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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: March 31, 2026


☐	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

     OTCID

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 May 1, 2026, the registrant had 2,627,015 shares of common stock, $6.25 par value per share, outstanding.

CSB BANCORP, INC.

FORM 10-Q

QUARTER ENDED March 31, 2026

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	28
ITEM 3 –	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	34
ITEM 4 –	CONTROLS AND PROCEDURES	35

	Part II - Other Information
ITEM 1 –	Legal Proceedings	36
ITEM 1A –	Risk Factors	36
ITEM 2 –	Unregistered Sales of Equity Securities and Use of Proceeds	36
ITEM 3 –	Defaults upon Senior Securities	36
ITEM 4 –	Mine Safety Disclosures	36
ITEM 5 –	Other Information	36
ITEM 6 –	Exhibits	37
	Signatures	38

CSB BANCORP, INC.

PART I – FINANCIAL INFORMATION

ITEM 1. – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31,			December 31,
(Dollars in thousands, except per share data)	2026			2025
ASSETS
Cash and cash equivalents
Cash and due from banks	$	17,738		$	17,731
Interest-earning deposits in other banks		35,444			81,332
Federal funds sold		2,026			247
Total cash and cash equivalents		55,208			99,310
Securities
Available-for-sale, at fair value		128,831			132,217
Held-to-maturity; fair value of $156,463 in 2026 and $161,052 in 2025 ($0 credit loss allowance for 2026 and 2025)		179,155			183,145
Equity securities		302			279
Restricted stock, at cost		1,645			1,645
Total securities		309,933			317,286
Loans held for sale		546			213
Loans		852,718			829,778
Less allowance for credit losses		12,947			12,470
Net loans		839,771			817,308
Premises and equipment, net		13,663			13,577
Bank-owned life insurance		31,423			31,168
Goodwill		4,728			4,728
Accrued interest receivable and other assets		10,231			9,146
TOTAL ASSETS	$	1,265,503		$	1,292,736

LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest-bearing	$	272,934		$	288,947
Interest-bearing		828,887			838,968
Total deposits		1,101,821			1,127,915
Short-term borrowings		27,648			31,517
Other borrowings		892			917
Allowance for credit losses on off-balance sheet commitments		607			596
Accrued interest payable and other liabilities		5,332			5,511
TOTAL LIABILITIES		1,136,300			1,166,456
SHAREHOLDERS' EQUITY
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,627,015 shares in 2026 and 2025		18,629			18,629
Additional paid-in capital		9,815			9,815
Retained earnings		115,461			112,146
Treasury stock at cost: 353,587 shares in 2026 and 2025		(9,293	)		(9,293	)
Accumulated other comprehensive loss		(5,409	)		(5,017	)
TOTAL SHAREHOLDERS' EQUITY		129,203			126,280
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,265,503		$	1,292,736

See notes to unaudited consolidated financial statements.

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2026		2025
INTEREST AND DIVIDEND INCOME
Loans, including fees	$	12,526	$	10,875
Taxable securities		1,962		1,795
Nontaxable securities		64		75
Other		418		536
Total interest and dividend income		14,970		13,281
INTEREST EXPENSE
Deposits		3,438		3,527
Short-term borrowings		63		67
Other borrowings		4		6
Total interest expense		3,505		3,600
NET INTEREST INCOME		11,465		9,681
CREDIT LOSS EXPENSE
Provision for credit loss expense - loans		484		408
Provision for (recovery of) credit loss expense - off-balance sheet commitments		11		(6	)
Total provision for credit loss expense		495		402
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE		10,970		9,279
NONINTEREST INCOME
Service charges on deposit accounts		306		295
Trust services		318		278
Debit card interchange fees		543		515
Credit card fees		191		150
Gain on sale of loans, net		52		49
Earnings on bank owned life insurance		255		216
Unrealized gain on equity securities		24		—
Other income		183		193
Total noninterest income		1,872		1,696
NONINTEREST EXPENSES
Salaries and employee benefits		4,233		3,697
Occupancy expense		348		356
Equipment expense		208		206
Professional and director fees		458		413
Financial institutions tax		253		230
Marketing and public relations		131		105
Software expense		521		403
Debit card expense		208		211
FDIC insurance expense		147		150
Other expenses		798		710
Total noninterest expenses		7,305		6,481
Income before income taxes		5,537		4,494
FEDERAL INCOME TAX PROVISION		1,093		878
NET INCOME	$	4,444	$	3,616
Basic and diluted net earnings per share	$	1.69	$	1.37

