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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: ~~September~~March 3031, ~~2024~~2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-21714

CSB Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)


Ohio	34-1687530
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
91 North Clay Street, P.O. Box 232 Millersburg, OH	44654
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (330) 674-9015

Securities registered pursuant to Section 12(g) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Shares, $6.25 par value

     CSBB

     OTCPink

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 of 1934 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 such filing 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 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

As of ~~November~~May 1, ~~2024~~2025, the registrant had 2,~~654~~638,~~445~~956 shares of common stock, $6.25 par value per share, outstanding.

CSB BANCORP, INC.

FORM 10-Q

QUARTER ENDED ~~September~~March 3031, ~~2024~~2025

Table of Contents

	Part I - Financial Information
		Page
ITEM 1 –	FINANCIAL STATEMENTS (Unaudited)
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Changes in Shareholders' Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	8
ITEM 2 –	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	2827
ITEM 3 –	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	3633
ITEM 4 –	CONTROLS AND PROCEDURES	3734
	Part II - Other Information
ITEM 1 –	Legal Proceedings	3835
ITEM 1A –	Risk Factors	3835
ITEM 2 –	Unregistered Sales of Equity Securities and Use of Proceeds	3835
ITEM 3 –	Defaults upon Senior Securities	3835
ITEM 4 –	Mine Safety Disclosures	3835
ITEM 5 –	Other Information	3835
ITEM 6 –	Exhibits	3936
	Signatures	4037

CSB BANCORP, INC.

PART I – FINANCIAL INFORMATION

ITEM 1. – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30,			December 31,
	March 31,			December 31,
(Dollars in thousands, except per share data)	~~2024~~2025			~~2023~~2024
ASSETS
Cash and cash equivalents
Cash and due from banks	$	2622,~~108~~315		$	2421,~~463~~287
Interest-earning deposits in other banks		6965,~~108~~860			3952,~~614~~222
Federal funds sold		~~427~~311			—
Total cash and cash equivalents		9588,~~643~~486			6473,~~077~~509
Securities
Available-for-sale, at fair value		~~131~~119,~~718~~428			~~140~~125,~~080~~434
Held-to-maturity; fair value of $185,647 in 2024 and $194,730 in 2023 ($0 credit loss allowance)		211,655			226,279
Held-to-maturity; fair value of $172,478 in 2025 and $172,603 in 2024 ($0 credit loss allowance for 2025 and 2024)		200,000			204,309
Equity securities		~~247~~266			~~259~~266
Restricted stock, at cost		1,520			1,~~535~~520
Total securities		~~345~~321,~~140~~214			~~368~~331,~~153~~529
Loans held for sale		~~509~~—			—283
Loans		~~719~~761,~~602~~240			~~701~~737,~~404~~641
Less allowance for credit losses		7,~~224~~974			67,~~607~~595
Net loans		~~712~~753,~~378~~266			~~694~~730,~~797~~046
Premises and equipment, net		13,~~994~~935			1314,~~002~~069
Bank-owned life insurance		2728,~~996~~441			2528,~~410~~225
Goodwill		4,728			4,728
Accrued interest receivable and other assets		8,~~793~~570			89,~~522~~111
TOTAL ASSETS	$	1,~~209~~218,~~181~~640		$	1,~~178~~191,~~689~~500
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest-bearing	$	~~286~~283,~~525~~255		$	~~301~~281,~~697~~358
Interest-bearing		~~784~~787,~~006~~522			~~725~~763,~~730~~529
Total deposits		1,070,~~531~~777			1,~~027~~044,~~427~~887
Short-term borrowings		1924,~~224~~981			3525,~~843~~683
Other borrowings		1,~~296~~236			1,~~754~~266
Allowance for credit losses on off-balance sheet commitments		~~532~~519			~~736~~524
Accrued interest payable and other liabilities		2,~~590~~792			4,~~990~~305
TOTAL LIABILITIES		1,~~094~~100,~~173~~305			1,~~070~~076,~~750~~665
SHAREHOLDERS' EQUITY
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,659,324 shares in 2024 and 2,669,938 in 2023		18,629			18,629
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,641,547 shares in 2025 and 2,650,089 in 2024		18,629			18,629
Additional paid-in capital		9,815			9,815
Retained earnings		~~101~~105,~~847~~664			97103,~~297~~105
Treasury stock at cost: 321,278 shares in 2024 and 310,664 shares in 2023		(7,929	)		(7,532	)
Treasury stock at cost: 339,055 shares in 2025 and 330,513 shares in 2024		(8,622	)		(8,294	)
Accumulated other comprehensive loss		(7,~~354~~151	)		(108,~~270~~420	)
TOTAL SHAREHOLDERS' EQUITY		~~115~~118,~~008~~335			~~107~~114,~~939~~835
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,~~209~~218,~~181~~640		$	1,~~178~~191,~~689~~500

See notes to unaudited consolidated financial statements.

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended September 30,

Nine Months EndedSeptember 30,

Three Months Ended March 31,

(Dollars in thousands, except per share data)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

INTEREST AND DIVIDEND INCOME

Loans, including fees

10,~~531~~875

910,~~175~~209

~~30,959~~

~~25,855~~

Taxable securities

1,~~782~~795

1,~~910~~890

~~5,489~~

~~5,867~~

Nontaxable securities

8875

~~102~~88

~~264~~

~~305~~

Other

~~789~~536

~~531~~369

~~1,537~~

~~1,520~~

Total interest and dividend income

13,~~190~~281

1112,~~718~~556

~~38,249~~

~~33,547~~

INTEREST EXPENSE

Deposits

3,~~898~~527

23,~~772~~300

~~10,687~~

~~6,484~~

Short-term borrowings

7167

100

~~252~~

~~236~~

Other borrowings

Total interest expense

3,~~976~~600

23,~~881~~408

~~10,962~~

~~6,751~~

NET INTEREST INCOME

9,~~214~~681

89,~~837~~148

~~27,287~~

~~26,796~~

CREDIT LOSS EXPENSE

Provision for credit loss expense - loans

~~645~~408

13603

~~4,945~~

~~287~~

Provision (recovery) for credit loss expense - off-balance sheet commitments

164

(204

)

(Recovery) provision for credit loss expense - off-balance sheet commitments

)

549

Total provision for credit loss expense

~~700~~402

~~177~~1,152

~~4,741~~

~~286~~

NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE

89,~~514~~279

87,~~660~~996

~~22,546~~

~~26,510~~

NONINTEREST INCOME

Service charges on deposit accounts

~~301~~295

~~332~~280

~~872~~

~~924~~

Trust services

~~274~~278

~~259~~394

~~951~~

~~769~~

Debit card interchange fees

~~535~~515

~~525~~507

~~1,570~~

~~1,579~~

Credit card fees

~~162~~150

~~166~~157

~~484~~

~~535~~

Gain on sale of loans, net

~~106~~49

4736

~~215~~

~~106~~

Earnings on bank owned life insurance

~~203~~216

~~179~~188

~~585~~

~~520~~

Unrealized gain (loss) on equity securities

(11

)

(12

)

Unrealized loss on equity securities

—

)

Other income

~~211~~193

~~208~~216

~~657~~

~~631~~

Total noninterest income

1,~~809~~696

1,~~705~~772

~~5,322~~

~~5,066~~

NONINTEREST EXPENSES

Salaries and employee benefits

3,~~656~~697

3,~~429~~469

~~10,181~~

~~10,112~~

Occupancy expense

~~295~~356

~~290~~283

~~872~~

~~856~~

Equipment expense

~~224~~206

~~199~~224

~~649~~

~~595~~

Professional and director fees

~~391~~413

~~366~~332

~~1,160~~

~~1,073~~

Financial institutions tax

~~216~~230

~~192~~216

~~648~~

~~576~~

Marketing and public relations

~~162~~105

~~124~~128

~~432~~

~~383~~

Software expense

~~421~~403

~~408~~428

~~1,263~~

~~1,228~~

Debit card expense

~~186~~211

~~179~~189

~~568~~

~~494~~

FDIC insurance expense

~~132~~150

~~131~~135

~~396~~

~~380~~

Other expenses

~~739~~710

~~716~~738

~~2,209~~

~~2,105~~

Total noninterest expenses

6,~~422~~481

6,~~034~~142

~~18,378~~

~~17,802~~

Income before income taxes

34,~~901~~494

43,~~331~~626

~~9,490~~

~~13,774~~

FEDERAL INCOME TAX PROVISION

~~756~~878

~~850~~693

~~1,797~~

~~2,715~~

NET INCOME

3,~~145~~616

32,~~481~~933

~~7,693~~

~~11,059~~

Basic and diluted net earnings per share

1.1837

1.3010

~~2.89~~

~~4.12~~

See notes to unaudited consolidated financial statements

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended September 30,						Nine Months EndedSeptember 30,
	Three Months Ended March 31,
(Dollars in thousands)	~~2024~~2025			~~2023~~2024			~~2024~~			~~2023~~
Net income	$	3,~~145~~616		$	32,~~481~~933		$	~~7,693~~		$	~~11,059~~
Other comprehensive income (loss)
Unrealized gain (loss) arising during the period		3,409			(1,127	)		3,556			(1,722	)
Unrealized gain (loss) on available-for-sale securities arising during the period		1,565			(144	)
Amortization of discount on securities transferred to held-to-maturity		48			50			135			143
Amortization of held-to-maturity discount resulting from transfer		40			41
Income tax effect		(726	)		226			(775	)		331
Income tax effect at 21%		(336	)		22
Other comprehensive income (loss)		21,~~731~~269			(~~851~~81	)		~~2,916~~			~~(1,248~~	)
Total comprehensive income	$	54,~~876~~885		$	2,~~630~~852		$	~~10,609~~		$	~~9,811~~

See notes to unaudited consolidated financial statements.

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands, except per share data)	Commonstock		Additionalpaid-incapital		Retainedearnings			Treasurystock			Accumulatedothercomprehensiveloss			Total
Three Months Ended September 30, 2024
Three Months Ended March 31, 2025
Balance at beginning of period	$	18,629	$	9,815	$	99103,~~766~~105		$	(78,~~757~~294	)	$	(108,~~085~~420	)	$	~~110~~114,~~368~~835
Net income		—		—		3,~~145~~616			—			—			3,~~145~~616
Other comprehensive income		—		—		—			—			21,~~731~~269			21,~~731~~269
Purchase of 4,600 treasury shares		—		—		—			(172	)		—			(172	)
Purchase of 8,542 treasury shares		—		—		—			(328	)		—			(328	)
Cash dividends declared, $0.40 per share		—		—		(1,~~064~~057	)		—			—			(1,~~064~~057	)
Balance at September 30, 2024	$	18,629	$	9,815	$	101,847		$	(7,929	)	$	(7,354	)	$	115,008
Balance at March 31, 2025	$	18,629	$	9,815	$	105,664		$	(8,622	)	$	(7,151	)	$	118,335
Nine Months Ended September 30, 2024
Three Months Ended March 31, 2024
Balance at December 31, 2023	$	18,629	$	9,815	$	97,297		$	(7,532	)	$	(10,270	)	$	107,939
Balance at beginning of period	$	18,629	$	9,815	$	97,297		$	(7,532	)	$	(10,270	)	$	107,939
Net income		—		—		72,~~693~~933			—			—			72,~~693~~933
Other comprehensive income		—		—		—			—			2,916			2,916
Other comprehensive loss		—		—		—			—			(81	)		(81	)
Purchase of 10,614 treasury shares		—		—		—			(397	)		—			(397	)
Purchase of 5,255 treasury shares		—		—		—			(197	)		—			(197	)
Cash dividends declared, $1.18 per share		—		—		(3,143	)		—			—			(3,143	)
Cash dividends declared, $0.39 per share		—		—		(1,039	)		—			—			(1,039	)
Balance at September 30, 2024	$	18,629	$	9,815	$	101,847		$	(7,929	)	$	(7,354	)	$	115,008
Balance at March 31, 2024	$	18,629	$	9,815	$	99,191		$	(7,729	)	$	(10,351	)	$	109,555
Three Months Ended September 30, 2023
Balance at beginning of period	$	18,629	$	9,815	$	92,149		$	(7,137	)	$	(13,316	)	$	100,140
Net income		—		—		3,481			—			—			3,481
Other comprehensive loss		—		—		—			—			(851	)		(851	)
Purchase of 9,012 treasury shares		—		—		—			(344	)		—			(344	)
Cash dividends declared, $0.38 per share		—		—		(1,016	)		—			—			(1,016	)
Balance at September 30, 2023	$	18,629	$	9,815	$	94,614		$	(7,481	)	$	(14,167	)	$	101,410
Nine Months Ended September 30, 2023
Balance at December 31, 2022	$	18,629	$	9,815	$	86,502		$	(6,107	)	$	(12,919	)	$	95,920
Net income		—		—		11,059			—			—			11,059
Cumulative effect of adoption of ASU 2016-13		—		—		52			—			—			52
Other comprehensive loss		—		—		—			—			(1,248	)		(1,248	)
Purchase of 36,263 treasury shares		—		—		—			(1,374	)		—			(1,374	)
Cash dividends declared, $1.12 per share		—		—		(2,999	)		—			—			(2,999	)
Balance, September 30, 2023	$	18,629	$	9,815	$	94,614		$	(7,481	)	$	(14,167	)	$	101,410

See notes to unaudited consolidated financial statements.

CSB BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(Dollars in thousands)	~~2024~~2025			~~2023~~2024
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	83,~~934~~053		$	~~8,079~~600
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
INVESTING ACTIVITIES
Securities:
Proceeds from repayments, available-for-sale		179,~~497~~587			74,~~088~~896
Proceeds from repayments, held-to-maturity		144,~~529~~280			164,~~798~~153
Purchases, available-for-sale		(52,~~889~~084	)		~~(4,458~~—	)
Redemption of FHLB stock		15—			~~1,869~~5
Loan originations, net		(22,279	)		(53,895	)
Loan (originations) and payments, net		(23,538	)		(9,177	)
Property, equipment, and software acquisitions		(~~1,728~~94	)		(~~308~~174	)
Purchase of bank-owned life insurance		(2,000	)		—
Net cash used in investing activities		(11,849	)		(297	)
Net cash provided by (used in) investing activities		145			(32,906	)
FINANCING ACTIVITIES
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Net increase (decrease) in deposits		25,890			(17,312	)
Net increase (decrease) in deposits		43,104			(5,342	)
Net change in short-term borrowings		(702	)		(6,359	)
Net decrease in short-term borrowings		(16,619	)		(1,816	)
Repayment of other borrowings		(30	)		(54	)
Repayment of other borrowings		(458	)		(653	)
Cash dividends paid		(1,057	)		(1,039	)
Cash dividends paid		(3,143	)		(2,999	)
Purchase of treasury shares		(328	)		(197	)
Purchase of treasury shares		(397	)		(1,374	)
Net cash provided by (used in) financing activities		23,773			(24,961	)
Net cash provided by (used in) financing activities		22,487			(12,184	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,977			(24,658	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		31,566			(37,011	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		73,509			64,077
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		64,077			86,420
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	88,486		$	39,419
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	95,643		$	49,409
SUPPLEMENTAL DISCLOSURES
Cash paid during the year for:
Interest	$	103,~~865~~599		$	63,~~584~~366
Income taxes		~~2,775~~—			~~3,365~~—

See notes to unaudited consolidated financial statements.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying condensed consolidated financial statements include the accounts of CSB Bancorp, Inc. and its wholly-owned subsidiaries, The Commercial and Savings Bank (the “Bank”) and CSB Investment Services, LLC (together referred to as the “Company” or “CSB”). All significant intercompany transactions and balances have been eliminated in consolidation.

