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CB Financial Services (CBFV)

Market Price (6/19/2026): $37.0 | Market Cap: $187.0 MilSector: Financials | Industry: Regional Banks

CB Financial Services (CBFV)

Market Price (6/19/2026): $37.0
Market Cap: $187.0 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.8%, FCF Yield is 8.6%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

Trading close to highs
Dist 52W High is -2.1%, Dist 3Y High is -2.1%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 27x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 20.04

Key risks
CBFV key risks include [1] deteriorating local economic conditions and [2] pressures from competition and regulatory changes.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.8%, FCF Yield is 8.6%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%
3 Low stock price volatility
Vol 12M is 27%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
5 Trading close to highs
Dist 52W High is -2.1%, Dist 3Y High is -2.1%
6 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 27x
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%
8 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 20.04
9 Key risks
CBFV key risks include [1] deteriorating local economic conditions and [2] pressures from competition and regulatory changes.

CBFV in ETFs

Weight = CBFV's share of each fund

VTI0.00%
ITOT0.00%
IWM0.00%
IWN0.01%
VTWO0.00%
AVUV0.00%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

FYE: 12/31CBFV [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$44.1 Mil—
FY 2026 Sales$62.4 Mil—
FY 2027 Sales$67.2 Mil—
FY 2026 Sales Growth41.3%—
FY 2027 Sales Growth7.9%7.7%
EARNINGS
LTM Net Income (GAAP) [3]$6.9 Mil—
FY 2026 Net Income (Non-GAAP)$15.9 Mil—
FY 2027 Net Income (Non-GAAP)$17.4 Mil—
FY 2027 Net Income Growth9.5%15.0%
FY 2026 EPS (Non-GAAP)$2.97—
FY 2027 EPS (Non-GAAP)$3.26—
FY 2027 EPS Growth9.8%—
VALUATION
FY 2026 P/S3.03.2
FY 2027 P/S2.8—
FY 2026 P/E11.820.5
FY 2027 P/E10.8—

[1] CBFV forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
CBFVS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)0.0
Rev Chg Q22.4%8.8%
Rev Chg LTM-8.0%7.4%
Rev Chg 3Y Avg-4.3%5.8%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)�
CFO LTM ($ Bil)0.0
Net Inc LTM ($ Bil)0.0
CFO/Rev LTM38.1%21.3%
Net Inc Mgn15.5%13.0%
VALUATIONHIGH
P/S4.23.2
P/CFO11.115.0
P/FCF11.719.1
P/E27.323.8

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MetricValueDateSource
Book value per common share$27.533312024Link
Tangible book value per common share (Non-GAAP)$25.523312024Link
Net interest margin3.36%3312024Link
Number of branch locations146102021Link

Price Chart

Upcoming
7/22/2026Earnings ReleaseRev: $15 Mil (E)
EPS: $0.70 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 6/11/2026

CB Financial Services (CBFV) stock has gained about 5% since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat: CB Financial Services announced its fiscal Q1 2026 financial results on April 22, 2026, reporting adjusted diluted earnings per common share of $0.72, which exceeded the consensus estimate of $0.71. This positive earnings surprise likely contributed to investor confidence and upward stock movement during the period.

2. Improved Net Interest Margin (NIM) and Robust Net Interest Income Growth: The company demonstrated strong core banking performance, with its net interest margin (NIM) improving for the sixth consecutive quarter, reaching 3.83% for the fiscal quarter ended March 31, 2026, up from 3.76% in fiscal Q4 2025. Concurrently, net interest and dividend income experienced a significant 22.6% year-over-year increase, totaling $13.9 million.

Show more
Updated on 6/11/2026

CB Financial Services (CBFV) stock has gained about 5% since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat: CB Financial Services announced its fiscal Q1 2026 financial results on April 22, 2026, reporting adjusted diluted earnings per common share of $0.72, which exceeded the consensus estimate of $0.71. This positive earnings surprise likely contributed to investor confidence and upward stock movement during the period.

2. Improved Net Interest Margin (NIM) and Robust Net Interest Income Growth: The company demonstrated strong core banking performance, with its net interest margin (NIM) improving for the sixth consecutive quarter, reaching 3.83% for the fiscal quarter ended March 31, 2026, up from 3.76% in fiscal Q4 2025. Concurrently, net interest and dividend income experienced a significant 22.6% year-over-year increase, totaling $13.9 million.

