Company Quick10K Filing
CB Financial Services
Price27.46 EPS2
Shares5 P/E12
MCap150 P/FCF12
Net Debt-88 EBIT23
TEV61 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-11
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-15
10-K 2014-12-31 Filed 2015-03-26
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-11-05
8-K 2020-08-19 Other Events, Exhibits
8-K 2020-08-13 Officers, Other Events, Exhibits
8-K 2020-07-28 Regulation FD, Exhibits
8-K 2020-07-24 Earnings, Exhibits
8-K 2020-06-29 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-06-08
8-K 2020-05-20
8-K 2020-05-20
8-K 2020-05-04
8-K 2020-03-19
8-K 2020-02-19
8-K 2020-01-31
8-K 2020-01-15
8-K 2020-01-08
8-K 2019-12-06
8-K 2019-11-20
8-K 2019-11-15
8-K 2019-10-28
8-K 2019-08-30
8-K 2019-08-21
8-K 2019-07-29
8-K 2019-07-29
8-K 2019-05-22
8-K 2019-05-15
8-K 2019-05-15
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-02-20
8-K 2019-01-31
8-K 2018-12-19
8-K 2018-11-21
8-K 2018-10-31
8-K 2018-08-15
8-K 2018-07-30
8-K 2018-07-30
8-K 2018-07-30
8-K 2018-06-20
8-K 2018-05-16
8-K 2018-05-08
8-K 2018-05-04
8-K 2018-04-30
8-K 2018-04-30
8-K 2018-04-27
8-K 2018-04-27
8-K 2018-04-12
8-K 2018-03-30
8-K 2018-03-22
8-K 2018-03-06
8-K 2018-02-21
8-K 2018-02-12
8-K 2018-01-17

CBFV 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1. Summary of Significant Accounting Policies
Note 2. Earnings per Share
Note 3. Investment Securities
Note 4. Loans and Allowance for Loan Losses
Note 5. Deposits
Note 6. Short - Term Borrowings
Note 7. Other Borrowed Funds
Note 8. Fair Value Disclosure
Note 9. Commitments and Contingent Liabilities
Note 10. Leases
Note 11. Other Noninterest Expense
Note 12. Segment and Related Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosure About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
EX-31.1 cbfv-20200630xex311.htm
EX-31.2 cbfv-20200630xex312.htm
EX-32.1 cbfv-20200630xex321.htm
EX-32.2 cbfv-20200630xex322.htm

CB Financial Services Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
79563647731815902014201620182020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.10.0-0.1-0.1-0.2-0.32014201620182020
Ops, Inv, Fin

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Table of Contents
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, 2020
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 7, 2020, the number of shares outstanding of the Registrant’s Common Stock was 5,393,712.


Table of Contents
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FORM 10-Q
INDEX
Page


Table of Contents
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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Unaudited) June 30,
2020
December 31,
2019
(Dollars in thousands, except per share and share data)
ASSETS
Cash and Due From Banks:
Interest Bearing$114,794  $68,798  
Non-Interest Bearing16,609  11,419  
Total Cash and Due From Banks131,403  80,217  
Investment Securities:
Available-for-Sale148,648  197,385  
Loans, Net of Allowance for Loan Losses of $12,648 and $9,867 at June 30, 2020 and December 31, 2019, Respectively
1,029,511  942,629  
Premises and Equipment, Net
21,818  22,282  
Bank-Owned Life Insurance
24,499  24,222  
Goodwill
28,425  28,425  
Intangible Assets, Net
9,463  10,527  
Accrued Interest and Other Assets
13,385  15,850  
TOTAL ASSETS
$1,407,152  $1,321,537  
LIABILITIES
Deposits:
Non-Interest Bearing Demand Deposits$341,180  $267,152  
NOW Accounts237,343  232,099  
Money Market Accounts184,726  182,428  
Savings Accounts229,388  216,924  
Time Deposits201,303  219,756  
Total Deposits1,193,940  1,118,359  
Short-Term Borrowings
42,349  30,571  
Other Borrowings
11,000  14,000  
Accrued Interest and Other Liabilities
7,471  7,510  
TOTAL LIABILITIES
1,254,760  1,170,440  
STOCKHOLDERS' EQUITY
Preferred Stock, No Par Value; 5,000,000 Shares Authorized
    
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,680,993 Shares Issued and 5,393,712 and 5,463,828 Shares Outstanding at June 30, 2020 and December 31, 2019, Respectively
2,367  2,367  
Capital Surplus
83,327  82,971  
Retained Earnings
68,039  66,955  
Treasury Stock, at Cost (287,281 and 217,165 Shares at June 30, 2020 and December 31, 2019, Respectively)
(5,928) (3,842) 
Accumulated Other Comprehensive Income
4,587  2,646  
TOTAL STOCKHOLDERS' EQUITY
152,392  151,097  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1,407,152  $1,321,537  


