As filed with the Securities and Exchange Commission on May 8, 2026

Registration No. 333-294289

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

PRE-EFFECTIVE AMENDMENT NO. 2 TO THE

FORM S-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

CSB Financial Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	6036	41-4994538
(State or Other Jurisdiction of	(Primary Standard Industrial	(I.R.S. Employer
Incorporation or Organization)	Classification Code Number)	Identification Number)

503 West Plane Street

Bethel, Ohio 45106

(513) 734-4445

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

John E. Essen

President and Chief Executive Officer

CSB Financial Inc.

503 West Plane Street

Bethel, Ohio 45106

(513) 541-4445

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)

Copies to:

Kip A. Weissman, Esq.

Victor L. Cangelosi, Esq.

Luse Gorman, PC

5335 Wisconsin Avenue, N.W., Suite 780

Washington, D.C. 20015

(202) 274-2028

Edward G. Olifer, Esq.

Stephen F. Donahoe, Esq.

Kilpatrick Townsend & Stockton, LLP

701 Pennsylvania Avenue, N.W., Suite 200

Washington, D.C. 20004

(202) 508-5800

Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: x

If this Form is filed to register additional shares for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ¨

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ¨

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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:

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	x

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 7(a)(2)(B) of the Securities Act: ¨

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

PROSPECTUS

(Proposed Holding Company for Community Savings Bank)

Up to 1,265,000 Shares of Common Stock

(Subject to Increase to up to 1,454,750 Shares)

CSB Financial Inc. is offering shares of common stock for sale in an initial public offering in connection with the conversion of Community Savings Bank from the mutual form of organization to the stock form of organization. In addition to the shares of common stock offered for sale in the stock offering, we intend to contribute 27,500 shares of common stock and $100,000 in cash to a charitable foundation we intend to establish in connection with the conversion and stock offering. There is currently no public or private market for our common stock. Given the size and other parameters of the stock offering and that we will be a reporting company with the Securities and Exchange Commission, we expect our common stock to be quoted on the OTCQB Market upon the completion of the conversion and stock offering. The conversion and stock offering is not contingent on quotation on the OTCQB Market. We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and, therefore, we have elected to comply with certain reduced disclosure requirements for this prospectus and future filings.

The shares of common stock are first being offered for sale in a subscription offering to Community Savings Bank’s depositors as of specified eligibility dates and to its tax-qualified employee benefit plans. Shares not purchased in the subscription offering may be offered for sale to the general public in a community offering, with preference given to natural persons (including trusts of natural persons) residing in Clermont and Highland Counties in Ohio. Any shares of common stock not purchased in the subscription offering or the community offering may be offered for sale to the public through a syndicate of broker-dealers in a syndicated community offering. The syndicated community offering, if held, may commence before the subscription offering and the community offering (including any extensions) have expired. However, no shares purchased in the subscription offering or the community offering will be issued until the completion of any syndicated community offering. We may sell up to 1,454,750 shares of common stock because of demand for the shares of common stock or changes in market conditions, without resoliciting subscribers. We must sell a minimum of 935,000 shares to complete the conversion and stock offering.

The minimum purchase order is 25 shares. Generally, no individual, or individuals acting through a single qualifying account held jointly, may purchase more than 17,500 shares ($175,000) of common stock, and no person or entity, together with associates or persons acting in concert with the person or entity, may purchase more than 25,000 shares ($250,000) of common stock in all categories of the stock offering combined.

The subscription offering will expire at 5:00 p.m., Eastern time, on June 24, 2026. We expect that the community offering, if held, will expire at the same time. We may extend the expiration date of the subscription offering and any community offering without notice to you until August 10, 2026, or longer if the Superintendent of the Ohio Division of Financial Institutions and the Federal Deposit Insurance Corporation approve a later date. No single extension may exceed 90 days and the stock offering must be completed by July 1, 2028. Once submitted, orders are irrevocable unless the subscription offering and/or any community offering are terminated or extended, with regulatory approval, beyond August 10, 2026, or the number of shares of common stock to be sold is increased to more than 1,454,750 shares or decreased to less than 935,000 shares. If the subscription offering and any community offering are extended beyond August 10, 2026, all subscribers will be notified and given the opportunity to confirm, change or cancel their orders. If you do not respond to the notice of extension, we will promptly return your funds with interest or cancel your deposit account withdrawal authorization. If the number of shares to be sold in the stock offering is increased to more than 1,454,750 shares or decreased to less than 935,000 shares, we will resolicit subscribers, and all funds delivered to us to purchase shares of common stock in the subscription offering and any community offering will be returned promptly with interest and without any deduction for fees or offering expenses. Funds received in the subscription offering and any community offering will be held in a segregated account at Community Savings Bank and will earn interest at 0.15% per annum until completion or termination of the stock offering.

Performance Trust Capital Partners, LLC will assist us in selling our shares of common stock on a best efforts basis in the subscription offering and any community offering, and will serve as sole manager for any syndicated community offering. Performance Trust Capital Partners, LLC is not required to purchase any shares of common stock we are offering for sale.

OFFERING SUMMARY

Price: $10.00 per share

	Minimum		Midpoint		Maximum		Adjusted Maximum
Number of shares		935,000		1,100,000		1,265,000		1,454,750
Gross offering proceeds	$	9,350,000	$	11,000,000	$	12,650,000	$	14,547,500
Estimated offering expenses, excluding selling agent fees and expenses ⁽¹⁾	$	1,190,000	$	1,190,000	$	1,190,000	$	1,190,000
Selling agent fees and expenses ^(1) (2)	$	410,000	$	410,000	$	410,000	$	410,000
Estimated net proceeds	$	7,750,000	$	9,400,000	$	11,050,000	$	12,947,500
Estimated net proceeds per share	$	8.29	$	8.55	$	8.74	$	8.90

	(1)	See “The Conversion and Stock Offering – Plan of Distribution; Selling Agent and Underwriter Compensation” for a discussion of the compensation payable to Performance Trust Capital Partners, LLC for this stock offering, including any compensation to be received by it and other broker-dealers for any syndicated community offering.
	(2)	Excludes records agent fees and expenses payable to Performance Trust Capital Partners, LLC, which are included in estimated offering expenses. See “The Conversion and Stock Offering – Records Agent and Stock Information Center Management.”

This investment involves a degree of risk, including the possible loss of principal.

See “Risk Factors” beginning on page 15.

These securities are not deposits or accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Neither the Securities and Exchange Commission, the Ohio Division of Financial Institutions, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

PERFORMANCE TRUST

CAPITAL PARTNERS

For assistance, contact the Stock Information Center at (312) 521-1600.

The date of this prospectus is May 14, 2026.

TABLE OF CONTENTS

	Page
SUMMARY		1
RISK FACTORS		15
SELECTED FINANCIAL AND OTHER DATA OF COMMUNITY SAVINGS BANK		28
RECENT DEVELOPMENTS		30
FORWARD-LOOKING STATEMENTS		35
HOW WE INTEND TO USE THE PROCEEDS FROM THE STOCK OFFERING		37
OUR DIVIDEND POLICY		38
MARKET FOR THE COMMON STOCK		39
HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE		40
CAPITALIZATION		41
PRO FORMA DATA		43
COMPARISON OF INDEPENDENT VALUATION AND PRO FORMA INFORMATION WITH AND WITHOUT CHARITABLE FOUNDATION		47
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		49
BUSINESS OF CSB FINANCIAL		60
BUSINESS OF COMMUNITY SAVINGS BANK		61
REGULATION AND SUPERVISION		76
TAXATION		84
MANAGEMENT		85
SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS		94
THE CONVERSION AND STOCK OFFERING		95
CHARITABLE FOUNDATION		115
RESTRICTIONS ON ACQUISITION OF CSB FINANCIAL		118
DESCRIPTION OF CAPITAL STOCK OF CSB FINANCIAL		123
TRANSFER AGENT		125
EXPERTS		125
CHANGE IN INDEPENDENT AUDITOR		125
LEGAL MATTERS		126
WHERE YOU CAN FIND ADDITIONAL INFORMATION		126
INDEX TO FINANCIAL STATEMENTS OF COMMUNITY SAVINGS BANK		127

SUMMARY

The following summary provides all material information about Community Savings Bank’s mutual-to-stock conversion and the related offering of common stock by CSB Financial Inc. It may not contain all of the information that is important to you. For additional information before making an investment decision, you should read this entire document carefully, including the financial statements and the notes to the financial statements, as well as the section entitled “Risk Factors.”

CSB Financial Inc.

CSB Financial Inc., referred to as “CSB Financial” throughout this prospectus, a newly formed Maryland corporation, is offering for sale shares of its common stock in an initial public offering in connection with the conversion of Community Savings Bank from a mutual bank (meaning it has no stockholders) to a stock bank. Currently, all depositors are members of and have voting rights in Community Savings Bank as to all matters requiring membership action. The following diagram depicts Community Savings Bank’s current organizational structure:

Upon completion of the conversion and stock offering, CSB Financial will be 100% owned by its stockholders and Community Savings Bank will be 100% owned by CSB Financial. Community Savings Bank will cease to have members and its former members will no longer have voting rights in Community Savings Bank. All voting rights in Community Savings Bank will be vested in CSB Financial as the sole stockholder of Community Savings Bank. The stockholders of CSB Financial will possess exclusive voting rights with respect to CSB Financial common stock. The following diagram depicts CSB Financial’s organizational structure after the completion of the conversion and stock offering:

CSB Financial was incorporated on February 18, 2026, and has not engaged in any business to date. Upon completion of the conversion and stock offering, CSB Financial will register as a bank holding company and will be subject to comprehensive regulation and examination by the Board of Governors of the Federal Reserve System, referred to as the “Federal Reserve Board” throughout this prospectus.

CSB Financial’s principal office is located at 503 West Plane Street, Bethel, Ohio 45106, and its telephone number at that address is (513) 734 - 4445.

Community Savings Bank

Originally chartered in 1889 under the name The Bethel Building and Loan Company, Community Savings Bank is an Ohio-chartered mutual bank headquartered in Bethel, Ohio. In 2010, Community Savings Bank took its current name. In 2014, Community Savings Bank acquired The Home Building and Loan Company of Greenfield, Ohio, which was originally chartered in 1886.

Community Savings Bank operates from its main office in Bethel, Ohio, and one branch office in Greenfield, Ohio. We consider Clermont County, where Bethel is located, and Highland County, where Greenfield is located, to be our primary market area for loans and retail deposits. However, because Clermont and Highland Counties are rural we also seek and obtain loan demand from customers in the Cincinnati Metropolitan Area. We offer a variety of deposit accounts, including savings accounts, money market accounts, NOW accounts, noninterest-bearing demand accounts, and certificates of deposit. In addition to delivering banking services through our banking offices, we offer online and mobile banking.

Our business consists primarily of accepting retail deposits from the general public and investing those deposits, along with brokered deposits, Federal Home Loan Bank advances and funds generated from operations, primarily in our loan portfolio. Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase most of our commercial and industrial loans and consumer loans from a third party. At December 31, 2025, one-to four-family residential mortgage loans totaled $41.2 million (44.2% of total loans), consumer loans totaled $17.5 million (18.7% of total loans), commercial real estate loans totaled $11.5 million (12.3% of total loans), multi-family mortgage loans totaled $9.9 million (10.7% of total loans), commercial and industrial loans totaled $7.7 million (8.2% of total loans), construction and land loans totaled $2.7 million (2.9% of total loans) and second mortgage and home equity loans totaled $2.8 million (3.0% of total loans). Consumer loans, in particular, increased by $14.9 million during the year ended December 31, 2025. For further information about our lending activities, see “Risk Factors – Risks Related to Our Lending Activities” and “Business of Community Savings Bank – Lending Activities.”

At December 31, 2025, we had total assets of $110.2 million, total deposits of $82.2 million and total equity of $15.8 million. We had net income of $439,000 for the year ended December 31, 2025 and a net loss of $369,000 for the year ended December 31, 2024. The net loss was primarily due to $790,000 in one-time expenses associated with the conversion of our core data processing system to a new core service provider. Our primary revenue source is interest income earned on loans and investments. Noninterest income is not a significant revenue source.

We are subject to comprehensive regulation and examination by the Ohio Department of Financial Institutions, referred to as the “ODFI” throughout this prospectus, our chartering authority, and by the Federal Deposit Insurance Corporation, referred to as the “FDIC” throughout this prospectus, our primary federal regulator and deposit insurer.

Our main office is located at 503 West Plane Street, Bethel, Ohio 45106, and our telephone number at that address is (513) 734-4445. Our website address is www.bankwith-csb.com. Information on our website is not incorporated into this prospectus and should not be considered part of this prospectus.

Business Strategy

Our principal objective is to build long-term value for our stockholders by operating a profitable community financial institution dedicated to meeting the banking needs of our customers and community. Our loan-to-deposit ratio was 113.5% at December 31, 2025. We expect the proceeds from the stock offering to enable us to continue to grow while reducing our reliance on higher cost funding such as brokered certificates of deposit and Federal Home Loan Bank advances. We plan to employ the following strategies to grow and to maximize profitability:

Continue our historical emphasis on residential mortgage lending. As a community bank, one- to four-family residential mortgage lending has been, and will continue to be, a significant portion of our lending activities.

Continue to grow our commercial real estate loan portfolio. At December 31, 2025, commercial real estate loans were a significant component of our loan portfolio. Commercial real estate loans help to increase loan portfolio yield, thereby improving profitability, and reduce the average term to repricing of our loans, thereby improving interest rate risk management. The proceeds from the stock offering will allow us to compete for more and larger loan relationships with borrowers primarily in our market area.

Continue to purchase consumer loans. The consumer loan portfolio increased from $2.6 million (3.4% of total loan portfolio) at December 31, 2024 to $17.5 million (18.7% of total loan portfolio) at December 31, 2025, primarily due to purchases of unsecured consumer loans from a third party. We intend to continue to purchase unsecured consumer loans.

Continue to maintain strong asset quality. We intend to continue to maintain strong asset quality through conservative loan underwriting. At December 31, 2025, total non-performing loans to total loans was 0.11%.

Continue to grow core deposits. We consider all deposits, other than certificates of deposits and brokered deposits, as core deposits. At December 31, 2025, core deposits totaled $34.9 million or 42.5% of total deposits. We have invested in and enhanced our online and mobile banking offerings to help gather and retain core deposits. Our commercial real estate and commercial and industrial lending activities are avenues to increase our core deposits by offering the opportunity to capture the full banking relationship, including a deposit relationship, with these customers.

Grow organically and through opportunistic branching or acquisitions. We intend to grow our balance sheet organically on a managed basis. The capital we are raising in the conversion and stock offering will enable us to increase our lending and investment capacity. In addition to organic growth, we may also consider expansion opportunities in our market area or in contiguous markets that we believe would enhance our franchise value and stockholder returns. These opportunities may include establishing new, or de novo, branch offices, acquiring branch offices, establishing loan production offices, or acquiring other financial institutions. We have no current plans or intentions regarding any such expansion activities.

We expect these strategies to guide our investment of the net proceeds of the stock offering. We intend to continue to pursue these business strategies after the conversion and the stock offering, subject to any changes necessitated by future market conditions and other factors. See “Business of Community Bank” for a further discussion of our business.

Reasons for the Conversion and Stock Offering

Consistent with our business strategy, our primary reasons for converting to stock form and raising additional capital through the stock offering are to:

better position Community Savings Bank to remain a competitive independent community bank by increasing its capital to enhance its financial strength;

support lending growth;

attract and retain qualified personnel by enabling us to establish stock-based benefit plans for management and employees to give them an opportunity to share in our long-term success;

enhance our community ties by providing our customers and community members with the opportunity to acquire an ownership interest in Community Savings Bank through CSB Financial;

establish a charitable foundation, fund it with shares of CSB Financial common stock and cash, to support charitable organizations operating in our local communities now and in the future; and

position us to expand our banking franchise through targeted de novo branching, branch acquisitions, or financial institution acquisitions should any of these expansion opportunities arise.

At December 31, 2025, Community Savings Bank was considered “well capitalized” for regulatory purposes and was not subject to a directive or recommendation from any regulator to raise capital. The proceeds from the stock offering will increase our capital position to support expected future growth and profitability.

Terms of the Stock Offering

CSB Financial is offering for sale between 935,000 shares and 1,265,000 shares of common stock to eligible depositors of Community Savings Bank and to Community Savings Bank’s tax-qualified employee benefit plans in a subscription offering. To the extent shares remain available, we may offer shares for sale in a community offering, with preference given to natural persons (and trusts of natural persons) residing in Clermont and Highland Counties in Ohio. We may also offer for sale shares of common stock not purchased in the subscription offering or in any community offering to the general public in a syndicated community offering. The number of shares of common stock to be sold may be increased to up to 1,454,750 shares as a result of demand for the shares of common stock in the stock offering or changes in market conditions. Unless the number of shares of common stock offered for sale is increased to more than 1,454,750 shares or decreased to less than 935,000 shares, or the stock offering is extended beyond August 10, 2026, subscribers will not have the opportunity to change or cancel their stock orders once submitted. If the stock offering is extended past August 10, 2026, we will resolicit subscribers and you will have the opportunity to confirm, change or cancel your order within a specified period of time. If you do not respond during that period of time, your stock order will be cancelled and your deposit account withdrawal authorizations will be cancelled or your funds submitted will be returned promptly with interest at 0.15% per annum and without any deduction for fees or offering expenses. If the number of shares offered for sale is increased to more than 1,454,750 shares or decreased to less than 935,000 shares, all subscribers’ stock orders will be cancelled, their deposit account withdrawal authorizations will be cancelled and funds delivered for the purchase of shares of common stock in the stock offering will be returned promptly with interest at 0.15% per annum and without any deduction for fees or offering expenses. We will give these subscribers an opportunity to place new orders for a specified period of time.

The shares of common stock are being offered for sale at a purchase price of $10.00 per share. All investors will pay the same purchase price per share. Investors will not be charged a commission to purchase shares of common stock in the stock offering. Performance Trust Capital Partners, LLC, referred to as “Performance Trust” throughout this prospectus, our marketing agent for the stock offering, will use its best efforts to assist us in selling shares of our common stock but is not obligated to purchase any shares of common stock in the stock offering.

How We Determined the Offering Range and the $10.00 per Share Purchase Price

General. The amount of common stock CSB Financial is offering for sale is based on an independent appraisal of the estimated pro forma market value of CSB Financial, assuming the conversion and stock offering are completed. FinPro Capital Advisors, Inc., referred to as “FinPro” throughout this prospectus, our independent appraiser, has estimated that, as of February 18, 2026, the estimated pro forma market value of CSB Financial was $11.3 million (including the value of the 27,500 shares of common stock to be contributed to the charitable foundation to be established in connection with the conversion, valued at the initial offering price of $10.00 per share). Based on federal regulations, this market value forms the midpoint of a valuation range with a minimum of $9.6 million and a maximum of $12.9 million (including the value of the 27,500 shares to be contributed to the charitable foundation). Based on this valuation and the $10.00 per share purchase price, and excluding the 27,500 shares to be contributed to the charitable foundation, the number of shares of common stock being offered for sale in the stock offering ranges from a minimum of 935,000 shares to a maximum of 1,265,000 shares. We may sell up to 1,454,750 shares of common stock because of demand for the shares or changes in market conditions without resoliciting subscribers. The $10.00 per share purchase price was selected primarily because it is the price most commonly used in mutual-to-stock conversions of mutual financial institutions.

FinPro also considered that we intend to contribute an additional 27,500 shares of common stock (valued at the initial offering price of $10.00 per share) and $100,000 in cash, for a total contribution of $375,000, to a charitable foundation that we intend to establish and fund in connection with the conversion and stock offering. The intended contribution of cash and shares of common stock to our charitable foundation reduces our estimated pro forma valuation.

Adjustments to Independent Appraisal. FinPro made certain upward and downward adjustments to the estimated pro forma market value of CSB Financial relative to the peer group. An upward adjustment relative to the peer group was made for balance sheet growth. Downward adjustments relative to the peer group were made for financial condition; earnings quality, predictability and growth; dividends; and liquidity of the issue. No adjustments relative to the peer group were made for recent regulatory matters, management, and marketing of the issue. For further information, see “The Conversion and Stock Offering – Adjustments to Independent Appraisal.”

Peer Group. The appraisal is based in part on our financial condition and results of operations, the pro forma effect of the capital raised by the sale of shares of common stock in the stock offering, and an analysis of the following peer group of publicly traded savings and loan holding companies and bank holding companies that FinPro considered comparable to us:

Company Name (Ticker Symbol)	Exchange	Headquarters	Total Assets (in millions) ⁽¹⁾
Broadway Financial Corporation (BYFC)	Nasdaq	Los Angeles, CA	$	1,336
BV Financial, Inc. (BVFL)	Nasdaq	Baltimore, MD		912
Finward Bancorp (FNWD)	Nasdaq	Munster, IN		2,021
First Northwest Bancorp (FNWB)	Nasdaq	Port Angeles, WA		2,108
First Seacoast Bancorp, Inc. (FSEA)	Nasdaq	Dover, NH		610
Northeast Community Bancorp, Inc. (NECB)	Nasdaq	White Plains, NY		2,064
NSTS Bancorp, Inc. (NSTS)	Nasdaq	Waukegan, IL		270
Provident Financial Holdings, Inc. (PROV)	Nasdaq	Riverside, CA		1,228
Riverview Bancorp, Inc. (RVSB)	Nasdaq	Vancouver, WA		1,512
Timberland Bancorp, Inc. (TSBK)	Nasdaq	Hoquiam, WA		2,006

(1)

Total assets are as of December 31, 2025.

Selected Pricing Ratios. The following table presents a summary of selected pricing ratios for the peer group companies and for CSB Financial (on a pro forma basis) that FinPro utilized in its appraisal. These ratios are based on CSB Financial’s book value, tangible book value and core earnings as of and for the twelve months ended December 31, 2025. The peer group ratios are based on the latest date for which complete financial data are publicly available and stock prices as of February 18, 2026. Compared to the average pricing of the peer group, our pro forma pricing ratios at the midpoint of the offering range indicate a premium of 45.75% on a core earnings value basis, a discount of 45.93% on a price-to-book value basis and a discount of 46.84% on a price-to-tangible book value basis.

	Price-to-core earnings multiple ⁽¹⁾			Price-to-book value ratio			Price-to-tangible book value ratio
CSB Financial (pro forma basis, assuming completion of the conversion and stock offering):
Adjusted Maximum		26.32	x		55.01	%		55.13	%
Maximum		23.81	x		51.15	%		51.26	%
Midpoint		21.28	x		47.33	%		47.44	%
Minimum		18.87	x		43.03	%		43.12	%

Valuation of peer group companies, all of which are fully converted (historical basis):
Average		14.67	x		85.98	%		90.49	%
Median		14.60	x		87.43	%		89.08	%

(1)

Price-to-earnings multiples calculated by FinPro are based on an estimate of “core” or recurring earnings. These ratios are different from those presented in “Pro Forma Data.”

The independent appraisal does not indicate trading market value. Do not assume or expect that our valuation as indicated in the appraisal means that after the conversion and stock offering the shares of our common stock will trade at or above the $10.00 per share purchase price. Furthermore, FinPro used the pricing ratios presented in the appraisal to estimate our pro forma appraised value for regulatory purposes and not to compare the relative value of shares of our common stock with the value of the common stock of the institutions in the peer group. The value of the common stock of any company may be affected by a number of factors such as financial performance, asset size and market location.

For a more complete discussion of the amount of common stock we are offering for sale and the independent appraisal, see “The Conversion and Stock Offering – Determination of Share Price and Number of Shares to be Issued.”

How We Intend to Use the Proceeds from the Stock Offering

Community Savings Bank will receive from CSB Financial a capital contribution equal to at least 50% of the net proceeds of the stock offering. Based on this formula, we anticipate that CSB Financial will invest, at the minimum, midpoint, maximum and adjusted maximum of the offering range, approximately $3.9 million, $4.7 million, $5.5 million and $6.5 million, respectively, of the net proceeds from the stock offering in Community Savings Bank. From the remaining funds, CSB Financial intends to loan funds to Community Savings Bank’s employee stock ownership plan to fund the plan’s purchase of shares of common stock in the stock offering, contribute $100,000 in cash to the charitable foundation and retain the remainder of the net proceeds from the stock offering. Assuming we sell 1,100,000 shares of common stock in the stock offering at the midpoint of the offering range, resulting in net proceeds after estimated offering expenses of $1.6 million, we anticipate that CSB Financial will invest $4.7 million in Community Savings Bank, loan $902,000 to Community Savings Bank’s employee stock ownership plan to fund its purchase of shares of common stock, contribute $100,000 in cash to the charitable foundation and retain the remaining $3.7 million of net proceeds.

CSB Financial may use the funds that it retains to repurchase shares of common stock (subject to compliance with regulatory requirements), to pay cash dividends (if declared by our board of directors), for investments, or for other general corporate purposes. Community Savings Bank intends to invest the net proceeds it receives from CSB Financial to fund new loans, enhance existing products and services, and expand its banking franchise by establishing new branches or by acquiring other financial institutions or their branches as opportunities may arise. We do not currently have any understandings or agreements regarding any acquisitions.

For additional information, see “How We Intend to Use the Proceeds from the Stock Offering.”

Persons Who May Order Shares of Common Stock in the Stock Offering

We are offering the shares of common stock in a subscription offering in the following order of priority:

(i)

First, to depositors with accounts at Community Savings Bank with aggregate balances of at least $50.00 as of the close of business on December 31, 2024.

(ii)

Second, to Community Savings Bank’s tax-qualified employee benefit plans (including its employee stock ownership plan), which will receive, without payment, nontransferable subscription rights to purchase in the aggregate up to 10% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation. We expect the employee stock ownership plan to purchase up to 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation.

(iii)

Third, to depositors with accounts at Community Savings Bank with aggregate balances of at least $50.00 as of the close of business on March 31, 2026.

(iv)

Fourth, to depositors of Community Savings Bank as of the close of business on May 8, 2026 (the voting record date for Community Savings Bank’s special meeting of members).

Shares of common stock not purchased in the subscription offering may be offered for sale in a community offering, with preference given to natural persons (and trusts of natural persons) residing in Clermont and Highland Counties in Ohio. If held, the community offering may begin concurrently with, during or after the subscription offering. We also may offer for sale shares of common stock not purchased in the subscription offering or in any community offering to the general public through a syndicated community offering, which will be managed by Performance Trust. We have the right to accept or reject, in our sole discretion, orders received in any community offering or syndicated community offering. Any determination to accept or reject stock orders in any community offering or syndicated community offering will be based on the facts and circumstances available to management at the time of the determination.

If we receive orders for more shares than we are offering for sale, we may not be able to fill your order, in full or in part. Shares will be allocated first to categories in the subscription offering. A detailed description of the subscription offering, the community offering and the syndicated community offering, as well as a discussion regarding allocation procedures, can be found in the section of this prospectus entitled “The Conversion and Stock Offering.”

Limits on How Much Common Stock You May Purchase

The minimum number of shares of common stock that may be purchased is 25.

Generally, no individual, or individuals acting through a single qualifying account held jointly, may purchase more than the greater of: (i) 17,500 shares ($175,000) of common stock; (ii) 0.10% of the total number of shares of common stock issued in the stock offering; or (iii) 15 times the number of shares offered multiplied by a fraction of which the numerator is the depositor’s total deposit balance as of the eligibility record date and the denominator is the aggregate of all deposits as of the eligibility record date, subject to the overall purchase limitations. If any of the following persons purchase shares of common stock, their purchases, in all categories of the stock offering combined, when combined with your purchases, cannot exceed 25,000 shares ($250,000) of common stock:

your spouse, or relatives of you or your spouse, who reside with you;

most companies, trusts or other entities in which you are a trustee, have a substantial beneficial interest or hold a senior position; or

other persons who may be your associates or who may be acting in concert with you.

Unless we determine otherwise, persons having the same address and persons exercising subscription rights through qualifying accounts registered to the same address at either the December 31, 2024 eligibility record date, the March 31, 2026 supplemental eligibility record date or the May 8, 2026 voting record date will be subject to the overall purchase limitation of 25,000 shares ($250,000). See the detailed definitions of “associate” and “acting in concert” in the section of this prospectus entitled “The Conversion and Stock Offering – Limitations on Common Stock Purchases.”

Federal regulations provide that such purchase limitation may be further increased to 9.99%, provided that orders for shares of common stock exceeding 5% of the shares of common stock sold in the stock offering do not exceed in the aggregate 10% of the total shares of the common stock sold in the stock offering. Any such requests to purchase additional shares of common stock if a purchase limitation is so increased will be determined by our board of directors in its sole discretion.

Subject to any required regulatory approval, we may increase or decrease the purchase limitations at any time. See the detailed description of the purchase limitations in the section of this prospectus entitled “The Conversion and Stock Offering – Limitations on Common Stock Purchases.”

How You May Purchase Shares of Common Stock in the Subscription Offering and in any Community Offering

In the subscription offering and in any community offering, you may pay for your shares only by:

personal check, bank check or money order made payable to CSB Financial Inc.;

authorizing us to withdraw available funds (without any early withdrawal penalty) from your account(s) maintained with Community Savings Bank, other than individual retirement accounts (IRAs); or

cash. Do not remit cash by mail.

By law, Community Savings Bank is prohibited form lending funds to anyone to purchase shares of common stock in the stock offering. Additionally, you may not use any type of third-party check to pay for shares of common stock. Wire transfers will not be accepted. Applicable regulations prohibit Community Savings Bank from lending funds or extending credit to any person to purchase shares of common stock in the stock offering. You may not submit a Community Savings Bank line of credit check. You may not designate withdrawal from a Community Savings Bank accounts with check-writing privileges; rather, submit a check. If you request a withdrawal from an account with check-writing privileges, we reserve the right to interpret that as your authorization to treat those funds as if we had received a check for the designated amount, and will immediately withdraw the amount from that account. You may not authorize direct withdrawal from a Community Savings Bank IRA. See “—Using Individual Retirement Account Funds to Purchase Shares of Common Stock.”

You may subscribe for shares of common stock in the subscription offering and any community offering by returning a signed and completed original stock order form, together with full payment payable to CSB Financial Inc. or authorization to withdraw funds from one or more of your Community Savings Bank deposit accounts, provided that the stock order form is received (not post marked) before 5:00 p.m., Eastern time, on June 24, 2026, which is the expiration time of the subscription offering period. You may return your stock order form by (1) overnight delivery to the address indicated on the stock order form for this purpose; (2) in-person delivery to Community Savings Bank’s main office located at 503 West Plane Street in Bethel, Ohio; or (3) regular mail using the stock order reply envelope provided. In-person delivery of stock order forms will be accepted only at Community Savings Bank’s main office. Do not return your stock order form to Community Savings Bank’s branch office in Greenfield, Ohio. The Stock Information Center is open Monday through Friday between 9:00 a.m. and 5:00 p.m., Eastern time, excluding bank holidays. Do not mail stock order forms to any of Community Savings Bank’s offices.

For a complete description of how to purchase shares in the stock offering, see “The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription Offering and any Community Offering.”

Using Individual Retirement Account Funds to Purchase Shares of Common Stock

You may be able to subscribe for shares of common stock using funds in your IRA or other retirement account. If you wish to use some or all of the funds in your Community Savings Bank IRA or other retirement account, the applicable funds must be first transferred to a self-directed account maintained by an independent custodian or trustee, such as a brokerage firm, and the purchase must be made through that account. If you do not have such an account, you will need to establish one before submitting your stock order. An annual administrative fee may be payable to the independent custodian or trustee. Because individual circumstances differ and the processing of retirement fund orders takes additional time, we recommend that you contact our Stock Information Center as soon as possible, but not less than two weeks before the June 24, 2026 offering deadline, for assistance with purchases using funds held in retirement accounts. Whether you may use such funds to purchase shares in the stock offering may depend on timing constraints and, possibly, limitations imposed by the institution where the funds are held.

For a complete description of how to use IRA funds to purchase shares in the stock offering, see “The Conversion and Stock Offering – Procedure for Purchasing Shares in the Subscription Offering and any Community Offering – Using Individual Retirement Account Funds.”

Purchases by Executive Officers and Directors

We expect our directors and executive officers, together with their associates, to subscribe for 91,500 shares ($915,000) of common stock in the stock offering, representing 9.8% of shares to be sold at the minimum of the offering range (excluding the 27,500 shares to be contributed to the charitable foundation). However, there can be no assurance that any individual director or executive officer, or the directors and executive officers as a group, will purchase any specific number of shares of our common stock. They will pay the same $10.00 per share purchase price that all other persons who purchase shares of common stock in the stock offering will pay. Our directors and executive officers are subject to the same minimum purchase requirements and purchase limitations as other participants in the stock offering as set forth under “– Limits on How Much Common Stock You May Purchase.”

Purchases by our directors and executive officers and their associates will be included in determining whether the required minimum number of shares have been subscribed for in the stock offering.

For additional information, see “Subscriptions by Directors and Executive Officers.”

Deadline for Submitting Orders for Shares of Common Stock in the Subscription Offering and any Community Offering

The deadline for submitting orders to purchase shares of common stock in the subscription offering and in any community offering is 5:00 p.m., Eastern time, on June 24, 2026, unless we extend this deadline. If you wish to purchase shares of common stock, a properly completed and signed original stock order form, together with full payment, must be received (not postmarked) by 5:00 p.m., Eastern time. Although we will make reasonable attempts to provide this prospectus and offering materials to holders of subscription rights, the subscription offering and all subscription rights will expire at 5:00 p.m., Eastern time, on June 24, 2026, whether or not we have been able to locate each person entitled to subscription rights.