3. Solid Asset Growth and Maintained Asset Quality: CB Financial Services saw its total assets grow by $35.6 million, or 2.3%, reaching $1.58 billion at March 31, 2026, compared to December 31, 2025. This growth was driven by substantial deposit inflows, particularly $39.7 million in core deposits from the Specialty Treasury division. The company also maintained strong asset quality, with nonperforming loans to total loans at a low 0.29%.

4. Positive Broader Regional Banking Sector Sentiment: A general improvement in market sentiment towards the regional banking sector also contributed to CBFV's stock performance. On June 11, 2026, CBFV shares rallied 6.6%, with market analysis attributing this to a stable interest rate backdrop, improving commercial lending activity, and stabilizing deposit cost pressures impacting regional banks.

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Stock Movement Drivers

Fundamental Drivers

The 7.2% change in CBFV stock from 2/28/2026 to 6/18/2026 was primarily driven by a 126.4% change in the company's Net Income Margin (%).
(LTM values as of)22820266182026Change
Stock Price ($)34.5337.007.2%
Change Contribution By: 
Total Revenues ($ Mil)394412.6%
Net Income Margin (%)6.9%15.5%126.4%
P/E Multiple64.027.3-57.4%
Shares Outstanding (Mil)55-1.4%
Cumulative Contribution7.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/18/2026
ReturnCorrelation
CBFV7.2% 
Market (SPY)9.2%-4.0%
Sector (XLF)4.7%6.1%

Fundamental Drivers

The 6.0% change in CBFV stock from 11/30/2025 to 6/18/2026 was primarily driven by a 126.4% change in the company's Net Income Margin (%).
(LTM values as of)113020256182026Change
Stock Price ($)34.9037.006.0%
Change Contribution By: 
Total Revenues ($ Mil)394412.6%
Net Income Margin (%)6.9%15.5%126.4%
P/E Multiple64.727.3-57.8%
Shares Outstanding (Mil)55-1.4%
Cumulative Contribution6.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/18/2026
ReturnCorrelation
CBFV6.0% 
Market (SPY)9.9%1.4%
Sector (XLF)1.3%14.5%

Fundamental Drivers

The 31.0% change in CBFV stock from 5/31/2025 to 6/18/2026 was primarily driven by a 94.1% change in the company's P/E Multiple.
(LTM values as of)53120256182026Change
Stock Price ($)28.2437.0031.0%
Change Contribution By: 
Total Revenues ($ Mil)4844-8.0%
Net Income Margin (%)21.5%15.5%-27.7%
P/E Multiple14.027.394.1%
Shares Outstanding (Mil)551.4%
Cumulative Contribution31.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/18/2026
ReturnCorrelation
CBFV31.0% 
Market (SPY)28.1%18.5%
Sector (XLF)6.7%30.0%

Fundamental Drivers

The 114.2% change in CBFV stock from 5/31/2023 to 6/18/2026 was primarily driven by a 281.6% change in the company's P/E Multiple.
(LTM values as of)53120236182026Change
Stock Price ($)17.2837.00114.2%
Change Contribution By: 
Total Revenues ($ Mil)5244-15.8%
Net Income Margin (%)23.6%15.5%-34.0%
P/E Multiple7.127.3281.6%
Shares Outstanding (Mil)551.1%
Cumulative Contribution114.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/18/2026
ReturnCorrelation
CBFV114.2% 
Market (SPY)85.7%23.6%
Sector (XLF)77.0%29.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CBFV Return26%-7%16%25%26%8%132%
Peers Return34%8%-4%15%11%11%97%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
CBFV Win Rate75%42%58%67%58%67% 
Peers Win Rate71%42%42%54%54%62% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CBFV Max Drawdown-16%-22%-25%-21%-15%-10% 
Peers Max Drawdown-20%-21%-37%-17%-24%-13% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNB, WSBC, STBA, MPB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventCBFVS&P 500
2025 US Tariff Shock
  % Loss-12.3%-18.8%
  % Gain to Breakeven14.0%23.1%
  Time to Breakeven107 days79 days
2023 SVB Regional Banking Crisis
  % Loss-15.0%-6.7%
  % Gain to Breakeven17.6%7.1%
  Time to Breakeven71 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-12.7%-24.5%
  % Gain to Breakeven14.5%32.4%
  Time to Breakeven42 days427 days
2020 COVID-19 Crash
  % Loss-42.2%-33.7%
  % Gain to Breakeven72.9%50.9%
  Time to Breakeven1402 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-20.4%-19.2%
  % Gain to Breakeven25.7%23.8%
  Time to Breakeven325 days105 days
2008-2009 Global Financial Crisis
  % Loss-30.8%-53.4%
  % Gain to Breakeven44.4%114.4%
  Time to Breakeven283 days1085 days

