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 2020-09-30 Filed 2020-11-09
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 2020-11-03
8-K 2020-11-02
8-K 2020-08-19
8-K 2020-08-13
8-K 2020-07-28
8-K 2020-07-24
8-K 2020-06-29
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. (Loss) 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
Note 13. Goodwill and Intangible Assets
Note 14. Stock Based Compensation
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-20200930xex311.htm
EX-31.2 cbfv-20200930xex312.htm
EX-32.1 cbfv-20200930xex321.htm
EX-32.2 cbfv-20200930xex322.htm

CB Financial Services Earnings 2020-09-30

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 September 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 November 9, 2020, the number of shares outstanding of the Registrant’s Common Stock was 5,397,892.


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FORM 10-Q
INDEX
Page



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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Unaudited) September 30,
2020
December 31,
2019
(Dollars in thousands, except per share and share data)
ASSETS
Cash and Due From Banks:
Interest Bearing$102,400 $68,798 
Non-Interest Bearing9,769 11,419 
Total Cash and Due From Banks112,169 80,217 
Investment Securities:
Available-for-Sale158,956 197,385 
Loans, Net of Allowance for Loan Losses of $13,780 and $9,867 at September 30, 2020 and December 31, 2019, Respectively
1,037,105 942,629 
Premises and Equipment, Net
20,439 22,282 
Bank-Owned Life Insurance
24,639 24,222 
Goodwill
9,732 28,425 
Intangible Assets, Net
8,931 10,527 
Accrued Interest and Other Assets
20,905 15,850 
TOTAL ASSETS
$1,392,876 $1,321,537 
LIABILITIES
Deposits:
Non-Interest Bearing Demand Deposits$335,287 $267,152 
NOW Accounts245,850 232,099 
Money Market Accounts188,958 182,428 
Savings Accounts232,691 216,924 
Time Deposits196,250 219,756 
Total Deposits1,199,036 1,118,359 
Short-Term Borrowings
42,061 30,571 
Other Borrowings
11,000 14,000 
Accrued Interest and Other Liabilities
7,480 7,510 
TOTAL LIABILITIES
1,259,577 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 5,398,712 and 5,463,828 Shares Outstanding at September 30, 2020 and December 31, 2019, Respectively
2,367 2,367 
Capital Surplus
83,338 82,971 
Retained Earnings
49,348 66,955 
Treasury Stock, at Cost (282,281 and 217,165 Shares at September 30, 2020 and December 31, 2019, Respectively)
(5,825)(3,842)
Accumulated Other Comprehensive Income
4,071 2,646 
TOTAL STOCKHOLDERS' EQUITY
133,299 151,097 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1,392,876 $1,321,537 


The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENT OF (LOSS) INCOME (UNAUDITED)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
(Dollars in thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans, Including Fees$10,709 $10,984 $32,050 $32,090 
Investment Securities:
Taxable753 1,558 2,894 4,317 
Tax-Exempt79 131 291 499 
Dividends19 20 59 60 
Other Interest and Dividend Income96 405 418 1,097 
TOTAL INTEREST AND DIVIDEND INCOME11,656 13,098 35,712 38,063 
INTEREST EXPENSE
Deposits1,150 1,864 4,136 5,407 
Short-Term Borrowings28 47 112 143 
Other Borrowings62 91 194 278 
TOTAL INTEREST EXPENSE1,240 2,002 4,442 5,828 
NET INTEREST AND DIVIDEND INCOME10,416 11,096 31,270 32,235 
Provision For Loan Losses1,200 175 4,000 550 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES9,216 10,921 27,270 31,685 
NONINTEREST INCOME
Service Fees554 639 1,646 1,849 
Insurance Commissions1,079 985 3,475 3,219 
Other Commissions76 98 374 293 
Net Gain on Sales of Loans435 48 1,003 190 
Net Gain (Loss) on Sales of Investment Securities 3 489 (50)
Change in Fair Value of Marketable Equity Securities(59)(25)(469)104 
Net Gain on Purchased Tax Credits15 9 46 27 
Net (Loss) Gain on Disposal of Fixed Assets(65) (48)2 
Income from Bank-Owned Life Insurance140 142 417 408 
Other (Loss) Income(2)67 (240)203 
TOTAL NONINTEREST INCOME2,173 1,966 6,693 6,245 
NONINTEREST EXPENSE
Salaries and Employee Benefits5,124 4,628 14,683 14,273 
Occupancy759 597 2,191 2,019 
Equipment220 266 701 847 
Data Processing482 370 1,367 1,158 
FDIC Assessment172 5 493 368 
PA Shares Tax355 226 963 743 
Contracted Services531 312 1,471 945 
Legal and Professional Fees161 117 567 458 
Advertising148 208 486 545 
Other Real Estate Owned (Income)(12)13 (30)(81)
Amortization of Intangible Assets532 531 1,596 1,595 
Goodwill Impairment18,693  18,693  
Writedown of Fixed Assets884  884  
Other919 984 2,977 3,064 
TOTAL NONINTEREST EXPENSE28,968 8,257 47,042 25,934 
(Loss) Income Before Income Tax (Benefit) Expense(17,579)4,630 (13,079)11,996 
Income Tax (Benefit) Expense(184)884 640 2,346 
NET (LOSS) INCOME$(17,395)$3,746 $(13,719)$9,650 
(LOSS) EARNINGS PER SHARE
Basic$(3.22)$0.69 $(2.54)$1.78 
Diluted(3.22)0.69 (2.54)1.77 
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic5,395,342 5,433,289 5,406,710 5,433,296 
Diluted5,395,342 5,458,723 5,406,710 5,451,705 
The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
(Dollars in thousands)
Net (Loss) Income$(17,395)$3,746 $(13,719)$9,650 
Other Comprehensive (Loss) Income:
Change in Unrealized (Loss) Gain on Investment Securities Available-for-Sale
(653)121 2,292 5,652 
Income Tax Effect137 (47)(481)(1,209)
Reclassification Adjustment for (Gain) Loss on Sale of Investment Securities Included in Net (Loss) Income (1)
 (3)(489)50 
Income Tax Effect (1)
 1 103 (11)
Other Comprehensive (Loss) Income, Net of Income Tax Expense (Benefit)
(516)72 1,425 4,482 
Total Comprehensive (Loss) Income$(17,911)$3,818 $(12,294)$14,132 
(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 (Loss) Income. The income tax effect (benefit) is included in Income Tax Expense on the Consolidated Statement of (Loss) 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)
June 30, 20205,680,993 $2,367 $83,327 $68,039 $(5,928)$4,587 $152,392 
Comprehensive Loss:
Net Loss— — — (17,395)— — (17,395)
Other Comprehensive Loss— — — — — (516)(516)
Restricted Stock Awards Granted
— — (103)— 103 —  
Stock-Based Compensation Expense
— — 114 — — — 114 
Dividends Paid ($0.24 Per Share)
— — — (1,296)— — (1,296)
September 30, 20205,680,993 $2,367 $83,338 $49,348 $(5,825)$4,071 $133,299 
Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other
Comprehensive Income
Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
June 30, 20195,680,993 $2,367 $83,380 $61,140 $(4,350)$2,970 $145,507 
Comprehensive Income:
Net Income— — — 3,746 — — 3,746 
Other Comprehensive Income— — — — — 72 72 
Stock-Based Compensation Expense— — 77 — — — 77 
Dividends Paid ($0.24 Per Share)
— — — (1,304)— — (1,304)
September 30, 20195,680,993 $2,367 $83,457 $63,582 $(4,350)$3,042 $148,098 