See “The Conversion and Stock Offering—Procedure for Purchasing Shares in the Subscription Offering and any Community Offering—Expiration Date” for a complete description of the deadline for purchasing shares in the stock offering.

You May Not Sell or Transfer Your Subscription Rights

Applicable regulations prohibit you from transferring your subscription rights. If you order shares of common stock in the subscription offering, you will be required to certify that you are purchasing the common stock for yourself and that you have no agreement or understanding to sell or transfer your subscription rights or the shares that you are purchasing. We intend to take legal action, including reporting persons to federal or state agencies, against anyone who we believe has sold or transferred their subscription rights. We will not accept your order if we have reason to believe you have sold or transferred or are attempting to sell or transfer your subscription rights to any other person. On the stock order form, you cannot add the names of others for joint stock registration unless they are also named on the qualifying deposit account. Taking this action may jeopardize your subscription rights. In addition, the stock order form requires that you list all deposit accounts, giving all names on each account and the account number at the applicable eligibility date. Failure to provide this information, or providing incomplete or incorrect information, may result in a loss of part or all of your share allocation.

Steps We May Take if We Do Not Receive Orders for the Minimum Number of Shares

If we do not receive orders for at least 935,000 shares of common stock, we may take additional steps in order to issue the minimum number of shares of common stock in the offering range. Specifically, we may:

increase the purchase limitations; and/or

extend the stock offering.

If we extend the stock offering beyond August 10, 2026, we will resolicit subscribers and you will have the opportunity to confirm, change or cancel your order within a specified period of time. If you do not respond during that period of time, your stock order will be cancelled and your deposit account withdrawal authorizations will be cancelled or your funds submitted will be returned promptly with interest at 0.15% per annum from the date the stock order was processed and without any deduction for fees or offering expenses.

If one or more purchase limitations are increased we will not resolicit all subscribers, however, subscribers in the subscription offering who ordered the maximum amount and who indicated a desire to be resolicited on the stock order form will be and, in our sole discretion, some other large subscribers may be, given the opportunity to increase their subscriptions up to the newly applicable purchase limit. We may increase the individual or aggregate purchase limitations to an amount generally not to exceed 5% of the common stock sold in the stock offering. See “The Conversion and Stock Offering – Limitations on Common Stock Purchases.”

Conditions to Completion of the Conversion and Stock Offering

We cannot complete the conversion and stock offering unless:

The plan of conversion is approved by two-thirds of the votes eligible to be cast by members of Community Savings Bank. The members of Community Savings Bank are its depositors. A special meeting of members to consider and vote upon the plan of conversion has been scheduled for July 1, 2026;

We sell at least 935,000 shares, which is the minimum of the offering range; and

We receive the final approvals required from the ODFI and the FDIC to complete the conversion and stock offering and final approval from the Federal Reserve Board for CSB Financial to become the bank holding company of Community Savings Bank.

Any approval by the ODFI, the FDIC or the Federal Reserve Board does not constitute a recommendation or endorsement of the plan of conversion.

Our Dividend Policy

Following completion of the stock offering, our board of directors will be authorized to declare dividends on our common stock, subject to statutory and regulatory requirements. However, no decision has been made with respect to the amount, if any, and timing of any dividend payments. The payment and amount of any dividend payments will depend upon a number of factors, including the following: regulatory capital requirements; our financial condition and results of operations; our other uses of funds for the long-term value of stockholders; tax considerations; statutory and regulatory limitations; and general economic conditions. See “Our Dividend Policy” for additional information.

Market for Common Stock

We currently anticipate that the common stock sold in the stock offering will be quoted on the OTCQB Market operated by OTC Markets Group upon the completion of the conversion and stock offering. See “Market for the Common Stock.”

Delivery of Shares of Stock

All shares of common stock of CSB Financial sold in the stock offering will be issued in book-entry form and held electronically on the books of our transfer agent. Stock certificates will not be issued. Our transfer agent will mail a statement reflecting ownership of shares of common stock sold in the stock offering to each person entitled thereto at the address noted by them on their stock order form as soon as practicable following consummation of the conversion and stock offering. Shares of common stock sold in any syndicated community offering may be delivered electronically through The Depository Trust Company. We expect trading in the stock to begin on the business day of or on the business day immediately following the date of completion of the conversion and stock offering. Until a statement reflecting ownership of shares of common stock is available and delivered to purchasers, it is possible that purchasers may not be able to sell the shares of common stock that they ordered, even though the common stock will have begun trading. Your ability to sell the shares of common stock before receiving your statement will depend on arrangements you may make with a brokerage firm.

Possible Change in the Offering Range

FinPro will update its appraisal before we complete the stock offering. If, as a result of demand for the shares or changes in market conditions, FinPro determines that our pro forma market value has increased, we may sell up to 1,454,750 shares in the stock offering without further notice to you. If our pro forma market value at that time is either below $9.6 million or above $14.8 million (including the value of the shares to be contributed to the charitable foundation), then, after consulting with the ODFI and the FDIC, we may:

terminate the stock offering, cancel deposit account withdrawal authorizations and promptly return all funds received in the stock offering with interest at 0.15% per annum;

set a new offering range; or

take such other actions as may be permitted by the ODFI, the FDIC, the Federal Reserve Board, the Financial Industry Regulatory Authority and the Securities and Exchange Commission.

If we set a new offering range, we will promptly return funds, with interest at 0.15% per annum, received in the stock offering, cancel deposit account withdrawal authorizations and commence a resolicitation. In a resolicitation, we will notify subscribers of their right to place a new stock order for a specified period of time.

Possible Termination of the Conversion and Stock Offering

We may terminate the conversion and stock offering at any time before the special meeting of members of Community Savings Bank to be held to vote on the conversion and stock offering and on the establishment and funding of the charitable foundation, and at any time after member approval with the concurrence of the ODFI and the FDIC. If we terminate the conversion and stock offering, we will promptly return funds and cancel deposit withdrawal authorizations, as described above.

Benefits to Management and Potential Dilution to Stockholders Resulting from the Conversion and Stock Offering

We expect Community Savings Bank’s employee stock ownership plan, which is a tax-qualified retirement plan for the benefit of our employees being established in connection with the conversion and stock offering, to purchase up to 8% of the sum of the shares of common stock that we sell in the stock offering and contribute to the charitable foundation. For further information, see “Management – Executive Compensation – Employee Stock Ownership Plan.”

Purchases by the employee stock ownership plan in the stock offering will be included in determining whether the required minimum number of shares have been sold in the stock offering. If we receive orders in the subscription offering for more shares of common stock than would permit the employee stock ownership plan’s subscription order to be filled in whole in the subscription offering, then the employee stock ownership plan may, with prior regulatory approval, purchase shares to fill, in whole or in part, its order in the open market following completion of the conversion and stock offering. Subject to market conditions and receipt of regulatory approval, the employee stock ownership plan may instead elect to purchase shares of common stock in the open market following the completion of the stock offering in order to fill all or a portion of its intended subscription.

We also intend to implement a stock-based benefit plan no earlier than six months after completion of the conversion. Stockholder approval of this plan will be required, and the stock-based benefit plan cannot be implemented until at least six months after the completion of the conversion according to applicable federal regulations. If adopted within 12 months following the completion of the conversion, and provided that upon completion of the conversion and stock offering Community Savings Bank has at least a 10% tangible capital to assets ratio, FDIC conversion regulations would allow for the stock-based benefit plan to reserve a number of shares of common stock equal to not more than 4% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation, or up to 51,700 shares of common stock at the maximum of the offering range, for restricted stock awards to key employees and directors, at no cost to the recipients. If adopted within 12 months following the completion of the conversion, the stock-based benefit plan will also reserve a number of shares equal to not more than 10% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation, or up to 129,250 shares of common stock at the maximum of the offering range, for the exercise of stock options granted to key employees and directors. If the stock-based benefit plan is adopted after one year from the date of the completion of the conversion, the 4% and 10% limitations described above will no longer apply, and we may adopt a stock-based benefit plan encompassing more than an aggregate of 180,950 shares of our common stock assuming the stock offering is completed at the maximum of the offering range. We have not yet determined whether we will present this plan for stockholder approval within 12 months following the completion of the conversion or whether we will present this plan for stockholder approval more than 12 months after the completion of the conversion and stock offering.

The following table summarizes the number of shares of common stock and aggregate dollar value of grants (valuing each share granted at the offering price of $10.00 per share) that would be available under a stock-based benefit plan if such plan is adopted within one year following the completion of the conversion and stock offering and Community Savings Bank has at least a 10% tangible capital to assets ratio at that time. The table shows the dilution to stockholders if all these shares are issued from authorized but unissued shares, instead of shares purchased in the open market. The table also sets forth the number of shares of common stock to be acquired by the employee stock ownership plan for allocation to all employees. A portion of the stock grants shown in the table below may be made to non-management employees.

	Number of Shares to be Granted or Purchased ⁽¹⁾							Dilution			Value of Grants ⁽²⁾
	At Minimum of Offering Range		At Maximum of Offering Range		As a Percentage of Common Stock to be Issued			Resulting From Issuance of Shares for Stock Benefit Plans			At Minimum of Offering Range		At Maximum of Offering Range
											(Dollars in thousands)
Employee stock ownership plan		77,000		103,400		8.00	%		n/a	⁽³⁾	$	770	$	1,034
Stock awards		38,500		51,700		4.00			3.85	%		385		517
Stock options		96,250		129,250		10.00			9.09	%		264		354
Total		211,750		284,350		22.00	%		12.94	%	$	1,419	$	1,905

	(1)	The stock-based benefit plan may award a greater number of options and shares, respectively, if the plan is adopted more than 12 months after the completion of the conversion.
	(2)	The actual value of restricted stock grants will be determined based on their fair value as of the date grants are made. Except for stock options, fair value is assumed to be the same as the offering price of $10.00 per share. The fair value of stock options has been estimated at $2.74 per option using the Black-Scholes option pricing model with the following assumptions: a grant-date share price and option exercise price of $10.00; dividend yield of 0%; an expected option life of 5 years; a risk-free interest rate of 3.73%; and a volatility rate of 21.87%. The actual expense of stock options granted under a stock-based benefit plan will be determined by the grant-date fair value of the options, which will depend on a number of factors, including the valuation assumptions used in the option pricing model ultimately adopted, which may or may not be the Black-Scholes model.
	(3)	Represents the dilution of stock ownership interest. No dilution is reflected for the employee stock ownership plan because these shares are assumed to be purchased in the stock offering.

Income Tax Consequences

CSB Financial and Community Savings Bank have received an opinion from their counsel, Luse Gorman, PC, regarding the material federal income tax consequences of the conversion and stock offering, including an opinion that it is more likely than not that the fair market value of the nontransferable subscription rights to purchase the common stock will be zero and, accordingly, no gain or loss will be recognized by depositors of Community Savings Bank upon the distribution to them of the nontransferable subscription rights to purchase the common stock and no taxable income will be realized by them as a result of the exercise of the nontransferable subscription rights. CSB Financial and Community Savings Bank have also received an opinion of Wipfli Advisory, LLC, tax advisors to CSB Financial and Community Savings Bank, regarding the material Ohio state income tax consequences of the conversion and stock offering. As a general matter, the conversion and stock offering will not be a taxable transaction for purposes of federal or state income taxes to CSB Financial, Community Savings Bank, or persons eligible to subscribe for shares of common stock in the subscription offering. For additional information, see “Taxation.”

Our Contribution of Cash and Shares of Common Stock to the Charitable Foundation

To further our commitment to our local community, we intend to establish and fund a new charitable foundation, named Community Savings Bank Foundation Inc., as part of the conversion and stock offering. Assuming we receive both regulatory approval and the approval of the members of Community Savings Bank, we intend to contribute to the new charitable foundation 27,500 shares of common stock (valued at the initial offering price of $10.00 per share) and $100,000 in cash, for an aggregate contribution of $375,000.

The charitable foundation will be dedicated exclusively to supporting charitable causes and community development activities in the communities in which we operate. The contribution of common stock and cash to the charitable foundation will:

with respect to the contribution of shares of common stock, dilute the voting interests of purchasers of shares of our common stock in the stock offering; and

result in an expense, and a reduction in capital, during the quarter in which the contribution is made, equal to the full amount of the contribution to the charitable foundation, which we expect to be offset in part by a corresponding tax benefit. As a result of the contribution, we expect to record an after-tax expense (based on an effective tax rate of 21.0%) of approximately $296,000 during the quarter in which the conversion and stock offering is completed.

The amount of common stock that we would offer for sale would be greater if the conversion and stock offering were to be completed without the establishment and funding of the charitable foundation. For a further discussion of the financial impact of the charitable foundation, including its effect on those who purchase shares in the stock offering, see “Risk Factors – Risks Related to the Charitable Foundation – The contribution to the charitable foundation will dilute your ownership interest and adversely affect net income in 2026,” and “Risk Factors – Risks Related to the Charitable Foundation – Our contribution to the charitable foundation may not be tax deductible, which could reduce our profits.”

How You Can Obtain Additional Information – Stock Information Center

By law, our banking personnel may not assist with investment-related questions about the stock offering. If you have questions regarding the conversion and stock offering, call our Stock Information Center at (312) 521-1600. The Stock Information Center accepts telephone calls Monday through Friday between 9:00 a.m. and 5:00 p.m., Eastern time, excluding bank holidays.

Important Risks in Owning CSB Financial Common Stock

An investment in our common stock involves substantial risks and uncertainties. Investors should carefully consider all of the information in this prospectus, including the detailed discussion of these and other risks under “Risk Factors” beginning on the next page, before investing in our common stock.

Specific areas of risk related to our business include those related to: our lending activities; market interest rates; economic conditions; our funding; laws and regulations; competitive matters; operational matters; and accounting matters.

Specific risks related to the stock offering include those related to the future trading price of our common stock; the use of the net offering proceeds; the trading market for our common stock; our return on equity after the completion of the stock offering; intended new stock-based benefit plans; anti-takeover factors; a forum selection provision for certain litigation; the irrevocability of your investment decision; and potential adverse tax consequences related to subscription rights.

Specific risks related to the contribution to the charitable foundation include dilution and adverse effect on net income and the deductibility of the contribution.

Before making an investment decision, you should read this entire prospectus carefully, including the financial statements and related notes appearing elsewhere in this prospectus and the section entitled “Risk Factors” that follows on the next page and discusses the above risks in further detail.

RISK FACTORS

You should carefully consider the following risk factors, in addition to all other information in this prospectus, in evaluating an investment in the shares of common stock of CSB Financial.

Risks Related to Our Lending Activities

Unsecured loans are a substantial portion of our loan portfolio.

At December 31, 2025, $17.7 million, or 19.0% of our total loans, were unsecured loans. Should an unsecured loan default, we would incur the entire loss of the default balance because there is no collateral to liquidate to recoup all or part of the default balance, which would adversely affect our financial condition and results of operations. We intend to continue to originate and purchase unsecured loans.

We rely on a third party from whom we primarily purchase consumer loans.

Our consumer loan portfolio consists primarily of prime and near-prime loans (generally loans to borrowers with credit scores of greater than 620) purchased from Bankers Healthcare Group, LLC d/b/a BHG Financial, referred to as “BHG Financial” throughout this prospectus. BHG Financial is a non-bank lender primarily to business professionals. We purchase whole loans, not loan participation interests, from BHG Financial and assume the full risk of loss on the purchased loans. Purchases are made on a recurring basis at our initiative under a master agreement with BHG Financial and we are not required to purchase a minimum or maximum volume over any time period. Under the terms of the master agreement, loans are purchased at prices designed to provide us with an agreed rate of return based on expected borrower cash flows, remaining principal balances, and scheduled payments. The borrowers authorize us to ACH monthly principal and interest payments directly to us from their checking accounts. BHG Financial offers and we accept their assistance in any needed collection efforts. Before purchase, we independently underwrite each loan according to our credit and underwriting policies and retain sole authority for the final purchase decision without relying on BHG Financial’s underwriting. Although we have also purchased commercial and industrial loans from BHG Financial, the current and expected foreseeable loan production by BHG Financial is consumer loans. The loss or material curtailment of this relationship with BHG Financial would have a material adverse effect on our consumer loan portfolio because we do not currently have the infrastructure to originate consumer loans at comparable volume levels. In addition, because consumer loans generally have shorter maturities and higher yields than one- to four-family residential mortgage loans a material reduction in the consumer loan portfolio would likely have an adverse effect on our earnings and interest rate risk profile. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Management of Market Risk” and “Business of Community Savings Bank – Lending Activities.”

A substantial portion of our consumer loan portfolio is unseasoned.

Our consumer loan portfolio has increased from $2.6 million, or 3.4% of total loans, at December 31, 2024 to $17.5 million, or 18.7% of total loans, at December 31, 2025. This growth is primarily due to the purchase of consumer loans, primarily unsecured loans, from a third party. These purchased loans have a heightened degree of credit risk because they are unseasoned in that we do not have a significant payment history with the borrowers with which to judge future performance and collectability and these loans have not been subjected to a full business cycle that includes unfavorable economic conditions over a sustained time period. Consequently, it is difficult to predict the future performance of these loans. These loans may have delinquency and/or charge-off levels above our expected levels, which would adversely affect our financial condition and results of operations. We intend to continue to purchase unsecured consumer loans.

Our commercial real estate loans and multi-family mortgage loans involve credit risks that could adversely affect our financial condition and results of operations.

At December 31, 2025, commercial real estate loans totaled $11.5 million, or 12.3% of total loans, and multi-family mortgage loans totaled $9.9 million, or 10.7% of total loans. Given their larger balances and the complexity of the underlying collateral, commercial real estate loans and multi-family mortgage loans generally have more risk than the one- to four-family residential real estate loans we originate. They also typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. In addition, if we foreclose on commercial real estate loans or multi-family mortgage loans, our holding period for the collateral may be longer than for a single-family residential property if there are fewer potential purchasers of the collateral. Furthermore, if loans that are collateralized by commercial real estate or by multi-family property become troubled and the value of the real estate has been significantly impaired, then we may not be able to recover the full contractual amount of principal and interest that we anticipated at the time we originated the loan. Because the repayment of commercial real estate loans and multi-family mortgage loans depends on the successful management and operation of the borrower’s properties or related businesses, their repayment can be affected by adverse conditions in the local real estate market or economy. A downturn in the real estate market or the local economy could adversely impact the value of properties securing the loan or the revenues from the borrower’s business, thereby increasing the risk of non-performing loans. As our commercial real estate loan and multi-family mortgage loan portfolios increase, the corresponding risks and potential for losses from these loans may also increase.

Our commercial and industrial loans involve credit risks that could adversely affect our financial condition and results of operations.

At December 31, 2025, commercial and industrial loans totaled $7.7 million, or 8.2% of total loans. Unlike residential real estate loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment or other income and are secured by real property whose value tends to be more easily ascertainable, commercial and industrial loans are of higher risk and typically are made based on the borrower’s ability to make repayment from the cash flows of the borrower’s business, and any collateral securing these loans may be difficult to appraise, may fluctuate in value, and may depreciate over time. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself. Commercial and industrial loans also typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. In addition, our commercial and industrial loans may be secured by collateral other than real estate, such as inventory and accounts receivable, the value of which may be more difficult to appraise, control or collect and may be more susceptible to fluctuation in value at the time of default. As our commercial and industrial loan portfolio increases, the corresponding risks and potential for losses from these loans may also increase.

Our construction and land loans involve credit risks that could adversely affect our financial condition and results of operations.

At December 31, 2025, construction and land loans totaled $2.7 million, or 2.9% of total loans, of which $718,000 were land loans. Construction lending involves additional risks when compared with permanent mortgage lending because funds are advanced upon the security of the project, which is of uncertain value before its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to accurately evaluate the total funds required to complete a project and the related loan-to-value ratio. If the appraised value of a completed project proves to be overstated, the loan may be inadequately secured and we may incur a loss. Land loans have substantially similar risks with respect to estimating the market value of the collateral property. As our construction and land loan portfolio increases, the corresponding risks and potential for losses from these loans may also increase.

Our historical emphasis on one- to four-family residential mortgage loans exposes us to lending risks.

At December 31, 2025, one- to four-family residential mortgage loans totaled $41.2 million, or 44.2% of total loans. One- to four-family residential mortgage lending is generally sensitive to regional and local economic conditions that significantly impact the borrowers’ ability to meet their loan payment obligations, making loss levels difficult to predict. Declines in real estate values could cause some of our residential mortgages to be inadequately collateralized, which would expose us to a greater risk of loss if we seek to recover on defaulted loans by selling the real estate collateral.

The geographic concentration of our loan portfolio and lending activities makes us vulnerable to a downturn in the local economy.

A majority of our loans are made to borrowers and secured by collateral within our primary market area. As a result, we face greater risk of loan defaults and losses if there is economic downturn in our primary market area, as adverse economic conditions may have a negative effect on the ability of our borrowers to make timely repayments on their loans. Although our primary market area consists of diverse businesses and there is no single employer group concentration that impacts a significant number of our customers, a significant rise in unemployment and/or personal or business bankruptcies and a significant decline in real estate values are the primary factors that would have a material adverse effect on our primary market area, including its commercial real estate market. Furthermore, a return of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our loans, investments, and collateral securing our loans, and our ongoing operations, costs and profitability. Any of these negative events may result in higher-than-expected loan delinquencies, increase our levels of nonperforming and classified assets, and reduce demand for our products and services, which may cause us to incur losses and may adversely affect our capital, liquidity and financial condition.

If our allowance for credit losses is not sufficient to cover actual credit losses, our earnings could decrease.

We maintain an allowance for credit losses, which is established through a provision for credit losses that represents management’s best estimate of the current expected losses within the loan portfolio. We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans. In determining the amount of the allowance for credit losses, we review our loans and our loss and delinquency experience, and we evaluate economic conditions. If our assumptions or the results of our analyses are incorrect, our allowance for credit losses may not be sufficient to cover losses inherent in our loan portfolio, resulting in additions to our allowance. Material additions to our allowance for credit losses would materially decrease our profitability.

In addition, our bank regulators and independent auditors periodically review our allowance for credit losses and, as a result of such reviews, we may determine to increase our provision for credit losses or recognize further loan charge-offs. However, regulatory agencies and independent auditors are not directly involved in the process of establishing the allowance for credit losses, as the process is our responsibility and any adjustment of the allowance is the responsibility of our management. Any increase in our allowance for credit losses or loan charge-offs as a result of such review or otherwise may have a material adverse effect on our financial condition and results of operations.

Environmental liability associated with our lending activities could result in losses.

In the course of business, we may acquire, through foreclosure, properties securing loans originated or purchased that are in default. Particularly in commercial real estate lending, there is a risk that material environmental violations could be discovered on these properties. In this event, we might be required to remedy these violations at the affected properties at our sole cost and expense. The cost of remedial action could substantially exceed the value of affected properties. We may not have adequate remedies against the prior owner or other responsible parties and could find it difficult or impossible to sell the affected properties. These events could have an adverse effect on our financial condition and results of operations.

Risks Related to Market Interest Rates

An increase in market interest rates would generally reduce our profits and asset values.

Net income is the amount by which net interest income and non-interest income exceed non-interest expense and the provision for loan losses. Net interest income makes up a majority of our income and is based on the difference between:

the interest income we earn on interest-earning assets, such as loans and securities; and

the interest expense we pay on interest-bearing liabilities, such as deposits and borrowings.

Like many savings institutions, our interest-bearing liabilities generally have shorter contractual maturities than our interest-earning assets. Furthermore, the rates we earn on our other interest-earning assets and the rates we pay on our interest-bearing liabilities are generally fixed for a contractual period of time. This imbalance can create significant earnings volatility because market interest rates change over time. Generally, in a period of declining interest rates, the interest income we earn on our interest-earning assets may decrease more rapidly than the interest we pay on our interest-bearing liabilities, as borrowers prepay mortgage loans and as mortgage-backed securities and callable investment securities are called, requiring us to reinvest those cash flows at lower, prevailing interest rates. Conversely, in a period of rising interest rates, the interest income we earn on our interest-earning assets may not increase as rapidly as the interest we pay on deposits and other interest-bearing liabilities.

A high interest rate environment, coupled with an inverted interest rate yield curve, which was the case until recently, would have an adverse effect on our net interest spread. An inverted interest rate yield curve is where short-term interest rates (which are typically the interest rates at which we and other financial institutions borrow funds and incur interest expense) are higher than long-term interest rates (which are typically the rates at which we and other financial institutions lend funds and earn interest income). Our net interest spread was 2.71% for the year ended December 31, 2024 and 3.03% for the year ended December 31, 2025. Market interest rates were generally higher in 2024 than 2025.

Changes in market interest rates may also decrease the value of our assets, including the value of our available for sale investment securities, and ultimately affect our earnings. The value of available for sale investment securities generally decreases when market interest rates rise and generally increase when market interest rates decline. During the years ended December 31, 2025 and 2024, we incurred after-tax net unrealized gains on available for sale investment securities of $98,000 and $11,000, respectively.

For further discussion of how changes in market interest rates could impact us, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Management of Market Risk.”

Risks Related to Economic Conditions

Inflation can have an adverse impact on our business and on our customers.

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. After rising sharply at the end of 2021 inflation remained elevated through the first half of calendar 2024, before beginning to moderate in the latter half of 2024 and into 2025. However, inflation continues to exceed the Federal Reserve Board’s long-term target inflation rate of 2.0%. As discussed above under “– Risks Related to Market Interest Rates – Prevailing high market interest rates have reduced our profits and asset values,” as inflation increases and market interest rates rise, the value of our investment securities, particularly those with longer maturities, would decrease, although this effect can be less pronounced for floating rate instruments. In addition, inflation generally increases the cost of goods and services we use in our business operations, such as electricity and other utilities, which increases our noninterest expenses. Furthermore, our customers, particularly small- to medium-sized businesses that are unable to leverage economics of scale to mitigate rising costs compared to larger businesses, are also affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us.

A worsening of economic conditions in our market area could reduce demand for our products and services and/or result in increases in our level of non-performing loans, which could adversely affect our operations, financial condition and earnings.

Local and regional economic conditions have a significant impact on the ability of our borrowers to repay loans and the value of the collateral securing loans. A deterioration in economic conditions, especially local conditions, could have the following consequences, any of which could have a material adverse effect on our business, financial condition, liquidity and results of operations, and could more negatively affect us compared to a financial institution that operates with more geographic diversity:

demand for our products and services may decline;

loan delinquencies, problem assets and foreclosures may increase;

collateral for loans, especially real estate, may decline in value, reducing customers’ future borrowing power, and reducing the value of assets and collateral associated with existing loans; and

the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us.

Moreover, a significant decline in general economic conditions caused by inflation, recession, tariff wars, acts of terrorism, civil unrest, an outbreak of hostilities or other international or domestic calamities, an epidemic or pandemic, unemployment or other factors beyond our control could further impact these local economic conditions and could further negatively affect the financial results of our banking operations. In addition, deflationary pressures, while possibly lowering our operating costs, could have a significant negative effect on our borrowers, especially our business borrowers, and the values of underlying collateral securing loans, which could negatively affect our financial performance.

The soundness of other financial institutions could adversely affect us.

Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty relationships, such as counterparties with whom we engage in interest rate swap transactions, and other relationships. We have exposure to several different counterparties, and we routinely execute transactions with counterparties in the financial industry, including brokers, dealers, and other financial institutions. Defaults by, or even rumors or questions about, one or more financial services institutions, or the financial services industry generally, could lead to market-wide liquidity problems and losses or defaults by us or by other institutions and organizations. Many of these transactions expose us to credit risk in the event of default of our counterparty. In addition, our credit risk may be exacerbated when the collateral held by us cannot be liquidated or is liquidated at prices insufficient to recover the full amount of the financial instrument exposure due to us. There is no assurance that any such losses would not materially and adversely affect our financial condition and results of operations.

Risks Related to Our Funding

Our inability to generate core deposits may cause us to rely more heavily on wholesale funding strategies for funding and liquidity needs, which could have an adverse effect on our profitability.

We must maintain sufficient funds to respond to the needs of depositors and borrowers. Deposits have traditionally been our primary source of funds for use in lending and investment activities. We also receive funds from loan repayments, investment maturities and income on other interest-earning assets. While we emphasize generating lower-cost transaction accounts, we cannot guarantee if and when this will occur. Further, the considerable competition for deposits in our market area also has made, and may continue to make, it difficult for us to obtain reasonably priced deposits. Moreover, deposit balances can decrease if customers perceive alternative investments as providing a better risk/return tradeoff. If we are not able to increase our lower-cost transactional deposits to a level necessary to fund our asset growth or deposit outflows, we may have to seek other sources of funds, including other certificates of deposit, Federal Home Loan Bank advances, brokered deposits and lines of credit to meet the borrowing and deposit withdrawal requirements of our customers, which may be more expensive and have an adverse effect on our net interest margin and profitability. At December 31, 2025, brokered certificates of deposit represented 9.8% of our total deposits, and had an average rate of 4.03% for the year ended December 31, 2025. In addition, if our capital levels fell such that we were no longer considered “well capitalized,” under federal law we would be subject to restrictions on accepting brokered deposits and on paying above-market rates for deposits. Additionally, if, based on our tangible equity, the Federal Home Loan Bank of Cincinnati were to determine that we have inadequate capital levels, it may, in its discretion, limit our ability to utilize Federal Home Loan Bank of Cincinnati advances.

We have increased our reliance on higher cost brokered certificates of deposit.

At December 31, 2025, brokered certificates of deposit totaled $8.0 million. At December 31, 2024, we had no brokered certificates of deposit. During 2025, we used brokered certificates of deposit, along with Federal Home Loan Bank advances, to purchase consumer loans as part of a transaction designed to offset the effects of an extended period of a flat to inverted yield curve environment by realizing the spread between the yield earned on the consumer loans and the rate paid on the wholesale funding. Brokered certificates of deposit generally are more expensive than non-brokered deposits and have an adverse effect on our net interest margin and profitability. For further information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Comparison of Financial Condition at December 31, 2025 and December 31, 2024” and “Business of Community Savings Bank – Sources of Funds – Deposits.”

Our funding sources may prove insufficient to replace deposits at maturity and support our future growth.

We must maintain sufficient funds to respond to the needs of depositors and borrowers. As a part of our liquidity management, we use a number of funding sources in addition to core deposit growth and repayments and maturities of loans and investments. As we continue to grow, we are likely to depend more on these other sources, which may include Federal Home Loan Bank of Cincinnati borrowings and brokered deposits, among others. Adverse operating results or changes in industry conditions could lead to difficulty or an inability to access these additional funding sources. Our financial flexibility will be severely constrained if we are unable to maintain our access to funding or if adequate financing is not available to accommodate future growth at acceptable interest rates. If we are required to rely more heavily on more expensive funding sources to support future growth, our revenues may not increase proportionately to cover our costs. In this case, our operating margins and profitability would be adversely affected. Moreover, if Community Savings Bank ceases to be categorized as “well capitalized” under banking regulations, it would be prohibited from accepting or renewing brokered deposits without FDIC consent.

Risks Related to Laws and Regulations

Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and/or increase our costs of operations.

Community Savings Bank is subject to extensive regulation, supervision and examination by ODFI and by the FDIC. Upon completion of the conversion and stock offering, CSB Financial will be subject to extensive regulation, supervision and examination by the Federal Reserve Board. Such regulation and supervision govern the activities in which an institution and its holding company may engage and are intended primarily for the protection of the federal deposit insurance fund and the depositors of Community Savings Bank, rather than for our stockholders. Regulatory authorities have extensive discretion in their supervisory and enforcement activities, including the imposition of restrictions on our operations, the classification of our assets and determination of the adequacy of the level of our allowance for credit losses. These regulations, along with existing tax, accounting, securities, insurance and monetary laws, rules, standards, policies, and interpretations, control the methods by which financial institutions conduct business, implement strategic initiatives and tax compliance, and govern financial reporting and disclosures. Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material impact on our operations.

Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.

The USA PATRIOT and Bank Secrecy Acts require financial institutions to develop programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are suspected, financial institutions are obligated to file suspicious activity reports with FinCEN. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Failure to comply with these regulations could result in fines or sanctions, including restrictions on pursuing acquisitions or establishing new branches. The policies and procedures we have adopted that are designed to assist in compliance with these laws and regulations may not be effective in preventing violations of these laws and regulations. Furthermore, these rules and regulations continue to evolve and expand.

Monetary policies and regulations of the Federal Reserve Board could adversely affect our business, financial condition and results of operations.

In addition to being affected by general economic conditions, our earnings and growth are affected by the policies of the Federal Reserve Board. An important function of the Federal Reserve Board is to regulate the money supply and credit conditions. Among the instruments used by the Federal Reserve Board to implement these objectives are open market purchases and sales of U.S. government securities, adjustments of the discount rate and changes in banks’ reserve requirements against bank deposits. These instruments are used in varying combinations to influence overall economic growth and the distribution of credit, bank loans, investments and deposits. Their use also affects interest rates charged on loans or paid on deposits. The monetary policies and regulations of the Federal Reserve Board have had a significant effect on the operating results of financial institutions in the past and are expected to continue to do so in the future. The effects of such policies upon our business, financial condition and results of operations cannot be predicted.

We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.