Compare to FNB, WSBC, STBA, MPB

In The Past

CB Financial Services's stock fell -12.3% during the 2025 US Tariff Shock. Such a loss loss requires a 14.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCBFVS&P 500
2020 COVID-19 Crash
  % Loss-42.2%-33.7%
  % Gain to Breakeven72.9%50.9%
  Time to Breakeven1402 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-20.4%-19.2%
  % Gain to Breakeven25.7%23.8%
  Time to Breakeven325 days105 days
2008-2009 Global Financial Crisis
  % Loss-30.8%-53.4%
  % Gain to Breakeven44.4%114.4%
  Time to Breakeven283 days1085 days

Compare to FNB, WSBC, STBA, MPB

In The Past

CB Financial Services's stock fell -12.3% during the 2025 US Tariff Shock. Such a loss loss requires a 14.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About CB Financial Services (CBFV)

CB Financial Services, Inc. (CBFV) operates as the bank holding company for Community Bank, a community-focused financial institution. The company provides a comprehensive range of banking products and services to individuals and businesses. Its primary market spans southwestern Pennsylvania, West Virginia, and Ohio, where it maintains a local presence through a network of branch offices and a loan production office.

The company’s core offerings include various deposit products such as demand deposits, NOW accounts, money market accounts, savings accounts, and time deposits. On the lending side, CBFV offers a diverse portfolio that includes residential real estate loans (mortgages, home equity), commercial real estate loans, construction loans for both residential and commercial properties, and commercial and industrial loans. Additionally, it provides consumer loans, including indirect auto loans.

Beyond traditional banking services, CB Financial Services also conducts insurance agency activities, offering property and casualty, commercial liability, and surety insurance products. This dual offering allows the company to serve as a broad financial partner for its customer base of individuals and businesses across its operating footprint.

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It's like a smaller, community-focused version of PNC Bank.

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  • Deposit Products: A range of accounts for individuals and businesses, including checking, savings, money market, and time deposits.
  • Residential Real Estate Loans: Financing options for homes, such as mortgages, home equity installment loans, and lines of credit.
  • Commercial Real Estate Loans: Loans secured by improved commercial properties like retail facilities and office buildings.
  • Construction Loans: Funding for the construction of both residential dwellings and various commercial properties.
  • Commercial and Industrial Loans: Loans and lines of credit provided to businesses for various operational and investment needs.
  • Consumer Loans: Personal financing solutions including indirect auto loans, secured and unsecured loans, and lines of credit.
  • Insurance Products: Offering various insurance policies such as property and casualty, commercial liability, and surety.

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CB Financial Services (CBFV), through its subsidiary Community Bank, provides a comprehensive suite of banking products and services to a diverse customer base. Given the nature of its operations as a community bank, it does not have a few identifiable "major customers" in the traditional sense of large, specific companies that constitute a significant portion of its revenue. Instead, its customer base is broad and consists of numerous clients across its service regions in southwestern Pennsylvania, West Virginia, and Ohio.

The company primarily serves the following categories of customers:

  • Individual Consumers: This category includes individuals and families who utilize the bank's deposit products (such as demand deposits, NOW accounts, money market accounts, savings accounts, and time deposits). They also access various loan products including residential real estate loans (one- to four-family mortgage loans, home equity installment loans, home equity lines of credit), and consumer loans (such as indirect auto loans, secured and unsecured loans, and lines of credit).

  • Commercial Businesses: This category encompasses a variety of businesses, from small to medium-sized enterprises, across different sectors within its service footprint. These customers avail themselves of commercial real estate loans, construction loans for commercial properties (including hotels, apartment buildings, housing developments, and owner-occupied business properties), commercial and industrial loans, lines of credit, and commercial liability and surety insurance products, in addition to business deposit accounts.

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John Montgomery, President and Chief Executive Officer

Mr. Montgomery was appointed President and Chief Executive Officer in August 2020. He possesses over 30 years of experience in the banking sector. Prior to joining CB Financial Services, he served as Chief Credit Officer at First Bank in St. Louis, Missouri, since 2014, where he notably improved the bank's credit posture. Before his tenure at First Bank, Mr. Montgomery spent nine years at Susquehanna Bank, holding various executive positions, including President of Susquehanna's Pennsylvania Division and Senior Credit Risk Officer. His banking career commenced in Philadelphia.

