[Form 4] CB Financial Services, Inc. (PA) Insider Trading Activity

Rhea-AI Filing Summary

CB Financial Services, Inc. (CBFV) – Form 4 filing for Ralph Burchianti, SEVP & Chief Credit Officer/Director.

• Transaction: On 07/24/2025, Burchianti exercised 2,500 stock-options (Code M) with a strike price of $22.25, receiving an equal number of common shares.
• Post-transaction ownership: 78,973 shares held directly, plus 2,200 shares held indirectly through an investment club (of which he disclaims beneficial ownership of 1,834 shares).
• Derivative positions remaining: 21,760 unexercised options across five grants with strikes ranging from $22.01–$30.75 and expirations between 12/16/2026 and 02/16/2034.
• Vesting schedules: Outstanding options and restricted stock awards vest 20 % annually beginning on grant-specific dates from 2023-2026.

No shares were sold; the filing only reports an option exercise that increases his direct equity stake.

Positive

• Insider increased direct ownership by 2,500 shares, signaling continued alignment with shareholders.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider exercised 2,500 options, increasing direct stake to ~79k shares; no sales, neutral cash signal.

The single transaction converts options granted in 2016 ahead of their 12/2025 expiry. Because no open-market sale was recorded, the exercise represents a net addition of shares. The direct stake now equals roughly 4.2 % of the company’s 1.9 m outstanding shares (latest proxy). Remaining 21.8k options give the executive further upside leverage. While insider purchases can indicate confidence, the mandatory expiry schedule tempers interpretation; many officers routinely exercise aging grants. Impact on float and earnings per share is immaterial.

Corporate Governance Expert

TL;DR: Routine option exercise, aligns management interests; no governance red flags detected.

Form 4 shows adherence to Section 16 reporting within two trading days. Continuous vesting schedules and staggered expirations promote retention. No accelerated vesting, repricing, or discretionary grants appear, and indirect holdings are clearly disclosed with disclaimers, supporting transparent governance. The action modestly increases insider ownership, which proxy advisors typically view favorably, but the transaction size is not large enough to shift control dynamics or trigger disclosure thresholds.

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).

1. Name and Address of Reporting Person^*

Burchianti Ralph

(Last) (First) (Middle)

100 N. MARKET STREET

(Street)

CARMICHAELS PA 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/24/2025		M		2,500	A	$22.25	78,973(1)(2)(3)(4)(5)	D
Common Stock								2,200(9)	I	By Investment Club

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$22.25	07/24/2025		M			$2,500	12/16/2016	12/16/2025	Common Stock	2,500	$0	0	D
Stock Options	$22.12							02/16/2025	02/16/2034	Common Stock	5,870(8)		5,870(8)	D
Stock Options	$22.01							02/16/2024	02/16/2033	Common Stock	3,800(7)		3,800(7)	D
Stock Options	$26.25							02/16/2023	02/16/2032	Common Stock	5,200(6)		5,200(6)	D
Stock Options	$30.75							12/15/2018	12/15/2027	Common Stock	3,280		3,280	D
Stock Options	$26.45							12/16/2017	12/16/2026	Common Stock	2,810		2,810	D

Explanation of Responses:

1. Includes shares of restricted stock which vest at a rate of 20% per year commencing on December 14, 2021.

2. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2023.

3. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2024.

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

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

6. Stock options vest at a rate of 20% per year commencing on February 16, 2023.

7. Stock options vest at a rate of 20% per year commencing on February 16, 2024.

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

9. The investment club owns a total of 2,200 shares of the issuer's common stock. Mr. Burchianti has a 16.6% interest in the investment club and disclaims beneficial ownership with respect to 1,834 shares.

	/s/ Matthew Lawrence, pursuant to power of attorney	07/28/2025
	** 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.

FAQ

How many CB Financial Services (CBFV) shares did Ralph Burchianti acquire?

He acquired 2,500 shares through option exercise.

At what price were the options exercised?

The options were exercised at a strike price of $22.25 per share.

What is Burchianti’s total direct shareholding after the transaction?

He now directly owns 78,973 common shares.

Does the executive hold additional options after this exercise?

Yes, he retains 21,760 unexercised options across five grants expiring 2026-2034.

How many shares are held indirectly through the investment club?

The investment club owns 2,200 shares; Burchianti’s attributable interest is 366 shares (16.6 %).