145,265 $ 400,469 $ 47,209 $ 1,088,494
Gross Charge Offs $ — $ — $ 19 $ 4 $ 1 $ 94 $ 17 $ 135
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Classified Loans by Origination Year (as of December 31, 2024)
(dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total
Real Estate:
Residential
Pass $ 16,932 $ 34,311 $ 46,602 $ 41,652 $ 54,422 $ 122,083 $ 18,015 $ 334,017
Special Mention — — 2,586 — — — — 2,586
Substandard — — 50 — — 1,337 — 1,387
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 16,932 34,311 49,238 41,652 54,422 123,420 18,015 337,990
Commercial
Pass 64,438 52,178 67,336 82,578 45,959 147,557 2,839 462,885
Special Mention 5,919 1,683 2,214 4,496 280 2,782 — 17,374
Substandard — — 175 — — 5,079 — 5,254
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 70,357 53,861 69,725 87,074 46,239 155,418 2,839 485,513
Construction
Pass 11,987 21,145 14,342 269 — — — 47,743
Special Mention — — — — 6,962 — — 6,962
Substandard — — — — — — — —
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 11,987 21,145 14,342 269 6,962 — — 54,705
Commercial and Industrial
Pass 33,295 25,063 12,280 5,546 4,374 4,530 20,338 105,426
Special Mention — 200 — — — 3,221 3,200 6,621
Substandard — — — — — — — —
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 33,295 25,263 12,280 5,546 4,374 7,751 23,538 112,047
Consumer
Pass 779 8,980 31,806 14,973 4,809 3,519 5,429 70,295
Special Mention — — — — — — — —
Substandard — — — 42 21 150 — 213
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 779 8,980 31,806 15,015 4,830 3,669 5,429 70,508
Other
Pass 178 4,039 21,877 27 571 4,553 618 31,863
Special Mention — — — — — — — —
Substandard — — — — — — — —
Doubtful — — — — — — — —
Loss — — — — — — — —
Total 178 4,039 21,877 27 571 4,553 618 31,863
Total Loans $ 133,528 $ 147,599 $ 199,268 $ 149,583 $ 117,398 $ 294,811 $ 50,439 $ 1,092,626
Gross Charge Offs $ — $ 46 $ 329 $ 57 $ 54 $ 52 $ 114 $ 652
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The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of the dates indicated:
March 31, 2025
Loans
Current
30-59
Days
Past Due
60-89
Days
Past Due
90 Days
Or More
Past Due
Total
Past Due
Non-
Accrual
Total
Loans
(Dollars in Thousands)
Real Estate:
Residential
$ 330,678 $ 2,016 $ — $ — $ 2,016 $ 2,050 $ 334,744
Commercial
496,271 856 — — 856 189 497,316
Construction
54,597 — — — — — 54,597
Commercial and Industrial
107,223 — 196 — 196 — 107,419
Consumer
61,231 487 6 — 493 130 61,854
Other
32,564 — — — — — 32,564
Total Loans
$ 1,082,564 $ 3,359 $ 202 $ — $ 3,561 $ 2,369 $ 1,088,494
December 31, 2024
Loans
Current
30-59
Days
Past Due
60-89
Days
Past Due
90 Days
Or More
Past Due
Total
Past Due
Non-
Accrual
Total
Loans
(Dollars in Thousands)
Real Estate:
Residential
$ 331,705 $ 2,926 $ 1,971 $ — $ 4,897 $ 1,388 $ 337,990
Commercial
484,959 366 — — 366 188 485,513
Construction
54,705 — — — — — 54,705
Commercial and Industrial
112,047 — — — — — 112,047
Consumer
69,454 809 32 — 841 213 70,508
Other
31,863 — — — — — 31,863
Total Loans
$ 1,084,733 $ 4,101 $ 2,003 $ — $ 6,104 $ 1,789 $ 1,092,626
Additional interest income that would have been recorded if the loans that were nonaccrual at March 31, 2025 were current was $ 52,000 for the three months ended March 31, 2025, and $ 20,000 for the three months ended March 31, 2024.
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The following table sets forth the amounts for amortized cost basis of loans on nonaccrual status, loans past due 90 days still accruing, and categories of nonperforming assets at the dates indicated.
March 31, 2025
Nonaccrual With No ACL Nonaccrual With ACL Loans Past Due 90 Days Still Accruing Total Nonperforming Assets
(Dollars in Thousands)
Nonaccrual Loans:
Real Estate:
Residential
$ 2,050 $ — $ — $ 2,050
Commercial
189 — — 189
Consumer
130 — — 130
Total Nonaccrual Loans
$ 2,369 $ — $ — 2,369
Total Other Real Estate Owned —
Total Nonperforming Assets
$ 2,369

December 31, 2024
Nonaccrual With No ACL Nonaccrual With ACL Loans Past Due 90 Days Still Accruing Total Nonperforming Assets
(Dollars in Thousands)
Nonaccrual Loans:
Real Estate:
Residential
$ 1,388 $ — $ — $ 1,388
Commercial
188 — — 188
Consumer
213 — — 213
Total Nonaccrual Loans
$ 1,789 $ — $ — 1,789
Total Other Real Estate Owned —
Total Nonperforming Assets
$ 1,789
No interest income on nonaccrual loans was recognized during the three months ended March 31, 2025 and March 31, 2024.
All modifications and refinancing, including those with borrowers that are experiencing financial difficulty are subject to the modification guidance in ASC 310-20. Loan modifications could meet the definition of a new loan if certain terms of the loan are modified to the benefit of the lender and the modification to the terms of the loan are more than minor. Both of these criteria have to be met to define the modification as a new loan. If a loan modification meets the criteria of new loan, then the new loan should include the remaining net investment in the original loan, additional funds advanced, fees received, and direct loan origination costs with the refinancing or restructuring. Additionally, the effective interest rate should be recalculated based on the amortized cost basis of the new loan and a reassessment of contractual cash flow. For the three months ended March 31, 2025 and March 31, 2024, there were no new loan modifications to borrowers experiencing financial difficulty.
The recorded investment of residential real estate loans for which formal foreclosure proceedings were in process according to applicable requirements of the local jurisdiction was $ 720 ,000 and $ 1.2 million at March 31, 2025 and December 31, 2024, respectively.

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The activity in the ACL - Loans is summarized below by primary segments for the periods indicated:
Real
Estate
Residential
Real
Estate
Commercial
Real
Estate
Construction
Commercial
and
Industrial
Consumer
Other
Total
(Dollars in thousands)
December 31, 2024 $ 2,926 $ 3,103 $ 1,264 $ 1,584 $ 687 $ 241 $ 9,805
Charge-offs
— — — — ( 135 ) — ( 135 )
Recoveries
1 — — 43 37 — 81
(Recovery) Provision for Credit Losses - Loans ( 31 ) 25 ( 37 ) 121 ( 3 ) ( 7 ) 68
March 31, 2025 $ 2,896 $ 3,128 $ 1,227 $ 1,748 $ 586 $ 234 $ 9,819

Real
Estate
Residential 		Real
Estate
Commercial 		Real
Estate
Construction 		Commercial
and
Industrial 		Consumer Other Total
(Dollars in thousands)
December 31, 2023 $ 3,129 $ 2,630 $ 639 $ 1,693 $ 1,367 $ 249 $ 9,707
Charge-offs ( 1 ) — — ( 12 ) ( 50 ) — ( 63 )
Recoveries 11 — — 43 27 — 81
(Recovery) Provision for Credit Losses - Loans ( 307 ) 318 231 ( 137 ) ( 260 ) 12 ( 143 )
March 31, 2024 $ 2,832 $ 2,948 $ 870 $ 1,587 $ 1,084 $ 261 $ 9,582
Loans that do not share risk characteristics are evaluated on an individual basis. For loans that are individually evaluated and collateral dependent, financial loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL - Loans is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. During the three months ended March 31, 2025, there were $ 7.9 million of loans that required specific valuation allowances of $ 570 ,000. During the three months ended March 31, 2024, there were no loans that required a credit loss to be individually assigned.