CSB Financial qualifies as an “emerging growth company” under the federal securities laws. For as long as it continues to qualify as an emerging growth company, it may choose to take advantage of exemptions from various public company reporting requirements that are not available to public companies that do not qualify as emerging growth companies, including, but not limited to, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation. As an emerging growth company, CSB Financial also will not be subject to Section 404(b) of the Sarbanes-Oxley Act of 2002, which requires that independent auditors of public companies audit a company’s internal control over financial reporting. In addition, as an emerging growth company, we have elected to take advantage of the extended transition periods for adopting new or revised financial accounting standards until the date they are required to be adopted by private companies (however, if any new or revised financial accounting standards would not apply to private companies, we would not be able to delay their adoption). Accordingly, our financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. Investors may find our common stock less attractive since we have chosen to rely on these exemptions. If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile.

We are a smaller reporting company, and even if we no longer qualify as an emerging growth company, any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to smaller reporting companies could make our common stock less attractive to investors.

In addition to qualifying as an emerging growth company, CSB Financial qualifies as a “smaller reporting company” under the federal securities laws. For as long as it continues to qualify as a smaller reporting company, it may choose to take advantage of exemptions from various reporting requirements applicable to public companies that are not available to companies that are not smaller reporting companies, including, but not limited to, reduced financial disclosure obligations and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile.

Risks Related to Competitive Matters

Strong competition within our market area may limit our growth and profitability.

Competition in the banking and financial services industry is intense. We compete with commercial banks, savings institutions, mortgage brokerage firms, credit unions, finance companies, mutual funds, insurance companies, brokerage and investment banking firms, financial technology or “fintech companies,” and unregulated or less regulated non-banking entities. Many of these competitors are substantially larger than we are and have substantially greater resources and higher lending limits than we have and offer certain services that we do not or cannot provide. In addition, some of our competitors offer loans with lower interest rates and/or more attractive terms than loans we offer. Competition also makes it increasingly difficult and costly to attract and retain qualified employees. We expect competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. Our profitability depends upon our continued ability to successfully compete for business and qualified employees in our market areas. The greater resources and deposit and loan products offered by some of our competitors may limit our ability to increase our interest-earning assets.

Risks Related to Operational Matters

We depend on our management team to implement our business strategy and execute successful operations and we could be harmed by the loss of their services.

We depend on the services of the members of our senior management team who direct our strategy and operations. Our executive officers and lending personnel possess substantial expertise, extensive knowledge of our markets and key business relationships. Our loss of these persons, or our inability to hire additional qualified personnel, could impact our ability to implement our business strategy and could have a material adverse effect on our results of operations and our ability to compete in our markets. We intend to enter into either an employment agreement or change in control agreement with each key member of our senior management team, which will be effective as of the closing date of the conversion and stock offering. See “Management.”

We face significant operational risks because of our reliance on technology. Our information technology systems may be subject to failure, interruption or security breaches.

Information technology systems are critical to our business. Our business requires us to collect, process, transmit and store significant amounts of confidential information regarding our customers, employees and our own business, operations, plans and business strategies. We use various technology systems to manage our customer relationships, general ledger, investments, deposits, and loans. Our computer systems, data management and internal processes, as well as those of third parties, are integral to our performance. Our operational risks include the risk of malfeasance by employees or persons outside our company, errors relating to transaction processing and technology, systems failures or interruptions, breaches of our internal control systems and compliance requirements, and business continuation and disaster recovery. There have been increasing efforts by third parties to breach data security at financial institutions. Such attacks include computer viruses, malicious or destructive code, phishing attacks, denial of service or information or other security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information, damages to systems, or other material disruptions to network access or business operations. We have established policies and procedures to prevent or limit the impact of system failures, interruptions and security breaches, including privacy breaches and cyber-attacks. Although we take protective measures and believe that we have not experienced any of the data breaches described above, the security of our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information security. Because the techniques used to cause security breaches change frequently, we may be unable to proactively address these techniques or to implement adequate preventative measures.

If there is a breakdown in our internal control systems, improper operation of systems or improper employee actions, or a breach of our security systems, including if confidential or proprietary information were to be mishandled, misused or lost, we could suffer financial loss, loss of customers and damage to our reputation, and face regulatory action or civil litigation. Any of these events could have a material adverse effect on our financial condition and results of operations. Insurance coverage may not be available for such losses, or where available, such losses may exceed insurance limits.

We outsource critical operations to third-party service providers. Systems failures, interruptions and cybersecurity breaches could have a material adverse effect on us.

We outsource a majority of our data processing requirements to third-party providers. Accordingly, our operations are exposed to the risk that these vendors will not perform according to our contractual agreements with them, or we also could be adversely affected if such an agreement is not renewed by the third-party vendor or is renewed on terms less favorable to us. If our third-party providers encounter difficulties, or if we have difficulty communicating with those service providers, our ability to adequately process and account for transactions could be affected, and our business operations could be adversely affected, which could have a material adverse effect on our financial condition and results of operations. Threats to information security also exist in the processing of customer information through various other vendors and their personnel, and our third-party service providers may be vulnerable to unauthorized access, computer viruses, phishing schemes and other security breaches. We may have to expend additional resources to protect against the threat of such security breaches and computer viruses, or to alleviate problems caused by such security breaches or viruses. To the extent that the activities of our third-party service providers or the activities of our customers involve the storage and transmission of confidential information, security breaches and viruses could expose us to claims, regulatory scrutiny, litigation costs and other possible liabilities. To our knowledge, the services and programs provided to us by third parties have not experienced any material security breaches resulting in the unauthorized disclosure of financial information relating to Community Savings Bank or its customers. However, the existence of cyber-attacks or security breaches at third parties with access to our data, such as vendors, may not be disclosed to us in a timely manner.

We are subject to litigation risk, and any pending or potential litigation may have an adverse effect on our business, financial condition and results of operations.

Although we are not a party to any material pending or potential legal proceedings, pending or potential legal proceedings, including class action lawsuits, can pose significant financial and other risks to our organization. Prosecuting or defending against a lawsuit or other legal proceeding is often costly. Legal issues, such as lawsuits, unenforceable contracts, and adverse judgments, can potentially disrupt our operations, potentially materially reduce our earnings, capital and liquidity, and otherwise materially and adversely affect our business, financial condition, results of operations, and reputation. See “Business of Community Savings Bank – Legal Proceedings.”

We operate as a community bank and our ability to maintain our reputation, which is critical to the success of our business, may materially adversely affect our performance.

We are a community bank, and our reputation is one of the most valuable components of our business. A key component of our business strategy is to rely on our reputation for customer service and knowledge of local markets to expand our presence by capturing new business opportunities from existing and prospective customers in our market area and contiguous areas. Threats to our reputation can come from many sources, including adverse sentiment about financial institutions generally, unethical practices, employee misconduct, failure to deliver minimum standards of service or quality, compliance deficiencies, cybersecurity incidents and questionable or fraudulent activities of our customers. Negative publicity regarding our business, employees, or customers, with or without merit, may result in the loss of customers and employees, costly litigation and increased governmental regulation, any or all of which could adversely affect our business and operating results.

The cost of additional finance and accounting systems, procedures and controls in order to satisfy our new public company reporting requirements will increase our expenses.

As a result of the completion of the conversion and stock offering, we will become a public reporting company. The obligations of being a public company, including the substantial public reporting obligations, will require significant expenditures and place additional demands on our management team. We will make changes to our internal controls and procedures for financial reporting and accounting systems to meet our reporting obligations as a public company. Any failure to achieve and maintain an effective internal control environment could have a material adverse effect on our business and stock price. In addition, we may need to hire additional compliance, accounting and financial staff with appropriate public company experience and technical knowledge, and we may not be able to do so in a timely fashion. As a result, we may need to rely on outside consultants to provide these services for us until qualified personnel are hired. These obligations will increase our operating expenses and could divert our management’s attention from our operations.

Risks Related to Accounting Matters

Changes in management’s estimates and assumptions may have a material impact on our financial statements and our financial condition or operating results.

In preparing this prospectus, including Community Savings Bank’s accompanying financial statements, as well as the periodic reports CSB Financial will be required to file with the Securities and Exchange Commission, our management is and will be required under applicable rules and regulations to make estimates and assumptions as of specified dates. These estimates and assumptions are based on management’s best estimates and experience as of those dates and are subject to substantial risk and uncertainty. Materially different results may occur as circumstances change and additional information becomes known. An area requiring significant estimates and assumptions by management include our evaluation of the adequacy of our allowance for credit losses.

Changes in accounting standards could affect reported earnings.

The regulatory bodies responsible for establishing accounting standards, including the Financial Accounting Standards Board, the Securities and Exchange Commission and other regulatory bodies, periodically change the financial accounting and reporting guidance that governs the preparation of our financial statements. These changes can be hard to predict and can materially impact how we record and report our financial condition and results of operations. In some cases, we could be required to apply new or revised guidance retroactively.

Risks Related to the Stock Offering

The future price of our common stock may be less than the purchase price in the stock offering.

If you purchase shares of common stock in the stock offering, you may not be able to sell them at or above the $10.00 purchase price. The aggregate purchase price of the shares of common stock sold in the stock offering is based upon an independent third-party appraisal of the pro forma market value of CSB Financial. The appraisal is not intended, and should not be construed, as a recommendation of any kind as to the advisability of purchasing shares of our common stock, and such appraisal is based on certain estimates, assumptions and projections, all of which are subject to change from time to time. Our aggregate pro forma market value as reflected in the final independent appraisal may exceed the market price of our shares of common stock after the completion of the conversion and stock offering, which may result in our stock trading below the initial offering price of $10.00 per share. After the shares of our common stock begin trading, the trading price of the common stock will be determined by the marketplace, and will be influenced by many factors outside of our control, including prevailing interest rates, investor perceptions, securities analyst research reports and general industry, geopolitical and economic conditions. Publicly traded stocks, including stocks of financial institutions, often experience substantial market price volatility. Price fluctuations in our common stock may be unrelated to our operating performance.

There will be a limited trading market in our common stock, which could hinder your ability to sell our common stock and may lower the market price of the stock.

We have never issued stock and, therefore, there is no current public or private trading market for our shares of common stock. Upon completion of the conversion and stock offering, we expect our common stock will be quoted on the OTCQB Market given the size and other parameters of the stock offering and that we will be a reporting company with the Securities and Exchange Commission. We expect that our “public float,” which is the total number of our outstanding shares of common stock less the number of shares held by our employee stock ownership plan, by the charitable foundation and by our directors and executive officers, and which is used as a measure of shares available for trading, will be limited. The limited trading market could also result in a wider spread between the “bid” and “ask” prices for the common stock, which could make it more difficult to sell a large number of shares at one time and could mean a sale of a large number of shares at one time could depress the market price.

We have broad discretion in using the net proceeds of the stock offering. Our failure to effectively deploy the net proceeds of the stock offering may have an adverse effect on our financial performance and the value of our common stock.

We intend to invest between $3.9 million and $5.5 million of the net proceeds of the stock offering (or $6.5 million at the adjusted maximum of the offering range) in Community Savings Bank. We also intend to use a portion of the net proceeds to make a cash contribution to the charitable foundation and fund a loan for the purchase of shares of common stock in the stock offering by Community Savings Bank’s employee stock ownership plan. Community Savings Bank intends to use the net proceeds it receives to fund new loans, invest in securities and for other general corporate purposes. However, except for the loan to the employee stock ownership plan and the cash contribution to the charitable foundation, we have not allocated specific amounts of the net proceeds for any of these purposes, and we will have broad discretion in determining the amount of the net proceeds we apply to different uses and when we apply or reinvest such proceeds. We have not established a timetable for investing the net proceeds, and, accordingly, we may not invest the net proceeds at a time that is most beneficial to CSB Financial, its stockholders, or Community Savings Bank. For additional information see “How We Intend to Use the Proceed From the Stock Offering.”

The capital we raise in the stock offering may negatively impact our return on equity until we can fully implement our business plan. This could negatively affect the trading price of our shares of common stock.

Net income divided by average equity, known as “return on equity,” is a ratio many investors use to compare the performance of a financial institution to its peers. Our return on equity may be relatively low until we are able to implement our business plan and leverage the additional capital we receive from the stock offering. Although we anticipate increasing net interest income using proceeds of the stock offering, our return on equity will be reduced by the capital raised in the stock offering, higher expenses from the costs of being a public company, and added expenses associated with Community Savings Bank’s employee stock ownership plan and the stock-based benefit plan we intend to adopt. Until we can implement our business plan and increase our net interest income through investment of the proceeds of the stock offering, our return on equity may remain relatively low compared to our peer group, which may reduce the value of our shares.

Our stock-based benefit plans will increase our expenses, which will reduce our net income.

Community Savings Bank’s employee stock ownership plan intends to purchase 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation. The estimated cost of acquiring these shares is between $770,000 at the minimum of the offering range and $1.2 million at the adjusted maximum of the offering range, assuming it is able to purchase the shares in the stock offering. We will record an annual expense associated with the employee stock ownership plan in an amount equal to the fair value of shares of common stock committed to be released to participating employees. If our common stock appreciates in value over time, this compensation expense will increase.

In addition, we intend to implement a stock-based benefit plan after the conversion and stock offering, subject to shareholder approval, which would increase our annual compensation and benefit expenses related to stock options and stock awards granted to participants under the stock-based benefit plan. The amount of these stock-related compensation and benefit expenses would depend on the number of options and stock awards granted, the fair value of the options and of our stock on the date of grant, the vesting period, and other factors that we cannot predict at this time. If we implement a stock-based benefit plan within one year following the completion of the conversion and stock offering, the total shares of common stock reserved for issuance pursuant to awards of restricted stock and grants of options under the plan would be limited to 4% and 10%, respectively, of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation. If we adopt a stock-based benefit plan more than 12 months after the completion of the conversion and stock offering, the plan could allow for greater amounts of restricted stock awards and stock options and, therefore, we could award restricted shares of common stock or grant options in excess of these amounts, which would further increase costs.

The estimated expense in the first year following the conversion and stock offering for shares purchased in the stock offering (or in the after-market if the stock offering is oversubscribed by the eligible account holders) by the employee stock ownership plan and for a stock-based benefit plan implemented within one year after the conversion and stock offering, subject to receipt of shareholder approval of the stock-based benefit plan, is approximately $1.8 million ($1.4 million after tax based on an effective rate of 21.0%) at the adjusted maximum of the offering range as set forth in the pro forma financial information under “Pro Forma Data,” assuming the $10.00 per share offering price as fair market value. Actual expense may be higher if the price of our common stock at the time the shares are allocated or awarded is greater than $10.00 per share. For further discussion of our proposed stock-based plans, see “Management – Benefits to be Considered Following Completion of the Conversion and Stock Offering.”

The implementation of a stock-based benefit plan is likely to dilute your ownership interest.

We intend to adopt one or more new stock-based benefit plans following the conversion and stock offering. These plans may be funded either through open market purchases of our common stock or from the issuance of authorized but unissued shares of common stock. Our ability to repurchase shares of our common stock to fund these plans will be subject to many factors, including applicable regulatory restrictions on stock repurchases, the availability of stock in the market, the trading price of our stock, our capital levels, alternative uses for our capital and our financial performance. While our intention is to fund the new stock-based benefit plans through open market purchases, stockholders would experience a 9.09% dilution in ownership interest if newly issued shares of our common stock are used to fund stock options in an amount equal to 10% of the sum of the shares sold in the stock offering and contributed to the charitable foundation, and all such stock options are exercised, and a 3.85% dilution in ownership interest if newly issued shares of our common stock are used to fund grants of restricted common stock in an amount equal to 4% of the sum of shares sold in the stock offering and contributed to the charitable foundation. Such dilution would also reduce earnings per share. If we adopt the plans more than 12 months following the conversion, new stock-based benefit plans would not be subject to these size limitations and stockholders could experience even greater dilution.

Although the implementation of new stock-based benefit plans is subject to stockholder approval, historically, the overwhelming majority of stock-based benefit plans adopted by savings institutions and their holding companies following a mutual-to-stock conversion have been approved by stockholders.

We have not determined when we will adopt one or more stock-based benefit plans following the conversion and stock offering. Stock-based benefit plans adopted more than one year following the completion of the conversion and stock offering may exceed regulatory restrictions on the size of stock-based benefit plans adopted within one year, which would increase both our expenses and dilution to stockholders.

If we adopt stock-based benefit plans more than one year following the completion of the conversion and stock offering, then grants of shares of common stock or stock options under our proposed stock-based benefit plans may exceed 4% and 10%, respectively, of the sum of shares of common stock sold in the stock offering and contributed to the charitable foundation. Stock-based benefit plans that provide for awards in excess of these amounts would increase our costs beyond the amounts estimated in “– Our stock-based benefit plans will increase our expenses, which will reduce our net income.” Stock-based benefit plans that provide for awards in excess of these amounts could also result in dilution to stockholders in excess of that described in “– The implementation of a stock-based benefit plan is likely to dilute your ownership interest.” Although the implementation of stock-based benefit plans would be subject to stockholder approval, the timing of implementation will be at the discretion of our board of directors.

Various factors may make takeover attempts more difficult to achieve.

Certain provisions of CSB Financial’s articles of incorporation and bylaws and of federal and state banking laws, including regulatory approval requirements, could make it more difficult for a third party to acquire control of CSB Financial without the approval of its board of directors. Federal regulations applicable to the conversion and stock offering provide that for a period of three years following completion of the conversion and stock offering, no person may offer to acquire or acquire beneficial ownership of more than 10% of our outstanding common stock without prior approval of the Federal Reserve Board. Under federal law, subject to certain exemptions, a person, entity or group must notify the Federal Reserve Board and receive its non-objection before acquiring control of a bank holding company. There also are provisions in CSB Financial’s articles of incorporation and bylaws that we may use to delay or block a takeover attempt, including a provision that prohibits any person from voting more than 10% of our outstanding shares of common stock. Furthermore, shares of restricted stock and stock options that we may grant to employees and directors, stock ownership by our management and directors and other factors may make it more difficult for companies or persons to acquire control of CSB Financial without the consent of our board of directors, and may increase the cost of an acquisition. Taken as a whole, these statutory or regulatory provisions and provisions in our articles of incorporation and bylaws could make us less attractive to a potential acquirer and therefore could adversely affect the market price of our common stock. For additional information, see “Restrictions on Acquisition of CSB Financial” and “Management – Benefits to be Considered Following Completion of the Conversion and Stock Offering.”

Our articles of incorporation provide that, subject to limited exception, state and federal courts in the State of Maryland are the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, and other employees.

CSB Financial’s articles of incorporation provide that, unless CSB Financial consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of CSB Financial, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of CSB Financial to CSB Financial or its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Maryland General Corporation Law, or (iv) any action asserting a claim governed by the internal affairs doctrine, will be conducted in a state or federal court located within the State of Maryland, in all cases subject to the court having personal jurisdiction over the indispensable parties named as defendants. This exclusive forum provision does not apply to claims arising under the federal securities laws. This exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum it finds favorable for disputes with CSB Financial and its directors, officers, and other employees or may cause a stockholder to incur additional expense by having to bring a claim in a judicial forum that is distant from where the stockholder resides, or both. In addition, if a court were to find this exclusive forum provision to be inapplicable or unenforceable in a particular action, we may incur additional costs associated with resolving the action in another jurisdiction, which could have a material adverse effect on our financial condition and results of operations.

You may not revoke your order to purchase CSB Financial common stock in the subscription offering or any community offering after you send us your order.

Funds submitted or automatic withdrawals authorized in connection with an order to purchase shares of common stock in the subscription offering and any community offering will be held by us until the completion or termination of the conversion and stock offering, including any extension of the expiration date and consummation of any syndicated community offering. Because completion of the conversion and stock offering is subject to regulatory approvals and an update of the independent appraisal prepared by FinPro, among other factors, there may be one or more delays in completing the conversion and stock offering. Orders submitted in the subscription offering and any community offering are irrevocable, and purchasers will have no access to their funds unless the stock offering is terminated or extended beyond August 10, 2026, or the number of shares to be sold in the stock offering is decreased to less than 935,000 shares or increased to more than 1,454,750 shares.

The distribution of subscription rights could have adverse income tax consequences.

If the subscription rights granted in connection with the stock offering are deemed to have an ascertainable value, receipt of such rights may be taxable in an amount equal to such value. Whether subscription rights are considered to have ascertainable value is an inherently factual determination. We have received an opinion of counsel, Luse Gorman, PC, that it is more likely than not that such rights have no value; however, such opinion is not binding on the Internal Revenue Service.

Risks Related to Our Contribution to the Charitable Foundation

The contribution to the charitable foundation will dilute your ownership interest and adversely affect our net income in the year in which we consummate the conversion and stock offering.

We intend to establish and fund a new charitable foundation in connection with the conversion and stock offering. We intend to contribute to it $100,000 in cash and 27,500 shares of our common stock (valued at the initial offering price of $10.00 per share), for a total contribution of $375,000. At the midpoint of the offering range, the share contribution to the charitable foundation would dilute an investor’s ownership interest in CSB Financial by 2.50%. The contribution will have an adverse effect on our net income for the quarter and year in which we make the contribution. The after-tax expense of the contribution is expected to reduce net income for the quarter and year in which the contribution is made by approximately $296,000 based on an effective tax rate of 21.0%.

Our contribution to the charitable foundation may not be tax deductible, which could reduce our profits.

We may not have sufficient profits to be able to fully use the tax deduction from our contribution to the charitable foundation. Under the Internal Revenue Code, an entity is permitted to deduct up to 10% of its taxable income (generally income before federal income taxes and charitable contributions expense) in any one year for charitable contributions. Any contribution in excess of the 10% limit may be deducted for federal income tax purposes over each of the five years following the year in which the charitable contribution is made. Accordingly, a charitable contribution could, if necessary, be deducted over a six-year period and expires thereafter.

SELECTED FINANCIAL AND OTHER DATA OF COMMUNITY SAVINGS BANK

The following tables set forth selected historical financial and other data of Community Savings Bank at the dates and for the years indicated. The data is derived in part from, and should be read together with, the audited financial statements and related notes beginning at page F-1 of this prospectus.

	At December 31,
	2025		2024

	(In thousands)
Selected Financial Condition Data:
Total assets	$	110,202	$	92,777
Cash and cash equivalents		6,429		5,278
Investment securities available-for-sale		5,539		5,704
Loans receivable, net		92,556		76,683
Bank owned life insurance		3,068		2,999
Deposits		82,154		72,437
Federal Home Loan Bank advances		10,600		3,550
Total equity		15,794		15,257

	For the Year Ended December 31,
	2025		2024

	(In thousands)
Selected Operating Data:
Total interest and dividend income	$	5,800	$	4,672
Total interest expense		2,317		1,890
Net interest income		3,483		2,782
Provision for credit losses		69		—
Net interest income after provision for credit losses		3,414		2,782
Total non-interest income		168		179
Total non-interest expense ⁽¹⁾		3,113		3,763
Income (loss) before income taxes		469		(802	)
Income tax provision (benefit) ⁽²⁾		30		(433	)
Net income (loss)	$	439	$	(369	)

	(1)	In 2024, includes $790,000 in one-time expenses associated with the conversion of Community Savings Bank’s core data processing system to a new core service provider.
	(2)	Includes reductions of the valuation allowance on deferred tax assets of $35,000 in 2025 and $218,000 in 2024, reflecting improved evidence supporting realizability, including recent operating results and projections of future taxable income.

	At or For the Year Ended December 31,
	2025			2024
Performance Ratios:
Return on average assets		0.42	%		(0.40	)%
Return on average equity		2.84	%		(2.39	)%
Interest rate spread ⁽¹⁾		3.03	%		2.71	%
Net interest margin ⁽²⁾		3.48	%		3.18	%
Non-interest expense as a percentage of average assets		2.97	%		4.10	%
Efficiency ratio ⁽³⁾		85.26	%		127.04	%
Average interest-earning assets as a percentage of average interest-bearing liabilities		119.21	%		121.95	%

Capital Ratios (Community Savings Bank only):
Average equity as a percentage of average assets		14.7	%		16.8	%
Total capital as a percentage of risk-weighted assets ⁽⁴⁾		N/A			N/A
Tier 1 capital as a percentage of risk-weighted assets ⁽⁴⁾		N/A			N/A
Common equity Tier 1 capital as a percentage of risk-weighted assets ⁽⁴⁾		N/A			N/A
Tier 1 capital as a percentage of average assets ⁽⁴⁾		14.3	%		16.5	%

Asset Quality Ratios:
Allowance for credit losses as a percentage of total loans		0.47	%		0.46	%
Allowance for credit losses as a percentage of non-performing loans		419.23	%		86.49	%
Allowance for credit losses as a percentage of non-accrual loans		419.23	%		86.49	%
Non-accrual loans as a percentage of total loans		0.11	%		0.53	%
Net recoveries (charge-offs) as a percentage of average outstanding loans		0.01	%		0.01	%
Non-performing loans as a percentage of total loans		0.11	%		0.53	%
Non-performing loans as a percentage of total assets		0.09	%		0.44	%
Total non-performing assets as a percentage of total assets		0.09	%		0.44	%

Other Data:
Number of offices		2			2
Number of full-time employees		14			14
Number of part-time employees		4			4

	(1)	Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
	(2)	Represents net interest income as a percentage of average interest-earning assets.
	(3)	Represents non-interest expenses divided by the sum of net interest income and non-interest income.
	(4)	Community Savings qualifies for and has adopted the “community bank leverage ratio” (“CBLR”) framework for measuring regulatory capital adequacy. The CBLR is the ratio of Tier 1 capital to average total assets. To be considered well-capitalized under the CBLR framework a qualifying institution must have a CBLR of greater than 9.0%.

RECENT DEVELOPMENTS

The following tables set forth selected historical financial information and other data for Community Savings Bank at the dates and for the periods indicated. The data at March 31, 2026 and for the three months ended March 31, 2026 and 2025 is unaudited but, in the opinion of management, includes all adjustments necessary for a fair presentation. All adjustments are normal and recurring. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations for the entire year or for any other period. The data at December 31, 2025 is derived in part from, and should be read together with, the audited financial statements and related notes appearing elsewhere in this prospectus.

	At March 31, 2026		At December 31, 2025
	(In thousands)
Selected Financial Condition Data:
Total assets	$	111,074	$	110,202
Cash and cash equivalents		7,992		6,429
Investment securities available-for-sale		5,469		5,539
Loans receivable, net		91,576		92,556
Bank owned life insurance		3,084		3,068
Deposits		83,142		82,154
Federal Home Loan Bank advances		10,600		10,600
Total equity		15,870		15,794

	For the Three Months Ended March 31,
	2026		2025
	(In thousands)
Selected Operating Data:
Total interest and dividend income	$	1,519	$	1,192
Total interest expense		604		469
Net interest income		915		723
Provision for credit losses		—		—
Net interest income after provision for credit losses		915		723
Total non-interest income		39		39
Total non-interest expense		855		703
Income before income taxes		99		59
Income tax provision		12		2
Net income	$	87	$	57

	At or For the Three Months Ended March 31,
	2026			2025
Performance Ratios:
Return on average assets		0.32	%		0.25	%
Return on average equity		2.18	%		1.50	%
Interest rate spread ⁽¹⁾		3.05	%		2.83	%
Net interest margin ⁽²⁾		3.49	%		3.30	%
Non-interest expense as a percentage of average assets		3.11	%		3.05	%
Efficiency ratio ⁽³⁾		89.60	%		92.30	%
Average interest-earning assets as a percentage of average interest-bearing liabilities		119.03	%		121.81	%

Capital Ratios (Community Savings Bank only):
Average equity as a percentage of average assets		14.50	%		16.60	%
Total capital as a percentage of risk-weighted assets ⁽⁴⁾		N/A			N/A
Tier 1 capital as a percentage of risk-weighted assets ⁽⁴⁾		N/A			N/A
Common equity Tier 1 capital as a percentage of risk-weighted assets ⁽⁴⁾		N/A			N/A
Tier 1 capital as a percentage of average assets ⁽⁴⁾		14.60	%		16.80	%

Asset Quality Ratios:
Allowance for credit losses as a percentage of total loans		0.48	%		0.47	%
Allowance for credit losses as a percentage of non-performing loans		459.99	%		204.53	%
Allowance for credit losses as a percentage of non-accrual loans		459.99	%		204.53	%
Non-accrual loans as a percentage of total loans		0.10	%		0.23	%
Net recoveries (charge-offs) as a percentage of average outstanding loans		—	%		—	%
Non-performing loans as a percentage of total loans		0.10	%		0.23	%
Non-performing loans as a percentage of total assets		0.09	%		0.19	%
Total non-performing assets as a percentage of total assets		0.09	%		0.19	%

Other Data:
Number of offices		2			2
Number of full-time employees		14			14
Number of part-time employees		4			4

(1)	Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(2)	Represents net interest income as a percentage of average interest-earning assets.

(3)	Represents non-interest expenses divided by the sum of net interest income and non-interest income.

(4)	Community Savings qualifies for and has adopted the CBLR framework for measuring regulatory capital adequacy. The CBLR is the ratio of Tier 1 capital to average total assets. To be considered well-capitalized under the CBLR framework a qualifying institution must have a CBLR of greater than 9.0%.

Comparison of Financial Condition at March 31, 2026 and December 31, 2025

Total Assets. Total assets increased $872,000, or 0.8%, to $111.1 million at March 31, 2026 from $110.2 million at December 31, 2025. The increase was primarily due to higher other assets, reflecting costs associated with the conversion and stock offering that are capitalized on the balance sheet until the conversion and stock offering is completed.

Cash and Due from Banks. Cash and due from banks increased $1.6 million, or 24.3%, to $8.0 million at March 31, 2026 from $6.4 million at December 31, 2025.

Securities Available for Sale. Securities available for sale decreased $69,000, or 1.3%, to $5.4 million at March 31, 2026 from $5.5 million at December 31, 2025 due to scheduled maturities. There were no securities purchases during the period, as excess liquidity was deployed into the loan portfolio.

Federal Home Loan Bank Stock. Federal Home Loan Bank stock remained unchanged at $600,000 at March 31, 2026 and December 31, 2025, respectively.

Loans, net. Loans decreased $979,000, or 1.1%, to $91.6 million at March 31, 2026 from $92.6 million at December 31, 2025. The decrease was primarily due to a $2.0 million reduction in consumer and commercial loans purchased from BHG Financial as a result of payoffs, partially offset by a $1.3 million increase in commercial real estate loans and second mortgage and home equity loans. The increase in commercial real estate loans primarily relates to loans secured by commercial/industrial warehouse properties.

Bank-owned Life Insurance. Bank-owned life insurance increased $16,000, or 0.5%, primarily due to an increase in the cash surrender value of the existing policies.

Deposits. Deposits increased $988,000, or 1.2%, to $83.1 million at March 31, 2026 from $82.2 million at December 31, 2025. The increase was primarily attributable to a $1.3 million, or 2.7%, increase in certificates of deposit, partially offset by a $281,000, or 0.8%, decrease in demand deposits and savings accounts to $34.6 million at March 31, 2026 from $34.9 million at December 31, 2025. At March 31, 2026 and December 31, 2025, brokered certificates of deposits totaled $8.0 million.

Federal Home Loan Bank Advances. Federal Home Loan Bank Advances. Federal Home Loan Bank advances remained unchanged at $10.6 million at March 31, 2026 and December 31, 2025.

Total Capital. Capital increased $76,000, or 0.5%, to $15.9 million at March 31, 2026 from $15.8 million at December 31, 2025. The increase was primarily attributable to net income for the three months ended March 31, 2026, partially offset by an increase in accumulated other comprehensive loss of $11,000.

Average Balances and Yields. The following table sets forth average balance sheets, average yields and costs, and certain other information at the dates and for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. Average yields include the effect of net deferred fee income, discounts and premiums that are amortized or accreted to interest income or interest expense. Average balances are calculated using monthly average balances. Non-accrual loans are included in the computation of average balances only. Average loan balances include loans held for sale.

	At March 31,			Three Months Ended March 31,
	2026			2026							2025
	Weighted Average Yield/Rate			Average Outstanding Balance		Interest		Average Yield/Rate			Average Outstanding Balance		Interest		Average Yield/Rate
				(Dollars in thousands)
Interest-earning assets:
Cash and cash equivalents		3.66	%	$	7,314	$	66		3.61	%	$	4,277	$	46		4.30	%
Investment securities available-for-sale		3.52			5,517		49		3.55			5,681		45		3.17
Loans receivable, net		6.11			92,057		1,404		6.10			77,691		1,101		5.67
Other interest-earning assets		—			—		—		—			—		—		—
Total interest-earning assets		5.78			104,888		1,519		5.79			87,649		1,192		5.44
Non-interest-earning assets		—			4,910							4,481				—
Total assets				$	109,798						$	92,130

Interest-bearing liabilities:
Savings accounts		0.77	%	$	14,862		27		0.73	%	$	15,160		21		0.55	%
Money market accounts		1.74			9,144		38		1.66			9,002		39		1.73
NOW accounts		0.61			6,175		9		0.58			6,254		10		0.64
Non-brokered certificates of deposit		3.53			39,293		342		3.48			38,303		364		3.80
Brokered certificates of deposit		4.00			8,024		79		3.94			—		—		—
Total interest-bearing deposits		2.60			77,498		495		2.55			68,719		434		2.53
Federal Home Loan Bank advances		4.16			10,620		109		4.11			3,234		35		4.33
Other interest-bearing liabilities		—			—		—		—			—		—		—
Total interest-bearing liabilities		2.84			88,118		604		2.74			71,953		469		2.61
Non-interest-bearing demand deposits					4,188		—					3,672		—
Other non-interest-bearing liabilities					1,600		—					1,244		—
Total liabilities					93,906		604					76,869		469
Total equity					15,892		—					15,261		—
Total liabilities and equity					109,798		604					92,130		469
Net interest income						$	915						$	723
Net interest rate spread ⁽¹⁾		2.94	%						3.05	%						2.83	%
Net interest-earning assets ⁽²⁾				$	16,770						$	15,696
Net interest margin ⁽³⁾		3.41	%						3.49	%						3.30	%
Average interest-earning assets to interest-bearing liabilities		118.79	%						119.03	%						121.81	%

(1)

Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(2)

Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(3)

Net interest margin represents net interest income divided by average total interest-earning assets.

Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025

Net Income. Net income was $87,000 for the three months ended March 31, 2026, compared to $57,000 for the three months ended March 31, 2025, an increase of $30,000, or 52.6%. The increase was primarily attributable to a $192,000 increase in net interest income, partially offset by a $152,000 increase in noninterest expense and a $10,000 increase in income tax expense.

Interest and Dividend Income. Interest and dividend income increased $327,000, or 27.4%, to $1.5 million for the three months ended March 31, 2026 from $1.2 million for the three months ended March 31, 2025. The increase was primarily attributable to a $303,000 increase in interest and fees on loans, reflecting both an increase of $14.4 million, or 18.5%, in the average balance of loans to $92.1 million and an increase in the average yield on loans to 6.10% from 5.67%. Interest income on interest-bearing deposits increased $20,000 due to higher average balances, while investment income decreased $4,000. Average interest-earning assets increased $17.2 million, or 19.7%, to $104.9 million, while the yield on interest-earning assets increased to 5.79% from 5.44%.

Interest Expense. Interest expense increased $135,000, or 28.8%, to $604,000 for the three months ended March 31, 2026 from $469,000 for the three months ended March 31, 2025. The increase was driven by both higher average balances of interest-bearing liabilities and an increase in the overall cost of funds. Interest expense on deposits increased $61,000, or 14.1%, reflecting an $8.8 million increase in the average balance of interest-bearing deposits to $77.5 million, along with a slight increase in the average rate to 2.55% from 2.53%. Interest expense on borrowings increased $74,000, or 211.4%, driven by a $7.4 million increase in the average balance of Federal Home Loan Bank advances to $10.6 million, partially offset by a decrease in the average rate to 4.11% from 4.33%.

Net Interest Income. Net interest income increased $192,000, or 26.6%, to $915,000 for the three months ended March 31, 2026 from $723,000 for the three months ended March 31, 2025. The increase was primarily attributable to growth in average interest-earning assets, particularly loans, as well as higher asset yields. Net interest spread increased to 3.05% from 2.83%, while net interest margin increased to 3.49% from 3.30%. The improvement in margin reflects higher yields on interest-earning assets, partially offset by an increase in the cost of interest-bearing liabilities.

Provision for Credit Losses. No provision for credit losses was recorded for the three months ended March 31, 2026 or 2025, respectively.

Non-Interest Income. Non-interest income remained unchanged at $39,000 for the three months ended March 31, 2026 and 2025. A decrease of $1,000 in deposit fees was offset by a $1,000 increase in loan servicing fees, while income from bank-owned life insurance remained unchanged.

Non-interest Expense. Noninterest expense increased $152,000, or 21.6%, to $855,000 for the three months ended March 31, 2026 from $703,000 for the three months ended March 31, 2025. Salaries and employee benefits increased $128,000, or 31.2%, while data processing expense decreased $21,000, or 23.1%. The increase in noninterest expense was primarily attributable to higher personnel costs, including the implementation of accruals for vacation and payroll-related expenses beginning in late 2025.

Income Tax Expense. Income tax expense increased $10,000 to $12,000 for the three months ended March 31, 2026 from $2,000 for the three months ended March 31, 2025. The effective tax rate was 12.6% for the three months ended March 31, 2026. The effective tax rate for the three months ended March 31, 2025 is not meaningful due to the recognition of a tax benefit in a period with low pre-tax income.

FORWARD-LOOKING STATEMENTS

This prospectus contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “believe,” “contemplate,” “continue,” “target” and words of similar meaning. These forward-looking statements include, but are not limited to:

statements of our goals, intentions and expectations;

statements regarding our business plans, prospects, growth and operating strategies;

statements regarding the asset quality of our loan and investment portfolios; and

estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this prospectus.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

general economic conditions, either nationally or in our market area, which are worse than expected, including the effects of inflation and monetary policy;

changes in the interest rate environment that reduce our margins and yields, the fair value of our financial instruments, or our level of loan originations, or increase the level of defaults, losses and prepayments within our loan portfolio;

adverse changes in the securities markets;

changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;

our ability to manage market risk, credit risk and operational risk;

our ability to access cost-effective funding;

changes in liquidity, including the amount and composition of our deposits and the percentage of uninsured deposits in our portfolio;

fluctuations in real estate values and in the conditions of the residential real estate and commercial real estate markets;

demand for loans and deposits in our market area;

our ability to implement and change our business strategies;

competition among depository and other financial institutions;

changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums;

changes in the quality or composition of our loan or investment portfolios;

technological changes that may be more difficult or expensive than expected;

the inability of third-party providers to perform as expected;

a failure or breach of our operational or information security systems or infrastructure, including cyberattacks;

our ability to enter new markets successfully and capitalize on growth opportunities;

changes in consumer spending, borrowing and savings habits;

changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

our ability to retain key employees; and

changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. See “Risk Factors” beginning on page 15.

HOW WE INTEND TO USE THE PROCEEDS FROM THE STOCK OFFERING

Although we cannot determine what the actual net proceeds from the sale of the shares of common stock in the stock offering will be until the conversion stock offering is completed, we anticipate that the net proceeds will be between $7.8 million and $11.1 million, or $12.9 million if the offering range is increased to the adjusted maximum.

We intend to distribute the net proceeds as follows:

	Based Upon the Sale at $10.00 Per Share of:
	935,000 Shares						1,100,000 Shares						1,265,000 Shares						1,454,750 Shares ⁽¹⁾
	Amount			Percent of Net Offering Proceeds			Amount			Percent of Net Offering Proceeds			Amount			Percent of Net Offering Proceeds			Amount			Percent of Net Offering Proceeds

	(Dollars in thousands)
Offering proceeds	$	9,350					$	11,000					$	12,650					$	14,548
Less: estimated offering expenses		(1,600	)					(1,600	)					(1,600	)					(1,600	)
Net offering proceeds ⁽²⁾	$	7,750			100.0	%	$	9,400			100.0	%	$	11,050			100.0	%	$	12,948			100.0	%

Distribution of net proceeds:
To Community Savings Bank	$	(3,875	)		(50.0	)	$	(4,700	)		(50.0	)	$	(5,525	)		(50.0	)	$	(6,474	)		(50.0	)
To fund cash contribution to charitable foundation		(100	)		(1.3	)		(100	)		(1.1	)		(100	)		(0.9	)		(100	)		(0.8	)
To fund loan to employee stock ownership plan		(770	)		(9.9	)		(902	)		(9.6	)		(1,034	)		(9.4	)		(1,186	)		(9.2	)
Retained by CSB Financial	$	3,005			38.8	%	$	3,698			39.3	%	$	4,391			39.7	%	$	5,188			40.1	%

	(1)	As adjusted to give effect to an increase in the number of shares, which could occur due to a 15% increase in the offering range to reflect demand for the shares or changes in market conditions following the commencement of the stock offering.
	(2)	Assumes that all shares of common stock are sold in the subscription offering and any community offering.

Payments for shares of common stock made through withdrawals from deposit accounts at Community Savings Bank will not result in the receipt of new funds for investment but will reduce Community Savings Bank’s deposits. The net proceeds may vary because total offering expenses may be more or less than our estimates. For example, our expenses would increase if there were a syndicated community offering to sell shares of common stock not purchased in the subscription offering and any community offering.

CSB Financial intends to loan funds to the employee stock ownership plan to purchase shares of common stock in the stock offering and to contribute cash to the charitable foundation. It may also use the proceeds it retains from the stock offering:

to repurchase shares of our common stock, in compliance with applicable regulatory requirements;

to pay cash dividends to stockholders, if declared by its board of directors;

to invest in securities consistent with Community Savings Bank’s investment policy; and

for other general corporate purposes.

Except for the loan to the employee stock ownership plan and the cash contribution to the charitable foundation, CSB Financial has not quantified its plans for use of the net proceeds of the stock offering for each of the foregoing purposes. Initially, we intend to deposit the net proceeds in a deposit account at Community Savings Bank.

See “Our Dividend Policy” for a discussion of our dividend policy. Under applicable federal regulations, we may not repurchase shares of our common stock during the first year following the completion of the conversion and stock offering, except when extraordinary circumstances exist and with prior regulatory approval, or except to fund management recognition plans (which would require notification to the FDIC) or tax-qualified employee stock benefit plans.

Community Savings Bank will receive a capital contribution from CSB Financial equal to at least 50% of the net offering proceeds. Community Savings Bank may use those funds:

to fund new loans;

to invest in securities consistent with its investment policy;

to repay Federal Home Loan Bank advances and brokered certificates of deposit as they mature;

to expand its banking franchise by establishing new branches or by acquiring other financial institutions or branches of other financial institutions as opportunities arise, although we do not have any understandings or agreements regarding any such expansion; and

for other general corporate purposes.

Community Savings Bank has not quantified its plans for use of its portion of the net proceeds of the stock offering for each of the foregoing purposes. Initially, a substantial portion will be invested in securities issued by U.S. Government agencies, mortgage-backed securities issued by U.S. Government agencies and U.S. Government-sponsored enterprises, municipal securities, and other types of securities in which Community Savings Bank currently invests. The use of the proceeds outlined above may change based on many factors, including, but not limited to, changes in market interest rates, equity markets, laws and regulations affecting the financial services industry, our relative position in the financial services industry, the attractiveness of opportunities to expand our operations through acquisitions or establishing or acquiring branches, our ability to receive regulatory approval for any such expansion activities, and overall market conditions.

We expect our return on equity to decrease upon the completion of the conversion and stock offering until we are able to reinvest effectively the additional capital raised in the stock offering. See “Risk Factors – Risks Related to the Stock Offering – Our failure to effectively deploy the net proceeds may have an adverse effect on our financial performance.”

OUR DIVIDEND POLICY

Following completion of the conversion and stock offering, our board of directors will have the authority to declare dividends on our shares of common stock, subject to statutory and regulatory requirements. However, no decision has been made with respect to the payment of dividends. In determining whether to pay a cash dividend and the amount of such cash dividend, the board of directors is expected to take into account a number of factors, including capital requirements, our financial condition and results of operations, other uses of funds for the long-term value of stockholders, tax considerations, statutory and regulatory limitations and general economic conditions. No assurances can be given that any dividends will be paid or that, if paid, will not be reduced or eliminated in the future. Special cash dividends, stock dividends or returns of capital, to the extent permitted by regulations and policies of the Federal Reserve Board, ODFI and FDIC, may be paid in addition to, or in lieu of, regular cash dividends.

CSB Financial expects to file a consolidated federal income tax return with Community Savings Bank. Accordingly, it is anticipated that any cash distributions that we make to our stockholders would be treated as cash dividends and not as a non-taxable return of capital for federal and state income tax purposes. Additionally, pursuant to applicable regulations, during the three-year period following the stock offering, we will not take any action to declare an extraordinary dividend to stockholders that would be treated by recipients as a tax-free return of capital for federal income tax purposes.

CSB Financial’s articles of incorporation authorize the issuance of preferred stock. If we issue preferred stock, the holders thereof may have a priority over the holders of our shares of common stock with respect to the payment of dividends. For a further discussion concerning the payment of dividends on our shares of common stock, see “Description of Capital Stock of CSB Financial – Common Stock.” Any dividends we may declare and pay will depend, in part, upon receipt of dividends from Community Savings Bank, because dividends from Community Savings Bank will be our primary source of income. Applicable regulations impose limitations on dividends and other capital distributions by savings institutions like Community Savings Bank. See “Regulation and Supervision.”

Any payment of dividends by Community Savings Bank to CSB Financial that would be deemed to be paid out of Community Savings Bank’s bad debt reserves, if any, would require Community Savings Bank to pay taxes at the then-current tax rate on the amount of earnings deemed to be removed from the reserves for such distribution. Community Savings Bank does not intend to make any distribution to us that would create such a federal tax liability. See “Taxation.”

MARKET FOR THE COMMON STOCK

CSB Financial is a newly formed company and has never issued capital stock. Community Savings Bank, as a mutual institution, is not authorized to issue capital stock. Given the size and other parameters of the stock offering and that CSB Financial will be a reporting company with the Securities and Exchange Commission, CSB Financial expects that its common stock will be quoted on the OTCQB Market upon the completion of the conversion and stock offering. The conversion and stock offering is not contingent on quotation on the OTCQB Market.

The development of an active trading market depends on the existence of willing buyers and sellers, which is not within our control or that of any market maker. The number of active buyers and sellers of the shares of common stock at any particular time may be limited. Furthermore, we cannot assure you that, if you purchase shares of common stock, you will be able to sell them at or above $10.00 per share purchase price. Purchasers of common stock in this stock offering should have long-term investment intent and should recognize that there will be a limited trading market in the common stock. This may make it difficult to sell the common stock after the stock offering and may have an adverse impact on the price at which the common stock can be sold.

HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE

At December 31, 2025, Community Savings Bank was classified as “well capitalized” for regulatory capital purposes under the CBLR framework. The table below sets forth the historical equity capital and regulatory capital of Community Savings Bank at December 31, 2025, and its pro forma equity capital and regulatory capital after giving effect to the sale of shares of common stock at $10.00 per share.

	Community Savings Bank Historical at					Pro Forma at December 31, 2025, Based Upon the Sale in the Offering of: ⁽¹⁾
	December 31, 2025					935,000 Shares						1,100,000 Shares						1,265,000 Shares						1,454,750 Shares ⁽²⁾
	Amount		Percent of Assets			Amount			Percent of Assets			Amount			Percent of Assets			Amount			Percent of Assets			Amount			Percent of Assets

	(Dollars in thousands)
Equity	$	15,794		15.1	%	$	18,514			17.2	%	$	19,141			17.7	%	$	19,768			18.2	%	$	20,489			18.7	%

Tier 1 leverage capital ⁽³⁾⁽⁴⁾	$	15,897		14.3	%	$	18,617			16.4	%	$	19,244			16.9	%	$	19,871			17.3	%	$	20,592			17.8	%
Tier 1 leverage requirement ⁽⁵⁾		9,977		9.0			10,222			9.0			10,278			9.0			10,335			9.0			10,400			9.0
Excess	$	5,920		5.3	%	$	8,395			7.4	%	$	8,966			7.9	%	$	9,536			8.3	%	$	10,192			8.8	%

Reconciliation of capital infused into Community Savings Bank:
Net proceeds contributed to Community Savings Bank						$	3,875					$	4,700					$	5,525					$	6,474
Less: Common stock acquired by employee stock ownership plan							(770	)					(902	)					(1,034	)					(1,186	)
Less: Common stock acquired by stock-based benefit plan							(385	)					(451	)					(517	)					(593	)
Pro forma increase						$	2,720					$	3,347					$	3,974					$	4,695

	(1)	Pro forma capital levels assume that the employee stock ownership plan purchases 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation with funds lent to it by CSB Financial and that the stock-based benefit plan purchases 4% of the sum of the shares sold in the stock offering and contributed to the charitable foundation for restricted stock awards. Pro forma capital calculated under U.S. generally accepted accounting principles (“GAAP”) and regulatory capital are reduced by the amount required to fund these plans. See “Management – Executive Compensation – Employee Stock Ownership Plan” for a discussion of the employee stock ownership plan.
	(2)	As adjusted to give effect to an increase in the number of shares, which could occur due to a 15% increase in the offering range to reflect demand for the shares or changes in market conditions following the commencement of the offering.
	(3)	Tier 1 leverage capital levels are shown as a percentage of average total assets.
	(4)	Pro forma amounts and percentages assume net proceeds are invested in assets that carry a 20% risk weighting.
	(5)	Under the CBLR framework an institution must have a CBLR of greater than 9.0% to be considered “well capitalized.”

CAPITALIZATION

The following table presents, at December 31, 2025, the historical capitalization of Community Savings Bank and the pro forma consolidated capitalization of CSB Financial after giving effect to the conversion and stock offering, based upon the assumptions set forth under the section entitled “Pro Forma Data.”

	Community Savings Bank at			CSB Financial Pro Forma at December 31, 2025, Based on the Sale in the Stock Offering at $10.00 per Share of:
	December 31, 2025			935,000 Shares			1,100,000 Shares			1,265,000 Shares			1,454,750 Shares ⁽¹⁾

	(Dollars in thousands, except per share amounts)
Deposits ⁽²⁾	$	82,154		$	82,154		$	82,154		$	82,154		$	82,154
Borrowings		10,600			10,600			10,600			10,600			10,600
Total deposits and borrowings	$	92,754		$	92,754		$	92,754		$	92,754		$	92,754

Stockholders’ equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized	$	—		$	—		$	—		$	—		$	—
Common stock, $0.01 par value, 14,000,000 shares authorized; shares to be issued as shown ⁽³⁾		—			10			11			13			15
Additional paid-in capital ⁽⁴⁾		—			7,740			9,389			11,037			12,933
Retained earnings ⁽⁵⁾		15,897			15,897			15,897			15,897			15,897
Accumulated other comprehensive income (loss)		(103	)		(103	)		(103	)		(103	)		(103	)
Common stock contributed to charitable foundation		—			275			275			275			275

Less:
Cash contribution to charitable foundation (after-tax)		—			(79	)		(79	)		(79	)		(79	)
Stock contribution to charitable foundation (after-tax)		—			(217	)		(217	)		(217	)		(217	)
Common stock held by employee stock ownership plan ⁽⁶⁾		—			(770	)		(902	)		(1,034	)		(1,186	)
Common stock to be acquired by stock-based benefit plan ⁽⁷⁾		—			(385	)		(451	)		(517	)		(593	)
Total stockholders’ equity	$	15,794		$	22,368		$	23,820		$	25,272		$	26,942

Pro Forma Shares Outstanding:
Shares sold in stock offering		—			935,000			1,100,000			1,265,000			1,454,750
Shares contributed to charitable foundation		—			27,500			27,500			27,500			27,500
Total pro forma shares outstanding		—			962,500			1,127,500			1,292,500			1,482,250

Total stockholders’ equity as a percentage of total assets ⁽²⁾		14.33	%		29.15	%		20.43	%		21.41	%		22.51	%
Tangible equity as a percentage of tangible assets ⁽²⁾		14.34	%		29.16	%		20.44	%		21.42	%		22.52	%

	(1)	As adjusted to give effect to an increase in the number of shares of common stock that could occur due to a 15% increase in the offering range to reflect demand for shares or changes in market conditions following the commencement of the subscription offering or any community offerings.
	(2)	Does not reflect withdrawals from deposit accounts at Community Savings Bank to purchase shares of common stock in the conversion and stock offering. These withdrawals would reduce pro forma deposits and assets by the amount of the withdrawals.
	(3)	No effect has been given to the issuance of additional shares of CSB Financial common stock pursuant to the exercise of options under a stock-based benefit plan. If the plan is implemented within the first year after the effective date of the conversion and stock offering, an amount up to 10% of the sum of the shares of CSB Financial common stock sold in the stock offering and contributed to the charitable foundation will be reserved for issuance upon the exercise of options under the plan.
	(4)	On a pro forma basis, common stock and additional paid-in capital have been revised to reflect the number of shares of CSB Financial common stock to be outstanding.

	(5)	The retained earnings of Community Savings Bank will be substantially restricted after the conversion and stock offering. See “The Conversion and Stock Offering – Liquidation Rights” and “Regulation and Supervision.”
	(6)	Assumes that 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation will be acquired by the employee stock ownership plan, financed by a loan from CSB Financial. The loan will be repaid principally from Community Savings Bank’s contributions to the employee stock ownership plan. Since CSB Financial will lend the funds to the employee stock ownership plan, this debt will be eliminated through consolidation and no liability will be reflected on CSB Financial’s consolidated financial statements. Accordingly, the amount of shares of common stock acquired by the employee stock ownership plan is shown in this table as a reduction of total stockholders’ equity.
	(7)	If approved by CSB Financial’s stockholders, a stock-based benefit plan may purchase an aggregate number of shares of common stock equal to 4% of the sum of the shares of CSB Financial common stock sold in the stock offering and contributed to the charitable foundation (or possibly a greater number of shares if the plan is implemented more than one year after completion of the conversion and stock offering, or a lesser number if Community Savings Bank were to have a Tier 1 leverage ratio of less than 10.0% within one year of the completion of the conversion and stock offering). Stockholder approval of the stock-based benefit plan, and purchases by the plan, may not occur earlier than six months after the completion of the conversion and stock offering. The shares may be acquired directly from CSB Financial or through open market purchases. CSB Financial will provide the funds to be used by the stock-based benefit plans to purchase the shares. Assumes CSB Financial will purchase in the open market a number of shares of common stock equal to 4% of the sum of the shares of CSB Financial common stock sold in the stock offering and contributed to the charitable foundation for grant under a stock-based benefit plan. The dollar amount of common stock to be purchased is based on the $10.00 per share offering price and represents unearned compensation. This amount does not reflect possible increases or decreases in the value of common stock relative to the $10.00 per share offering price. As CSB Financial accrues compensation expense to reflect the vesting of shares pursuant to the stock-based benefit plan, the credit to equity will be offset by a charge to noninterest expense.

PRO FORMA DATA

The following tables summarize historical data of Community Savings Bank and pro forma data of CSB Financial at and for the year ended December 31, 2025. This information is based on assumptions set forth below and in the tables, and should not be used as a basis for projections of market value of the shares of common stock following the conversion and stock offering.

The net proceeds in the tables are based upon the following assumptions:

all shares of common stock will be sold in the subscription offering;

our employee stock ownership plan will purchase 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation, funded by a loan from CSB Financial. The loan will be repaid in substantially equal payments of principal and interest (at the prime interest rate, adjusted annually) over a 20-year term;

CSB Financial will contribute $100,000 in cash to the charitable foundation; and

estimated expenses of the stock offering, including fees and expenses to be paid to Performance Trust, are $1.6 million.

Pro forma earnings on net proceeds have been calculated assuming the stock has been sold at the beginning of the year and the net proceeds have been invested at a yield of 3.48% for the year ended December 31, 2025, which was the yield on the one-year U.S. Treasury Note as of February 17, 2026. In light of current market interest rates, we consider this rate to reflect the pro forma reinvestment rate more accurately than the arithmetic average of the weighted average yield earned on our interest-earning assets and the weighted average rate paid on our deposits, which is the reinvestment rate generally required by applicable regulations. The pro forma after-tax yield on the net offering proceeds is assumed to be 2.75% for the year ended December 31, 2025, based on an effective tax rate of 21.0%.

We calculated historical and pro forma per share amounts by dividing historical and pro forma amounts of consolidated net income and stockholders’ equity by the indicated number of shares of common stock. We adjusted the earnings figures to give effect to the shares of common stock purchased by the employee stock ownership plan. We computed per share amounts for each period as if the shares of common stock were outstanding at the beginning of each period, but we did not adjust per share historical or pro forma stockholders’ equity to reflect the earnings on the estimated net proceeds.

The pro forma tables give effect to the implementation of a stock-based benefit plan. Subject to the receipt of stockholder approval, we have assumed that the stock-based benefit plan will acquire for restricted stock awards a number of shares of common stock equal to 4% of our outstanding shares of common stock at the same price for which they were sold in the stock offering. We assume that shares of common stock are granted under the plan in awards that vest over a five-year period.

We have also assumed that the stock-based benefit plan will grant options to acquire shares of common stock equal to 10% of our outstanding shares of common stock. In preparing the table below, we assumed that stockholder approval was obtained, that the exercise price of the stock options and the market price of the stock at the date of grant were $10.00 per share and that the stock options have a term of ten years and vested over five years. We applied the Black-Scholes option pricing model to estimate a grant-date fair value of $2.74 for each option. In addition to the terms of the options described above, the Black-Scholes option pricing model assumed an estimated volatility rate of 21.87% for the shares of common stock, a dividend yield of 0%, an expected option life of five years and a risk-free interest rate of 3.73%.

We may reserve shares for the exercise of stock options and the grant of stock awards under a stock-based benefit plan in excess of 10% and 4%, respectively, of our total outstanding shares if the stock-based benefit plan is adopted more than one year following the conversion and stock offering. In addition, we may grant options and award shares that vest more rapidly than over a five-year period if the stock-based benefit plan is adopted more than one year following the conversion and stock offering.

As discussed under “How We Intend to Use the Proceeds from the Stock Offering,” CSB Financial intends to contribute to Community Savings Bank up to 50% of the net offering proceeds and retain the remainder of the net offering proceeds. CSB Financial will use a portion of the net offering proceeds it retains for the purpose of making a loan to the employee stock ownership plan and to contribute $100,000 in cash to the charitable foundation, and retain the remainder of the net offering proceeds for future use.

The pro forma table does not give effect to:

withdrawals from deposit accounts at Community Savings Bank to purchase shares of common stock in the stock offering;

CSB Financial’s consolidated results of operations after the conversion and stock offering; or

changes in the market price of the shares of common stock after the conversion and stock offering.

The following pro forma information may not represent the financial effects of the conversion and stock offering at the date on which it actually occurs and you should not use the table to indicate future results of operations. Pro forma stockholders’ equity represents the difference between the stated amount of our assets and liabilities, computed according to GAAP. We did not increase or decrease stockholders’ equity to reflect the difference between the carrying value of loans and other assets and their market value. Pro forma stockholders’ equity is not intended to represent the fair market value of the shares of common stock and may be different than the amounts that would be available for distribution to stockholders if we liquidated. Pro forma stockholders’ equity does not give effect to the impact of intangible assets, bad debt reserve or the liquidation account we will establish in the conversion in the unlikely event we are liquidated.

	At or for Year Ended December 31, 2025, Based on Sale at $10.00 Per Share of:
	935,000 Shares			1,100,000 Shares			1,265,000 Shares			1,454,750 Shares ⁽¹⁾

	(Dollars in thousands, except per share amounts)
Gross offering proceeds	$	9,350		$	11,000		$	12,650		$	14,548
Plus: Market value of common stock issued to charitable foundation		275			275			275			275
Pro forma market capitalization		9,625			11,275			12,925			14,823

Gross offering proceeds	$	9,350		$	11,000		$	12,650		$	14,548
Less: Estimated offering expenses		(1,600	)		(1,600	)		(1,600	)		(1,600	)
Estimated net proceeds		7,750			9,400			11,050			12,948
Less: Cash contribution to charitable foundation		(100	)		(100	)		(100	)		(100	)
Less: Common stock acquired by employee stock ownership plan ⁽²⁾		(770	)		(902	)		(1,034	)		(1,186	)
Less: Common stock acquired by stock-based benefit plans ⁽³⁾⁽⁴⁾		(385	)		(451	)		(517	)		(593	)
Estimated net cash proceeds	$	6,495		$	7,947		$	9,399		$	11,069

Year Ended December 31, 2025:
Consolidated net income:
Historical	$	439		$	439		$	439		$	439
Pro forma adjustments:
Income on adjusted net proceeds		179			219			258			304
Employee stock ownership plan ⁽²⁾		(30	)		(36	)		(41	)		(47	)
Stock awards ⁽³⁾		(61	)		(71	)		(82	)		(94	)
Stock options ⁽⁴⁾		(53	)		(62	)		(71	)		(81	)
Pro forma net income	$	474		$	489		$	503		$	521

Income per share:
Historical	$	0.49		$	0.42		$	0.37		$	0.32
Pro forma adjustments:
Income on adjusted net proceeds		0.20			0.21			0.22			0.22
Employee stock ownership plan ⁽²⁾		(0.03	)		(0.03	)		(0.03	)		(0.03	)
Stock awards ⁽³⁾		(0.07	)		(0.07	)		(0.07	)		(0.07	)
Stock options ⁽⁴⁾		(0.06	)		(0.06	)		(0.06	)		(0.06	)
Pro forma earnings per share	$	0.53		$	0.47		$	0.42		$	0.38

Offering price to pro forma net earnings per share		18.87	x		21.28	x		23.81	x		26.32	x
Number of shares used in earnings per share calculations		889,350			1,041,810			1,194,270			1,369,599

At December 31, 2025:
Stockholders’ equity:
Historical	$	15,794		$	15,794		$	15,794		$	15,794
Estimated net proceeds		7,750			9,400			11,050			12,948
Common stock contributed to charitable foundation		275			275			275			275
Less: After-tax cost of contribution to charitable foundation		(296	)		(296	)		(296	)		(296	)
Less: Common stock acquired by employee stock ownership plan ⁽²⁾		(770	)		(902	)		(1,034	)		(1,186	)
Less: Common stock acquired by stock-based benefit plans ⁽³⁾⁽⁴⁾		(385	)		(451	)		(517	)		(593	)
Pro forma stockholders’ equity ⁽⁵⁾	$	22,368		$	23,820		$	25,272		$	26,942
Less: Intangibles		(50	)		(50	)		(50	)		(50	)
Pro forma tangible stockholders’ equity ⁽⁵⁾	$	22,318		$	23,770		$	25,222		$	26,892

Stockholders’ equity per share:
Historical	$	16.41		$	14.01		$	12.22		$	10.66
Estimated net proceeds		8.05			8.34			8.55			8.74
Common stock contributed to charitable foundation		0.29			0.24			0.21			0.19
Less: After-tax cost of contribution to charitable foundation plan ⁽⁶⁾		(0.31	)		(0.26	)		(0.23	)		(0.20	)
Less: Common stock acquired by employee stock ownership plan ⁽²⁾		(0.80	)		(0.80	)		(0.80	)		(0.80	)
Less: Common stock acquired by stock-based benefit plans ⁽³⁾⁽⁴⁾		(0.40	)		(0.40	)		(0.40	)		(0.40	)
Pro forma stockholders’ equity per share ⁽⁵⁾	$	23.24		$	21.13		$	19.55		$	18.18
Less: Intangibles		(0.05	)		(0.04	)		(0.04	)		(0.03	)
Pro forma tangible stockholders’ equity per share ⁽⁵⁾	$	23.19		$	21.09		$	19.51		$	18.15
Offering price as percentage of pro forma stockholders’ equity per share		43.03	%		47.33	%		51.15	%		55.01	%
Offering price as percentage of pro forma tangible stockholders’ equity per share		43.12	%		47.44	%		51.26	%		55.13	%
Number of shares outstanding for pro forma book value per share calculations		889,350			1,041,810			1,194,270			1,369,599

(Footnotes on following page)

	(1)	As adjusted to give effect to an increase in the number of shares which could occur due to a 15% increase in the offering range to reflect demand for the shares or changes in market conditions following the commencement of the stock offering.
	(2)	Assumes that 8% of the sum of the shares of common stock sold in the stock offering and contributed to the charitable foundation will be purchased by the employee stock ownership plan. For purposes of this table, the funds used to acquire these shares are assumed to have been borrowed by the employee stock ownership plan from CSB Financial. Community Savings Bank intends to make annual contributions to the employee stock ownership plan in an amount at least equal to the required principal and interest payments on the debt. Community Savings Bank’s total annual payments on the employee stock ownership plan debt are based upon 20 equal annual installments of principal and interest. Financial Accounting Standards Board Accounting Standards Codification 718-40, “Employers’ Accounting for Employee Stock Ownership Plans” (“ASC 718-40”) requires that an employer record compensation expense in an amount equal to the fair value of the shares committed to be released to employees. The pro forma adjustments assume that the shares are allocated in equal annual installments based on the number of loan repayment installments assumed to be paid by Community Savings Bank, the fair value of the common stock remains equal to the subscription price and the employee stock ownership plan expense reflects an effective tax rate of 21.0%. The unallocated shares are reflected as a reduction of stockholders’ equity. No reinvestment is assumed on proceeds contributed to fund the employee stock ownership plan. The pro forma net income for the year ended December 31, 2025 assumes that 3,850, 4,510, 5,170 and 5,929 shares were committed to be released during the year at the minimum, midpoint, maximum, and adjusted maximum of the offering range, respectively. According to ASC 718-40, only the shares committed to be released during the year were considered outstanding for purposes of income per share calculations.
	(3)	If approved by CSB Financial’s stockholders, a stock-based benefit plan may purchase an aggregate number of shares of common stock equal to 4% of the sum of the shares sold in the stock offering and contributed to the charitable foundation (or possibly a greater number of shares if the plan is implemented more than one year after completion of the conversion and stock offering, or a lesser number if Community Savings Bank were to have a Tier 1 leverage ratio of less than 10.0% within one year of the completion of the conversion and stock offering). Stockholder approval of the stock-based benefit plan, and purchases by the plan, may not occur earlier than six months after the completion of the conversion and stock offering. The shares may be acquired directly from CSB Financial or through open market purchases. CSB Financial will provide the funds to be used by the stock-based benefit plans to purchase the shares. The table assumes that (i) the stock-based benefit plan acquires the shares through open market purchases at $10.00 per share, (ii) 20% of the amount contributed to the stock-based benefit plan is amortized as an expense during the period, and (iii) the stock-based benefit plan expense reflects an effective tax rate of 21.0%. Assuming stockholder approval of the stock-based benefit plan and that shares of common stock equal to 4% of the sum of the shares sold in the stock offering and contributed to the charitable foundation are awarded through the use of authorized but unissued shares of common stock, stockholders would have their ownership and voting interests diluted by approximately 3.85%.
	(4)	If approved by CSB Financial’s stockholders, a stock-based benefit plan may grant options to acquire an aggregate number of shares of common stock equal to 10% of the sum of the shares sold in the stock offering and contributed to the charitable foundation (or possibly a greater number of shares if the plan is implemented more than one year after completion of the conversion and stock offering). Stockholder approval of the stock-based benefit plan may not occur earlier than six months after the completion of the conversion and stock offering. In calculating the pro forma effect of the stock options to be granted under a stock-based benefit plan, it is assumed that the exercise price of the stock options and the trading price of the common stock at the date of grant were $10.00 per share, the estimated grant-date fair value determined using the Black-Scholes option pricing model was $2.74 for each option, and the aggregate grant-date fair value of the stock options was amortized to expense on a straight-line basis over a five-year vesting period of the options. The actual expense of the stock options to be granted under the stock-based benefit plan will be determined by the grant-date fair value of the options, which will depend on a number of factors, including the valuation assumptions used in the option pricing model ultimately adopted. Under the above assumptions, the adoption of the stock-based benefit plan will result in no additional shares under the treasury stock method for purposes of calculating earnings per share. There can be no assurance that the actual exercise price of the stock options will be equal to the $10.00 price per share. If a portion of the shares to satisfy the exercise of options under the stock-based benefit plans is obtained from the issuance of authorized but unissued shares, net income per share and stockholders’ equity per share would decrease. Assuming stockholder approval of the stock-based benefit plan and that shares of common stock used to fund stock options (equal to 10% of the sum of the shares sold in the stock offering and contributed to the charitable foundation) are awarded through the use of authorized but unissued shares of common stock, stockholders would have their ownership and voting interests diluted by approximately 9.09%.
	(5)	The retained earnings of Community Savings Bank will be substantially restricted after the conversion and stock offering. See “Our Dividend Policy,” “The Conversion and Stock Offering – Liquidation Rights” and “Regulation and Supervision.” The number of shares used to calculate pro forma stockholders’ equity per share is equal to the total number of shares to be outstanding upon completion of the conversion and stock offering.

