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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, 2022
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, 2022, the number of shares outstanding of the Registrant’s Common Stock was 5,108,590.



FORM 10-Q
INDEX
Page



PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) June 30,
2022
December 31,
2021
(Dollars in thousands, except per share and share data)
ASSETS
Cash and Due From Banks:
Interest Bearing$49,961 $63,968 
Non-Interest Bearing31,160 55,706 
Total Cash and Due From Banks81,121 119,674 
Securities:
Available-for-Sale Debt Securities, at Fair Value210,845 222,108 
Equity Securities, at Fair Value2,660 2,866 
Total Securities213,505 224,974 
Loans, Net of Allowance for Loan Losses of $12,833 and $11,582 at June 30, 2022 and December 31, 2021, Respectively
1,015,136 1,009,214 
Premises and Equipment, Net
18,196 18,399 
Bank-Owned Life Insurance
25,610 25,332 
Goodwill
9,732 9,732 
Intangible Assets, Net
4,404 5,295 
Accrued Interest Receivable and Other Assets18,757 12,859 
TOTAL ASSETS
$1,386,461 $1,425,479 
LIABILITIES
Deposits:
Non-Interest Bearing Demand Deposits389,127 385,775 
NOW Accounts265,347 272,518 
Money Market Accounts185,308 192,125 
Savings Accounts250,226 239,482 
Time Deposits125,182 136,713 
Total Deposits1,215,190 1,226,613 
Short-Term Borrowings
32,178 39,266 
Other Borrowings
17,618 17,601 
Accrued Interest Payable and Other Liabilities7,703 8,875 
TOTAL LIABILITIES
1,272,689 1,292,355 
STOCKHOLDERS' EQUITY
Preferred Stock, No Par Value; 5,000,000 Shares Authorized
  
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,702,433 Shares Issued and 5,128,333 and 5,260,672 Shares Outstanding at June 30, 2022 and December 31, 2021, Respectively
2,376 2,367 
Capital Surplus
83,614 83,294 
Retained Earnings
58,225 57,534 
Treasury Stock, at Cost (574,100 and 420,321 Shares at June 30, 2022 and December 31, 2021, Respectively)
(13,015)(9,144)
Accumulated Other Comprehensive Loss(17,428)(927)
TOTAL STOCKHOLDERS' EQUITY
113,772 133,124 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1,386,461 $1,425,479 
The accompanying notes are an integral part of these consolidated financial statements

1


CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
(Dollars in thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans, Including Fees$9,733 $9,936 $19,284 $20,082 
Investment Securities:
Taxable988 635 1,893 1,281 
Tax-Exempt57 74 123 152 
Dividends20 24 42 44 
Other Interest and Dividend Income160 151 232 249 
TOTAL INTEREST AND DIVIDEND INCOME10,958 10,820 21,574 21,808 
INTEREST EXPENSE
Deposits604 827 1,134 1,774 
Short-Term Borrowings18 24 37 47 
Other Borrowings173 35 347 76 
TOTAL INTEREST EXPENSE795 886 1,518 1,897 
NET INTEREST AND DIVIDEND INCOME10,163 9,934 20,056 19,911 
Provision (Recovery) For Loan Losses3,784 (1,200)3,784 (1,200)
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR LOAN LOSSES6,379 11,134 16,272 21,111 
NONINTEREST INCOME
Service Fees559 614 1,085 1,160 
Insurance Commissions1,369 1,209 3,167 2,804 
Other Commissions179 173 268 338 
Net Gain on Sales of Loans 31  117 
Net (Loss) Gain on Securities(199)11 (206)458 
Net Gain on Purchased Tax Credits14 17 28 35 
Net Loss on Disposal of Fixed Assets (3)(8)(3)
Income from Bank-Owned Life Insurance142 136 278 273 
Other Income41 31 106 211 
TOTAL NONINTEREST INCOME2,105 2,219 4,718 5,393 
NONINTEREST EXPENSE
Salaries and Employee Benefits4,539 5,076 9,104 9,970 
Occupancy776 1,024 1,462 1,734 
Equipment182 311 392 577 
Data Processing446 607 931 1,125 
FDIC Assessment128 249 337 499 
PA Shares Tax240 225 480 490 
Contracted Services348 750 935 1,437 
Legal and Professional Fees389 419 541 608 
Advertising115 193 231 333 
Other Real Estate Owned (Income)(37)(26)(75)(64)
Amortization of Intangible Assets446 503 891 1,035 
Intangible Assets Impairment 1,178  1,178 
Writedown of Fixed Assets 2,268  2,268 
Other Expense838 945 1,837 1,927 
TOTAL NONINTEREST EXPENSE8,410 13,722 17,066 23,117 
Income Before Income Tax (Benefit) Expense74 (369)3,924 3,387 
Income Tax (Benefit) Expense(44)(146)759 765 
NET INCOME (LOSS)$118 $(223)$3,165 $2,622 
EARNINGS (LOSS) PER SHARE
Basic$0.02 $(0.04)$0.61 $0.48 
Diluted0.02 (0.04)0.61 0.48 
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic5,147,846 5,432,234 5,172,881 5,433,298 
Diluted5,156,975 5,432,234 5,189,144 5,438,401 
The accompanying notes are an integral part of these consolidated financial statements