The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued interest payable and other liabilities on the Consolidated Statement of Financial Condition), with adjustments to the reserve recognized in provision for credit losses - unfunded commitments on the Consolidated Statement of Income. The Company’s activity in the allowance for credit losses on unfunded commitments for the periods indicated was as follows:
(in thousands) Allowance for Credit Losses
Balance at December 31, 2024
$ 691
Recovery for Credit Losses - Unfunded Commitments ( 108 )
Balance at March 31, 2025 $ 583
(in thousands) Allowance for Credit Losses
Balance at December 31, 2023 $ 500
Provision for Credit Losses - Unfunded Commitments 106
Balance at March 31, 2024 $ 606
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Note 5. Derivatives and Hedging Activities
Derivatives Not Designated as Hedging Instruments
The Company has four risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which it is a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution.
Derivatives Designated as Hedging Instruments
In October 2023, the Company entered into an interest rate swap contract that is designated as a fair value hedge to mitigate the risk of interest rate increases and the subsequent impact on the associated fixed rate mortgages. This contract matures on October 17, 2026, has a notional amount of $ 75.0 million and is benchmarked to SOFR. The Company expects the hedge to remain effective during the remaining term of the swap.
The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding and risk participation agreements with other financial institutions. These adjustments are included in Accrued Interest Payable and Other Liabilities on the Company's Consolidated Statement of Financial Condition.
March 31, 2025 December 31, 2024
(Dollars in Thousands)
Derivatives not Designated as Hedging Instruments
Risk Participation Agreements:
Credit Value Adjustment $ ( 76 ) $ ( 66 )
Notional Amount 19,841 18,158
Derivatives Designated as Hedging Instruments
Interest rate swaps:
Fair Value Adjustment ( 1,015 ) ( 801 )
Notional Amount 75,000 75,000
Note 6. Fair Value Disclosure
ASC Topic 820 “Fair Value Measurement” defines fair value and provides the framework for measuring fair value and required disclosures about fair value measurements. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the transaction date. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used in valuation methods to determine fair value.
The three levels of fair value hierarchy are as follows:
Level 1 –    Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available.
Level 2 –    Fair value is based on significant inputs, other than Level 1 inputs, that are observable either directly or indirectly for substantially the full term of the asset through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets, quoted market prices in markets that are not active for identical or similar assets, and other observable inputs.
Level 3 –    Fair value is based on significant unobservable inputs. Examples of valuation methodologies that would result in Level 3 classification include option pricing models, discounted cash flows, and other similar techniques.
This hierarchy requires the use of observable market data when available. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.
The majority of the Company’s securities are included in Level 2 of the fair value hierarchy. Fair values for Level 2 securities were primarily determined by a third-party pricing service using both quoted prices for similar assets, when available, and model-based valuation techniques that derive fair value based on market-corroborated data, such as instruments with similar prepayment speeds and default interest rates. The standard inputs that are normally used include benchmark yields of like securities, reportable trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.
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The Company uses derivative instruments, including interest rate swaps and risk participation agreements, and the fair value of such instruments are calculated using accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, considering the contractual terms of each derivative, and uses observable market-based inputs, such as interest rate curves and implied volatilities. Credit valuation adjustments are incorporated to appropriately reflect nonperformance risk and the respective counterparties' nonperformance risk in calculating fair value measurements. These instruments are classified as Level 2.
There were no transfers into or out of Level 3 during the three months ended March 31, 2025 or year ended December 31, 2024.
The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statements of Financial Condition as of the dates indicated, by level within the fair value hierarchy:
Fair Value
Hierarchy
March 31, 2025 December 31, 2024
(Dollars in thousands)
ASSETS
Available-for-Sale Debt Securities
U.S. Government Agencies
Level 2
$ 4,118 $ 3,945
Obligations of States and Political Subdivisions
Level 2
3,419 3,347
Mortgage-Backed Securities - Government-Sponsored Enterprises
Level 2
50,220 50,363
Collateralized Mortgage Obligations - Government Sponsored Enterprises
Level 2
94,455 94,957
Collateralized Loan Obligations Level 2 97,652 98,779
Corporate Debt Level 2 7,945 8,123
Total Available-for-Sale Debt Securities 257,809 259,514
Equity Securities
Mutual Funds
Level 1
890 879
Other
Level 1
— 1,760
Total Equity Securities 890 2,639
Total Securities $ 258,699 $ 262,153
Total Assets $ 258,699 $ 262,153
LIABILITIES
Derivative Financial Liabilities
Interest Rate Swaps Level 2 $ 1,015 $ 801
Risk Participation Agreements Level 2 76 66
Total Liabilities $ 1,091 $ 867
The following table presents the financial assets on the Consolidated Statements of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements.
Financial Asset Fair Value Hierarchy March 31,
2025 		Valuation
Techniques 		Significant Unobservable Inputs Range Weighted Average
(Dollars in thousands)
Individually Evaluated Loans Level 3 $ 7,284
Appraisal of Collateral (1)
Appraisal Adjustments (2)
24 % to 100 % 26.5 %
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Financial Asset Fair Value Hierarchy December 31,
2024 		Valuation
Techniques 		Significant Unobservable Inputs Range Weighted Average
(Dollars in thousands)
Individually Evaluated Loans Level 3 $ 5,244
Appraisal of Collateral (1)
Appraisal Adjustments (2)
25 % to 52 %
26.2 %
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include various Level 3 inputs, which are not identifiable.
(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal.
Individually evaluated loans are evaluated and valued at the time the loan is identified as impaired, at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing the loans and is classified as Level 3 in the fair value hierarchy. At March 31, 2025, the fair value of these loans consisted of loan balances of $ 7.9 million less specific valuation allowances of $ 570 ,000. At December 31, 2024, the fair value of these loans consisted of loan balances of $ 5.6 million less specific valuation allowances of $ 398 ,000.
The fair value of mortgage servicing rights ("MSRs") is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. At March 31, 2025 and December 31, 2024, the Company did not have any MSRs that would be required to be remeasured.
Other real estate owned ("OREO") properties are evaluated at the time of acquisition and recorded at fair value, less estimated selling costs. After acquisition, OREO is recorded at the lower of cost or fair value, less estimated selling costs. The fair value of an OREO property is determined from a qualified independent appraisal and is classified as Level 3 in the fair value hierarchy. As of March 31, 2025 and December 31, 2024, the Company did not have any OREO that would be required to be remeasured.
Financial instruments are defined as cash, evidence of an ownership in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If no readily available market exists, the fair value estimates for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses and other factors, as determined through various option pricing formulas or simulation modeling. As many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting estimated fair values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated fair values are based may have significant impact on the resulting estimated fair values.
As certain assets such as deferred tax assets and premises and equipment are not considered financial instruments, the estimated fair value of financial instruments would not represent the full value of the Company.
