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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 June 30, 2024
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)
Pennsylvania51-0534721
(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 shareCBFVThe 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 August 8, 2024, the number of shares outstanding of the Registrant’s Common Stock was 5,141,911.


FORM 10-Q
INDEX
Page


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) June 30,
2024		December 31,
2023
(Dollars in thousands, except per share and share data)
ASSETS
Cash and Due From Banks:
Interest-Earning$133,796 $62,442 
Noninterest-Earning8,804 5,781 
Total Cash and Due From Banks142,600 68,223 
Securities:
Available-for-Sale Debt Securities, at Fair Value266,378 204,507 
Equity Securities, at Fair Value2,391 2,588 
Total Securities268,769 207,095 
Loans Held for Sale632 — 
Loans, Net of Allowance for Credit Losses of $9,527 and $9,707 at June 30, 2024 and December 31, 2023, Respectively
1,069,167 1,100,689 
Premises and Equipment, Net
20,326 19,704 
Bank-Owned Life Insurance
23,910 25,378 
Goodwill
9,732 9,732 
Intangible Assets, Net
353 958 
Accrued Interest Receivable and Other Assets24,770 24,312 
TOTAL ASSETS
$1,560,259 $1,456,091 
LIABILITIES
Deposits:
Noninterest-Bearing Demand Accounts$269,964 $277,747 
Interest-Bearing Demand Accounts324,688 362,994 
Money Market Accounts229,998 201,074 
Savings Accounts179,081 194,703 
Time Deposits346,037 230,641 
Total Deposits1,349,768 1,267,159 
Other Borrowings
34,698 34,678 
Accrued Interest Payable and Other Liabilities32,911 14,420 
TOTAL LIABILITIES
1,417,377 1,316,257 
STOCKHOLDERS' EQUITY
Preferred Stock, No Par Value; 5,000,000 Shares Authorized
— — 
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,783,588 Shares Issued and 5,141,911 Shares Outstanding at June 30, 2024, with 5,759,378 and 5,118,713 Shares Issued and Outstanding at December 31, 2023.
2,410 2,400 
Capital Surplus
85,718 85,334 
Retained Earnings
87,673 83,392 
Treasury Stock, at Cost (641,677 and 640,665 Shares at June 30, 2024 and December 31, 2023, Respectively)
(14,568)(14,545)
Accumulated Other Comprehensive Loss(18,351)(16,747)
TOTAL STOCKHOLDERS' EQUITY
142,882 139,834 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1,560,259 $1,456,091 
The accompanying notes are an integral part of these consolidated financial statements

1

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(Dollars in thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans, Including Fees$14,670 $13,426 $29,508 $25,797 
Investment Securities:
Taxable2,844 950 5,148 1,914 
Tax-Exempt— 42 — 83 
Dividends27 25 54 49 
Other Interest and Dividend Income1,398 760 2,216 1,605 
TOTAL INTEREST AND DIVIDEND INCOME18,939 15,203 36,926 29,448 
INTEREST EXPENSE
Deposits7,065 3,842 13,056 6,346 
Short-Term Borrowings— 3 — 5 
Other Borrowings404 238 808 393 
TOTAL INTEREST EXPENSE7,469 4,083 13,864 6,744 
NET INTEREST AND DIVIDEND INCOME11,470 11,120 23,062 22,704 
Provision (Recovery) For Credit Losses - Loans12 492 (130)572 
(Recovery) Provision For Credit Losses - Unfunded Commitments (48)(60)57 (60)
NET INTEREST AND DIVIDEND INCOME AFTER NET (RECOVERY) PROVISION FOR CREDIT LOSSES11,506 10,688 23,135 22,192 
NONINTEREST INCOME
Service Fees354 448 769 892 
Insurance Commissions1 1,511 3 3,434 
Other Commissions22 224 84 368 
Net Gain (Loss) on Sales of Loans9 (5)30 (3)
Net Loss on Securities(31)(100)(197)(332)
Net Gain on Purchased Tax Credits12 7 25 14 
     Net Gain on Disposal of Premises and Equipment— — 274 11 
Income from Bank-Owned Life Insurance147 139 295 280 
Net Gain on Bank-Owned Life Insurance Claims— 1 915 303 
Other Income174 44 406 113 
TOTAL NONINTEREST INCOME688 2,269 2,604 5,080 
NONINTEREST EXPENSE
Salaries and Employee Benefits4,425 5,231 9,001 10,310 
Occupancy940 789 1,689 1,490 
Equipment298 283 562 501 
Data Processing1,011 718 1,703 1,575 
Federal Deposit Insurance Corporation Assessment161 224 290 376 
Pennsylvania Shares Tax297 195 595 455 
Contracted Services390 434 671 581 
Legal and Professional Fees208 246 420 428 
Advertising78 75 206 154 
Other Real Estate Owned (Income)37 (35)14 (72)
Amortization of Intangible Assets264 446 605 891 
Other Expense875 895 1,656 1,841 
TOTAL NONINTEREST EXPENSE8,984 9,501 17,412 18,530 
Income Before Income Tax Expense
3,210 3,456 8,327 8,742 
Income Tax Expense560 699 1,480 1,827 
NET INCOME$2,650 $2,757 $6,847 $6,915 
EARNINGS PER SHARE
Basic$0.52 $0.54 $1.33 $1.35 
Diluted0.51 0.54 1.33 1.35 
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic5,142,139 5,111,987 5,136,021 5,110,799 
Diluted5,152,657 5,116,134 5,151,188 5,118,396 
The accompanying notes are an integral part of these consolidated financial statements

