CB Financial Services, Inc. Announces First Quarter 2025 Financial Results and Declares Quarterly Cash Dividend WASHINGTON, PA., April 23, 2025 -- CB Financial Services, Inc. ("CB" or the "Company") (NASDAQGM: CBFV), the holding company of Community Bank (the "Bank"), today announced its first quarter 2025 financial results. | | | | | Three Months Ended | | | | --- | --- | --- | --- | --- | --- | --- | | | | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | 3/31/24 | | (Dollars in thousands, except per share data) ( ...

Financial Performance - Net income decreased to $12,594,000 in 2024, down from $22,550,000 in 2023, a decline of 44.4%[179] - Earnings per common share (basic) fell to $2.45 in 2024 from $4.41 in 2023, a decrease of 44.4%[180] - Noninterest income significantly decreased to $5,494,000 in 2024 from $24,012,000 in 2023, a decline of 77.1%[179] - Total noninterest expense decreased by $3.1 million, or 8.1%, to $35.6 million for the year ended December 31, 2024, compared to $38.8 million for the year ended December 31, 2023[241] - Income tax expense decreased by $5.0 million to $2.7 million for the year ended December 31, 2024, compared to $7.7 million for the year ended December 31, 2023[242] - Salaries and employee benefits decreased by $3.1 million to $18.8 million for the year ended December 31, 2024, primarily due to no expense related to EU for the year[242] Asset and Liability Management - Total assets increased to $1,481,564,000 in 2024 from $1,456,091,000 in 2023, representing a growth of 1.8%[179] - Total liabilities increased by $17.9 million, or 1.4%, to $1.33 billion at December 31, 2024, compared to $1.32 billion at December 31, 2023[222] - Total deposits increased by $16.4 million, or 1.3%, to $1.28 billion as of December 31, 2024, compared to $1.27 billion at December 31, 2023[223] - The Bank's most liquid assets, cash and due from banks, totaled $49.6 million at December 31, 2024[276] - The Bank had funding commitments totaling $167.6 million at December 31, 2024, primarily for loan origination[278] Loan Portfolio - Total loans decreased by $17.8 million, or 1.6%, to $1.09 billion at December 31, 2024, compared to $1.11 billion at December 31, 2023[214] - Consumer loans decreased by $41.1 million, while commercial real estate loans increased by $18.4 million, contributing to the overall loan portfolio change[214] - The company's loan portfolio composition includes residential loans at $337.99 million (30.9%), commercial loans at $485.51 million (44.4%), and consumer loans at $70.51 million (6.5%) as of December 31, 2024[216] - The commercial real estate (CRE) portfolio totaled $485.5 million, an increase of $18.4 million, or 3.9%, compared to December 31, 2023[217] - The total amount of special mention and classified loans decreased by $29.0 million, or 41.8%, to $40.4 million at December 31, 2024, compared to $69.4 million at December 31, 2023[260] Credit Losses and Nonperforming Assets - The provision for credit losses on loans was $379,000 in 2024, compared to a recovery of $(284,000) in 2023[179] - The allowance for credit losses was $9.805 million as of December 31, 2024, compared to $9.707 million in the previous year[216] - Nonperforming assets decreased by $613,000 to $1.8 million at December 31, 2024, compared to $2.4 million at December 31, 2023[255] - Nonperforming loans decreased by $451,000 to $1.8 million at December 31, 2024, compared to $2.2 million at December 31, 2023[255] - The ratio of nonaccrual loans to total loans decreased from 0.20% at December 31, 2023, to 0.16% at December 31, 2024[257] Capital Adequacy - The company maintained a common equity tier 1 capital ratio of 14.78% in 2024, up from 13.64% in 2023, indicating improved capital strength[180] - Stockholders' equity increased by $7.5 million, or 5.4%, to $147.4 million at December 31, 2024, compared to $139.8 million at December 31, 2023[232] - Common Equity Tier 1 Capital increased to $152,238 thousand with a ratio of 14.78% as of December 31, 2024, compared to $143,654 thousand and 13.64% in 2023[287] - Total Capital reached $162,733 thousand with a ratio of 15.79% in 2024, up from $153,861 thousand and 14.61% in 2023[287] - The Company’s actual Tier I Leverage Capital was $152,238 thousand, representing 9.98% of adjusted total assets, down from 10.19% in 2023[287] Interest Income and Expense - Net interest and dividend income rose to $46,068,000 in 2024, up from $44,553,000 in 2023, an increase of 3.4%[179] - Interest income on loans increased by $4.7 million, or 8.7%, to $59.4 million for the year ended December 31, 2024, compared to $54.7 million for the year ended December 31, 2023[238] - Interest expense increased by $12.4 million, or 70.1%, to $30.1 million for the year ended December 31, 2024, compared to $17.7 million for the year ended December 31, 2023[236] - Total interest income from loans decreased by $158,000 to $4.781 million for the year ended December 31, 2024, compared to $4.939 million for the year ended December 31, 2023[248] - Total interest expense on deposits increased by $2.127 million to $12.008 million for the year ended December 31, 2024[248] Interest Rate Risk - The Company’s interest rate risk analysis indicates that a 400 basis point increase in interest rates would decrease the Economic Value of Equity (EVE) by $32,439 thousand, a 15.4% change[295] - A flat interest rate scenario shows an EVE of $210,357 thousand, with a net interest income at risk of $49,673 thousand[295] - The Company’s Asset/Liability Management Committee meets quarterly to evaluate and manage interest rate risk, ensuring compliance with established guidelines[289] - The Company utilizes a simulation model to monitor interest rate risk, measuring impacts on both capital and earnings perspectives[290] - The EVE ratio reflects the sensitivity of the Company to interest rate changes, with a base case scenario assuming no change in interest rates[292]