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The following table presents the estimated fair values of the Company’s financial instruments at the dates indicated.
March 31, 2025 December 31, 2024
Fair Value
Hierarchy
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
(Dollars in thousands)
Financial Assets:
Cash and Due From Banks:
Interest-Earning
Level 1
$ 52,191 $ 52,191 $ 39,332 $ 39,332
Noninterest-Earning
Level 1
9,083 9,083 10,240 10,240
Securities
See Above
258,699 258,699 262,153 262,153
Loans Held for Sale Level 2 230 230 900 900
Loans, Net
Level 3
1,078,675 1,048,251 1,082,821 1,045,104
Restricted Stock
Level 2
3,021 3,021 3,055 3,055
Mortgage Servicing Rights Level 3 451 792 466 849
Accrued Interest Receivable
Level 2
5,529 5,529 5,586 5,586
Financial Liabilities:
Deposits
Level 2
1,281,097 1,281,094 1,283,517 1,284,494
Other Borrowed Funds
FHLB Borrowings Level 2 20,000 20,000 20,000 20,004
Subordinated Debt Level 2 14,728 14,152 14,718 14,206
Derivative Liabilities Level 2 1,091 1,091 867 867
Accrued Interest Payable
Level 2
2,450 2,450 2,496 2,496
Note 7. Commitments and Contingent Liabilities
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business primarily to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and performance letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and performance letters of credit written is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.
The Company maintains an ACL on unfunded commitments to provide for the risk of loss inherent in these arrangements. The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. The ACL on unfunded loan commitments is included in other liabilities on the Consolidated Statement of Financial Condition and the related expense is recorded in provision for credit losses - unfunded commitments in the Consolidated Statement of Income.

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The following table presents the unused and available credit balances of financial instruments whose contracts represent credit risk at the dates indicated:
March 31,
2025 		December 31,
2024
(Dollars in thousands)
Standby Letters of Credit
$ 630 $ 605
Performance Letters of Credit
668 668
Construction Loans
34,995 41,118
Personal Lines of Credit
7,153 6,959
Overdraft Protection Lines
4,302 4,371
Home Equity Lines of Credit
28,339 27,504
Commercial Lines of Credit
76,436 86,362
Total Commitments
$ 152,523 $ 167,587
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties.
Performance letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These instruments are issued primarily to support bid or performance-related contracts. The coverage period for these instruments is typically a one-year period with an annual renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized upon expiration of the letter. For secured letters of credit, the collateral is typically Company deposit instruments or customer business assets. The Company recorded no liability associated with standby letters of credit as of March 31, 2025 and December 31, 2024.
Note 8. Leases
The Company evaluates all contracts at commencement to determine if a lease is present. In accordance with ASC Topic 842, leases are defined as either operating or finance leases. The Company’s lease contracts are all classified as operating leases and create operating right-of-use (“ROU”) assets and corresponding lease liabilities on the Consolidated Statements of Financial Condition. The leases are primarily ROU assets of land and building for branch and loan production locations. ROU assets are reported in Accrued Interest Receivable and Other Assets and the related lease liabilities in Accrued Interest Payable and Other Liabilities on the Consolidated Statements of Financial Condition.
The following tables present the lease expense, ROU assets, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods and dates indicated.
Three Months Ended
March 31,
2025 2024
(Dollars in thousands)
Operating Lease Expense $ 117 $ 77
Variable Lease Expense 12 8
Total Lease Expense $ 129 $ 85

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March 31,
2025 		December 31,
2024
(Dollars in thousands)
Operating Leases:
ROU Assets $ 2,729 $ 2,761
Weighted Average Lease Term in Years 10.84 11.07
Weighted Average Discount Rate 4.20 % 4.18 %

March 31,
2025
(Dollars in thousands)
Maturity Analysis:
Due in One Year $ 472
Due After One Year to Two Years 398
Due After Two Years to Three Years 401
Due After Three Years to Four Years 370
Due After Four to Five Years 273
Due After Five Years 1,763
Total $ 3,677
Less: Present Value Discount 869
Lease Liabilities $ 2,808
There were no new lease agreements which commenced during the three months ended March 31, 2025.
During the three months ended March 31, 2024, the Bank completed the sale and leaseback of a branch office located in Rostraver, Pennsylvania, for a sales price of $ 1.1 million. As a result, the Bank recorded a pre-tax net gain of $ 274,000 . Concurrently, the Bank entered into a lease agreement with the purchaser under which the Bank will lease the property for an initial term of 20 years with specified renewal options. The lease agreement includes a 2.0 % annual rent escalation during the initial term and renewal terms, if exercised. The Bank recorded an operating lease ROU asset and corresponding lease liability of $ 1.0 million.
Note 9. Segment and Related Information
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. The Company's President and Chief Executive Officer functions as its CODM. At March 31, 2025 and December 31, 2024, the Company had one reportable segment, community banking services, upon which the CODM makes decisions regarding how to allocate resources and assess performance. Individual bank branches offer a group of similar services, including commercial, real estate and consumer loans, time deposits, checking and savings accounts all with similar operating and economic characteristics. While the CODM monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis.
The CODM uses net interest income, noninterest income and net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Company, pursue acquisitions or pay out dividends. Net income is used to monitor budget versus actual results. These metrics and the Company's significant expense categories are disclosed on the Company's Consolidated Statements of Income.

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Note 10. Stock Based Compensation
The following table presents stock option information for the period indicated.
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual
Life in Years
Outstanding Options at December 31, 2024 377,088 $ 23.65 5.7
Granted — —
Exercised ( 24,413 ) 23.51
Forfeited ( 31,792 ) 23.05
Outstanding Options at March 31, 2025 320,883 $ 23.72 5.1
Exercisable Options at March 31, 2025 200,163 $ 24.32 3.3
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years
Nonvested Options at March 31, 2025 120,720 $ 22.74 8.1
The following table presents restricted stock award information for the period indicated:
Number of Shares Weighted Average Grant Date Fair Value Price Weighted Average Remaining Service Period in Years
Nonvested Restricted Stock at December 31, 2024 65,029 $ 22.64 3.0
Granted 25,235 30.62
Vested ( 15,863 ) 23.13
Forfeited ( 310 ) 21.50
Nonvested Restricted Stock at March 31, 2025 74,091 $ 25.26 3.5
The Company recognizes expense over a five-year vesting period for the restricted stock awards and stock options. Stock-based compensation expense related to restricted stock awards and stock options was $ 223,000 and $ 178,000 for the three months ended March 31, 2025 and 2024. Stock-based compensation expense was $ 223,000 and $ 178,000 for the three months ended March 31, 2025 and 2024.
As of March 31, 2025 and December 31, 2024, total unrecognized compensation expense was $ 535,000 and $ 701 ,000, respectively, related to stock options, and $ 1.8 million and $ 1.2 million, respectively, related to restricted stock awards.
Intrinsic value represents the amount by which the fair value of the underlying stock at March 31, 2025 and December 31, 2024 exceeds the exercise price of the stock options. The intrinsic value of stock options was $ 1.6 million and $ 1.9 million at March 31, 2025 and December 31, 2024, respectively.
At March 31, 2025 and December 31, 2024, there were 262,265 and 287,500 shares of common stock available and reserved under the 2024 Plan to be issued as restricted stock awards or units based on the terms of the Plan. At March 31, 2025, 25,235 shares have been granted under the 2024 Plan. The 2021 Plan shall remain in effect as long as any awards are outstanding, but as a result of the approval of the 2024 Plan, no more awards can be granted under the 2021 Plan.