The condensed consolidated financial statements have been prepared without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position at ~~September~~March 3031, ~~2024~~2025, and the results of operations and changes in cash flows for the periods presented have been made.

Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted. The Annual Report for CSB for the year ended December 31, ~~2023~~2024, contains Consolidated Financial Statements and related footnote disclosures, which should be read in conjunction with the accompanying condensed Consolidated Financial Statements. The results of operations for the period ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the operating results for the full year or any future interim period.

Certain items in the prior-year financial statements were reclassified to conform to the current-year presentation. Such reclassifications had no effect on net income or shareholders’ equity.

USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS

In preparing the Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. The most significant estimates susceptible to change in the near term relate to management’s determination of the allowance for credit losses and the fair value of financial instruments.

RECENTLY ISSUED ACCOUNTING PRONOUNCMENTS

In December 2023, the FASB issued ASU 2023-09, Income Taxes (~~Topic740~~Topic 740): Improvements to Income Tax ~~Disclosure.~~Disclosures, ~~This~~which ~~new~~provides ~~guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this Update address investor requests~~ for ~~more transparency about income tax information through~~ improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This ~~Update~~guidance ~~also~~is ~~includes~~effective ~~certain~~for ~~other~~public ~~amendments~~business toentities ~~improve~~for ~~the~~annual ~~effectiveness~~periods ofbeginning ~~income~~after ~~tax~~December ~~disclosures.~~15, It2024, isand ~~effective~~for annual periods beginning after December 15, 2025, for ~~public~~all ~~business~~other entities. The Company adopted the new disclosures for the annual periods beginning ~~after~~on ~~December~~January 151, ~~2024~~2025. ~~This~~The ~~update~~Company iswill ~~not~~include ~~expected~~the toapplicable ~~have~~and arelevant ~~significant~~required ~~impact~~disclosures onin the ~~Company's~~Income ~~financial~~Taxes ~~statements~~footnote in the Form 10-K.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires disclosure in the notes to financial statements of specified information about certain costs and expenses. Specific disclosures are required for (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas producing activities. The amendments in this Update do not change or remove current expense disclosure requirements. However, the amendments affect where this information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. The amendments in ASU 2024-03 apply only to public business entities and are effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this new guidance on its financial statements.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 2 – SECURITIES

Securities consisted of the following on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

(Dollars in thousands)	AmortizedCost		GrossUnrealizedGains		GrossUnrealizedLosses			Allowance for Credit Losses		FairValue
September 30, 2024
March 31, 2025
Available-for-sale
U.S. Treasury securities	$	1311,~~461~~999	$	162	$	(~~124~~33	)	$	—	$	1311,~~353~~968
U.S. Government agencies		146,000		—		(~~382~~232	)		—		135,~~618~~768
Mortgage-backed securities of government agencies		6369,~~785~~215		94142		(56,~~715~~057	)		—		5863,~~164~~300
Asset-backed securities of government agencies		~~410~~393		—		(35	)		—		~~407~~388
State and political subdivisions		1715,~~406~~031		—		(~~689~~709	)		—		1614,~~717~~322
Corporate bonds		3024,~~568~~527		258		(~~1,134~~853	)		—		2923,~~459~~682
Total available-for-sale		~~139~~127,~~630~~165		~~135~~152		(87,~~047~~889	)		—		~~131~~119,~~718~~428
Held-to-maturity
U.S. Treasury securities	$	107,~~342~~865	$	—	$	(~~524~~506	)		—	$	97,~~818~~359
Mortgage-backed securities of government agencies		~~198~~189,~~787~~624		—		(2526,~~328~~802	)		—		~~173~~162,~~459~~822
State and political subdivisions		2,~~526~~511		—		(~~156~~214	)		—		2,~~370~~297
Total held-to-maturity		~~211~~200,~~655~~000		—		(2627,~~008~~522	)		—		~~185~~172,~~647~~478
Equity securities		185		6281		—			—		~~247~~266
Restricted stock		1,520		—		—			—		1,520
Total securities	$	~~352~~328,~~990~~870	$	~~197~~233	$	(3435,~~055~~411	)	$	—	$	~~319~~293,~~132~~692
December 31, 2023
December 31, 2024
Available-for-sale
U.S. Treasury securities	$	1813,~~110~~487	$	—8	$	(~~421~~81	)	$	—	$	1713,~~689~~414
U.S. Government agencies		146,000		—		(~~848~~302	)		—		135,~~152~~698
Mortgage-backed securities of government agencies		7269,~~279~~746		9830		(7,~~332~~078	)		—		6562,~~045~~698
Asset-backed securities of government agencies		~~548~~404		—		(256	)		—		~~523~~398
State and political subdivisions		1715,~~476~~051		—		(~~890~~805	)		—		1614,~~586~~246
Corporate bonds		2930,~~135~~048		65		(21,~~056~~073	)		—		2728,~~085~~980
Total available-for-sale		~~151~~134,~~548~~736		~~104~~43		(119,~~572~~345	)		—		~~140~~125,~~080~~434
Held-to-maturity
U.S. Treasury securities		107,~~305~~854		—		(~~798~~621	)		—		97,~~507~~233
Mortgage-backed securities of government agencies		~~213~~193,~~425~~937		—		(30,~~534~~862	)		—		~~182~~163,~~891~~075
State and political subdivisions		2,~~549~~518		2—		(~~219~~223	)		—		2,~~332~~295
Total held-to-maturity		~~226~~204,~~279~~309		2—		(31,~~551~~706	)		—		~~194~~172,~~730~~603
Equity securities		185		7481		—			—		~~259~~266
Restricted stock		1,~~535~~520		—		—			—		1,~~535~~520
Total securities	$	~~379~~340,~~547~~750	$	~~180~~124	$	(4341,~~123~~051	)	$	—	$	~~336~~299,~~604~~823

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 2 – SECURITIES (continued)

The amortized cost and fair value of debt securities on ~~September~~March 3031, ~~2024~~2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)	Amortized cost		Fair value
Available-for-sale
Due in one year or less	$	3023,~~197~~163	$	2922,~~959~~983
Due after one through five years		3121,~~043~~113		3020,~~115~~474
Due after five through ten years		1816,~~078~~601		1615,~~755~~423
Due after ten years		6066,~~312~~288		5460,~~889~~548
Total debt securities available-for-sale	$	~~139~~127,~~630~~165	$	~~131~~119,~~718~~428
Held-to-maturity
Due in one year or less	$	2,~~500~~489	$	2,~~496~~444
Due after one through five years		53,~~182~~305		43,~~971~~120
Due after five through ten years		4,~~866~~693		4,~~431~~202
Due after ten years		~~199~~189,~~107~~513		~~173~~162,~~749~~712
Total debt securities held-to-maturity	$	~~211~~200,~~655~~000	$	~~185~~172,~~647~~478

Securities with a fair value of approximately $~~130~~136 million and $~~126~~134 million were pledged on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively, to secure public deposits, as well as other deposits and borrowings as required or permitted by law.

Restricted stock primarily consists of investments in Federal Home Loan Bank of Cincinnati (FHLB) and Federal Reserve Bank stock. The Bank’s investment in FHLB stock amounted to approximately $1.0 million on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023. The FHLB redeemed approximately $15 thousand in stock at $100 par value per share during the nine-month period ended September 30,~~ 2024. Federal Reserve Bank stock was $471 thousand on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024.

There were no proceeds from sales of securities for the three ~~and nine~~-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024. All gains and losses recognized on equity securities during the three ~~and nine~~-month periods were unrealized.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 2 – SECURITIES (continued)

The following table presents gross unrealized losses and fair value of securities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

	Securities in a continuous unrealized loss position
	Less than 12 months					12 months or more					Total
(Dollars in thousands)	Grossunrealizedlosses			Fairvalue		Grossunrealizedlosses			Fairvalue		Grossunrealizedlosses			Fairvalue
September 30, 2024
March 31, 2025
Available-for-sale
U.S. Treasury securities	$	—		$	—	$	(~~124~~33	)	$	8,~~923~~978	$	(~~124~~33	)	$	8,~~923~~978
U.S. Government agencies		—			—		(~~382~~232	)		135,~~618~~768		(~~382~~232	)		135,~~618~~768
Mortgage-backed securities of government agencies		—			—		(56,~~715~~057	)		4844,~~167~~349		(56,~~715~~057	)		4844,~~167~~349
Asset-backed securities of government agencies		—			—		(35	)		~~407~~388		(35	)		~~407~~388
State and political subdivisions		(113	)		~~424~~1,452		(~~688~~696	)		1412,~~712~~560		(~~689~~709	)		1514,~~136~~012
Corporate bonds		—			—		(~~1,134~~853	)		2722,~~437~~172		(~~1,134~~853	)		2722,~~437~~172
Total temporarily impaired	$	(113	)	$	~~424~~1,452	$	(87,~~046~~876	)	$	~~113~~94,~~264~~215	$	(87,~~047~~889	)	$	~~113~~95,~~688~~667
December 31, 2023
December 31, 2024
Available-for-sale
U.S. Treasury securities	$	—		$	—	$	(~~421~~81	)	$	178,~~689~~949	$	(~~421~~81	)	$	178,~~689~~949
U.S. Government agencies		—			—		(~~848~~302	)		135,~~152~~698		(~~848~~302	)		135,~~152~~698
Mortgage-backed securities of government agencies		(388	)		112,~~909~~944		(76,~~329~~990	)		5245,~~144~~063		(7,~~332~~078	)		5458,~~053~~007
Asset-backed securities of government agencies		—			—		(256	)		~~523~~398		(256	)		~~523~~398
State and political subdivisions		(2819	)		1,~~783~~446		(~~862~~786	)		1412,~~263~~800		(~~890~~805	)		1614,~~046~~246
Corporate bonds		—			—		(21,~~056~~073	)		2627,~~586~~473		(21,~~056~~073	)		2627,~~586~~473
Total temporarily impaired	$	(31107	)	$	314,~~692~~390	$	(119,~~541~~238	)	$	~~124~~100,~~357~~381	$	(119,~~572~~345	)	$	~~128~~114,~~049~~771

There were 104 securities in an unrealized loss position on March 31, 2025, 100 of which were in a continuous loss position for twelve (12) months or more. Each quarter the Company conducts a comprehensive security-level impairment assessment on the securities portfolio. Management believes the Company will fully recover the cost of these securities. Unrealized losses on the Company’s fixed-rate debt securities are a result of interest rate increases. U.S. Treasury securities and investments in securities of U.S. government sponsored agency bonds comprise $81 million of total AFS securities. The remaining $38 million of non-agency debt securities is made up of Corporate Bonds and debt securities to State and Political Subdivisions. For non-agency debt securities, the Company verified the current credit ratings remain above investment grade. Non-rated debt securities total $10 million. Annually, management reviews the credit profile of each non-rated issue and assesses whether any impairment to the contractually obligated cash flow is likely to occur. Based on these reviews, management has concluded the underlying creditworthiness for each security remains sufficient to maintain required payment obligations and, therefore, no allowance for credit losses has been recorded. Management believes the value will recover as the securities approach maturity or market interest rates change.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 2 – SECURITIES (continued)

~~There~~The ~~were~~Bank ~~111~~monitors ~~securities~~the incredit anquality ~~unrealized loss position on September 30, 2024, 110~~ of ~~which~~held-to-maturity ~~were~~debt insecurities aprimarily ~~continuous~~through ~~loss~~utilizing ~~position~~their ~~for~~credit ~~twelve (12) months or more~~rating. The ~~Each~~Bank ~~quarter~~monitors the ~~Company~~credit ~~conducts~~rating ~~a comprehensive security-level impairment assessment~~ on ~~the~~a ~~securities~~quarterly ~~portfolio~~basis. There ~~Management~~are ~~believes~~no ~~the~~nonperforming ~~Company will fully recover the cost of these securities. Unrealized losses on the Company’s fixed~~held-~~rate~~to-maturity ~~debt~~ securities ~~are a result of interest rate increases~~. As ~~U.S. Treasury securities and investments in securities~~ of ~~U.S.~~March ~~government~~31, ~~sponsored~~2025, ~~agency~~no ~~bonds~~ACL ~~comprise~~was ~~$86~~required ~~million~~for ofany ~~total~~held-to-maturity ~~AFS securities~~security. The ~~remaining~~majority ~~$46 million~~ of ~~non-agency~~the ~~debt~~ securities isare ~~made~~explicitly upor ofimplicitly ~~Corporate~~guaranteed ~~Bonds~~by ~~and~~the ~~debt~~United ~~securities~~States togovernment, ~~State~~ and ~~Political~~any ~~Subdivisions. For~~estimate ~~non-agency~~of ~~debt~~expected ~~securities, the Company verified the current~~ credit ~~ratings~~losses ~~remain~~would ~~above~~be ~~investment~~insignificant ~~grade.~~to ~~Non-rated~~the ~~debt securities total $11 million~~Bank. ~~Annually,~~The ~~management~~following ~~reviews~~table summarizes the ~~credit~~amortized ~~profile~~cost of ~~each non~~held-~~rated issue and assesses whether any impairment~~ to ~~the~~maturity ~~contractually~~debt ~~obligated~~securities ~~cash~~at ~~flow~~March ~~is likely to occur. Based on these reviews~~31, ~~management~~2025 ~~has~~and ~~concluded~~December ~~the underlying creditworthiness for each security remains sufficient to maintain required payment obligations and~~31, ~~therefore~~2024, noaggregated ~~allowance~~by ~~for~~ credit ~~losses~~quality ~~has~~indicator: ~~been recorded. Management believes the value will recover as the securities approach maturity or market interest rates change.~~

The Bank monitors the credit quality of held-to-maturity debt securities primarily through utilizing their credit rating. The Bank monitors the credit rating on a quarterly basis. There are no nonperforming held-to-maturity securities. As of September 30, 2024, no ACL was required for any held-to-maturity security. The majority of the securities are explicitly or implicitly guaranteed by the United States government, and any estimate of expected credit losses would be insignificant to the Bank. The following table summarizes the amortized cost of held-to maturity debt securities at September 30, 2024 and December 31, 2023, aggregated by credit quality indicator:


(Dollars in thousands)	U.S. Treasury securities		Mortgage- backed securities of government agencies		State and political subdivisions
March 31, 2025
Credit rating:
AAA / AA / A	$	7,865	$	189,624	$	2,511
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	7,865	$	189,624	$	2,511

December 31, 2024
Credit rating:
AAA / AA / A	$	7,854	$	193,937	$	2,518
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	7,854	$	193,937	$	2,518

(Dollars in thousands)	U.S. Treasury securities		Mortgage- backed securities of government agencies		State and political subdivisions
September 30, 2024
Credit rating:
AAA / AA / A	$	10,342	$	198,787	$	2,526
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	10,342	$	198,787	$	2,526
December 31, 2023
Credit rating:
AAA / AA / A	$	10,305	$	213,425	$	2,549
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	10,305	$	213,425	$	2,549

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS

Loans consisted of the following on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

(Dollars in thousands)	~~September~~March 3031,~~2024~~2025			December 31, ~~2023~~2024
Commercial and industrial	$	~~134~~149,~~125~~391		$	~~152~~144,~~125~~376
Commercial real estate		194,~~329~~863			190,~~702~~514
Commercial lessors of buildings		98106,~~049~~703			82101,~~687~~168
Construction		5770,~~283~~198			4964,~~214~~262
Consumer mortgage		~~175~~179,~~093~~702			~~166~~177,~~891~~578
Home equity line of credit		4445,~~978~~945			4344,~~269~~971
Consumer installment		109,~~377~~420			109,~~636~~645
Consumer indirect		5,~~493~~078			5,~~957~~276
Total loans		~~719~~761,~~727~~300			~~701~~737,~~481~~790
Allowance for credit losses		(7,~~224~~974	)		(67,~~607~~595	)
Deferred loan fees, net		(~~125~~60	)		(77149	)
Net Loans	$	~~712~~753,~~378~~266		$	~~694~~730,~~797~~046

Loan Origination/Risk Management

The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions.

Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Underwriting standards are designed to promote relationship banking rather than transactional banking. The Company’s management examines current and occasionally projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers; however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable, inventory, and equipment, and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single industry. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied.

The top ten collateral exposures in commercial real estate and commercial lessors of buildings at March 31, 2025 are as follows: Industrial, manufacturing and production $60 million; warehouse $40 million: healthcare facilities $34 million; residential investment property $29 million; hotels $18 million; retail strip center $17 million; auto repair $15 million; retail stores $13 million; senior housing $12 million; office buildings $9 million.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

The top ten collateral exposures in commercial real estate and commercial lessors of buildings at September 30, 2024 are as follows: Industrial, manufacturing and production $59 million; warehouse $41 million: healthcare $27 million; residential investment property $25 million; retail strip center $17 million; auto repair $16 million; retail store $14 million; senior housing $12 million; hotels $11 million; office building $7 million.

With respect to loans to developers and builders that are secured by non-owner-occupied properties, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction and land development loans are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, and financial analysis of the developers and property owners. Construction and land development loans are generally based upon estimates of costs and value associated with the completed project. These estimates may be inaccurate.

Construction and land development loans often involve the disbursement of substantial funds with repayment dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property, or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing.

The Company originates consumer loans utilizing a judgmental underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, mitigates risk.

The Company maintains an independent credit department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures.

Loans serviced for others approximated $~~137~~135 million and $~~132~~136 million on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

Concentrations of Credit

Nearly all the Company’s lending activity occurs within the state of Ohio, including the five counties of Holmes, Medina, Stark, Tuscarawas, and Wayne, as well as other markets. The majority of the Company’s loan portfolio consists of commercial and commercial real estate loans. Credit concentrations, including commitments, as determined using North American Industry Classification Codes (NAICS), to the three largest industries compared to total loans on March 31, 2025, included $84 million, or 11%, of total loans to lessors of non-residential buildings, $37 million, or 5%, of total loans to manufacturers of animal food, and $29 million, or 4%, of total loans to hotels. These loans are generally secured by real property and equipment, with repayment expected from operational cash flow. Credit evaluation is based on a review of cash flow coverage of principal, interest payments, and the adequacy of the collateral received.

Allowance for Credit Losses

The following table details activity in the allowance for credit losses ("ACL") by portfolio segment for the three months ended March 31, 2025 and 2024. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

For the three-months ended March 31, 2025, the increase in the provision for credit losses on commercial and industrial loans primarily relates to the increase in nonperforming commercial credit cards. The increase in provision amounts for the remaining commercial and construction loan categories primarily relates to loan growth.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

~~Concentrations~~For the three-months ended March 31, 2024, the increase in the provision for commercial and industrial loans primarily related to one individually evaluated commercial loan relationship which had a collateral advance shortfall. The remaining provision amounts for the quarter were primarily a result of ~~Credit~~changes in loan volume and weighted average remaining maturities of the loans in each category.

Nearly all the Company’s lending activity occurs within the state of Ohio, including the four counties of Holmes, Stark, Tuscarawas and Wayne, as well as other markets. The majority of the Company’s loan portfolio consists of commercial and commercial real estate loans. Credit concentrations, including commitments, as determined using North American Industry Classification Codes (NAICS), to the three largest industries compared to total loans on September 30, 2024, included $75 million, or 10%, of total loans to lessors of non-residential buildings, $39 million, or 5%, of total loans to manufacturers of animal food, and $30 million, or 4%, of total loans to hotels. These loans are generally secured by real property and equipment, with repayment expected from operational cash flow. Credit evaluation is based on a review of cash flow coverage of principal, interest payments, and the adequacy of the collateral received.


(Dollars in thousands)	Beginning ACL Balance		Charge-offs			Recoveries		Provision (Recovery) for Credit Losses			Ending ACL Balance
Three Months Ended March 31, 2025
Commercial and industrial	$	2,919	$	(27	)	$	—	$	262		$	3,154
Commercial real estate		1,681		—			—		26			1,707
Commercial lessors of buildings		1,141		—			—		99			1,240
Construction		502		—			—		74			576
Consumer mortgage		812		—			1		(55	)		758
Home equity line of credit		205		—			—		(12	)		193
Consumer installment		92		(8	)		4		1			89
Consumer indirect		243		—			1		13			257
	$	7,595	$	(35	)	$	6	$	408		$	7,974

Three Months Ended March 31, 2024
Commercial and industrial	$	1,737	$	(11	)	$	7	$	491		$	2,224
Commercial real estate		1,637		—			—		(25	)		1,612
Commercial lessors of buildings		1,200		—			—		144			1,344
Construction		333		—			—		(10	)		323
Consumer mortgage		1,107		—			1		(40	)		1,068
Home equity line of credit		288		—			—		(4	)		284
Consumer installment		76		(18	)		3		13			74
Consumer indirect		229		(59	)		3		34			207
	$	6,607	$	(88	)	$	14	$	603		$	7,136

Allowance for Credit Losses

The following table details activity in the allowance for credit losses ("ACL") by portfolio segment for the three and nine months ended September 30, 2024 and 2023. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

For the three and nine months ended September 30, 2024, the increase in the provision for commercial and industrial loans primarily relates to one individually evaluated commercial loan relationship which has been charged-down to the fair value of the collateral. The commercial and industrial charge-off amount related to this loan relationship was $3.9 million and the commercial real estate charge-off for this same relationship was $420 thousand. The charge-offs also increased the historical loss rates which are applied to the active balances multiplied by the weighted average life of the loan pools. The remaining provision amounts for the quarter are primarily a result of changes in loan volume and weighted average remaining maturities of the loans in each category.

For the three months ended September 2023, the decrease in the provision for commercial and industrial loans primarily relates to the recovery of prior loan charge-offs, as well as the decrease in substandard loan balances in this loan category. The remaining provision changes for the quarter are primarily a result of changes in loan volume in each loan category.

For the nine month period in 2023, the decrease in provision for commercial real estate loans is due to the payoff of one larger loan relationship with a specific allocation. The increase in the provision for commercial lessors of buildings relates to the increase in loans graded special mention in this category. All other changes during the nine month period are related to loan volume changes.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

(Dollars in thousands)	Beginning Balance		Charge-offs			Recoveries		Provisions (Recovery)			Ending Balance
Three Months Ended September 30, 2024
Commercial and industrial	$	5,274	$	(3,663	)	$	53	$	706		$	2,370
Commercial real estate		2,033		(420	)		—		(13	)		1,600
Commercial lessors of buildings		1,328		—			—		(32	)		1,296
Construction		326		—			—		(16	)		310
Consumer mortgage		1,061		—			1		30			1,092
Home equity line of credit		276		—			—		4			280
Consumer installment		74		(11	)		6		4			73
Consumer indirect		215		(1	)		27		(38	)		203
	$	10,587	$	(4,095	)	$	87	$	645		$	7,224
Nine Months Ended September 30, 2024
Commercial and industrial	$	1,737	$	(3,931	)	$	72	$	4,492		$	2,370
Commercial real estate		1,637		(420	)		1		382			1,600
Commercial lessors of buildings		1,200		—			—		96			1,296
Construction		333		—			—		(23	)		310
Consumer mortgage		1,107		—			10		(25	)		1,092
Home equity line of credit		288		—			—		(8	)		280
Consumer installment		76		(46	)		13		30			73
Consumer indirect		229		(60	)		33		1			203
	$	6,607	$	(4,457	)	$	129	$	4,945		$	7,224

(Dollars in thousands)	Beginning Balance		Impact of Adopting ASC 326			Charge-offs			Recoveries		Provisions (Recovery)			Ending Balance
Three Months Ended September 30, 2023
Commercial and industrial	$	2,119	$	—		$	—		$	147	$	(303	)	$	1,963
Commercial real estate		1,882		—			—			8		239			2,129
Commercial lessors of buildings		1,237		—			—			—		(11	)		1,226
Construction		283		—			—			—		(28	)		255
Consumer mortgage		714		—			—			—		61			775
Home equity line of credit		178		—			—			—		9			187
Consumer installment		52		—			(8	)		—		13			57
Consumer indirect		94		—			(35	)		7		33			99
Unallocated		—		—			—			—		—			—
	$	6,559	$	—		$	(43	)	$	162	$	13		$	6,691
Nine Months Ended September 30, 2023
Commercial and industrial	$	1,110	$	658		$	—		$	166	$	29		$	1,963
Commercial real estate		2,760		(541	)		—			9		(99	)		2,129
Commercial lessors of buildings		—		974			—			—		252			1,226
Construction		803		(515	)		—			—		(33	)		255
Consumer mortgage		1,268		(580	)		—			1		86			775
Home equity line of credit		—		201			—			—		(14	)		187
Consumer installment		233		(183	)		(31	)		12		26			57
Consumer indirect		—		91			(66	)		34		40			99
Unallocated		664		(664	)		—			—		—			—
	$	6,838	$	(559	)	$	(97	)	$	222	$	287		$	6,691

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

Age Analysis of Past-Due Loans Receivable and Nonperforming Loans

The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past-due status.

(Dollars in thousands)	Current		30-59DaysPastDue		60-89DaysPastDue		90 Days +Past Due		Total Past Due		TotalLoans
September 30, 2024
March 31, 2025
Commercial and industrial	$	~~134~~149,~~075~~362	$	504	$	—25	$	—	$	5029	$	~~134~~149,~~125~~391
Commercial real estate		194,~~329~~700		—		—163		—		—163		194,~~329~~863
Commercial lessors of buildings		98106,~~049~~703		—		—		—		—		98106,~~049~~703
Construction		5770,~~283~~175		—23		—		—		—23		5770,~~283~~198
Consumer mortgage		~~174~~178,~~143~~805		~~246~~262		~~440~~432		~~264~~203		~~950~~897		~~175~~179,~~093~~702
Home equity line of credit		4445,~~897~~250		81695		—		—		81695		4445,~~978~~945
Consumer installment		109,~~345~~411		288		41		—		329		109,~~377~~420
Consumer indirect		5,~~468~~006		2564		—8		—		2572		5,~~493~~078
Total Loans	$	~~718~~759,~~589~~412	$	~~430~~1,056	$	~~444~~629	$	~~264~~203	$	1,~~138~~888	$	~~719~~761,~~727~~300
December 31, 2023
December 31, 2024
Commercial and industrial	$	~~151~~144,~~964~~274	$	~~111~~46	$	5056	$	—	$	~~161~~102	$	~~152~~144,~~125~~376
Commercial real estate		190,~~702~~514		—		—		—		—		190,~~702~~514
Commercial lessors of buildings		82101,~~687~~168		—		—		—		—		82101,~~687~~168
Construction		4964,~~214~~262		—		—		—		—		4964,~~214~~262
Consumer mortgage		~~166~~176,~~411~~403		~~307~~633		~~173~~56		—486		~~480~~1,175		~~166~~177,~~891~~578
Home equity line of credit		4244,~~955~~595		33376		~~281~~—		—		~~314~~376		4344,~~269~~971
Consumer installment		109,~~602~~637		255		93		—		348		109,~~636~~645
Consumer indirect		5,~~821~~238		5227		8411		—		~~136~~38		5,~~957~~276
Total Loans	$	~~700~~736,~~356~~091	$	~~528~~1,087	$	~~597~~126	$	—486	$	1,~~125~~699	$	~~701~~737,~~481~~790

1716

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

(Dollars in thousands)	Nonaccrual with no ACL		Nonaccrual with ACL		Total Nonaccrual		Loans Past Due 90 Days or More Still Accruing		Total Nonperforming
September 30, 2024
March 31, 2025
Commercial and industrial	$	16413	$	~~2,100~~49	$	~~2,116~~462	$	—	$	~~2,116~~462
Commercial real estate		—501		~~679~~—		~~679~~501		—		~~679~~501
Commercial lessors of buildings		4—		—2		42		—		42
Construction		—		—		—		—		—
Consumer mortgage		~~115~~—		—242		~~115~~242		~~264~~203		~~379~~445
Home equity line of credit		72—		—69		7269		—		7269
Consumer installment		44—		—44		44		—		44
Consumer indirect		78—		—73		7873		—		7873
Total Loans	$	~~329~~914	$	~~2,779~~479	$	31,~~108~~393	$	~~264~~203	$	31,~~372~~596
December 31, 2023
December 31, 2024
Commercial and industrial	$	59413	$	—36	$	59449	$	—	$	59449
Commercial real estate		62497		—4		62501		—		62501
Commercial lessors of buildings		15—		—3		153		—		153
Construction		—		—		—		—		—
Consumer mortgage		~~172~~—		—80		~~172~~80		—486		~~172~~566
Home equity line of credit		—		—71		—71		—		—71
Consumer installment		49—		—48		4948		—		4948
Consumer indirect		39—		—67		3967		—		3967
Total Loans	$	~~396~~910	$	—309	$	~~396~~1,219	$	—486	$	~~396~~1,705

Interest income recognized on nonaccrual loans for the ~~nine~~ three months ended ~~September~~March 3031, 2025 and 2024 was $3312 thousand and $3 thousand, respectively.

