CBFV
CB Financial Services, Inc.CB Financial Services, Inc. operates as the bank holding company for Community Bank that provides various banking products and services for individuals and businesses in southwestern Pennsylvania, West Virginia, and Ohio. The company's primary deposit products include demand deposits, NOW accounts, money market accounts, and savings accounts, as well as time deposit products. Its loan products comprise residential real estate loans, such as one- to four-family mortgage loans, home equity install
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 22.0 | 6.3 | -- | 4.5 | -- | 4.0 | -0.3 | 83.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 21.8 | 6.1 | -- | 4.4 | -- | 3.8 | -0.3 | 80.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 21.0 | 5.7 | -- | 4.0 | -- | 4.0 | -0.3 | 76.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 21.5 | 5.9 | -- | 4.2 | -- | 3.0 | -0.3 | 72.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 21.2 | 5.7 | -- | 4.0 | -- | 3.6 | -0.3 | 69.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 20.8 | 5.4 | -- | 3.7 | -- | 3.3 | -0.3 | 65.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 20.0 | 5.1 | -- | 3.5 | -- | 3.6 | -0.2 | 62.2 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 20.6 | 4.6 | 4.6 | 3.9 | 3.0 | 2.8 | -0.2 | 55.6 | 37.8 | 5.3 | 15.1% | 0.8x | 18.7x |
| Est | 2025-Q4 | 20.5 | 4.9 | -- | 3.4 | -- | 3.1 | -0.3 | 58.6 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 21.7 | 5.3 | 5.3 | 4.7 | 4.9 | 4.7 | -0.2 | 0.0 | 34.8 | 5.3 | 19.1% | 0.8x | 30.4x |
| Act | 2025-Q3 | 8.7 | -6.6 | -7.0 | -5.7 | 4.6 | 4.5 | -0.1 | 55.9 | 34.8 | 5.3 | -23.9% | -1.1x | 25.8x |
| Act | 2025-Q2 | 19.7 | 5.2 | 4.7 | 4.0 | 4.1 | 3.9 | -0.3 | 64.6 | 34.7 | 5.3 | 17.1% | 0.8x | 7.3x |
| Act | 2025-Q1 | 18.6 | 2.8 | 2.3 | 1.9 | 4.0 | 3.9 | -0.1 | 61.3 | 34.7 | 5.5 | 8.2% | 0.4x | 8.1x |
| Act | 2024-Q4 | 20.2 | 3.5 | 3.1 | 2.5 | 1.6 | 1.3 | -0.3 | 309.1 | 34.7 | 5.5 | 10.9% | 0.4x | -- |
| Act | 2024-Q3 | 20.4 | 4.5 | 4.0 | 3.2 | 3.1 | 2.2 | -0.9 | 415.6 | 34.7 | 5.4 | 13.5% | 0.6x | -- |
| Act | 2024-Q2 | 19.2 | 3.9 | 3.2 | 2.7 | -1.2 | -2.4 | -1.2 | 409.0 | 34.7 | 5.2 | 11.8% | 0.5x | -- |
| Act | 2024-Q1 | 19.4 | 5.8 | 5.1 | 4.2 | 3.3 | 2.3 | -1.0 | 303.6 | 34.7 | 5.1 | 18.7% | 0.9x | -- |
| Act | 2023-Q4 | 8.5 | 18.9 | 18.3 | 13.0 | -3.4 | -5.1 | -1.7 | 272.7 | 34.7 | 5.1 | 58.4% | 3.3x | -- |
| Act | 2023-Q3 | 18.0 | 4.0 | 3.2 | 2.7 | 9.1 | 8.9 | -0.3 | 223.2 | 34.7 | 5.1 | 16.6% | 0.8x | -- |
| Act | 2023-Q2 | 17.0 | 4.2 | 3.5 | 2.8 | 1.3 | 0.2 | -1.1 | 257.2 | 34.7 | 5.1 | 16.6% | 1.0x | -- |
| Act | 2023-Q1 | 16.9 | 6.0 | 5.3 | 4.2 | 7.2 | 7.0 | -0.2 | 290.1 | 14.8 | 5.3 | 34.9% | 2.3x | -- |
| Act | 2022-Q4 | 15.7 | 5.9 | 5.2 | 4.2 | 5.1 | 5.1 | -0.0 | 291.1 | 22.7 | 5.1 | 33.9% | 3.0x | -- |
| Act | 2022-Q3 | 14.0 | 5.6 | 4.9 | 3.9 | 3.8 | 3.6 | -0.2 | 314.0 | 35.7 | 5.1 | 26.7% | 4.4x | -- |
| Act | 2022-Q2 | 12.5 | 0.7 | 0.1 | 0.1 | 2.1 | 2.0 | -0.1 | 292.0 | 49.8 | 5.2 | 0.4% | 0.9x | -- |
| Act | 2022-Q1 | 12.5 | 4.5 | 3.9 | 3.1 | 3.2 | 3.0 | -0.2 | 351.8 | 56.8 | 5.2 | 12.6% | 6.2x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 18.84 | — | 30.7% | 17 | — | — | 10.0× | 2.0× |
| 2023 | 21.95 | +10.3% | 54.7% | 33 | — | — | 4.9× | 1.8× |
| 2024 | 27.46 | +31.2% | 22.4% | 18 | — | — | 11.5× | 1.8× |
