CB Financial Services, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results and Declares Quarterly Cash Dividend Increase of 8%

Key Terms

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

pre-provision net revenue financial

Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.

nonperforming loans financial

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

basis points financial

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

federal funds rate financial

The federal funds rate is the interest rate that banks charge one another for very short‑term overnight loans, guided by the central bank’s target. Think of it like a thermostat for the cost of borrowing: when it goes up or down, it quickly affects loan and mortgage rates, corporate borrowing costs and interest income, and therefore can change company profits, consumer spending and overall stock and bond prices — key factors investors watch.

available-for-sale investment securities financial

Investments classified as available-for-sale are stocks, bonds or similar financial assets a company holds but does not plan to trade frequently or keep to maturity; they are kept available to sell when needed. Their changes in market value are recorded separately from regular profit or loss until the assets are actually sold, so they can make a company’s reported net worth swing even though day-to-day earnings are unaffected — important for investors assessing balance-sheet strength and potential future cash flow.

collateralized mortgage obligations financial

Collateralized mortgage obligations are bonds made by pooling many home loans and dividing the pool’s cash flows into separate slices that pay investors at different times and with different risk profiles. Each slice has its own schedule for receiving principal and interest, so some slices get paid sooner with lower yield while others wait longer for higher yield. That matters to investors because these differences affect expected return, exposure to borrowers refinancing early, and sensitivity to interest-rate changes — like choosing a slice of a loaf that is cut to be eaten now or later.

allowance for credit losses financial

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

WASHINGTON, Pa.--(BUSINESS WIRE)-- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), today announced its fourth quarter and 2025 financial results.

	Three Months Ended															Year Ended
	12/31/25			9/30/25			6/30/25			3/31/25		12/31/24				12/31/25		12/31/24
(Dollars in thousands, except per share data) (Unaudited)
Net Income (Loss) (GAAP)	$	4,742		$	(5,696	)	$	3,949		$	1,909	$	2,529			$	4,903	$	12,594
Net Income Adjustments		(943	)		9,623			—			808		(562	)			9,489		(1,830	)
Adjusted Net Income (Non-GAAP) (1)	$	3,799		$	3,927		$	3,949		$	2,717	$	1,967			$	14,392	$	10,764
Earnings (Loss) per Common Share - Diluted (GAAP)	$	0.89		$	(1.07	)	$	0.74		$	0.35	$	0.46			$	0.92	$	2.38
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)	$	0.72		$	0.74		$	0.74		$	0.50	$	0.35			$	2.71	$	2.03

Income (Loss) Before Income Tax Expense (GAAP)	$	5,270		$	(7,020	)	$	4,715		$	2,336		$	3,051			$	5,300	$	15,343
Net Provision (Recovery) for Credit Losses		362			259			8			(40	)		683				589		570
Pre-Provision Net Revenue (“PPNR”)	$	5,632		$	(6,761	)	$	4,723		$	2,296		$	3,734			$	5,889	$	15,913
Net Income Adjustments		(765	)		11,752			—			1,023			(711	)			12,011		(2,086	)
Adjusted PPNR (Non-GAAP) (1)	$	4,867		$	4,991		$	4,723		$	3,319		$	3,023			$	17,900	$	13,827

(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.

2025 Fourth Quarter Financial Highlights

• Total assets were $1.55 billion at December 31, 2025, an increase of $2.2 million from September 30, 2025. Cash balances and an increase in deposits funded strong commercial and industrial, commercial real estate and construction loan production and investment security purchases. The Bank continues to focus efforts on repositioning the balance sheet to maximize earnings while maintaining its historic risk profile. These strategic movements include:
  • Effectively managing cash and liquidity.
  • Redeploying repayments of indirect automobile and residential mortgage loans into higher-yielding commercial loan products. Commercial loans totaled 61.3% of the Bank’s loan portfolio at December 31, 2025 compared to 54.7% at December 31, 2024.
  • Changing the Bank’s deposit mix by focusing on growth in lower cost core deposit relationships and reducing reliance on higher priced funding.
• Net interest margin (NIM) improved to 3.76% for the three months ended December 31, 2025 compared to 3.64% for the three months ended September 30, 2025. Main factors impacting the improved NIM included:
  • An increase in the yield on earning assets to 5.48% from 5.41%. This was primarily due to the Bank implementing a balance sheet repositioning strategy of its portfolio of available-for-sale investment securities during the quarter ended September 30, 2025, in which $129.6 million in book value of lower-yielding investment securities with an average yield of 2.87% were sold for an $11.8 million loss ($9.3 million after-tax). Investment securities sold included $121.1 million of mortgage-backed securities/collateralized mortgage obligations issued by the U.S. government-sponsored agencies, $5.0 million of U.S. government agency securities and $3.5 million of municipal securities. The Bank then purchased $117.8 million of higher-yielding mortgage-backed securities/collateralized mortgage obligations issued by U.S government-sponsored agencies, municipal securities, subordinated debt investments and non-agency guaranteed securitizations with an expected tax-equivalent yield of approximately 5.43%. This strategy is expected to add nearly 19 basis points to net interest margin and approximately $0.40 to annual earnings per share. The positive impact of the balance sheet repositioning strategies have offset the effect of recent target federal funds rate cuts on asset repricing.
  • A reduction in the cost of funds to 1.78% from 1.86% resulting from the favorable change in the Bank’s deposit mix coupled with disciplined deposit pricing and the recent reductions in the target federal funds rate.
• Noninterest expenses increased $740,000 to $9.9 million for the three months ended December 31, 2025 compared to $9.2 million for the three months ended September 30, 2025. This increase was driven by increases in salaries and employee benefits resulting primarily from additions to the Bank’s Treasury personnel, contracted services due to compensation consulting and loan review services and data processing due to the implementation of enhanced treasury and commercial banking platforms.
• Asset quality remains strong as nonperforming loans to total loans was 0.46% at December 31, 2025.
• Book value per share and tangible book value per share (Non-GAAP) was $31.28 and $29.35, respectively at December 31, 2025. The improvements since year-end 2024 resulted from increased equity due to the decrease in accumulated other comprehensive losses resulting from the securities repositioning strategy and current period net income, partially offset by treasury shares repurchased under the Company’s stock repurchase program and the payment of dividends.
• The Bank remains well-capitalized and is positioned for future growth.

