CB Financial Services, Inc. (CBFV) Market Cap
CB Financial Services, Inc. has a market capitalization of $177.1M.
Financials based on reported quarter end 2025-12-31
Price: $34.90
▼ -0.10 (-0.29%)
Market Cap: 177.15M
NASDAQ · time unavailable
CEO: John H. Montgomery
Sector: Financial Services
Industry: Banks - Regional
IPO Date: 2003-10-07
Website: https://www.communitybank.tv
CB Financial Services, Inc. (CBFV) - Company Information
Market Cap: 177.15M · Sector: Financial Services
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.
Analyst Sentiment
Based on 3 ratings
Consensus Price Target
No data available
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"CBFV reported revenues of $21.67M and net income of $4.74M for the fiscal year ending December 31, 2025. The earnings per share (EPS) stand at $0.95. Total assets are valued at $1.55B, with total liabilities of $1.39B, resulting in total equity of $157.54M and net debt of $3.07M. The company is experiencing cash flow challenges, showcasing an operating cash flow of -$2.19M and a negative free cash flow of -$5.12M due to significant capital expenditures. CBFV has been returning value to shareholders evidenced by recent dividend payments, totaling $1.05 per share over several quarters, though cash flows have constrained total distributions. The stock price currently stands at $33.78, reflecting an 18.94% gain over the past year, which, despite being below the 20% threshold for a higher score, indicates a movement in a positive direction. However, the overall financial health showcases some risks due to high leverage and negative cash flows, warranting a cautious outlook."
Revenue Growth
Revenue of $21.67M shows moderate growth year-over-year.
Profitability
Net income of $4.74M demonstrates profitability despite cash flow challenges.
Cash Flow Quality
Negative operating and free cash flows indicate cash management issues.
Leverage & Balance Sheet
High liabilities relative to equity highlight risks but manageable net debt.
Shareholder Returns
Dividends provided a return; 1-year price change of 18.94% supports score.
Analyst Sentiment & Valuation
Mixed sentiment; leveraging scenarios and cash flow issues dampen valuation.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management’s tone is confident about a “transformational” combination, emphasizing low-cost, sticky deposits (23 bps cost as of 9/30; 35 bps combined) and a credible synergy plan (37% non-interest expense save; 65% in 2018, 100% shortly after). They project EPS accretion of ~0.5% in 2018 and ~15% in 2019, supported by a modeled $155M net loan growth over three years (~$50M/year) and ROA normalization to “north of 90 bps.” However, the Q&A reveals the real operational hurdle: deposit-to-loan redeployment will be slow (2–3 years), creating day-one margin pressure and making early Ohio Valley growth dependent on lending staff revamp. Reserve handling also surfaces as an execution item: Progressive’s 1.7% reserve is viewed adequate, but the reserve “goes away,” replaced with a modeled ~$2.5M credit mark. Upside (Exchange Underwriters insurance cross-sell) was not modeled in EPS, suggesting upside exists but is not underwriting certainty.
Growth Catalysts
- Redeploy ~low-cost First West Virginia deposits into Greater Pittsburgh (Allegheny County, Beaver, Butler) and core Community Bank markets (Washington, Greene, Fayette, Mid Mon Valley)
- Loan growth ramp enabled by $155 million incremental loan growth assumption over 3 years
- Insurance cross-sell expansion leveraging Exchange Underwriters partnership into West Virginia/Ohio Valley customers
- Economic development tailwinds in Ohio Valley/WV tied to Marcellus/Utica shale (PTT Global Chemical cracker plant; China Energy $84B investment announcement)
Business Development
- Progressive Bank (Ohio Valley and West Virginia footprint; Chairman/CEO Bill Petroplus expected to join board)
- First West Virginia / First West Virginia transaction deposits (explicitly referenced as $285 million deposit base at ~23 bps cost of deposits)
- Exchange Underwriters (Community Bank-owned insurance brokerage) extended to West Virginia/Ohio Valley via lender/producer linkage
Financial Highlights
- First full-year EPS accretion: ~15% (overall company rationale)
- 2018 earnings per share accretion: ~0.5%; 2019: ~15% (transaction impacts slide references)
- Cost of deposits: ~23 bps as of September 30; combined weighted average cost of deposits: 35 bps; deposit mix 80% non-time and ~40% transactional
- Total costs/expense synergy assumption: 37% non-interest expense save; modeled 65% phased in during 2018 and 100% shortly thereafter; analyst notes corporate redundancy/efficiency ratio target (82.3% mentioned) to get it lower
- Credit mark / loan purchase accounting: modeled $2.5 million credit mark
- Allowance/reserve discussion: Progressive Bank existing reserve 1.7%; management views it as adequate; reserve will go away post-merger and replaced by new credit mark calculation
- Funding/dilution: analyst math confirmed—~$40M purchase price in stock adds ~1.3–1.4M shares; remaining 20% purchase price in cash funded by sufficient cash on hand; issuing additional stock ~25% dilutive to current ~4.1M shares
- Dividend yield cited by management: 3.2% (calculated vs presentation stock price; analyst noted it would be closer to ~2.9% vs current >$30 price)
Capital Funding
- Transaction consideration: $49 million total value; 80% stock / 20% cash
- Cash source: management stated they have sufficient cash on hand to fund the 20% cash portion
- Tangible common equity to tangible assets: ~8.1% pro forma
- Tangible book value impact: ~12% diluted; earn back ~4.5 years; IRR: 25% including loan leverage, 15% excluding
Strategy & Ops
- Systems/operating model consolidation to realize cost saves: duplicate systems (Fiserv at Community Bank vs Jack Henry at Progressive) combined to drive savings
- FTE redundancies across corporate center and branches identified; savings granularity not finalized yet (process begins immediately)
- Loan growth challenge acknowledged: investment deployment and lending team ramp required; redeployment of low-cost deposits expected to be slow ramp over 2–3 years
- Residential real estate loan risk described: expand to 34.8% of portfolio, but much is in 10/1 ARM loans (rates adjust after 10 years), so management does not anticipate material interest-rate risk from these loans
Market Outlook
- Incremental net loan growth assumption: ~$155 million funded via redeployment of excess liquidity over next 3 years
- Analyst breakdown implied: ~$50 million per year across 2018/2019/2020 (management confirmed the framing)
- 2019 EPS accretion modeling basis: uses First West Virginia internal budget projections absent projected interest rate increases; analyst referenced 2019 consensus ~$207 and management said 15% accretion aligns
Risks & Headwinds
- ROA recovery is explicitly challenging: management said getting back to 1% ROA is difficult; targeted 'somewhere north of 90 bps' as a good long-term place
- Margin pressure on day one due to larger investment portfolio; management cited initial redeployment lag and expects a slow ramp (2–3 years) of favorably priced deposit deployment
- Big challenge in loan growth; revamping lending staff needed in early years for Ohio Valley growth (not expected to be as robust in first couple years from legacy First West Virginia market)
- Loan reserve/credit mark integration risk: management modeled $2.5M credit mark and will re-establish credit marks after acquiring portfolio; specifically noted Progressive reserve will 'go away' and replaced
Sentiment: MIXED
Note: This summary was synthesized by AI from the CBFV Q1 2017 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.