CB Financial Services, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CB Financial Services, Inc. has submitted its 2023 annual report (10-K) detailing financial performance and position as of December 31, 2023.</b>

AI Summary

CB Financial Services, Inc. (CBFV) filed a Annual Report (10-K) with the SEC on March 13, 2024. CB Financial Services, Inc. filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Pennsylvania and operates in the State Commercial Banks sector. Key financial data points such as revenue, net income, and EPS for the fiscal year 2023 are detailed within the report. The report includes balance sheet information as of December 31, 2023, and comparative data for prior periods.

Why It Matters

For investors and stakeholders tracking CB Financial Services, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CB Financial Services' financial health, operational results, and strategic positioning for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed financial statements and risk factors outlined in the report are essential for stakeholders to understand the company's performance against market conditions and regulatory requirements within the commercial banking sector.

Risk Assessment

Risk Level: medium — CB Financial Services, Inc. shows moderate risk based on this filing. The company operates in the State Commercial Banks sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess CB Financial Services' performance and outlook in the current economic and regulatory environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-13 — Filing Date (As of date)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks)
• PA — State of Incorporation (Pennsylvania)

Key Players & Entities

• CB Financial Services, Inc. (company) — Filer name
• PA (location) — State of incorporation
• 6022 (industry_code) — Standard Industrial Classification
• 100 NORTH MARKET STREET (address) — Business address
• CARMICHAELS (location) — Business address city
• 724-966-5041 (phone) — Business phone
• 20231231 (date) — Fiscal year end
• 20240313 (date) — Filing date

FAQ

Industry Context

CB Financial Services operates within the State Commercial Banks industry, a sector characterized by traditional banking services and subject to stringent regulatory frameworks.

Regulatory Implications

As a commercial bank, CB Financial Services is subject to regulations from federal and state authorities, including but not limited to the Federal Reserve, FDIC, and state banking departments, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the detailed financial statements for revenue streams, profitability, and balance sheet strength.
2. Review the risk factors section to understand potential challenges and mitigation strategies.
3. Compare key financial metrics against industry peers and historical performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-13: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing the annual overview of the company's financial condition and results of operations for the fiscal year ended December 31, 2023.

Key Financial Figures

• $0.4167 — ) of the Act: Common stock, par value $0.4167 per share CBFV The Nasdaq Stock Market,
• $1.46 b — consolidated basis, had total assets of $1.46 billion, total liabilities of $1.32 billi
• $1.32 billion — of $1.46 billion, total liabilities of $1.32 billion and stockholders' equity of $139.8 mill
• $139.8 million — .32 billion and stockholders' equity of $139.8 million. Copies of the Company's reports, prox
• $30.5 million — assets to World for a purchase price of $30.5 million cash plus possible additional earn-out
• $24.6 million — 2023 and resulted in a pre-tax gain of $24.6 million. Assets remaining in the EU subsidiary
• $60.5 m — allowance for credit losses, increased $60.5 million, or 5.8%, to $1.11 billion compar
• $1.11 billion — s, increased $60.5 million, or 5.8%, to $1.11 billion compared to $1.05 billion at December 3
• $1.05 billion — , or 5.8%, to $1.11 billion compared to $1.05 billion at December 31, 2022. Residential Real
• $347.8 m — local businesses. At December 31, 2023, $347.8 million, or 31.3%, of our total loan port
• $278.2 million — - to four-family mortgage loans totaled $278.2 million. Our one- to four-family residential mo
• $726,200 — e Agency, which, for 2023, is typically $726,200 for single-family homes, except in cert
• $2.4 million — ended December 31, 2023, we originated $2.4 million of fixed-rate residential mortgage loan
• $56.1 million — -family residential real estate totaled $56.1 million at December 31, 2023. Adjustable-rate m