Management Commentary

President and CEO John H. Montgomery commented, “We delivered solid fourth quarter results, benefiting from net interest margin expansion and the balance sheet optimization efforts completed in the prior quarter. Our loan portfolio expanded with strong growth in relationship-driven commercial lending, while we achieved healthy deposit growth and an improved deposit mix through our continued focus on building strong core banking relationships. Net interest margin expansion was driven primarily by a reduced cost of funds, reflecting a more favorable deposit mix, disciplined deposit pricing and recent federal funds rate cuts. Additionally, the yield on earning assets increased, supported by our balance sheet repositioning, which effectively mitigated the effects of rate reductions on asset repricing.

Given economic uncertainties, we remain committed to prudent financial management through a cautious approach to our balance sheet and rigorous oversight of our lending operations. Since year-end 2024, total loans have increased by $69.6 million, or 6.4%, with commercial real estate and commercial and industrial loans as the main drivers of expansion. This growth is somewhat tempered by reductions in consumer, construction and residential real estate lending segments. The uptick in borrowing activity we observed during the quarter was promising, with loan production totaling $204.6 million against $97.6 million in payoffs over the past year. Our asset quality continues to be strong, with nonperforming loans representing 0.46% of total loans and allowance for credit losses covering 190.5% of nonperforming assets at quarter-end. These results reflect our ongoing commitment to stringent risk assessment and high lending standards.

During the fourth quarter, we completed the build out of our Specialty Treasury Payments & Services program, a key pillar of our long-term strategy to drive sustainable revenue growth and expand our core deposit base. With the necessary treasury products, talent, and technology infrastructure now in place, the program is fully deployed. While onboarding new customers will take time, we anticipate meaningful progress during the first quarter. We view this as a high-value investment that we expect will enhance our franchise's strength, efficiency and scalability while generating significant revenue growth over time.

As part of our growth strategy for 2026, we're investing in building out our mortgage lending group to capture greater market share in this important product category. Expanding our mortgage capabilities in our primary market will enhance customer relationships, diversify our revenue streams and create new cross-selling opportunities. We are committed to becoming a leader in the mortgage market, and this initiative aligns with our relationship-banking model and extends our core deposit and lending capabilities.

As we look ahead to 2026, we remain confident in our strategic direction and believe we are well-positioned to sustain momentum and drive continued earnings growth.”

Dividend Declaration

The Company’s Board of Directors has approved a 7.7% increase in the regular quarterly dividend by declaring a $0.28 quarterly cash dividend per outstanding share of common stock, payable on or about February 27, 2026, to stockholders of record as of the close of business on February 13, 2026.

2025 Fourth Quarter Financial Review

Net Interest and Dividend Income

Net interest and dividend income increased $2.3 million, or 19.9%, to $13.8 million for the three months ended December 31, 2025 compared to $11.5 million for the three months ended December 31, 2024.

• Net Interest Margin (NIM) (GAAP) increased to 3.76% for the three months ended December 31, 2025 compared to 3.12% for the three months ended December 31, 2024. Fully tax equivalent (FTE) NIM (Non-GAAP) increased 67 basis points (“bps”) to 3.80% for the three months ended December 31, 2025 compared to 3.13% for the three months ended December 31, 2024.
• Interest and dividend income increased $561,000, or 2.9%, to $20.0 million for the three months ended December 31, 2025 compared to $19.4 million for the three months ended December 31, 2024.
  • Interest income on loans increased $1.1 million, or 7.7%, to $16.1 million for the three months ended December 31, 2025 compared to $14.9 million for the three months ended December 31, 2024. The average balance of loans increased $72.4 million to $1.14 billion from $1.07 billion, causing an $1.1 million increase in interest income on loans. Additionally, the average yield on loans increased 3 bps to 5.62% from 5.59% despite a 100 bp reduction in the federal funds rate since December 2024. While this led to the downward repricing of adjustable rate loans, the impact was negated by a reduction in lower yielding consumer loans due to the discontinuation of the indirect automobile loan product with the redeployment of those funds into higher yielding commercial loan products. The increase in the average yield caused a $81,000 increase in interest income on loans.
  • Interest income on investment securities increased $354,000, or 11.4%, to $3.5 million for the three months ended December 31, 2025 compared to $3.1 million for the three months ended December 31, 2024 driven by a 79 bp increase in average yields, partially offset by a $7.3 million decrease in average balances. These changes were primarily due to the securities repositioning strategy.
  • Interest income on interest-earning deposits at other banks decreased $954,000 to $384,000 for the three months ended December 31, 2025 compared to $1.3 million for the three months ended December 31, 2024 driven by a 95 bp decrease in the average yield and a $73.0 million decrease in average balances. The decrease in the yield was directly related to the Federal Reserve’s reductions in the target federal funds rate while the decrease in the volume was due to the funding of loans.
• Interest expense decreased $1.7 million, or 21.9%, to $6.2 million for the three months ended December 31, 2025 compared to $7.9 million for the three months ended December 31, 2024.
  • Interest expense on deposits decreased $1.7 million, or 22.6%, to $5.8 million for the three months ended December 31, 2025 compared to $7.5 million for the three months ended December 31, 2024. The cost of interest-bearing deposits declined 61 bps to 2.18% for the three months ended December 31, 2025 from 2.79% for the three months ended December 31, 2024 due to the change in the deposit mix and the recent Federal Reserve federal funds target rate decreases. The decrease in the cost of interest-bearing deposits accounted for a $1.6 million decrease in interest expense. Average interest-bearing deposit balances decreased $13.2 million, or 1.2%, to $1.05 billion as of December 31, 2025 compared to $1.07 billion as of December 31, 2024, primarily as the Bank strategically reduced time deposit only relationships. The decrease in average balances accounted for a $67,000 decrease in interest expense.

Provision for Credit Losses

A provision for credit losses of $362,000 was recorded for the three months ended December 31, 2025. The provision for credit losses on loans was $265,000 and was primarily due to additional reserves required for overall loan growth and charge-offs, partially offset by favorable changes in maximum loss rates utilized in the allowance model. Additionally, the provision for credit losses on unfunded commitments was $97,000 and was due to an increase in unfunded commitments. This compared to a provision for credit losses of $683,000 recorded for the three months ended December 31, 2024 as the provision for credit losses on loans was $483,000 primarily due to loan growth, increases in the loss rate and qualitative adjustments on construction and land development loans and an increase in qualitative adjustments on residential real estate loans, partially offset by a payoff of an impaired loan, and the provision for credit losses on unfunded commitments was $200,000 due to an increase in the loss rate on construction loans.