2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(Dollars in thousands)
Net Income$2,650 $2,757 $6,847 $6,915 
Other Comprehensive Loss:
Change in Unrealized Loss on Investment Securities Available-for-Sale(344)(2,704)(1,972)(124)
Income Tax Effect73 583 368 26 
Other Comprehensive Loss, Net of Income Tax Effect(271)(2,121)(1,604)(98)
Total Comprehensive Income$2,379 $636 $5,243 $6,817 

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

3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)


Three Months Ended June 30, 2024Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
March 31, 20245,783,788 $2,411 $85,501 $86,308 $(14,550)$(18,080)$141,590 
Comprehensive Income:
Net Income— — — 2,650 — — 2,650 
Other Comprehensive Loss— — — — — (271)(271)
Restricted Stock Awards Forfeited(200)(1)19 — (18)— — 
Stock-Based Compensation Expense— — 198 — — — 198 
Dividends Paid ($0.25 Per Share)
— — — (1,285)— — (1,285)
June 30, 20245,783,588 $2,410 $85,718 $87,673 $(14,568)$(18,351)$142,882 


Three Months Ended June 30, 2023Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
March 31, 20235,730,908 $2,388 $84,118 $68,834 $(13,927)$(24,218)$117,195 
Comprehensive Income:
Net Income— — — 2,757 — — 2,757 
Other Comprehensive Loss— — — — — (2,121)(2,121)
Restricted Stock Awards Forfeited— — 21 — (21)— — 
Restricted Stock Awards Granted2,500 1 (1)— — — — 
Stock-Based Compensation Expense— — 187 — — — 187 
Exercise of Stock Options— — — — 45 — 45 
Treasury Stock Purchased, at cost (8,792 shares)
— — — — (197)— (197)
Dividends Paid ($0.25 Per Share)
— — — (1,277)— — (1,277)
June 30, 20235,733,408 $2,389 $84,325 $70,314 $(14,100)$(26,339)$116,589 

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

4

Six Months Ended June 30, 2024Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 20235,759,378 $2,400 $85,334 $83,392 $(14,545)$(16,747)$139,834 
Comprehensive Income:
Net Income— — — 6,847 — — 6,847 
Other Comprehensive Loss— — — — — (1,604)(1,604)
Restricted Stock Awards Granted25,410 11 (11)— — — — 
Restricted Stock Awards Forfeited(1,200)(1)19 — (18)— — 
Stock-Based Compensation Expense— — 376 — — — 376 
Exercise of Stock Options— — — — — — — 
Treasury stock purchased, at cost (222 shares)
— — — — (5)— (5)
Dividends Paid ($0.50 Per Share)
— — — (2,566)— — (2,566)
June 30, 20245,783,588 $2,410 $85,718 $87,673 $(14,568)$(18,351)$142,882 



Six Months Ended June 30, 2023Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 20225,708,433 $2,379 $83,953 $63,861 $(13,797)$(26,241)$110,155 
Adoption of Accounting Standard ASU 2016-13— — — 2,092 — — 2,092 
Balance at January 1, 2023, adjusted5,708,433 2,379 83,953 65,953 (13,797)(26,241)112,247 
Comprehensive Income:
Net Income— — — 6,915 — — 6,915 
Other Comprehensive Loss— — — — — (98)(98)
Restricted Stock Awards Forfeited— — 21 — (21)— — 
Restricted Stock Awards Granted24,975 10 (10)— — — — 
Stock-Based Compensation Expense— — 361 — — — 361 
Exercise of Stock Options— — — — 45 — 45 
Treasury Stock Purchased, at cost (14,478 shares)
— — — — (327)— (327)
Dividends Paid ($0.50 Per Share)
— — — (2,554)— — (2,554)
June 30, 20235,733,408 $2,389 $84,325 $70,314 $(14,100)$(26,339)$116,589 
The accompanying notes are an integral part of these consolidated financial statements