Core Viewpoint - CB Financial Services reported quarterly earnings of $0.35 per share, missing the Zacks Consensus Estimate of $0.46 per share, and down from $0.60 per share a year ago [1][2] Financial Performance - The company experienced an earnings surprise of -23.91% for the quarter, while a quarter ago it had a positive surprise of 7.84% [2] - Revenues for the quarter ended December 2024 were $13.19 million, exceeding the Zacks Consensus Estimate by 7.21%, but down from $27.65 million year-over-year [3] Market Performance - CB Financial Services shares have increased by approximately 2% since the beginning of the year, compared to a 3.2% gain in the S&P 500 [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44 on revenues of $12.1 million, and for the current fiscal year, it is $1.89 on revenues of $49.7 million [8] - The trend for estimate revisions prior to the earnings release was unfavorable, which may impact future stock performance [7] Industry Context - The Banks - Northeast industry, to which CB Financial Services belongs, is currently ranked in the top 9% of over 250 Zacks industries, suggesting a favorable industry outlook [9]

EXHIBIT 99.1 (1) Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of adjusted net income and adjusted earnings per common share - diluted as presented later in this Press Release. 2024 Fourth Quarter Financial Highlights (Comparisons to three months ended December 31, 2023 unless otherwise noted) (Amounts at December 31, 2024; comparisons to December 31, 2023, unless otherwise noted) 1 • Net income was $2.5 million, compared to $13.0 million. Prior period results included a $24. ...