Collateral-Dependent Financial Assets

When loan repayment is expected to be provided substantially through the operation or sale of collateral and the borrower is experiencing financial difficulty, expected credit losses are based on the fair value of the collateral. The class of loan represents the primary collateral type associated with the loan. ~~There~~ ~~were no collateral dependent loans as of December 31, 2023.~~ The following table presents the amortized cost basis of collateral dependent loans by class of loan:

	Type of Collateral
(Dollars in thousands)	Real Estate		Blanket Liens
September 30, 2024
March 31, 2025
Commercial and industrial	$	—	$	~~2,100~~413
Commercial real estate		~~679~~501		—
Total collateral dependent loans	$	~~679~~501	$	~~2,100~~413
December 31, 2024
Commercial and industrial	$	—	$	413
Commercial real estate		501		—
Total collateral dependent loans	$	501	$	413

1817

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. This analysis includes all commercial loans before origination and an annual review of those with an outstanding commitment greater than $500 thousand. The Company uses the following definitions for risk ratings:

Pass. Loans classified as pass (Cash Secured, Exceptional, Acceptable, Monitor, or Pass Watch) may exhibit a wide array of characteristics but at a minimum represent an acceptable risk to the Bank. Borrowers in this rating may have leveraged but acceptable balance sheet positions, satisfactory asset quality, stable to favorable sales and earnings trends, acceptable liquidity and adequate cash flow. Loans are considered fully collectible and require an average amount of administration. While generally adhering to credit policy, these loans may exhibit occasional exceptions that do not result in undue risk to the Bank. Borrowers are generally capable of absorbing setbacks, financial and otherwise, without the threat of failure.

Special Mention. Assets assigned a Special Mention grade are not considered classified assets but are considered criticized. These assets exhibit potential weaknesses that, deserve management’s close attention. If left uncorrected, those potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Loans in this rating warrant special attention but have not yet reached the point of concern for loss. These assets have deteriorated sufficiently to the point they would have difficulty refinancing elsewhere. Similarly, purchasers of the business would not be eligible for bank financing unless they represent a significantly stronger credit risk.

Substandard. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

1918

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass rated loans. Based on the most recent analysis performed, the following tables present the recorded investment in non-homogeneous loans by internal risk rating system as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023			~~2021~~2022		~~2020~~2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
September 30, 2024
March 31, 2025
Commercial and industrial:
Pass	$	109,~~904~~083	$	2720,~~773~~089	$	1618,~~018~~905		$	812,~~110~~819	$	36,~~419~~274	$	78,~~527~~303	$	4146,~~362~~982	$	—	$	~~115~~122,~~113~~455
Special mention		61—		~~910~~—		~~2,327~~827			~~915~~2,136		~~429~~708		—146		1,~~768~~012		—		64,~~410~~829
Substandard		—		~~1,972~~474		49,~~471~~653	1		~~729~~3,885		~~127~~574		~~1,054~~791		46,~~249~~730		—		1222,~~602~~107
Doubtful		—		—		—			—		—		—		—		—		—
Total	$	109,~~965~~083	$	3020,~~655~~563	$	2229,~~816~~385		$	918,~~754~~840	$	37,~~975~~556	$	89,~~581~~240	$	4754,~~379~~724	$	—	$	~~134~~149,~~125~~391
YTD gross charge-offs	$	—	$	~~246~~—	$	—		$	22—	$	—	$	—	$	~~3,663~~27	$	—	$	~~3,931~~27
Commercial real estate:
Pass	$	98,~~205~~520	$	2615,~~248~~127	$	4024,~~344~~744		$	4338,~~223~~777	$	1340,~~498~~740	$	2636,~~649~~765	$	~~1,816~~177	$	—	$	~~160~~164,~~983~~850
Special Mention		—		~~208~~—		~~1,256~~—			51,~~268~~128		25,~~036~~148		911,~~752~~640		~~435~~—		—		1817,~~955~~916
Substandard		~~347~~—		~~1,060~~343		~~198~~1,057			~~2,424~~301		82,353		8,~~284~~043		~~2,070~~—		—		1412,~~391~~097
Doubtful		—		—		—			—		—		—		—		—		—
Total	$	98,~~552~~520	$	2715,~~516~~470	$	4125,~~798~~801		$	5040,~~915~~206	$	1548,~~542~~241	$	4456,~~685~~448	$	~~4,321~~177	$	—	$	194,~~329~~863
YTD gross charge-offs	$	—	$	~~420~~—	$	—		$	—	$	—	$	—	$	—	$	—	$	~~420~~—
Commercial lessors of buildings:
Pass	$	187,~~901~~135	$	22,~~185~~230	$	2122,~~768~~935		$	1521,~~468~~247	$	314,~~216~~990	$	1416,~~256~~490	$	~~317~~466	$	—	$	96105,~~111~~493
Special Mention		—		—		—			~~183~~—		—178		—		—		—		~~183~~178
Substandard		—		—		~~562~~—			~~230~~—		~~959~~—		4994		—38		—		1,~~755~~032
Doubtful		—		—		—			—		—		—		—		—		—
Total	$	187,~~901~~135	$	22,~~185~~230	$	22,~~330~~935		$	1521,~~881~~247	$	415,~~175~~168	$	1417,~~260~~484	$	~~317~~504	$	—	$	98106,~~049~~703
YTD gross charge-offs	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Commercial Construction:
Pass	$	72,~~731~~972	$	2916,~~353~~182	$	810,~~486~~188		$	~~784~~7,985	$	~~848~~732	$	~~445~~1,261	$	12,~~962~~240	$	—	$	4941,~~609~~560
Special Mention		—		—		—			—		—		—		—		—		—
Substandard		—		—		—20,500	2		—		—		7573		—		—		7520,573
Doubtful		—		—		—			—		—		—		—		—		—
Total	$	72,~~731~~972	$	2916,~~353~~182	$	830,~~486~~688		$	~~784~~7,985	$	~~848~~732	$	~~520~~1,334	$	12,~~962~~240	$	—	$	4962,~~684~~133
YTD gross charge-offs	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Total
Pass	$	4627,~~741~~710	$	~~105~~73,~~559~~628	$	8676,~~616~~772		$	6780,~~585~~828	$	2062,~~981~~736	$	4862,~~877~~819	$	4549,~~457~~865	$	—	$	~~421~~434,~~816~~358
Special Mention		61—		~~1,118~~—		~~3,583~~827			63,~~366~~264		26,~~465~~034		911,~~752~~786		21,~~203~~012		—		2522,~~548~~923
Substandard		~~347~~—		~~3,032~~817		531,~~231~~210	1, 2		34,~~383~~186		12,~~094~~927		9,~~417~~901		6,~~319~~768		—		2855,~~823~~809
Doubtful		—		—		—			—		—		—		—		—		—
Total	$	4727,~~149~~710	$	~~109~~74,~~709~~445	$	95108,~~430~~809		$	7788,~~334~~278	$	2471,~~540~~697	$	6884,~~046~~506	$	5357,~~979~~645	$	—	$	~~476~~513,~~187~~090
YTD commercial gross charge-offs	$	—	$	~~666~~—	$	—		$	22—	$	—	$	—	$	~~3,663~~27	$	—	$	~~4,351~~27

201 Balances include $3.3 million USDA guarantee.

2 Balances include $16.4 million USDA guarantee.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

	Term Loans Amortized Cost Basis by Origination Year
	2023		2022			2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
	2024		2023			2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
December 31, 2023
December 31, 2024
Commercial and industrial:
Pass	$	3220,~~037~~361	$	2520,~~996~~376		$	1214,~~196~~446	$	57,~~207~~291	$	32,~~388~~920	$	76,~~112~~576	$	4544,~~423~~566	$	—	$	~~131~~116,~~359~~536
Special mention		76—		~~225~~869			~~522~~2,227		33812		33161		65—		31,~~872~~987		—		46,~~826~~056
Substandard		~~782~~—		28,~~968~~479	1		14,~~021~~170		~~1,017~~650		~~106~~109		1,~~416~~107		87,~~630~~269		—		1521,~~940~~784
Doubtful		—		—			—		—		—		—		—		—		—
Total	$	3220,~~895~~361	$	29,~~189~~724		$	1320,~~739~~843	$	68,~~257~~753	$	3,~~527~~190	$	87,~~593~~683	$	5753,~~925~~822	$	—	$	~~152~~144,~~125~~376
YTD gross charge-offs	$	—	$	—1,393		$	—	$	—10	$	—	$	—	$	—4,268	$	—	$	—5,671
Commercial real estate:
Pass	$	2215,~~206~~216	$	3825,~~696~~238		$	5439,~~830~~541	$	1241,~~233~~742	$	1913,~~543~~049	$	2125,~~938~~258	$	~~647~~154	$	—	$	~~170~~160,~~093~~198
Special Mention		~~241~~—		~~1,380~~—			21,~~292~~245		25,~~496~~216		—2,013		~~322~~9,701		—		—		618,~~731~~175
Substandard		~~1,150~~345		—1,252			~~888~~196		—2,211		~~466~~6		118,~~374~~131		—		—		1312,~~878~~141
Doubtful		—		—			—		—		—		—		—		—		—
Total	$	2315,~~597~~561	$	4026,~~076~~490		$	5840,~~010~~982	$	1449,~~729~~169	$	2015,~~009~~068	$	3343,~~634~~090	$	~~647~~154	$	—	$	190,~~702~~514
YTD gross charge-offs	$	—	$	—598		$	—	$	—	$	—	$	—	$	—	$	—	$	—598
Commercial lessors of buildings:
Pass	$	1822,~~353~~287	$	2223,~~762~~003		$	1521,~~455~~576	$	615,~~429~~206	$	3,~~543~~043	$	813,~~934~~792	$	~~360~~384	$	—	$	7599,~~836~~291
Special Mention		—		~~436~~—			~~1,687~~—		—180		~~3,578~~—		—		—		—		~~5,701~~180
Substandard		—		—			—557		~~989~~94		—949		~~161~~59		—38		—		1,~~150~~697
Doubtful		—		—			—		—		—		—		—		—		—
Total	$	1822,~~353~~287	$	23,~~198~~003		$	1722,~~142~~133	$	715,~~418~~480	$	73,~~121~~992	$	913,~~095~~851	$	~~360~~422	$	—	$	82101,~~687~~168
YTD gross charge-offs	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial construction:
Pass	$	2412,~~119~~420	$	149,~~855~~588		$	~~576~~8,084	$	~~272~~818	$	~~281~~845	$	~~256~~431	$	—2,239	$	—	$	4034,~~359~~425
Special Mention		—		~~258~~—			43—		~~635~~—		—		—		—		—		~~936~~—
Substandard		—		—20,500	2		—		30—		80—		—74		—		—		~~110~~20,574
Doubtful		—		—			—		—		—		—		—		—		—
Total	$	2412,~~119~~420	$	1530,~~113~~088		$	~~619~~8,084	$	~~937~~818	$	~~361~~845	$	~~256~~505	$	—2,239	$	—	$	4154,~~405~~999
YTD gross charge-offs	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total
Pass	$	9670,~~715~~284	$	~~102~~78,~~309~~205		$	83,~~057~~647	$	2465,~~141~~057	$	2619,~~755~~857	$	3846,~~240~~057	$	4647,~~430~~343	$	—	$	~~417~~410,~~647~~450
Special Mention		~~317~~—		~~2,299~~869			43,~~544~~472		36,~~164~~208		32,~~611~~174		~~387~~9,701		31,~~872~~987		—		1824,~~194~~411
Substandard		~~1,932~~345		230,~~968~~231	1, 2		14,~~909~~923		2,~~036~~955		~~652~~1,064		129,~~951~~371		87,~~630~~307		—		3156,~~078~~196
Doubtful		—		—			—		—		—		—		—		—		—
Total	$	9870,~~964~~629	$	~~107~~109,~~576~~305		$	8992,~~510~~042	$	2974,~~341~~220	$	3123,~~018~~095	$	5165,~~578~~129	$	5856,~~932~~637	$	—	$	~~466~~491,~~919~~057
YTD commercial gross charge-offs	$	—	$	—1,991		$	—	$	—10	$	—	$	—	$	—4,268	$	—	$	—6,269

211 Balances include $1.9 million USDA guarantee.

2 Balances include $16.4 million USDA guarantee.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

The Company monitors the credit risk profile by payment activity for the loan classes listed below. Loans past due 90 days or more and loans on nonaccrual status are considered nonperforming. The following table presents the amortized cost in consumer loans based on payment activity as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
September 30, 2024
March 31, 2025
Consumer mortgage:
Performing	$	153,~~008~~146	$	2824,~~980~~887	$	3227,~~873~~789	$	3331,~~472~~907	$	2931,~~291~~394	$	3560,~~090~~134	$	—	$	—	$	~~174~~179,~~714~~257
Nonperforming		—		—		—203		—		5276		~~327~~166		—		—		~~379~~445
Total	$	153,~~008~~146	$	2824,~~980~~887	$	3227,~~873~~992	$	3331,~~472~~907	$	2931,~~343~~470	$	3560,~~417~~300	$	—	$	—	$	~~175~~179,~~093~~702
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer Construction:
Performing	$	~~4,136~~570	$	26,~~161~~443	$	~~999~~230	$	~~162~~600	$	99153	$	4269	$	—	$	—	$	78,~~599~~065
Nonperforming		—		—		—		—		—		—		—		—		—
Total	$	~~4,136~~570	$	26,~~161~~443	$	~~999~~230	$	~~162~~600	$	99153	$	4269	$	—	$	—	$	78,~~599~~065
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity line of credit:
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	4445,~~870~~808	$	3668	$	4445,~~906~~876
Nonperforming		—		—		—		—		—		—		7269		—		7269
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	4445,~~942~~877	$	3668	$	4445,~~978~~945
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Performing	$	31,~~487~~146	$	3,~~919~~256	$	12,~~887~~860	$	~~529~~1,362	$	~~265~~383	$	~~185~~315	$	6154	$	—	$	109,~~333~~376
Nonperforming		—		6—		—5		—3		—2		3834		—		—		44
Total	$	31,~~487~~146	$	3,~~925~~256	$	12,~~887~~865	$	~~529~~1,365	$	~~265~~385	$	~~223~~349	$	6154	$	—	$	109,~~377~~420
YTD gross charge-offs	$	1—	$	133	$	183	$	31	$	3—	$	81	$	—	$	—	$	468
Consumer indirect:
Performing	$	~~702~~166	$	~~641~~661	$	~~970~~586	$	~~524~~839	$	~~501~~486	$	2,~~077~~267	$	—	$	—	$	5,~~415~~005
Nonperforming		—		20—		—17		—		—		5856		—		—		7873
Total	$	~~702~~166	$	661	$	~~970~~603	$	~~524~~839	$	~~501~~486	$	2,~~135~~323	$	—	$	—	$	5,~~493~~078
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	60—	$	—	$	—	$	60—
Total
Performing	$	235,~~333~~028	$	35,~~701~~247	$	3631,~~729~~465	$	34,~~687~~708	$	3032,~~156~~416	$	3762,~~394~~785	$	4445,~~931~~862	$	3668	$	~~242~~247,~~967~~579
Nonperforming		—		26—		—225		—3		5278		~~423~~256		7269		—		~~573~~631
Total	$	235,~~333~~028	$	35,~~727~~247	$	3631,~~729~~690	$	34,~~687~~711	$	3032,~~208~~494	$	3763,~~817~~041	$	45,~~003~~931	$	3668	$	~~243~~248,~~540~~210
YTD consumer gross charge-offs	$	1—	$	133	$	183	$	31	$	3—	$	681	$	—	$	—	$	~~106~~8

