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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 September 30, 2023
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 10, 2023, the number of shares outstanding of the Registrant’s Common Stock was 5,120,678.


FORM 10-Q
INDEX
Page


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) September 30,
2023		December 31,
2022
(Dollars in thousands, except per share and share data)
ASSETS
Cash and Due From Banks:
Interest-Earning$45,898 $82,957 
Noninterest-Earning6,699 20,743 
Total Cash and Due From Banks52,597 103,700 
Securities:
Available-for-Sale Debt Securities, at Fair Value170,575 187,360 
Equity Securities, at Fair Value2,329 2,698 
Total Securities172,904 190,058 
Loans, Net of Allowance for Credit Losses of $10,848 and $12,819 at September 30, 2023 and December 31, 2022, Respectively
1,091,666 1,037,054 
Premises and Equipment, Net
18,524 17,844 
Bank-Owned Life Insurance
25,227 25,893 
Goodwill
9,732 9,732 
Intangible Assets, Net
2,177 3,513 
Accrued Interest Receivable and Other Assets26,665 21,144 
TOTAL ASSETS
$1,399,492 $1,408,938 
LIABILITIES
Deposits:
Noninterest-Bearing Demand Accounts$305,145 $390,405 
Interest-Bearing Demand Accounts357,381 311,825 
Money Market Accounts189,187 209,125 
Savings Accounts207,148 248,022 
Time Deposits177,428 109,126 
Total Deposits1,236,289 1,268,503 
Short-Term Borrowings
— 8,060 
Other Borrowings
34,668 14,638 
Accrued Interest Payable and Other Liabilities13,689 7,582 
TOTAL LIABILITIES
1,284,646 1,298,783 
STOCKHOLDERS' EQUITY
Preferred Stock, No Par Value; 5,000,000 Shares Authorized
— — 
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,742,408 Shares Issued and 5,120,678 Shares Outstanding at September 30, 2023, with 5,708,433 and 5,100,189 Shares Issued and Outstanding at December 31, 2022.
2,393 2,379 
Capital Surplus
84,517 83,953 
Retained Earnings
71,707 63,861 
Treasury Stock, at Cost (621,730 and 608,244 Shares at September 30, 2023 and December 31, 2022, Respectively)
(14,100)(13,797)
Accumulated Other Comprehensive Loss(29,671)(26,241)
TOTAL STOCKHOLDERS' EQUITY
114,846 110,155 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1,399,492 $1,408,938 
The accompanying notes are an integral part of these consolidated financial statements

1

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(Dollars in thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans, Including Fees$14,049 $10,815 $39,846 $30,098 
Investment Securities:
Taxable940 985 2,853 2,878 
Tax-Exempt41 49 124 172 
Dividends25 21 74 64 
Other Interest and Dividend Income819 417 2,424 649 
TOTAL INTEREST AND DIVIDEND INCOME15,874 12,287 45,321 33,861 
INTEREST EXPENSE
Deposits4,750 1,079 11,097 2,214 
Short-Term Borrowings— 19 5 56 
Other Borrowings407 174 800 522 
TOTAL INTEREST EXPENSE5,157 1,272 11,902 2,792 
NET INTEREST AND DIVIDEND INCOME10,717 11,015 33,419 31,069 
Provision For Credit Losses - Loans291 — 863 3,784 
Provision For Credit Losses - Unfunded Commitments 115 — 54 — 
NET INTEREST AND DIVIDEND INCOME AFTER PROVISION FOR CREDIT LOSSES10,311 11,015 32,502 27,285 
NONINTEREST INCOME
Service Fees466 544 1,359 1,629 
Insurance Commissions1,436 1,368 4,870 4,535 
Other Commissions94 244 462 512 
Net Loss on Sales of Loans— — (3)— 
Net Loss on Securities(37)(46)(369)(252)
Net Gain on Purchased Tax Credits7 14 22 43 
     Net Gain on Disposal of Fixed Assets— 439 11 431 
Income from Bank-Owned Life Insurance145 140 425 418 
Net Gain on Bank-Owned Life Insurance Claims— — 303 — 
Other Income301 36 413 143 
TOTAL NONINTEREST INCOME2,412 2,739 7,493 7,459 
NONINTEREST EXPENSE
Salaries and Employee Benefits5,369 4,739 15,679 13,843 
Occupancy698 768 2,188 2,230 
Equipment265 170 766 561 
Data Processing714 540 2,289 1,471 
FDIC Assessment189 147 565 484 
PA Shares Tax217 240 672 721 
Contracted Services286 288 868 1,223 
Legal and Professional Fees320 334 748 876 
Advertising114 131 268 362 
Other Real Estate Owned (Income)(8)(38)(80)(113)
Amortization of Intangible Assets445 445 1,336 1,336 
Other Expense878 1,063 2,718 2,899 
TOTAL NONINTEREST EXPENSE9,487 8,827 28,017 25,893 
Income Before Income Tax Expense
3,236 4,927 11,978 8,851 
Income Tax Expense564 998 2,392 1,757 
NET INCOME$2,672 $3,929 $9,586 $7,094 
EARNINGS PER SHARE
Basic$0.52 $0.77 $1.88 $1.38 
Diluted0.52 0.77 1.87 1.37 
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic5,115,026 5,106,861 5,112,223 5,150,632 
Diluted5,126,546 5,118,627 5,118,279 5,165,376 
The accompanying notes are an integral part of these consolidated financial statements

