# EDGAR Filing Document

**Accession Number:** 0000880417
**File Stem:** 0000950170-23-001233
**Filing Date:** 2023-1
**Character Count:** 27405
**Document Hash:** 01fe06c8f0db8f3e0f0a3fccdeb1a413
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001233.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000950170-23-001233

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CSB BANCORP INC /OH
- **CENTRAL INDEX KEY:** 0000880417
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 341687530
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-21714
- **FILM NUMBER:** 23558125

**BUSINESS ADDRESS:**
- **STREET 1:** 91 NORTH CLAY ST
- **CITY:** MILLERSBURG
- **STATE:** OH
- **ZIP:** 44654
- **BUSINESS PHONE:** 3306749015

**MAIL ADDRESS:**
- **STREET 1:** 91 NORTH CLAY ST
- **CITY:** MILLERSBURG
- **STATE:** OH
- **ZIP:** 44654

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 26, 2023<br>

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CSB BANCORP INC /OH

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Ohio | 0-21714 | 34-1687530 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 91 North Clay Street<br>P.O. Box 232 |  |  |
| Millersburg**,** Ohio |  | 44654 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 330 674-9015<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $6.25 per share | CSBB | OTCPink |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12g-2 of the Securities Exchange Act of 1934 (§ 240.12g-2 of this chapter).

Emerging growth company ☐

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

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**Item 2.02. Results of Operations and Financial Condition.** 

On January 26, 2023, CSB Bancorp, Inc. issued a news release announcing its earnings for the quarter and year ended December 31, 2022. A copy of this news release and related financial tables are furnished herein as Exhibit 99.1.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

99.1 [<u>News release and Quarterly Report for CSB Bancorp, Inc. for the quarter and year ended December 31, 2022.</u>](csbb-ex99_1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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**SIGNATURES**

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

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| | | | |
|:---|:---|:---|:---|
|  |  |  | CSB Bancorp, Inc. |
| Date: | January 26, 2023 | By:  | /s/ Paula J. Meiler |
|  |  |  | Paula J. Meiler<br>Senior Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img20060853_0.jpg](img20060853_0.jpg)

CSB BANCORP, INC. REPORTS FOURTH QUARTER EARNINGS

Fourth Quarter Highlights

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| | | |
|:---|:---|:---|
|  | Quarter Ended <br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | Quarter Ended <br>December 31, 2021 |
| Diluted earnings per share | $1.39 | $0.85 |
| Net Income | $3753000 | $2306000 |
| Return on average common equity | 15.94% | 9.41% |
| Return on average assets | 1.27% | 0.80% |

---

Millersburg, Ohio – January 26, 2023 – CSB Bancorp, Inc. (OTC Pink: CSBB) today announced fourth quarter 2022 net income of $3,753,000, or $1.39 per basic and diluted share, as compared to $2,306,000, or $0.85 per basic and diluted share, for the same period in 2021. Income before federal income tax amounted to $4,674,000, an increase of 65% over the same quarter in the prior year. For the year ended December 31, 2022, net income totaled $13,313,000 compared to $10,837,000 for the same period last year, an increase of 23%.

Annualized returns on average common equity ("ROE") and average assets ("ROA") for the quarter were 15.94% and 1.27%, respectively, compared with 9.41% and 0.80% for the fourth quarter of 2021. For the year ended December 31, 2022, ROE and ROA equated to 14.04% and 1.16%, as compared to 11.27% and 0.97% for the year ended in 2021.

Eddie Steiner, President and CEO stated, "Loan balances finished the year 14% higher than the prior year, with commercial and home mortgage loans both reflecting double digit increases. The Bank's liquidity remains strong, with cash and securities available for sale totaling $236 million at year end. Full year net income of $13 million reflects an eleventh consecutive record. Businesses and individuals are generally striking a cautious borrowing posture based on emerging signs and expectations of a slowing economy. High home prices, lack of houses available for sale, and mortgage interest rates are expected to sustain a dampening effect on home mortgage volumes for some months to come. Commercial loan demand, while not robust, continues to be sufficient to maintain a healthy pipeline at the present time."

Net interest income and noninterest income totaled $10.9 million during the quarter, an increase of $2.3 million from the prior-year fourth quarter. Net interest income increased $2.6 million, or 38%, in the fourth quarter of 2022 compared to the same period in 2021.

Loan interest income including fees increased $1.4 million, or 23%, during fourth quarter 2022 as compared to the same quarter in 2021. The increase was mainly due to average volume and rate increases on loans. Securities interest income increased $1.2 million, or 131%, during the fourth quarter 2022 compared to the same quarter in 2021 from both volume and rate increases. Loan yields for fourth quarter 2022 averaged 4.82%, an increase of 35 basis points from the 2021 fourth quarter average of 4.47%, while securities yields for fourth quarter 2022 averaged 2.07%, compared to 1.36% in the fourth quarter 2021.