COMPARISON OF INDEPENDENT VALUATION AND PRO FORMA INFORMATION WITH AND WITHOUT CHARITABLE FOUNDATION

Because of the small size of the contribution to the charitable foundation, FinPro determined that the establishment and funding of the charitable foundation was immaterial to the pro forma valuation of CSB Financial. Accordingly, the pro forma valuation is unchanged with or without the charitable foundation and the number of shares of CSB Financial common stock to be sold in the stock offering would be unchanged whether or not the charitable foundation is established and funded in connection with the conversion and stock offering.

For comparative purposes only, set forth below are certain pricing ratios, financial data and ratios at and for the year ended December 31, 2025, at the minimum, midpoint, maximum, and adjusted maximum of the offering range, assuming the conversion and stock offering was completed at the beginning of the year, with and without the charitable foundation.

	Minimum of Offering Range						Midpoint of Offering Range						Maximum of Offering Range						Adjusted Maximum of Offering Range
	With Foundation			Without Foundation			With Foundation			Without Foundation			With Foundation			Without Foundation			With Foundation			Without Foundation

	(Dollars in thousands, except per share amounts)
Estimated offering amount	$	9,350		$	9,350		$	11,000		$	11,000		$	12,650		$	12,650		$	14,548		$	14,548
Pro forma market capitalization		9,625			9,350			11,275			11,000			12,925			12,650			14,823			14,548
Pro forma total assets		116,771			116,825			118,223			118,277			119,675			119,729			121,345			121,399
Pro forma total liabilities		94,403			94,403			94,403			94,403			94,403			94,403			94,403			94,403
Pro forma stockholders’ equity		22,368			22,422			23,820			23,874			25,272			25,326			26,942			26,996
Pro forma net income ⁽¹⁾		474			481			489			496			503			521			521			529
Pro forma stockholders’ equity per share	$	23.24		$	23.98		$	21.13		$	21.70		$	19.55		$	20.02		$	18.18		$	18.56
Pro forma net income per share	$	0.53		$	0.56		$	0.47		$	0.49		$	0.42		$	0.44		$	0.38		$	0.39

Pro forma pricing ratios:
Offering price as a percentage of pro forma stockholders’ equity per share		43.03	%		41.70	%		47.33	%		46.08	%		51.15	%		49.95	%		55.01	%		53.88	%
Offering price to pro forma net income per share		18.87	%		17.86	%		21.28	%		20.41	%		23.81	%		22.73	%		26.32	%		25.64	%
Offering price to pro forma assets per share		8.24	%		8.00	%		9.54	%		9.30	%		10.80	%		10.57	%		12.22	%		11.98	%

Pro forma financial ratios:
Return on assets		0.41	%		0.41	%		0.41	%		0.42	%		0.42	%		0.43	%		0.43	%		0.44	%
Return on equity		2.12	%		2.15	%		2.05	%		2.08	%		1.99	%		2.02	%		1.93	%		1.96	%
Equity to assets		19.16	%		19.19	%		20.15	%		20.18	%		21.12	%		21.15	%		22.20	%		22.24	%

(footnote on following page)

(1)

The following table shows the estimated after-tax expense associated with the contribution to the charitable foundation, as well as pro forma net income, pro forma net income per share, pro forma income on assets and pro forma income on stockholders’ equity assuming the contribution to the charitable foundation was expensed during the year ended December 31, 2025 (dollars in thousands, except per share amounts).

	Minimum of Offering Range			Midpoint of Offering Range			Maximum of Offering Range			Adjusted Maximum of Offering Range
After-tax expense of stock and cash contribution to charitable foundation	$	296		$	296		$	296		$	296
Pro forma net income	$	474		$	489		$	503		$	521
Pro forma net income per share	$	0.53		$	0.47		$	0.42		$	0.38
Offering price to pro forma net income per share		18.87	x		21.28	x		23.81	x		26.32	x
Pro forma income as a percentage of assets		0.41	%		0.41	%		0.42	%		0.43	%
Pro forma income as a percentage of stockholders’ equity		43.03	%		47.33	%		51.15	%		55.01	%

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

This discussion and analysis reflects our financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the financial statements of Community Savings Bank, which appear beginning on page F-1 of this prospectus. You should read the information in this section in conjunction with the financial statements and the other business and financial information provided in this prospectus.

Overview

After the completion of the conversion and stock offering, CSB Financial will conduct its operations primarily through Community Savings Bank.

Community Savings Bank operates from its main office in Bethel, Ohio, and one branch office in Greenfield, Ohio. We consider Clermont County, where Bethel is located, and Highland County, where Greenfield is located, to be our primary market area for loans and retail deposits. However, because Clermont and Highland Counties are rural we seek and obtain loan demand from customers in the Cincinnati Metropolitan Area. We offer a variety of deposit accounts, including savings accounts, money market accounts, NOW accounts, noninterest-bearing demand accounts, and certificates of deposit. In addition to delivering banking services through our banking offices, we offer online and mobile banking.

Our business consists primarily of accepting retail deposits from the general public and investing those deposits, along with brokered deposits, Federal Home Loan Bank advances and funds generated from operations, primarily in one- to four-family residential mortgage loans. Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase the vast majority of our commercial and industrial loans and consumer loans from a third party. At December 31, 2025, one-to four-family residential mortgage loans totaled $41.2 million (44.2% of total loans), consumer loans totaled $17.5 million (18.7% of total loans), commercial real estate loans totaled $11.5 million (12.3% of total loans), multi-family mortgage loans totaled $9.9 million (10.7% of total loans), commercial and industrial loans totaled $7.7 million (8.2% of total loans), construction and land loans totaled $2.7 million (2.9% of total loans) and second mortgage and home equity loans totaled $2.8 million (3.0% of total loans). Consumer loans, in particular, increased by $14.9 million during the year ended December 31, 2025. For further information about our lending activities, see “Risk Factors – Risks Related to Our Lending Activities” and “Business of Community Savings Bank – Lending Activities.”

Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provisions for credit losses, noninterest income and noninterest expense.

Our results of operations may also be affected significantly by general and local economic and competitive conditions, changes in inflation, market interest rates, governmental policies and actions of regulatory authorities. Community Savings Bank is subject to comprehensive regulation and examination by the ODFI and the FDIC.

Business Strategy

We expect these strategies to guide our investment of the net proceeds of the stock offering. We intend to continue to pursue these business strategies after the conversion and stock offering, subject to changes necessitated by future market conditions, regulatory restrictions and other factors.

Anticipated Increase in Noninterest Expense

Following the completion of the conversion and stock offering, our noninterest expense is expected to increase because of the increased costs associated with operating as a public company, including the expected hiring of additional accounting personnel, and the increased compensation expenses associated with the purchase of shares of common stock by our employee stock ownership plan and the possible implementation of a stock-based benefit plan, if approved by our stockholders, no earlier than six months after the completion of the conversion and stock offering. See “Summary – Benefits to Management and Potential Dilution to Stockholders Resulting from the Conversion and Stock Offering;” “Risk Factors – Risks Related to the Stock Offering – Our stock-based benefit plans will increase our expenses and reduce our income;” and “Management – Benefits to be Considered Following Completion of the Conversion and Stock Offering.”

Critical Accounting Policies

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with generally accepted accounting principles used in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies discussed below to be critical accounting policies. The estimates and assumptions that we use are based on historical experience and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations.

The Jumpstart Our Business Startups Act of 2012 contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

The following represent our critical accounting policies:

Allowance for Credit Losses. The allowance for credit losses (“ACL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Management evaluates the appropriateness of the ACL on loans quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. A reversion methodology is applied beyond the reasonable and supportable forecasts. Qualitative adjustments are then considered for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors, that may include, but are not limited to, results of internal loan reviews, examinations by bank regulatory agencies, or other such events such as a natural disaster. The ACL on loans represents our estimated risk of loss within its loan portfolio as of the reporting date. To appropriately measure expected credit losses, management disaggregates the loan portfolio into pools of similar risk characteristics.

Management may also adjust its assumptions to account for differences between expected and actual losses from period-to-period. The variability of management’s assumptions could alter the ACL on loans materially and impact future results of operations and financial condition. The loss estimation models and methods used to determine the ACL are continually refined and enhanced.

Deferred Tax Assets. We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax asset will not be realized. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change. Determining the proper valuation allowance for deferred taxes is critical in properly valuing the deferred tax asset and the related recognition of income tax expense or benefit. Any reduction in estimated future taxable income may require us to record a valuation allowance against our deferred tax assets.

Fair Value Measurements. The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. We estimate the fair value of a financial instrument and any related asset impairment using a variety of valuation methods. Where financial instruments are actively traded and have quoted market prices, quoted market prices are used for fair value. When the financial instruments are not actively traded, other observable market inputs, such as quoted prices of securities with similar characteristics, may be used, if available, to determine fair value. When observable market prices do not exist, we estimate fair value. These estimates are subjective in nature and imprecision in estimating these factors can impact the amount of gain or loss recorded. For a detailed description of the fair values measured at each level of the fair value hierarchy and the methodology we use, see note 8 of notes to the financial statements.

Average Balance Sheets

The following tables set forth average balance sheets, average yields and costs, and certain other information at the dates and for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. Average yields include the effect of net deferred fee income, discounts and premiums that are amortized or accreted to interest income or interest expense. Average balances are calculated using monthly average balances. Non-accrual loans are included in the computation of average balances only. Average loan balances include loans held for sale.

	At December 31,			Year Ended December 31,
	2025			2025							2024
	Weighted Average Yield/Rate			Average Outstanding Balance		Interest		Average Yield/Rate			Average Outstanding Balance		Interest		Average Yield/Rate

				(Dollars in thousands)
Interest-earning assets:
Cash and cash equivalents		3.65	%	$	5,491	$	236		4.30	%	$	4,873	$	260		5.32	%
Investment securities available-for-sale		3.53			5,619		190		3.39			5,991		177		2.95
Loans receivable, net		6.10			89,107		5,374		6.03			76,597		4,235		5.53
Other interest-earning assets					—		—		—			—		—		—
Total interest-earning assets		5.80			100,217		5,800		5.79			87,461		4,672		5.34
Non-interest-earning assets					4,631							4,281
Total assets				$	104,848						$	91,742

Interest-bearing liabilities:
Savings accounts		0.73	%	$	15,016		101		0.67	%	$	14,179		26		0.18	%
Money market accounts		1.64			9,091		165		1.81			8,671		132		1.52
NOW accounts		0.56			6,615		40		0.60			5,927		34		0.57
Non-brokered certificates of deposit		3.62			39,426		1,435		3.64			39,176		1,526		3.90
Brokered certificates of deposit		4.00			5,394		217		4.03			—		—		—
Total interest-bearing deposits		2.68			75,542		1,958		2.59			67,953		1,718		2.53
Federal Home Loan Bank advances		4.16			8,524		359		4.22			3,766		172		4.57
Other interest-bearing liabilities					—		—					—		—		—
Total interest-bearing liabilities		2.87			84,066		2,317		2.76			71,719		1,890		2.63
Non-interest-bearing demand deposits					3,902		—					3,440
Other non-interest-bearing liabilities					1,427		—					1,131
Total liabilities					89,395		2,317					76,290
Total equity					15,453		—					15,452
Total liabilities and equity					104,848		2,317					91,742
Net interest income						$	3,483						$	2,782
Net interest rate spread ⁽¹⁾		2.93	%						3.03	%						2.71	%
Net interest-earning assets ⁽²⁾				$	16,151						$	15,742
Net interest margin ⁽³⁾		3.34	%						3.48	%						3.18	%
Average interest-earning assets to interest-bearing liabilities		119.35	%						119.21	%						121.95	%

	(1)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
	(2)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
	(3)	Net interest margin represents net interest income divided by average total interest-earning assets.

Rate/Volume Analysis

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.

	Year Ended December 31, 2025 vs. 2024
	Increase (Decrease) Due to:						Total Increase
	Volume			Rate			(Decrease)

	(In thousands)
Interest-earning assets:
Cash and cash equivalents	$	32		$	(56	)	$	(24	)
Investment securities available-for-sale		(11	)		24			13
Loans receivable, net		692			447			1,139
Other interest-earning assets		—			—			—
Total interest-earning assets		713			415			1,128

Interest-bearing liabilities:
Savings accounts		2			73			75
Money market accounts		6			27			33
NOW accounts		3			3			6
Non-brokered certificates of deposit		10			(101	)		(91	)
Brokered certificates of deposit		—			217			217
Total interest-bearing deposits		21			219			240
Federal Home Loan Bank advances		218			(31	)		187
Other interest-bearing liabilities		—			—			—
Total interest-bearing liabilities		239			188			427

Increase in net interest income	$	474		$	227		$	701

Comparison of Financial Condition at December 31, 2025 and December 31, 2024

Total Assets. Total assets increased $17.4 million, or 18.8%, to $110.2 million at December 31, 2025 from $92.8 million at December 31, 2024. The increase was primarily the result of an increase in net loans from a balance sheet leverage transaction executed in April 2025 involving the purchase of consumer loans financed by Federal Home Loan Bank advances and brokered certificates of deposit, as discussed below.

Cash and Cash Equivalents. Cash and cash equivalents increased $1.1 million, or 21.8%, to $6.4 million at December 31, 2025 from $5.3 million at December 31, 2024 primarily due to an increase in deposits.

Available-for-Sale Securities. Available-for-sale securities decreased $165,000, or 2.9%, to $5.5 million at December 31, 2025 from $5.7 million at December 31, 2024 due to scheduled maturities. No securities were purchased during the year ended December 31, 2025 as excess liquidity was invested in the loan portfolio.

Federal Home Loan Bank Stock. Federal Home Loan Bank Stock increased $323,000, or 116.6%, to $600,000 at December 31, 2025 from $277,000 at December 31, 2024 due to the increase in Federal Home Loan Bank advances discussed below.

Net Loans. Net loans increased $15.9 million, or 20.7%, to $92.6 million at December 31, 2025 from $76.7 million at December 31, 2024. The increase was primarily the result of a $14.9 million increase in purchased consumer loans with a weighted average yield of 7.50%. In contrast, at December 31, 2025, the weighted average yield on one- to four-family residential mortgage loans was 5.69%, on multi-family loans was 5.62%, on construction and land loans was 6.64%, on commercial real estate loans was 5.82%, on second mortgage and home equity loans was 6.90%, and on commercial and industrial loans was 5.92%.

Bank-Owned Life Insurance. We invest in bank-owned life insurance to help offset our employee benefit plan obligations. Bank-owned life insurance generally provides noninterest income that is nontaxable. Bank-owned life insurance increased $69,000, or 2.3%, to $3.1 million at December 31, 2025 from $3.0 million at December 31, 2024 primarily due to an increase in the cash surrender value of existing policies.

Deposits. Deposits increased $9.8 million, or 13.4%, to $82.2 million at December 31, 2025 from $72.4 million at December 31, 2024. The increase in deposits was primarily due to $8.0 million of additional brokered certificates of deposit with a weighted average rate of 4.00% to fund, along with Federal Home Loan Bank advances, the purchase of consumer loans. The maturities of the brokered certificates are laddered with terms ranging from 12 to 48 months. Demand deposits increased $1.3 million, or 13.3%, to $10.9 million at December 31, 2025 from $9.6 million at December 31, 2024.

Federal Home Loan Bank Advances. Federal Home Loan Bank advances increased $7.1 million, or 198.6%, to $10.6 million at December 31, 2025 from $3.6 million at December 31, 2024. This increase was primarily to fund, along with brokered certificates of deposit, the purchase of consumer loans. The advances have a weighted average rate of 4.16% and laddered maturities with terms ranging from 12 to 48 months.

Total Equity. Total equity increased $537,000, or 3.5%, to $15.8 million at December 31, 2025 from $15.3 million at December 31, 2024 due to net income of $439,000 for the year ended December 31, 2025 and a decrease in the accumulated other comprehensive loss of $98,000 primarily due to an increase in net unrealized gains on available-for-sale securities resulting from a decrease in market interest rates during the year ended December 31, 2025.

Comparison of Operating Results for the Year Ended December 31, 2025 and 2024

Net Income. Net income was $439,000 for the year ended December 31, 2025, compared to a net loss of $369,000 for the year ended December 31, 2024, an increase of $808,000. The increase was primarily due to a $701,000 increase in net interest income and a $650,000 decrease in non-interest expense, which were partially offset by a $463,000 increase in tax expense.

Total Interest Income. Total interest income increased $1.1 million, or 24.1%, to $5.8 million for the year ended December 31, 2025, from $4.7 million for the year ended December 31, 2024, primarily due to a $1.1 million increase in interest and fees on loans. The increase in interest and fees on loans resulted primarily from an increase of $12.5 million in the average balance of loans to $89.1 million for the year ended December 31, 2025 from $76.6 million for the year ended December 31, 2024 and an increase in the average yield on loans to 6.03% for the year ended December 31, 2025 from 5.53% for the year ended December 31, 2024.

Average interest earning assets increased $12.8 million, to $100.2 million for the year ended December 31, 2025, from $87.4 million for the year ended December 31, 2024 primarily due to the increase in the average balance of loans. The yield on interest earning assets increased to 5.79% for the year ended December 31, 2025, from 5.34% for the year ended December 31, 2024 primarily due to the increase in the average yield on loans and an increase in the average yield available-for-sale securities from 2.95% for the year ended December 31, 2024 to 3.39% for the year ended December 31, 2025.

Interest Expense. Total interest expense increased $427,000, or 22.6%, to $2.3 million for the year ended December 31, 2025, from $1.9 million for the year ended December 31, 2024. Interest expense on deposits increased $240,000, or 14.0%, to $2.0 million for the year ended December 31, 2025, from $1.7 million for the year ended December 31, 2024 primarily due to an increase in the average balance of deposits. Interest on borrowings increased $187,000, or 108.7%, to $359,000 for the year ended December 31, 2025 from $172,000 for the year ended December 31, 2024 primarily due to an increase in the average balance of Federal Home Loan Bank advances.

The average balance of interest-bearing deposits increased $7.5 million, or 11.1%, to $75.5 million for the year ended December 31, 2025, from $68.0 million for the year ended December 31, 2024 primarily due to an increase in the average balance of brokered certificates of deposit. The average rate on interest bearing deposits increased to 2.59% for the year ended December 31, 2025 from 2.53% for the year ended December 31, 2024. The average balance of Federal Home Loan Bank advances increased $4.7 million, or 126.3%, to $8.5 million for the year ended December 31, 2025, from $3.8 million for the year ended December 31, 2024, while the average rate on Federal Home Loan Bank advances decreased to 4.22% for the year ended December 31, 2025 from 4.57% for the year ended December 31, 2024.

Net Interest Income. Net interest income increased $701,000, or 25.2%, to $3.5 million for the year ended December 31, 2025, from $2.8 million for the year ended December 31, 2024, primarily due to a $12.8 million increase in the average balance of interest-earning assets during the year ended December 31, 2025. Net interest spread increased to 3.03% for the year ended December 31, 2025, from 2.71% for the year ended December 31, 2024, while net interest margin increased to 3.48% for the year ended December 31, 2025, from 3.18% for the year ended December 31, 2024. The increase in net interest spread was driven by an increase in the average yield on interest-earning assets to 5.79% for the year ended December 31, 2025, from 5.34% for the year ended December 31, 2024, primarily as a result of an increase in the average yield on loans to 6.03% from 5.53%. This was partially offset by an increase in the weighted average rate paid in interest bearing liabilities to 2.76% for the year ended December 31, 2025, from 2.63% for the year ended December 31, 2024.

Provision for Credit Losses. Based on management’s analysis of the adequacy of the allowance for credit losses, a provision for credit losses of $69,000 was recorded for the year ended December 31, 2025, compared to no provision for the year ended December 31, 2024. The increased provision was primarily due to the increase in the balance of the loan portfolio.

Noninterest Income. Noninterest income decreased $12,000, or 6.7%, to $168,000 for the year ended December 31, 2025, from $180,000 for the year ended December 31, 2024, primarily due to a one-time vendor credit in 2024.

Noninterest Expense. Noninterest expense decreased $650,000, or 17.3%, to $3.1 million for the year ended December 31, 2025, from $3.8 million for the year ended December 31, 2024. Other operating expenses decreased $714,000, or 67.5%, to $343,000 for the year ended December 31, 2025, from $1.1 million during the year ended December 31, 2024. Other operating expenses in 2024 included one-time costs associated with the conversion of Community Savings Bank’s core data processing system to a new core service provider in October 2025, which primarily consisted of a $475,000 deconversion payment to the former core service provider and consulting fees of $315,000 for contract negotiations with the new core service provider.

Income Tax Expense (Benefit). Income tax expense increased $463,000, or 106.9%, to $30,000 for the year ended December 31,2025, from a tax benefit of $433,000 for the year ended December 31, 2024. The effective tax rate was 6.2% and (54.0)% for the years ended December 31, 2025 and 2024, respectively. The effective tax rate differs from the 21% federal statutory rate primarily due to tax-exempt interest on municipal securities, tax-exempt earnings on bank owned life insurance, changes in the valuation allowance on deferred tax assets, and discrete tax items related to prior year adjustments. See “Selected Financial Information and Other Data of Community Savings Bank” and note 9 of notes to the financial statements for additional information.

Management of Market Risk

General. Our most significant form of market risk is interest rate risk because, as a financial institution, the majority of our assets and liabilities are monetary in nature and are sensitive to changes in market interest rates. Therefore, a principal part of our operations is to manage interest rate risk and limit the exposure of our financial condition and results of operations to changes in market interest rates. Our Asset Liability Committee is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the risk level appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk according to the policy and guidelines approved by our board of directors. The Asset Liability Committee meets at least quarterly and is comprised of directors, executive officers and other members of senior management. The Asset Liability Committee reports to the full board of directors at least quarterly. We use a third-party modeling program, prepared on a quarterly basis, to evaluate our sensitivity to changing interest rates, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the board of directors.

We seek to manage our interest rate risk in order to minimize the exposure of our earnings and capital to changes in interest rates. We have implemented the following strategies to manage our interest rate risk:

maintaining capital levels that exceed the thresholds for well-capitalized status under applicable regulations;

maintaining adequate liquidity;

growing our volume of low-cost core deposit accounts;

using wholesale funding, such as Federal Home Loan Bank advances and brokered deposits, in a prudent manner so as to lengthen the maturities of our interest-bearing liabilities;

selling certain conforming, fixed-rate residential mortgages with longer terms upon origination, subject to market conditions and periodic review of our asset/liability management needs; and

continuing to diversify our loan portfolio by seeking to grow commercial-related loans and consumer loans, which typically have shorter maturities.

Shortening the average term of our interest-earning assets by increasing our investments in shorter-term assets, as well as originating loans with variable interest rates, helps to match the maturities and interest rates of our assets and liabilities better, thereby reducing the exposure of our net interest income to changes in market interest rates.

We have not engaged in hedging activities, such as engaging in futures or options. We do not anticipate entering into similar transactions in the future.

Economic Value of Equity. We compute amounts by which the net present value of our assets and liabilities (economic value of equity or “EVE”) would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the United States Treasury yield curve increases instantaneously by 100, 200, 300 and 400 basis point increments or decreases instantaneously by 100, 200, 300 and 400 basis point increments, with changes in interest rates representing immediate and permanent parallel shifts in the yield curve.

The following table sets forth, as of December 31, 2025, the estimated changes in EVE that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

At December 31, 2025
										EVE as a Percentage of Present Value of Assets ⁽³⁾
Change in Interest		Estimated		Estimated Increase (Decrease) in EVE									Increase (Decrease)
Rates (basis points) ⁽¹⁾		EVE ⁽²⁾		Amount			Percent			EVE Ratio ⁽⁴⁾			(basis points)

(Dollars in thousands)
400		$	19,243	$	(2,184	)		(10.19	)%		18.92	%		(31	)
300			19,766		(1,661	)		(7.75	)%		19.01	%		(22	)
200			20,308		(1,119	)		(5.22	)%		19.09	%		(14	)
100			20,888		(539	)		(2.52	)%		19.18	%		(5	)
Level			21,427		—			—	%		19.23	%		—
(100	)		22,009		582			2.72	%		19.30	%		7
(200	)		22,483		1,056			4.93	%		19.25	%		2
(300	)		24,070		2,643			12.33	%		19.94	%		71
(400	)		25,210		3,783			17.66	%		20.35	%		112

	(1)	Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.
	(2)	EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
	(3)	Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
	(4)	EVE Ratio represents EVE divided by the present value of assets.

The table above indicates that at December 31, 2025, we would have experienced a 5.22% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 4.93% increase in EVE in the event of an instantaneous 200 basis point decrease in market interest rates.

The following table sets forth, as of December 31, 2024, the estimated changes in EVE that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

At December 31, 2024
										EVE as a Percentage of Present Value of Assets ⁽³⁾
Change in Interest		Estimated		Estimated Increase (Decrease) in EVE									Increase (Decrease)
Rates (basis points) ⁽¹⁾		EVE ⁽²⁾		Amount			Percent			EVE Ratio ⁽⁴⁾			(basis points)

(Dollars in thousands)
400		$	18,125	$	(3,133	)		(14.74	)%		21.66	%		(122	)
300			19,465		(1,793	)		(8.43	)%		22.53	%		(35	)
200			20,005		(1,253	)		(5.89	)%		22.62	%		(26	)
100			20,622		(636	)		(2.99	)%		22.75	%		(13	)
Level			21,258		—			—	%		22.88	%		—
(100	)		21,894		636			2.99	%		22.99	%		11
(200	)		22,435		1,177			5.54	%		22.98	%		10
(300	)		22,957		1,699			8.00	%		22.90	%		2
(400	)		25,664		4,406			20.73	%		24.39	%		151

	(1)	Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.
	(2)	EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
	(3)	Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
	(4)	EVE Ratio represents EVE divided by the present value of assets.

The table above indicates that at December 31, 2024, we would have experienced a 5.89% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 5.54% increase in EVE in the event of an instantaneous 200 basis point decrease in market interest rates.

Change in Net Interest Income. We analyze our sensitivity to changes in interest rates through a net interest income model. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings.

The following table sets forth, as of December 31, 2025, the estimated changes in net interest income that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

At December 31, 2025
Change in Interest Rates (basis points) ⁽¹⁾	Net Interest Income Year 1 Forecast		Year 1 Change from Level
	(Dollars in thousands)
400	$	4,363		26.21	%
300		4,137		19.67	%
200		3,911		13.13	%
100		3,686		6.62	%
Level		3,457		—
(100)		3,392		(1.88	)%
(200)		3,318		(4.02	)%
(300)		3,213		(7.06	)%
(400)		3,057		(11.57	)%

(1)

Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.

The table above indicates that at December 31, 2025, we would have experienced a 13.13% increase in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 4.02% decrease in net interest income in the event of an instantaneous 200 basis point decrease in market interest rates.

The following table sets forth, as of December 31, 2024, the estimated changes in net interest income that would result from the designated immediate changes in the United States Treasury yield curve. The changes indicated in the following table are within policy guidelines adopted by our board of directors.

At December 31, 2024
Change in Interest Rates (basis points) ⁽¹⁾	Net Interest Income Year 1 Forecast		Year 1 Change from Level
	(Dollars in thousands)
400	$	3,673		26.44	%
300		3,499		20.45	%
200		3,301		13.63	%
100		3,104		6.85	%
Level		2,905		—
(100)		2,949		1.51	%
(200)		2,987		2.82	%
(300)		2,742		(5.61	)%
(400)		2,461		(15.28	)%

(1)

Assumes an immediate uniform change in interest rates at all maturities. One hundred basis points equals 1.00%.

The table above indicates that at December 31, 2024, we would have experienced a 13.63% increase in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 2.82% increase in net interest income in the event of an instantaneous 200 basis point decrease in market interest rates.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. The net interest income and net economic value tables presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the tables provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates, and actual results may differ.

Interest rate risk calculations also may not reflect the fair values of financial instruments. For example, decreases in market interest rates can increase the fair values of our loans, mortgage servicing rights, deposits and borrowings.

Liquidity and Capital Resources

Liquidity. Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from maturities of securities. We also have the ability to borrow from the Federal Home Loan Bank of Cincinnati. At December 31, 2025, we had the capacity to borrow $27.3 million from the Federal Home Loan Bank of Cincinnati, of which $10.6 million was outstanding. At December 31, 2025, we also had a cash management line of credit agreement with the Federal Home Loan Bank of Cincinnati with a credit line of $3.0 million, none of which was outstanding. In addition, at December 31, 2025, we had a $5.0 million credit facility with a correspondent bank, none of which was outstanding.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. Our most liquid assets are cash and short-term investments, the levels of which depend on our operating, financing, lending, and investing activities during any given period.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. For further information, see the statements of cash flows contained in the financial statements beginning on page F-1 of this prospectus.

We are committed to maintaining a strong liquidity position and monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. At December 31, 2025, certificates of deposit that are scheduled to mature in less than one year from that date totaled $33.6 million. Based on our deposit retention experience and current pricing strategy, we anticipate retaining a significant portion of certificates of deposit as they mature. However, if a substantial portion is not retained, we may have to use Federal Home Loan Bank of Cincinnati borrowings and/or brokered deposits or raise interest rates on deposits to attract new accounts, which would increase interest expense.

Capital Resources. At December 31, 2025, Community Savings Bank exceeded all regulatory capital levels required to be considered “well capitalized.” For further information, see note 12 of notes to the financial statements.

Off-Balance Sheet Arrangements. At December 31, 2025, we had $771,000 of undisbursed loans in process, $10.0 million of unfunded commitments under lines of credit and $5.3 million of standby letters of credit. For additional information, see note 13 of notes to the financial statements.

Recent Accounting Pronouncements

For a discussion of the impact of recent accounting pronouncements, see note 1 of notes to the financial statements.

Impact of Inflation and Changing Prices

The financial statements and related data presented in this prospectus have been prepared according to GAAP which require the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, market interest rates generally have a more significant impact on a financial institution’s performance than does inflation. Market interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

BUSINESS OF CSB FINANCIAL

Incorporated in the State of Maryland on February 18, 2026, CSB Financial has not engaged in any business to date. Upon completion of the conversion and stock offering, CSB Financial will own all of the issued and outstanding stock of Community Savings Bank. CSB Financial intends to contribute at least 50% of the net proceeds from the stock offering to Community Savings Bank and will retain the remaining net proceeds from which it will use a portion to make a loan to Community Savings Bank’s employee stock ownership plan and contribute $100,000 in cash to the charitable foundation. At a later date, CSB Financial may use the net proceeds to repurchase shares of common stock, subject to our capital needs, regulatory limitations and other factors. We intend to invest our initial capital in the manner discussed under “How We Intend to Use the Proceeds from the Stock Offering.”

After the completion of the conversion and stock offering, CSB Financial, as the bank holding company of Community Savings Bank, will be authorized to pursue other business activities permitted by applicable laws and regulations. See “Regulation and Supervision – Holding Company Regulation” for a discussion of the activities that are permitted for bank holding companies.

