CB Financial Services, Inc.CBFV

CB Financial Services, Inc. Debt Disclosure

10-KFiled Mar 13, 20263 min read
OTHER BORROWED FUNDS
FHLB, Federal Reserve Bank, and Fed Fund Borrowing Arrangements
The Bank maintained a credit arrangement with the FHLB with a maximum borrowing limit of approximately $528.0 million and $489.5 million as of December 31, 2025 and 2024, respectively, and available borrowing capacity of $506.1 million at December 31, 2025. This arrangement is subject to annual renewal and is secured by a blanket security agreement on $747.7 million of residential and commercial mortgage loans and the Bank’s investment in FHLB stock. Under this arrangement the Bank had available a variable rate line of credit in the amount of $150.0 million as of December 31, 2025 and 2024, of which, there was no outstanding balance as of December 31, 2025 and 2024. Fixed rate, long-term advances from the FHLB with remaining maturities are as follows at the dates indicated:
20252024
December 31,AmountWeighted
Average
Rate		AmountWeighted
Average
Rate
(Dollars in Thousands)
Due in One Year$— — %$20,000 4.92 %
Due After One Year to Two Years20,000 4.08 %— — %
Total$20,000 4.08 %$20,000 4.92 %
As an alternative to pledging securities, the FHLB periodically provides standby letters of credit on behalf of the Bank to secure certain public deposits in excess of the level insured by the FDIC. If the FHLB is required to make payment for a beneficiary’s draw, the payment amount is converted into a collateralized advance to the Bank. There were no standby letters of credit issued on our behalf by the FHLB to secure public deposits as of December 31, 2025 and 2024.
The Bank maintains a Borrower-In-Custody of Collateral line of credit agreement with the Federal Reserve Bank (“FRB”) for $71.2 million that requires monthly certification of collateral, is subject to annual renewal and is secured by $86.6 million of commercial and consumer indirect auto loans. The Bank also maintains multiple line of credit arrangements with various unaffiliated banks totaling $50.0 million as of December 31, 2025 and 2024, respectively, of which no draws are outstanding other than the subordinated debt disclosed below.
Subordinated Debt
In December 2021, the Company entered into a term loan in the principal amount of $15.0 million, evidenced by a term note which matures on December 15, 2031 ("2031 Note"). The 2031 Note is an unsecured subordinated obligation of the Company and may be repaid in whole or in part, without penalty, on any interest payment date on or after December 15, 2026 and at any time upon the occurrence of certain events. The 2031 Note initially bears a fixed interest rate of 3.875% per year to, but excluding, December 15, 2026 and thereafter at a floating rate equal to the then-current three-month term SOFR plus 280 basis points. The 2031 Note qualifies as Tier 2 capital under regulatory guidelines. The 2031 Note is recorded on the Consolidated Statements of Financial Condition in Other Borrowed Funds, net of remaining debt issuance costs. At December 31, 2025 and 2024, the principal balance and unamortized debt issuance costs for the 2031 Note were $15.0 million, and $242,000 and $282,000, respectively.
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Historical Timeline

Fiscal YearFiled
2025Mar 13, 2026Showing above
2024Mar 19, 2025
2023Mar 13, 2024
2022Mar 10, 2023
2021Mar 11, 2022
2020Mar 17, 2021
2019Mar 11, 2020
2018Mar 18, 2019
2017Mar 28, 2018
2016Mar 13, 2017
2015Mar 14, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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