The fully taxable equivalent (FTE) net interest margin was 3.33% compared to 2.48% for fourth quarter 2021. Compared to the 2021 fourth quarter, FTE net interest income increased $2.6 million, or 38%, reflecting 85 basis points of net interest margin expansion, and a $29 million, or 3%, increase in average earning assets. The higher interest rate environment drove the increase in yields coupled with loan and security volume growth, partially offset by the higher cost of funds and lower loan fees from the Paycheck Protection Program. The tax equivalency effect on the margin was 0.01% in fourth quarter 2022 and 2021.

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Noninterest income decreased 12%, compared to fourth quarter of 2021. The decrease was primarily the result of a $258 thousand, or 94%, decline in gain on sale of mortgages to the secondary market, as refinancing of mortgages slowed, and home purchases were limited by a lack of housing inventory for sale. Offsetting increases were recognized in service charges on deposit accounts, credit card fee income, and earnings from bank owned life insurance values.

Noninterest expense increased 9% from fourth quarter 2021. Salary and employee benefit costs increased $382 thousand, or 12%, compared to the prior year quarter, primarily resulting from increases in compensation and benefits. Marketing and public relations increased by $52 thousand, or 38%, reflecting a return to normalized levels after the pandemic-related curtailment of activities in 2021. Professional and directors' fees increased $37 thousand, or 11% primarily reflecting a recovery of legal fees in fourth quarter 2021. FDIC insurance expense decreased $26 thousand below the prior year quarter due to improved credit quality. The Company's fourth quarter efficiency ratio decreased to 56.8% compared to 66.4%.

Federal income tax expense was $921 thousand in the 2022 fourth quarter compared to $534 thousand in the 2021 fourth quarter. The effective tax rates for the 2022 fourth quarter and 2021 fourth quarter were 19.7% and 18.8%, respectively.

Average earning assets for the 2022 fourth quarter increased $29 million, or 3%, from the year-ago quarter, primarily reflecting a $130 million, or 49%, increase in average securities, a $76 million, or 14%, increase in average loans, and a $177 million, or 66%, decrease in deposits mainly held at the Federal Reserve Bank.

Average commercial loan balances for the quarter, including commercial real estate, increased $54 million, or 15%, from prior year levels. Partially offset by a $10 million decrease in average PPP loan balances, commercial loans increased $64 million year over year as construction loans were drawn and borrowers used term loans to fund equipment and other purchases. Average residential mortgage balances increased $16 million, or 12%, above the prior year's quarter while home equity lines of credit increased $6 million from the prior year's quarter as balances were drawn and new loans originated. Average consumer credit balances increased $267 thousand, or 2%, versus the same quarter of the prior year. Increased organic loan demand continues to be largely dependent on the pace at which excess liquidity is absorbed by businesses and households and restoration of borrower confidence.

Nonperforming assets were $256 thousand, or 0.04%, of total loans on December 31, 2022, compared to $1.1 million, or 0.20% of total loans, a year ago. Delinquent loan balances as of December 31, 2022, decreased to 0.13% of total loans as compared to 0.27% on December 31, 2021. With the continuing improvement in credit quality, there was no provision for loan losses for the quarter ended December 31, 2022, or 2021.

Net loan charge-offs recognized during fourth quarter 2022 were $170 thousand, or 0.11% annualized, compared to fourth quarter 2021 net loan losses of $27 thousand. The allowance for loan losses amounted to 1.09% of total loans on December 31, 2022, as compared to 1.39% on December 31, 2021.

Average deposit balances grew on a quarter over prior year quarter comparison by $40 million, or 4%. For the fourth quarter 2022, the average cost of deposits amounted to 0.41%, as compared to 0.15% for the fourth quarter 2021. During the fourth quarter 2022, increases in average deposit balances over the prior year quarter included noninterest-bearing demand accounts of $23 million and interest-bearing demand and savings accounts of $22 million, while time deposits decreased $5 million. The average balance of securities sold under repurchase agreement during the fourth quarter of 2022 decreased by $1 million, or 4%, compared to the average for the same period in the prior year.

Shareholders' equity totaled $95.9 million on December 31, 2022, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 7.96% on December 31, 2022, and 8.54% on December 31, 2021. The Company declared a fourth quarter dividend of $0.35 per share, producing an annualized yield of 3.6% based on the December 31, 2022 closing price of $38.50.

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**About CSB Bancorp, Inc.** 

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.2 billion as of December 31, 2022. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with sixteen banking centers in Holmes, Wayne, Tuscarawas, and Stark counties and Trust offices located in Millersburg, North Canton, and Wooster, Ohio.

