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Company Description

Contact Info

100 North Market Street

Carmichaels, PA 15320

United States

Phone: 724-966-5041

Fax: 724-966-7867

CB Financial Services, Inc. operates as the holding company for Community Bank that provides various banking products and services for individuals and businesses in southwestern Pennsylvania. The company conducts its business from its main office and 16 branches in Greene, Allegheny, Washington, Fayette and Westmoreland counties in southwestern Pennsylvania. The company is the sole shareholder of Exchange Underwriters, Inc. (Exchange Underwriters), a wholly-owned subsidiary, which is a full-service, independent insurance agency that offers property and casualty, commercial liability, surety, and other insurance products. Lending Activities Residential Real Estate Loans: Residential real estate loans are comprised of loans secured by one- to four-family residential and, to a lesser extent, multi-family properties. Included in residential real estate loans are traditional one- to four-family mortgage loans, multifamily mortgage loans, home equity installment loans, and home equity lines of credit. One- to Four-Family Mortgage Loans: The company’s fixed-rate one- to four-family residential mortgage loans are generally conforming loans. As of December 31, 2015, the company had 36 one- to four-family residential mortgage loans. The company’s one- to four-family mortgage loans customarily include due-on-sale clauses, which give it the right to declare a loan immediately due and payable in the event, among other things, that the borrower sells or otherwise disposes of the underlying real property serving as collateral for the loan. Home Equity Loans: The company’s home equity loans and lines of credit are generally secured by the borrower’s principal residence. Its underwriting standards for home equity loans include a determination of the applicant’s credit history and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. Commercial Real Estate Loans: The company originates commercial real estate loans that are secured primarily by improved properties, such as retail facilities, office buildings and other non-residential buildings. The company underwrites commercial real estate loan participations to the same standards as loans originated by it. Construction Loans: The company originates construction loans to individuals to finance the construction of residential dwellings and also originate loans for the construction of commercial properties, including hotels, apartment buildings, and owner-occupied properties used for businesses. Its construction loans generally provide for the payment of interest only during the construction phase, which is usually 12 to 18 months. Commercial and Industrial Loans: The company originates commercial and industrial loans and lines of credit to borrowers located in its market area, which are generally secured by collateral other than real estate, such as equipment, inventory, and other business assets. The company’s underwriting standards for commercial business loans include a determination of the applicant’s ability to meet existing obligations and payments on the proposed loan from normal cash flows generated in the applicant’s business. Consumer Loans: The company originates consumer loans, which primarily consist of indirect auto loans and, to a lesser extent, secured and unsecured loans and lines of credit. The company works with various auto dealers throughout its lending area. Investment Portfolio As of December 31, 2015, the company’s investment portfolio included U.S. government agencies; obligations of states and political subdivisions; mortgage-backed securities - government-sponsored enterprises; equity securities - mutual funds; and equity securities – other. The company offers various products for its business customers, such as sweep and insured money sweep services, remote electronic deposit, online banking with bill pay, mobile banking, and automated clearinghouse. Deposits The company offers a selection of deposit accounts. As of December 31, 2015, the company’s deposits included non-interest bearing demand deposits; NOW accounts; savings accounts; money market accounts; and time deposits. Strategy The key elements of the company strategy are to use sound underwriting practices to maintain asset quality; and improve its funding mix by marketing core deposits. Regulation and Supervision The company is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended. The bank is a Pennsylvania-chartered commercial bank subject to extensive regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. The company’s operations are also subject to federal and state laws applicable to credit transactions, such as the Truth-In-Lending Act; Home Mortgage Disclosure Act; Equal Credit Opportunity Act; Fair Credit Reporting Act; Fair Debt Collection Act; and Truth in Savings Act. The operations of the bank also are subject to the Right to Financial Privacy Act; Electronic Funds Transfer Act and Regulation E promulgated thereunder; Check Clearing for the 21st Century Act (also known as Check 21); The USA PATRIOT Act; and The Gramm-Leach-Bliley Act. The company is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended. As such, the Company is registered with the Federal Reserve and is subject to regulations, examinations, supervision and reporting requirements applicable to bank holding companies. In addition, the Federal Reserve has enforcement authority over the company and its non-bank subsidiaries. The company’s common stock is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. As a result, the company is subject to the information, proxy solicitation, insider trading restrictions and other requirements under the Securities Exchange Act of 1934. History CB Financial Services, Inc. was founded in 1900.


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Valuation CBFV Industry Range
Price/Earnings 12.2x
Price/Sales 2.8x
Price/Book 1.1x
Price/Cash Flow 12.2x
TEV/Sales 0.7x

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