Amanda Engles, Executive Vice President and Chief Financial Officer

Ms. Engles was promoted to Executive Vice President and Chief Financial Officer, effective January 21, 2026, after serving as Interim Chief Financial Officer since February 2025. She brings over 22 years of financial leadership experience in the banking industry. Ms. Engles joined Community Bank in March 2023 as Senior Vice President – Director of Accounting. Previously, from 2017 to 2023, she served as Senior Vice President and CFO for Emclaire Financial Corp and The Farmers National Bank of Emlenton, where she also held progressively senior finance roles from 2004 to 2017, including Vice President and Controller, Principal Accounting Officer, and Treasurer. She holds an MBA and a Bachelor of Science in Business Administration with a concentration in Accounting from Clarion University of Pennsylvania.

Jennifer George, Senior Executive Vice President and Chief Operating Officer

Jennifer George serves as the Senior Executive Vice President and Chief Operating Officer for CB Financial Services.

Bruce Sharp, Executive Vice President and Chief Commercial Banking Officer

Bruce Sharp holds the position of Executive Vice President and Chief Commercial Banking Officer at CB Financial Services.

Stephen Cobain, Executive Vice President and Chief Credit Officer

Stephen Cobain is the Executive Vice President and Chief Credit Officer for CB Financial Services.

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The key risks to CB Financial Services (CBFV) include:

  1. Economic Conditions and Interest Rate Fluctuations: As a community bank, CB Financial Services' profitability and value are significantly impacted by broader economic conditions, including inflation, interest rates, and real estate values, both nationally and within its operating markets. Changes in market interest rates directly affect deposit flows, demand for loans, and the company's net interest margin. The ability of borrowers to repay loans is also dependent on economic stability and interest rates.
  2. Credit Risk and Real Estate Loan Concentration: CB Financial Services is exposed to credit risk, which includes the potential for loan delinquencies, write-offs, and the adequacy of its allowance for credit losses. The company's operations involve lending to borrowers who may not be able to repay their loans. A substantial portion of the bank's loan portfolio is secured by real estate, including residential and commercial properties. This high concentration of real estate-secured loans in its market area makes the company particularly vulnerable to downturns in the local real estate market or declines in property values. The company also aims to increase commercial real estate and business lending, which necessitates careful asset quality management.
  3. Profitability and Margin Compression: CB Financial Services has recently experienced pressure from weakening margins, with a significant drop in its net profit margin. In the latest twelve months, the net profit margin sharply declined to 6.8% from 34.3% in the prior year, even after accounting for a non-recurring gain. This trend indicates a material contraction in profitability, signaling a break from its historical earnings growth pattern and introducing caution for investors, especially given its valuation.

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Emerging Threats for CB Financial Services (CBFV)

The increasing market penetration of digital-only banks (neobanks) and online lending platforms represents a clear emerging threat. These digital-first financial service providers, operating without the significant overhead of physical branch networks, offer convenient and often lower-cost alternatives for deposits and loans, directly challenging the traditional branch-based business model of community banks like CB Financial Services.

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The addressable markets for CB Financial Services' main products and services, based on available state-level data for its operating regions of Pennsylvania, West Virginia, and Ohio, are detailed below:

Banking Products and Services

Pennsylvania

  • Total Deposits: The total deposits in Pennsylvania's banking market were approximately $561 billion as of Q2 2024.
  • Residential Real Estate Loans (New Home Loans): New home loans booked in Pennsylvania totaled $26.5 billion in 2024.
  • Commercial and Industrial Loans (Small Business Loans): Small business loans in Pennsylvania amounted to $21.8 billion in 2024.
  • Other Loans (Small Farm Loans): Small farm loans in Pennsylvania reached $2 billion in 2024.

West Virginia

  • Total Deposits: The total deposits in West Virginia's banking market were approximately $46.6 billion as of June 30, 2024. Additionally, state-chartered banks, including non-West Virginia state-chartered banks operating in the state, held $36.68 billion in deposits as of June 30, 2025.
  • Total Loans: Based on total assets of approximately $51.21 billion and a median net loans to assets ratio of 70.13% in Q3 2025, the estimated total loans in West Virginia are around $35.91 billion.
  • Commercial and Industrial Loans (Small Business Loans): In 2023, new lending to West Virginia businesses with revenues of $1 million or less totaled $809.0 million.

Ohio

  • Total Deposits: The total deposits in Ohio's banking market were approximately $537 billion as of Q2 2024.
  • Residential Real Estate Loans (New Home Loans): New home loans booked in Ohio amounted to $25.6 billion in 2024.
  • Commercial and Industrial Loans (Small Business Loans): Small business loans in Ohio totaled $18.4 billion in 2024.
  • Other Loans (Small Farm Loans): Small farm loans in Ohio reached $1.4 billion in 2024.