2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(Dollars in thousands)
Net Income$2,672 $3,929 $9,586 $7,094 
Other Comprehensive Loss:
Change in Unrealized Loss on Investment Securities Available-for-Sale(4,248)(11,753)(4,372)(32,785)
Income Tax Effect916 2,533 942 7,064 
Other Comprehensive Loss, Net of Income Tax Effect(3,332)(9,220)(3,430)(25,721)
Total Comprehensive (Loss) Income
$(660)$(5,291)$6,156 $(18,627)

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

3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)


Three Months Ended September 30, 2023Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
June 30, 20235,733,408 $2,389 $84,325 $70,314 $(14,100)$(26,339)$116,589 
Comprehensive Loss:
Net Income— — — 2,672 — — 2,672 
Other Comprehensive Loss— — — — — (3,332)(3,332)
Restricted Stock Awards Granted9,000 4 (4)— — — — 
Stock-Based Compensation Expense— — 196 — — — 196 
Dividends Paid ($0.25 Per Share)
— — — (1,279)— — (1,279)
September 30, 20235,742,408 $2,393 $84,517 $71,707 $(14,100)$(29,671)$114,846 


Three Months Ended September 30, 2022Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' Equity
(Dollars in thousands, except share and per share data)
June 30, 20225,702,433 $2,376 $83,614 $58,225 $(13,015)$(17,428)$113,772 
Comprehensive Loss:
Net Income— — — 3,929 — — 3,929 
Other Comprehensive Loss— — — — — (9,220)(9,220)
Restricted Stock Awards Forfeited— — 34 — (34)— — 
Stock-Based Compensation Expense— — 145 — — — 145 
Exercise of Stock Options— — — — (2)— (2)
Treasury Stock Purchased, at cost (30,271 shares)
— — — — (694)— (694)
Dividends Paid ($0.24 Per Share)
— — — (1,224)— — (1,224)
September 30, 20225,702,433 $2,376 $83,793 $60,930 $(13,745)$(26,648)$106,706 

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

4

Nine Months Ended September 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— — — 9,586 — — 9,586 
Other Comprehensive Loss— — — — — (3,430)(3,430)
Restricted Stock Awards Granted33,975 14 (14)— — — — 
Restricted Stock Awards Forfeited— — 21 — (21)— — 
Stock-Based Compensation Expense— — 557 — — — 557 
Exercise of Stock Options— — — — 45 — 45 
Treasury stock purchased, at cost (14,478 shares)
— — — — (327)— (327)
Dividends Paid ($0.75 Per Share)
— — — (3,832)— — (3,832)
September 30, 20235,742,408 $2,393 $84,517 $71,707 $(14,100)$(29,671)$114,846 