Noninterest Income

Noninterest income increased $74,000, or 4.5%, to $1.73 million for the three months ended December 31, 2025, compared to $1.66 million for the three months ended December 31, 2024 primarily due to a $125,000 increase in service fees related to corporate deposit and Individual Covered Health Reimbursement Arrangement accounts and a $40,000 gain on the sale of assets related to the sale of a Bank storage facility recognized during the three months ended December 31, 2025, partially offset by a $94,000 decrease in other income related to hedge fees.

Noninterest Expense

Noninterest expense increased $470,000, or 5.0%, to $9.9 million for the three months ended December 31, 2025 compared to $9.5 million for the three months ended December 31, 2024. Salaries and benefits increased $584,000, or 11.1%, to $5.8 million primarily due to revenue producing staff additions, merit increases and higher incentive compensation costs, partially offset by savings realized due to the reduction in force implemented earlier this year. Other noninterest expense increased $85,000 due to increases in travel, conference and entertainment expenses related to sales activities and an increase in check fraud losses. Equipment expense increased $69,000 due to higher depreciation and maintenance expenses associated with interactive teller machines, security system upgrades and other equipment placed into service in late 2024. These increases were partially offset as intangible amortization decreased $88,000 as the Bank’s core deposit intangibles were fully amortized in 2024. Occupancy expense decreased $79,000 due to certain property management cost savings initiatives implemented in 2025. Data processing expense decreased $42,000 due to costs associated with the implementation of a new loan origination system and financial dashboard platform during mid-2024.

Statement of Financial Condition Review

Assets

Total assets increased $66.1 million, or 4.5%, to $1.55 billion at December 31, 2025, compared to $1.48 billion at December 31, 2024.

• Cash and due from banks decreased $17.9 million, or 36.1%, to $31.7 million at December 31, 2025, compared to $49.6 million at December 31, 2024, due to funding loan growth.
• Securities increased $17.7 million, or 6.8%, to $279.9 million at December 31, 2025, compared to $262.2 million at December 31, 2024. This was primarily due to the Bank implementing a balance sheet repositioning strategy of its portfolio of available-for-sale investment securities during the quarter ended September 30, 2025, in which $129.6 million in book value of lower-yielding investment securities with an average yield of 2.87% were sold for an $11.8 million loss ($9.3 million after-tax). Investment securities sold included $121.1 million of mortgage-backed securities/collateralized mortgage obligations issued by the U.S. government-sponsored agencies, $5.0 million of U.S. government agency securities and $3.5 million of municipal securities. The Bank then purchased $117.8 million of higher-yielding mortgage-backed securities/collateralized mortgage obligations issued by U.S government-sponsored agencies, municipal securities, subordinated debt investments and non-agency guaranteed securitizations with an expected tax-equivalent yield of approximately 5.43%. This strategy is expected to add nearly 19 basis points to net interest margin and approximately $0.40 to annual earnings per share.

Loans and Credit Quality

• Total loans increased $69.6 million, or 6.4%, to $1.2 billion compared to $1.1 billion, and included increases in commercial real estate and commercial and industrial loans of $66.7 million and $49.0 million, respectively, partially offset by decreases in consumer, construction and residential real estate loans of $27.6 million, $9.3 million and $8.8 million, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to the discontinuation of this product offering as of June 30, 2023. This portfolio is expected to continue to decline as resources are allocated and production efforts are focused on more profitable commercial products. Excluding the $29.6 million decrease in indirect automobile loans, total loans increased $99.3 million, or 9.6%. Loan production totaled $204.6 million while $97.6 million of loans were paid off since December 31, 2024.
• Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, were $5.3 million at December 31, 2025 and $1.8 million at December 31, 2024. Nonperforming loans to total loans ratio was 0.46% at December 31, 2025 and 0.16% at December 31, 2024. The increase in nonperforming loans was due to the addition of two loan relationships to nonaccrual status during the year. The first relationship consists of three residential real estate loans totaling $2.1 million which are well-secured with first liens on multiple rental properties. The Bank has executed assignments of rents and leases, is in the process of foreclosure on the properties and currently does not expect to incur losses on the loans. The second is a $2.0 million commercial real estate loan fully secured by an owner-occupied distribution warehouse, which is currently under a sales agreement, and other assets of the borrower. The Bank is currently working with the borrower to achieve a successful resolution and expects to be repaid in full in 2026.
• The allowance for credit losses (ACL) was $10.1 million at December 31, 2025 and $9.8 million at December 31, 2024. As a result, the ACL to total loans was 0.87% at December 31, 2025 and 0.90% at December 31, 2024. During the current year, the Company recorded a net provision for credit losses of $589,000. The ACL to nonperforming assets was 190.5% at December 31, 2025 and 548.1% at December 31, 2024.
• Net charge-offs for the three months ended December 31, 2025 were $295,000, or 0.10% of average loans on an annualized basis. Net charge-offs for the three months ended December 31, 2024 were $157,000, or 0.06% of average loans on an annualized basis. Net charge-offs for the year ended December 31, 2025 were $223,000. Net charge-offs for the year ended December 31, 2024 were $281,000.

Liabilities

Total liabilities increased $56.0 million, or 4.2%, to $1.4 billion at December 31, 2025 compared to $1.3 billion at December 31, 2024.

Deposits

• Total deposits increased $56.3 million, or 4.4%, to $1.34 billion as of December 31, 2025 compared to $1.28 billion at December 31, 2024. Interest-bearing demand, non interest-bearing demand and time deposits increased $40.4 million, $23.8 million and $15.6 million, respectively, while money market and savings deposits decreased $22.3 million and $1.2 million, respectively. This favorable change in the deposit mix occurred as the Bank continues to focus on building core banking relationships while strategically reducing higher priced funding. Brokered time deposits totaled $98.5 million as of December 31, 2025 and $39.0 million as of December 31, 2024, all of which mature within three months and were utilized to fund the purchase of floating rate CLO securities. At December 31, 2025, FDIC insured deposits totaled approximately 59.5% of total deposits while an additional 15.7% of total deposits were collateralized with investment securities.