Financial Performance - Net income for the three months ended September 30, 2024, was $3.2 million, an increase of $547,000 or 20.3% compared to $2.7 million for the same period in 2023[118]. - Net income for the nine months ended September 30, 2024, was $10.1 million, an increase of $479,000 compared to $9.6 million for the same period in 2023[126]. - Noninterest income decreased by $1.2 million, or 48.9%, to $1,233,000, primarily due to a decrease in insurance commissions following the sale of Exchange Underwriters[123]. - Noninterest income decreased by $3.7 million, or 48.8%, to $3.8 million, primarily due to a 99.9% decrease in insurance commissions[133]. Asset and Liability Management - Total assets increased by $105.7 million, or 7.3%, to $1.6 billion at September 30, 2024, compared to $1.5 billion at December 31, 2023[113]. - Total deposits increased by $86.7 million to $1.4 billion as of September 30, 2024, with significant increases in time deposits and brokered certificates of deposit[116]. - Cash and due from banks increased by $79.1 million, or 115.9%, to $147.3 million at September 30, 2024[113]. - Total interest-bearing liabilities rose to $1.102 billion, with total interest-bearing deposits increasing by $130 million, or 13.9%, to $1.1 billion[119]. - The company's liquidity position included $147.3 million in cash and due from banks, with unpledged securities totaling $95.8 million[139]. Loan Portfolio - Total loans decreased by $44.6 million, or 4.0%, to $1.07 billion at September 30, 2024, driven by declines in various loan categories[114]. - As of September 30, 2024, the company's total loans amounted to $1.07 billion, reflecting a decrease of $44.6 million, or 4.0%, from $1.11 billion at December 31, 2023[143]. - The company's Commercial Real Estate (CRE) portfolio totaled $464.4 million, a decrease of $2.8 million, or 0.6%, compared to December 31, 2023[144]. - The composition of the CRE portfolio includes Multifamily loans at $87.9 million (25.89%), Retail Space at $87.6 million (25.81%), and Warehouse Space at $45.2 million (13.31%) as of September 30, 2024[144]. - The company's total loans composition includes Residential loans at $338.9 million (31.8%) and Commercial loans at $464.4 million (43.6%) as of September 30, 2024[143]. Interest Income and Expense - Net interest income (FTE) for the three months ended September 30, 2024, was $11.516 million, compared to $10.760 million for the same period in 2023[110]. - Interest income on loans increased by $896,000, or 6.4%, to $14.9 million, with an average yield on loans rising by 47 basis points to 5.60%[118]. - Interest income on taxable investment securities surged by $2.3 million, or 249.9%, to $3.3 million, driven by a 272 basis point increase in average yield[118]. - Interest expense increased by $3.1 million, or 60.9%, to $8.3 million, primarily due to rising market interest rates[118]. - The average cost of interest-bearing deposits increased by 93 basis points, or 46.3%, compared to the same period in 2023[118]. Credit Losses and Provisions - The allowance for credit losses (ACL) was $9.5 million at September 30, 2024, resulting in an ACL to total loans ratio of 0.89%[114]. - The provision for credit losses recorded a net recovery of $41,000 for the three months ended September 30, 2024, compared to a provision of $406,000 in the same period in 2023[122]. - The provision for credit losses was a recovery of $114,000 for the nine months ended September 30, 2024, compared to a provision of $917,000 for the same period in 2023[132]. - Nonperforming loans decreased to $2.0 million at September 30, 2024, with a nonperforming loans to total loans ratio of 0.19%[114]. Capital Ratios - Stockholders' equity increased by $9.3 million, or 6.7%, to $149.1 million at September 30, 2024, driven by net income of $10.1 million[117]. - The Bank's Common Equity Tier 1 capital ratio was 14.79% as of September 30, 2024, compared to 13.64% at December 31, 2023[141]. - The actual total capital ratio was 15.76% as of September 30, 2024, exceeding the minimum required to be well capitalized[141]. Interest Rate Risk Management - The company's interest rate risk management strategy includes monitoring through a simulation model, with quarterly reports to identify and control interest rate risk[146]. - Estimated changes in Economic Value of Equity (EVE) indicate a potential decrease of $27.1 million (14.5%) with a +400 basis points change in interest rates[147]. - The company’s asset/liability management committee meets quarterly to review interest rate risk strategies and ensure compliance with board-approved guidelines[146].

CB Financial Services (CBFV) came out with quarterly earnings of $0.55 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 7.84%. A quarter ago, it was expected that this holding company for Pennsylvania-based Community Bank would post earnings of $0.52 per share when it actually produced earnings of $0.52, delivering no surpris ...

