CB Financial Services, Inc. operates as the bank holding company for Community Bank that provides various banking products and services for individuals and businesses in southwestern Pennsylvania, West Virginia, and Ohio. The company's primary deposit products include demand deposits, NOW accounts, money market accounts, and savings accounts, as well as time deposit products. Its loan products comprise residential real estate loans, such as one- to four-family mortgage loans, home equity installment loans, and home equity lines of credit; commercial real estate loans that are secured primarily by improved properties, such as retail facilities, office buildings, and other non-residential buildings; construction loans to individuals to finance the construction of residential dwellings, as well as for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses; commercial and industrial loans, and lines of credit; consumer loans consisting of indirect auto loans, secured and unsecured loans, and lines of credit; and other loans. In addition, the company conducts insurance agency activities by offering property and casualty, commercial liability, surety, and other insurance products. It operates through its main office and 13 branch offices in Greene, Allegheny, Washington, Fayette, and Westmoreland counties in southwestern Pennsylvania; Marshall and Ohio counties in West Virginia; and Belmont County in Ohio, as well as one loan production offices in Allegheny County. The company was founded in 1901 and is headquartered in Carmichaels, Pennsylvania.
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PNC Bank for Southwestern Pennsylvania and West Virginia.
The local, community-focused equivalent of a national bank like Bank of America.
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- Deposit Services: Offering a variety of checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
- Lending Services: Providing diverse loan products including commercial, residential mortgage, and consumer loans.
- Wealth Management & Trust Services: Delivering investment management, financial planning, and trust administration solutions through its wealth management division.
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CB Financial Services (CBFV) primarily serves a diverse customer base of individuals and businesses within its operational footprint through its subsidiary, Community Bank.
Given the nature of its banking services, it does not have "major customers" in the traditional sense of a few large companies dominating its revenue. Instead, its customer base consists of a broad array of account holders and borrowers. The company primarily serves the following categories of customers:
- Individual Consumers and Households: This category includes people seeking personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit, residential mortgages, home equity loans, and various consumer loans (e.g., auto loans, personal loans).
- Small and Medium-Sized Businesses (SMBs): This category comprises local businesses, ranging from sole proprietorships to mid-sized companies. They utilize services such as business checking and savings accounts, commercial loans (e.g., lines of credit, term loans), commercial real estate loans, treasury management services, and other business banking solutions.
- Commercial Real Estate Investors and Developers: This specialized segment includes individuals and entities involved in acquiring, developing, or managing commercial properties. They primarily utilize the bank for commercial real estate financing, including construction loans and term loans for income-producing properties.
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- S.R. Snodgrass, P.C. (Private company)
- Federal Home Loan Bank of Pittsburgh (Not a public company)
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John H. Montgomery, President and Chief Executive Officer
Mr. Montgomery was appointed President and Chief Executive Officer of CB Financial Services, Inc., effective August 31, 2020. He brings over 30 years of experience in banking and financial services, having held various senior-level leadership roles. Previously, he served in executive roles at First Bank and Susquehanna Bank.
Amanda L. Engles, Interim Chief Financial Officer
Ms. Engles serves as the Interim Chief Financial Officer of CB Financial Services, Inc. and Community Bank.
Jennifer L. George, Senior Executive Vice President and Chief Operations Officer of the Bank
Ms. George's responsibilities include overseeing all retail bank operations, marketing, the call center, ATM/ITM rollout, business banking, mortgage sales, and the Community Bank website.
Bruce Sharp, Senior Executive Vice President and Chief Commercial Banking Officer of the Bank
Mr. Sharp was appointed to his role in February 2022 and possesses more than 30 years of experience in banking and financial services. His responsibilities encompass all commercial sales, customer service, process, and product initiatives, as well as treasury management sales.
Stephen Cobain, Executive Vice President and Chief Credit Officer of the Bank
Mr. Cobain holds the position of Executive Vice President and Chief Credit Officer of the Bank.
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The accelerating market penetration of digital-first financial institutions and specialized fintech companies. These entities, unburdened by legacy infrastructure, offer highly streamlined online and mobile banking experiences, competitive interest rates, and niche financial products that directly challenge CB Financial Services' traditional, branch-centric model for acquiring deposits and originating loans. This trend is increasingly drawing away customers, particularly younger and digitally-native demographics, who prioritize convenience and advanced digital features, thereby threatening CBFV's customer base and net interest margin.
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CB Financial Services (NASDAQ: CBFV) operates primarily in community banking and insurance brokerage services, serving Southwestern Pennsylvania, Southeastern Ohio, and Northwestern West Virginia. The main financial solutions offered include residential and commercial real estate loans, commercial and industrial loans, consumer loans, and various deposit products for individuals and businesses.
Here are the addressable market sizes for CB Financial Services' main products and services:
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Community Banking Market (U.S.): The U.S. community banking market was valued at approximately $6.35 billion in 2024, with a projected compound annual growth rate (CAGR) of 3.8%. Another estimate placed the global community banking market size at $16.7 billion in 2024, growing to $29.07 billion by 2034 with a CAGR of 5.7%. North America held over 40% of the global market share in 2024.