5

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,20242023
(Dollars in thousands)
OPERATING ACTIVITIES
Net Income$6,847 $6,915 
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities
Net (Accretion) Amortization on Securities(403)40 
Depreciation and Amortization1,400 1,420 
(Recovery) Provision for Credit Losses - Loans(130)572 
Provision (Recovery) for Credit Losses - Unfunded Commitments57 (60)
Loss on Securities197 332 
Gain on Purchased Tax Credits(25)(14)
Income from Bank-Owned Life Insurance(295)(280)
Gain on Bank-Owned Life Insurance Death Benefit Claims(915)— 
Proceeds From Mortgage Loans Sold1,631 269 
Originations of Mortgage Loans for Sale(2,233)(266)
(Gain) Loss on Sale of Loans(30)3 
Gain on Sale of Other Real Estate Owned and Repossessed Assets30 — 
Noncash Expense for Stock-Based Compensation376 361 
Increase in Accrued Interest Receivable(568)(561)
Gain on Disposal of Premises and Equipment(274)(11)
Decrease in Deferred Income Tax(522)— 
Decrease in Taxes Payable(2,557)(839)
Increase in Accrued Interest Payable
983 963 
Other, Net(1,475)(308)
NET CASH PROVIDED BY OPERATING ACTIVITIES2,094 8,536 
INVESTING ACTIVITIES
Investment Securities Available for Sale:
Proceeds From Principal Repayments and Maturities6,784 8,135 
Purchases of Securities(62,669)— 
Net Decrease (Increase) in Loans46,295 (45,113)
Purchase of Premises and Equipment(2,189)(1,345)
Proceeds from Disposal of Premises and Equipment988 36 
Proceeds From a Claim on Bank-Owned Life Insurance2,678 731 
Proceeds From Sale of Other Real Estate Owned132 — 
Decrease (Increase) in Restricted Equity Securities226 (503)
NET CASH USED IN INVESTING ACTIVITIES(7,755)(38,059)
FINANCING ACTIVITIES
Net Increase (Decrease) in Deposits82,609 (5,188)
Net Decrease in Short-Term Borrowings— (8,060)
Proceeds From Other Borrowed Funds— 20,000 
Cash Dividends Paid(2,566)(2,554)
Treasury Stock, Purchases at Cost(5)(327)
Exercise of Stock Options— 45 
NET CASH PROVIDED BY FINANCING ACTIVITIES80,038 3,916 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS74,377 (25,607)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR68,223 103,700 
CASH AND DUE FROM BANKS AT END OF PERIOD$142,600 $78,093 





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

6



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,20242023
(Dollars in thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash Paid For:
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $12,070 and $5,462, Respectively)
$12,881 $5,781 
Income Taxes4,222 — 
SUPPLEMENTAL NONCASH DISCLOSURE:
Proceeds Receivable from Claims on Bank-Owned Life Insurance— 664 
Other Real Estate Acquired in Settlement of Loans151 166 
Securities Purchased Not Settled7,556 — 
Syndicated Loans Purchased and Sold Not Settled, net14,672 6,976 
Right of Use Asset Recognized1,452 — 
Lease Liability Recognized1,452 — 
The accompanying notes are an integral part of these consolidated financial statements

7
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”). 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 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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.
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, 2023, as filed with the SEC.

Allowance for Credit Losses (ACL)
On January 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss methodology. The Company adopted ASU 2016-13 using a modified retrospective approach. Results for reporting periods beginning after January 1, 2023 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption resulted in a decrease of $3.4 million to the Company’s ACL related to loans receivable (ACL - Loans) and an increase of $718,000 in ACL for unfunded commitments (ACL - Unfunded Commitments). The net impact resulted in a $2.1 million increase to retained earnings, net of deferred taxes.

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
8
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 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 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.

9
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 $4.1 million at June 30, 2024 and $4.7 million at December 31, 2023 and is excluded from the estimate of credit losses. Accrued interest receivable on available of sale securities, also a component of accrued interest receivable and other assets on the Consolidated Statement of Financial Condition, totaled $1.5 million at June 30, 2024 and $947,000 at December 31, 2023 and is excluded from the estimate of credit losses.

Recent Accounting Standards
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 that extends the period of time preparers can utilize the reference rate reform relief guidance. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended. This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The elective guidance in the ASU applies to modifications of contract terms that will directly replace, or have the potential to replace, an affected rate with another interest rate index, as well as certain contemporaneous modifications of other contract terms related to the replacement of an affected rate. The ASU notes that changes in contract terms that are made to effect the reference rate reform transition are considered related to the replacement of a reference rate if they are not the result of a business decision that is separate from or in addition to changes to the terms of a contract to effect that transition. The optional expedient allows companies to account for the modification as if it was not substantial (i.e., do not treat as an extinguishment of debt). To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. For all entities, the amendments in ASU 2022-06 are effective upon issuance. As of June 30, 2024, the Company does not have any instruments tied to the LIBOR reference rate. The adoption of this guidance is not expected to have a material effect on the Company's consolidated statements of financial condition and results of operations.
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.
10
Note 2. Earnings Per Share
There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statements of Income is used as the numerator.
The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(Dollars in thousands, except share and per share data)
Net Income$2,650 $2,757 $6,847 $6,915 
Weighted-Average Basic Common Shares Outstanding
5,142,139 5,111,987 5,136,021 5,110,799 
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock)
10,518 4,147 15,167 7,597 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding
5,152,657 5,116,134 5,151,188 5,118,396 
Earnings Per Share:
Basic
$0.52 $0.54 $1.33 $1.35 
Diluted
0.51 0.54 1.33 1.35 