2


CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
(Dollars in thousands)
Net Income (Loss)$118 $(223)$3,165 $2,622 
Other Comprehensive (Loss) Income:
Change in Unrealized (Loss) Income on Investment Securities Available-for-Sale(8,680)922 (21,032)(1,929)
Income Tax Effect1,870 (199)4,531 413 
Reclassification Adjustment for Gain on Sale of Debt Securities Included in Net Income (1)
   (225)
Income Tax Effect (2)
   48 
Other Comprehensive (Loss) Income, Net of Income Tax Effect(6,810)723 (16,501)(1,693)
Total Comprehensive (Loss) Income$(6,692)$500 $(13,336)$929 
(1)    Reported in Net (Loss) Gain on Securities on the Consolidated Statements of Income.
(2)    Reported in Income Tax (Benefit) Expense on the Consolidated Statements of Income.
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, 2022Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
March 31, 20225,701,758 $2,376 $83,422 $59,343 $(12,367)$(10,618)$122,156 
Comprehensive Loss:
Net Income— — — 118 — — 118 
Other Comprehensive Loss— — — — — (6,810)(6,810)
Restricted Stock Awards Granted1,000 — — — — — — 
Restricted Stock Awards Forfeited(325)— 43 — (43)— — 
Stock-Based Compensation Expense— — 149 — — — 149 
Exercise of Stock Options— — — — — — — 
Treasury stock purchased, at cost (27,439 shares)
— — — — (605)— (605)
Dividends Paid ($0.24 Per Share)
— — — (1,236)— — (1,236)
June 30, 20225,702,433 $2,376 $83,614 $58,225 $(13,015)$(17,428)$113,772 


Three Months Ended June 30, 2021Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive IncomeTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
March 31, 20215,680,993 $2,367 $82,844 $52,673 $(5,094)$986 $133,776 
Comprehensive Income:
Net Loss— — — (223)— — (223)
Other Comprehensive Income— — — — — 723 723 
Stock-Based Compensation Expense— — 125 — — — 125 
Treasury Stock Purchased, at cost (25,297 shares)
— — — — (561)— (561)
Dividends Paid ($0.24 Per Share)
— — — (1,304)— — (1,304)
June 30, 20215,680,993 $2,367 $82,969 $51,146 $(5,655)$1,709 $132,536 

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

4


Six Months Ended June 30, 2022Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 20215,680,993 $2,367 $83,294 $57,534 $(9,144)$(927)$133,124 
Comprehensive Loss:
Net Income— — — 3,165 — — 3,165 
Other Comprehensive Loss— — — — — (16,501)(16,501)
Restricted Stock Awards Granted21,765 9 (9)— — —  
Restricted Stock Awards Forfeited(325)— 47 — (47)—  
Stock-Based Compensation Expense— — 279 — — — 279 
Exercise of Stock Options— — 3 — 164 — 167 
Treasury stock purchased, at cost (159,279 shares)
— — — — (3,988)— (3,988)
Dividends Paid ($0.48 Per Share)
— — — (2,474)— — (2,474)
June 30, 20225,702,433 $2,376 $83,614 $58,225 $(13,015)$(17,428)$113,772 



Six Months Ended June 30, 2021Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive IncomeTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 20205,680,993 $2,367 $82,723 $51,132 $(5,094)$3,402 $134,530 
Comprehensive Income:
Net Income— — — 2,622 — — 2,622 
Other Comprehensive Loss— — — — — (1,693)(1,693)
Restricted Stock Awards Forfeited— — — — — — — 
Restricted Stock Awards Granted— — — — — — — 
Stock-Based Compensation Expense— — 246 — — — 246 
Exercise of Stock Options— — — — — — — 
Treasury Stock Purchased, at cost (25,297 shares)
— — — — (561)— (561)
Dividends Paid ($0.48 Per Share)
— — — (2,608)— — (2,608)
June 30, 20215,680,993 $2,367 $82,969 $51,146 $(5,655)$1,709 $132,536 
The accompanying notes are an integral part of these consolidated financial statements