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Residential Mortgage Market (Pennsylvania): In 2022, there were around 126,000 mortgage originations for owner-occupied homes in one- to four-unit buildings in Pennsylvania. The average mortgage balance in Pennsylvania grew to $175,647 in 2024. As of September 2025, home prices in Pennsylvania were up 3.8% compared to the previous year, with a median price of $306,500.
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Commercial Lending Market (Pennsylvania): The commercial banking industry in Pennsylvania is estimated to have a market size of $43.2 billion in 2025. The Mortgage Bankers Association (MBA) forecasted a 16% increase in total commercial and multifamily property lending to $583 billion in the U.S. in 2025, driven by $957 billion in commercial mortgages set to mature.
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Wealth Management Market (Global/U.S.): While not explicitly detailed as a primary segment for CBFV, wealth management is a related service. The global wealth management market size was valued at $1.68 trillion in 2023 and is projected to grow to $3.62 trillion by 2032, with a CAGR of 14.0% from 2025 to 2032. North America held the largest share in the wealth management industry in 2020. In 2023, there were 321,000 personal financial advisors in the U.S., with an expected 55,000 new jobs by 2033.
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Insurance Brokerage Services: Information specific to the addressable market size for insurance brokerage services in CB Financial Services' operating region (Southwestern Pennsylvania, Southeastern Ohio, and Northwestern West Virginia) or the broader U.S. that could be directly attributed to CBFV's scale was not readily available in the search results. Therefore, the addressable market size for this product cannot be reliably determined.
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Here are 3-5 expected drivers of future revenue growth for CB Financial Services (CBFV) over the next 2-3 years:
- Growth in Higher-Yielding Commercial Loan Portfolios: CB Financial Services is strategically shifting its loan portfolio towards higher-yielding commercial loan products, including commercial real estate and commercial and industrial loans. This strategy is evidenced by an increase in commercial loans to 59% of the bank's loan portfolio as of June 30, 2025, up from 53% in the prior year, as lower-yielding mortgage loans are converted. The company's 2024 annual report also highlighted significant growth in Commercial and Industrial Loans.
- Improved Net Interest Margin (NIM) through Balance Sheet Repositioning and Cost of Funds Management: The company undertook a balance sheet repositioning strategy in September 2025, selling lower-yielding investment securities and anticipating approximately $2.2 million in after-tax earnings from the positive spread differential of newly acquired, higher-yielding securities. Furthermore, an improved Net Interest Margin (NIM) is expected due to an increased yield on earning assets and a reduction in the cost of funds, resulting from a favorable change in deposit mix and disciplined deposit pricing. Net interest and dividend income for the three months ended September 30, 2025, also increased due to a reduction in interest expense.
- Expansion of Profitable Client Relationships through Enhanced Client Experience: CB Financial Services emphasizes a focus on creating "exceptional client experiences" and making it "simple and easy for our clients to do business with us." This client-centric approach is expected to generate more profitable relationships, ultimately leading to stronger financial performance and increased franchise value.
- Leveraging Technological Advancements: As highlighted in its 2025 investor presentations with the theme "People Centric, Tech Forward, Values Driven," CB Financial Services is likely to invest in and leverage technology to enhance its services. These advancements could improve operational efficiency, attract new customers through improved digital offerings, and enhance the overall customer experience, thereby contributing to revenue growth.
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Share Repurchases
- CB Financial Services completed a 5% common stock repurchase program on June 13, 2025, which commenced on July 26, 2024. Under this program, the company purchased a total of 257,145 shares at an average price of $28.70 per share.
- In September 2025, the company authorized a new stock repurchase program for up to $5 million of its outstanding common stock. Based on the closing stock price on September 3, 2025, this program could encompass approximately 153,233 shares.
- In June 2021, CB Financial Services announced an Equity Buyback program for 6.3% of its issued share capital, valued at $7.5 million.
Share Issuance
- The number of shares issued by CB Financial Services increased by 45,789 shares from 5,787,744 at December 31, 2024, to 5,833,533 at September 30, 2025.
Inbound Investments
- CB Financial Services, Inc. announced receiving $15 million in funding, as reported in December 2022.
Outbound Investments
- In the third quarter of 2025, CB Financial Services implemented a balance sheet repositioning strategy. This involved selling $129.6 million in book value of lower-yielding available-for-sale investment securities at an average yield of 2.87%, resulting in an estimated after-tax realized loss of $9.3 million.
- As part of the repositioning, the company expects to purchase $117.8 million of higher-yielding mortgage-backed securities/collateralized mortgage obligations issued by U.S. government-sponsored agencies, municipal securities, subordinated debt investments, and non-agency guaranteed securitizations, with an anticipated average yield of approximately 5.51%.
Capital Expenditures
- Annual capital expenditures were $3.32 million in fiscal year 2024, $3.29 million in fiscal year 2023, $0.51 million in fiscal year 2022, $2.39 million in fiscal year 2021, and $0.32 million in fiscal year 2020.
- Quarterly capital expenditures for June 2025 were $257,000.