2221

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

	Term Loans Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
December 31, 2023
December 31, 2024
Consumer mortgage:
Performing	$	2421,~~521~~807	$	3428,~~798~~296	$	3531,~~802~~939	$	32,~~259~~540	$	828,~~931~~571	$	3033,~~408~~859	$	—	$	—	$	~~166~~177,~~719~~012
Nonperforming		—		—		—359		—76		—51		~~172~~80		—		—		~~172~~566
Total	$	2421,~~521~~807	$	3428,~~798~~296	$	3532,~~802~~298	$	32,~~259~~616	$	828,~~931~~622	$	3033,~~580~~939	$	—	$	—	$	~~166~~177,~~891~~578
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer construction:
Performing	$	57,~~463~~511	$	~~1,477~~657	$	~~264~~810	$	~~483~~159	$	8186	$	4140	$	—	$	—	$	79,~~809~~263
Nonperforming		—		—		—		—		—		—		—		—		—
Total	$	57,~~463~~511	$	~~1,477~~657	$	~~264~~810	$	~~483~~159	$	8186	$	4140	$	—	$	—	$	79,~~809~~263
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity line of credit:
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	4344,~~223~~865	$	4635	$	4344,~~269~~900
Nonperforming		—		—		—		—		—		—		—71		—		—71
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	4344,~~223~~936	$	4635	$	4344,~~269~~971
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Performing	$	53,~~705~~660	$	3,~~067~~427	$	~~981~~1,630	$	~~513~~443	$	~~118~~209	$	~~184~~165	$	6863	$	—	$	109,~~636~~597
Nonperforming		—		—6		—3		—3		—		—36		—		—		—48
Total	$	53,~~705~~660	$	3,~~067~~433	$	~~981~~1,633	$	~~513~~446	$	~~118~~209	$	~~184~~201	$	6863	$	—	$	109,~~636~~645
YTD gross charge-offs	$	23	$	1223	$	1920	$	5	$	24	$	610	$	—	$	—	$	4665
Consumer indirect:
Performing	$	~~858~~766	$	~~1,086~~611	$	~~622~~923	$	~~568~~499	$	~~607~~484	$	21,~~128~~926	$	—	$	—	$	5,~~869~~209
Nonperforming		—		318		—		—		81—		449		—		—		8867
Total	$	~~858~~766	$	~~1,089~~629	$	~~622~~923	$	~~568~~499	$	~~688~~484	$	21,~~132~~975	$	—	$	—	$	5,~~957~~276
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	6660	$	—	$	—	$	6660
Total
Performing	$	3633,~~547~~744	$	4032,~~428~~991	$	3735,~~669~~302	$	33,~~823~~641	$	929,~~737~~350	$	3235,~~761~~990	$	4344,~~291~~928	$	4635	$	~~234~~245,~~302~~981
Nonperforming		—		324		—362		—79		8151		~~176~~165		—71		—		~~260~~752
Total	$	3633,~~547~~744	$	4033,~~431~~015	$	3735,~~669~~664	$	33,~~823~~720	$	929,~~818~~401	$	3236,~~937~~155	$	4344,~~291~~999	$	4635	$	~~234~~246,~~562~~733
YTD consumer gross charge-offs	$	23	$	1223	$	1920	$	5	$	24	$	7270	$	—	$	—	$	~~112~~125

Consumer mortgages are substantially secured by one to four family owner occupied properties and consumer indirect loans are substantially secured by recreational vehicles. All nonperforming consumer loans are evaluated when placed on nonaccrual status and may be charged down based on the collateral fair value less cost to sell if that value is lower than the outstanding balance. As of ~~September~~March 3031, ~~2024~~2025 there ~~was~~were ~~one~~two ~~loan~~loans secured by consumer real estate totaling $30168 thousand in process of foreclosure.

Modifications to Borrowers Experiencing Financial Difficulty

Occasionally, the Bank modifies loans to borrowers in financial distress by providing – principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Bank may provide multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.

InThere ~~some~~were ~~cases,~~no ~~the~~modifications ~~Bank may provide multiple types~~ of ~~concessions~~loans onto ~~one~~borrowers ~~loan.~~in ~~Typically,~~financial ~~one~~distress ~~type~~completed ofduring ~~concession, such as a term extension, is granted initially. If~~ the ~~borrower~~three ~~continues~~months toended ~~experience~~March ~~financial difficulty~~31, ~~another~~2025 ~~concession,~~and ~~such as principal forgiveness, may be granted~~2024.

~~There were no modifications of loans to borrowers in financial distress completed during the nine months ended September 30, 2024 and 2023.~~ 22

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 4 – SHORT-TERM BORROWINGS

The following table provides additional detail regarding repurchase agreements and the related collateral accounted for as secured borrowings.

	Remaining Contractual MaturityOvernight and Continuous
	September 30,		December 31,
	March 31,		December 31,
(Dollars in thousands)	~~2024~~2025		~~2023~~2024
Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value	$	1925,~~276~~026	$	3625,~~002~~745
Repurchase agreements		1924,~~224~~981		3525,~~843~~683

NOTE 5 – FAIR VALUE MEASUREMENTS

The Company provides disclosures about assets and liabilities carried at fair value. The framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. The three broad levels of the fair value hierarchy are described below:


Level I:	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.
Level II:	Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by corroborated or other means. If the asset or liability has a specified (contractual) term, the Level II input must be observable for substantially the full term of the asset or liability.
Level III:	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

2423

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 5 – FAIR VALUE MEASUREMENTS (CONTINUED)

The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 by level within the fair value hierarchy. No liabilities are carried at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities or identical securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost adjusted for impairment and observable price changes and are not included in the table below.

(Dollars in thousands)	Level I		Level II		Level III		Total
September 30, 2024
March 31, 2025
Assets:
Securities available-for-sale
U.S. Treasury securities	$	~~13,353~~—	$	—11,968	$	—	$	1311,~~353~~968
U.S. Government agencies		—		135,~~618~~768		—		135,~~618~~768
Mortgage-backed securities of government agencies		—		5863,~~164~~300		—		5863,~~164~~300
Asset-backed securities of government agencies		—		~~407~~388		—		~~407~~388
State and political subdivisions		—		1614,~~717~~322		—		1614,~~717~~322
Corporate bonds		—		2923,~~459~~682		—		2923,~~459~~682
Total available-for-sale securities	$	~~13,353~~—	$	~~118~~119,~~365~~428	$	—	$	~~131~~119,~~718~~428
Equity securities	$	~~201~~220	$	—	$	—	$	~~201~~220
December 31, 2023
December 31, 2024
Assets:
Securities available-for-sale
U.S. Treasury securities	$	~~17,689~~—	$	—13,414	$	—	$	1713,~~689~~414
U.S. Government agencies		—		135,~~152~~698		—		135,~~152~~698
Mortgage-backed securities of government agencies		—		6562,~~045~~698		—		6562,~~045~~698
Asset-backed securities of government agencies		—		~~523~~398		—		~~523~~398
State and political subdivisions		—		1614,~~586~~246		—		1614,~~586~~246
Corporate bonds		—		2728,~~085~~980		—		2728,~~085~~980
Total available-for-sale securities	$	~~17,689~~—	$	~~122~~125,~~391~~434	$	—	$	~~140~~125,~~080~~434
Equity securities	$	~~213~~221	$	—	$	—	$	~~213~~221

25The following methods and assumptions were used by the Company in determining the fair value of assets measured at fair value on a nonrecurring basis as described below:

Individually evaluated collateral dependent loans: Loans that are collateral dependent are written down to fair value through the establishment of specific reserves. Techniques used to value the collateral securing these loans include: quoted market prices for identical assets classified as Level I inputs; observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included unobservable inputs and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 5 – FAIR VALUE MEASUREMENTS (CONTINUED)

The following ~~methods~~table ~~and~~presents ~~assumptions~~the ~~were~~assets ~~used~~measured byon ~~the~~a ~~Company~~nonrecurring inbasis ~~determining~~on the consolidated balance sheet at their fair value as of ~~assets~~March ~~measured~~31, at2025 ~~fair~~and ~~value~~December on31, a2024, ~~nonrecurring~~by ~~basis~~level aswithin ~~described~~the ~~below:~~fair value hierarchy.


(Dollars in thousands)	Level I		Level II		Level III		Total
March 31, 2025
Individually evaluated collateral dependent loans recorded at fair value:
Commercial and industrial	$	—	$	—	$	413	$	413
Commercial real estate		—		—		501		501
Total individually evaluated collateral dependent loans recorded at fair value:	$	—	$	—	$	914	$	914

December 31, 2024
Individually evaluated collateral dependent loans recorded at fair value:
Commercial and industrial	$	—	$	—	$	413	$	413
Commercial real estate		—		—		501		501
Total individually evaluated collateral dependent loans recorded at fair value:	$	—	$	—	$	914	$	914

The following table presents the assets measured on a nonrecurring basis on the consolidated balance sheet at their fair value as of September 30, 2024, by level within the fair value hierarchy. There were no individually evaluated collateral dependent loans at December 31, 2023.

(Dollars in thousands)	Level I		Level II		Level III		Total
September 30, 2024
Individually evaluated collateral dependent loans recorded at fair value:
Commercial and industrial	$	—	$	—	$	1,577	$	1,577
Commercial real estate		—		—		679		679
Total individually evaluated collateral dependent loans recorded at fair value:	$	—	$	—	$	2,256	$	2,256

NOTE 6 – FAIR VALUES OF FINANCIAL INSTRUMENTS

The estimated fair values of recognized financial instruments carried at amortized cost as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 are as follows:

(Dollars in thousands)	CarryingValue		Level I		Level II		Level III		Fair Value
September 30, 2024
March 31, 2025
Financial assets
Securities held-to-maturity	$	~~211~~200,~~655~~000	$	~~9,818~~—	$	~~175~~172,~~829~~478	$	—	$	~~185~~172,~~647~~478
Loans held for sale	$	509	$	519	$	—	$	—	$	519
Net loans		753,266		—		—		720,101		720,101
Net loans		712,378		—		—		677,583		677,583
Mortgage servicing rights		621		—		—		621		621
Mortgage servicing rights		614		—		—		614		614
Financial liabilities
Deposits	$	1,070,~~531~~777	$	~~830~~808,~~206~~652	$	—	$	~~239~~264,~~880~~084	$	1,~~070~~072,~~086~~736
Other borrowings		1,~~296~~236		—		—		1,~~171~~104		1,~~171~~104
December 31, 2023
December 31, 2024
Financial assets
Securities held-to-maturity	$	~~226~~204,~~279~~309	$	~~9,507~~—	$	~~185~~172,~~223~~603	$	—	$	~~194~~172,~~730~~603
Net loans		694,797		—		—		663,510		663,510
Loans held for sale	$	283	$	290	$	—	$	—	$	290
Mortgage servicing rights		600		—		—		600		600
Net loans		730,046		—		—		691,816		691,816
Mortgage servicing rights		621		—		—		621		621
Financial liabilities
Deposits	$	1,~~027~~044,~~427~~887	$	~~835~~801,~~847~~634	$	—	$	~~193~~242,~~126~~413	$	1,~~028~~044,~~973~~047
Other borrowings		1,~~754~~266		—		—		1,~~546~~111		1,~~546~~111

Other financial instruments carried at amortized cost include cash and cash equivalents, restricted stock, bank-owned life insurance, accrued interest receivable, short-term borrowings, and accrued interest payable, all of which have a Level I fair value that approximates their carrying value. The Company also has unrecognized financial instruments on ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, related to commitments to extend credit and letters of credit. The aggregate contract amount of such financial instruments was approximately $297 million on March 31, 2025 and $289 million on December 31, 2024.

2625

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

and letters of credit. The aggregate contract amount of such financial instruments was approximately $287 million on September 30, 2024 and $282 million on December 31, 2023.

NOTE 6 – FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED)

The fair value estimates of financial instruments are made at a specific point in time based on relevant market information. Since no ready market exists for a significant portion of the financial instruments, fair value estimates are largely based on judgments after considering such factors as future expected credit losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates.

Note 7- ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents the changes in accumulated other comprehensive loss by component net of tax for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:

(Dollars in thousands)	Pretax			Tax Effect			After-tax
Three Months Ended September 30, 2024
Three Months Ended March 31, 2025
Balance, beginning of period	$	(1210,~~765~~657	)	$	2,~~680~~237		$	(108,~~085~~420	)
Unrealized holding gain on available-for-sale securities arising during the period		31,~~409~~565			(~~716~~328	)		21,~~693~~237
Amortization of held-to-maturity discount resulting from transfer		4840			(108	)		3832
Total other comprehensive income		31,~~457~~605			(~~726~~336	)		21,~~731~~269
Balance, end of period	$	(9,~~308~~052	)	$	1,~~954~~901		$	(7,~~354~~151	)
Nine Months Ended September 30, 2024
Three Months Ended March 31, 2024
Balance, beginning of period	$	(12,999	)	$	2,729		$	(10,270	)
Unrealized holding gain on available-for-sale securities arising during the period		3,556			(747	)		2,809
Unrealized holding loss on available-for-sale securities arising during the period		(144	)		30			(114	)
Amortization of held-to-maturity discount resulting from transfer		~~135~~41			(288	)		~~107~~33
Total other comprehensive income		3,691			(775	)		2,916
Total other comprehensive loss		(103	)		22			(81	)
Balance, end of period	$	(913,~~308~~102	)	$	12,~~954~~751		$	(710,~~354~~351	)
Three Months Ended September 30, 2023
Balance, beginning of period	$	(16,856	)	$	3,540		$	(13,316	)
Unrealized holding loss on available-for-sale securities arising during the period		(1,127	)		237			(890	)
Amortization of held-to-maturity discount resulting from transfer		50			(11	)		39
Total other comprehensive loss		(1,077	)		226			(851	)
Balance, end of period	$	(17,933	)	$	3,766		$	(14,167	)
Nine Months Ended September 30, 2023
Balance, beginning of period	$	(16,354	)	$	3,435		$	(12,919	)
Unrealized holding loss on available-for-sale securities arising during the period		(1,722	)		361			(1,361	)
Amortization of held-to-maturity discount resulting from transfer		143			(30	)		113
Total other comprehensive loss		(1,579	)		331			(1,248	)
Balance, end of period	$	(17,933	)	$	3,766		$	(14,167	)

2726

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis focuses on the consolidated financial condition of the Company on ~~September~~March 3031, ~~2024~~2025 as compared to December 31, ~~2023~~2024, and the consolidated results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 compared to the same ~~periods~~period in ~~2023~~2024. The purpose of this discussion is to provide the reader with a more thorough understanding of the Consolidated Financial Statements. This discussion should be read in conjunction with the interim condensed Consolidated Financial Statements and related footnotes contained in Part I, Item 1 of this Quarterly Report.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report are not historical facts but rather are forward-looking statements that are subject to certain risks and uncertainties. When used herein, the terms “anticipates”, “plans”, “expects”, “believes”, and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions, interest rate environment, competitive conditions in the financial services industry, changes in law, governmental policies and regulations, and rapidly changing technology affecting financial services. Other factors not currently anticipated may also materially and adversely affect the Company’s results of operations, cash flows, and financial position. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in this report are reasonable, the reader should not place undue reliance on any forward-looking statement.

