Capital allocation remains under pressure as evidenced by the OCF/NI ratio, which fluctuated from a high of 2.11 in 2025Q1 to a negative 0.81 in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 16.69M | 17.81M | 6.75M | 14.24M | 14.15M | 13.05M | 14.08M | 17.87M | 13.66M | 11.6M | 10.57M | 51.56M | -2.4M | 8.05M | 6.72M | 5.27M | 2.7M | 3.79M | 3.25M |
| Operating CF Growth % | 689.3% | 163.81% | -52.59% | 0.6% | 8.4% | -7.26% | -21.23% | 30.84% | 17.71% | 9.76% | -79.5% | 2247.56% | -129.83% | 19.85% | 27.41% | 95.19% | -28.66% | 16.52% | - |
| Net Income | 6.86M | 4.9M | 12.59M | 22.55M | 11.25M | 11.57M | -10.64M | 14.33M | 7.05M | 6.94M | 7.58M | 8.42M | 4.29M | 4.26M | 4.22M | 2.93M | 1.64M | 1.48M | 2.22M |
| Depreciation & Amortization | 2.31M | 1.81M | 2.42M | 2.74M | 2.7M | 2.44M | 3.34M | 3.73M | 3.04M | 2.5M | 3.09M | 2.57M | 763K | 629K | 484K | 1.22M | 689.47K | 1.99M | 1.18M |
| Deferred Taxes | -4.98M | -65K | -49K | -29K | -57K | -70K | -62K | -35K | -44K | 57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.84M | 13.72M | -5.5M | -16.87M | -109K | -3.33M | 22.83M | -802K | 3.96M | 2.52M | -112K | 37.45M | -7.5M | 2.36M | 1.96M | 799.92K | 473.07K | 401.06K | 4.29K |
| Working Capital Changes | -3.43M | -3.36M | -3.53M | 4.72M | -234K | 1.88M | -1.89M | 329K | -842K | -778K | -342K | 3.13M | 46K | 801K | 56K | 317.69K | -105.77K | -80.29K | -152.62K |
| Cash from Investing | -109.11M | -82.61M | -36.38M | -54.73M | -28.31M | -60.14M | -36.9M | -11.04M | 27.47M | -85.89M | -17.52M | -28.95M | -293.15M | -14.4M | -33.11M | -28.1M | -28.76M | -21.51M | -24.17M |
| Purchase of Investments | -212.31M | -170.1M | -70.22M | -100.21M | -26.83M | -135.01M | -68.96M | -50.2M | -11.23M | -44.66M | -77.87M | -28.28M | -52.14M | -41.52M | -130.81M | -50.85M | -73.51M | -39.12M | -31.82M |
| Sale/Maturity of Investments | 149.19M | 157.53M | 15.36M | 85.19M | 29.24M | 50.4M | 122.11M | 83.75M | 96.78M | 27.2M | 64.8M | 37.7M | 81.84M | 59.19M | 106.44M | 42.06M | 65.5M | 45.25M | 26.54M |
| Net Investment Activity | -63.12M | -12.57M | -54.87M | -15.02M | 2.42M | -84.61M | 53.15M | 33.55M | 85.56M | -17.46M | -13.07M | 9.43M | 29.7M | 17.68M | -24.37M | -8.79M | -8.01M | 6.13M | -5.29M |
| Acquisitions | 0 | 0 | 0 | 26.97M | 0 | 0 | 0 | 0 | 20.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -42.5M | -69.39M | 21.8M | -63.38M | -30.21M | 26.86M | -89.72M | -44.53M | -74.29M | -64.58M | -1.91M | -37.77M | -316.28M | -31.84M | -7.65M | -19.01M | -19.72M | -27.38M | -18.39M |
| Cash from Financing | 86.7M | 46.92M | 10.98M | 5.01M | -1.82M | 5.85M | 103.51M | 20.03M | -8.39M | 80.63M | 9.89M | -23.03M | 290.88M | -2.53M | 9.23M | 5.6M | 42.33M | 19.25M | 27.4M |
| Dividends Paid | -5.26M | -5.13M | -5.13M | -5.11M | -4.92M | -5.17M | -5.18M | -5.21M | -4.53M | -3.6M | -3.59M | -3.46M | -2.33M | -2.07M | -2.05M | -1.06M | -919.51K | -900.48K | -879.54K |
| Share Repurchases | -4.75M | -6.84M | -965K | -843K | -4.8M | -4.14M | -1.92M | -71K | -317K | -10K | -14K | 0 | -2.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 1.21M | 2.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -3.55M | -4.23M | -965K | -843K | -4.8M | -4.14M | -1.92M | -71K | -317K | -10K | -14K | 0 | 33.41M | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 0 | 0 | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K |
| Other Financing | 95.51M | 56.29M | 17.08M | -972K | 42.11M | 7.34M | 106.13M | 31.72M | 31.91M | 75.16M | 18.92M | -18.2M | 217.37M | 10.53M | 20.39M | 13.96M | 47.32M | 15.62M | 16.29M |
| Net Change in Cash | -5.72M | -17.88M | -18.65M | -35.48M | -15.97M | -41.24M | 80.69M | 26.86M | 32.73M | 6.34M | 2.94M | -411K | -4.67M | -8.88M | -17.17M | -17.23M | 16.28M | 1.53M | 6.47M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 31.69M | 49.57M | 68.22M | 103.7M | 119.67M | 160.91M | 80.22M | 53.35M | 20.62M | 14.28M | 11.34M | 11.75M | 16.42M | 25.3M | 42.46M | 43.33M | 27.05M | 25.53M | 19.05M |