Nine Months Ended September 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— — — 7,094 — — 7,094 
Other Comprehensive Loss— — — — — (25,721)(25,721)
Restricted Stock Awards Forfeited(325)— 81 — (81)— — 
Restricted Stock Awards Granted21,765 9 (9)— — — — 
Stock-Based Compensation Expense— — 424 — — — 424 
Exercise of Stock Options— — 3 — 162 — 165 
Treasury Stock Purchased, at cost (189,550 shares)
— — — — (4,682)— (4,682)
Dividends Paid ($0.72 Per Share)
— — — (3,698)— — (3,698)
September 30, 20225,702,433 $2,376 $83,793 $60,930 $(13,745)$(26,648)$106,706 
The accompanying notes are an integral part of these consolidated financial statements

5

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,20232022
(Dollars in thousands)
OPERATING ACTIVITIES
Net Income$9,586 $7,094 
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities
Net Amortization on Securities56 48 
Depreciation and Amortization2,133 1,997 
Provision for Credit Losses - Loans863 3,784 
Provision for Credit Losses - Unfunded Commitments54 — 
Loss on Securities369 252 
Gain on Purchased Tax Credits(22)(43)
Income from Bank-Owned Life Insurance(425)(418)
Proceeds From Mortgage Loans Sold269 — 
Originations of Mortgage Loans for Sale(266)— 
Loss on Sale of Loans3 — 
Gain on Sale of Other Real Estate Owned and Repossessed Assets(13)(1)
Noncash Expense for Stock-Based Compensation557 424 
Increase in Accrued Interest Receivable(600)(59)
Valuation adjustment on real estate owned119 — 
Gain on Disposal of Fixed Assets(11)(431)
Decrease in Taxes Payable(632)(947)
Increase in Accrued Interest Payable1,390 29 
Other, Net4,236 (2,679)
NET CASH PROVIDED BY OPERATING ACTIVITIES17,666 9,050 
INVESTING ACTIVITIES
Investment Securities Available for Sale:
Proceeds From Principal Repayments and Maturities12,357 24,869 
Purchases of Securities— (26,826)
Net Increase in Loans(55,546)(24,480)
Purchase of Premises and Equipment(1,594)(470)
Proceeds from Disposal of Premises and Equipment46 480 
Proceeds From a Claim on Bank-Owned Life Insurance731 — 
Proceeds From Sale of Other Real Estate Owned142 37 
(Increase) Decrease in Restricted Equity Securities(517)619 
NET CASH USED IN INVESTING ACTIVITIES(44,381)(25,771)
FINANCING ACTIVITIES
Net (Decrease) Increase in Deposits
(32,214)49,221 
Net Decrease in Short-Term Borrowings(8,060)(21,158)
Proceeds From Other Borrowed Funds20,000 — 
Cash Dividends Paid(3,832)(3,698)
Treasury Stock, Purchases at Cost(327)(4,682)
Exercise of Stock Options45 165 
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES(24,388)19,848 
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(51,103)3,127 
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR103,700 119,674 
CASH AND DUE FROM BANKS AT END OF PERIOD$52,597 $122,801 






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

6


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,20232022
(Dollars in thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash Paid For:
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $9,923 and $2,322, Respectively)
$10,511 $2,764 
Income Taxes2,570 3,247 
SUPPLEMENTAL NONCASH DISCLOSURE:
Other Real Estate Acquired in Settlement of Loans248 — 
Syndicated Loans Purchased and Sold not Settled, net(1,967)— 
Right of Use Asset Recognized— 1,284 
Lease Liability Recognized— 1,284 
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 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, 2022. 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 10 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

The disclosures below supplement the accounting policies previously disclosed in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. The updates reflect the adoption of Financial Accounting Standard Board ("FASB") ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, referred to as ASC 326 or, more commonly, referred to as Current Expected Credit Losses (CECL).