See notes to unaudited consolidated financial statements

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended March 31,
(Dollars in thousands)	2026			2025
Net income	$	4,444		$	3,616
Other comprehensive (loss) income
Unrealized (loss) gain on available-for-sale securities arising during the period		(532	)		1,565
Amortization of held-to-maturity discount resulting from transfer		36			40
Income tax effect at 21%		104			(336	)
Other comprehensive (loss) income		(392	)		1,269
Total comprehensive income	$	4,052		$	4,885

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)	Common stock		Additional paid-in capital		Retained earnings			Treasury stock			Accumulated other comprehensive loss			Total
Three Months Ended March 31, 2026
Balance at beginning of period	$	18,629	$	9,815	$	112,146		$	(9,293	)	$	(5,017	)	$	126,280
Net income		—		—		4,444			—			—			4,444
Other comprehensive loss		—		—		—			—			(392	)		(392	)
Cash dividends declared, $0.43 per share		—		—		(1,129	)		—			—			(1,129	)
Balance at March 31, 2026	$	18,629	$	9,815	$	115,461		$	(9,293	)	$	(5,409	)	$	129,203
Three Months Ended March 31, 2025
Balance at beginning of period	$	18,629	$	9,815	$	103,105		$	(8,294	)	$	(8,420	)	$	114,835
Net income		—		—		3,616			—			—			3,616
Other comprehensive income		—		—		—			—			1,269			1,269
Purchase of 8,542 treasury shares		—		—		—			(328	)		—			(328	)
Cash dividends declared, $0.40 per share		—		—		(1,057	)		—			—			(1,057	)
Balance at March 31, 2025	$	18,629	$	9,815	$	105,664		$	(8,622	)	$	(7,151	)	$	118,335

See notes to unaudited consolidated financial statements.

CSB BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
(Dollars in thousands)	2026			2025
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	3,402		$	3,053
INVESTING ACTIVITIES
Securities:
Proceeds from repayments, available-for-sale		6,777			9,587
Proceeds from repayments, held-to-maturity		3,961			4,280
Purchases, available-for-sale		(3,942	)		(2,084	)
Loan (originations) and payments, net		(22,840	)		(23,538	)
Property, equipment, and software acquisitions		(343	)		(94	)
Net cash used in investing activities		(16,387	)		(11,849	)
FINANCING ACTIVITIES
Net (decrease) increase in deposits		(26,094	)		25,890
Net change in short-term borrowings		(3,869	)		(702	)
Repayment of other borrowings		(25	)		(30	)
Cash dividends paid		(1,129	)		(1,057	)
Purchase of treasury shares		—			(328	)
Net cash (used in) provided by financing activities		(31,117	)		23,773
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(44,102	)		14,977
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		99,310			73,509
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	55,208		$	88,486
SUPPLEMENTAL DISCLOSURES
Cash paid during the year for:
Interest	$	3,512		$	3,599
Income taxes		—			—

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 March 31, 2026, 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, 2025, 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 March 31, 2026 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 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.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments – Credit Losses (Topic 326), which amends the guidance in Topic 326 to expand the population of acquired financial assets subject to the gross-up approach to include loans (excluding credit cards) that are acquired without credit deterioration and deemed “seasoned.” All non-purchased credit deteriorated loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-purchased credit deteriorated loans (excluding credit cards) are considered to be seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. ASU 2025-08 should be applied prospectively and is effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. Early adoption is permitted. This Update is not expected to have an impact on the Company’s financial statements.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 2 – SECURITIES

Securities consisted of the following on March 31, 2026 and December 31, 2025:


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
March 31, 2026
Available-for-sale
U.S. Treasury securities	$	6,011	$	1	$	(2	)	$	—	$	6,010
U.S. Government agencies		3,000		—		(76	)		—		2,924
Mortgage-backed securities of government agencies		99,359		117		(4,894	)		—		94,582
Asset-backed securities of government agencies		342		—		(8	)		—		334
State and political subdivisions		11,651		1		(491	)		—		11,161
Corporate bonds		14,160		6		(346	)		—		13,820
Total available-for-sale		134,523		125		(5,817	)		—		128,831
Held-to-maturity
U.S. Treasury securities		5,404		—		(324	)		—		5,080
Mortgage-backed securities of government agencies		171,272		—		(22,251	)		—		149,021
State and political subdivisions		2,479		—		(117	)		—		2,362
Total held-to-maturity		179,155		—		(22,692	)		—		156,463
Equity securities		185		117		—			—		302
Restricted stock		1,645		—		—			—		1,645
Total securities	$	315,508	$	242	$	(28,509	)	$	—	$	287,241
December 31, 2025
Available-for-sale
U.S. Treasury securities	$	5,010	$	10	$	—		$	—	$	5,020
U.S. Government agencies		3,000		—		(92	)		—		2,908
Mortgage-backed securities of government agencies		103,198		290		(4,579	)		—		98,909
Asset-backed securities of government agencies		355		—		(8	)		—		347
State and political subdivisions		11,660		—		(433	)		—		11,227
Corporate bonds		14,154		7		(355	)		—		13,806
Total available-for-sale		137,377		307		(5,467	)		—		132,217
Held-to-maturity
U.S. Treasury securities		5,397		—		(321	)		—		5,076
Mortgage-backed securities of government agencies		175,261		32		(21,717	)		—		153,576
State and political subdivisions		2,487		—		(87	)		—		2,400
Total held-to-maturity		183,145		32		(22,125	)		—		161,052
Equity securities		185		94		—			—		279
Restricted stock		1,645		—		—			—		1,645
Total securities	$	322,352	$	433	$	(27,592	)	$	—	$	295,193

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 2 – SECURITIES (continued)

The amortized cost and fair value of debt securities on March 31, 2026, 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	$	11,045	$	10,953
Due after one through five years		21,394		20,770
Due after five through ten years		13,632		12,414
Due after ten years		88,452		84,694
Total debt securities available-for-sale	$	134,523	$	128,831
Held-to-maturity
Due in one year or less	$	2,496	$	2,465
Due after one through five years		3,926		3,571
Due after five through ten years		1,521		1,467
Due after ten years		171,212		148,960
Total debt securities held-to-maturity	$	179,155	$	156,463

Securities with a fair value of approximately $133 million were pledged on March 31, 2026 and $134 million on December 31, 2025, 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 $1.1 million on March 31, 2026 and December 31, 2025. Federal Reserve Bank stock was $471 thousand on March 31, 2026 and December 31, 2025.

There were no proceeds from sales of securities for the three-month periods ended March 31, 2026 and 2025. All gains and losses recognized on equity securities during the three-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 March 31, 2026 and December 31, 2025:


	Securities in a continuous unrealized loss position
	Less than 12 months					12 months or more					Total
(Dollars in thousands)	Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value
March 31, 2026
Available-for-sale
U.S. Treasury securities	$	(2	)	$	1,000	$	—		$	—	$	(2	)	$	1,000
U.S. Government agencies		—			—		(76	)		2,924		(76	)		2,924
Mortgage-backed securities of government agencies		(242	)		39,995		(4,652	)		37,178		(4,894	)		77,173
Asset-backed securities of government agencies		—			—		(8	)		334		(8	)		334
State and political subdivisions		(3	)		1,902		(488	)		8,442		(491	)		10,344
Corporate bonds		—			—		(346	)		12,064		(346	)		12,064
Total temporarily impaired	$	(247	)	$	42,897	$	(5,570	)	$	60,942	$	(5,817	)	$	103,839

December 31, 2025
Available-for-sale
U.S. Government agencies	$	—		$	—	$	(92	)	$	2,908	$	(92	)	$	2,908
Mortgage-backed securities of government agencies		(4	)		6,713		(4,575	)		38,734		(4,579	)		45,447
Asset-backed securities of government agencies		—			—		(8	)		347		(8	)		347
State and political subdivisions		(2	)		1,518		(431	)		8,508		(433	)		10,026
Corporate bonds		—			—		(355	)		12,049		(355	)		12,049
Total temporarily impaired	$	(6	)	$	8,231	$	(5,461	)	$	62,546	$	(5,467	)	$	70,777