| Cash at End | 55.55M | 31.69M | 49.57M | 68.22M | 103.7M | 119.67M | 160.91M | 80.22M | 53.35M | 20.62M | 14.28M | 11.34M | 11.75M | 16.42M | 25.3M | 26.1M | 43.33M | 27.05M | 25.53M |
| Interest Paid | 18.82M | 25.64M | 0 | 0 | 0 | 0 | 5.78M | 7.46M | 5.78M | 3.28M | 2.84M | 2.76M | 1.88M | 2.3M | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | -690K | 300K | 6.34M | 2.88M | 3.25M | 1.6M | 3.01M | 2.79M | 850K | 3.25M | 2.72M | 2.27M | 1.79M | 525K | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 15.94M | 17.16M | 3.44M | 10.94M | 13.64M | 10.67M | 13.76M | 16.92M | 8.33M | 7.76M | 8.03M | 50.96M | -8.96M | 7.81M | 5.62M | 4.97M | 1.68M | 3.53M | 2.76M |
| FCF Growth % | 214.24% | 399.48% | -68.61% | -19.78% | 27.85% | -22.43% | -18.72% | 103.12% | 7.39% | -3.39% | -84.24% | 668.42% | -214.74% | 39.05% | 12.98% | 196.74% | -52.47% | 27.84% | - |
Geographic and sector concentration
According to the reported quarterly cash flow data, CBFV's net income volatility significantly impacts internal capital generation, with the OCF/NI ratio fluctuating from a high of 2.11 in 2025Q1 to a negative 0.81 in 2025Q3, indicating inconsistent organic funding capacity for future loan growth.
The bank's ability to retain earnings is frequently disrupted by non-operating cash flow swings, which complicates long-term capital planning. Investors should monitor whether the current earnings trajectory can support regulatory capital requirements without necessitating external financing or further dividend adjustments.
Based on financial statements, CBFV has engaged in aggressive securities portfolio turnover, notably in 2025Q3 where the bank purchased $126.7M in assets while simultaneously selling $126.8M, suggesting a tactical effort to rebalance duration or yield in response to shifting interest rate expectations.
This high level of activity in the investment book implies that management is actively managing the balance sheet to mitigate interest rate risk. However, the frequent churn in the securities portfolio may introduce realized gains or losses that mask the underlying stability of the core banking operations.
As reported in recent filings, CBFV has maintained a consistent quarterly dividend of approximately $1.3M to $1.4M, even during periods of negative net income, which suggests a commitment to shareholder returns that may be increasingly difficult to sustain if earnings volatility persists.
While the dividend appears stable, the payout ratio is highly sensitive to the bank's erratic quarterly earnings performance. The modest share buyback activity, which peaked at $4.4M in 2025Q2, indicates that management prioritizes dividend continuity over aggressive capital return programs during periods of margin compression.
Based on an analysis of the cash flow statement, the reported operating cash flow often diverges significantly from net income, as evidenced by the 2023Q4 period where a $13.0M net income was accompanied by a $3.4M cash outflow from operations.
This discrepancy suggests that non-cash items and changes in working capital, likely related to the insurance subsidiary's contingent commissions and loan loss provision adjustments, significantly distort the bank's true cash-generating ability. Analysts should be cautious in using OCF as a proxy for core operational health.
Quick answers to the most common questions about buying CBFV stock.
CB Financial Services, Inc. (CBFV) generated $17.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CB Financial Services, Inc. (CBFV) generated $17.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CB Financial Services, Inc. (CBFV) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CB Financial Services, Inc. (CBFV) returned $5.1M to shareholders via cash dividends and spent $6.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.