CB Financial Services (CBFV) AI Stock Analysis

• Market Cap: $171.41M
• Dividend Yield: 2.9%
• Average Volume (3M): 14.48K
• Price to Earnings (P/E): 9.2
• Beta (1Y): 0.56
• Revenue Growth: -1.39%
• EPS Growth: -88.66%
• Country: US
• Employees: 159
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.72
• Shares Outstanding: 5,075,878
• 10 Day Avg. Volume: 6,212
• 30 Day Avg. Volume: 14,479
• PEG Ratio: -0.59
• Price to Book (P/B): 1.11
• Price to Sales (P/S): 2.56
• P/FCF Ratio: 10.61
• Enterprise Value/Market Cap: 1.01
• Enterprise Value/Revenue: 2.53
• Enterprise Value/Gross Profit: 4.05
• Enterprise Value/Ebitda: 26.10
• 1Y Price Target: $41.00
• Price Target Upside: 21.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3
• Revenue Forecast (FY): $62.70M

• Rating: 64 Neutral
• Price Target: $36.00 ▲(6.60% Upside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by mixed financial performance: a strong, conservatively levered balance sheet is offset by sharply weaker profitability and returns. Valuation is supportive with a low P/E and solid dividend yield, but technical indicators point to weak near-term momentum. Recent corporate updates are broadly positive due to the dividend raise and improved net interest margin, tempered by higher expenses.

Positive Factors

Cash flow strength

Robust free cash flow growth and a strong operating cash flow to net income ratio indicate durable internal funding. This enhances resilience to credit cycles, supports dividends and reinvestment, and gives management flexibility to fund loans, tech or M&A without relying on external capital.

Very low leverage

Extremely low debt-to-equity signals a conservative balance sheet that reduces solvency risk and interest expense vulnerability. For a regional bank, low leverage preserves regulatory flexibility, supports capital allocation for lending growth, and cushions earnings during rate volatility.

Dividend increase and governance moves

An 8% dividend raise paired with a permanent CFO hire and change-in-control agreement signals stable capital returns and strengthened financial leadership. These moves support investor confidence, continuity in execution of strategy, and disciplined capital allocation over the medium term.

Negative Factors

Declining revenue

Sustained top-line contraction reduces operating leverage and constrains ability to cover fixed costs. For a diversified financial services firm, shrinking revenue hampers investment in growth initiatives, weakens scale benefits in wealth and insurance channels, and pressures medium-term profitability.

Modest profitability / low ROE

Low net margin and subpar ROE indicate the firm struggles to convert assets and equity into attractive returns. Persistently weak profitability limits reinvestment capacity, makes dividend sustainability harder without cash flow support, and reduces competitiveness versus higher-return peers.

Elevated noninterest expenses

Rising noninterest costs from staffing and professional services can structurally depress efficiency ratios if not offset by revenue gains. Persistent higher operating expenses will erode margins and free cash flow, making it harder to improve ROE and fund growth without further cost discipline.

CB Financial Services Business Overview & Revenue Model

Company Description

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 installment loans, and home equity lines of credit; commercial real estate loans that are secured primarily by improved properties, such as retail facilities, office buildings, and other non-residential buildings; construction loans to individuals to finance the construction of residential dwellings, as well as for the construction of commercial properties, including hotels, apartment buildings, housing developments, and owner-occupied properties used for businesses; commercial and industrial loans, and lines of credit; consumer loans consisting of indirect auto loans, secured and unsecured loans, and lines of credit; and other loans. In addition, the company conducts insurance agency activities by offering property and casualty, commercial liability, surety, and other insurance products. It operates through its main office and 13 branch offices in Greene, Allegheny, Washington, Fayette, and Westmoreland counties in southwestern Pennsylvania; Marshall and Ohio counties in West Virginia; and Belmont County in Ohio, as well as one loan production offices in Allegheny County. The company was founded in 1901 and is headquartered in Carmichaels, Pennsylvania.

How the Company Makes Money

CB Financial Services primarily earns revenue through its banking subsidiary by (1) generating net interest income—earning interest and fees on loans and interest-earning assets (such as commercial loans, consumer loans, and residential real estate loans) while paying interest on funding sources like customer deposits and borrowings; the difference between these yields and costs (net interest margin) is typically the largest driver of earnings for a community bank. (2) It also earns noninterest income from customer and account-related fees and service charges (e.g., deposit account service charges and other banking fees); any additional fee-based lines (such as card-related fees, mortgage-banking-related income, wealth management, insurance, or other specific categories) are null. Operating income is reduced by noninterest expense (personnel, occupancy, technology, and other operating costs) and credit-related costs (such as provisions for credit losses). Factors influencing earnings include loan growth and mix, credit quality, deposit mix and funding costs, and changes in market interest rates that affect both asset yields and deposit/borrrowing costs. Significant partnerships or material revenue-contributing alliances are null.

CB Financial Services Financial Statement Overview

Summary

Solid balance-sheet position with low debt-to-equity (~0.22–0.24) and steadily rising equity, but profitability has deteriorated sharply in 2024–2025 (net margin down to ~7% in 2025; ROE ~3%), making earnings power less reliable despite positive operating cash flow and improved 2025 free cash flow.