Note 11. Variable Interest Entities
The Company has an investment interest in the following non-consolidated entity that meets the definition of a variable interest entity ("VIE").
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Low Income Housing Tax Credit Investments
The Company makes equity investments in an entity that sponsors affordable housing and other community development projects that qualify for the Low Income Housing Tax Credit ("LIHTC") program pursuant to Section 42 of the Internal Revenue Code. The purpose of this investment is not only to assist the Bank in meeting its responsibilities under the Community Reinvestment Act, but also to provide an investment return, primarily through the realization of tax benefits. The LIHTC partnership is managed by unrelated general partners that have the power to direct the activities which most significantly affect the performance of the partnership. The Company is therefore not the primary beneficiary of the LIHTC partnership and accordingly, does not consolidate this VIE.
The Company's funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions. The Company's maximum exposure to loss as a result of its involvement is limited to the carrying amounts of the investments, including the unfunded commitments. The investment in the LIHTC partnership is included in Accrued Interest Receivable and Other Assets and unfunded commitments are included in Accrued Interest Payable and Other Liabilities on the Consolidated Statements of Financial Condition. The Company currently expects to fund these commitments by the end of 2035.
The following table presents the balances of the Company's LIHTC investments and related unfunded commitments:
March 31, 2025 December 31, 2024
(Dollars in thousands)
Low Income Housing Tax Credit Investments $ 6,000 $ 6,000
Less: Amortization ( 94 ) ( 55 )
Net Low Income Housing Tax Credit Investments $ 5,906 $ 5,945
Unfunded Commitments $ 4,995 $ 4,995
The Company accounts for qualifying LIHTC investments under the proportional amortization method. Under this method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense.
The following table presents other information related to the Company's low income housing tax credit investments:
Three Months Ended March 31,
2025 2024
(dollars in thousands)
Tax Credits and Other Tax Benefits Recognized $ 50 $ —
Proportional Amortization Expense Included in Provision for Income Taxes $ 39 $ —
Note 12. Subsequent Events
The Company evaluated subsequent events through the date the consolidated financial statements were filed with the SEC and incorporated into the consolidated financial statements the effect of all material known events determined by Accounting Standards Codification ("ASC") 855, Subsequent Events , to be recognizable events.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
This discussion should be read in conjunction with the unaudited consolidated financial statements, notes and tables included in this report. For further information, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Forward-Looking Statements
This report contains certain “forward-looking statements” within the meaning of the federal securities laws. These statements are not historical facts, but rather statements based on the Company’s current expectations regarding its business strategies, intended results and future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions. Management’s ability to predict results or the effect of future plans or strategies is inherently uncertain. Factors which could affect actual results include, but are not limited to, the following:
• General and local economic conditions;
• Changes in market interest rates, deposit flows, demand for loans, real estate values and competition;
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• 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 integrate the operations of businesses we acquire;
• 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 disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission.
These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.
General
CB Financial Services is a bank holding company established in 2006 and headquartered in Carmichaels, Pennsylvania. CB Financial’s business activity is conducted primarily through its wholly owned bank subsidiary, Community Bank.
The Bank is a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank operates from nine branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania and three offices in Marshall and Ohio Counties in West Virginia. The Bank also has a loan production office in Allegheny County, a corporate center in Washington County and an operations center in Greene County, all of which are in Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area.
Overview
The following discussion and analysis is presented to assist in the understanding and evaluation of our consolidated financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q and should be read in conjunction therewith. The detailed discussion focuses on our consolidated financial condition as of March 31, 2025, compared to the consolidated financial condition as of December 31, 2024 and the consolidated results of operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provision for credit losses, noninterest income and noninterest expense. Noninterest income consists primarily of fees and service charges on deposit accounts, income from bank-owned life insurance and other income. Noninterest expense consists primarily of expenses related to salaries and employee benefits, occupancy and equipment, data processing, contracted services, legal and professional fees, advertising, deposit and general insurance and other expenses.
Financial institutions like us, in general, are significantly affected by economic conditions, competition, and the monetary and fiscal policies of the federal government. Lending activities are influenced by the demand for and supply of housing, competition among lenders, interest rate conditions, and funds availability. Our operations and lending are principally concentrated in the southwestern Pennsylvania and Ohio Valley market areas.
Explanation of Use of Non-GAAP Financial Measures
In addition to financial measures presented in accordance with U.S. GAAP, we present certain non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company’s business and in analyzing the Company’s operating results on the same basis as that applied by management. Although we believe that these non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar non-GAAP measures which may be presented by other companies. Where non-GAAP
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financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.
The interest income on interest-earning assets, net interest rate spread and net interest margin are presented on a fully tax-equivalent (“FTE”) basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and securities using the federal statutory income tax rate of 21.0%. We believe the presentation of net interest income on a FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
The following table reconciles net interest income, net interest spread and net interest margin on a FTE basis for the periods indicated:
Three Months Ended
March 31,
2025 2024
(Dollars in thousands)
Interest Income (GAAP) $ 17,847 $ 17,986
Adjustment to FTE Basis
56 39
Interest Income (FTE) (Non-GAAP)
17,903 18,025
Interest Expense (GAAP) 6,536 6,395
Net Interest Income (FTE) (Non-GAAP)
$ 11,367 $ 11,630
Net Interest Rate Spread (GAAP)
2.61 % 2.67 %
Adjustment to FTE Basis
0.02 0.01
Net Interest Rate Spread (FTE) (Non-GAAP)
2.63 % 2.68 %
Net Interest Margin (GAAP)
3.27 % 3.36 %
Adjustment to FTE Basis
0.01 0.01
Net Interest Margin (FTE) (Non-GAAP)
3.28 % 3.37 %
Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of the Company's capital management strategies and as an additional, conservative measure of the Company’s total value.
March 31,
2025 		December 31, 2024
(Dollars in thousands, except share and per share data)
Stockholders' Equity (GAAP) $ 148,289 $ 147,378
Goodwill and Other Intangible Assets, Net (9,732) (9,732)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Numerator) $ 138,557 $ 137,646
Common Shares Outstanding (Denominator) 5,099,069 5,132,654
Book Value per Common Share (GAAP) $ 29.08 $ 28.71
Tangible Book Value per Common Share (Non-GAAP) $ 27.17 $ 26.82
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Consolidated Statements of Financial Condition Analysis
Assets
Total assets increased $1.9 million, or 0.1%, to $1.483 billion at March 31, 2025 compared to $1.482 billion at December 31, 2024.
Cash and Securities
• Cash and due from banks increased $11.7 million, or 23.6%, to $61.3 million at March 31, 2025, compared to $49.6 million at December 31, 2024.
• Securities decreased $3.5 million, or 1.3%, to $258.7 million at March 31, 2025, compared to $262.2 million at December 31, 2024. The securities balance was primarily impacted by principal repayments on amortizing securities and the sale of equity securities, partially offset by an increase in the market value of the portfolio.