Following the conversion and stock offering, our cash flow will depend on earnings from the investment of the net proceeds from the stock offering that we retain, and any dividends we receive from Community Savings Bank. Community Savings Bank is subject to regulatory limitations on the amount of dividends that it may pay. See “Regulation and Supervision.” Initially, CSB Financial will neither own nor lease any property, but instead will pay a fee to Community Savings Bank for the use of its premises, furniture and equipment. At the present time, CSB Financial intends to employ as officers only persons who are officers of Community Savings Bank. However, we will use periodically the support staff of Community Savings Bank. We will pay a fee to Community Savings Bank for the time its employees devote to CSB Financial, and these individuals will not be separately compensated by CSB Financial. CSB Financial may hire additional employees, as appropriate, to the extent it expands its business in the future.

BUSINESS OF COMMUNITY SAVINGS BANK

General

We consider our primary market area for loan originations and deposit gathering to be Clermont and Highland Counties and surrounding areas. However, because Clermont and Highland Counties are rural, Highland County more so than Clermont County, we also seek and obtain loan demand from customers in the Cincinnati Metropolitan Area.

Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase the vast majority of our consumer loans and commercial and industrial loans from a third party. We generally retain the loans that we originate in our portfolio, but, subject to market conditions and periodic review of our asset/liability management needs, we have sold fixed-rate one- to four-family residential mortgage loans with longer terms upon origination, with servicing rights retained, to help mitigate our interest rate risk exposure and generate fee income. We also invest in securities, primarily municipal securities, U.S. government agency securities, mortgage backed securities and collateralized mortgage obligations. We offer a variety of deposit accounts including demand accounts, savings accounts, money market accounts, NOW accounts and certificates of deposit. Our primary source of funding is core deposits. We also use Federal Home Loan Bank of Cincinnati advances and brokered deposits to supplement our funding needs. We are subject to comprehensive regulation and examination by the ODFI and by the FDIC.

Market Area

Our main office is located in Clermont County and our branch office is located in Highland County, predominately rural counties with Highland County more so than Clermont County. Because of their rural nature, we consider the contiguous Counties of Brown, Hamilton (location of the City of Cincinnati), Ross, and Fayette, in addition to Clermont and Highland Counties, to be our primary market area for loan originations and deposit gathering. Brown, Clermont and Highland Counties are part of the Cincinnati, OH-KY-IN Metropolitan Statistical Area.

Major sectors of employment in Clermont and Highland Counties include services; education, healthcare and social services; and manufacturing. Major employers in Clermont County include Total Quality Logistics (freight logistics), American Modern Insurance Group (insurance), Mercy Health – Clermont Hospital, Siemens Digital Industries Software (computer programming) and Milacron (plastics manufacturing and technology). Major employers in Highland County include Weastec, Inc. (automotive components), Highland District Hospital, Candle-Lite Company (candle manufacturer) and Adient PLC (automotive seating manufacturer).

According to published statistics, the 2026 estimated population of Clermont County was 216,000 and of Highland County was 44,000. The 2026 to 2031 estimated population growth rate is 0.5% for Clermont County and 0.2% for Highland County. Estimated 2026 median household income is $86,200 for Clermont County and $71,400 for Highland County, compared to $75,600 statewide and $86,900 nationwide. The 2026 to 2031 estimated median household income growth rate is 0.6% for Clermont County and a negative 1.0% for Highland County, compared to a flat growth rate statewide and a negative 0.3% nationwide. Estimated 2026 per capita income is $47,100 for Clermont County and $34,900 for Highland County, compared to $44,500 statewide and $48,900 nationwide. The 2026 to 2031 estimated per capita income growth rate is 0.4% for Clermont County and a negative 1.3% for Highland County, compared to 0.1% statewide and a negative 0.1% nationwide. The November 2025 unemployment rate for Clermont County was 3.7% and 4.8% for Highland County, compared to 3.9% statewide and 4.3% nationwide.

Competition

We face strong competition within our primary market area both in making loans and attracting retail deposits. Our market area includes large money center and regional banks, community banks and savings institutions, and credit unions. We also face competition for loans from mortgage banking firms, consumer finance companies, credit unions, and fintech companies and, with respect to deposits, from money market funds, brokerage firms, mutual funds and insurance companies. Our ability to compete for loans and deposits in our market area does not depend on any one existing relationship.

At June 30, 2025 (the most recent date for which FDIC data is publicly available), we were ranked 14^th among the 17 FDIC-insured financial institutions with offices in Clermont County, with a market share of deposits of 1.15%, and 8^th among the nine FDIC-insured financial institutions with offices in Highland County, with a market share of deposits of 0.71%.

Lending Activities

General. Our loan portfolio consists primarily of residential mortgage loans secured by one- to four-family residential properties. To a lesser extent, our loan portfolio consists of consumer loans, commercial real estate loans, multi-family mortgage loans, commercial and industrial loans, construction and land loans, and second mortgage and home equity loans. We purchase the vast majority of our consumer loans and commercial and industrial loans from a third party.

Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio, by loan type, at the dates indicated. At December 31, 2025 and December 31, 2024, there were no loans held-for-sale.

	At December 31,
	2025					2024
	Amount		Percent			Amount		Percent

	(Dollars in thousands)
Real estate loans:
One- to four-family residential	$	41,229		44.2	%	$	42,031		54.5	%
Multi-family		9,946		10.7			8,449		10.9
Construction and land		2,653		2.9			913		1.2
Commercial real estate		11,486		12.3			11,380		14.7
Second mortgage and home equity		2,772		3.0			2,663		3.4
Commercial and industrial loans		7,658		8.2			9,171		11.9
Consumer loans		17,472		18.7			2,620		3.4
	$	93,216		100.0	%	$	77,227		100.0	%
Less:
Allowance for credit losses on loans		436					352
Net deferred loan origination costs		224					193
Loans receivable, net	$	92,556				$	76,683

Contractual Maturities. The following table sets forth the contractual maturities of the total loan portfolio at December 31, 2025. Demand loans, which are loans having no stated repayment schedule or stated maturity, and overdraft loans are both reported as being due in one year or less. Because the table presents contractual maturities and does not reflect repricing or the effect of prepayments, actual maturities may differ.

	One- to Four-Family Residential		Multi-Family		Construction and Land		Commercial Real Estate		Second Mortgage and Home Equity		Commercial and Industrial		Consumer		Total

	(In thousands)
Amounts due in:
One year or less	$	27		—	$	—	$	4	$	20	$	3,199	$	50	$	3,300
After one year through two years		60		—		10		—		88		114		—		272
After two years through three years		40		—		—		96		29		293		—		458
After three years through five years		355		—		—		22		715		1,559		461		3,112
After five years through 10 years		1,969		361		—		1,432		1,907		1,532		16,961		24,162
After 10 years through 15 years		6,909		1,536		378		2,472		—		961		—		12,256
After 15 years		31,869		8,049		2,265		7,460		13		—		—		49,656
Total	$	41,229	$	9,946	$	2,653	$	11,486	$	2,772	$	7,658	$	17,472	$	93,216

Fixed vs. Adjustable Rate Loans. The following table sets forth the fixed-rate loans and adjustable-rate loans at December 31, 2025, that are contractually due after December 31, 2026.

	Due After December 31, 2026
	Fixed		Adjustable		Total

	(In thousands)
Real estate loans:
One- to four-family residential	$	21,183	$	20,019	$	41,202
Multi-family		1,605		8,341		9,946
Construction and land		388		2,265		2,653
Commercial real estate		2,656		8,826		11,482
Second mortgage and home equity		119		2,633		2,752
Commercial and industrial loans		4,340		119		4,459
Consumer loans		17,422		—		17,422
Total loans	$	47,713	$	42,203	$	89,916

One- to Four-Family Residential Mortgage Loans. At December 31, 2025, one- to four-family residential mortgage loans totaled $41.2 million, or 44.2% of total loans. Our one- to four-family residential real estate loans are secured by either owner-occupied properties or non-owner-occupied properties located in our primary market area.

At December 31, 2025, $22.1 million of one- to four-family residential mortgage loans were secured by non-owner-occupied properties. To monitor concentration risk in one- to four-family residential mortgage loans secured by non-owner-occupied properties, Community Savings Bank’s board of directors has established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 200%. Senior management monitors compliance with this metric when making loan origination/purchase decisions and reports the status of compliance to the board of directors each month. At December 31, 2025, the sum of our Tier 1 capital and allowance for credit losses was $16.3 million and the ratio of non-owner-occupied one- to four-family residential mortgage loans to the sum of our Tier 1 capital and allowance for credit losses percentage was 136.0%. At December 31, 2024, the sum of our Tier 1 capital and allowance for credit losses was $15.8 million and the ratio of non-owner-occupied one- to four-family residential mortgage loans to the sum of our Tier 1 capital and allowance for credit losses was 139.0%.

The one- to four-family residential mortgage loan portfolio includes both fixed-rate loans and adjustable rate loans. The interest rate on fixed-rate loans is generally based on the secondary market pricing parameters, plus a spread. Fixed-rate loans have maturities up to 30 years. At December 31, 2025, fixed-rate one- to four-family residential real estate loans totaled $21.2 million.

Adjustable rate one- to four-family residential real estate loans have interest rates generally tied to the One- Three- or Five-Year U.S. Treasury rate, plus a spread, with terms of up to 30 years. The interest rate is generally fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan. At December 31, 2025, adjustable rate one- to four-family residential real estate loans totaled $20.0 million.

We evaluate both the borrower’s ability to make principal, interest and escrow payments and the value of the property that will secure the loan. Our one- to four-family residential real estate loans may include prepayment penalties, are non-assumable and do not produce negative amortization. Our one- to four-family residential mortgage loans customarily include “due-on-sale” clauses giving us the right to declare the loan immediately due and payable if, among other things, the borrower sells the property subject to the mortgage. Some borrowers are required to obtain title insurance. We also require homeowner’s insurance and fire and casualty insurance and, where circumstances warrant, flood insurance on properties securing real estate loans. The maximum loan-to-value ratio for one- to four-family loans is generally 85% (95% with private mortgage insurance).

We do not offer “interest only” residential mortgage loans, where the borrower pays interest for an initial period, after which the loan converts to a fully amortizing loan. We also do not offer loans that provide for negative amortization of principal, such as “Option ARM” loans, where the borrower can pay less than the interest owed on the loan, resulting in an increased principal balance during the life of the loan. We do not currently offer “subprime loans” on one- to four-family residential real estate loans (i.e., generally loans to borrowers with credit scores less than 620).

Multi-family Mortgage Loans. At December 31, 2025, multi-family mortgage loans totaled $9.9 million or 10.7% of total loans. Multi-family mortgage loans are secured primarily by five or more-unit residential properties located in our primary market area. Multi-family mortgage loans are generally fully-amortizing loans with 25-year terms and with variable rates tied to the One- Three- or Five-Year U.S. Treasury rate, plus a spread. The interest rate is fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan.

To monitor concentration risk in multi-family mortgage loans, Community Savings Bank’s board of directors has established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 140%. Senior management monitors compliance with this metric when making loan origination/purchase decisions and reports the status of compliance to the board of directors each month. At December 31, 2025, the sum of our Tier 1 capital and allowance for credit losses was $16.3 million and the ratio of multi-family mortgage loans to the sum of our Tier 1 capital and allowance for credit losses was 60.9%. At December 31, 2024, the sum of our Tier 1 capital and allowance for credit losses was $15.8 million and the ratio of multi-family mortgage loans to the sum of our Tier 1 capital and allowance for credit losses was 53.4%.

We consider a number of factors in originating multi-family mortgage loans, including the creditworthiness of the borrower, the value and condition of the mortgaged property securing the loan, and the rent roll of the mortgaged property. When evaluating the borrower, we also consider the borrower’s experience in owning or managing similar property and the borrower’s payment history with us and other financial institutions. In evaluating the property securing the loan, among other factors we consider are the net operating income of the mortgaged property before debt service and depreciation, the debt service coverage ratio (the ratio of net operating income to debt service) to ensure that, subject to certain exceptions, it is at least 1.10x and that the ratio of the loan amount to the appraised value of the mortgaged property, subject to certain exception, is limited to 80% of the appraised value or purchase price, whichever is lower. The collateral property is appraised by outside independent and qualified appraisers that are duly approved according to policy. Personal guarantees are typically obtained from borrowers. The financial information of each borrower whose indebtedness exceeds $750,000 is monitored on an ongoing basis by requiring periodic financial statement updates. We review loan-to-value ratios and occupancy rates at the time of origination, but do not monitor these parameters on an on-going basis except in the event of delinquency.

Construction and Land Loans. At December 31, 2025, construction and land loans totaled $2.7 million, or 2.9% of total loans, of which $718,000 were land loans. We make residential construction loans, primarily to individuals for the construction of their primary residences who typically use contractors and single-family home builders with whom we have an established relationship and satisfactory history. We generally do not originate commercial construction loans or speculative residential construction loans, which are construction loans to a builder where there is not a contract in place for the purchase of the home at the time the construction loan is originated.

Our residential construction loans are underwritten to the same guidelines for permanent one- to four-family residential mortgage loans. Our residential construction loans are generally structured as construction/permanent loans where after a 12-month construction period the loan converts to a permanent fixed-rate or adjustable rate one-to four-family residential mortgage loan. The construction/permanent loan involves one loan closing. The interest rate during the construction phase is based on the interest rate for the permanent financing and remains fixed throughout the term of the construction. At December 31, 2025, our largest construction loan totaled $2.0 million, of which $1.3 million had been disbursed, and was performing according to its original terms.

Residential construction loans are generally made with a maximum loan-to-value ratio of 80% of the estimated appraised market value upon completion of the project. Before making a commitment to fund a construction loan, we require an appraisal of the property by an independent licensed appraiser. We also generally require third-party inspections of the property before disbursements of funds during the term of the construction loan.

We also make a limited amount of land loans to complement our construction lending activities. Land development loans are generally secured by lots that will be used for residential development or land for recreational/agricultural use. Land loans are either fixed rate loans or variable rate loans tied to the One- Three- Five- or Seven-Year U.S. Treasury rate, plus a spread. The interest rate is fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan. Land loans are made with maximum maturities of 20 years. Land loans are generally made with a maximum loan-to-value ratio of 80% of appraised value for residential properties and 70% for agricultural properties. At December 31, 2025, our largest land loan had an outstanding balance of $304,000 and it was performing according to its original terms.

To monitor concentration risk in construction and land loans, Community Savings Bank’s board of directors has established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 125%. Senior management monitors compliance with this metric when making loan origination/purchase decisions and reports the status of compliance to the board of directors each month. At December 31, 2025, the sum of our Tier 1 capital and allowance for credit losses was $16.3 million and the ratio of construction and land loans to the sum of our Tier 1 capital and allowance for credit losses was 16.2%. At December 31, 2024, the sum of our Tier 1 capital and allowance for credit losses was $15.8 million and the ratio of construction and land loans to the sum of our Tier 1 capital and allowance for credit losses was 5.8%.

Commercial Real Estate Loans. At December 31, 2025, commercial real estate loans totaled $11.5 million, or 12.3% of total loans. Commercial real estate loans are generally secured by small retail shopping malls, offices or warehouses located in our primary market area.

To monitor concentration risk in commercial real estate loans, Community Savings Bank’s board of directors has established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 140%. Senior management monitors compliance with this metric when making loan origination/purchase decisions and reports the status of compliance to the board of directors each month. At December 31, 2025, the sum of our Tier 1 capital and allowance for credit losses was $16.3 million and the ratio of commercial real estate loans to the sum of our Tier 1 capital and allowance for credit losses was 70.2%. At December 31, 2024, the sum of our Tier 1 capital and allowance for credit losses was $15.8 million and the ratio of commercial real estate loans to the sum of our Tier 1 capital and allowance for credit losses was 72.0%.

Commercial real estate loans are either fixed rate loans or variable rate loans tied to the One-, Three- Five- or Seven-Year U.S. Treasury rate, plus a spread. Generally, the interest rate is fixed during the first one, three or five years and then adjusts annually thereafter with a 2.0% limit up or down per adjustment period and a 5.0% to 6.0% cap limit over the life of the loan. Commercial real estate loans are made with maximum maturities of 25 years. Commercial real estate loans are generally made with a maximum loan-to-value ratio of 80% of appraised value. We review loan-to-value ratios and occupancy rates at the time of origination, but do not monitor these parameters on an on-going basis except in the event of delinquency. At December 31, 2025, our largest commercial real estate loan had an outstanding balance of $1.3 million and it was performing according to its original terms.

The following table sets forth the composition of our commercial real estate loan portfolio, by collateral type, at the dates indicated:

	At December 31,
	2025					2024
	Amount		Percent			Amount		Percent

	(Dollars in thousands)
Industrial/warehouse	$	6,616		57.6	%	$	5,639		49.6	%
Retail/wholesale		3,029		26.4			3,549		31.2
Commercial and service		1,498		13.0			1,822		16.0
Other		343		3.0			370		3.2
Total	$	11,486		100.0	%	$	11,380		100.0	%

Second Mortgage and Home Equity Loans. At December 31, 2025, second mortgage and home equity loans totaled $2.8 million or 3.0% of total loans, of which $2.7 million were home equity loans. Second mortgage loans are generally fully amortizing fixed rate loans with terms up to 10 years. Home equity loans are lines of credit based on The Wall Street Journal prime rate, plus a spread, with 10-year balloon terms. The maximum loan to value ratio for second mortgage loans and home equity loans is 90% if we hold the first lien on the collateral property (80% if we do not). Our second mortgage and home equity loans are generally underwritten in the same manner as our one- to four-family residential mortgage loans.

To monitor concentration risk in second mortgage and home equity loans, Community Savings Bank’s board of directors has established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 350%. Senior management monitors compliance with this metric when making loan origination/purchase decisions and reports the status of compliance to the board of directors each month. At December 31, 2025, the sum of our Tier 1 capital and allowance for credit losses was $16.3 million and the ratio of second mortgage and home equity loans to the sum of our Tier 1 capital and allowance for credit losses was 17.0%. At December 31, 2024, the sum of our Tier 1 capital and allowance for credit losses was $15.8 million and the ratio of second mortgage and home equity loans to the sum of our Tier 1 capital and allowance for credit losses was 16.8%.

Commercial and Industrial Loans. At December 31, 2025, commercial and industrial loans totaled $7.7 million, or 8.2% of total loans, of which $4.4 million were purchased from BHG Financial.

We generally do not originate commercial and industrial loans secured by equipment or other business assets. The commercial and industrial loans we originate are primarily unsecured lines of credit made to commercial borrowers in our primary market area. At December 31, 2025, unsecured lines of credit totaled $3.3 million. Lines of credit are adjustable rate loans tied to The Wall Street Journal prime rate, plus a spread. Generally, lines of credit are renewable annually, subject to current underwriting. At December 31, 2025, our largest line of credit was for $1.3 million, all of which was outstanding.

We are part of a network of community banks nationwide that have purchased commercial and industrial loans from BHG Financial. BHG Financial originates loans nationwide to licensed and other skilled business professionals for business development, practice improvement, debt consolidation, working capital, equipment purchases, and, occasionally, business purchases. BHG Financial typically originates loans at fixed interest rates and without a prepayment penalty provision. BHG Financial originates and funds the loans, which are typically secured by a Uniform Commercial Code blanket lien on the borrowers’ business assets. Before purchase, we independently underwrite each loan according to our credit and underwriting policies and retain sole authority for the final purchase decision without relying on BHG Financial’s underwriting. When we purchase a loan from BHG Financial, we purchase 100% of the loan and BHG Financial establishes a reserve deposit account with us equal to 3% of the loan balance and we remit 97% of the loan balance to BHG Financial. At December 31, 2025 and 2024, reserve deposit balances totaled $126,000 and $172,000, respectively. We also become an additional secured party to the loan. The borrower services the loan by authorizing us to withdraw funds electronically from the borrower’s deposit account established at the borrower’s financial institution. If a loan becomes delinquent, BHG Financial handles all collection activity and bears all associated costs. During the delinquency period, we withdraw from the reserve deposit account to service the loan. When a delinquent payment is collected, the collected funds are used to replenish the reserve deposit account. If a loan becomes 90 days delinquent, BHG Financial has historically repurchased delinquent loans or replaced them with performing loans of equal or greater balance, although this is not a contractual obligation of BHG Financial. At December 31, 2025, no BHG Financial purchased loans were delinquent. At December 31, 2025, our largest BHG Financial purchased loan totaled $208,000 and it was performing according to its original terms.

During the year ended December 31, 2025, BHG Financial repurchased/replaced $714,000 of commercial and industrial loans. BHG Financial did not repurchase/replace any commercial and industrial loans during the year ended December 31, 2024.

BHG Financial originates commercial and industrial loans nationwide. We have not identified any material geographic or other concentrations within the portfolio of commercial and industrial loans purchased from BHG Financial.

To monitor concentration risk in loans purchased from BHG Financial (both commercial and industrial loans and consumer loans), Community Savings Bank’s board of directors has established a guideline metric based on the ratio of those loans to the sum of our Tier 1 capital and allowance for credit losses. The guideline metric is 150%. Senior management monitors compliance with this metric when making loan origination/purchase decisions and reports the status of compliance to the board of directors each month. At December 31, 2025, the sum of our Tier 1 capital and allowance for credit losses was $16.3 million and the ratio of our loans purchased from BHG Financial (both commercial and industrial loans and consumer loans) to the sum of our Tier 1 capital and allowance for credit losses was 133.5%. At December 31, 2024, the sum of our Tier 1 capital and allowance for credit losses was $15.8 million and the ratio of our loans purchased from BHG Financial (both commercial and industrial loans and consumer loans) sum of our Tier 1 capital and allowance for credit losses was 53.3%.

Consumer Loans. At December 31, 2025, consumer loans totaled $17.5 million, or 18.7% of total loans, of which $17.4 million were purchased from BHG Financial. We generally do not originate automobile loans and other secured personal loans. The consumer loans we originate are primarily personal loans, which totaled $50,000 at December 31, 2025.

As an extension of our existing relationship with BHG Financial with respect to purchasing commercial and industrial loans, we began purchasing unsecured consumer loans from BHG Financial in the second quarter of 2024. These loans are generally unsecured personal loans made to borrowers with cash flow coverage no less than 2.00x and credit model scores between 680 and 850. Loan terms range up to 12 years and generally have fixed interest rates. As discussed under “—Lending Activities – Commercial and Industrial Loans,” BHG Financial establishes a reserve deposit account for the purchased consumer loans. At December 31, 2025 and 2024, reserve deposit balances totaled $526,000 and $80,000, respectively. Should a BHG Financial purchased consumer loan be in default, BHG Financial has historically repurchased delinquent loans or replaced them with performing loans of equal or greater balance, although this not a contractual obligation of BHG Financial. At December 31, 2025, our largest BHG Financial purchased consumer loan totaled $281,000 and it was performing according to its original terms.

BHG Financial originates consumer loans nationwide. We have not identified any material geographic or other concentrations within the portfolio of consumer loans purchased from BHG Financial.

During the years ended December 31, 2025 and 2024, BHG Financial did not repurchase/replace any consumer loans.

Loan Underwriting Risks

Adjustable-Rate Residential Real Estate Loans. Although adjustable-rate mortgage loans may reduce to an extent our vulnerability to changes in market interest rates because they periodically reprice, as interest rates increase, the required payments due from the borrower also increase (subject to any rate caps), increasing the potential for default by the borrower. At the same time, the marketability of the underlying collateral may be adversely affected by higher interest rates. Upward adjustments of the contractual interest rate are also limited by the maximum periodic and lifetime rate adjustments permitted by our loan documents.

Commercial Real Estate and Multi-family Loans. Loans secured by commercial real estate or multi-family properties generally have larger balances and involve a greater degree of risk than owner-occupied, one- to four-family residential real estate loans. The primary concern in commercial real estate lending is the borrower’s creditworthiness and the feasibility and cash flow potential of the project. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. To monitor cash flows on income properties, we require borrowers and loan guarantors to provide annual financial statements when the indebtedness exceeds $500,000. In reaching a decision on whether to make a commercial real estate loan, we consider and review a global cash flow analysis of the borrower and consider the net operating income of the property, the borrower’s expertise, credit history and profitability and the value of the underlying property. We have generally required that the properties securing these real estate loans have an aggregate debt service ratio, including the guarantor’s cash flows and the borrower’s other projects, of at least 1.10x for both commercial real estate loans and multi-family loans. An environmental phase one report is obtained when the possibility exists that hazardous materials may have existed on the site, or the site may have been impacted by adjoining properties that handled hazardous materials.

If we foreclose on a commercial real estate or multi-family loan, the marketing and liquidation period to convert the real estate asset to cash can be lengthy with substantial holding costs. In addition, vacancies, deferred maintenance, repairs and market stigma can result in prospective buyers expecting sale price concessions to offset their real or perceived economic losses for the time it takes them to return the property to profitability. Depending on the individual circumstances, initial charge-offs and subsequent losses on commercial real estate loans can be unpredictable and substantial.

Construction Loans. Our construction loans are based upon estimates of costs and values associated with the completed project. Underwriting is focused on the borrowers’ financial strength, credit history and demonstrated ability to produce a quality product and effectively market and manage their operations.

Construction lending involves additional risks when compared with permanent lending because funds are advanced upon the security of the project, which is of uncertain value before its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to evaluate accurately the total funds required to complete a project and the related loan-to-value ratio. In addition, generally during the term of a construction loan, interest may be funded by the borrower or disbursed from an interest reserve set aside from the construction loan budget. These loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property or obtain permanent take-out financing, rather than the ability of the borrower or guarantor to repay principal and interest. If the appraised value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss.

Commercial and Industrial Loans. Unlike residential real estate loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial and industrial loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flows of the borrower’s business, and the collateral securing these loans may fluctuate in value. Our commercial and industrial loans are originated primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Collateral for commercial and industrial loans typically consists of accounts receivable, inventory or equipment. Collateral may also consist of limited use and difficult-to-value property, such as solar panels. Credit support provided by the borrower for most of these loans is based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any. Further, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself.

Consumer Loans. Consumer loans may entail greater risk than residential mortgage loans, particularly in the case of unsecured consumer loans. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be collected.

Loan Originations, Purchases and Sales

We originate loans through employee marketing and advertising efforts, our existing customer base, walk-in customers and referrals from customers.

Although we generally retain in our portfolio the loans we originate, we may sell certain conforming, fixed-rate residential mortgages with longer maturities, with servicing rights retained, subject to market conditions and periodic review of our asset/liability management needs. At December 31, 2025, the outstanding principal balance of loans serviced for others was $20.1 million.

We occasionally purchase participation interests in loans, primarily multi-family loans and commercial real estate loan, originated by another financial institution (other than BHG Financial) acting as the lead lender. At December 31, 2025 and 2024, the outstanding balance of purchased loan participation interests totaled $876,000 ($468,000 in commercial real estate loans, $271,000 in multi-family loans and $137,000 in one- to four-family residential mortgage loans) and $1.2 million ($777,000 in commercial real estate loans, $277,000 in multi-family loans and $146,000 in one- to four-family residential mortgage loans), respectively. At December 31, 2025, our largest purchased participation interest had an outstanding balance of $402,000, representing an 80% participation interest in a $503,000 commercial real estate loan secured by a commercial service building. At December 31, 2025, this loan was performing according to its original terms.

In addition, we purchase whole commercial and industrial loans and whole consumer loans from BHG Financial. See “Business of Community Savings Bank – Lending Activities – Commercial and Industrial Loans” and “– Lending Activities – Consumer Loans” for additional information.

Loan Approval Procedures, Loan to One Borrower Limit, and Lending Authority

Our lending activities are subject to written underwriting standards and origination procedures. Decisions on loans are made consistent with our loan policies and procedures, and the underwriting and review of a loan decision is designed primarily to determine the borrower’s ability to repay the requested loan. The board of directors has overall responsibility for our lending policy, and the board reviews this policy at least annually.

By law, the aggregate amount of loans that we are permitted to make to any one borrower or a group of related borrowers is generally limited to 15% of Community Savings Bank’s unimpaired capital and surplus. This limit may be increased to 25% of unimpaired capital and surplus if the amount in excess of 15% is secured by “readily marketable collateral” or to 30% of unimpaired capital and surplus for certain residential development loans. At December 31, 2025, our loans to one borrower regulatory limit was $16.3 million. At December 31, 2025, our largest credit relationship with one borrower consisted of two loans with an aggregate outstanding balance of $2.3 million, secured by multi-family properties. At December 31, 2025, the loans encompassing this lending relationship were performing according to their original terms.

The President and Chief Executive Officer and the Chief Lending Officer each has loan approval authority up to $300,000. Loans above that dollar amount must be approved by the Loan Committee. The Loan Committee consists of at least four members, two of which must be non-employee directors of Community Savings Bank and the remaining members from among senior management, including the President and Chief Executive Officer and the Chief Lending Officer. Loans subject to loan policy exceptions, regardless of dollar size, must be approved by the board of directors.

Delinquencies, Classified Assets and Nonperforming Assets

Delinquency Procedures. Loans past due 30 days are considered delinquent. When a borrower fails to make required loan payment, we take a number of steps to induce the borrower to cure the delinquency and restore the loan to current status. Collection efforts include personal contact, telephone calls, and direct correspondence by our personnel with the delinquent borrower. At 15 days delinquent (10 days for home equity lines of credit) telephone calls and emails are sent to the borrower. At 30 days delinquent, a delinquency letter is sent to the borrower. At 90 days delinquent, a demand letter is sent to the borrower. The accrual of interest on a loan is discontinued when the loan is 90 days delinquent unless it is well secured and in the process of collection. Foreclosure proceedings are generally instituted when a loan reaches 121 days delinquent.

Delinquent Loans. The following table sets forth loan delinquencies (including non-accrual loans), by type and amount, at the dates indicated.

	At December 31,
	2025						2024
	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due

	(In thousands)
Real estate loans:
One- to four-family residential	$	85	$	32	$	2	$	269	$	39	$	99
Multi-family		—		—		—		—		—		221
Construction and land		—		—		—		—		—		—
Commercial real estate		—		—		—		—		—		—
Second mortgage and home equity		—		—		—		—		—		—
Commercial and industrial loans		—		—		—		—		—		—
Consumer loans		—		—		—		—		—		—
Total	$	85	$	32	$	2	$	269	$	39	$	320

Real Estate Owned. When we acquire real estate as a result of foreclosure or by deed in lieu of foreclosure, the real estate is classified as other real estate owned until it is sold. The real estate is recorded at estimated fair value at the date of acquisition, less estimated costs to sell, and any write-down resulting from the acquisition is charged to the allowance for credit losses. Subsequent decreases in the value of the property are charged to operations. After acquisition, all costs in maintaining the property are expensed as incurred. Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell. At December 31, 2025, we had no real estate acquired as a result of foreclosure or by deed in lieu of foreclosure.

Collateral Dependent Loans. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, we have elected the practical expedient to estimate expected credit losses based on the collateral’s fair value, less estimated cost to sell.

Modifications Made to Borrowers Experiencing Financial Difficulty. We occasionally modify loans to extend the term or make other concessions to help a borrower stay current on his or her loan and to avoid foreclosure. We consider modifications only after analyzing the borrower’s current repayment capacity, evaluating the strength of any guarantors based on documented current financial information, and assessing the current value of any collateral pledged. We generally do not forgive principal or interest on loans, but may do so if it is in our best interest and increases the likelihood that we can collect the remaining principal balance. We may modify the terms of loans to lower interest rates (which may be at below market rates), to provide for fixed interest rates on loans where fixed rates are otherwise not available, to provide for longer amortization schedules, or to provide for interest-only terms. These modifications are made only when a workout plan has been agreed to by the borrower that we believe is reasonable and attainable and in our best interests. At December 31, 2025, there were no modified loans to borrowers experiencing financial difficulty.

Non-Performing Assets. The following table sets forth information regarding non-performing assets at the dates indicated. Non-accrual loans include non-accruing modified loans to borrowers experiencing financial difficulty of $104,000 and $407,000 at December 31, 2025 and December 31, 2024, respectively.

	At December 31,
	2025			2024

	(Dollars in thousands)
Non-accrual loans:
Real estate loans:
One- to four-family residential	$	104		$	186
Multi-family		—			221
Construction and land		—			—
Commercial real estate		—			—
Second mortgage and home equity		—			—
Commercial and industrial loans		—			—
Consumer loans		—			—
Total non-accrual loans	$	104		$	407
Accruing loans past due 90 days or more		—			—
Real estate owned:
One- to four-family residential		—			—
Multi-family		—			—
Construction and land		—			—
Commercial real estate		—			—
Second mortgage and home equity		—			—
Total real estate owned		—			—
Total non-performing assets	$	104		$	407
Total accruing modified loans	$	—		$	—
Total non-performing loans to total loans		0.11	%		0.53	%
Total non-accruing loans to total loans		0.11	%		0.53	%
Total non-performing assets to total assets		0.09	%		0.44	%

Classified Assets. Federal regulations provide that loans and other assets of lesser quality should be classified as “substandard,” “doubtful” or “loss.” An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific allowance for credit losses is not warranted. Assets that do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention” by our management.

When an insured institution classifies problem assets as either substandard or doubtful, it may establish general allowances in an amount deemed prudent by management to cover losses that were both probable and reasonable to estimate. General allowances represent allowances which have been established to cover accrued losses associated with lending activities that were both probable and reasonable to estimate, but which, unlike specific allowances, have not been allocated to particular problem assets. When an insured institution classifies problem assets as “loss,” it is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount. An institution’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by the regulatory authorities, which may require the establishment of additional general or specific allowances.

In connection with the filing of our periodic regulatory reports and according to our classification of assets policy, we regularly review the problem loans in our portfolio to determine whether any loans require classification according to applicable regulations. If a problem loan deteriorates in asset quality, the classification is changed to “substandard,” “doubtful” or “loss” depending on the circumstances and the evaluation. Generally, loans 90 days or more past due are placed on nonaccrual status and classified “substandard.”