Insurance Agency Activities

Pennsylvania

  • Property & Casualty Insurance: The Property, Casualty and Direct Insurance industry in Pennsylvania experienced an average annual growth rate of 3.4% from 2020 to 2025.

West Virginia

  • Property & Casualty Insurance: The Property, Casualty and Direct Insurance industry in West Virginia saw an average annual decline of -0.3% from 2020 to 2025. In 2022, the total written premium for automobile insurance was approximately $1.54 billion, homeowners multi-peril was $526 million, and commercial multi-peril was $251 million.

Ohio

  • Property & Casualty Insurance: In 2023, Ohio's property and casualty (P&C) premiums reached $23.4 billion. Independent insurance agents, like those associated with CB Financial Services, accounted for over $15 billion of this market in 2023. The largest lines of business within the P&C market in Ohio for independent agents in 2023 were Private Passenger Auto (22%), Homeowners Multi-Peril (16%), and Commercial Multi-Peril (11%).

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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:

  1. Strategic Shift to Commercial Lending: CB Financial Services is actively transitioning its lending focus away from indirect auto loans to prioritize commercial lending, including commercial real estate (CRE) and commercial & industrial (C&I) originations. This strategic channel and product shift is expected to drive significant loan growth and, consequently, higher net interest income.
  2. Securities Repositioning for Enhanced Yields: The company has been executing a strategy of selling lower-yielding securities and acquiring higher-yield instruments, such as Collateralized Loan Obligations (CLOs), Mortgage-Backed Securities (MBS), and municipal securities. This repositioning is intended to boost recurring yields and improve net interest margin, contributing to interest-driven revenue growth.
  3. Loan Portfolio Expansion and Net Interest Income (NII) Momentum: Driven by its commercial lending efforts, CB Financial Services anticipates an increase in its total loan portfolio. This growth in loans, coupled with the improved net interest margin from securities repositioning, is expected to generate positive momentum in net interest income.
  4. Investment in Commercial and Treasury Staff: To support its growth initiatives, CB Financial Services has added revenue-producing commercial and treasury staff. This operational investment in human capital is crucial for expanding its commercial lending activities and treasury operations, thereby contributing to increased revenue.
  5. Expansion of Digital Offerings and Brand Awareness: The company plans to leverage technology to enhance the customer experience through the evolution of more digital and electronic products and processes. Additionally, efforts to expand brand awareness across its market footprint are aimed at attracting new customers and fostering full customer relationships, leading to potential revenue growth.

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Share Repurchases

  • CB Financial Services authorized a new stock repurchase program of up to $5 million on September 4, 2025, which is set to conclude on September 30, 2026.
  • A previous 5% common stock repurchase program, which began on July 26, 2024, was completed on June 13, 2025.
  • Under the completed 5% program, the company repurchased 257,145 shares of common stock at an average price of $28.70 per share.

Share Issuance

  • Stock option exercises led to the issuance of $1.7 million in shares as of September 30, 2025.
  • On February 16, 2026, the company's President and CEO, John H. Montgomery, received a grant of 3,975 shares of common stock, with restricted stock and stock options generally vesting at a rate of 20% per year from 2023 through 2027.
  • The director and board chair, Mark E. Fox, was awarded 750 restricted shares on February 16, 2026, which vest through 2027.

Outbound Investments

  • The company sold substantially all the assets of its insurance subsidiary, Exchange Underwriters (EU), for $30.5 million in cash plus potential earn-out payments, completing the sale on December 8, 2023, and realizing an initial pre-tax gain of $24.6 million.
  • Additional earn-out payments from the EU sale were recognized, totaling $708,000 in 2024 and $759,000 in 2025.
  • In the third quarter of 2025, the company repositioned its securities portfolio by selling $117.8 million of lower-yielding securities and purchasing an equivalent amount of higher-yielding securities at an expected tax-equivalent yield of approximately 5.43% to improve net interest margin and earnings per share.

Capital Expenditures

  • CB Financial Services anticipated non-recurring pre-tax costs of up to $6.1 million during 2021 related to branch consolidations and other branch optimization initiatives.
  • During 2025, the company implemented new technology and developed products, including commercial online banking and ACH platforms, to enhance capabilities for treasury and commercial clients.
  • Costs associated with the implementation of a new loan origination system and financial dashboard platform were incurred in mid-2024.