Loans, Allowance for Credit Losses (ACL) and Credit Quality
• Total loans decreased $4.1 million, or 0.4%, to $1.088 billion at March 31, 2025 compared to $1.093 billion at December 31, 2024. This was driven by decreases in consumer, commercial and industrial and residential real estate loans of $8.7 million, $4.6 million and $3.2 million, respectively, partially offset by increases in commercial real estate and other loans of $11.8 million and $701,000, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to the discontinuation of this product offering as of June 30, 2023. This portfolio is expected to continue to decline as resources are allocated and production efforts are focused on more profitable commercial products. Excluding the $8.3 million decrease in indirect automobile loans, total loans increased $4.2 million, or 0.4%. Loan production totaled $28.6 million while $15.6 million of loans paid off since December 31, 2024.
• The allowance for credit losses (ACL) was $9.82 million at March 31, 2025 and $9.81 million at December 31, 2024. As a result, the ACL to total loans was 0.90% at both March 31, 2025 and December 31, 2024. The provision for credit losses recorded for the three months ended March 31, 2025 was a net recovery of $40,000 and was primarily impacted by a decrease in unfunded commitments and funding rates.
• Net charge-offs for the three months ended March 31, 2025 were $54,000, or 0.02% of average loans on an annualized basis. Net recoveries for the three months ended March 31, 2024 were $18,000, or 0.01% of average loans on an annualized basis.
• Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, were $2.4 million at March 31, 2025 and $1.8 million at December 31, 2024. The increase resulted from a $1.1 million residential real estate loan collateralized by mortgages on nine rental real estate properties moving to nonaccrual status during the quarter as a result of past due payments and failure to provide updated financial information. At March 31, 2025, the loan was current. Nonperforming loans to total loans ratio was 0.22% at March 31, 2025 and 0.16% at December 31, 2024.
Accrued Interest Receivable and Other Assets
• Accrued interest and other assets decreased $1.4 million or 4.4%, to $30.1 million at March 31, 2025, compared to $24.8 million at December 31, 2024 due primarily to a $6.0 million investment in a low income housing tax credit project.
Liabilities
Total liabilities increased $1.0 million, or 0.1%, to $1.34 billion at March 31, 2025 compared to $1.33 billion at December 31, 2024.
Deposits
• Total deposits decreased $2.4 million to $1.281 billion as of March 31, 2025 compared to $1.284 billion at December 31, 2024. Time deposits decreased $29.1 million and money market deposits decreased $3.5 million while interest-bearing demand, savings and non interest-bearing demand deposits increased $24.4 million, $6.2 million and $504,000, respectively. This favorable change in the deposit mix was the result of an increased focus on building core banking relationships while strategically reducing time deposit only relationships. Brokered time deposits totaled $39.0 million as of March 31, 2025 and December 31, 2024, all of which mature within three months and were utilized to fund the purchase of floating rate CLO securities. At March 31, 2025, FDIC insured deposits totaled approximately 62.3% of total deposits while an additional 15.2% of total deposits were collateralized with investment securities.
Accrued Interest Payable and Other Liabilities
• Accrued interest payable and other liabilities increased $3.4 million, or 21.3%, to $19.3 million at March 31, 2025, compared to $16.0 million at December 31, 2024 primarily due to the purchase of $3.0 million of syndicated loans not yet settled.
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Stockholders’ Equity
Stockholders’ equity increased $911,000, or 0.6%, to $148.3 million at March 31, 2025, compared to $147.4 million at December 31, 2024. The key factors increasing stockholders’ equity were $1.9 million of net income for the current period and a $1.9 million decrease in accumulated other comprehensive loss, which were partially offset by $2.4 million of treasury shares purchased under the stock repurchase program and the payment of $1.3 million in dividends since December 31, 2024.
Book value per common share (GAAP) was $29.08 at March 31, 2025 compared to $28.71 at December 31, 2024, an increase of $0.37. Tangible book value per common share (Non-GAAP) increased $0.35, or 1.3%, to $27.17 compared to $26.82 at December 31, 2024.
Consolidated Results of Operations for the Three Months Ended March 31, 2025 and 2024
Overview. Net income was $1.9 million for the three months ended March 31, 2025, a decrease of $2.3 million compared to net income of $4.2 million for the three months ended March 31, 2024.
Net Interest and Dividend Income. Net interest and dividend income decreased $280,000, or 2.4%, to $11.3 million for the three months ended March 31, 2025 compared to $11.6 million for the three months ended March 31, 2024. Net interest margin (GAAP) decreased to 3.27% for the three months ended March 31, 2025 compared to 3.36% for the three months ended March 31, 2024. Fully Tax Equivalent (FTE) net interest margin (Non-GAAP) decreased 9 basis points (bps) to 3.28% for the three months ended March 31, 2025 compared to 3.37% for the three months ended March 31, 2024.
Interest and Dividend Income
• Interest and dividend income decreased $139,000, or 0.8%, to $17.8 million for the three months ended March 31, 2025 compared to $18.0 million the three months ended March 31, 2024.
◦ Interest income on loans decreased $310,000, or 2.1%, to $14.5 million for the three months ended March 31, 2025 compared to $14.8 million for the three months ended March 31, 2024. The average balance of loans decreased $12.8 million to $1.08 billion from $1.09 billion, causing a $293,000 decrease in interest income on loans. The average yield on loans remained stable at 5.50% for both periods despite a 100 bp reduction in the federal funds rate since September 2024. While this led to the downward repricing of variable and adjustable rate loans, the impact was negated by a reduction in lower yielding consumer loans due to the discontinuation of the indirect automobile loan product with the redeployment of those funds into higher yielding commercial loan products.
◦ Interest income on taxable investment securities increased $474,000, or 20.6%, to $2.8 million for the three months ended March 31, 2025 compared to $2.3 million for the three months ended March 31, 2024 driven by a $42.6 million increase in average balances coupled with an 8 bp increase in average yield. The increase in volume was driven by a $56.2 million increase in the average balance of collateralized loan obligation (“CLO”) securities as the Bank executed a leverage strategy during 2024 to purchase these assets funded with cash reserves and brokered certificates of deposits.
◦ Interest income on interest-earning deposits at other banks decreased $274,000 to $459,000 for the three months ended March 31, 2025 compared to $733,000 for the three months ended March 31, 2024 driven by a 91 bp decrease in the average yield and a $13.8 million decrease in average balances. The decrease in the yield was primarily related to the Federal Reserve’s recent reductions in the federal funds rate.
Interest Expense
• Interest expense increased $141,000, or 2.2%, to $6.5 million for the three months ended March 31, 2025 compared to $6.4 million for the three months ended March 31, 2024.
◦ Interest expense on deposits increased $120,000, or 2.0%, to $6.1 million for the three months ended March 31, 2025 compared to $6.0 million for the three months ended March 31, 2024. Interest-bearing deposit balances increased $27.5 million, or 2.8%, to $1.0 billion as of March 31, 2025 compared to $978.3 million as of March 31, 2024, accounting for a $120,000 increase in interest expense.
◦ While interest expense increased compared to the same quarter in the prior year, it decreased $1.4 million, or 17.3%, to $6.5 million for the three months ended March 31, 2025 compared to $7.9 million for the three months ended December 31, 2024. Interest-bearing deposits decreased $62.2 million as the Bank strategically reduced brokered deposits and time deposit only relationships. Additionally, the cost of interest-bearing deposits declined from 2.79% for the three months ended December 31, 2024 compared to 2.46% for the three months ended March 31, 2025 due to the change in the deposit mix and the recent Federal Reserve federal funds rate decreases.