The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by applicable law.

FINANCIAL CONDITION

Total assets increased $3027 million to $1.2122 billion at ~~September~~March 3031, ~~2024~~2025 compared to $1.1819 billion at December 31, ~~2023~~2024. During the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, securities decreased $2310 million, net loans increased $1823 million, and cash and cash equivalents increased $3215 million. Deposits and short-term borrowings increased $2625 million.

Net loans increased $1823 million, or 3%, as commercial and commercial real estate loans increased $115 million, or ~~less than 1~~3%, compared to December 31, ~~2023~~2024 and residential real estate loans increased $82 million, or 51%, from December 31, ~~2023~~2024. Construction loans increased $86 million, or 169%, from December 31, ~~2023~~2024. Consumer refinance activity ~~slowed~~remains ~~from~~slow ~~previous periods~~ on mortgage loans, while home purchase activity ~~remained~~remains stable despite limited inventory, and home equity line balances increased by $21 million. Residential mortgage loan originations, including home equity lines, for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 totaled $3911 million, aan ~~slight~~ increase from $389 million in mortgage originations during the ~~nine~~three months ended ~~September~~March 3031, ~~2023~~2024. Mortgage loan originations sold into the secondary market ~~were~~increased slightly to $71.5 million ~~and~~from $31.2 million, respectively during the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024. The Bank originates and sells primarily fixed rate thirty-year mortgages into the secondary market.

The allowance for credit losses for loans increased $~~617~~379 thousand from December 31, ~~2023~~2024 to $~~7.2~~8 million. A previously identified commercial lending relationship totaling $6.4 million experienced credit deterioration and was placed on nonaccrual during the second quarter 2024 while the company was being offered for sale. On July 23, 2024 the bank was notified that the borrower's company would cease operations. The credit was charged down in third quarter 2024 by $4.1 million as the liquidation of assets is in process.

28The increase in the allowance was primarily due to the volume increase in loans originated. Net charge-offs were $29 thousand, or an annualized 0.02% of average loans, in the current three-month period compared to net charge-offs of $74 thousand, or 0.04% of average loans in the year-ago three-month period. At March 31, 2025, the allowance for credit losses to total loans was 1.05%. We believe the allowance level is appropriate given the level of problem loans and composition of the overall loan portfolio in the current economic environment.

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Net~~Nonperforming ~~charge-offs~~loans ~~were~~decreased $4109 thousand to $1.36 million, or ~~an annualized~~ 0.8121%, of ~~average~~total loans, infrom ~~the current nine-month period compared to net recoveries of~~ $~~125~~1.7 ~~thousand~~million, or (0.0323%) of ~~average~~total loans, inon ~~the~~December ~~year-ago~~31, ~~nine-month period~~2024. AtFor ~~September~~the ~~30,~~three ~~2024,~~months ~~the~~ended ~~allowance~~March ~~for~~31, ~~credit~~2025, ~~losses~~$224 tothousand ~~total~~in loans ~~was~~were ~~1%.~~placed Weon ~~believe~~nonaccrual ~~the~~status, ~~allowance~~$22 ~~level~~thousand isin ~~appropriate~~paydowns ~~given~~were ~~the~~received, ~~level of problem loans~~ and ~~composition~~$27 ofthousand ~~the~~in ~~overall~~loans ~~loan~~were ~~portfolio~~charged-off indue ~~the~~to ~~current economic environment~~non-payment.

Nonperforming loans increased $3 million to $3.4 million, or 0.47%, of total loans from $396 thousand, or 0.06% of total loans, on December 31, 2023. For the nine months ended September 30, 2024, $7 million in loans were placed on nonaccrual status, $253 thousand in paydowns were received, and $4.1 million in loans were charged-off due to non-payment.


	March 31,			December 31,			March 31,
(Dollars in thousands)	2025			2024			2024
Non-performing loans	$	1,596		$	1,705		$	361
Other real estate		—			—			—
Repossessed assets		—			14			—
Allowance for credit losses		7,974			7,595			7,136
Total loans		761,240			737,641			710,822
Allowance for credit losses as a percentage of total loans		1.05	%		1.03	%		1.00	%
Allowance for credit losses to total nonperforming loans		500	%		445	%		1,977	%

	September 30,			December 31,			September 30,
(Dollars in thousands)	2024			2023			2023
Non-performing loans	$	3,372		$	396		$	260
Other real estate		—			—			—
Repossessed assets		—			—			—
Allowance for credit losses		7,224			6,607			6,691
Total loans		719,602			701,404			680,949
Allowance for credit losses as a percentage of total loans		1.00	%		0.94	%		0.98	%
Allowance for credit losses to total nonperforming loans		214	%		1,668	%		2,573	%

The ratio of gross loans to deposits was 71% at March 31, 2025 and December 31, 2024.

The ~~ratio~~Company ofhas ~~gross~~no ~~loans~~exposure to ~~deposits~~government-sponsored ~~was~~enterprise ~~67%~~preferred atstocks, ~~September~~collateralized 30debt obligations, ~~2024~~or trust preferred securities. Management has considered industry analyst reports, sector credit reports, and the volatility within the bond market in concluding that the gross unrealized losses of $35 million within the available-for-sale and held-to-maturity portfolios as of March 31, 2025, was primarily the result of current market yields compared to ~~68%~~the yields at ~~December~~the time the investments were purchased by the Company and not due to credit quality. As a result, all embedded security losses on March 31, ~~2023.~~2025, are considered temporary and no allowance for credit loss is necessary.

The ~~Company~~weighted ~~has~~average nolife ~~exposure~~of tototal ~~government-sponsored enterprise preferred stocks, collateralized~~ debt ~~obligations,~~securities orwas ~~trust preferred securities~~5.44 ~~Management~~years ~~has~~at ~~considered~~March ~~industry analyst reports~~31, ~~sector~~2025 ~~credit~~as ~~reports,~~compared ~~and~~to ~~the~~5.14 ~~volatility~~years ~~within~~at ~~the~~December ~~bond~~31, ~~market~~2024. If ininterest ~~concluding~~rates ~~that~~declined ~~the~~100 ~~gross~~basis ~~unrealized~~points, ~~losses~~the ofweighted ~~$34~~average ~~million~~life ~~within~~was ~~the~~estimated ~~available-for-sale~~to ~~and~~fall ~~held-~~to~~-maturity~~ ~~portfolios~~5.16 asyears ofat ~~September~~March 3031, ~~2024,~~2025. If ~~was~~interest ~~primarily~~rates ~~the~~rose ~~result~~100 ofbasis ~~current~~points ~~market yields compared to~~ the ~~yields~~weighted ataverage ~~the~~life ~~time~~would ~~the~~be ~~investments~~expected ~~were~~to ~~purchased~~increase ~~by the Company and not due~~ to ~~credit quality~~5.70 Asyears aat ~~result,~~March ~~all embedded security losses on September 30~~31, ~~2024, are considered temporary and no allowance for credit loss is necessary~~2025.

~~The~~Deposits ~~weighted~~increased ~~average~~$26 ~~life~~million, ofor ~~total~~2%, ~~debt~~from ~~securities~~December ~~was~~31, ~~5.23~~2024 ~~years~~with atnoninterest-bearing ~~September~~deposits 30increasing approximately $2 million, ~~2024~~or less than 1%, and interest-bearing deposit accounts increasing approximately $24 million, or 3%. Total deposits as ~~compared~~of toMarch 531, 2025 are $1.0907 ~~years~~billion, ator ~~December~~6%, above March 31, ~~2023~~2024 deposit balances. If ~~interest~~On ~~rates~~a ~~declined~~year ~~100~~over ~~basis~~year ~~points~~comparison, ~~the~~increases ~~weighted~~were ~~average~~recognized ~~life~~in ~~was~~noninterest-bearing ~~estimated~~demand todeposits ~~fall~~of to$5 ~~4.98~~million, ~~years~~savings ataccounts ~~September~~of 30$2 million, ~~2024~~money market accounts of $9 million, and 4time deposits of $50 million.98 ~~years~~Decreases atwere ~~December~~recognized ~~31,~~in ~~2023~~interest bearing demand accounts of $6 million. If ~~interest~~Deposits ~~rates~~have ~~rose~~increased ~~100~~as ~~basis~~customers ~~points~~move ~~the~~excess ~~weighted~~liquid ~~average~~funds ~~life~~into ~~would~~money bemarket ~~expected~~accounts toand ~~increase~~time certificates of deposit to 5take advantage of the increased interest rates.42 ~~years~~The atestimated ~~September~~amount 30of uninsured deposits was $262 million, ~~2024~~$244 million, and ~~5.16~~$249 ~~years~~million atas of March 31, 2025, December 31, ~~2023~~2024, and March 31, 2024, respectively.

~~Deposits~~Short-term ~~increased~~borrowings ~~$43~~consisting ~~million,~~of orovernight ~~4%,~~repurchase ~~from~~agreements ~~December 31, 2023~~ with ~~noninterest-bearing~~retail ~~deposits~~customers ~~decreasing~~decreased ~~approximately~~ $15702 ~~million~~thousand, or 53%, ~~and~~to ~~interest-bearing deposit accounts increasing approximately~~ $5825 million, orat ~~8%.~~March ~~Total~~31, ~~deposits~~2025 as ofcompared ~~September~~to 30December 31, 2024 ~~are~~as ~~$1.07~~customers ~~billion,~~moved ormoney ~~5%,~~into ~~above~~higher ~~September 30, 2023 deposit balances. On a year over year comparison, decreases were recognized in noninterest-bearing demand deposits of $13 million,~~ interest ~~bearing~~rate ~~demand accounts of $19 million, and savings accounts of $7 million. Increases were recognized in~~ money market ~~accounts of $29 million,~~ and time ~~deposits of $63 million. Deposits have increased as customers move excess liquid funds into money market accounts and time certificates of~~ deposit ~~to take advantage of the increased interest rates~~accounts. Other ~~The~~borrowings ~~estimated~~decreased ~~amount of uninsured deposits was~~ $~~275~~30 ~~million,~~thousand ~~$254 million, and $267 million~~ as ofthe ~~September~~Company ~~30,~~repaid ~~2024,~~FHLB ~~December 31, 2023, and September 30, 2023, respectively~~advances.

~~Short-term~~Total ~~borrowings~~shareholders’ ~~consisting~~equity amounted to $118 million, or 9.7%, of ~~overnight~~total ~~repurchase~~assets ~~agreements~~at ~~with~~March ~~retail~~31, ~~customers~~2025, ~~decreased~~an increase of $173.5 million, or 463%, tofrom $19115 million at ~~September~~December 3031, 2024. asThe ~~compared~~increase in shareholders’ equity during the three months ended March 31, 2025 was due to ~~December~~net income of $3.6 million, other comprehensive income of $1.3 million, less cash dividends of $1.1 million, and treasury stock repurchases of $328 thousand. Total accumulated other comprehensive loss ("AOCL") decreased during the three months ended March 31, ~~2023~~2025 due to decreases in interest rates and improvements in pricing in government agency and corporate bonds as ~~customers~~AFS ~~moved~~securities ~~money~~are ~~into~~marked ~~higher~~to fair value. This remaining unrealized loss in securities is temporary and is adjusted monthly for additional interest rate ~~money~~fluctuations, ~~market~~principal ~~and~~paydowns, ~~time~~calls, ~~deposit~~and ~~accounts~~maturities. ~~Other~~ ~~borrowings~~The ~~decreased~~Company ~~$458~~and ~~thousand~~the Bank met all regulatory capital requirements at March 31, 2025 as shown in the ~~Company~~Capital ~~repaid~~Resources ~~FHLB~~section ~~advances~~of this report.

Total shareholders’ equity amounted to $115 million, or 9.5%, of total assets at September 30, 2024, an increase of $7 million, or 7%, from $108 million at December 31, 2023. The increase in shareholders’ equity during the nine months ended September 30, 2024 was due to net income of $7.7 million, other comprehensive income of $3 million, less cash dividends of $3 million, and treasury stock repurchase of $397 thousand. Total accumulated other comprehensive loss ("AOCL") decreased during the nine months ended September 30, 2024 due to decreases in interest rates and improvements in pricing in government agency and corporate bonds as AFS securities are marked to fair market value. This remaining unrealized 28

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

loss in securities is temporary and is adjusted monthly for additional interest rate fluctuations, principal paydowns, calls, and maturities. The Company and the Bank met all regulatory capital requirements at September 30, 2024 as shown in the Capital Resources section of this report.

RESULTS OF OPERATIONS

Three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024

For the quarters ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, the Company recorded net income of $3.16 million and $32.59 million and $1.1837 and $1.3010 per share, respectively. The $~~300~~683 thousand ~~decrease~~increase in net income for the period was primarily the result of the provision for credit losses and off-balance sheet commitments of $~~700~~402 thousand compared to the provision for credit losses in the prior year period of $~~177~~1.2 ~~thousand~~million. The increase of $~~377~~533 thousand in net interest income ~~and~~partially offset by a $~~104~~76 thousand ~~increase~~decrease in ~~noninteret~~noninterest income ~~was~~and ~~offset by~~ a $~~388~~339 thousand increase in noninterest expenses. The federal income tax provision ~~decreased~~increased $94185 thousand. Pre-provision net revenue ("PPNR"), (a non-GAAP measure), totaled $4.69 million for the quarter ended ~~September~~March 3031, ~~2024~~2025, an increase of $93118 thousand, or 2.5%, from the prior year's ~~third~~first quarter.