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LILALiberty Latin America1.0-39.2%-35.0%
LUNRIntuitive Machines2.7-25.4%40.8%
ACNAccenture79.0-23.6%-51.6%
FOXAFox22.1-23.5%-28.2%
FOXFox19.9-23.5%-27.3%
WTIW&T Offshore0.5-21.9%98.0%
MHMcGraw Hill1.8-21.7%-41.3%
PRCTPROCEPT BioRobotics1.2-21.6%-31.0%
VOYGVoyager Technologies2.2-21.5%43.7%

Top Gainers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
NVRIEnviri1.8314.1%343.2%
BFLYButterfly Network2.3117.1%134.2%
REPLReplimune0.9116.8%4.8%
AMCAMC Entertainment1.5108.1%81.4%
APPSDigital Turbine1.0106.5%72.2%
HYLNHyliion1.498.0%340.2%
QUREuniQure2.987.5%93.4%
UMACUnusual Machines0.982.9%96.1%
TWSTTwist Bioscience5.476.9%176.0%
SHAZSharonAI1.376.6%0.2%

Top Losers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
VRRMVerra Mobility0.7-66.6%-80.2%
ADCTADC Therapeutics0.2-65.3%-69.1%
CDChaince Digital0.4-49.8%-3.1%
LILAKLiberty Latin America1.0-38.4%-35.8%
SATLSatellogic0.8-37.6%222.5%
FULCFulcrum Therapeutics0.3-37.4%-67.3%
LILALiberty Latin America1.0-37.1%-35.0%
BKSYBlackSky Technology1.0-35.8%54.6%
TMCRMetals Royalty0.5-35.8%-40.4%
SOCSable Offshore1.5-33.6%12.2%

More From Trefis

Research & Analysis

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Wealth Management

Peer Comparisons

Peers to compare with:

Financials

CBFVFNBWSBCSTBAMPBMedian
NameCB Finan.F N B Wesbanco S&T Banc.Mid Penn. 
Mkt Price37.0018.2336.2946.8433.5436.29
Mkt Cap0.26.63.51.70.81.7
Rev LTM441,8041,038410239410
Op Inc LTM------
FCF LTM1646641514375143
FCF 3Y Avg945424415556155
CFO LTM1756942314782147
CFO 3Y Avg1256025515962159

Growth & Margins

CBFVFNBWSBCSTBAMPBMedian
NameCB Finan.F N B Wesbanco S&T Banc.Mid Penn. 
Rev Chg LTM-8.0%12.8%59.9%7.6%31.4%12.8%
Rev Chg 3Y Avg-4.3%5.4%22.8%1.6%12.9%5.4%
Rev Chg Q22.4%9.5%33.1%8.9%35.2%22.4%
QoQ Delta Rev Chg LTM6.4%2.2%6.5%2.1%7.4%6.4%
Op Inc Chg LTM------
Op Inc Chg 3Y Avg------
Op Mgn LTM------
Op Mgn 3Y Avg------
QoQ Delta Op Mgn LTM------
CFO/Rev LTM38.1%31.5%40.8%35.9%34.3%35.9%
CFO/Rev 3Y Avg26.2%34.0%32.4%40.0%31.2%32.4%
FCF/Rev LTM36.4%25.8%40.0%34.9%31.4%34.9%
FCF/Rev 3Y Avg20.7%27.5%30.7%39.0%28.0%28.0%

Valuation

CBFVFNBWSBCSTBAMPBMedian
NameCB Finan.F N B Wesbanco S&T Banc.Mid Penn. 
Mkt Cap0.26.63.51.70.81.7
P/S4.23.63.44.23.43.6
P/Op Inc------
P/EBIT------
P/E27.311.210.912.715.712.7
P/CFO11.111.58.211.79.811.1
Total Yield6.5%11.6%13.1%11.0%8.9%11.0%
Dividend Yield2.8%2.6%3.9%3.1%2.6%2.8%
FCF Yield 3Y Avg6.1%8.5%9.6%11.3%11.0%9.6%
D/E0.20.50.40.10.10.2
Net D/E-0.1-0.40.1-0.7-0.4-0.4