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Average Balances and Yields . The following table presents information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting average yields and costs. Average balances are derived from daily balances over the periods indicated. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense. FTE yield adjustments have been made for tax exempt loan and securities interest income utilizing a marginal federal income tax rate of 21.0% for the periods presented. As such, amounts will not agree to income as reported in the consolidated financial statements. The yields and costs for the periods indicated are derived by dividing annualized income or expense by the average balances of assets or liabilities, respectively, for the periods presented.
Three Months Ended March 31,
2025 2024
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)
$ 1,075,083 $ 14,584 5.50 % $ 1,087,889 $ 14,877 5.50 %
Debt Securities
Taxable 278,362 2,777 3.99 235,800 2,303 3.91
Equity Securities 2,674 28 4.19 2,693 27 4.01
Interest-Earning Deposits at Banks 45,056 459 4.07 58,887 733 4.98
Other Interest-Earning Assets 3,196 55 6.98 3,235 85 10.57
Total Interest-Earning Assets 1,404,371 17,903 5.17 1,388,504 18,025 5.22
Noninterest-Earning Assets 63,324 54,910
Total Assets $ 1,467,695 $ 1,443,414
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Deposits $ 317,799 1,526 1.95 % $ 334,880 1,794 2.15 %
Money Market Accounts 230,634 1,726 3.04 203,867 1,514 2.99
Savings Accounts 172,322 41 0.10 191,444 59 0.12
Time Deposits 285,093 2,818 4.01 248,118 2,624 4.25
Total Interest-Bearing Deposits 1,005,848 6,111 2.46 978,309 5,991 2.46
Short-Term Borrowings 1,985 23 4.70 — — —
Other Borrowings 34,723 402 4.70 34,682 404 4.69
Total Interest-Bearing Liabilities 1,042,556 6,536 2.54 1,012,991 6,395 2.54
Noninterest-Bearing Demand Deposits 265,522 278,691
Total Funding and Cost of Funds 1,308,078 2.03 1,291,682 1.99
Other Liabilities 11,854 11,441
Total Liabilities 1,319,932 1,303,123
Stockholders' Equity 147,763 140,291
Total Liabilities and Stockholders' Equity $ 1,467,695 $ 1,443,414
Net Interest Income (FTE) (Non-GAAP) (3)
$ 11,367 $ 11,630
Net Interest-Earning Assets (4)
$ 361,815 $ 375,513
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)
2.63 % 2.68 %
Net Interest Margin (GAAP) (6)
3.27 3.36
Net Interest Margin (FTE) (Non-GAAP) (3)(6)
3.28 3.37
Return on Average Assets (1)
0.53 1.17
Return on Average Equity (1)
5.24 12.03
Average Equity to Average Assets 10.07 9.72
Average Interest-Earning Assets to Average Interest-Bearing Liabilities 134.70 137.07
(1) Annualized based on three months ended results.
(2)    Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)    Refer to Explanation and Use of Non-GAAP Financial Measures in this filing for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)    Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)    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)    Net interest margin represents annualized net interest income divided by average total interest-earning assets.
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Rate/Volume Analysis . The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. FTE yield adjustments have been made for tax exempt loan and securities income utilizing a marginal federal income tax rate of 21.0%. The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. The total column represents the sum of the prior columns.
Three Months Ended March 31, 2025
Compared to
Three Months Ended March 31, 2024
Increase (Decrease) Due to
Volume Rate Total
(Dollars in thousands) (Unaudited)
Interest and Dividend Income:
Loans, net $ (293) $ — $ (293)
Debt Securities:
Taxable 426 48 474
Equity Securities — 1 1
Cash at Other Banks (155) (119) (274)
Other Interest-Earning Assets (1) (29) (30)
Total Interest-Earning Assets (23) (99) (122)
Interest Expense:
Deposits 120 — 120
Short-Term Borrowings 23 — 23
Other Borrowings (3) 1 (2)
Total Interest-Bearing Liabilities 140 1 141
Change in Net Interest and Dividend Income $ (163) $ (100) $ (263)
Provision for Credit Losses. The provision for credit losses recorded for the three months ended March 31, 2025 was a net recovery of $40,000. The provision for credit losses - loans was $68,000 and was primarily due to an increase in specific reserves required on individually evaluated loans and qualitative adjustments on economic factors. The provision for credit losses - unfunded commitments was a recovery of $108,000 and was due to decreases in unfunded commitments and funding rates. This compared to a net recovery of $37,000 recorded for the three months ended March 31, 2024 as the provision for credit losses - loans was a recovery of $143,000 and was primarily due to a decrease in loan balances while the provision for credit losses - unfunded commitments was $106,000 and was due to an increase in qualitative factors.
Noninterest Income . Noninterest income decreased $1.1 million, or 58.9%, to $787,000 for the three months ended March 31, 2025, compared to $1.9 million for the three months ended March 31, 2024. This decrease resulted primarily as prior period results included a $915,000 gain on bank owned life insurance resulting from one death claim and a $274,000 gain on the disposal of premises and equipment from the sale of one branch office building.
Noninterest Expense. Noninterest expense increased $1.4 million, or 16.3%, to $9.8 million for the three months ended March 31, 2025 compared to $8.4 million for the three months ended March 31, 2024. Salaries and benefits increased $1.5 million, or 31.9%, to $6.0 million primarily due to $1.0 million of one-time non-recurring expenses recognized for the three months ended March 31, 2025 associated with the previously announced reduction in force, merit increases, revenue producing staff additions and higher insurance benefit costs. Data processing expense increased $105,000 due to costs associated with a new loan origination system and financial dashboard platform implemented during mid-2024. Equipment expense increased $66,000 due to higher depreciation expense associated with interactive teller machines, security system upgrades and other equipment placed into service in 2024. Legal and professional fees increased $50,000 primarily due to timing differences related to external audit and tax services. Contracted services increased $29,000 due to costs associated with website administration and equity compensation management added during mid-2024 and treasury product consulting services started in the current year. These increases were partly offset as intangible amortization decreased $341,000 as the Bank’s core deposit intangibles were fully amortized in 2024.
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Income Taxes. Income tax expense was $427,000 for the three months ended March 31, 2025 compared to $920,000 for the three months ended March 31, 2024. This change was primarily driven by a decrease in pre-tax income to $2.3 million for the three months ended March 31, 2025 compared to $5.1 million for the three months ended March 31, 2024.
Off-Balance Sheet Arrangements
Other than loan commitments and standby and performance letters of credit, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a significant current or future effect on our financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors. Refer to Note 7 in the Notes to Consolidated Financial Statements of this report for a summary of commitments outstanding as of March 31, 2025 and December 31, 2024.
Liquidity and Capital Management
Liquidity. Liquidity is the ability to meet current and future financial obligations of a short-term nature. The Company’s primary sources of funds consist of deposit inflows, loan repayments and maturities, calls and sales of securities. While maturities and scheduled amortization of loans and securities are typically predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions and competition.
The Company regularly adjusts its investments in liquid assets based upon its assessment of expected loan demand, expected deposit flows, yields available on interest-earning deposits and securities, and the objectives of its asset/liability management program. Excess liquid assets are invested generally in interest-earning deposits with other banks and short- and intermediate-term securities. The Company believes that it had sufficient liquidity at March 31, 2025 to satisfy its short- and long-term liquidity needs.