Income Statement

Revenue growth has been positive in most years, with a strong step-up in 2025, but the revenue base declined versus 2024. Profitability is the key swing factor: the company produced very strong margins in 2022–2023, then saw a sharp compression in 2024 and a further decline in 2025 (net margin down to ~7% in 2025 from ~16% in 2024). The track record includes a loss in 2020, indicating earnings are not consistently stable across cycles.

Balance Sheet

Leverage appears conservative for the period shown, with debt-to-equity improving meaningfully from 2021 levels and remaining low in 2024–2025 (~0.22–0.24). Equity has also grown steadily from 2022 through 2025, supporting balance-sheet resilience. The main weakness is the decline in return on equity as profitability fell, with ROE dropping to ~3% in 2025 from ~9% in 2024 and ~16% in 2023.

Cash Flow

Cash generation is generally supportive, with operating cash flow positive each year and free cash flow positive across the full period. 2025 shows a strong rebound in free cash flow and free cash flow fully covering net income, but 2024 free cash flow covered only about half of net income and free cash flow growth was negative, highlighting volatility. Overall cash flow quality looks acceptable, but year-to-year consistency is a concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	68.64M	79.20M	60.03M	54.74M	50.06M
Gross Profit	42.89M	48.57M	42.86M	46.18M	47.78M
EBITDA	5.30M	17.77M	33.02M	16.78M	17.13M
Net Income	4.90M	12.59M	22.55M	11.25M	11.57M
Balance Sheet
Total Assets	1.55B	1.48B	1.46B	1.41B	1.43B
Cash, Cash Equivalents and Short-Term Investments	310.68M	309.09M	272.73M	291.06M	341.78M
Total Debt	34.76M	34.72M	34.68M	22.70M	56.87M
Total Liabilities	1.39B	1.33B	1.32B	1.30B	1.29B
Stockholders Equity	157.54M	147.38M	139.83M	110.16M	133.12M
Cash Flow
Free Cash Flow	16.56M	3.44M	10.94M	13.64M	10.67M
Operating Cash Flow	17.81M	6.75M	14.24M	14.15M	13.05M
Investing Cash Flow	-82.61M	-36.38M	-54.73M	-28.31M	-60.14M
Financing Cash Flow	46.92M	10.98M	5.01M	-1.82M	5.85M

CB Financial Services Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 33.77
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBFV, the sentiment is Negative. The current price of 33.77 is below the 20-day moving average (MA) of 34.41, below the 50-day MA of 35.05, and above the 200-day MA of 32.53, indicating a neutral trend. The MACD of -0.40 indicates Positive momentum. The RSI at 41.99 is Neutral, neither overbought nor oversold. The STOCH value of 38.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CBFV.

CB Financial Services Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UBFO	78 Outperform	$175.87M	14.13	9.03%	4.66%	-2.00%	-36.25%
PEBK	74 Outperform	$203.39M	11.31	13.46%	2.58%	4.52%	3.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CBFV	64 Neutral	$171.41M	9.22	3.23%	2.90%	-1.39%	-88.66%
OVBC	63 Neutral	$191.03M	12.07	8.95%	2.27%	10.35%	22.05%
MRBK	58 Neutral	$219.45M	7.06	11.39%	2.87%	9.77%	76.75%
HNVR	49 Neutral	$146.02M	23.06	5.60%	1.70%	0.99%	-6.35%

CB Financial Services Corporate Events

CB Financial Services Raises Dividend After Strong 2025 Results

On January 21, 2026, CB Financial Services promoted Amanda L. Engles, who had served as interim chief financial officer since February 2025, to the role of chief financial officer and entered into a two-year change-in-control agreement with her that provides severance and continued benefits in the event of a qualifying termination following a change in control. Also in early 2026, the company disclosed that President and CEO John H. Montgomery will meet investors at the Janney CEO Forum in Scottsdale, Arizona on February 4–5, 2026, and on January 27, 2026 the board declared a $0.28 per share cash dividend—an 8% increase in the quarterly payout—payable on or about February 27, 2026, alongside reporting fourth-quarter and full-year 2025 results that showed improved net interest margin driven by a balance sheet repositioning strategy, modest asset growth, and higher adjusted earnings, albeit with elevated noninterest expenses tied to added personnel and professional services.

The most recent analyst rating on (CBFV) stock is a Hold with a $36.00 price target. To see the full list of analyst forecasts on CB Financial Services stock, see the CBFV Stock Forecast page.

CB Financial Services adjusts board size after director resignation

On December 29, 2025, CB Financial Services, Inc. announced that director Craig L. Kauffman resigned from the boards of both the company and its banking subsidiary, Community Bank, citing personal reasons unrelated to any dispute over operations, policies or practices. In response, the company and the bank opted to shrink the size of their respective boards to remove the vacancy, signaling a limited operational impact and an orderly adjustment to their governance structure rather than a sign of internal conflict or strategic shift.

The most recent analyst rating on (CBFV) stock is a Hold with a $37.00 price target. To see the full list of analyst forecasts on CB Financial Services stock, see the CBFV Stock Forecast page.