Our classified assets, special mention assets, and foreclosed real estate and other repossessed assets at the dates indicated were as follows:

	At December 31,
	2025		2024

	(In thousands)
Substandard assets	$	31	$	317
Doubtful assets		—		—
Loss assets		—		—
Total classified assets	$	31	$	317
Special mention assets	$	41	$	48
Foreclosed real estate and other repossessed assets	$	—	$	—

Other Loans of Concern. At December 31, 2025, except for loans included in the above table, there were no other loans of concern for which we had information about possible credit problems of borrowers that caused us to have serious doubts about the ability of the borrowers to comply with present loan repayment terms and that may result in disclosure of such loans in the future.

Allowance for Credit Losses

Provisions for credit losses are charged to operations to establish an allowance for credit losses at a level to cover expected losses over the expected life of a loan or securities portfolio. Under the previous “incurred loss” model, provisions for loan losses were charged to operations to establish an allowance for credit losses at a level necessary to absorb known and inherent losses in our loan portfolio that are both probable and reasonably estimable at the date of the financial statements. In evaluating the level of the allowance for credit losses, management analyzes reasonable and supportable forecasts and several qualitative loan portfolio risk factors including, but not limited to, management’s ongoing review and grading of loans, facts and issues related to specific loans, historical loan loss and delinquency experience, trends in past due and non-accrual loans, existing risk characteristics of specific loans or loan pools, the fair value of underlying collateral, current economic conditions and other qualitative and quantitative factors which could affect potential credit losses.

Additions to the allowance for credit losses are provided by charges against income based on various factors, which, in our judgment, deserve current recognition in estimating probable losses. Credit losses are charged-off in the period the loans, or portion thereof, are deemed uncollectible. Generally, we will record a loan charge-off (including a partial charge-off) to reduce a loan to the estimated fair value of the underlying collateral, less cost to sell, for collateral dependent loans. We regularly review the loan portfolio to maintain the allowance for credit losses according to GAAP.

We also regularly review our investment securities available for sale and our off-balance sheet credit exposures to maintain the allowance for credit losses on each according to GAAP.

As an integral part of their examination process, the ODFI and the FDIC will periodically review our allowance for credit losses. As a result of such reviews, we may determine to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in the process for establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

For further information regarding the allowance for credit losses, see note 1 of notes to the financial statements.

The following table sets forth the activity in our allowance for credit losses for the years indicated:

	At or For the Year Ended December 31,
	2025			2024

	(Dollars in thousands)
Allowance for credit losses at beginning of period	$	352		$	344
Provision for credit losses		74			—
Charge-offs:
Real estate loans:
One- to four-family residential		—			(5	)
Multi-family		—			—
Construction and land		—			—
Commercial real estate		—			—
Second mortgage and home equity		—			—
Commercial and industrial		—			—
Consumer loans		—			—
Total charge-offs		—			(5	)

Recoveries:
Real estate loans:
One- to four-family residential		10			13
Multi-family		—			—
Construction and land		—			—
Commercial real estate		—			—
Second mortgage and home equity		—			—
Commercial and industrial		—			—
Consumer loans		—			—
Total recoveries		10			13

Net (charge-offs) recoveries		10			13

Allowance for credit losses at end of period	$	436		$	352

Allowance for credit losses as a percentage of non-performing loans at end of period		419.23	%		86.49	%
Allowance for credit losses as a percentage of total loans outstanding at end of period		0.47	%		0.46	%
Net (charge-offs) recoveries as a percentage of average loans outstanding during period		0.01	%		0.01	%

Allocation of Allowance for Credit Losses. The following tables set forth the allowance for credit losses on loans allocated by loan category and the percent of the allowance in each category to the total allocated allowance at the dates indicated. The allowance for credit losses allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories.

	At December 31,
	2025								2024
	Allowance for Credit Losses		Percent of Allowance in Each Category to Total Allocated Allowance			Percent of Loans in Each Category to Total Loans			Allowance for Credit Losses		Percent of Allowance in Each Category to Total Allocated Allowance			Percent of Loans in Each Category to Total Loans

	(Dollars in thousands)
Real estate loans:
One- to four-family residential	$	224		51.4	%		44.2	%	$	227		64.5	%		54.5	%
Multi-family		46		10.5			10.7			38		10.8			10.9
Construction and land		12		2.7			2.9			4		1.2			1.2
Commercial real estate		53		12.4			12.3			45		12.8			14.7
Second mortgage and home equity		1		0.1			3.0			1		0.1			3.4
Commercial and industrial loans		20		4.6			8.2			26		7.4			11.9
Consumer loans		80		18.3			18.7			11		3.2			3.4
Total allocated allowance	$	436		100.0	%		100.0	%	$	352		100.0	%		100.0	%
Unallocated allowance		—								—
Total allowance	$	436							$	352

Although we believe that we use the best information available to establish the allowance for credit losses, future adjustments to the allowance for credit losses may be necessary and results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Because future events affecting borrowers and collateral cannot be predicted with certainty, the existing allowance for credit losses may not be adequate and management may determine that increases in the allowance are necessary if the quality of any portion of our loan portfolio deteriorates as a result. Furthermore, as an integral part of its examination process, the ODFI and the FDIC will periodically review our allowance for credit losses. The ODFI or the FDIC may have judgments different than those of management, and we may determine to increase our allowance as a result of these regulatory reviews. Any material increase in the allowance for credit losses may adversely affect our financial condition and results of operations.

Investment Activities

General. The goals of our investment policy are to maximize portfolio yield over the long term in a manner that is consistent with minimizing risk and to meet liquidity needs, satisfy pledging requirements, and support asset/liability management and interest rate risk strategies. Subject to loan demand and our interest rate risk analysis, we will increase the balance of our investment securities portfolio when we have excess liquidity.

Our investment policy was adopted by the board of directors and is reviewed annually by the board of directors. Our Asset Liability Committee serves as our investment committee. In this capacity the Asset Liability Committee develops and implements an asset/liability management plan, and reviews pricing and liquidity needs and assesses our interest rate risk. An investment schedule detailing the investment portfolio is reviewed at least quarterly by the Asset Liability Committee.

Our current investment policy permits, with certain limitations, investments in U.S. Treasury securities; securities issued by the U.S. government and its agencies or government sponsored enterprises including mortgage-backed securities and collateralized mortgage obligations issued by Fannie Mae, Ginnie Mae, and Freddie Mac; corporate and municipal bonds; certificates of deposit in other financial institutions; and federal funds and money market funds, among other investments. While we have the authority under applicable law to invest in derivative securities, we have not purchased derivative securities as an investment strategy.

At the time of purchase, we designate a security as held to maturity, available for sale, or trading, depending on our ability and intent. Securities available for sale or designated for trading are reported at fair value, while securities held to maturity are reported at amortized cost. At December 31, 2025, all of our investment securities were designated as available-for-sale.

We measure expected credit losses on available for sale securities based upon the unrealized gain or loss position of the security. For available for sale debt securities in an unrealized loss position, we evaluate qualitative criteria to determine any expected loss unless we intend to sell, or it is more likely than not that we will be required to sell before recovery of the amortized cost. In the latter two circumstances, we recognize the entire difference between the security’s amortized cost basis and its fair value as a write-down of the investment balance with a charge to earnings. Otherwise, management’s analysis considers various factors, which include the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security.

For additional information regarding our investment securities portfolio, see note 2 of notes to the financial statements.

Sources of Funds

General. Deposits have traditionally been our primary source of funds for use in lending and investment activities. We may also use borrowings to supplement cash flow needs, lengthen the maturities of liabilities for interest rate risk purposes and to manage the cost of funds. In addition, we receive funds from scheduled loan payments, investment maturities, loan prepayments, retained earnings and income on earning assets. While scheduled loan payments and income on earning assets are relatively stable sources of funds, deposit inflows and outflows can vary widely and are influenced by prevailing interest rates, market conditions and levels of competition.

Deposits. Our deposits are generated primarily from our primary market area. We offer a selection of deposit accounts, including savings accounts, checking accounts, certificates of deposit and individual retirement accounts. Deposit account terms vary, with the principal differences being the minimum balance required, the amount of time the funds must remain on deposit and the interest rate.

Interest rates paid, maturity terms, service fees and withdrawal penalties are established on a periodic basis. Deposit rates and terms are based primarily on current operating strategies and market rates, liquidity requirements, rates paid by competitors and growth goals. We rely upon personalized customer service, long-standing relationships with customers, and our favorable reputation in the community to attract and retain local deposits. We also seek to obtain deposits from our commercial loan customers.

We also use brokered deposits to supplement our funding needs when core deposit growth is insufficient to meet funding needs or when specific balance sheet objectives are identified. During 2025, we used brokered deposits, along with Federal Home Loan Bank advances, as part of a balance sheet leverage strategy to purchase consumer loans from BHG Financial. For further information regarding this leverage strategy, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Comparison of Financial Condition at December 31, 2025 and December 31, 2024.” We maintain internal liquidity and funding guidelines, which include limits on concentrations of wholesale funding sources, under which brokered deposits are limited to less than 10% of total assets, which are monitored by management and the Asset/Liability Management Committee on an ongoing basis. At December 31, 2025, brokered deposits were 7.3% of total assets. At December 31, 2024, we had no brokered deposits. Brokered deposits are incorporated into our broader funding strategy as a supplemental and flexible funding source, particularly in periods of increased loan demand or when market conditions make brokered deposits cost-effective relative to alternative funding. We evaluate the maturity structure, cost, and interest rate sensitivity of brokered deposits in conjunction with other funding sources to manage liquidity and interest rate risk. Brokered deposits may be more rate-sensitive than core deposits and may reprice or mature more rapidly, which could increase funding costs or create liquidity pressures, particularly in high or rising interest rate environments. We manage these risks through active monitoring of deposit maturities, liquidity ratios, and funding concentrations, as well as by maintaining access to alternative funding sources and a cushion of liquid assets. While we may continue to use brokered deposits in the future as a supplemental funding source, we expect their use to remain within established policy limits and not represent a primary source of funding.

The flow of deposits is influenced significantly by general economic conditions, changes in money market and other prevailing interest rates and competition. The variety of deposit accounts offered allows us to be competitive in obtaining funds and responding to changes in consumer demand. Based on experience, we believe that our deposits are relatively stable. However, the ability to attract and maintain deposits and the rates paid on these deposits, has been and will continue to be significantly affected by market conditions.

The following table sets forth the distribution of total deposits, by account type, at the dates indicated.

	At December 31,
	2025								2024
	Amount		Percent			Average Rate			Amount		Percent			Average Rate

	(Dollars in thousands)
Non-interest bearing demand deposits	$	4,533		5.5	%		—	%	$	2,991		4.1	%		—	%
Savings accounts		14,936		18.2			0.73			14,603		20.2			0.42
Money market accounts		9,106		11.1			1.64			8,769		12.1			1.72
NOW accounts		6,330		7.7			0.56			6,595		9.1			0.63
Non-brokered certificates of deposit		39,225		47.7			3.62			39,479		54.5			4.12
Brokered certificates of deposit		8,024		9.8			4.00			—		—			—
Total	$	82,154		100.0	%		2.53	%	$	72,437		100.0	%		2.60	%

At December 31, 2025 and December 31, 2024, the aggregate amount of all uninsured deposits (deposits in excess of the Federal Deposit Insurance limit of $250,000 per insured account) was $6.1 million and $5.4 million, respectively.

At December 31, 2025 and December 31, 2024, the aggregate amount of all uninsured certificates of deposit was $3.9 million and $3.3 million, respectively.

At December 31, 2025 and December 31, 2024, there were no deposits that were uninsured for any reason other than being in excess of the Federal Deposit Insurance Corporation limit.

The following table sets forth, by time remaining until maturity, uninsured certificates of deposit at the date indicated.

	At December 31, 2025
	(In thousands)
Maturity Period:
Three months or less	$	76
Over three months through 6 months		1,277
Over 6 months through 12 months		2,426
Over 12 months		136
Total	$	3,915

Borrowings. We may obtain advances from the Federal Home Loan Bank of Cincinnati upon the security of the Federal Home Loan Bank of Cincinnati common stock owned and certain residential mortgage loans, provided certain credit worthiness standards are met. We may utilize these advances for asset/liability management purposes and additional funding for our operations. Advances may be made under several different credit programs, each of which has its own interest rate and range of maturities. At December 31, 2025, we had $27.3 million in borrowing capacity in the form of advances from the Federal Home Loan Bank of Cincinnati, of which $10.6 million was outstanding. At December 31, 2025, we also had a cash management line of credit agreement with the Federal Home Loan Bank of Cincinnati providing for additional borrowing capacity of $3.0 million, none of which was outstanding. In addition, at December 31, 2025, we had a $5.0 million credit facility with a correspondent bank, none of which was outstanding.

Properties

At December 31, 2025, the net book value of our properties (including furniture, fixtures and equipment) was $562,000. We conduct our operations from our main office in Bethel, Ohio, and branch office in Greenfield, Ohio, both of which we own.

Subsidiary Activities

Upon completion of the conversion and stock offering, Community Savings Bank will be the sole and wholly-owned subsidiary of CSB Financial. Community Savings Bank has no subsidiaries.

Legal Proceedings

We are not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. At December 31, 2025, we were not involved in any legal proceedings, the outcome of which we believe would be material to our financial condition or results of operations.

Expense and Tax Allocation Agreements

Upon the completion of the conversion and stock offering, Community Savings Bank will enter into an agreement with CSB Financial for Community Savings Bank to provide CSB Financial with certain administrative support services, including use of the premises, furniture, equipment and employees of Community Savings Bank as needed in the conduct of CSB Financial’s business. CSB Financial will compensate Community Savings Bank in an amount not less than the fair market value of the services provided. In addition, upon the consummation of the conversion and stock offering, CSB Financial and Community Savings Bank will enter into an agreement to establish a method for allocating and reimbursing the payment of their consolidated Federal and state tax liabilities and any local tax liabilities.

Employees

At December 31, 2025, we had 14 full-time employees and four part-time employees. Our employees are not represented by a collective bargaining group. Management believes we have a good working relationship with our employees.

REGULATION AND SUPERVISION

General

As an Ohio state-chartered mutual bank, Community Savings Bank is subject to examination and regulation by the ODFI, as its chartering authority, and by the FDIC, its primary federal regulator and deposit insurer. This regulation and supervision establishes a comprehensive framework of activities in which an institution may engage and is intended primarily for the protection of the FDIC’s deposit insurance fund and depositors, and not for the protection of security holders. Community Savings Bank also is a member of and owns stock in the Federal Home Loan Bank of Cincinnati, which is one of the 11 regional banks in the Federal Home Loan Bank System.

Under this system of regulation, the regulatory authorities have extensive discretion in connection with their supervisory, enforcement, rulemaking and examination activities and policies, including rules or policies that: establish minimum capital levels; restrict the timing and amount of dividend payments; govern the classification of assets; determine the adequacy of loan loss reserves for regulatory purposes; and establish the timing and amounts of assessments and fees. Moreover, as part of their examination authority, the banking regulators assign numerical ratings to banks and savings institutions relating to capital, asset quality, management, liquidity, earnings and other factors. The receipt of a less than satisfactory rating in one or more categories may result in enforcement action by the banking regulators against a financial institution. A less than satisfactory rating may also prevent a financial institution, such as Community Savings Bank or its holding company, from obtaining necessary regulatory approvals to access the capital markets, pay dividends, acquire other financial institutions or establish new branches.

In addition, we must comply with significant anti-money laundering and anti-terrorism laws and regulations, Community Reinvestment Act laws and regulations, and fair lending laws and regulations. Government agencies have the authority to impose monetary penalties and other sanctions on institutions that fail to comply with these laws and regulations, which could significantly affect our business activities, including our ability to acquire other financial institutions or expand our branch network.

Following the conversion and stock offering, CSB Financial will be a bank holding company and will be required to comply with the rules and regulations of the Federal Reserve Board. It will be required to file certain reports with the Federal Reserve Board and will be subject to examination by the enforcement authority of the Federal Reserve Board. It will also be subject to the rules and regulations of the Securities and Exchange Commission under the federal securities laws.

Any change in applicable laws or regulations, whether by the ODFI, the FDIC, the Federal Reserve Board or Congress, could have a material adverse impact on the operations and financial performance of CSB Financial and Community Savings Bank.

Set forth below is a brief description of material regulatory requirements that apply or will apply to Community Savings Bank and CSB Financial. The description is limited to certain material aspects of the statutes and regulations addressed, and is not intended to be a complete description of such statutes and regulations and their effects on Community Savings Bank and CSB Financial.

Ohio Banking Regulation

Community Savings Bank, an Ohio state-chartered bank, is subject to supervision, regulation and periodic examination by the ODFI. These examinations are designed primarily for the protection of the depositors of Community Savings Bank and not shareholders. Ohio banking law governs the powers, rights and privileges of state-chartered banks, including limitations on the type and amount of loans and investments the bank may make and other aspects of banking operations. Under current Ohio law, we may open branch offices throughout Ohio with the prior approval of the ODFI. In addition, with prior regulatory approval or non-objection, we may acquire branches of existing banks located in Ohio. Additionally, under the Dodd-Frank Act, with prior regulatory approval or non-objection, we and any other state-chartered bank or national bank may establish a de novo branch in any other state.

Ohio banking law also governs the payment of dividends to stockholders. As a holding company and the sole stockholder of Community Savings Bank, CSB Financial will be a separate and distinct legal entity from Community Savings Bank and does not intend to have significant operations beyond holding the outstanding common stock of Community Savings Bank. Accordingly, CSB Financial may rely on dividends from Community Savings Bank for a substantial portion of its revenue. Without ODFI approval, Community Savings Bank will be permitted to pay any cash dividends only from undivided profits, after having made all required allocations to reserves for losses or contingencies. ODFI approval will be required for any dividends funded from surplus or if the total of all cash dividends declared in any year exceeds the total of Community Savings Bank’s net income for that year combined with its retained net income of the preceding two years.

Federal Banking Regulation

Capital Requirements. Federal regulations require FDIC-insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. The existing capital requirements were effective January 1, 2015 and are the result of a final rule implementing regulatory amendments based on recommendations of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Act.

Common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for credit losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of Accumulated Other Comprehensive Income (“AOCI”), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale-securities). Community Savings Bank exercised its AOCI opt-out election. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, all assets, including certain off-balance sheet assets (e.g., recourse obligations, direct credit substitutes, residual interests) are multiplied by a risk weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one- to four-family residential real estate loans, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted asset above the amount necessary to meet its minimum risk-based capital requirements.

In assessing an institution’s capital adequacy, the FDIC takes into consideration, not only these numeric factors, but qualitative factors as well, including the bank’s exposure to interest rate risk. The FDIC has the authority to establish higher capital requirements for individual institutions where deemed necessary due to a determination that an institution’s capital level is, or is likely to become, inadequate in light of particular circumstances.

Federal law requires the federal banking agencies, including the FDIC, to establish a “community bank leverage ratio” (CBLR) (defined as the ratio of Tier 1 capital to average total consolidated assets) of between 8% and 10% for institutions with total consolidated assets of less than $10 billion. Eligible institutions meeting the specified requirements and electing the CBLR framework are deemed to comply with the applicable regulatory capital requirements, including the risk-based requirements. The CBLR was established at 9.0% Tier 1 capital to total average assets, effective January 1, 2020. To be considered well-capitalized an institution must have a CBLR of greater than 9.0%. A qualifying institution may opt in and out of the CBLR framework on its quarterly call report. An institution that temporarily fails to meet any qualifying criteria is provided with a two-quarter grace period to regain compliance. Failure to meet the qualifying criteria within the grace period or maintain a leverage ratio of 8% or greater requires the institution to comply with the generally applicable regulatory capital requirements. Community Savings Bank has opted into the CBLR framework. At December 31, 2025, Community Savings Bank’s CBLR was 14.34%.

Standards for Safety and Soundness. As required by statute, the federal banking agencies adopted final regulations and Interagency Guidelines Establishing Standards for Safety and Soundness to implement safety and soundness standards. The guidelines set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired. The guidelines address internal controls and information systems, internal audit systems, credit underwriting, loan documentation, interest rate exposure, asset growth, asset quality, earnings and compensation, fees and benefits. The agencies have also established standards for safeguarding customer information. If the appropriate federal banking agency determines that an institution fails to meet any standard prescribed by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard.

Investment Activities. All FDIC-insured banks, including savings banks, are generally limited in their equity investment activities to equity investments of the type and in the amount authorized for national banks, notwithstanding state law, subject to certain exceptions. In addition, a state bank may engage in state-authorized activities or investments not permissible for national banks (other than non-subsidiary equity investments) if it meets all applicable capital requirements and it is determined by the FDIC that such activities or investments do not pose a significant risk to the Deposit Insurance Fund.

Interstate Banking and Branching. Federal law permits well capitalized and well managed holding companies to acquire banks in any state, subject to Federal Reserve Board approval, certain concentration limits and other specified conditions. Interstate mergers of banks are also authorized, subject to regulatory approval and other specified conditions. In addition, among other things, amendments made by the Dodd-Frank Act permit banks to establish de novo branches on an interstate basis provided that branching is authorized by the law of the host state for the banks chartered by that state.

Prompt Corrective Regulatory Action. Federal bank regulatory authorities are required to take “prompt corrective action” with respect to institutions that do not meet minimum capital requirements. For these purposes, the statute establishes five capital categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Under the regulations, a bank is deemed to be: (i) “well capitalized” if it has a total risk-based capital ratio of 10.0% or more, has a Tier 1 risk-based capital ratio of 8.0% or more, has a Tier 1 leverage capital ratio of 5.0% or more and a common equity Tier 1 ratio of 6.5% or more, and is not subject to any written capital order or directive; (ii) “adequately capitalized” if it has a total risk-based capital ratio of 8.0% or more, a Tier 1 risk-based capital ratio of 6.0% or more, a Tier 1 leveraged capital ratio of 4.0% or more and a common equity Tier 1 ratio of 4.5% or more, and does not meet the definition of “well capitalized”; (iii) “undercapitalized” if it has a total risk-based capital ratio that is less than 8.0%, a Tier 1 risk-based capital ratio that is less than 6.0%, a Tier 1 leverage capital ratio that is less than 4.0% or a common equity Tier 1 ratio of less than 4.5%; (iv) “significantly undercapitalized” if it has a total risk-based capital ratio that is less than 6.0% and a Tier 1 risk-based capital ratio that is less than 4.0% or a common equity Tier 1 ratio of less than 3.0%; or (v) “critically undercapitalized” if it has a ratio of tangible equity to total assets that is equal to or less than 2.0%.

Federal law and regulations also specify circumstances under which a federal banking agency may reclassify a well-capitalized institution as adequately capitalized and may require an institution classified as less than well capitalized to comply with supervisory actions as if it were in the next lower category (except that the FDIC may not reclassify a significantly undercapitalized institution as critically undercapitalized).

The FDIC may order savings banks that have insufficient capital to take corrective actions. For example, a savings bank that is categorized as “undercapitalized” is subject to growth limitations and is required to submit a capital restoration plan, and a holding company that controls such a savings bank is required to guarantee that the savings bank complies with the restoration plan. A “significantly undercapitalized” savings bank may be subject to additional restrictions. Savings banks deemed by the FDIC to be “critically undercapitalized” would be subject to the appointment of a receiver or conservator.

Transactions with Affiliates and Regulation W of the Federal Reserve Regulations. Transactions between banks and their affiliates are governed by federal law. An affiliate of a bank is any company or entity that controls, is controlled by or is under common control with the bank. In a holding company context, the parent bank holding company and any companies which are controlled by such parent holding company are affiliates of the bank (although subsidiaries of the bank itself, except financial subsidiaries, are generally not considered affiliates). Generally, Section 23A of the Federal Reserve Act and the Federal Reserve Board’s Regulation W limit the extent to which a bank or its subsidiaries may engage in “covered transactions” with any one affiliate to an amount equal to 10.0% of such institution’s capital stock and surplus, and with all such transactions with all affiliates to an amount equal to 20.0% of such institution’s capital stock and surplus. Section 23B applies to “covered transactions” as well as to certain other transactions and requires that all such transactions be on terms substantially the same, or at least as favorable, to the institution or subsidiary as those provided to a non-affiliate. The term “covered transaction” includes the making of loans to, purchase of assets from, and issuance of a guarantee to an affiliate, and other similar transactions. Section 23B transactions also include the provision of services and the sale of assets by a bank to an affiliate. In addition, loans or other extensions of credit by the financial institution to the affiliate are required to be collateralized according to the requirements set forth in Section 23A of the Federal Reserve Act.

Sections 22(h) and (g) of the Federal Reserve Act place restrictions on loans to a bank’s insiders (i.e., executive officers, directors and principal stockholders). Under Section 22(h) of the Federal Reserve Act, loans to a director, an executive officer and to a greater than 10.0% stockholder of a financial institution, and certain affiliated interests of these persons, together with all other outstanding loans to such person and affiliated interests, may not exceed specified limits. Section 22(h) of the Federal Reserve Act also requires that loans to directors, executive officers and principal stockholders be made on terms substantially the same as offered in comparable transactions to other persons and also requires prior board approval for certain loans. In addition, the aggregate amount of extensions of credit by a financial institution to insiders cannot exceed the institution’s unimpaired capital and surplus. Section 22(g) of the Federal Reserve Act places additional restrictions on loans to executive officers.

Enforcement. The FDIC has extensive enforcement authority over insured state savings banks, including Community Savings Bank. The enforcement authority includes, among other things, the ability to assess civil money penalties, to issue cease and desist orders and to remove directors and officers. In general, these enforcement actions may be initiated in response to violations of laws and regulations, breaches of fiduciary duty and unsafe or unsound practices.

Federal Insurance of Deposit Accounts. Community Savings Bank is a member of the Deposit Insurance Fund, which is administered by the FDIC. Its deposit accounts are insured by the FDIC, generally up to a maximum of $250,000 per depositor.

The FDIC imposes deposit insurance assessments against all insured depository institutions. An institution’s assessment rate depends upon the perceived risk of the institution to the Deposit Insurance Fund, with institutions deemed less risky paying lower rates. Currently, assessments for institutions of less than $10 billion of total assets are based on financial measures and supervisory ratings derived from statistical models estimating the probability of failure within three years. Assessment rates (inclusive of possible adjustments) currently range from 1.5 to 30 basis points of each institution’s total assets less tangible capital. The FDIC may increase or decrease the range of assessments uniformly, except that no adjustment can deviate more than two basis points from the base assessment rate without notice and comment rulemaking.

The FDIC has the authority to increase insurance assessments. A significant increase in insurance premiums would have an adverse effect on the operating expenses and results of operations of Community Savings Bank. We cannot predict what deposit insurance assessment rates will be in the future.

The FDIC may terminate an institution’s deposit insurance upon a finding that it has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. We do not know of any practice, condition or violation that might lead to the termination of Community Savings Bank’s deposit insurance.

Privacy Regulations. Federal regulations generally require Community Savings Bank to disclose its privacy policy, including identifying with whom it shares a customer’s “non-public personal information,” to customers at the time of establishing the customer relationship and annually thereafter. In addition, it is required to provide its customers with the ability to “opt-out” of having their personal information shared with unaffiliated third parties and not to disclose account numbers or access codes to non-affiliated third parties for marketing purposes. Community Savings Bank currently has a privacy protection policy in place and believes that such policy is in compliance with the regulations.

Community Reinvestment Act. Under the Community Reinvestment Act, or CRA, as implemented by federal regulations, a state member bank has a continuing and affirmative obligation, consistent with its safe and sound operation, to help meet the credit needs of its entire community, including low and moderate income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. The CRA requires the FDIC, in connection with its examination of a state savings bank, to assess the institution’s record of meeting the credit needs of its community and to take such record into account in its evaluation of certain applications by such institution, including applications to acquire branches and other financial institutions. The CRA requires a written evaluation of an institution’s CRA performance utilizing a four-tiered descriptive rating system. Community Savings Bank’s latest federal CRA rating was “Satisfactory.”

USA Patriot Act. Community Savings Bank is subject to the USA PATRIOT Act, which gives federal agencies additional powers to address terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing, and broadened anti-money laundering requirements. The USA PATRIOT Act contains provisions intended to encourage information sharing among bank regulatory agencies and law enforcement bodies. Further, certain provisions impose affirmative obligations on a broad range of financial institutions, including banks, thrifts, brokers, dealers, credit unions, money transfer agents, and parties registered under the Commodity Exchange Act.

Other Regulations

Interest and other charges collected or contracted for by Community Savings Bank are subject to state usury laws and federal laws concerning interest rates. Loan operations are also subject to state and federal laws applicable to credit transactions, such as the:

Home Mortgage Disclosure Act of 1975, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;

Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;

Fair Credit Reporting Act of 1978, governing the use and provision of information to credit reporting agencies; and

Rules and regulations of the various federal and state agencies charged with the responsibility of implementing such federal and state laws.

The deposit operations of Community Savings Bank also are subject to, among others, the:

Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;

Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check; and

Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services.

Consumer protection and fair lending statutes and regulations provide for a range of sanctions for non-compliance with their terms, including imposition of administrative fines and remedial orders, restrictions on business and growth activities, and referral to the Department of Justice for prosecution for actual and punitive damages and injunctive relief. Federal laws also prohibit unfair, deceptive or abusive acts or practices against consumers, which can be enforced by the Consumer Financial Protection Bureau, the FDIC and state Attorneys General. Private parties may also have the ability to challenge an institution’s performance under fair lending laws in private class action litigation. See “Risk Factors — Risks Related to Laws and Regulations — We operate in a highly regulated industry and face risks associated with regulatory noncompliance. Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and/or increase our costs of operations.”

Federal Home Loan Bank System

Community Savings Bank is a member of the Federal Home Loan Bank of Cincinnati, which is one of 11 regional Federal Home Loan Banks in the Federal Home Loan Bank System. The Federal Home Loan Bank of Cincinnati provides a central credit facility primarily for its member institutions. Members of the Federal Home Loan Bank of Cincinnati are required to acquire and hold shares of capital stock in the Federal Home Loan Bank of Cincinnati. Community Savings Bank complied with this requirement at December 31, 2025. Based on redemption provisions of the Federal Home Loan Bank of Cincinnati, the stock has no quoted market value and is carried at cost. Community Savings Bank reviews for impairment, based on the ultimate recoverability, the cost basis of the Federal Home Loan Bank of Cincinnati stock. At December 31, 2025, no impairment has been recognized.

Holding Company Regulation

General. CSB Financial will be a bank holding company within the meaning of the Bank Holding Company of 1956. As such, it will be registered with the Federal Reserve Board and be subject to the regulation, examination, supervision and reporting requirements applicable to bank holding companies. In addition, the Federal Reserve Board has enforcement authority over CSB Financial and its non-savings institution subsidiaries. Among other things, this authority permits the Federal Reserve Board to restrict or prohibit activities that are determined to be a serious risk to the subsidiary savings institution.

Permissible Activities. A bank holding company is generally prohibited from engaging in non-banking activities, or acquiring direct or indirect control of more than 5% of the voting securities of any company engaged in non-banking activities. One of the principal exceptions to this prohibition is for activities found by the Federal Reserve Board to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. Some of the principal activities that the Federal Reserve Board has determined by regulation to be so closely related to banking are: (i) making or servicing loans; (ii) performing certain data processing services; (iii) providing discount brokerage services; (iv) acting as fiduciary, investment or financial advisor; (v) leasing personal or real property; (vi) making investments in corporations or projects designed primarily to promote community welfare; and (vii) acquiring a savings and loan association whose direct and indirect activities are limited to those permitted for bank holding companies.

A bank holding company that meets specified conditions, including being “well capitalized” and “well managed,” may opt to become a “financial holding company” and thereby engage in a broader array of financial activities than previously permitted. Such activities can include insurance underwriting and investment banking. A “financial holding company” may engage in a broader array of financial activities than permitted a typical bank holding company. Such activities can include insurance underwriting and investment banking. CSB Financial will not elect “financial holding company” status in connection with the conversion.

Regulatory Capital. Bank holding companies are subject to consolidated regulatory capital requirements, which have historically been similar to, though less stringent than, those of the FDIC for Community Savings Bank. Federal legislation, however, required the Federal Reserve Board to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than those applicable to institutions themselves. As a result, consolidated regulatory capital requirements identical to those applicable to the subsidiary banks generally apply to bank holding companies. However, the Federal Reserve Board has provided a “Small Bank Holding Company” exception to its consolidated capital requirements, such that bank holding companies with less than $3.0 billion of consolidated assets are not subject to the consolidated holding company regulatory capital requirements unless otherwise directed by the Federal Reserve Board.

Source of Strength. The Federal Reserve Board has issued regulations requiring that all bank holding companies serve as a source of strength to their subsidiary depository institutions by providing financial, managerial and other support in times of an institution’s distress.

Dividends and Stock Repurchases. The Federal Reserve Board has issued a policy statement regarding the payment of dividends by holding companies. In general, the policy provides that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company appears consistent with the organization’s capital needs, asset quality and overall supervisory financial condition. Separate regulatory guidance provides for prior consultation with Federal Reserve Bank staff concerning dividends in certain circumstances such as where the holding company’s net income for the past four quarters, net of dividends previously paid over that period, is insufficient to fully fund the dividend or the company’s overall rate of earnings retention is inconsistent with the company’s capital needs and overall financial condition. The ability of a bank holding company to pay dividends may be restricted if a subsidiary bank becomes undercapitalized.