The Company’s most liquid assets are cash and due from banks, which totaled $61.3 million at March 31, 2025. The levels of these assets depend on our operating, financing, lending and investing activities during any given period. Unpledged securities, which provide an additional source of liquidity, totaled $95.6 million at March 31, 2025. In addition, at March 31, 2025, the Company had the ability to borrow up to $508.3 million from the FHLB of Pittsburgh, of which $486.4 million was available. The Company also has the ability to borrow up to $75.2 million from the FRB through its Borrower-In-Custody line of credit agreement and the Company also maintains multiple line of credit arrangements with various unaffiliated banks totaling $50.0 million as of both March 31, 2025 and December 31, 2024, currently these credit arrangements have remained unused.
At March 31, 2025, $237.3 million, or 88.6% of total time deposits mature within one year. If these time deposits do not remain with the Company, the Company will be required to seek other sources of funds. Depending on market conditions, the Company may be required to pay higher rates on such deposits or other borrowings than it currently pays on these time deposits. The Company believes, however, based on past experience that a significant portion of its time deposits will remain with it, either as time deposits or as other deposit products. The Company has the ability to attract and retain deposits by adjusting the interest rates offered. At March 31, 2025, the Bank's current deposit portfolio is 62.3% insured by the FDIC, and with additional coverage of 15.2% from the Bank's investment securities; of the total deposits held at the Bank only 22.5% are uninsured.
We are committed to maintaining a strong liquidity position; therefore, we monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. The marginal cost of new funding, however, whether from deposits or borrowings from the FHLB, will be carefully considered as we monitor our liquidity needs. Therefore, in order to minimize our cost of funds, we may consider additional borrowings from the FHLB in the future.
CB Financial is a separate legal entity from the Bank and must provide for its own liquidity to pay any dividends to its shareholders and for other corporate purposes. Its primary source of liquidity is dividend payments it receives from the Bank. The Bank’s ability to pay dividends to CB Financial is subject to regulatory limitations. At March 31, 2025, CB Financial (on an unconsolidated, stand-alone basis) had liquid assets of $15.1 million. The ability to pay future dividends or conduct stock repurchases may be limited under applicable banking regulations and regulatory policies due to expected losses for future periods and/or the inability to upstream funds from the Bank to the Company as a result of lower income or regulatory capital levels.
Capital Management. The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, each must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
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Under the Regulatory Capital Rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier I capital above its minimum risk-based capital requirements in an amount greater than 2.5% of total risk-weighted assets.
At March 31, 2025 and December 31, 2024, the Bank was categorized as “well capitalized” under the regulatory framework for prompt corrective action.
The following table presents the Bank’s regulatory capital amounts and ratios, as well as the minimum amounts and ratios required to be well capitalized as of the dates indicated.
March 31, 2025 December 31, 2024
Amount Ratio Amount Ratio
(Dollars in thousands)
Common Equity Tier 1 (to risk weighted assets)
Actual $ 153,046 14.94 % $ 152,238 14.78 %
For Capital Adequacy Purposes 46,104 4.50 46,366 4.50
To Be Well Capitalized 66,595 6.50 66,973 6.50
Tier 1 Capital (to risk weighted assets)
Actual 153,046 14.94 152,238 14.78
For Capital Adequacy Purposes 61,473 6.00 61,821 6.00
To Be Well Capitalized 81,963 8.00 82,428 8.00
Total Capital (to risk weighted assets)
Actual 163,448 15.95 162,733 15.79
For Capital Adequacy Purposes 81,963 8.00 82,428 8.00
To Be Well Capitalized 102,454 10.00 103,035 10.00
Tier 1 Leverage (to adjusted total assets)
Actual 153,046 10.36 152,238 9.98
For Capital Adequacy Purposes 59,092 4.00 60,996 4.00
To Be Well Capitalized 73,864 5.00 76,245 5.00
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Loan Credit Exposure
Refer to the "Lending Activities" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for a description of each loan portfolio segment.
At March 31, 2025, the Company's loans totaled $1.088 billion, representing a $4.1 million, or 0.4%, decrease compared to $1.093 billion at December 31, 2024.
The table below provides the composition of the loan portfolio:
March 31, 2025 December 31, 2024
(Dollars in thousands)
Real Estate:
Residential
$ 334,744 30.8 % $ 337,990 30.9 %
Commercial
497,316 45.7 % 485,513 44.4 %
Construction
54,597 5.0 % 54,705 5.0 %
Commercial and Industrial
107,419 9.9 % 112,047 10.3 %
Consumer
61,854 5.7 % 70,508 6.5 %
Other
32,564 2.9 % 31,863 2.9 %
Total Loans $ 1,088,494 100.0 % $ 1,092,626 100.0 %
The Company's loan portfolio is a mix of consumer and commercial credits. Overall credit exposure and portfolio compensation is managed via a credit concentration policy. The policy designates specific loan types, collateral types and loan structures to be formally tracked and assigned maximum exposure limits as a percentage of capital. Commercial lending by asset class, specific limits for Commercial Real Estate ("CRE") project types, loans secured by residential real estate, large dollar exposures and designated high risk loan categories represent examples of specifically tracked components of our concentration management process. There are no identified concentrations that exceed the assigned exposure limits. Our concentration management policy is approved by the Company's Board of Directors and is used to ensure a high-quality, well diversified portfolio that is consistent with our overall objective of maintaining an acceptable level of risk.
The Company's CRE portfolio totaled $497.3 million at March 31, 2025, a increase of $11.8 million, or 2.4%, compared to December 31, 2024. CRE loans are concentrated in the Pittsburgh metropolitan area.
The tables below provides further detail of the composition of the CRE portfolio as of March 31, 2025:
(Dollars in thousands) CRE Nonowner Occupied Loans
Outstanding Balance Percent Average Loan Size
Average LTV (1)
Multifamily $ 93,705 24.20 % $ 781 76.42 %
Retail Space 95,974 24.78 % 1,315 71.00 %
Warehouse Space 60,870 15.72 % 1,416 59.69 %
Office Space 49,974 12.91 % 961 67.10 %
Manufacturing 22,127 5.71 % 1,702 59.90 %
Medical Facilities 18,851 4.87 % 1,109 65.40 %
Hotels 3,316 0.86 % 3,316 42.48 %
Senior Housing 13,773 3.56 % 1,530 59.68 %
Oil & Gas 5,269 1.36 % 1,054 45.16 %
Other 23,366 6.03 % 835 59.69 %
Total Nonowner Occupied CRE $ 387,225 100.00 % $ 1,073 67.44 %
(1) Based on collateral value at the time of loan origination.
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(Dollars in Thousands) CRE Owner Occupied Loans
Outstanding Balance Percent Average Loan Size
Average LTV (1)
Retail Space $ 30,807 27.98 % $ 670 75.96 %
Warehouse Space 19,057 17.31 % 560 52.65 %
Office Space 8,327 7.57 % 333 86.72 %
Medical Facilities 8,965 8.14 % 690 76.12 %
Manufacturing 3,395 3.08 % 309 56.67 %
Oil & Gas 670 0.61 % 45 33.88 %
Hotels 5,918 5.38 % 1,973 27.21 %
Other 32,952 29.93 % 428 56.08 %
Total Owner Occupied CRE $ 110,091 100.00 % $ 481 63.41 %
(1) Based on collateral value at the time of loan origination.
Item 3. Quantitative and Qualitative Disclosure about Market Risk.