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 measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of
8
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 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.





9
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.

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 $4.0 million at September 30, 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 $534,000, at September 30, 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 September 30, 2023, the Company has identified one $5.0 million corporate debt security tied to the LIBOR reference rate. The Company has not yet made any contract modifications. The Company is currently evaluating the potential impact of this guidance on its consolidated statements of financial statements and results of operations.

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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
September 30,		Nine Months Ended
September 30,
2023202220232022
(Dollars in thousands, except share and per share data)
Net Income$2,672 $3,929 $9,586 $7,094 
Weighted-Average Basic Common Shares Outstanding
5,115,026 5,106,861 5,112,223 5,150,632 
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock)
11,520 11,766 6,056 14,744 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding
5,126,546 5,118,627 5,118,279 5,165,376 
Earnings Per Share:
Basic
$0.52 $0.77 $1.88 $1.38 
Diluted
0.52 0.77 1.87 1.37 

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
September 30,		Nine Months Ended
September 30,
2023202220232022
Stock Options339,123 149,367 339,123 149,367 
Restricted Stock25,352 36,490 60,727 37,490 


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Note 3. Securities
The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated:
September 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$53,994 $— $(9,893)$44,101 
Obligations of States and Political Subdivisions
13,813 — (1,139)12,674 
Mortgage-Backed Securities - Government-Sponsored Enterprises
41,598 — (5,830)35,768 
Collateralized Mortgage Obligations - Government Sponsored Enterprises89,505 — (18,916)70,589 
Corporate Debt9,485 — (2,042)7,443 
Total Available-for-Sale Debt Securities208,395 — (37,820)170,575 
Equity Securities:
Mutual Funds
868 
Other
1,461 
Total Equity Securities2,329 
Total Securities$172,904 
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$53,993 $— $(9,359)$44,634 
Obligations of States and Political Subdivisions
14,053 — (711)13,342 
Mortgage-Backed Securities - Government-Sponsored Enterprises
46,345 — (4,918)41,427 
Collateralized Mortgage Obligations - Government Sponsored Enterprises96,930 — (17,288)79,642 
Corporate Debt9,487 — (1,172)8,315 
Total Available-for-Sale Debt Securities220,808 — (33,448)187,360 
Equity Securities:
Mutual Funds
875 
Other
1,823 
Total Equity Securities2,698 
Total Securities$190,058 
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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:
September 30, 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
— $— $— 13 $44,101 $(9,893)13 $44,101 $(9,893)
Obligations of States and Political Subdivisions
1 527 (17)32 12,147 (1,122)33 12,674 (1,139)
Mortgage Backed Securities- Government Sponsored Enterprises
— — — 42 35,768 (5,830)42 35,768 (5,830)
Collateralized Mortgage Obligations - Government Sponsored Enterprises— — — 21 70,589 (18,916)21 70,589 (18,916)
Corporate Debt— — — 3 7,443 (2,042)3 7,443 (2,042)
Total1 $527 $(17)111 $170,048 $(37,803)112 $170,575 $(37,820)
December 31, 2022
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 $2,600 $(400)12 $42,034 $(8,959)13 $44,634 $(9,359)
Obligations of States and Political Subdivisions
34 13,342 (711)— — — 34 13,342 (711)
Mortgage Backed Securities- Government Sponsored Enterprises
34 19,433 (1,018)8 21,994 (3,900)42 41,427 (4,918)
Collateralized Mortgage Obligations - Government Sponsored Enterprises12 25,395 (3,393)10 54,247 (13,895)22 79,642 (17,288)
Corporate Debt1 1,665 (335)2 6,650 (837)3 8,315 (1,172)
Total
82 $62,435 $(5,857)32 $124,925 $(27,591)114 $187,360 $(33,448)
For debt securities, the Company does not believe that any individual unrealized loss as of September 30, 2023 or December 31, 2022, 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 September 30, 2023 and December 31, 2022 relate principally to changes in market interest rates subsequent to the acquisition of the specific securities.
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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 $163.1 million at September 30, 2023 and $179.0 million at December 31, 2022 of which securities with a fair value of $152.1 million and $175.6 million at September 30, 2023 and December 31, 2022, respectively, were pledged to secure uninsured public deposits, short-term borrowings and for other purposes as required or permitted by law.