| 2025 | 34.60 | -13.3% | 9.7% | 7 | 30.4× | 11.9× | 34.1× | 2.4× |
| TTM | 35.84 | -10.0% | 12.0% | 8 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 35.84 | +18.2% | 0.3% | 0 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
CBFV is a small community bank that just completed a meaningful balance sheet repositioning, swapping low-yield securities for higher-yield ones, which should boost NIM and EPS by ~$0.40 annually going forward. At ~$32/share with a 3.3% dividend yield and P/FCF of ~12x on normalized earnings, the valuation is reasonable but not compelling. The core franchise is solid with good credit quality (0.46% NPLs) and modest loan growth (6.4%), but the bank operates in low-growth rural markets, faces structural competitive pressures from larger banks and fintechs, and the dividend payout ratio exceeding 100% on reported earnings is a near-term concern. Insider selling adds caution. The stock is fairly valued for what it is — a decent community bank with limited upside catalysts but reasonable downside protection from the dividend and conservative underwriting.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 1.3% of float, sold 1.1%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Janney Montgomery Scott LLC | $10.4M | $20.47 | −$445K | −$1.1M | -0.2% | $40.39B |
| ALLIANCEBERNSTEIN L.P. | $8.9M | $21.02 | +$135K | −$6.1M | -0.3% | $307.70B |
| BlackRock, Inc.Passive | $8.7M | $28.12 | −$37K | +$6.8M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $6.6M | $34.18 | +$6.6M | +$6.6M | — | $4.04T |
| M3F, Inc. | $5.9M | $28.03 | +$254K | +$2.5M | +1.5% | $404M |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5.3M | $20.40 | −$52K | −$310K | -0.2% | $113.45B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $3.6M | $27.24 | −$29K | +$1.9M | +2.3% | $1.61T |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2.3M | $21.16 | −$68K | +$29K | -2.3% | $4.93B |
| Waldron, LP | $2.1M | $27.46 | +$0 | +$0 | -0.1% | $2.56B |
| RENAISSANCE TECHNOLOGIES LLC | $1.9M | $26.57 | −$44K | +$229K | +1.2% | $63.91B |
| STATE STREET CORPPassive | $1.7M | $28.75 | −$30K | +$1.3M | -0.2% | $2.89T |
| Empowered Funds, LLC | $1.3M | $20.85 | +$0 | +$97K | +0.2% | $15.64B |
| DIMENSIONAL FUND ADVISORS LPPassive | $1.2M | $24.79 | −$16K | +$499K | -0.4% | $480.92B |
| De Lisle Partners LLP | $1.2M | $21.65 | −$14K | −$14K | -0.7% | $836M |
| NORTHERN TRUST CORPPassive | $1.2M | $27.98 | +$64K | +$771K | -0.2% | $755.34B |
| Wilmington Savings Fund Society, FSB | $1.1M | $26.63 | +$0 | +$0 | +0.1% | $4.20B |
| S&T BANK/PA | $1.1M | $20.42 | +$0 | +$0 | -0.3% | $268M |
| VANGUARD FIDUCIARY TRUST COPassive | $1.1M | $34.18 | +$1.1M | +$1.1M | — | $395.83B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $910K | $34.18 | +$910K | +$910K | — | $1.91T |
| GOLDMAN SACHS GROUP INC | $829K | $30.24 | −$19K | +$59K | -0.2% | $760.93B |
Trading behavior
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 53.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 14M | 4M | 3M | $0.65 | $0.65 – $0.65 | 1 |
| 2025 Q4 | 15M | 5M | 4M | $0.81 | $0.81 – $0.82 | 1 |
| 2026 Q1 | 15M | 5M | 4M | $0.69 | $0.67 – $0.70 | 2 |
| 2026 Q2 | 15M | 5M | 4M | $0.70 | $0.69 – $0.71 | 2 |
| 2026 Q3 | 16M | 5M | 4M | $0.76 | $0.76 – $0.76 | 2 |