Stockholders’ Equity

Stockholders’ equity increased $10.2 million, or 6.9%, to $157.5 million at December 31, 2025, compared to $147.4 million at December 31, 2024. The key factors positively impacting stockholders’ equity was a $13.8 million decrease in accumulated other comprehensive loss resulting primarily from the securities repositioning strategy, $2.6 million of shares issued as a result of stock option exercises and $4.9 million of net income for the current year, partially offset by $6.8 million of treasury shares purchased under the stock repurchase program and the payment of $5.1 million in dividends since December 31, 2024.

Book value per share

Book value per common share was $31.28 at December 31, 2025 compared to $28.71 at December 31, 2024, an increase of $2.57.

Tangible book value per common share (Non-GAAP) was $29.35 at December 31, 2025, compared to $26.82 at December 31, 2024, an increase of $2.53.

Refer to “Explanation of Use of Non-GAAP Financial Measures” at the end of this Press Release.

About CB Financial Services, Inc.

CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a broad array of retail and commercial lending and deposit services.

For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.cb.bank.

Statement About Forward-Looking Statements

Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

CB FINANCIAL SERVICES, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)
Selected Financial Condition Data	12/31/25				9/30/25				6/30/25				3/31/25				12/31/24
Assets
Cash and Due From Banks	$	31,693			$	55,890			$	64,506			$	61,274			$	49,572
Securities		279,895				272,559				267,171				258,699				262,153
Loans Held for Sale		—				107				512				230				900
Loans
Real Estate:
Residential		329,237				333,430				329,324				334,744				337,990
Commercial		552,180				539,395				513,197				497,316				485,513
Construction		45,419				38,905				40,680				54,597				54,705
Commercial and Industrial		161,081				143,919				138,221				107,419				112,047
Consumer		42,876				49,581				57,376				61,854				70,508
Other		31,467				38,156				32,026				32,564				31,863
Total Loans		1,162,260				1,143,386				1,110,824				1,088,494				1,092,626
Allowance for Credit Losses		(10,116	)			(10,146	)			(9,722	)			(9,819	)			(9,805	)
Loans, Net		1,152,144				1,133,240				1,101,102				1,078,675				1,082,821
Premises and Equipment, Net		19,646				19,896				20,223				20,392				20,708
Bank-Owned Life Insurance		24,812				24,660				24,506				24,358				24,209
Goodwill		9,732				9,732				9,732				9,732				9,732
Accrued Interest Receivable and Other Assets		29,771				29,430				30,232				30,096				31,469
Total Assets	$	1,547,693			$	1,545,514			$	1,517,984			$	1,483,456			$	1,481,564
Liabilities
Deposits
Noninterest-Bearing Demand Accounts	$	291,745			$	291,882			$	278,685			$	267,392			$	267,896
Interest-Bearing Demand Accounts		357,134				365,976				353,448				341,212				316,764
Money Market Accounts		209,166				206,166				225,141				228,005				231,458
Savings Accounts		169,307				169,005				172,021				176,722				170,530
Time Deposits		312,453				301,391				280,137				267,766				296,869
Total Deposits		1,339,805				1,334,420				1,309,432				1,281,097				1,283,517
Other Borrowings		34,758				34,748				34,738				34,728				34,718
Accrued Interest Payable and Other Liabilities		15,593				23,881				25,452				19,342				15,951
Total Liabilities		1,390,156				1,393,049				1,369,622				1,335,167				1,334,186
Stockholders’ Equity		157,537				152,465				148,362				148,289				147,378
Total Liabilities and Stockholders’ Equity	$	1,547,693			$	1,545,514			$	1,517,984			$	1,483,456			$	1,481,564

(Dollars in thousands, except share and per share data) (Unaudited)
	Three Months Ended														Year Ended
Selected Operating Data	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24		12/31/25			12/31/24
Interest and Dividend Income:
Loans, Including Fees	$	16,077		$	15,973		$	15,492		$	14,528		$	14,930	$	62,070		$	59,383
Securities:
Taxable		3,035			2,848			2,860			2,777			3,096		11,520			11,533
Tax-Exempt		415			146			—			—			—		561			—
Dividends		7			7			9			28			27		51			110
Other Interest and Dividend Income		458			367			399			514			1,378		1,737			5,105
Total Interest and Dividend Income		19,992			19,341			18,760			17,847			19,431		75,939			76,131
Interest Expense:
Deposits		5,802			5,810			5,721			6,111			7,492		23,445			28,441
Short-Term Borrowings		—			68			108			23			—		199			—
Other Borrowings		364			364			391			402			407		1,520			1,622
Total Interest Expense		6,166			6,242			6,220			6,536			7,899		25,164			30,063
Net Interest and Dividend Income		13,826			13,099			12,540			11,311			11,532		50,775			46,068
Provision (Recovery) for Credit Losses - Loans		265			336			(136	)		68			483		534			379
Provision (Recovery) for Credit Losses - Unfunded Commitments		97			(77	)		144			(108	)		200		55			191
Net Interest and Dividend Income After Net Provision (Recovery) for Credit Losses		13,464			12,840			12,532			11,351			10,849		50,186			45,498
Noninterest Income:
Service Fees		585			574			559			462			460		2,180			1,680
Insurance Commissions		1			1			1			1			1		4			6
Other Commissions		60			63			66			63			63		252			251
Net Gain on Sale of Loans		6			50			26			22			3		105			52
Net Gain (Loss) on Securities		14			(11,752	)		—			(69	)		3		(11,807	)		51
Net Gain on Purchased Tax Credits		4			4			4			4			12		14			49
Gain on Sale of Subsidiary		—			—			—			—			—		—			138
Net Gain on Disposal of Premises and Equipment		40			—			—			—			—		40			274
Income from Bank-Owned Life Insurance		152			154			148			149			152		603			594
Net Gain on Bank-Owned Life Insurance Claims		—			—			—			—			—		—			915
Other Income		867			229			127			155			961		1,379			1,484
Total Noninterest Income (Loss)		1,729			(10,677	)		931			787			1,655		(7,230	)		5,494
Noninterest Expense:
Salaries and Employee Benefits		5,842			5,247			5,088			6,036			5,258		22,213			18,821
Occupancy		573			574			616			750			652		2,513			3,096
Equipment		382			367			372			330			313		1,452			1,155
Data Processing		790			708			761			797			832		3,055			3,308
Federal Deposit Insurance Corporation Assessment		171			173			203			176			172		724			639
Pennsylvania Shares Tax		242			306			143			257			301		948			1,161
Contracted Services		481			371			382			310			522		1,543			1,623
Legal and Professional Fees		234			411			117			262			268		1,024			985
Advertising		192			132			124			119			137		566			484
Other Real Estate Owned		55			8			1			—			34		65			50
Amortization of Intangible Assets		—			—			—			—			88		—			958
Other Expense		961			886			941			765			876		3,553			3,369
Total Noninterest Expense		9,923			9,183			8,748			9,802			9,453		37,656			35,649
Income (Loss) Before Income Tax Expense		5,270			(7,020	)		4,715			2,336			3,051		5,300			15,343
Income Tax Expense (Benefit)		528			(1,324	)		766			427			522		397			2,749
Net Income (Loss)	$	4,742		$	(5,696	)	$	3,949		$	1,909		$	2,529	$	4,903		$	12,594