The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30, 2020
2020201920202019
(Dollars in thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans, Including Fees
$10,577  $10,673  $21,341  $21,106  
Investment Securities:
Taxable
940  1,442  2,141  2,759  
Tax-Exempt
106  160  212  368  
Dividends
20  20  40  40  
Other Interest and Dividend Income
84  374  322  692  
TOTAL INTEREST AND DIVIDEND INCOME
11,727  12,669  24,056  24,965  
INTEREST EXPENSE
Deposits
1,305  1,824  2,986  3,543  
Short-Term Borrowings
39  50  84  96  
Other Borrowings
62  90  132  187  
TOTAL INTEREST EXPENSE
1,406  1,964  3,202  3,826  
NET INTEREST INCOME
10,321  10,705  20,854  21,139  
Provision For Loan Losses
300  350  2,800  375  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
10,021  10,355  18,054  20,764  
NONINTEREST INCOME
Service Fees
487  617  1,092  1,210  
Insurance Commissions
1,113  1,083  2,396  2,234  
Other Commissions
188  78  298  195  
Net Gain on Sales of Loans
441  50  568  142  
Net Gain (Loss) on Sales of Investment Securities489  7  489  (53) 
Change in Fair Value of Marketable Equity Securities
28  109  (410) 129  
Net Gain on Purchased Tax Credits
16  9  31  18  
Net Gain on Disposal of Fixed Assets  8  17  2  
Income from Bank-Owned Life Insurance
138  134  277  266  
Other (Loss) Income(252) 70  (238) 136  
TOTAL NONINTEREST INCOME
2,648  2,165  4,520  4,279  
NONINTEREST EXPENSE
Salaries and Employee Benefits
4,828  4,708  9,559  9,645  
Occupancy
699  663  1,432  1,422  
Equipment
224  285  481  581  
Data Processing
460  380  885  788  
FDIC Assessment
163  175  321  363  
PA Shares Tax
333  249  608  517  
Contracted Services
562  361  940  633  
Legal and Professional Fees
171  160  406  341  
Advertising
155  220  338  337  
Other Real Estate Owned (Income)
(1) (31) (18) (94) 
Amortization of Intangible Assets
532  532  1,064  1,064  
Other
945  1,095  2,058  2,080  
TOTAL NONINTEREST EXPENSE
9,071  8,797  18,074  17,677  
Income Before Income Tax Expense
3,598  3,723  4,500  7,366  
Income Tax Expense
695  744  824  1,462  
NET INCOME
$2,903  $2,979  $3,676  $5,904  
EARNINGS PER SHARE
Basic
$0.54  $0.55  $0.68  $1.09  
Diluted
0.54  0.55  0.68  1.08  
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
5,393,712  5,433,537  5,412,456  5,433,198  
Diluted
5,393,770  5,444,824  5,423,770  5,448,040  
The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
(Dollars in thousands)
Net Income
$2,903  $2,979  $3,676  $5,904  
Other Comprehensive (Loss) Income:
Change in Unrealized (Loss) Gain on Investment Securities Available-for-Sale
(572) 2,571  2,946  5,530  
Income Tax Effect120  (540) (619) (1,162) 
Reclassification Adjustment for (Gain) Loss on Sales of Investment Securities Included in Net Income (1)
(489) (7) (489) 53  
Income Tax Effect (1)
103  2  103  (11) 
Other Comprehensive (Loss) Income, Net of Income Tax Expense (Benefit)
(838) 2,026  1,941  4,410  
Total Comprehensive Income
$2,065  $5,005  $5,617  $10,314  
(1) The gross amount of gain (loss) on sales of investment securities is reported as Net Gain (Loss) on Sales of Investments Securities on the Consolidated Statement of Income. The income tax effect (benefit) is included in Income Tax Expense on the Consolidated Statement of Income.
The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Shares Issued
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other
Comprehensive Income (Loss)
Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
March 31, 20205,680,993  $2,367  $83,216  $66,431  $(5,914) $5,425  $151,525  
Comprehensive Income:
Net Income
—  —  —  2,903  —  —  2,903  
Other Comprehensive Loss—  —  —  —  —  (838) (838) 
Stock-Based Compensation Expense
—  —  111  —  —  —  111  
Exercise of Stock Options
—  —  —  —  (14) —  (14) 
Dividends Paid ($0.24 Per Share)
—  —  —  (1,295) —  —  (1,295) 
June 30, 20205,680,993  $2,367  $83,327  $68,039  $(5,928) $4,587  $152,392  
Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other
Comprehensive Income
Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
March 31, 20195,680,993  $2,367  $83,307  $59,464  $(4,353) $944  $141,729  
Comprehensive Income:
Net Income—  —  —  2,979  —  —