Return on average assets and return on average equity were 1.0522% and 1112.1458%, respectively, for the three-month period of ~~2024~~2025, compared to 1.1902% and 1310.6384%, respectively for the same quarter in ~~2023~~2024.

Average Balance Sheets and Net Interest Margin Analysis

	For the Three Months Ended September 30,
	For the Three Months Ended March 31,
	2024								2023
	2025								2024
(Dollars in thousands)	Averagebalance1		Interest			Averagerate2			Averagebalance1		Interest			Averagerate2
ASSETS
Federal Funds Sold	$	~~446~~386	$	64			54.3520	%	$	—321	$	—4			—5.01	%
Interest-earning deposits in other banks		5748,~~543~~237		~~783~~532			54.4147			3827,~~669~~393		~~531~~365			5.4536
Taxable securities		~~327~~310,~~234~~210		1,~~782~~795			2.1735			~~360~~345,~~868~~613		1,~~910~~890			2.1020
Tax-exempt securities 4		1916,~~053~~787		~~111~~95			2.3230			2119,~~859~~083		~~130~~112			2.36
Loans 3,4		~~723~~755,~~129~~863		10,~~542~~886			5.8084			~~675~~705,~~283~~294		910,~~181~~227			5.3983
Total interest-earning assets		1,~~127~~131,~~405~~483		13,~~224~~312			4.6777	%		1,~~096~~097,~~679~~704		1112,~~752~~598			4.2562	%
Noninterest-earning assets		6366,~~632~~320								6562,~~350~~957
TOTAL ASSETS	$	1,~~191~~197,~~037~~803							$	1,~~162~~160,~~029~~661
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand deposits	$	~~226~~210,~~551~~759	$	~~527~~358			0.9369	%	$	~~256~~231,~~223~~707	$	~~689~~563			10.0798	%
Savings deposits		~~310~~312,~~596~~084		~~933~~729			10.2095			~~292~~297,~~706~~125		~~662~~781			01.9006
Time deposits		~~231~~250,~~530~~360		2,~~438~~440			43.1995			~~169~~202,~~766~~700		1,~~420~~956			3.3288
Borrowed funds		2527,~~732~~653		7873			1.2107			35,~~618~~051		~~110~~108			1.2324
Total interest-bearing liabilities		~~794~~800,~~409~~856		3,~~976~~600			1.9982	%		~~754~~766,~~313~~583		23,~~881~~408			1.5279	%
Noninterest-bearing demand deposits		~~279~~275,~~537~~331								~~301~~279,~~440~~212
Other liabilities		45,~~739~~062								46,~~982~~029
Shareholders' Equity		~~112~~116,~~352~~554								~~101~~108,~~294~~837
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,~~191~~197,~~037~~803							$	1,~~162~~160,~~029~~661
Taxable equivalent net interest income, (Non-GAAP)			$	9,~~248~~712							$	89,~~871~~190
Tax equivalent adjustment 4				(3431	)							(3442	)
Net interest income, (GAAP)			$	9,~~214~~681							$	89,~~837~~148
Net interest margin, (GAAP)							3.2547	%							3.2035	%
Tax equivalent adjustment 4							0.01								0.0102
Net interest margin-taxable equivalent, (Non-GAAP)							3.2648	%							3.2137	%
Taxable equivalent net interest spread							2.6895	%							2.7383	%

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

1 Average balances have been computed on an average daily basis.

2 Average rates have been computed based on the amortized cost of the corresponding asset or liability.

3 Average loan balances include nonaccrual loans.

4 Taxable equivalent adjustments have been computed assuming a 21% tax rate in ~~2024~~2025 and ~~2023~~2024 (non-GAAP).

Interest income for the quarter ended September 30, 2024, was $13.2 million representing a $1.5 million, or 13% increase, compared to the same period in 2023. This increase was primarily due to increased interest rates and increased volumes on loans and interest-earning deposits in other banks. These increases were partially offset by the volume decreases in taxable securities to the comparable period. Average interest-earning deposit rates decreased 4 basis points while loan rates rose 41 basis points, and taxable securities' interest rates rose 7 basis points for the quarter ended September 30, 2024 as compared to the same period in 2023. Interest expense for the quarter ended September 30, 2024 was $4 million, an increase of $1.1 million, or 38%, from the same quarter in 2023. The increase in interest expense occurred primarily due to the increase in interest rates and volume increases of money market and time deposit accounts for the quarter ended September 30, 2024. 29

For the quarter ended September 30, 2024, the bank recognized net charge-offs of $4 million, compared to $119 thousand net recoveries for the same quarter in 2023. The provision for credit losses on loans in the current quarter of $645 thousand, compared to a provision of $13 thousand in the same quarter ended 2023. The company recorded a $55 thousand provision for credit loss on off-balance commitments in the third quarter 2024 compared to a $164 thousand provision in the third quarter of 2023. The quarter increase results primarily from a single commercial credit facility that ceased operations on July 23, 2024. The credit facility has been charged down by $4.1 million with the company's assets being liquidated through the court system which increased the historical loss component of the calculation.

Economic indicators reflect a leveling off in residential real estate prices and increases in unemployment rates. The provision for credit losses is determined based on management’s calculation of the adequacy of the allowance for credit losses, which includes provisions for classified loans as well as for the remainder of the portfolio based on historical data, including past charge-offs and current economic trends.

Noninterest income increased $104 thousand, or 6%, compared to third quarter of 2023. The increase was primarily the result of a $59 thousand increase in gain on sale of mortgage loans to the secondary market, a $28 thousand increase in the unrealized gain on equity securities, a $24 thousand increase in earnings on bank owned life insurance, and a $15 thousand increase in trust and brokerage fees. Offsetting decreases were recognized in service charges related to deposit overdraft fees and credit card fees.

Noninterest expense increased $388 thousand, or 6%, from third quarter 2023. Salary and employee benefit costs increased $227 thousand, or 7%, compared to the prior year quarter with increases in base salary, insurance, and social security taxes. Marketing and public relation costs increased $38 thousand, or 31%, with increases in community related activities. Professional and directors’ fees increased $25 thousand, or 7%, state financial institutions tax increased $24 thousand, or 13%, due to the increase in capital. Debit card expenses increased $7 thousand, or 4%, primarily with increases in processing. Software expense increased $13 thousand, or 3%. Equipment expense increased $25 thousand, or 13%, with increasing costs of maintenance contracts and repairs. The Company’s third quarter efficiency ratio increased to 58.2% compared to 57.0% in the prior year.

Federal income tax expense decreased $94 thousand, or 11%, for the quarter ended September 30, 2024 as compared to the third quarter 2023. The provision for income taxes was $756 thousand (effective rate of 19.4%) for the quarter ended September 30, 2024, compared to $850 thousand (effective rate of 19.6%) for the same quarter ended 2023.

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~RESULTS~~Interest OFincome ~~OPERATIONS~~for the quarter ended March 31, 2025, was $13.3 million representing a $725 thousand, or 6% increase, compared to the same period in 2024. This increase was primarily due to higher average balances of loans and interest-earning deposits in other banks. These increases were partially offset by the volume decreases in taxable securities to the comparable period. Rates on average interest-earning deposits in other banks decreased 89 basis points, while loan rates rose 1 basis point, and taxable securities' interest rates increased 15 basis points for the quarter ended March 31, 2025 as compared to the same period in 2024. Interest expense for the quarter ended March 31, 2025 was $3.6 million, an increase of $192 thousand, or 6%, from the same quarter in 2024. The increase in interest expense occurred primarily due to volume increases in money market and time deposit accounts as well as the increase in rates on time deposit accounts for the quarter ended March 31, 2025.

~~Nine~~For ~~months~~the quarter ended ~~September~~March 3031, 2025, the bank recognized net charge-offs of $29 thousand, compared to $74 thousand net charge-offs for the same quarter in 2024. The provision for credit losses on loans in the current quarter of $408 thousand, ~~and~~compared ~~2023~~to a provision of $603 thousand in the same quarter ended 2024. The company recorded a $6 thousand recovery for credit loss expense on off-balance commitments in the first quarter 2025 compared to a $549 thousand provision in the first quarter of 2024. The quarter increase results primarily from the increase in loan volume during first quarter 2025.

~~For~~Economic ~~the~~indicators ~~nine~~reflect ~~months~~a ~~ended~~leveling ~~September~~off ~~30,~~in ~~2024,~~residential ~~and~~real ~~2023,~~estate ~~the~~prices ~~Company recorded net income of $7.7 million~~ and ~~$11.1~~increases ~~million~~in ~~and~~unemployment $2rates.89 ~~and $4.12 per share, respectively.~~ The ~~$3.4~~provision ~~million~~for ~~decrease~~credit inlosses ~~net~~is ~~income~~determined ~~for~~based ~~the~~on ~~nine-month~~management’s ~~period~~calculation ~~was~~of ~~primarily~~ the ~~result~~adequacy of the ~~provision~~allowance for credit losses, ~~and~~which ~~off-balance~~includes ~~sheet~~provisions ~~commitments~~for ofclassified ~~$4.7~~loans ~~million~~as ~~compared~~well toas ~~the provision~~ for ~~credit losses in~~ the ~~prior~~remainder ~~year period~~ of $286 thousand and an increase in noninterest expenses of $576 thousand. These decreases to net income were partially offset by an increase in noninterest income of $256 thousand and an increase in net interest income of $491 thousand. PPNR totaled $14.2 million for the ~~nine~~portfolio ~~months~~based ~~ended~~on ~~September~~historical 30data, ~~2024,~~including anpast ~~increase~~charge-offs ofand ~~$171~~current ~~thousand,~~economic ~~or 1%, from the prior year's nine months~~trends.

~~The~~Noninterest ~~federal~~ income ~~tax~~decreased ~~provision was~~ $~~918~~76 thousand, ~~lower~~or ~~during~~4%, ~~the~~compared ~~nine-month~~to ~~period~~first inquarter ~~2024~~of ~~than in 2023~~2024. ~~Return~~The ondecrease ~~average~~was ~~assets~~primarily ~~and~~the ~~return~~result onof ~~average~~a ~~equity~~$116 ~~were~~thousand ~~0.88%~~decrease ~~and~~in ~~9.30%,~~trust ~~respectively~~services, ~~for~~partially ~~the~~offset ~~nine~~by ~~months~~a ~~ended September 30, 2024, compared to 1.~~$28% ~~and~~thousand ~~14.85%,~~increase ~~respectively~~in ~~for~~ the ~~same~~earnings ~~period~~on inbank ~~2023~~owned life insurance.

	For the Nine Months Ended September 30,
	2024								2023
(Dollars in thousands)	Averagebalance1		Interest			Averagerate2			Averagebalance1		Interest			Averagerate2
ASSETS
Federal Funds Sold	$	405	$	16			5.28	%	$	—	$	—			—	%
Interest-earning deposits in other banks		37,354		1,521			5.44			40,272		1,520			5.05
Taxable securities		335,669		5,489			2.18			368,510		5,867			2.13
Tax-exempt securities 4		19,045		335			2.35			22,045		387			2.35
Loans 3,4		715,205		30,998			5.79			657,698		25,874			5.26
Total interest-earning assets		1,107,678		38,359			4.63	%		1,088,525		33,648			4.13	%
Noninterest-earning assets		63,478								65,024
TOTAL ASSETS	$	1,171,156							$	1,153,549
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand deposits	$	226,334	$	1,583			0.93	%	$	247,530	$	1,810			0.98	%
Savings deposits		303,117		2,541			1.12			303,250		1,784			0.79
Time deposits		217,131		6,563			4.04			144,539		2,890			2.67
Borrowed funds		29,957		275			1.23			34,289		267			1.04
Total interest-bearing liabilities		776,539		10,962			1.89	%		729,608		6,751			1.24	%
Noninterest-bearing demand deposits		278,678								319,218
Other liabilities		5,463								5,185
Shareholders' Equity		110,476								99,538
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,171,156							$	1,153,549
Taxable equivalent net interest income, (Non-GAAP)			$	27,397							$	26,897
Tax equivalent adjustment 4				(110	)							(101	)
Net interest income, (GAAP)			$	27,287							$	26,796
Net interest margin, (GAAP)							3.29	%							3.29	%
Tax equivalent adjustment 4							0.01								0.01
Net interest margin-taxable equivalent, (Non-GAAP)							3.30	%							3.30	%
Taxable equivalent net interest spread							2.74	%							2.89	%

Noninterest expense increased $339 thousand, or 6%, from first quarter 2024. Salary and employee benefit costs increased $228 thousand, or 7%, compared to the prior year quarter with increases in base salary, insurance, and social security taxes. Occupancy expense costs increased $73 thousand, or 26%, with increases in snow removal costs. Professional and directors’ fees increased $81 thousand, or 24%, state financial institutions tax increased $14 thousand, or 6%, due to the increase in capital. Debit card expenses increased $22 thousand, or 12%, primarily with increases in processing. Software expense decreased $25 thousand, or 6%, and equipment expense decreased $18 thousand, or 8%. The Company’s first quarter efficiency ratio increased to 56.8% compared to 56.0% in the prior year.

1Federal ~~Average~~income ~~balances~~tax ~~have~~expense ~~been~~increased ~~computed~~$185 onthousand, anor ~~average~~27%, ~~daily~~for ~~basis~~the quarter ended March 31, 2025 as compared to the first quarter 2024. The provision for income taxes was $878 thousand (effective rate of 19.5%) for the quarter ended March 31, 2025, compared to $693 thousand (effective rate of 19.1%) for the same quarter ended 2024.

2 Average rates have been computed based on the amortized cost of the corresponding asset or liability.

3 Average loan balances include nonaccrual loans.

4 Taxable equivalent adjustments have been computed assuming a 21% tax rate in 2024 and 2023 (non-GAAP).

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Interest income for the nine months ended September 30, 2024, was $38 million representing a $5 million increase, or 14%, compared to the same period in 2023. This increase was primarily due to volume and yield increases on loans along with rate increases on interest-earning deposits in other banks and taxable securities for the period ended September 30, 2024, as compared to the same period in 2023. Interest expense for the nine months ended September 30, 2024, was $11 million, an increase of $4 million, or 62%, from the same period in 2023. The increase in interest expense occurred primarily due to an increase in rates on most interest-bearing liabilities for the nine months ended September 30, 2024, as well as a shift in balances into higher rate time deposits.

For the nine months ended September 30, 2024, the provision for credit losses and off-balance sheet was $5 million, compared to $286 thousand for the same period in 2023. For more discussion see Results of Operations, three months. The provision for credit losses is determined based on management’s calculation of the adequacy of the allowance for credit losses, which includes provisions for classified loans as well as for the remainder of the portfolio based on historical data, including past charge-offs and current economic trends.