Management of Interest Rate Risk. The majority of the Company’s assets and liabilities are monetary in nature. Consequently, the Company’s most significant form of market risk is interest rate risk and a principal part of its business strategy is to manage interest rate risk by reducing the exposure of net interest income to changes in market interest rates. Accordingly, the Company’s Board has established an Asset/Liability Management Committee, which is responsible for evaluating the interest rate risk inherent in the Company’s assets and liabilities, for determining the level of risk that is appropriate given the Company’s business strategy, operating environment, capital, liquidity and performance objectives; and for managing this risk consistent with the guidelines approved by the Board. Senior management monitors the level of interest rate risk and the Asset/Liability Management Committee meets on a quarterly basis to review its asset/liability policies and position and interest rate risk position, and to discuss and implement interest rate risk strategies.
The Company monitors interest rate risk through the use of a simulation model. The quarterly reports developed in the simulation model assist the Company in identifying, measuring, monitoring and controlling interest rate risk to ensure compliance within the Company’s policy guidelines. This quantitative analysis measures interest rate risk from both a capital and earnings perspective. With regard to earnings, movements in interest rates and the shape of the yield curve significantly influence the amount of net interest income that is recognized. Movements in market interest rates significantly influence the spread between the interest earned on our interest-earning assets and the interest paid on our interest-bearing liabilities. Our internal interest rate risk analysis calculates the sensitivity of our projected net interest income over a one year period utilizing a static balance sheet assumption through which incoming and outgoing asset and liability cash flows are reinvested into similar instruments. Product pricing and earning asset prepayment speeds are adjusted for each rate scenario.
With regard to capital, our internal interest rate risk analysis calculates the sensitivity of our economic value of equity (“EVE”) ratio to movements in interest rates. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities. EVE attempts to quantify our economic value using a discounted cash flow methodology while the EVE ratio reflects that value as a form of capital ratio. The degree to which the EVE ratio changes for any hypothetical interest rate scenario from its base case measurement is a reflection of an institution’s sensitivity to interest rate risk.
For both net interest income and capital at risk, our interest rate risk analysis calculates a base case scenario that assumes no change in interest rates. The model then measures changes throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve up and down 100, 200, 300 and 400 basis points with additional scenarios modeled where appropriate. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios.
The table below sets forth, as of March 31, 2025, the estimated changes in EVE and net interest income at risk that would result from the designated instantaneous changes in market interest rates. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit decay, and should not be relied upon as indicative of actual results. Changes presented in the table below are within the policy limits approved by the Board of Directors.
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EVE EVE as a Percent of Portfolio Value of Assets Net Interest
Earnings at Risk
Change in Interest Rates in Basis Points Dollar Amount Dollar Change Percent Change NPV Ratio Basis Point Change Dollar Amount Dollar Change Percent Change
(Dollars in thousands)
+400 $ 182,461 $ (28,500) (13.5) % 13.98 % (85) $ 54,925 $ 3,481 6.8 %
+300 188,786 (22,175) (10.5) 14.18 (65) 54,021 2,577 5.0
+200 196,455 (14,506) (6.9) 14.44 (39) 53,187 1,743 3.4
+100 204,030 (6,931) (3.3) 14.66 (17) 52,351 907 1.8
Flat 210,961 — — 14.83 — 51,444 — —
(100) 215,805 4,844 2.3 14.84 1 50,381 (1,063) (2.1)
(200) 220,373 9,412 4.5 14.82 (1) 49,292 (2,152) (4.2)
(300) 223,001 12,040 5.7 14.66 (17) 47,682 (3,762) (7.3)
(400) 218,316 7,355 3.5 14.08 (75) 46,169 (5,275) (10.3)
Certain shortcomings are inherent in the methodology used in the above interest rate risk measurement. Modeling changes in EVE and net interest income require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the table presented assumes that the composition of the Company’s interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured, and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the table provides an indication of the Company’s interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on EVE and net interest income and will differ from actual results. EVE calculations also may not reflect the fair values of financial instruments. For example, changes in market interest rates can increase the fair values of the Company’s loans, deposits and borrowings.
Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures.
Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the SEC (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) is accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.
(b) Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
Periodically, there have been various claims and lawsuits against us, such as claims to enforce liens, claims seeking damages for improper collection procedures or misrepresentations, condemnation proceedings on properties in which we hold security interests, claims involving the making and servicing of real property loans and other issues incident to our business. We are not a party to any other pending legal proceedings that we believe would have a material adverse effect on our consolidated financial condition, results of operations or cash flows.
Item 1A. Risk Factors.
In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, financial condition or future results. The risks described in such Annual Report on Form 10-K are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities.
The Company made the following purchases of its common stock during the three months ended March 31, 2025.
Period
Total Number of Shares Purchased (1)
Average Price Paid per Share Total Number of Shares Purchased as
Part of the Publicly Announced Program
Approximate Dollar Value of Shares That
May Yet Be Purchased Under the Program (2)
January 1-31, 2025 10,388 $ 28.04 10,388 $ 291,247
February 1-28, 2025 27,676 29.49 27,676 816,165
March 1-31, 2025 43,260 28.27 43,260 1,222,819
Total
81,324 $ 28.66 81,324
(1) On July 22, 2024, the Company announced that the Board had approved a program commencing on July 25, 2024 to repurchase up to 5%, or 257,095 shares, of the Company's then outstanding common stock. This repurchase program is set to expire on July 25, 2025. In connection with the program, the Company has purchased a total of 105,252 shares of the Company's common stock at an average price of $28.39 per share.
(2) Based on the closing price of the Company's common stock on March 31, 2025, which was $28.45.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
During the three months ended March 31, 2025, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of SEC Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement (as such term is defined in Item 408 of SEC Regulation S-K).
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Item 6. Exhibits
3.1
3.2
31.1
31.2
32.1
101
The following materials for the quarter ended March 31, 2025, formatted in XBRL (Extensible Business Reporting Language); the (i) Consolidated Statements of Financial Condition, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements (Unaudited)
104 Cover Page Interactive Data File (Embedded within Inline XBRL contained in Exhibit 101)
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SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CB FINANCIAL SERVICES, INC.
(Registrant)
Date:
May 9, 2025 /s/ John H. Montgomery
John H. Montgomery
President and Chief Executive Officer
Date:
May 9, 2025 /s/ Amanda L. Engles
Amanda L. Engles
Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Chief Accounting Officer)
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TABLE OF CONTENTS
Part I Financial InformationItem 1. Financial StatementsNote 1. Summary Of Significant Accounting PoliciesNote 2. Earnings Per ShareNote 2. Earnings PeNote 3. SecuritiesNote 4. Loans and Allowance For Credit LossesNote 5. Derivatives and Hedging ActivitiesNote 6. Fair Value DisclosureNote 7. Commitments and Contingent LiabilitiesNote 8. LeasesNote 9. Segment and Related InformationNote 10. Stock Based CompensationNote 11. Variable Interest EntitiesNote 12. Subsequent EventsItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsItem 3. Quantitative and Qualitative Disclosure About Market RiskItem 4. Controls and ProceduresPart II - Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales Of Equity Securities, Use Of Proceeds and Issuer Purchases Of Equity SecuritiesItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits

Exhibits

3.1 Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-4 filed on June 13, 2014 (File No. 333-196749)) 3.2 Bylaws, as amended (incorporated herein by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on May 20, 2020) 31.1 Rule 13a-14(a) / 15d-14(a) Certification (Chief Executive Officer) 31.2 Rule 13a-14(a) / 15d-14(a) Certification (Chief Financial Officer) 32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002