	Three Months Ended											Year Ended
Per Common Share Data	12/31/25		9/30/25			6/30/25		3/31/25		12/31/24		12/31/25		12/31/24
Dividends Per Common Share	$	0.26	$	0.26		$	0.25	$	0.25	$	0.25	$	1.02	$	1.00
Earnings (Loss) Per Common Share - Basic		0.95		(1.14	)		0.79		0.37		0.49		0.97		2.45
(Loss) Earnings Per Common Share - Diluted		0.89		(1.07	)		0.74		0.35		0.46		0.92		2.38
Weighted Average Common Shares Outstanding - Basic		5,015,025		4,985,188			5,022,813		5,125,577		5,126,782		5,036,706		5,134,092
Weighted Average Common Shares Outstanding - Diluted		5,304,685		5,319,594			5,332,026		5,471,006		5,544,829		5,306,916		5,302,522

	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24
Common Shares Outstanding		5,036,509			4,998,383			4,972,300			5,099,069			5,132,654
Book Value Per Common Share	$	31.28		$	30.50		$	29.84		$	29.08		$	28.71
Tangible Book Value per Common Share (1)		29.35			28.56			27.88			27.17			26.82
Stockholders’ Equity to Assets		10.2	%		9.9	%		9.8	%		10.0	%		9.9	%
Tangible Common Equity to Tangible Assets (1)		9.6			9.3			9.2			9.4			9.4

	Three Months Ended										Year Ended
Selected Financial Ratios (2)	12/31/25		9/30/25		6/30/25		3/31/25		12/31/24		12/31/25		12/31/24
Return on Average Assets	1.22	%	(1.50	)%	1.06	%	0.53	%	0.65	%	0.33	%	0.84	%
Return on Average Equity	12.14		(15.15	)	10.76		5.24		6.80		3.27		8.77
Average Interest-Earning Assets to Average Interest-Bearing Liabilities	134.05		134.42		135.33		134.70		133.33		134.62		134.78
Average Equity to Average Assets	10.02		9.93		9.88		10.07		9.63		9.97		9.56
Net Interest Rate Spread	3.18		3.05		2.91		2.61		2.41		2.95		2.47
Net Interest Rate Spread (FTE) (1)	3.23		3.08		2.93		2.63		2.42		2.97		2.48
Net Interest Margin	3.76		3.64		3.54		3.27		3.12		3.55		3.19
Net Interest Margin (FTE) (1)	3.80		3.67		3.55		3.28		3.13		3.58		3.20
Net Charge-Offs (Recoveries) to Average Loans	0.10		(0.03	)	(0.01	)	0.02		0.06		0.02		0.03
Efficiency Ratio	63.79		379.15		64.94		81.02		71.68		86.48		69.14

Asset Quality Ratios	12/31/25		9/30/25		6/30/25		3/31/25		12/31/24
Allowance for Credit Losses to Total Loans	0.87	%	0.89	%	0.88	%	0.90	%	0.90	%
Allowance for Credit Losses to Nonperforming Loans (3)	190.51		464.99		550.20		414.48		548.07
Delinquent and Nonaccrual Loans to Total Loans (4)	0.89		0.59		0.49		0.54		0.72
Nonperforming Loans to Total Loans (3)	0.46		0.19		0.16		0.22		0.16
Nonperforming Assets to Total Assets (5)	0.34		0.15		0.13		0.16		0.12

Capital Ratios (6)	12/31/25		9/30/25		6/30/25		3/31/25		12/31/24
Common Equity Tier 1 Capital (to Risk Weighted Assets)	13.92	%	14.19	%	15.28	%	14.94	%	14.78	%
Tier 1 Capital (to Risk Weighted Assets)	13.92		14.19		15.28		14.94		14.78
Total Capital (to Risk Weighted Assets)	14.89		15.20		16.29		15.95		15.79
Tier 1 Leverage (to Adjusted Total Assets)	10.15		10.06		10.49		10.36		9.98

(1)		Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(2)		Interim period ratios are calculated on an annualized basis.
(3)		Nonperforming loans consist of all nonaccrual loans and accruing loans that are 90 days or more past due.
(4)		Delinquent loans consist of accruing loans that are 30 days or more past due.
(5)		Nonperforming assets consist of nonperforming loans and other real estate owned.
(6)		Capital ratios are for Community Bank only.
Certain items previously reported may have been reclassified to conform with the current reporting period’s format.