Noninterest income for the nine months ended September 30, 2024, was $5.3 million, an increase of $256 thousand, or 5%, compared to the same period in 2023. Fees from trust and brokerage services increased $182 thousand for the period due to a one time fee collected in the first quarter. The gain on the sale of mortgage loans to the secondary market increased $109 thousand to $215 thousand for the nine months ended September 30, 2024, as improved pricing for smaller balance mortgage loans attracted buyers and some mortgage loan refinancing. Earnings on bank owned life insurance policies increased $65 thousand for the period. Service charges on deposit accounts decreased $52 thousand, or 6%, compared to the same period in 2023 primarily from decreases in overdraft fees. Credit card fee income decreased $51 thousand, or 10%.

Noninterest expenses for the nine months ended September 30, 2024, increased $576 thousand, or 3%, compared to the same period in 2023. Professional and director fees increased $87 thousand for the nine months ended September 30, 2024, as compared to the same period in 2023.Debit card expense increased $74 thousand, or 15%, primarily due to processing increases. Financial institutions tax increased $72 thousand, or 13%, based on increased capital. Occupancy and equipment expenses increased $70 thousand over the same period in 2023 with an increase in maintenance expense. Salaries and employee benefits increased $69 thousand, or less than 1%. Marketing and public relations expense increased $49 thousand, or 13%, with increases in community related activities. Software increased $35 thousand, or 3%.

Federal income tax expense decreased $918 thousand, or 34%, for the nine months ended September 30, 2024, as compared to the same period in 2023. The provision for income taxes was $1.8 million (effective rate of 18.9%) for the nine months ended September 30, 2024, compared to $2.7 million (effective rate of 19.7%) for the same period ended 2023.

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAPITAL RESOURCES

The Company maintained a strong capital position with tangible common equity to tangible assets of 9.24% at ~~September~~March 3031, ~~2024~~2025 compared with 89.83% at December 31, ~~2023~~2024.

Consistent with the Board of Director’s commitment to public confidence and safe and sound banking operations, capital targets and minimum risk-based capital ratios for CSB were established to maintain excess capital to well-capitalized standards. To be considered well-capitalized, an institution must have a total risk-based capital ratio of at least 10%, a tier 1 capital ratio of at least 8%, a leverage capital ratio of at least 5%, a common equity tier 1 (“CET1”) ratio of at least 6.5% and must not be subject to any order or directive requiring the institution to improve its capital level. An adequately capitalized institution has a total risk-based capital ratio of at least 8%, a tier 1 capital ratio of at least 6%, a CET1 ratio of at least 4.5%, and a leverage ratio of at least 4%.

Failure to meet specified minimum capital requirements could result in regulatory actions by the Federal Reserve or Ohio Division of Financial Institutions that could have a material effect on the Company’s financial condition or results of operations. Management believes there were no material changes to capital resources as presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. As of September 30~~, 2024, the Company and the Bank met all capital adequacy requirements to which they were subject.~~

	Capital Ratios
	September 30,2024			December 31,2023
Total Capital To Risk Weighted Assets Ratio
Consolidated		16.5	%		16.3	%
Bank		16.4			16.2
Tier 1 Capital To Risk Weighted Assets Ratio
Consolidated		15.5			15.3
Bank		15.4			15.2
Common Equity Tier 1 Capital To Risk Weighted Assets
Consolidated		15.5			15.3
Bank		15.4			15.2
Tier 1 Leverage Ratio
Consolidated		9.8			9.6
Bank		9.8			9.5

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Failure to meet specified minimum capital requirements could result in regulatory actions by the Federal Reserve or Ohio Division of Financial Institutions that could have a material effect on the Company’s financial condition or results of operations. Management believes there were no material changes to capital resources as presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. As of March 31, 2025, the Company and the Bank met all capital adequacy requirements to which they were subject.


	Capital Ratios
	March 31, 2025			December 31, 2024
Total Capital To Risk Weighted Assets Ratio
Consolidated		16.5	%		16.4	%
Bank		16.4			16.3

Tier 1 Capital To Risk Weighted Assets Ratio
Consolidated		15.4			15.3
Bank		15.3			15.2

Common Equity Tier 1 Capital To Risk Weighted Assets
Consolidated		15.4			15.3
Bank		15.3			15.2

Tier 1 Leverage Ratio
Consolidated		10.1			9.7
Bank		10.0			9.7

LIQUIDITY

(Dollars in thousands)	~~September~~March 3031,~~2024~~2025			December 31,~~2023~~2024			Change
Cash and cash equivalents	$	9588,~~643~~486		$	6473,~~077~~509		$	3114,~~566~~977
Available from FHLB		~~122~~127,~~367~~542			~~128~~126,~~198~~334			(51,~~831~~208	)
Unpledged AFS securities at fair market value		~~131~~117,~~718~~215			~~127~~123,~~387~~155			4(5,~~331~~940	)
	$	~~349~~333,~~728~~243		$	~~319~~322,~~662~~998		$	3010,~~066~~245
Net deposits and short-term liabilities	$	1,~~087~~093,~~530~~668		$	1,~~051~~068,~~156~~413		$	3625,~~374~~255
Liquidity ratio		3130.94	%		30.42	%		10.52		%
Minimum board approved liquidity ratio		20.0	%		20.0	%

Liquidity refers to the Company’s ability to generate sufficient cash to fund current loan demand, meet deposit withdrawals, pay operating expenses, and meet other obligations. Liquidity is monitored by the Company’s Asset Liability Committee. Other sources of liquidity include, but are not limited to, purchases of federal funds, advances from the FHLB, adjustments of interest rates to attract deposits, brokered deposits, and borrowing at the Federal Reserve discount window. Additionally, the Company could sell all of its AFS securities and the loss would not cause a change in the capital adequacy classification. Management believes its sources of liquidity are adequate to meet cash flow obligations for the foreseeable future.

CSB BANCORP, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements (as such term is defined in applicable Securities and Exchange Commission (the “Commission”) rules) that are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures, or capital resources.

PER SHARE DATA

Earnings per share is computed based on the weighted average number of shares of common stock outstanding during each year. The company currently maintains a simple capital structure, thus, there are no dilutive effects on earnings per share.

The weighted average number of common shares outstanding for earnings per share computations was as follows:

Three Months Ended

~~Nine Months Ended~~

September 30,

March 31,

(Dollars in thousands, except per share data)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Net income

3,~~145~~616

32,~~481~~933

~~7,693~~

~~11,059~~

Weighted average common shares outstanding

2,~~661~~644,~~474~~543

2,~~675~~665,~~967~~277

~~2,663,737~~

~~2,682,872~~

Earnings per share, basic and diluted

1.1837

1.3010

~~2.89~~

~~4.12~~

3532

CSB BANCORP, INC.

~~CONTROLS~~QUANTITATIVE AND ~~PROCEDURES~~QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Ohio's unemployment rate ~~rose~~continues to 4.rise to 5.1% in ~~September~~March ~~2024~~2025 which was up from 34.74% in December ~~2023~~2024. Holmes County, where the bank is headquartered, is reporting an unemployment rate of 3.29% in ~~September~~March ~~2024~~2025. Of the counties within the bank's footprint, Stark County reported the highest unemployment rate at 45.46%, while Tuscarawas, ~~and~~ Wayne, and Medina Counties posted unemployment rates of 5.4%, 4.07% and 3.56% respectively in ~~September~~March ~~2024~~2025. The rate of inflation, as measured by the Consumer Price Index, decreased to 2.4% on a year over year basis at ~~September~~March ~~2024~~2025, following average inflation rates of 2.9% in 2024, 4.1% in 2023 and 8.0% in 2022. The rate continues to be above the Federal Reserve target rate of 2%. The Federal Reserve ~~began~~reduced ~~to reduce~~ the federal funds target rate ~~by 0.50%~~ in ~~September~~ 2024, ~~and again~~ by ~~0.25~~1% ~~in November 2024,~~ to a range of 4.5025% to 4.7550%.

Management performs a quarterly analysis of the Company’s interest rate risk over a twenty-four-month horizon. The analysis includes two balance sheet models, one based on a static balance sheet and one on a dynamic balance sheet with projected growth in assets and liabilities. All balance sheet positions, and interest rate projections are currently within the Company’s board-approved policy for both the twelve- month and twenty-four-month periods.

The following table presents an analysis of the estimated sensitivity of the Company’s annual net interest income to sudden and sustained -400 through +400 basis point changes, in 100 basis point increments, in market interest rates at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024. The net interest income reflected is for the first twelve-month period of the modeled twenty-four-month horizon. The underlying balance sheet for illustrative purposes is dynamic with projected growth in assets and liabilities.

September 30, 2024
March 31, 2025
(Dollars in thousands)
Change inInterest Rates(basis points)		Net Interest Income		DollarChange			PercentageChange				Board PolicyLimits
+ 400		$	4144,~~634~~062	$	~~1,256~~945			32.12		%	± 25	%
+ 300			4143,~~325~~824		~~947~~707			21.36			± 15
+ 200			4143,~~023~~597		~~645~~480			1.61			± 10
+ 100			4043,~~715~~367		~~337~~250			0.86			± 5
	0		4043,~~378~~117		—			—
– 100			3942,~~929~~740		(~~449~~377	)		(10.19	)		± 5
– 200			3942,~~390~~319		(~~988~~798	)		(21.49	)		± 10
– 300			3841,~~882~~724		(1,~~496~~393	)		(3.72	)		± 15
– 400			3841,~~538~~145		(1,~~840~~972	)		(4.6	)		± 25
December 31, 2023
December 31, 2024
+ 400		$	3942,~~184~~231	$	~~(266~~1,333	)		(03.73	)	%	± 25	%
+ 300			3941,~~264~~902		~~(186~~1,004	)		(02.5	)		± 15
+ 200			3941,~~340~~571		~~(110~~673	)		(01.37	)		± 10
+ 100			3941,~~394~~237		~~(56~~339	)		(0.19	)		± 5
	0		3940,~~450~~898		—			—
– 100			3940,~~201~~432		(~~249~~466	)		(01.61	)		± 5
– 200			3840,~~951~~089		(~~499~~809	)		(12.30	)		± 10
– 300			3839,~~718~~553		(~~732~~1,345	)		(13.93	)		± 15
– 400			38,~~494~~988		(~~956~~1,910	)		(2.4.7	)		± 25

3633

CSB BANCORP, INC.

CONTROLS AND PROCEDURES

ITEM 4 - CONTROLS AND PROCEDURES

With the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, the Company has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that:

(a)

information required to be disclosed by the Company in this Quarterly Report on Form 10-Q would be accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure;

(b)

information required to be disclosed by the Company in this Quarterly Report on Form 10-Q would be recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms; and

(c)

the Company’s disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that material information relating to the Company and its consolidated subsidiary is made known to them, particularly during the period for which the Company’s periodic reports, including this Quarterly Report on Form 10-Q, are being prepared.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes during the period covered by this Quarterly Report on Form 10-Q in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

3734

CSB BANCORP, INC.

FORM 10-Q

~~Quarter~~QUARTER ~~ended~~ENDED ~~September~~MARCH 3031, ~~2024~~2025

PART II – OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS.

In the opinion of management there are no outstanding legal proceedings that are reasonably likely to have a material adverse effect on the company’s financial condition or results of operations.

ITEM 1A - RISK FACTORS.

Not required for Smaller Reporting Companies.

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

(a)

Not applicable

(b)

Not applicable

(c)

The following table provides information about repurchases of common stock by the Company during the quarter ended ~~September~~March 3031, ~~2024~~2025:

Period	Total Number of Common Shares Purchased		Average Price Paid per Common Share		Total Number of Shares Purchased as Part of Publicly Announced Authorization		Maximum Number of Remaining Shares that May be Purchased as Part of Publicly Announced Authorization
July 1, 2024 - July 31, 2024		1,465		37.60		1,465		57,227
January 1, 2025 - January 31, 2025		4,978		36.98		4,978		39,879
August 1, 2024 - August 31, 2024		2,935		37.52		2,935		54,292
February 1, 2025 - February 28, 2025		1,039		38.14		1,039		38,840
September 1, 2024 - September 30, 2024		200		37.46		200		54,092
March 1, 2025 - March 31, 2025		2,525		41.34		2,525		36,315
Total for quarter		48,~~600~~542				48,~~600~~542		5436,~~092~~315

On March 2, 2021, CSB Bancorp, Inc. filed Form 8-K with the Commission announcing that its Board of Directors approved a Stock Repurchase Program authorizing the repurchase of up to 5% of the Company’s common shares, or 137,117 of the Company’s outstanding shares. Repurchases may be made from time to time as market and business conditions warrant, in the open market, through block purchases, and in negotiated private transactions.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

ITEM 4 - MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5 - OTHER INFORMATION.

Not applicable.

3835

CSB BANCORP, INC.

FORM 10-Q

~~Quarter~~QUARTER ~~ended~~ENDED ~~September~~MARCH 3031, ~~2024~~2025

PART II – OTHER INFORMATION

ITEM 6 - Exhibits.

ExhibitNumber		Description of Document
3.1		Amended Articles of Incorporation of CSB Bancorp, Inc. (incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q filed August 6, 2004, Exhibit 3.1, film number 04958544).
3.1.1		Amended form of Article Fourth of Amended Articles of Incorporation, as effective April 9, 1998 (incorporated by reference to registrant’s Annual Report on Form 10-K filed on March 30, 1999, Exhibit 3.1.1, film number 99579179).
3.2		Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to the Registrant’s Form 10-SB).
3.2.1		Amended Article VIII of the Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form DEF 14a filed on March 25, 2009, Appendix A, film number 09703970).
3.2.2		Amended Article II of the Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form DEF 14a file on March 16, 2021, Appendix A, film number 21747059).
3.2.3		Amended Article III of the Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to Registrant's Form DEF 14a file on March 16, 2023, Appendix A, film number 23738842).
4.0		Description of Capital Stock (incorporated by reference to registrants Annual Report on Form 10-K filed on March 16, 2020, Exhibit 4.0, film number 20717009).
31.1		Rule 13a-14(a)/15d-14(a) Chief Executive Officer’s Certification.
31.2		Rule 13a-14(a)/15d-14(a) Chief Financial Officer’s Certification.
32.1		Section 1350 Chief Executive Officer’s Certification.
32.2		Section 1350 Chief Financial Officer’s Certification.
101		The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2024~~2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Changes in Shareholders' Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

3936

CSB BANCORP, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CSB BANCORP, INC.
		(Registrant)
Date:	~~November~~May 1413, ~~2024~~2025	/s/ Eddie L. Steiner
		Eddie L. Steiner
		President
		Chief Executive Officer
Date:	~~November~~May 1413, ~~2024~~2025	/s/ Paula J. Meiler
		Paula J. Meiler
		Senior Vice President
		Chief Financial Officer

4037

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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