Returns

CBFVFNBWSBCSTBAMPBMedian
NameCB Finan.F N B Wesbanco S&T Banc.Mid Penn. 
1M Rtn6.5%7.2%9.8%6.1%5.9%6.5%
3M Rtn11.0%14.7%10.5%17.7%8.1%11.0%
6M Rtn1.7%5.1%5.2%12.9%3.5%5.1%
12M Rtn38.7%36.3%26.0%35.0%29.4%35.0%
3Y Rtn112.8%72.0%57.7%78.2%52.8%72.0%
1M Excs Rtn4.5%5.2%7.8%4.1%3.9%4.5%
3M Excs Rtn-2.6%1.2%-3.0%4.2%-5.5%-2.6%
6M Excs Rtn-7.4%-4.4%-3.4%2.7%-4.7%-4.4%
12M Excs Rtn12.1%12.2%1.3%10.3%5.4%10.3%
3Y Excs Rtn35.2%-5.5%-19.7%3.4%-28.2%-5.5%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/12/20263/13/202611/7/20258/8/20255/9/20253/19/202511/8/20248/9/20245/10/20243/13/202411/13/20238/11/2023
Key Financials Quarterly            
Total Revenue1415213121212121321313
Net Income45-64233341333
EPS0.770.95-1.140.790.370.490.630.520.822.530.520.54
Key Financials TTM            
Total Revenue TTM444139494849394041425454
Net Income TTM753121013232223231415
Growth Rates Quarterly            
Total Revenue Growth22.4%18.7%-83.1%11.2%-9.0%427.4%-5.5%-9.2%-9.0%-83.0%0.6%10.3%
Net Income Growth102.6%87.4%-276.9%49.0%-54.5%-80.5%20.5%-3.9%1.0%212.2%-32.0%2236.4%
Margins Quarterly            
Net Income Margin26.8%32.5%-277.7%30.2%16.2%20.6%26.5%22.5%32.4%556.9%20.8%21.3%
Cash & Debt            
Total Cash5632566561309416409304273223257
Total Debt353535353535353535353535
Net Debt / (Cash)-213-21-30-27-274-381-374-269-238-189-222
Cash Flows Quarterly            
FCF from Operations3554423-13-391
Cash Flows TTM            
FCF from Operations TTM17181413872810142317
Returns to Shareholders Quarterly            
Dividends111111111111
Share Repurchases0004210-001-00
Return on Invested Capital (ROIC) Quarterly            
ROIC62.1%37.7%-96.6%497.4%58.7%-------
Return on Invested Capital (ROIC) TTM            
ROIC TTM27.5%9.8%11.4%365.4%79.2%-------

Segment Financials

Revenue by Segment
$ Mil20252024202020192018
Community banking services4149474746
CB Financial Services, Inc.  4100
Eliminations  -4-10-4
Exchange Underwriters, Inc.  554
Total4149515246


Net Income by Segment
$ Mil20232022202120202019
Community banking services231211-1014
CB Financial Services, Inc.231112-1114
Exchange Underwriters, Inc.191111
Eliminations-42-13-1210-15
Total231112-1114


Assets by Segment
$ Mil20232022202120202019
Community banking services1,4521,4101,4261,4161,321
CB Financial Services, Inc.155125148135151
Exchange Underwriters, Inc.296554
Eliminations-180-131-153-139-155
Total1,4561,4091,4251,4171,322


Price Behavior

Price Behavior
Market Price$37.00 
Market Cap ($ Bil)0.2 
First Trading Date02/01/1995 
Distance from 52W High-2.1% 
   50 Days200 Days
DMA Price$35.33$33.97
DMA Trendupup
Distance from DMA4.7%8.9%
 3M1YR
Volatility27.5%27.2%
Downside Capture-43.1827.61
Upside Capture9.9357.96
Correlation (SPY)-11.4%19.2%
CBFV Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta-0.01-0.070.050.130.500.44
Up Beta-1.12-0.32-0.560.100.560.43
Down Beta1.090.530.180.330.420.40
Up Capture27%19%26%8%48%25%
Bmk +ve Days13283667141432
Stock +ve Days10223162127388
Down Capture-16%-34%26%5%50%62%
Bmk -ve Days7132757109318
Stock -ve Days9183161118320

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CBFV
CBFV37.6%27.1%1.15-
Sector ETF (XLF)8.3%14.6%0.3330.0%
Equity (SPY)26.5%12.4%1.6118.7%
Gold (GLD)24.2%27.5%0.77-7.5%
Commodities (DBC)19.8%18.8%0.83-8.8%
Real Estate (VNQ)11.0%13.7%0.5228.2%
Bitcoin (BTCUSD)-38.3%42.4%-1.0215.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CBFV
CBFV12.8%26.3%0.48-
Sector ETF (XLF)9.3%18.6%0.3721.2%
Equity (SPY)13.5%17.1%0.6218.2%
Gold (GLD)17.1%18.3%0.760.4%
Commodities (DBC)7.5%19.4%0.293.9%
Real Estate (VNQ)1.9%18.9%0.0018.0%
Bitcoin (BTCUSD)11.6%54.2%0.417.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CBFV
CBFV8.2%28.8%0.33-
Sector ETF (XLF)13.0%22.2%0.5427.8%
Equity (SPY)15.3%18.0%0.7321.9%
Gold (GLD)12.3%16.1%0.63-1.8%
Commodities (DBC)5.9%18.0%0.269.0%
Real Estate (VNQ)5.3%20.7%0.2222.7%
Bitcoin (BTCUSD)60.4%66.8%1.005.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 5152026-13.4%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest20.0 days
Basic Shares Quantity5.1 Mil
Short % of Basic Shares1.6%