The regulatory guidance also states that a bank holding company should consult with Federal Reserve Bank supervisory staff before redeeming or repurchasing common stock or perpetual preferred stock if the bank holding company is experiencing financial weaknesses or the repurchase or redemption would result in a net reduction, at the end of a quarter, in the amount of such equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred.

There is a separate requirement that a bank holding company give the Federal Reserve Board prior written notice of any purchase or redemption of then outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company’s consolidated net worth. The Federal Reserve Board may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe and unsound practice, or would violate any law, regulation, Federal Reserve Board order or directive, or any condition imposed by, or written agreement with, the Federal Reserve Board. There is an exception to this approval requirement for well-capitalized bank holding companies that meet certain other conditions.

These regulatory policies may affect the ability of CSB Financial to pay dividends, repurchase shares of common stock or otherwise engage in capital distributions.

Federal Securities Laws

CSB Financial’s common stock will be registered with the Securities and Exchange Commission after the conversion and stock offering. CSB Financial will be subject to the information, proxy solicitation, insider trading restrictions and other requirements under the Securities Exchange Act of 1934, as amended.

The registration under the Securities Act of 1933, as amended, of shares of common stock issued by CSB Financial in the stock offering does not cover the resale of those shares. Shares of common stock purchased by persons who are not affiliates of CSB Financial may be resold without registration. Shares purchased by an affiliate of CSB Financial will be subject to the resale restrictions of Rule 144 under the Securities Act of 1933. If CSB Financial meets the current public information requirements of Rule 144 under the Securities Act of 1933, each of its affiliates that complies with the other conditions of Rule 144, including those that require the affiliate’s sale to be aggregated with those of other persons, would be able to sell in the public market, without registration, a number of shares not to exceed, in any three-month period, the greater of 1% of the outstanding shares of CSB Financial, or the average weekly volume of trading in the shares during the preceding four calendar weeks. In the future, CSB Financial may permit affiliates to have their shares registered for sale under the Securities Act of 1933.

Emerging Growth Company Status

CSB Financial qualifies as an “emerging growth company” as defined in the federal securities laws. For as long as it qualifies as an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to public companies that are not emerging growth companies. These exemptions include, but are not limited to, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As an emerging growth company, CSB Financial also will not be subject to Section 404(b) of the Sarbanes-Oxley Act of 2002, which would require our independent auditors to audit our internal control over financial reporting. We have also elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. This election is irrevocable during the period a company qualifies as an emerging growth company.

CSB Financial will cease to be an emerging growth company upon the earliest of: (i) the end of the fiscal year following the fifth anniversary of the completion of the conversion and stock offering; (ii) the first fiscal year after our annual gross revenues are $1.235 billion (adjusted for inflation) or more; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or (iv) the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million at the end of the second quarter of that fiscal year. Assuming the conversion and stock offering is completed in 2026, CSB Financial would expect to lose emerging growth company status effective December 31, 2031.

Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 is intended to improve corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures required under the federal securities laws. We have policies, procedures and systems designed to comply with these regulations, and we review and document such policies, procedures and systems to ensure continued compliance with these regulations.

Change in Control Regulations

Under the Change in Bank Control Act, no person may acquire control of a bank holding company such as CSB Financial unless the Federal Reserve Board has been given 60 days’ prior written notice and has not issued a notice disapproving the proposed acquisition, taking into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition. Control, as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the institution’s directors, or a determination by the regulator that the acquiror has the power, directly or indirectly, to exercise a controlling influence over the management or policies of the institution. Acquisition of 10% or more of any class of a bank holding company’s voting stock constitutes a rebuttable determination of control under the regulations under certain circumstances including where, as will be the case with CSB Financial, the issuer has registered securities under Section 12 of the Securities Exchange Act of 1934.

In addition, federal regulations provide that no company may acquire control of a bank holding company without the prior approval of the Federal Reserve Board. Any company that acquires such control becomes a “bank holding company” subject to registration, examination and regulation by the Federal Reserve Board.

TAXATION

Federal Taxation

General. CSB Financial and Community Savings Bank are subject to federal income taxation in the same general manner as other corporations, with some exceptions discussed below. The following discussion of federal taxation is intended only to summarize material federal income tax matters and is not a comprehensive description of the tax rules applicable to CSB Financial and Community Savings Bank.

Method of Accounting. For federal income tax purposes, Community Savings Bank currently reports its income and expenses on the accrual method of accounting and uses a tax year ending September 30 for filing its federal income tax returns. The Small Business Protection Act of 1996 eliminated the use of the reserve method of accounting for bad debt reserves by savings institutions, effective for taxable years beginning after 1995.

Minimum Tax. The alternative minimum tax (“AMT”) for corporations has been repealed for tax years beginning after December 31, 2017. Any unused minimum tax credit of a corporation may be used to offset regular tax liability for any tax year. In addition, a portion of unused minimum tax credit was refundable in 2018 through 2021. The refundable portion is 50% (100% in 2021) of the excess of the minimum tax credit for the year over any credit allowable against regular tax for that year. At December 31, 2025, Community Savings Bank had no minimum tax credit carryforward.

Net Operating Loss Carryovers. Generally, a corporation may carry forward net operating losses generated in tax years beginning after December 31, 2017 indefinitely and can offset up to 80% of taxable income. At December 31, 2025, Community Savings Bank had $1.0 million of net operating loss carryforwards.

Capital Loss Carryovers. Generally, a corporation may carry back capital losses to the preceding three taxable years and forward to the succeeding five taxable years. Any capital loss carryback or carryover is treated as a short-term capital loss for the year to which it is carried. As such, it is grouped with any other capital losses for the year to which carried and is used to offset any capital gains. Any undeducted loss remaining after the five-year carryover period is not deductible. At December 31, 2025, Community Savings Bank had no capital loss carryovers.

Corporate Dividends. CSB Financial may generally exclude from income 100% of dividends received from Community Savings Bank as a member of the same affiliated group of corporations.

Audit of Tax Returns. Community Savings Bank’s federal income tax returns have not been audited in the most recent five-year period.

State Taxation

Ohio Taxation. Community Savings Bank is subject to Ohio taxation in the same general manner as other financial institutions. It files an Ohio Financial Institutions Tax (“FIT”) return. The FIT is based upon its net worth. For Ohio FIT purposes, savings institutions are currently taxed at a rate equal to 0.8% of taxable net worth, capped at 14% of the institution’s total assets. Community Savings Bank’s state tax returns have not been audited in the most recent five-year period.

Maryland Taxation. As a Maryland business corporation, CSB Financial will be required to file an annual report with and pay personal property taxes to the State of Maryland.

MANAGEMENT

Shared Management Structure

Each director of CSB Financial is a director of Community Savings Bank. Each executive officer of CSB Financial is an executive officer of Community Savings Bank. We expect to continue to have a shared management structure until there is a business reason to establish separate management structures.

Potential Conflict of Interest

Because of the shared management structure, the directors and officers of CSB Financial and Community Savings Bank will have to allocate their time between directing and managing both institutions. The directors and officers of CSB Financial intend to devote adequate time to its business.

Officers of CSB Financial

The following table sets forth information regarding the officers of CSB Financial. Age information is at December 31, 2025. The officers are elected annually by the board of directors.

Name	Age	Position
John E. Essen	62	President and Chief Executive Officer
Michele M. Mueller	49	Chief Financial Officer and Treasurer
Ruth A. Lung	70	Corporate Secretary

Executive Officers of Community Savings Bank

The following table sets forth information regarding the executive officers of Community Savings Bank. Age information is as of December 31, 2025. Community Savings Bank’s board of directors elects the officers of Community Savings Bank annually.

Name	Age	Position(s)
John E. Essen	62	President and Chief Executive Officer
Steven M. Ernst	44	Vice President – Chief Operating Officer
Jennifer L. Luck	44	Vice President – Chief Lending Officer
Michele M. Mueller	49	Vice President – Chief Financial Officer and Treasurer

Directors of CSB Financial and Community Savings Bank

CSB Financial and Community Savings Bank each have six directors, consisting of the same individuals. Directors serve three-year staggered terms so that approximately one-third of the directors are elected at each annual meeting. After the conversion and stock offering, the directors of Community Savings Bank will be elected by CSB Financial in its capacity as sole stockholder of Community Savings Bank. The following table sets forth information regarding our directors, including their ages at December 31, 2025 and the calendar years when they began serving as directors of Community Savings Bank.

Name	Position(s) With Community Savings Bank	Age	Director Since	Current Term Expires
John E. Essen	President and Chief Executive Officer	62	2008	2029
Donna J. Gunn	Director	67	2013	2027
Ruth A. Lung	Director and Corporate Secretary	70	2013	2028
Gerald T. Mueller	Director	62	2014	2027
George S. Pearce	Director	78	2014	2028
James R. Smith	Director – Chairman of the Board	75	2006	2029

Board Independence

For purposes of board and committee service CSB Financial has determined to adopt the standards for “independence” as set forth in the listing standards of the Nasdaq Stock Market. The board of directors has determined that each director is “independent” as defined in the listing standards of the Nasdaq Stock Market except for Messrs. Essen and Mueller. Mr. Essen is not considered independent because he is an employee of CSB Financial and Community Savings Bank. Mr. Mueller is not considered independent because he is the spouse of Michele M. Mueller, an executive officer of CSB Financial and Community Savings Bank, and because he was employed by Community Savings Bank during the past three years.

To our knowledge, there are no other transactions between us and any director or entity controlled by any director which would interfere with the directors’ exercise of independent judgment in carrying out their responsibilities as a director.

Business Background of Our Directors

Our board of directors is comprised of local business and community leaders. The business experience for the past five years of each of our directors is set forth below. With respect to directors, the biographies also contain information regarding the person’s experience, qualifications, attributes or skills that caused the board of directors to determine that the person should serve as a director. Unless otherwise indicated, directors have held their positions for the past five years. There are no family relationships among the directors and executive officers other than the marital relationship between Gerald T. Mueller and Michele T. Mueller.

John E. Essen has served as President and Chief Executive Officer of Community Savings Bank since 2008. With a 39-year career in community banking, he served as Chief Financial Officer in several institutions before joining Community Savings Bank. He earned his Bachelor’s Degree in Business Management and Accounting from the University of Cincinnati. Mr. Essen is also a graduate of the Graduate School of Banking at Fairfield University and received his certified public accountant certification in 1995. He currently serves as Treasurer for the local chapter of Kiwanis International and is a trustee for the Ohio Bankers Benefit Trust. His community banking experience and knowledge of Community Savings Bank’s business and market area provides Community Savings Bank’s board of directors with invaluable insight to Community Savings Bank’s business.

Donna J. Gunn is a Registered Nurse and holds a Bachelor’s Degree in Nursing. She was employed as an operating room nurse in various healthcare systems for 46 years, and retired from nursing in March 2005. She served for 10 years on the Bethel Village Council and was elected President Pro Tempore for three of those years. She volunteers extensively in the Bethel community. Having lived in Bethel for over 60 years, she provides Community Savings Bank’s board of directors with invaluable insight to Community Savings Bank’s market area.

Ruth A. Lung has been the owner of RAL Hospitality LLC, a hospitality company that works with the International Hot Rod Association, since May 2025. She retired from Siemens PLM Digital Industries Software in April 2021 where she served as Manager of Sponsorship Marketing since January 2000. She is active in the nearby Williamsburg, Ohio, community and serves or volunteers with numerous non-profit and charitable organizations. Her marketing experience and knowledge of Community Savings Bank’s market area provides Community Savings Bank’s board of directors with invaluable insight to Community Savings Bank’s market area.

Gerald T. Mueller served as Community Savings Bank’s Vice President/Director of Lending for 11 years until his retirement in March 2026. He has over 38 years of experience as a senior lender with community banks. He is a graduate of the ACB National School of Banking. His community banking experience, including lending experience, and knowledge of Community Savings Bank’s business and market area provides Community Savings Bank’s board of directors with invaluable insight to Community Savings Bank’s business.

George S. Pearce is self-employed and has over 33 years of business experience in advertising, graphic arts and real estate appraisal. His extensive business experience provides Community Savings Bank’s board of directors with invaluable insight to Community Savings Bank’s business.

James R. Smith, now retired, served six school districts as superintendent, principal, business manager, adult education director and teacher in a 43-year career in public education. He has served as a director of Community Savings Bank for the past 20 years and as Chairman of the Board for the last 14 years. He provides Community Savings Bank with executive management skills in personnel, legal, finance, budgeting, and knowledge of the communities Community Savings Bank serves.

Business Background of Our Executive Officers Who are not Directors

The following sets forth information regarding our executive officers who are not directors. Age information is at December 31, 2025.

Steven M. Ernst has served as Vice President – Chief Operating Officer since 2026. He began his career with Community Savings Bank in 2013 and has held several different titles with the organization including Branch Manager and Chief Information Officer. He is a graduate of the University of Cincinnati with a degree in Business Management and has 25 years of banking experience.

Jennifer L. Luck has served as Assistant Vice President – Senior Loan Operations Manager/Co-Compliance Officer since 2022. She began her career with Community Savings Bank in 2010, holding several job responsibilities within the lending department. Ms. Luck is an alumnus of the Graduate School of Banking in Colorado and has 22 years of banking experience. She was promoted to Vice President – Chief Lending Officer on April 1, 2026 to succeed Gerald T. Mueller upon his retirement as an employee of Community Savings Bank.

Michele M. Mueller has served as Vice President – Chief Financial Officer and Treasurer of Community Savings Bank since 2019. She began her career with Community Savings Bank in 2014, serving as the Controller. She has also served as the acting Chief Operating Officer from April 2022 through December 2025. Mrs. Mueller is a graduate of Butler University Lacy School of Business with a Bachelor of Business Administration in Accounting. She received her certified public accountant certification in 2007.

Committees of the Board of Directors of CSB Financial and Community Savings Bank

We conduct business through meetings of our board of directors and its committees. The board of directors of CSB Financial will establish standing committees, including an Audit Committee. Each committee will operate under a written charter, which will govern its composition, responsibilities and operations. Community Savings Bank also has standing committees of its board of directors.

The initial members of the Audit Committee are Directors Gunn, Lung, Pearce and Smith. The board of directors has determined that no member of the Audit Committee qualifies as an “audit committee financial expert” as that term is defined in the applicable regulations of the Securities and Exchange Commission.

Corporate Governance Policies and Procedures

In addition to establishing committees of our board of directors, we expect to adopt several policies to govern the activities of both CSB Financial and Community Savings Bank including corporate governance policies and a code of business conduct and ethics. The corporate governance policies are expected to involve such matters as the following:

the composition, responsibilities and operation of our board of directors;

the establishment and operation of board committees, including audit, nominating/corporate governance and compensation committees;

convening executive sessions of independent directors; and

our board of directors’ interaction with management and third parties.

The code of business conduct and ethics, which is expected to apply to all employees and directors, will address conflicts of interest, the treatment of confidential information, general employee conduct and compliance with applicable laws, rules and regulations. In addition, the code of business conduct and ethics will be designed to deter wrongdoing and to promote honest and ethical conduct, the avoidance of conflicts of interest, full and accurate disclosure and compliance with all applicable laws, rules and regulations.

Transactions With Certain Related Persons

Loans and Extensions of Credit. The Sarbanes-Oxley Act of 2002, a federal statute, generally prohibits publicly-traded companies from making loans to their executive officers and directors, but it contains a specific exemption from that prohibition for loans made by federally-insured financial institutions, such as Community Savings Bank, to their executive officers and directors in compliance with federal banking regulations. At December 31, 2025, all loans made by Community Savings Bank to our directors and executive officers were made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to Community Savings Bank, and did not involve more than the normal risk of collectability or present other unfavorable features. These loans were performing according to their original terms at December 31, 2025, and were made in compliance with federal banking regulations.

Other. Gerald T. Mueller retired as our Vice President and Chief Lending Officer effective March 31, 2026. We intend to engage him on a contract basis to perform credit reviews of large borrowers from Community Savings Bank.

Executive Compensation

Summary Compensation Table. The following information is furnished for our principal executive officer and for the two most highly compensated executive officers (other than the principal executive officer) whose total compensation exceeded $100,000 for the fiscal year ended December 31, 2025. These individuals are sometimes referred to in this prospectus as the “named executive officers.”

Name and Principal Position	Salary ($)		Bonus ($)		All Other Compensation ($) ⁽²⁾		Total ($)
John E. Essen President and Chief Executive Officer		212,082		40,000		52,939		305,021
Gerald T. Mueller Former Vice President and Chief Lending Officer ⁽¹⁾		171,690		10,000		41,589		223,279
Michele M. Mueller Vice President and Chief Financial Officer		120,610		20,000		12,187		152,797

	(1)	Mr. Mueller retired as Vice President and Chief Lending Officer effective March 31, 2026, but he continues to serve on the Board of Directors of CSB Financial and Community Savings Bank.
	(2)	The compensation disclosed in the “All Other Compensation” column consists of the following:

Name	Director Fees ($)		401(k) Plan - Employer Contributions ($)		Automobile ($)		Total All Other Compensation ($)
John E. Essen		25,235		20,501		7,203		52,939
Gerald T. Mueller		25,235		16,354		—		41,589
Michele M. Mueller		—		12,187		—		12,187

Proposed New Employment Agreement. In connection with the conversion and stock offering, CSB Financial and Community Savings Bank intend to enter into a new employment agreement with Mr. Essen. The new employment agreement will be executed and will become effective as of the date of the conversion and stock offering. Our continued success depends to a significant degree on Mr. Essen’s skills and competence, and the employment agreement is intended to ensure we maintain a stable management base following the conversion and stock offering.

The employment agreement will have an initial term that commences on the effective date of the conversion and stock offering and will continue until December 31, 2026. Commencing on January 1, 2027, the term will continue thereafter for three years. On January 1, 2028, and on each January 1 thereafter, the term of the employment agreement will extend for an additional year, so that the term again becomes three years, unless either Community Savings Bank or the executive, by written notice to the other given at least 30 days before a January 1 renewal date, notifies the other of its intent not to extend the term of the employment agreement. If a non-renewal notice is timely given by either Community Savings Bank or the executive, the term of the employment agreement will expire at the end of the then-current term. If a change in control occurs during the term of the employment agreement, the term will automatically renew for three years from the date of the change in control.

The employment agreement will provide Mr. Essen with an annual base salary of $241,732. The board of directors will review Mr. Essen’s base salary at least annually and the base salary may be increased, but not decreased, except for a decrease that is generally applicable to all employees. In addition to receiving base salary, Mr. Essen will participate in any bonus programs and benefit plans made available to senior management employees consistent with the terms of such plans and arrangements. Community Savings Bank will also reimburse Mr. Essen for all reasonable business expenses incurred in performing his duties.

If Mr. Essen’s employment terminates due to his involuntary termination by Community Savings Bank, his voluntary termination for good reason (as defined in the employment agreement), his disability, or his death, Mr. Essen, or his estate or named beneficiaries, as may be the case, will be entitled to receive the sum of (i) unpaid salary through the date of termination, (ii) unpaid expense reimbursements, (iii) unused paid time off, (iv) earned but unpaid short-term and long-term incentive compensation, and (v) vested benefits under any employee benefit plan of Community Savings Bank (the “Accrued Obligations”).

If Mr. Essen’s employment involuntary terminates for reasons other than cause, disability or death, or if he resigns for good reason not in connection with a change in control, he will receive the Accrued Obligations and a severance payment, paid in a lump sum, equal to: (i) base salary and bonuses he would be entitled to for the remaining unexpired term of the employment agreement, with such bonuses deemed to be equal to the highest bonus paid at any time during the three years before the year of termination, (ii) the present value of the contributions that would have been made on his behalf under Community Savings Bank’s defined contribution plans as if he had continued working for the remaining term of the employment agreement, and (iii) continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by Community Savings Bank for Mr. Essen, at no cost to him, for the remaining unexpired term of the employment agreement.

If Mr. Essen’s employment involuntary terminates for reasons other than cause, disability or death, or if he resigns for good reason, in either event within 18 months following a change in control, he will receive the Accrued Obligations and a severance payment, paid in a lump sum, equal to: (i) three times the highest base salary paid at any time under the employment agreement and three times the highest bonus paid to him with respect to the three completed fiscal years before the year of termination, (ii) the present value of the contributions that would have been made on his behalf under Community Savings Bank’s defined contribution plans as if he had continued working for 36 months, and (iii) continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by Community Savings Bank for Mr. Essen, at no cost to him, for 36 months. The severance benefits may be reduced if the severance benefits under the employment agreement or otherwise result in “excess parachute payments” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”).

If Mr. Essen becomes disabled during the term of the employment agreement, he will be entitled to receive the Accrued Obligations and any benefits under all short-term or long-term disability plans maintained by Community Savings Bank for its executives. To the extent such benefits are less than Mr. Essen’s base salary, Community Savings Bank shall pay him an amount equal to the difference between such disability plan benefits and the amount of his base salary for the longer of one year following the termination of his employment due to disability or the remaining term of the employment agreement, payable according to the regular payroll practices of Community Savings Bank. Additionally, Community Savings Bank shall continue to provide non-taxable medical and dental coverage substantially comparable to the coverage provided to Mr. Essen before termination of employment due to disability, ceasing upon the earlier of (i) the date Mr. Essen returns to full-time employment with Community Savings Bank; (ii) his full-time employment by another employer; (iii) expiration of the remaining term of the employment agreement; or (iv) his death.

If Mr. Essen dies while employed by Community Savings Bank, his beneficiaries will receive the Accrued Obligations and his base salary, payable according to the regular payroll practices of Community Savings Bank, for a period of one year from the date of his death, and Community Savings Bank shall continue to provide non-taxable medical and dental insurance benefits normally provided to Mr. Essen’s family (according to its customary co-pay percentages) for 12 months after Mr. Essen’s death.

Upon termination of employment (other than a termination in connection with a change in control), Mr. Essen will be required to adhere to a one-year non-solicitation restriction and a six-month non-competition restriction.

Proposed New Change in Control Agreements. In connection with the conversion and stock offering, Community Savings Bank intends to enter into a new change in control agreement with Ms. Mueller and three other officers. Mr. Mueller did not enter into a change in control agreement due to his retirement on March 31, 2026.

The change in control agreement with Ms. Mueller will have an initial term that commences on the effective date of the conversion and stock offering and will continue until December 31, 2026. Commencing on January 1, 2027, the term will continue thereafter for three years. On January 1, 2028, and on each January 1 thereafter, the term of the change in agreement will extend for an additional year, so that the term again becomes three years, unless either Community Savings Bank or the executive, by written notice to the other given at least 30 days before a January 1 renewal date, notifies the other of its intent not to extend the term of the change in control agreement. If a non-renewal notice is timely given by either Community Savings Bank or the executive, the term of the change in control agreement will expire at the end of the then-current term. If a change in control occurs during the term of the change in control agreement, the term will automatically renew for three years from the date of the change in control.

If an executive’s employment involuntarily terminates for reasons other than cause, or if the executive resigns for “good reason,” (as defined in the change in control agreement), in either event after a change in control, the executive will receive a severance payment, paid in a single lump sum, equal to three times the sum of (a) the greater of: (i) the executive’s base salary in effect as of the date of termination or (ii) the executive’s base salary immediately before the change in control and (b) the highest rate of bonus earned by executive in the three calendar years immediately preceding the year in which the termination occurs. The executive will also receive, for a period of 36 months, continued non-taxable medical and dental coverage at no cost to the executive, or, if participation by the executive in the applicable health plans is not permitted or if providing such benefits would subject Community Savings Bank to penalties, the executive will receive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits. The change in control agreements include a “cutback” provision if the change in control severance benefits would otherwise result in “excess parachute payments” under Section 280G of the Code. The cutback would reduce the executive’s payments and benefits, if necessary, to avoid triggering an excise tax by reducing the total payments to an amount which is one dollar less than an amount equal three times the executive’s “base amount,” as determined according to Section 280G of the Code.

Supplemental Executive Retirement Plan. Community Savings Bank maintains the Community Savings Bank Supplemental Executive Retirement Plan (the “SERP”) to provide supplemental retirement benefits to Messrs. Essen and Mueller. Under the SERP, Messrs. Essen and Mueller will receive the normal retirement benefit if they separate from service for any reason other than cause or death on or after attaining age 65. Mr. Essen’s normal retirement benefit is $507,000 and Mr. Mueller’s normal retirement benefit is $369,000, each payable over a period of 10 years in equal annual installments.

If Messrs. Essen or Mueller separate from service for any reason other than cause or death before attaining age 65, Community Savings Bank shall pay to the executive his vested retirement benefit measured as of the date of separation from service, over a period of 10 years in equal annual installments. Messrs. Essen and Mueller vest in their retirement benefit over nine years, with 20% vesting after one year of plan participation, 40% vesting after three years of plan participation, 60% vesting after five years of plan participation, 80% vesting after seven years of plan participation and attaining 100% vesting after nine years of plan participation. Notwithstanding the vesting schedule, vesting will automatically increase to 100% upon the earlier of a change in control or the attainment of age 65. If Messrs. Essen or Mueller separate from service due to disability, the executive is entitled to his vested retirement benefit measured as of the date of disability over a period of 10 years in equal annual installments.

In the event of a change in control, Messrs. Essen and Mueller will receive their normal retirement benefit in a lump sum payable within 60 days following the date of the change in control.

Benefits payable under the SERP upon the separation from service of Messrs. Essen or Mueller may be delayed for a period of six months, if necessary, to comply with Section 409A of the Code.

Survivor Benefit Plans. Community Savings Bank maintains the Community Savings Bank Survivor Benefit Plan (the “Survivor Plan”) to provide a survivor benefit to the beneficiaries of certain key employees. Under the Survivor Plan, if a participant dies while employed, Community Savings Bank will pay the participant’s beneficiary an amount equal to 300% of the participant’s base salary. The benefit is payable over three years according to Community Savings Bank’s usual payroll practices, commencing in the second month following the participant’s death. Mr. Essen participates in the Survivor Plan.

Profit Sharing Plan. Community Savings Bank maintains the Community Savings Bank 401(k) Profit Sharing Plan and Trust (the “401(k) Plan”), a tax-qualified defined contribution plan for eligible employees. The named executive officers are eligible to participate in the 401(k) Plan on the same terms as other eligible employees. Eligible employees become participants in the 401(k) Plan and may make salary deferrals under the plan and receive employer safe harbor non-elective contributions after having attained age 21 and completing three months of service. Employees become eligible for employer matching contributions on the first day of the first month of the plan year or the first day of the seventh month of the plan year coincident or next following the date an employee attains age 21 and completes three months of service.

Under the 401(k) Plan, a participant may elect to defer, on a pre-tax basis, the maximum amount of compensation permitted by the Code. For 2026, the salary deferral contribution limit is $24,500, provided, however, that a participant over age 50 may contribute an additional $8,000 to the 401(k) Plan for a total of $32,500. A participant is always 100% vested in his or her salary deferral contributions and will vest in employer matching contributions and non-elective contributions over five years, with 20% vesting after one year and an additional 20% vesting in each subsequent year with 100% vesting after five years. Generally, unless the participant elects otherwise, the participant’s account balance will be distributed following the participant’s termination of employment. However, participants may take in-service withdrawals from the 401(k) Plan in certain circumstances, including for loans.

Employee Stock Ownership Plan. Community Savings Bank intends to adopt an employee stock ownership plan, effective January 1, 2026, for eligible employees. It is anticipated that eligible employees will include employees who have attained age 21 and have completed one year of service. Employees employed as of January 1, 2026, will begin participation in the employee stock ownership plan on the later of the effective date of the employee stock ownership plan or upon the first entry date commencing on or after the eligible employee’s completion of 1,000 hours of service during a continuous 12-month period.

The employee stock ownership plan trustee is expected to purchase, on behalf of the employee stock ownership plan, 8% of the sum of the shares of CSB Financial common stock sold in the stock offering and contributed to the charitable foundation. We anticipate that the employee stock ownership plan will fund its stock purchase with a loan from CSB Financial equal to the aggregate purchase price of the common stock. The loan will be repaid principally through Community Savings Bank’s contribution to the employee stock ownership plan and dividends payable on common stock held by the employee stock ownership plan over the anticipated 20-year term of the loan. The interest rate for the employee stock ownership plan loan is expected to be a fixed-rate equal to the prime rate, as published in The Wall Street Journal, on the closing date of the conversion and stock offering. If market conditions warrant, in the judgment of its trustee, the employee stock ownership plan’s subscription order will not be filled and the employee stock ownership plan may elect to purchase shares in the open market following the completion of the conversion and stock offering, subject to applicable regulatory approvals or non-objections.

The trustee will hold the shares purchased by the employee stock ownership plan in an unallocated suspense account. Shares will be released from the suspense account on a pro-rata basis as the trustee repays the loan. The trustee will allocate the shares released among the participants’ accounts based on each participant’s proportional share of compensation relative to all participants. Participants will become 100% vested upon completion of four years of service, with 25% vesting for each year of service. Participants who were employed by Community Savings Bank immediately before the completion of the conversion and stock offering will receive credit for vesting purposes for years of service before adoption of the employee stock ownership plan. Participants will become fully vested upon normal retirement, death or disability, a change in control, or termination of the employee stock ownership plan. Generally, participants will receive distributions from the employee stock ownership plan upon severance from employment. The employee stock ownership plan will reallocate any unvested shares forfeited upon termination of employment among the remaining participants.

The employee stock ownership plan will permit participants to direct the trustee as to how to vote the shares of common stock allocated to their accounts. The trustee will vote unallocated shares and allocated shares for which participants do not provide instructions on any matter in the same ratio as those shares for which participants provide instructions, subject to fulfillment of the trustee’s fiduciary responsibilities.

Under applicable accounting requirements, CSB Financial will record compensation expense for the employee stock ownership plan at the fair market value of the shares as they are committed to be released from the unallocated suspense account to participants’ accounts. The compensation expense resulting from the release of CSB Financial common stock from the suspense account and allocation to plan participants will result in a corresponding reduction in the earnings of CSB Financial.

Directors’ Compensation

The following table sets forth for the year ended December 31, 2025, certain information as to the total renumeration paid to our non-employee directors. Messrs. Essen and Mueller each received director fees of $25,235 for the year ended December 31, 2025, which are included in the above Summary Compensation Table.

Name	Fees Earned or Paid in Cash ($)		All Other Compensation ($)		Total ($)
Donna J. Gunn		25,235		—		25,235
Ruth A. Lung		28,235		—		28,235
George S. Pearce		28,235		—		28,235
James R. Smith		34,235		—		34,235

Director Fees. For the year ended December 31, 2025, the non-employee directors of Community Savings Bank received an annual retainer of $21,735. Each director received an additional $1,500 payment for continuing as a director for at least five years. In 2025, all directors received a discretionary bonus of $2,000. Mr. Smith received an additional $6,000 and an additional $3,000 in 2025 for his service as board chair and committee chair, respectively. Mr. Pearce received $3,000 in 2025 for his service as a committee chair. Ms. Lung received $3,000 in 2025 for her service as Secretary.

Each individual who serves as a director of CSB Financial also serves as a director of Community Savings Bank. Initially, the non-employee directors of CSB Financial will receive director fees only in their capacity as a director of Community Savings Bank. Following the completion of the conversion and stock offering, CSB Financial may also determine to pay director fees but has not determined to do so at this time.

Benefits to be Considered Following Completion of the Conversion and Stock Offering

Stock-Based Benefit Plans. Following the conversion and stock offering, we intend to adopt one or more new stock-based benefit plans that will provide for grants of stock options and restricted stock awards (including restricted stock units). The stock-based benefit plans will not be adopted sooner than six months after the conversion and stock offering, and, if adopted within 12 months after the conversion and stock offering, stockholders must approve the plans by a majority of the votes eligible to be cast. If the stock-based benefit plans are established more than 12 months after the conversion and stock offering, stockholders must approve the plans by a majority of votes cast. Also, if adopted within 12 months following the completion of the conversion, the aggregate number of shares reserved for the exercise of stock options or available for stock awards under the stock-based benefit plans would be limited to 10% and 4%, respectively, of the sum of the shares sold in the stock offering and contributed to the charitable foundation.

The following additional restrictions would apply to our stock-based benefit plans if we adopt such plans within 12 months after the conversion and stock offering:

non-employee directors in the aggregate may not receive more than 30% of the options and restricted stock awards authorized under the plans;

any one non-employee director may not receive more than 5% of the options and restricted stock awards authorized under the plans;

any officer or employee may not receive more than 25% of the options and restricted stock awards authorized under the plans;

any tax-qualified employee stock benefit plans and restricted stock plans, in the aggregate, may not acquire more than 10% of the sum of the shares sold in the stock offering and contributed to the charitable foundation, unless Community Savings Bank has tangible capital of 10% or more, in which case tax-qualified employee stock benefit plans and restricted stock plans may acquire up to 12% of the sum of the shares sold in the stock offering and contributed to the charitable foundation;

the options and restricted stock awards may not vest more rapidly than 20% per year, beginning on the first anniversary of stockholder approval of the plans; and

accelerated vesting is not permitted except for death, disability or upon a change in control of CSB Financial or Community Savings Bank.

We have not determined whether we will present stock-based benefit plans for stockholder approval before or after 12 months after the completion of the conversion and stock offering.

We may obtain the shares needed for our stock-based benefit plans by issuing additional shares of common stock from authorized but unissued shares or through stock repurchases.

CSB Financial Inc. S-1/A