The accompanying notes are an integral part of these consolidated financial statements
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Shares Issued
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other
Comprehensive Income
Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 20195,680,993 $2,367 $82,971 $66,955 $(3,842)$2,646 $151,097 
Comprehensive (Loss) Income:
Net Loss— — — (13,719)— — (13,719)
Other Comprehensive Income
— — — — — 1,425 1,425 
Restricted Stock Awards Granted
— — (103)— 103 —  
Restricted Stock Awards Forfeited— — 96 — (96)—  
Stock-Based Compensation Expense
— — 370 — — — 370 
Exercise of Stock Options
— — 4 — (82)— (78)
Treasury stock purchased, at cost (67,816 shares)
— — — — (1,908)— (1,908)
Dividends Paid ($0.72 Per Share)
— — — (3,888)— — (3,888)
September 30, 20205,680,993 $2,367 $83,338 $49,348 $(5,825)$4,071 $133,299 
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)
December 31, 20185,680,993 $2,367 $83,225 $57,843 $(4,370)$(1,440)$137,625 
Comprehensive Income:
Net Income— — — 9,650 — — 9,650 
Other Comprehensive Income— — — — — 4,482 4,482 
Restricted Stock Awards Forfeited— — 8 — (8)—  
Restricted Stock Awards Granted— — (11)— 11 —  
Stock-Based Compensation Expense— — 230 — — — 230 
Exercise of Stock Options— — 5 — 17 — 22 
Dividends Paid ($0.72 Per Share)
— — — (3,911)— — (3,911)
September 30, 20195,680,993 $2,367 $83,457 $63,582 $(4,350)$3,042 $148,098 

The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,20202019
(Dollars in thousands)
OPERATING ACTIVITIES
Net (Loss) Income$(13,719)$9,650 
Αdjustmеnts to Rеconcilе Net (Loss) Income to Net Cash Provided By Operating Activities:
Net Accretion on Investments(9)(145)
Depreciation and Amortization2,578 2,730 
Provision for Loan Losses4,000 550 
Goodwill impairment18,693  
Writedown on Fixed Assets884  
Change in Fair Value of Marketable Equity Securities469 (104)
Net Gain on Purchased Tax Credits(46)(27)
Income from Bank-Owned Life Insurance(417)(408)
Proceeds From Mortgage Loans Sold24,317 7,378 
Originations of Mortgage Loans for Sale(23,314)(7,188)
Net Gain on Sales of Loans(1,003)(190)
Net (Gain) Loss on Sales of Investment Securities(489)50 
Net Loss on Sales of Other Real Estate Owned and Repossessed Assets26 6 
Noncash Expense for Stock-Based Compensation370 230 
(Increase) Decrease in Accrued Interest Receivable(944)33 
Net Loss (Gain) on Disposal of Fixed Assets48 (2)
(Decrease) Increase in Taxes Payable(253)259 
Payments on Operating Leases(412)(312)
(Decrease) Increase in Accrued Interest Payable(