CB Financial (CBFV) Chief Credit Officer exercises options and sells 1,792 shares

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

CB Financial Services, Inc. Chief Credit Officer Stephen Cobain reported option exercises and related share sales. On March 5, 2026, he exercised stock options in a transaction coded “M,” acquiring 1,792 shares of common stock at $22.12 per share through derivative exercise.

On the same date, Cobain executed multiple open-market sales coded “S,” selling a total of 1,792 common shares at prices ranging from about $34.51 to $35.08 per share. After these transactions, he directly owned 4,313 shares of CB Financial common stock. Footnotes indicate that portions of his holdings include restricted stock and stock options that vest at a rate of 20% per year beginning on various dates between November 30, 2023 and February 16, 2027.

Insider Trade Summary

Net Seller: 1,792 shares ($61,963)

Net Sell 11 txns

Insider Cobain Stephen

Role Chief Credit Officer

Sold 1,792 shs ($62K)

Type	Security	Shares	Price	Value
Exercise	Stock Options	0	$0.00	--
Exercise	Common Stock	1,792	$22.12	$40K
Sale	Common Stock	1,285	$34.51	$44K
Sale	Common Stock	23	$34.52	$793.96
Sale	Common Stock	26	$34.62	$900.12
Sale	Common Stock	2	$34.635	$69.27
Sale	Common Stock	305	$34.76	$11K
Sale	Common Stock	100	$34.78	$3K
Sale	Common Stock	50	$34.785	$2K
Sale	Common Stock	1	$35.08	$35.08
holding	Stock Options	--	--	--

Holdings After Transaction: Stock Options — 2,688 shares (Direct); Common Stock — 6,105 shares (Direct)

Footnotes (1)

Includes shares of restricted stock which vest at a rate of 20% per year commencing on November 30, 2023. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2025. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2026. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2027. Stock option vest at a rate of 20% per year commencing on February 16, 2025. Stock option vest at a rate of 20% per year commencing on November 30, 2023.

Form 4 Insider Transactions: What Each Field Means →

03/06/2026 - 11:52 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cobain Stephen

(Last)

(First)

(Middle)

100 N. MARKET STREET

(Street)

CARMICHAELS

15320

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CB Financial Services, Inc. [ CBFV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Credit Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/05/2026		M		1,792	A	$22.12	6,105⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		1,285	D	$34.51	4,820⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		23	D	$34.52	4,797⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		26	D	$34.62	4,771⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		2	D	$34.635	4,769⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		305	D	$34.76	4,464⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		100	D	$34.78	4,364⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		50	D	$34.785	4,314⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock	03/05/2026		S		1	D	$35.08	4,313⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options	$22.12	03/05/2026		M			$1,792	02/16/2025	02/16/2034	Common Stock	1,792⁽⁵⁾	$0	2,688⁽⁵⁾	D
Stock Options	$22.48							11/30/2023	11/30/2032	Common Stock	5,000⁽⁶⁾		5,000⁽⁶⁾	D

Explanation of Responses:

1. Includes shares of restricted stock which vest at a rate of 20% per year commencing on November 30, 2023.

2. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2025.

3. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2026.

4. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2027.

5. Stock option vest at a rate of 20% per year commencing on February 16, 2025.

6. Stock option vest at a rate of 20% per year commencing on November 30, 2023.

	/s/ Matthew Lawrence, pursuant to power of attorney	03/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did CB Financial (CBFV) executive Stephen Cobain report in this Form 4?

Stephen Cobain, Chief Credit Officer of CB Financial, reported exercising stock options and selling common shares. He acquired 1,792 shares via option exercise and sold 1,792 shares in multiple open-market transactions, updating his direct ownership position in company stock.

How many CB Financial (CBFV) shares did Stephen Cobain acquire and sell?

Stephen Cobain acquired 1,792 CB Financial common shares through the exercise of stock options and sold 1,792 common shares in several open-market trades. These matched amounts indicate his common share count changed primarily through rebalancing rather than simple net accumulation.

At what prices did Stephen Cobain trade CB Financial (CBFV) stock?

Cobain exercised options to acquire CB Financial common stock at a price of $22.12 per share. He then sold 1,792 common shares in open-market transactions at prices ranging from approximately $34.51 to $35.08 per share on the same transaction date.

How many CB Financial (CBFV) shares does Stephen Cobain own after these transactions?

Following the reported option exercise and sales, Stephen Cobain directly owns 4,313 shares of CB Financial common stock. This figure reflects his updated direct holdings after all March 5, 2026 transactions disclosed in the Form 4 filing.

What do the vesting footnotes mean in Stephen Cobain’s CB Financial (CBFV) Form 4?

The footnotes explain that some of Cobain’s restricted stock and stock options vest 20% each year, beginning on dates between November 30, 2023, and February 16, 2027. This schedule gradually makes additional shares and options available to him over several years.

Were Stephen Cobain’s CB Financial (CBFV) transactions open-market trades or something else?

His Form 4 shows two types of activity: an “M” coded transaction for exercising derivative securities into common stock, and several “S” coded transactions described as sales in the open market or private transactions, reflecting discretionary selling activity of common shares.