The following table presents the scheduled maturities of debt securities as of the date indicated:
September 30, 2023
Amortized
Cost
Fair
Value
(Dollars in thousands)
Due in One Year or Less
$— $— 
Due after One Year through Five Years
31,868 27,619 
Due after Five Years through Ten Years
51,926 43,070 
Due after Ten Years
124,601 99,886 
Total
$208,395 $170,575 
The following table presents the gain and loss on equity securities from both realized sales and unrealized market adjustments for the periods indicated. There were no realized gain or loss on sales of debt securities for the periods indicated. All gains and losses presented in the table below are reported in Net Loss on Securities on the Consolidated Statements of Income.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(Dollars in thousands)
Equity Securities
Net Unrealized Loss Recognized on Securities Held$(37)$(46)$(369)$(252)
Net Realized Gain Recognized on Securities Sold— — — — 
Net Loss on Equity Securities$(37)$(46)$(369)$(252)
Net Loss on Securities$(37)$(46)$(369)$(252)
Note 4. Loans and Allowance for Credit Losses
The Company’s loan portfolio is segmented to enable management to monitor risk and performance. Real estate loans are further segregated into three classes. Residential mortgages include those secured by residential properties and include home equity loans, while commercial mortgages consist of loans to commercial borrowers secured by commercial real estate. Construction loans typically consist of loans to build commercial buildings and acquire and develop residential real estate. The commercial and industrial segment consists of loans to finance the activities of commercial customers. The consumer segment consists primarily of indirect auto loans as well as personal installment loans and personal or overdraft lines of credit.
Residential mortgage loans are typically longer-term loans and, therefore, generally present greater interest rate risk than the consumer and commercial loans. Under certain economic conditions, housing values may decline, which may increase the risk that the collateral values are not sufficient.
Commercial real estate loans generally present a higher level of credit risk than loans secured by residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income-producing properties, and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayment of commercial real estate loans is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired.
Construction loans are originated to individuals to finance the construction of residential dwellings and are also originated for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses. Construction loans generally provide for the payment of interest only during the construction
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phase, which is usually 12 to 18 months. At the end of the construction phase, the loan generally converts to a permanent residential or commercial mortgage loan. Construction loan risks include overfunding in comparison to the plans, untimely completion of work, and leasing and stabilization after project completion.
Commercial and industrial loans are generally secured by inventories, accounts receivable, and other business assets, which present collateral risk.
Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan.
The following table presents the classifications of loans as of the dates indicated.
September 30, 2023December 31, 2022
(Dollars in thousands)
Real Estate:
Residential
$346,485 $330,725 
Commercial
466,910 436,805 
Construction
41,874 44,923 
Commercial and Industrial
100,873 70,044 
Consumer
122,516 146,927 
Other
23,856 20,449 
Total Loans
1,102,514 1,049,873 
Allowance for Credit Losses(10,848)(12,819)
Loans, Net
$1,091,666 $1,037,054 

There were $5,000 of net PPP loan origination fees earned for the nine months ended September 30, 2023, compared to $651,000 for the nine months ended September 30, 2022. All PPP loans are classified as commercial and industrial loans held for investment. No allowance for credit loss was allocated to the PPP loan portfolio due to the Bank complying with the lender obligations that ensure SBA guarantee.

Total unamortized net deferred loan fees were $1.1 million and $1.2 million at September 30, 2023 and December 31, 2022, respectively.

The Company uses an eight-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first four categories are not considered criticized and are aggregated as “pass” rated. The criticized rating categories used by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are below average quality, resulting in an undue credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as Loss are considered uncollectible and of such little value that continuance as an asset is not warranted.
The following table presents the Company’s loans by year of origination, loan segmentation and risk indicator summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within th