Upgrades Mkt Perform Outperform X

CBFV CB Financial Service

Keefe Bruyette

$39

Initiated Neutral X

CBFV CB Financial Service

Janney

$25

Downgrades Outperform Mkt Perform X

CBFV CB Financial Service

Keefe Bruyette

$25

CBFV  CB Financial Services, Inc.

CB Financial Services, Inc. is the bank holding company for Community Bank (the Bank). The Company operates in community banking segment. The Bank offers residential and commercial real estate loans, commercial and industrial loans, and consumer loans, as well as a range of deposit products for individuals and businesses in its market area. The Bank operates through a network of approximately 20 offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania. The Company's principal lending activity is the origination of residential loans secured by one- to four-family residential properties in its local market area. In addition, the Bank offers property and casualty, commercial liability, surety and other insurance products, through its subsidiary, Exchange Underwriters, Inc. (Exchange Underwriters), an independent insurance agency.