AVERAGE BALANCES AND YIELDS
	Three Months Ended
	December 31, 2025							September 30, 2025							June 30, 2025							March 31, 2025							December 31, 2024
	Average Balance		Interest and Dividends		Yield / Cost (1)			Average Balance		Interest and Dividends		Yield / Cost (1)			Average Balance		Interest and Dividends		Yield / Cost (1)			Average Balance		Interest and Dividends		Yield / Cost (1)			Average Balance		Interest and Dividends		Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)	$	1,138,734	$	16,145	5.62	%		$	1,120,036	$	16,034	5.68	%		$	1,098,698	$	15,549	5.68	%		$	1,075,083	$	14,584	5.50	%		$	1,066,304	$	14,975	5.59	%
Debt Securities
Taxable		241,449		3,035	5.03				259,196		2,848	4.40				284,499		2,860	4.02				278,362		2,777	3.99				284,002		3,096	4.36
Tax-Exempt		35,243		525	5.96				12,461		185	5.94				—		—	—				—		—	—				—		—	—
Equity Securities		1,000		7	2.80				1,000		7	2.80				1,000		9	3.60				2,674		28	4.19				2,693		27	4.01
Interest-Earning Deposits at Banks		41,222		384	3.73				29,682		293	3.95				33,564		331	3.94				45,056		459	4.07				114,245		1,338	4.68
Other Interest-Earning Assets		2,998		74	9.79				3,972		74	7.39				3,767		68	7.24				3,196		55	6.98				3,070		40	5.18
Total Interest-Earning Assets		1,460,646		20,170	5.48				1,426,347		19,441	5.41				1,421,528		18,817	5.31				1,404,371		17,903	5.17				1,470,314		19,476	5.27
Noninterest-Earning Assets		85,605							75,480							67,513							63,324							65,786
Total Assets	$	1,546,251						$	1,501,827						$	1,489,041						$	1,467,695						$	1,536,100
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts	$	367,382	$	1,850	2.00	%		$	350,232	$	1,835	2.08	%		$	334,752	$	1,677	2.01	%		$	317,799	$	1,526	1.95	%		$	328,129	$	1,838	2.23	%
Money Market Accounts		212,212		1,232	2.30				211,660		1,401	2.63				238,195		1,747	2.94				230,634		1,726	3.04				227,606		1,821	3.18
Savings Accounts		168,853		45	0.11				171,188		43	0.10				174,055		42	0.10				172,322		41	0.10				170,612		45	0.10
Time Deposits		306,395		2,675	3.46				287,646		2,531	3.49				259,506		2,255	3.49				285,093		2,818	4.01				341,686		3,788	4.41
Total Interest-Bearing Deposits		1,054,842		5,802	2.18				1,020,726		5,810	2.26				1,006,508		5,721	2.28				1,005,848		6,111	2.46				1,068,033		7,492	2.79
Short-Term Borrowings		16		—	4.71				5,655		68	4.77				9,143		108	4.74				1,985		23	4.70				—		—	—
Other Borrowings		34,754		364	4.16				34,743		364	4.16				34,733		391	4.52				34,723		402	4.70				34,713		407	4.66
Total Interest-Bearing Liabilities		1,089,612		6,166	2.25				1,061,124		6,242	2.33				1,050,384		6,220	2.38				1,042,556		6,536	2.54				1,102,746		7,899	2.85
Noninterest-Bearing Demand Deposits		285,269							271,462							270,729							265,522							267,598
Total Funding and Cost of Funds		1,374,881			1.78				1,332,586			1.86				1,321,113			1.89				1,308,078			2.03				1,370,344			2.29
Other Liabilities		16,367							20,120							20,789							11,854							17,883
Total Liabilities		1,391,248							1,352,706							1,341,902							1,319,932							1,388,227
Stockholders' Equity		155,003							149,121							147,139							147,763							147,873
Total Liabilities and Stockholders' Equity	$	1,546,251						$	1,501,827						$	1,489,041						$	1,467,695						$	1,536,100
Net Interest Income (FTE) (Non-GAAP) (3)			$	14,004						$	13,199						$	12,597						$	11,367						$	11,577
Net Interest-Earning Assets (4)		371,034							365,223							371,144							361,815							367,568
Net Interest Rate Spread (FTE) (Non-GAAP) (3) (5)					3.23	%						3.08	%						2.93	%						2.63	%						2.42	%
Net Interest Margin (FTE) (Non-GAAP) (3)(6)					3.80							3.67							3.55							3.28							3.13

(1)		Annualized based on three months ended results.
(2)		Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(3)		Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)		Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)		Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6)		Net interest margin represents annualized net interest income divided by average total interest-earning assets.

AVERAGE BALANCES AND YIELDS
	Year Ended
	December 31, 2025									December 31, 2024
	Average Balance			Interest and Dividends			Yield /Cost			Average Balance			Interest and Dividends			Yield / Cost
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (1)	$	1,108,344		$	62,313		5.62	%		$	1,073,601		$	59,544		5.55	%
Debt Securities
Taxable		265,757			11,520		4.33				268,604			11,533		4.29
Exempt From Federal Tax		12,024			710		5.90				—			—		—
Marketable Equity Securities		1,413			51		3.61				2,693			110		4.08
Interest-Earning Deposits at Banks		37,349			1,467		3.93				96,474			4,831		5.01
Other Interest-Earning Assets		3,484			270		7.75				3,142			274		8.72
Total Interest-Earning Assets		1,428,371			76,331		5.34				1,444,514			76,292		5.28
Noninterest-Earning Assets		73,211									57,986
Total Assets	$	1,501,582								$	1,502,500
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts	$	342,698		$	6,888		2.01	%		$	326,073		$	7,414		2.27	%
Savings Accounts		171,594			171		0.10				180,647			202		0.11
Money Market Accounts		223,093			6,107		2.74				215,864			6,706		3.11
Time Deposits		284,727			10,279		3.61				314,510			14,119		4.49
Total Interest-Bearing Deposits		1,022,112			23,445		2.29				1,037,094			28,441		2.74
Short-Term Borrowings		4,199			199		4.74				—			—		—
Other Borrowings		34,738			1,520		4.38				34,697			1,622		4.67
Total Interest-Bearing Liabilities		1,061,049			25,164		2.37				1,071,791			30,063		2.80
Noninterest-Bearing Demand Deposits		273,295									270,528
Total Funding and Cost of Funds		1,334,344					1.89				1,342,319					2.24
Other Liabilities		17,463									16,559
Total Liabilities		1,351,807									1,358,878
Stockholders' Equity		149,775									143,622
Total Liabilities and Stockholders' Equity	$	1,501,582								$	1,502,500
Net Interest Income (FTE) (Non-GAAP) (2)					51,167									46,229
Net Interest-Earning Assets (3)		367,322									372,723
Net Interest Rate Spread (FTE) (Non-GAAP) (2)(4)							2.97	%								2.48	%
Net Interest Margin (FTE) (Non-GAAP) (2)(5)							3.58									3.20

(1)		Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.
(2)		Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(3)		Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)		Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5)		Net interest margin represents annualized net interest income divided by average total interest-earning assets.

