CB金融服务 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________Commission file number:001-36706 CB FINANCIAL SERVICES, INC. (Exact name of registrant as specified in its charter) 51-0534721(IRS Employer Identification Number) Pennsylvania(State or other jurisdiction of incorporation or organization) 100 North Market Street, Carmichaels, Pennsylvania 15320(Zip Code) Registrant’s telephone number, including area code:(724) 966-5041Securities registered pursuant to Section 12(b) of the Act: Common stock, par value $0.4167 per shareCBFVThe Nasdaq Stock Market, LLC(Title of each class)(Trading symbol)(Name of each exchange on which registered) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Accelerated Filer☐ Large accelerated filer☐Non-accelerated Filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, computed by reference to the lastsale price on June 30, 2025, as reported by the Nasdaq Global Market, was approximately $129.8million. As of March6, 2026, the number of shares outstanding of the Registrant’s Common Stock was 5,075,878. DOCUMENTS INCORPORATED BY REFERENCE Proxy Statement for the 2026 Annual Meeting of Stockholders of the Registrant (Part III) TABLE OF CONTENTS PART I ITEM 1. BusinessITEM 1A. Risk FactorsITEM 1B. Unresolved Staff CommentsITEM 1C. CybersecurityITEM 2. PropertiesITEM 3. Legal ProceedingsITEM 4. Mine Safety Disclosures. PART II ITEM 5. Market for Registrant’s Common Equity, Related Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities27ITEM 6. [Reserved]27ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations28ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk52ITEM 8. Financial Statements and Supplementary Data53ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure53ITEM 9A. Controls and Procedures53ITEM 9B. Other Information54ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections54 PART III ITEM 10. Directors, Executive Officers and Corporate Governance54ITEM 11. Executive Compensation54ITEM 12. Security Ownership of Certain Beneficial Owners and Manag