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
June 30,		Six Months Ended
June 30,
2024202320242023
Stock Options402,297 339,123 300,597 339,123 
Restricted Stock11,154 58,527 — 51,727 


11
Note 3. Securities
The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated:
June 30, 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 $— $(1,093)$3,903 
Obligations of States and Political Subdivisions
3,488 — (154)3,334 
Mortgage-Backed Securities - Government-Sponsored Enterprises
55,819 — (3,450)52,369 
Collateralized Mortgage Obligations - Government-Sponsored Enterprises115,957 — (16,973)98,984 
Collateralized Loan Obligations99,956 58 (205)99,809 
Corporate Debt9,481 — (1,502)7,979 
Total Available-for-Sale Debt Securities289,697 58 (23,377)266,378 
Equity Securities:
Mutual Funds
874 
Other
1,517 
Total Equity Securities2,391 
Total Securities$268,769 
December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$4,995 $— $(1,046)$3,949 
Obligations of States and Political Subdivisions
3,481 5 (113)3,373 
Mortgage-Backed Securities - Government-Sponsored Enterprises
57,377 141 (2,986)54,532 
Collateralized Mortgage Obligations - Government-Sponsored Enterprises120,655 227 (15,752)105,130 
Collateralized Loan Obligations29,862 — (58)29,804 
Corporate Debt9,484 — (1,765)7,719 
Total Available-for-Sale Debt Securities225,854 373 (21,720)204,507 
Equity Securities:
Mutual Funds
888 
Other
1,700 
Total Equity Securities2,588 
Total Securities$207,095 
12
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:
June 30, 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 $3,903 $(1,093)1 $3,903 $(1,093)
Obligations of States and Political Subdivisions
1 543 (3)6 2,791 (151)7 3,334 (154)
Mortgage Backed Securities- Government-Sponsored Enterprises4 26,375 (333)8 16,042 (3,117)12 42,417 (3,450)
Collateralized Mortgage Obligations - Government-Sponsored Enterprises4 31,944 (685)21 67,040 (16,288)25 98,984 (16,973)
Collateralized Loan Obligations5 37,617 (205)— — — 5 37,617 (205)
Corporate Debt— — — 3 7,979 (1,502)3 7,979 (1,502)
Total14 $96,479 $(1,226)39 $97,755 $(22,151)53 $194,234 $(23,377)
December 31, 2023
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 $3,949 $(1,046)1 $3,949 $(1,046)
Obligations of States and Political Subdivisions
— — — 6 2,823 (113)6 2,823 (113)
Mortgage Backed Securities- Government-Sponsored Enterprises— — — 8 17,135 (2,986)8 17,135 (2,986)
Collateralized Mortgage Obligations - Government-Sponsored Enterprises1 5,603 (29)21 71,796 (15,723)22 77,399 (15,752)
Collateralized Loan Obligations1 2,910 (58)— — — 1 2,910 (58)
Corporate Debt— — — 3 7,719 (1,765)3 7,719 (1,765)
Total
2 $8,513 $(87)39 $103,422 $(21,633)41 $111,935 $(21,720)
13
For debt securities, the Company does not believe that any individual unrealized loss as of June 30, 2024 or December 31, 2023, 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 June 30, 2024 and December 31, 2023 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 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 $249.8 million at June 30, 2024 and $196.8 million at December 31, 2023 of which securities with a fair value of $171.1 million and $157.3 million at June 30, 2024 and December 31, 2023, 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.
June 30, 2024
Amortized
Cost
Fair
Value
(Dollars in thousands)
Due in One Year or Less
$— $— 
Due after One Year through Five Years
758 732 
Due after Five Years through Ten Years
53,054 51,125 
Due after Ten Years
235,885 214,521 
Total
$289,697 $266,378 
The following table presents the gain and loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. There was no realized gain or loss on sales of debt securities for the periods indicated. All gains and losses presented in the table below are reported in Net Loss on Securities on the Consolidated Statements of Income.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(Dollars in thousands)
Equity Securities
Net Unrealized Loss Recognized on Securities Held$(31)$(100)$(197)$(332)
Net Realized Gain Recognized on Securities Sold