There were 93 securities in an unrealized loss position on March 31, 2026, 76 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 $104 million of total AFS securities. The remaining $25 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 $7 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)

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 March 31, 2026, 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 March 31, 2026 and December 31, 2025, aggregated by credit quality indicator:


(Dollars in thousands)	U.S. Treasury securities		Mortgage- backed securities of government agencies		State and political subdivisions
March 31, 2026
Credit rating:
AAA / AA / A	$	5,404	$	171,272	$	2,479
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	5,404	$	171,272	$	2,479

December 31, 2025
Credit rating:
AAA / AA / A	$	5,397	$	175,261	$	2,487
BBB / BB / B		—		—		—
Lower than B		—		—		—
Non-rated		—		—		—
Total	$	5,397	$	175,261	$	2,487

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS

Loans consisted of the following on March 31, 2026 and December 31, 2025:


(Dollars in thousands)	March 31, 2026			December 31, 2025
Commercial and industrial	$	157,968		$	152,657
Commercial real estate		256,019			255,911
Commercial lessors of buildings		121,711			114,010
Construction		50,370			47,982
Consumer mortgage		197,436			193,298
Home equity line of credit		54,815			52,616
Consumer installment		10,185			9,019
Consumer indirect		4,188			4,366
Total loans		852,692			829,859
Allowance for credit losses		(12,947	)		(12,470	)
Deferred loan fees, net		26			(81	)
Net Loans	$	839,771		$	817,308

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.

CSB BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 – LOANS (CONTINUED)

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. These loans are generally based upon estimates of costs and values 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 project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of the 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 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 $129 million and $132 million on March 31, 2026 and December 31, 2025, 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 surrounding counties. The majority of the Company’s loan portfolio consists of commercial and commercial real estate loans. Credit evaluation is based on a review of cash flow coverage of principal, interest payments, and the adequacy of the collateral received.

The top five collateral exposures in commercial real estate and commercial lessors of buildings at March 31, 2026 are as follows: Industrial, manufacturing and production $79 million; healthcare facilities $47 million; warehouse $39 million; residential investment property $34 million; and animal feed production $25 million.

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, 2026 and 2025. 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, 2026, the additional provision for credit losses for home equity lines of credit was caused by the increased risk associated with forecasted economic conditions affecting the consumer. The increased provision related to loans in the commercial lessors of building category, is due to increased volume, and for commercial real estate loans the increase is due to the higher historical loss rate of loans in this category. The increase in provision amounts for the remaining loan categories primarily relates to changes in loan volume.

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)


(Dollars in thousands)	Beginning ACL Balance		Charge-offs			Recoveries		Provision (Recovery) for Credit Losses			Ending ACL Balance
Three Months Ended March 31, 2026
Commercial and industrial	$	6,886	$	—		$	—	$	32		$	6,918
Commercial real estate		2,394		—			—		135			2,529
Commercial lessors of buildings		1,314		—			—		114			1,428
Construction		524		—			—		25			549
Consumer mortgage		838		—			2		3			843
Home equity line of credit		227		—			—		152			379
Consumer installment		84		(13	)		3		36			110
Consumer indirect		203		—			1		(13	)		191
	$	12,470	$	(13	)	$	6	$	484		$	12,947

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

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		30-59 Days Past Due		60-89 Days Past Due		90 Days + Past Due		Total Past Due		Total Loans
March 31, 2026
Commercial and industrial	$	157,968	$	—	$	—	$	—	$	—	$	157,968
Commercial real estate		256,019		—		—		—		—		256,019
Commercial lessors of buildings		121,711		—		—		—		—		121,711
Construction		50,351		19		—		—		19		50,370
Consumer mortgage		197,010		18		57		351		426		197,436
Home equity line of credit		54,563		252		—		—		252		54,815
Consumer installment		10,166		12		7		—		19		10,185
Consumer indirect		4,171		17		—		—		17		4,188
Total Loans	$	851,959	$	318	$	64	$	351	$	733	$	852,692

December 31, 2025
Commercial and industrial	$	152,589	$	48	$	20

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

CSB Bancorp, Inc. 10-Q