Filing Documents

• cbfv-20231231.htm (10-K) — 3493KB
• a20231231cbfv-ex21subsidia.htm (EX-21) — 2KB
• a20231231cbfv-ex231consent.htm (EX-23.1) — 3KB
• a20231231cbfv-ex311ceocert.htm (EX-31.1) — 10KB
• a202301231cbfv-ex312cfocer.htm (EX-31.2) — 10KB
• a20231231cbfv-ex321ceoandc.htm (EX-32.1) — 7KB
• cbfinancial-clawbackpolicy.htm (EX-97) — 19KB
• cbfv-20231231_g1.jpg (GRAPHIC) — 16KB
• 0001605301-24-000005.txt (&nbsp;) — 17825KB
• cbfv-20231231.xsd (EX-101.SCH) — 85KB
• cbfv-20231231_cal.xml (EX-101.CAL) — 183KB
• cbfv-20231231_def.xml (EX-101.DEF) — 533KB
• cbfv-20231231_lab.xml (EX-101.LAB) — 1184KB
• cbfv-20231231_pre.xml (EX-101.PRE) — 916KB
• cbfv-20231231_htm.xml (XML) — 3470KB

Risk Factors

ITEM 1A. Risk Factors 19

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 23

Cybersecurity

ITEM 1C. Cybersecurity 24

Properties

ITEM 2. Properties 25

Legal Proceedings

ITEM 3. Legal Proceedings 25

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures. 25 PART II ITEM 5. Market for Registrant's Common Equity, Related Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[Reserved]

ITEM 6. [Reserved] 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures about Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk 51

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 52

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 52

Controls and Procedures

ITEM 9A. Controls and Procedures 52

Other Information

ITEM 9B. Other Information 53

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 53

Executive Compensation

ITEM 11. Executive Compensation 53

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53

Certain Relationships and Related Transactions and Director Independence

ITEM 13. Certain Relationships and Related Transactions and Director Independence 53

Principal Accountant Fees and Services

ITEM 14. Principal Accountant Fees and Services 54 PART IV

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules 54

Form 10-K Summary

ITEM 16. Form 10-K Summary 55

SIGNATURES

SIGNATURES 56 PART I This Annual Report on Form 10-K ("Report") contains forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "contemplate," "continue," "target" and words of similar meaning. These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies;statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on our current beliefs and expectations, and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this Report. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our ability to manage our operations under the current economic conditions nationally and in our market area; adverse changes in the financial industry, securities, credit, and national and local real estate markets (including real estate values); changes in consumer spending, borrowing and savings habits; inflation and changes in interest rates generally, including changes in the relative differences between short-term and long-term

BUSINESS

ITEM 1. BUSINESS CB Financial Services, Inc. CB Financial Services, Inc. (the "Company"), a Pennsylvania corporation, is a bank holding company headquartered in Carmichaels, Pennsylvania. The Company's common stock is traded on the Nasdaq Global Market under the symbol "CBFV." The Company conducts its operations primarily through its wholly owned subsidiary, Community Bank, a Pennsylvania-chartered commercial bank. At December 31, 2023, the Company, on a consolidated basis, had total assets of $1.46 billion, total liabilities of $1.32 billion and stockholders' equity of $139.8 million. Copies of the Company's reports, proxy and information statements, and other information filed electronically with the Securities and Exchange Commission (the "SEC") are available free of charge through the SEC's website address at https://www.sec.gov and through the Bank's website address at https://www.cb.bank . Community Bank Community Bank is a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank operates 10 offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania and three offices in Marshall and Ohio Counties in West Virginia. The Bank also has a loan production office in Allegheny County, a loan production office and a corporate center in Washington County and an operations center in Greene County, 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 is the sole shareholder of Exchange Underwriters, Inc. ("Exchange Underwriters" or "EU"), a wholly-owned subsidiary located in Washington County that was a full-service, independent insurance agency that offered property and casualty, commercial liability, surety and other insurance products. On December 1, 2023, the Company annou

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