| 2026 Q4 | 16M | 5M | 4M | $0.79 | $0.78 – $0.79 | 1 |
| 2027 Q1 | 16M | 5M | 4M | $0.79 | $0.79 – $0.79 | 1 |
| 2027 Q2 | 17M | 5M | 4M | $0.78 | $0.77 – $0.78 | 1 |
| 2027 Q3 | 17M | 5M | 4M | $0.84 | $0.84 – $0.85 | 1 |
| 2027 Q4 | 17M | 5M | 5M | $0.85 | $0.85 – $0.86 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-05 | SELL | Cobain Stephen | officer: Chief Credit Officer | 1,792 | $34.58 | $62K | $149K |
| 2026-02-23 | SELL | Cobain Stephen | officer: Chief Credit Officer | 140 | $33.79 | $5K | $146K |
| 2026-02-23 | SELL | Engles Amanda L | officer: EVP and CFO | 54 | $33.79 | $2K | $69K |
| 2026-02-06 | SELL | Guthrie Charles R. | director, other: Vice Chairman of the Board | 1,913 | $37.35 | $71K | $627K |
| 2025-11-18 | BUY | Sharp Bruce A. | officer: SEVP & Chief Comm Loan Officer | 1,000 | $32.80 | $33K | $33K |
| 2025-09-17 | SELL | GEORGE JENNIFER L | officer: SEVP and COO | 5,042 | $33.15 | $167K | $407K |
| 2025-07-30 | SELL | LaCarte John J | director | 633 | $33.30 | $21K | $1.54M |
| 2025-05-28 | BUY | SWIATEK JOHN | director | 1,200 | $28.80 | $35K | $217K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Deposit Account | $0.6M | +20% |
| Financial Service, Other | $0.1M | +21% |
Filing Risk Analysis
Filing Risk Scores
CB Financial Services, Inc.: Structural Reporting Shell with Zero Forensic Visibility
Counter-Thesis
Counter-Thesis & Recent News
In January 2026, CB Financial Services announced an 8% increase in its quarterly cash dividend to $0.28 per share (yielding approx. 3.3%). More critically, the company reported a significant expansion in Net Interest Margin (NIM) to 3.76% for Q4 2025, up from 3.13% a year prior. This was driven by a strategic balance sheet repositioning (selling low-yield securities to buy higher-yield ones) which is projected to add $0.40 to annual EPS (Source: Fintool, Business Wire).
The short thesis likely hinges on a reported Q4 2025 earnings miss ($0.72 EPS vs. $0.83 expected) and an alarming dividend payout ratio that recently spiked to 123%, suggesting the dividend may not be covered by current earnings. Bears also point to potential credit quality deterioration in Pennsylvania and a high P/E ratio compared to regional peers (Source: MarketBeat, TipRanks).
Significant insider selling occurred in March 2026, including Chief Compliance Officer Stephen Cobain and other executives unloading shares. Additionally, while the dividend was raised, the lack of immediate earnings coverage (payout ratio >100%) and a recent 9.67% price drop from a 'pivot top' on technical charts are near-term warning signs (Source: TipRanks, StockInvest.us).
The bank faces regional pressure from a flattening yield curve and rising technology expenses required to compete with larger players. A potential slowdown in loan growth across the Pennsylvania and West Virginia markets could hinder revenue generation, especially if credit trends in the commercial real estate sector turn adverse (Source: Public.com).
Sentiment appears stable to positive on the business side; total loans grew 6.4% to $1.16 billion by year-end 2025. Low non-performing loans (0.46% of total loans) suggest a loyal, high-quality local customer base and conservative underwriting that hasn't yet been impacted by broader regional economic concerns (Source: Fintool, CB Bank).