5


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,20222021
(Dollars in thousands)
OPERATING ACTIVITIES
Net Income$3,165 $2,622 
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities
Net Amortization on Securities36 32 
Depreciation and Amortization1,282 1,256 
Provision (Recovery) for Loan Losses3,784 (1,200)
Intangible Asset Impairment 1,178 
Writedown on Fixed Assets 2,268 
Lease Impairment 227 
Loss (Gain) on Securities206 (458)
Gain on Purchased Tax Credits(28)(35)
Income from Bank-Owned Life Insurance(278)(273)
Proceeds From Mortgage Loans Sold 3,916 
Originations of Mortgage Loans for Sale (9,134)
Gain on Sale of Loans (117)
Gain on Sale of Other Real Estate Owned and Repossessed Assets(1) 
Noncash Expense for Stock-Based Compensation279 246 
Decrease in Accrued Interest Receivable36 266 
Net Loss on Disposal of Fixed Assets8 3 
Decrease (Increase) in Taxes Payable(2,462)247 
Payments on Operating Leases (170)
Decrease in Accrued Interest Payable(42)(146)
Refund of Federal and State Income Taxes 1,311 
Other, Net(725)(11)
NET CASH PROVIDED BY OPERATING ACTIVITIES5,260 2,028 
INVESTING ACTIVITIES
Investment Securities Available for Sale:
Proceeds From Principal Repayments and Maturities17,021 20,412 
Purchases of Securities(26,826)(97,142)
Proceeds from Sale of Securities 11,930 
Net (Increase) Decrease in Loans(9,576)31,497 
Purchase of Premises and Equipment(262)(2,240)
Proceeds From Sale of Other Real Estate Owned37  
Decrease in Restricted Equity Securities599 243 
NET CASH USED IN INVESTING ACTIVITIES(19,007)(35,300)
FINANCING ACTIVITIES
Net (Decrease) Increase in Deposits(11,423)41,489 
Net (Decrease) Increase in Short-Term Borrowings(7,088)8,051 
Principal Payments on Other Borrowed Funds (2,000)
Cash Dividends Paid(2,474)(2,608)
Treasury Stock, Purchases at Cost(3,988)(561)
Exercise of Stock Options167  
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES(24,806)44,371 
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(38,553)11,099 
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR119,674 160,911 
CASH AND DUE FROM BANKS AT END OF PERIOD$81,121 $172,010 
The accompanying notes are an integral part of these consolidated financial statements

6


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30, 202220222021
(Dollars in thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash Paid For:
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $1,166 and $1,916, Respectively)
$1,560 $2,044 
Income Taxes2,832 1,160 
SUPPLEMENTAL NONCASH DISCLOSURE:
Transfer of Loans to Loans Held for Sale 11,409 
Transfer of Premises and Equipment to Premises and Equipment Held for Sale and Other Assets 1,075 
Transfer of Deposits to Deposits Held for Sale 102,557 
Right of Use Asset Recognized1,284  
Lease Liability Recognized1,284  
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 losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, other-than-temporary 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, 2021. Interim results are not necessarily indicative of results for a full year.
The Company evaluated subsequent events through the date the consolidated financial statements were filed with the SEC and incorporated into the consolidated financial statements the effect of all material known events determined by Accounting Standards Codification ("ASC") 855, Subsequent Events, to be recognizable events.
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. After the consolidation of six branches and the sale of two branches in 2021, the Bank operates 11 branches in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, and three branches in Marshall and Ohio Counties in West Virginia. Property and casualty, commercial liability, surety and other insurance products are offered through Exchange Underwriters, a full-service, independent insurance agency.

Critical Accounting Policies; Use of Critical Accounting Estimates
There were no material changes in our critical accounting policies during the six months ended June 30, 2022. See Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC, for additional information regarding our critical accounting policies.

Recent Accounting Standards
In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current GAAP; and instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, this ASU requires that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects companies holding financial assets and net investment in leases that are not accounted for at
8

fair value through net income. The ASU 2016-13 amendments affect loans, debt securities, trade receivables, net investments in leases, off balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 was originally effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. In November 2019, the FASB approved a delay of the required implementation date of ASU 2016-13 for smaller reporting companies, including the Company, resulting in a required implementation date for the Company of January 1, 2023. Early adoption will continue to be permitted. In preparation for the implementation of this ASU, the Company has formed a cross-functional team, contracted with a third-party software provider, and is consulting with a third-party professional advisory service to assist in the model development. The Company plans to assess the overall impact by running the existing and new allowance models in parallel prior to the period of implementation. The Company expects to recognize a one-time adjustment to the allowance for loan losses upon adoption, but cannot yet determine the magnitude of the one-time adjustment or the overall impact of the new guidance on the Company’s consolidated financial condition or results of operation.
Note 2. Earnings (Loss) 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,
2022202120222021
(Dollars in thousands, except share and per share data)
Net Income (Loss)$118 $(223)$3,165 $2,622 
Weighted-Average Basic Common Shares Outstanding
5,147,846 5,432,234 5,172,881 5,433,298 
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock)
9,129  16,263 5,103 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding
5,156,975 5,432,234 5,189,144 5,438,401 
Earnings (Loss) Per Share:
Basic
$0.02 $(0.04)$0.61 $0.48 
Diluted
0.02 (0.04)0.61 0.48 
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,
2022202120222021
Stock Options156,118 216,662 156,118 201,662 
Restricted Stock37,940 76,070 37,940 33,610 


9

Note 3. Securities
The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated:
June 30, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$53,992 $ $(6,938)