Financial Performance - Net income for Q3 2024 was $3.2 million, an increase of 19.8% from $2.7 million in Q3 2023[3] - Earnings per diluted common share rose to $0.60, up from $0.52 in the same period last year[3] - Net Income for Q3 2024 was $3,219,000, compared to $2,672,000 in Q3 2023, reflecting a 20.5% increase[27] - Adjusted Net Income (Non-GAAP) for Q3 2024 was $3,483,000, compared to $3,117,000 in Q3 2023, reflecting a year-over-year increase of 11.7%[39] - Earnings Per Common Share - Basic rose to $0.63 in Q3 2024, up from $0.52 in Q3 2023, marking a 21.2% increase[29] - Net Income (GAAP) for Q3 2024 was $3,219,000, an increase from $2,650,000 in Q2 2024, and $4,196,000 in Q1 2024[46] Asset and Liability Management - Total assets increased by $105.7 million, or 7.3%, to $1.6 billion compared to $1.5 billion at the end of 2023[4] - Total liabilities increased by $96.3 million, or 7.3%, to $1.4 billion at September 30, 2024[16] - Total deposits increased by $86.7 million to $1.35 billion as of September 30, 2024, with time deposits rising by $136.5 million[17] - Total loans decreased by $44.6 million, or 4.0%, to $1.07 billion, with significant declines in consumer and residential real estate loans[4] - Total Interest-Bearing Liabilities were $1,061,400 thousand with a cost of 2.79% for the current period, compared to $944,309 thousand and 1.69% previously[35] Income and Expense Analysis - Net interest and dividend income increased by $757,000, or 7.1%, to $11.5 million compared to Q3 2023[8] - Total Noninterest Expense decreased to $8,782,000 in Q3 2024 from $9,487,000 in Q3 2023, a reduction of 7.4%[27] - Interest expense on deposits surged by $3.1 million, or 66.1%, to $7.9 million due to rising market interest rates[9] - Interest Expense increased to $8,299,000 in Q3 2024, up from $5,157,000 in Q3 2023, a rise of 60.5%[27] Credit Quality and Losses - The provision for credit losses was a net recovery of $41,000, contrasting with a $406,000 provision in Q3 2023[10] - Nonperforming loans decreased to $2.0 million at September 30, 2024, resulting in a nonperforming loans to total loans ratio of 0.19%[15] - Net charge-offs for the three months ended September 30, 2024, were $73,000, or 0.03% of average loans on an annualized basis[15] - Provision for Credit Losses - Loans was $25,000 in Q3 2024, compared to a recovery of $291,000 in Q3 2023[27] Capital and Equity - Stockholders' equity increased by $9.3 million, or 6.7%, to $149.1 million at September 30, 2024, driven by $10.1 million of net income[20] - Common Equity Tier 1 Capital ratio increased to 14.79% from 14.62%, reflecting a stronger capital position[30] - Book value per common share increased by $1.75 to $29.07 at September 30, 2024[20] - Book Value per Common Share (GAAP) increased to $29.07 from $22.43 year-over-year[38] Operational Efficiency - Efficiency ratio improved to 69.11% from 73.89% in the previous quarter, indicating better cost management[30] - Return on average assets improved to 0.84% from 0.71% in the prior quarter, indicating enhanced asset efficiency[30] - Return on average equity rose to 8.80% from 7.58% in the previous quarter, demonstrating better profitability for shareholders[30] Market Expansion - The company opened a new state-of-the-art branch office in Uniontown, PA, as part of its market expansion strategy[6]

Wall Street expects a year-over-year decline in earnings on lower revenues when CB Financial Services (CBFV) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss ...

Group 1 - CB Financial Services (CBFV) shares increased by 5.4% to close at $29.39, marking a 13% gain over the past four weeks, driven by notable trading volume [1][2] - The stock reached a new 52-week high of $29.39, influenced by a recent 50 basis points interest rate cut by the Federal Reserve, which has improved investor sentiment towards banks [2] - The expected quarterly earnings for CBFV are $0.52 per share, unchanged from the previous year, with revenues projected at $12.6 million, a 4% decline from the year-ago quarter [3] Group 2 - The consensus EPS estimate for CBFV has remained stable over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [4] - CBFV is part of the Zacks Banks - Northeast industry, where Merchants Bancorp (MBIN) has seen a 3.4% decline in its stock price, despite a 5.5% return over the past month [4] - Merchants Bancorp's EPS estimate has decreased by 4.8% over the past month to $1.42, reflecting a 15.5% decline compared to the previous year [5]