Explanation of Use of Non-GAAP Financial Measures

In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this Press Release contains or references, certain Non-GAAP financial measures. We believe these Non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company’s business and in analyzing the Company’s operating results on the same basis as that applied by management. Although we believe that these Non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar Non-GAAP measures which may be presented by other companies. Where Non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24
(Dollars in thousands, except share and per share data) (Unaudited)
Total Assets (GAAP)	$	1,547,693		$	1,545,514		$	1,517,984		$	1,483,456		$	1,481,564
Goodwill and Intangible Assets, Net		(9,732	)		(9,732	)		(9,732	)		(9,732	)		(9,732	)
Tangible Assets (Non-GAAP) (Numerator)	$	1,537,961		$	1,535,782		$	1,508,252		$	1,473,724		$	1,471,832
Stockholders' Equity (GAAP)	$	157,537		$	152,465		$	148,362		$	148,289		$	147,378
Goodwill and Intangible Assets, Net		(9,732	)		(9,732	)		(9,732	)		(9,732	)		(9,732	)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)	$	147,805		$	142,733		$	138,630		$	138,557		$	137,646
Stockholders’ Equity to Assets (GAAP)		10.2	%		9.9	%		9.8	%		10.0	%		9.9	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		9.6	%		9.3	%		9.2	%		9.4	%		9.4	%
Common Shares Outstanding (Denominator)		5,036,509			4,998,383			4,972,300			5,099,069			5,132,654
Book Value per Common Share (GAAP)	$	31.28		$	30.50		$	29.84		$	29.08		$	28.71
Tangible Book Value per Common Share (Non-GAAP)	$	29.35		$	28.56		$	27.88		$	27.17		$	26.82

	Three Months Ended															Year Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
(Dollars in thousands) (Unaudited)
Net Income (Loss) (GAAP)	$	4,742		$	(5,696	)	$	3,949		$	1,909		$	2,529		$	4,903		$	12,594
Amortization of Intangible Assets, Net		—			—			—			—			88			—			958
Adjusted Net Income (Loss) (Non-GAAP) (Numerator)	$	4,742		$	(5,696	)	$	3,949		$	1,909		$	2,617		$	4,903		$	13,552
Annualization Factor		3.97			3.97			4.01			4.06			3.98			1.00			1.00
Average Stockholders' Equity (GAAP)	$	155,003		$	149,121		$	147,139		$	147,763		$	147,873		$	149,775		$	143,622
Average Goodwill and Intangible Assets, Net		(9,732	)		(9,732	)		(9,732	)		(9,732	)		(9,758	)		(9,732	)		(10,134	)
Average Tangible Common Equity (Non-GAAP) (Denominator)	$	145,271		$	139,389		$	137,407		$	138,031		$	138,115		$	140,043		$	133,488
Return on Average Equity (GAAP)		12.14	%		(15.15	)%		10.76	%		5.24	%		6.80	%		3.27	%		8.77	%
Return on Average Tangible Common Equity (Non-GAAP)		12.95	%		(16.21	)%		11.53	%		5.61	%		7.54	%		3.50	%		10.15	%

	Three Months Ended															Year Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)	$	19,992		$	19,341		$	18,760		$	17,847		$	19,431		$	75,939		$	76,131
Adjustment to FTE Basis		178			100			57			56			45			392			161
Interest Income (FTE) (Non-GAAP)		20,170			19,441			18,817			17,903			19,476			76,331			76,292
Interest Expense (GAAP)		6,166			6,242			6,220			6,536			7,899			25,164			30,063
Net Interest Income (FTE) (Non-GAAP)	$	14,004		$	13,199		$	12,597		$	11,367		$	11,577		$	51,167		$	46,229
Net Interest Rate Spread (GAAP)		3.18	%		3.05	%		2.91	%		2.61	%		2.41	%		2.95	%		2.47	%
Adjustment to FTE Basis		0.05			0.03			0.02			0.02			0.01			0.02			0.01
Net Interest Rate Spread (FTE) (Non-GAAP)		3.23	%		3.08	%		2.93	%		2.63	%		2.42	%		2.97	%		2.48	%
Net Interest Margin (GAAP)		3.76	%		3.64	%		3.54	%		3.27	%		3.12	%		3.55	%		3.19	%
Adjustment to FTE Basis		0.04			0.03			0.01			0.01			0.01			0.03			0.01
Net Interest Margin (FTE) (Non-GAAP)		3.80	%		3.67	%		3.55	%		3.28	%		3.13	%		3.58	%		3.20	%

	Three Months Ended															Year Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
(Dollars in thousands) (Unaudited)
Income (Loss) Before Income Tax Expense (GAAP)	$	5,270		$	(7,020	)	$	4,715		$	2,336		$	3,051		$	5,300		$	15,343
Net Provision (Recovery) for Credit Losses		362			259			8			(40	)		683			589			570
PPNR (Non-GAAP)		5,632			(6,761	)		4,723			2,296			3,734			5,889			15,913
Adjustments
Net (Gain) Loss on Securities		(14	)		11,752			—			69			(3	)		11,807			(51	)
Gain on Sale of Subsidiary		—			—			—			—			—			—			(138	)
Net Gain on Disposal of Premises and Equipment		(40	)		—			—			—			—			(40	)		(274	)
Earn-out Payment Related to the Sale of EU		(711	)		—			—			(49	)		(708	)		(759	)		(708	)
Net Gain on Bank-Owned Life Insurance Claims		—			—			—			—			—			—			(915	)
Reduction in Force Expenses					—			—			1,003			—			1,003			—
Adjusted PPNR (Non-GAAP) (Numerator)	$	4,867		$	4,991		$	4,723		$	3,319		$	3,023		$	17,900		$	13,827
Annualization Factor		3.97			3.97			4.01			4.06			3.98			1.00			1.00
Average Assets (Denominator)	$	1,546,251		$	1,501,827		$	1,489,041		$	1,467,695		$	1,536,100		$	1,501,582		$	1,502,500
Adjusted PPNR Return on Average Assets (Non-GAAP)		1.25	%		1.32	%		1.27	%		0.92	%		0.78	%		1.19	%		0.92	%