Returns Analyses

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/22/20260.3%2.5%-0.7%
1/27/2026-2.2%5.2%1.6%
10/23/20253.0%-1.7%5.0%
7/22/20259.0%15.8%13.1%
4/23/2025-0.3%-2.7%-0.0%
1/29/20251.5%6.3%-3.7%
10/25/2024-0.1%0.2%6.6%
7/24/20243.7%4.7%3.4%
...
SUMMARY STATS   
# Positive121314
# Negative121110
Median Positive1.9%4.7%4.2%
Median Negative-1.9%-2.3%-4.1%
Max Positive9.0%15.8%14.4%
Max Negative-8.1%-11.8%-11.7%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/22/20260.3%2.5%-0.7%
1/27/2026-2.2%5.2%1.6%
10/23/20253.0%-1.7%5.0%
7/22/20259.0%15.8%13.1%
4/23/2025-0.3%-2.7%-0.0%
1/29/20251.5%6.3%-3.7%
10/25/2024-0.1%0.2%6.6%
7/24/20243.7%4.7%3.4%
4/26/2024-1.5%-1.5%-0.0%
1/31/20242.4%-4.2%-6.1%
10/27/2023-0.9%-0.2%3.4%
7/28/20230.4%-0.9%-4.6%
4/28/2023-1.8%-11.8%-11.7%
1/26/20230.8%1.9%14.4%
10/27/20225.1%6.2%6.0%
7/28/20220.8%-1.2%-6.1%
4/28/2022-3.7%-8.6%-6.7%
1/28/20221.3%5.8%6.8%
10/28/2021-0.2%0.0%-0.3%
7/29/20212.6%0.7%0.8%
5/4/2021-1.9%-2.3%0.2%
1/29/2021-2.6%1.4%13.3%
11/3/2020-8.1%7.4%1.8%
7/27/2020-5.2%-5.8%0.3%
SUMMARY STATS   
# Positive121314
# Negative121110
Median Positive1.9%4.7%4.2%
Median Negative-1.9%-2.3%-4.1%
Max Positive9.0%15.8%14.4%
Max Negative-8.1%-11.8%-11.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/12/202610-Q
12/31/202503/13/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/19/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/13/202410-K
09/30/202311/13/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/10/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/12/202610-Q
12/31/202503/13/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/19/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/13/202410-K
09/30/202311/13/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/10/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/11/202210-Q
12/31/202103/11/202210-K
09/30/202111/08/202110-Q
06/30/202108/09/202110-Q
03/31/202105/10/202110-Q
12/31/202003/17/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/11/202010-K
09/30/201911/06/201910-Q
06/30/201908/08/201910-Q

Insider Activity

Updated 6/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Cobain, StephenChief Credit OfficerDirectSell306202634.581,79261,963149,133Form
2Engles, Amanda LEVP and CFODirectSell223202633.79541,82569,404Form
3Cobain, StephenChief Credit OfficerDirectSell223202633.791404,730145,729Form
4Guthrie, Charles R DirectSell209202637.351,91371,451627,331Form
5Sharp, Bruce ASEVP & Chief Comm Loan OfficerMother's IRABuy1119202532.801,00032,80032,800Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Cobain, StephenChief Credit OfficerDirectSell306202634.581,79261,963149,133Form
2Engles, Amanda LEVP and CFODirectSell223202633.79541,82569,404Form
3Cobain, StephenChief Credit OfficerDirectSell223202633.791404,730145,729Form
4Guthrie, Charles R DirectSell209202637.351,91371,451627,331Form
5Sharp, Bruce ASEVP & Chief Comm Loan OfficerMother's IRABuy1119202532.801,00032,80032,800Form
6George, Jennifer LSEVP and COODirectSell918202533.155,042167,151407,268Form
7Lacarte, John J DirectSell731202533.3063321,0781,537,375Form

Industry Resources

External Quote Links


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Core Cache Last Updated: 6/18/2026