Financial Position - Total assets increased by $104.2 million, or 7.2%, to $1.6 billion at June 30, 2024, compared to $1.5 billion at December 31, 2023[112] - Total liabilities increased by $101.1 million, or 7.7%, to $1.42 billion at June 30, 2024[114] - Total deposits increased by $82.6 million to $1.35 billion as of June 30, 2024[114] - Stockholders' equity increased by $3.0 million, or 2.1%, to $142.9 million as of June 30, 2024, compared to $139.8 million at December 31, 2023, driven by $6.8 million of net income[116] - Total interest-earning assets increased to $1,419,054,000 with a net interest income of $23,140,000 for the six months ended June 30, 2024[130] - The company's Common Equity Tier 1 capital ratio was 14.62% as of June 30, 2024, compared to 13.64% on December 31, 2023[140] - Total capital to risk-weighted assets was 15.61% as of June 30, 2024, up from 14.61% at the end of 2023[140] - The company is categorized as "well capitalized" under regulatory frameworks as of June 30, 2024[139] Liquidity - Cash and due from banks increased by $74.4 million, or 109.0%, to $142.6 million at June 30, 2024[112] - As of June 30, 2024, the company's most liquid assets, including cash and due from banks, totaled $142.6 million[138] - The company had unpledged securities amounting to $97.6 million, providing an additional source of liquidity[138] - At June 30, 2024, the company had the ability to borrow up to $487.6 million from the FHLB of Pittsburgh, with $465.6 million currently available[138] - 91.5% of total time deposits, amounting to $316.5 million, are set to mature within one year, indicating potential liquidity challenges if not retained[138] - The company maintains a strong liquidity position and monitors it daily to ensure sufficient funds for current commitments[138] Loan and Interest Income - Total loans decreased by $31.7 million, or 2.9%, to $1.08 billion at June 30, 2024, driven by decreases in consumer, commercial real estate, and residential real estate loans[113] - Interest income on loans increased by $1.2 million, or 9.3%, to $14.7 million for the three months ended June 30, 2024, with an average yield on loans rising by 50 basis points to 5.50%[117] - The average yield on loans increased by 58 basis points to 5.50% for the six months ended June 30, 2024, compared to 4.92% for the same period in 2023[127] - The average balance of loans increased by $22.1 million to $1.08 billion for the six months ended June 30, 2024, compared to $1.06 billion for the same period in 2023[127] Interest Expense and Margin - Interest expense increased by $3.4 million, or 82.9%, to $7.5 million for the three months ended June 30, 2024, compared to $4.1 million for the same period in 2023[118] - The average cost of interest-bearing deposits increased by 109 basis points, or 65.8%, compared to the same period in 2023, leading to a $2.8 million increase in interest expense[117] - The net interest margin (GAAP) decreased to 3.18% for the three months ended June 30, 2024, compared to 3.29% for the same period in 2023[116] - The net interest margin (FTE) was 3.28% for the six months ended June 30, 2024, compared to 3.41% for the same period in 2023[130] Income and Expenses - Net income for the three months ended June 30, 2024, was $2.7 million, a decrease of $107,000 from $2.8 million for the same period in 2023[116] - Net income for the six months ended June 30, 2024, was $6.8 million, a decrease of $68,000 compared to $6.9 million for the same period in 2023[126] - Noninterest income decreased by $1.6 million, or 69.7%, to $688,000 for the three months ended June 30, 2024, compared to $2.3 million for the same period in 2023[123] - Noninterest income decreased by $2.5 million, or 48.7%, to $2.6 million for the six months ended June 30, 2024, primarily due to a 99.9% decrease in insurance commissions[133] - Noninterest expense decreased by $517,000, or 5.4%, to $9.0 million for the three months ended June 30, 2024, compared to $9.5 million for the same period in 2023[124] - Noninterest expense decreased by $1.1 million, or 6.0%, to $17.4 million for the six months ended June 30, 2024, mainly due to reduced salaries and benefits[135] - Income tax expense was $560,000 for the three months ended June 30, 2024, compared to $699,000 for the same period in 2023[125] - Income tax expense decreased by $347,000 to $1.5 million for the six months ended June 30, 2024, driven by an increase in non-taxable income[136] Credit Losses - The allowance for credit losses (ACL) was $9.5 million at June 30, 2024, with an ACL to total loans ratio of 0.88%[113] - Provision for credit losses recorded a net recovery of $36,000 for the three months ended June 30, 2024, compared to a provision of $432,000 for the same period in 2023[122] - Provision for credit losses was a recovery of $73,000 for the six months ended June 30, 2024, compared to a provision of $512,000 for the same period in 2023[132] Risk Management - Interest rate risk management is a key focus, with the company utilizing a simulation model to assess the impact of interest rate changes on net interest income and economic value of equity[141] - A hypothetical increase of 400 basis points in interest rates could lead to a decrease in economic value of equity by 16.1%[144] Other Information - The company is not currently involved in any legal proceedings that would materially affect its financial condition or operations[148]