	Three Months Ended															Year Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
(Dollars in thousands, except share and per share data) (Unaudited)
Net Income (Loss) (GAAP)	$	4,742		$	(5,696	)	$	3,949		$	1,909		$	2,529		$	4,903		$	12,594
Adjustments
Net (Gain) Loss on Securities		(14	)		11,752			—			69			(3	)		11,807			(51	)
Gain on Sale of Subsidiary		—			—			—			—			—			—			(138	)
Net Gain on Disposal of Premises and Equipment		(40	)		—			—			—			—			(40	)		(274	)
Earn-out Payment Related to the Sale of EU		(711	)		—			—			(49	)		(708	)		(759	)		(708	)
Net Gain on Bank-Owned Life Insurance Claims		—			—			—			—			—			—			(915	)
Reduction in Force Expenses					—			—			1,003			—			1,003			—
Tax effect		(178	)		(2,129	)		—			(215	)		149			(2,522	)		256
Adjusted Net Income (Non-GAAP)	$	3,799		$	3,927		$	3,949		$	2,717		$	1,967		$	14,392		$	10,764
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding		5,304,685			5,319,594			5,332,026			5,471,006			5,544,829			5,306,916			5,302,522
Earnings (Loss) per Common Share - Diluted (GAAP)	$	0.89		$	(1.07	)	$	0.74		$	0.35		$	0.46		$	0.92		$	2.38
Adjusted Earnings per Common Share - Diluted (Non-GAAP)	$	0.72		$	0.74		$	0.74		$	0.50		$	0.35		$	2.71		$	2.03
Net Income (Loss) (GAAP) (Numerator)	$	4,742		$	(5,696	)	$	3,949		$	1,909		$	2,529		$	4,903		$	12,594
Annualization Factor		3.97			3.97			4.01			4.06			3.98			1.00			1.00
Average Assets (Denominator)		1,546,251			1,501,827			1,489,041			1,467,695			1,536,100			1,501,582			1,502,500
Return on Average Assets (GAAP)		1.22	%		(1.50	)%		1.06	%		0.53	%		0.65	%		0.33	%		0.84	%
Adjusted Net Income (Non-GAAP) (Numerator)	$	3,799		$	3,927		$	3,949		$	2,717		$	1,967		$	14,392		$	10,764
Annualization Factor		3.97			3.97			4.01			4.06			3.98			1.00			1.00
Average Assets (Denominator)		1,546,251			1,501,827			1,489,041			1,467,695			1,536,100			1,501,582			1,502,500
Adjusted Return on Average Assets (Non-GAAP)		0.97	%		1.04	%		1.06	%		0.75	%		0.51	%		0.96	%		0.72	%

	Three Months Ended															Year Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
(Dollars in thousands) (Unaudited)
Net Income (Loss) (GAAP) (Numerator)	$	4,742		$	(5,696	)	$	3,949		$	1,909		$	2,529		$	4,903		$	12,594
Annualization Factor		3.97			3.97			4.01			4.06			3.98			1.00			1.00
Average Equity (GAAP) (Denominator)		155,003			149,121			147,139			147,763			147,873			149,775			143,622
Return on Average Equity (GAAP)		12.14	%		(15.15	)%		10.76	%		5.24	%		6.80	%		3.27	%		8.77	%
Adjusted Net Income (Non-GAAP) (Numerator)	$	3,799		$	3,927		$	3,949		$	2,717		$	1,967		$	14,392		$	10,764
Annualization Factor		3.97			3.97			4.01			4.06			3.98			1.00			1.00
Average Equity (GAAP) (Denominator)		155,003			149,121			147,139			147,763			147,873			149,775			143,622
Adjusted Return on Average Equity (Non-GAAP)		9.72	%		10.45	%		10.76	%		7.46	%		5.29	%		9.61	%		7.49	%

	Three Months Ended															Year Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
(Dollars in thousands) (Unaudited)
Noninterest Expense (GAAP) (Numerator)	$	9,923		$	9,183		$	8,748		$	9,802		$	9,453		$	37,656		$	35,649
Net Interest and Dividend Income (GAAP)	$	13,826		$	13,099		$	12,540		$	11,311		$	11,532		$	50,775		$	46,068
Noninterest Income (Loss) (GAAP)		1,729			(10,677	)		931			787			1,655			(7,230	)		5,494
Operating Revenue (GAAP) (Denominator)	$	15,555		$	2,422		$	13,471		$	12,098		$	13,187		$	43,545		$	51,562
Efficiency Ratio (GAAP)		63.79	%		379.15	%		64.94	%		81.02	%		71.68	%		86.48	%		69.14	%
Noninterest Expense (GAAP)	$	9,923		$	9,183		$	8,748		$	9,802		$	9,453		$	37,656		$	35,649
Adjustments:
Reduction in Force Expenses		—			—			—			(1,003	)		—			(1,003	)		—
Amortization of Intangible Assets		—			—			—			—			(88	)		—			(958	)
Adjusted Noninterest Expense (Non-GAAP) (Numerator)	$	9,923		$	9,183		$	8,748		$	8,799		$	9,365		$	36,653		$	34,691
Net Interest and Dividend Income (GAAP)	$	13,826		$	13,099		$	12,540		$	11,311		$	11,532		$	50,775		$	46,068
Noninterest Income (Loss) (GAAP)		1,729			(10,677	)		931			787			1,655			(7,230	)		5,494
Adjustments:
Net (Gain) Loss on Securities		(14	)		11,752			—			69			(3	)		11,807			(51	)
Gain on Sale of Branches		—			—			—			—			—			—			(138	)
Net Gain on Disposal of Premises and Equipment		(40	)		—			—			—			—			(40	)		(274	)
Earn-out Payment Related to the Sale of EU		(711	)		—			—			(49	)		(708	)		(759	)		(708	)
Net Gain on Bank-Owned Life Insurance Claims		—			—			—			—			—			—			(915	)
Adjusted Noninterest Income (Non-GAAP)	$	964		$	1,075		$	931		$	807		$	944		$	3,778		$	3,408
Adjusted Operating Revenue (Non-GAAP) (Denominator)	$	14,790		$	14,174		$	13,471		$	12,118		$	12,476		$	54,553		$	49,476
Adjusted Efficiency Ratio (Non-GAAP)		67.09	%		64.79	%		64.94	%		72.61	%		75.06	%		67.19	%		70.12	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260127478726/en/

Company Contact:

John H. Montgomery

President and Chief Executive Officer

Phone: (724) 223-8317

Source: CB Financial Services, Inc.