**Forward-Looking Statement** 

This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Company, as well as its operations, markets, and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Company's business, competitive pressures, changes in accounting, tax or regulatory practices or requirements and those risk factors detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

Contact Information:

Paula J. Meiler, SVP & CFO

330.763.2873 paula.meiler@csb1.com

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**CSB BANCORP, INC.**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Quarters** | **Quarters** | **Quarters** | **Quarters** | **Quarters** | **Quarters** | **Quarters** | **Quarters** | **Quarters** | **Quarters** |  |  |  |  |
| (Dollars in thousands, except per share data) | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| **EARNINGS** | **4th Qtr** | **4th Qtr** | **3rd Qtr** | **3rd Qtr** | **2nd Qtr** | **2nd Qtr** | **1st Qtr** | **1st Qtr** | **4th Qtr** | **4th Qtr** | **12 months** | **12 months** | **12 months** | **12 months** |
| Net interest income FTE (a) | $— | 9304 | $— | 8596 | $— | 7666 | $— | 6902 | $— | 6752 | $— | 32468 | $— | 27671 |
| Provision (recovery) for loan losses |  | - |  | (250) |  | (345) |  | (300) |  | - |  | (895) |  | (655) |
| Other income |  | 1612 |  | 1675 |  | 1782 |  | 1642 |  | 1836 |  | 6711 |  | 7325 |
| Other expenses |  | 6206 |  | 5945 |  | 5774 |  | 5468 |  | 5709 |  | 23393 |  | 22093 |
| FTE adjustment (a) |  | 36 |  | 36 |  | 36 |  | 37 |  | 39 |  | 145 |  | 154 |
| Net income |  | 3753 |  | 3650 |  | 3209 |  | 2701 |  | 2306 |  | 13313 |  | 10837 |
| Basic and Diluted earnings per share |  | 1.39 |  | 1.35 |  | 1.18 |  | 0.99 |  | 0.85 |  | 4.91 |  | 3.97 |
| **PERFORMANCE RATIOS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Return on average assets (ROA), annualized |  | 1.27 |  | 1.25 |  | 1.13 |  | 0.96 |  | 0.80 |  | 1.16 |  | 0.97% |
| Return on average common equity (ROE), annualized |  | 15.94 |  | 15.24 |  | 13.73 |  | 11.26 |  | 9.41 |  | 14.04 |  | 11.27 |
| Net interest margin FTE (a) |  | 3.33 |  | 3.12 |  | 2.87 |  | 2.60 |  | 2.48 |  | 2.98 |  | 2.63 |
| Efficiency ratio |  | 56.83 |  | 57.87 |  | 61.13 |  | 64.01 |  | 66.41 |  | 59.70 |  | 63.05 |
| Number of full-time equivalent employees |  | 172 |  | 172 |  | 171 |  | 172 |  | 171 |  |  |  |  |
| **MARKET DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Book value/common share | $— | 35.43 | $— | 33.97 | $— | 34.46 | $— | 34.93 | $— | 35.80 |  |  |  |  |
| Period-end common share market value |  | 38.50 |  | 39.00 |  | 38.00 |  | 39.60 |  | 37.75 |  |  |  |  |
| Market as a % of book |  | 108.66 |  | 114.81 |  | 110.27 |  | 113.37 |  | 105.45 |  |  |  |  |
| Price-to-earnings ratio |  | 7.84 |  | 8.92 |  | 9.31 |  | 10.15 |  | 9.51 |  |  |  |  |
| Average basic common shares |  | 2707576 |  | 2712686 |  | 2718024 |  | 2718024 |  | 2720633 |  | 2714045 |  | 2733126 |
| Average diluted common shares |  | 2707576 |  | 2712686 |  | 2718024 |  | 2718024 |  | 2720633 |  | 2714045 |  | 2733126 |
| Period end common shares outstanding |  | 2707576 |  | 2707576 |  | 2718024 |  | 2718024 |  | 2718024 |  |  |  |  |
| Common stock market capitalization | $— | 104242 | $— | 105595 | $— | 103285 | $— | 107634 | $— | 102605 |  |  |  |  |
| **ASSET QUALITY** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross charge-offs | $— | 217 | $— | 29 | $— | 11 | $— | 31 | $— | 66 | $— | 288 | $— | 130 |
| Net charge-offs (recoveries) |  | 170 |  | 10 |  | (308) |  | 13 |  | 27 |  | (115) |  | 1 |
| Allowance for loan losses |  | 6838 |  | 7008 |  | 7268 |  | 7305 |  | 7618 |  |  |  |  |
| Nonperforming assets (NPAs) |  | 256 |  | 685 |  | 690 |  | 1181 |  | 1088 |  |  |  |  |
| Net charge-off (recovery) / average loans ratio |  | 0.11 |  | 0.01 |  | (0.21) |  | 0.01 |  | 0.02 |  | (0.02) |  | 0.00% |
| Allowance for loan losses / period-end loans |  | 1.09 |  | 1.15 |  | 1.25 |  | 1.29 |  | 1.39 |  |  |  |  |
| NPAs/loans and other real estate |  | 0.04 |  | 0.11 |  | 0.12 |  | 0.21 |  | 0.20 |  |  |  |  |
| Allowance for loan losses/nonperforming loans |  | 2667.09 |  | 1022.02 |  | 1053.53 |  | 618.54 |  | 699.86 |  |  |  |  |
| **CAPITAL & LIQUIDITY** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period-end tangible equity to assets |  | 7.90 |  | 7.54 |  | 7.93 |  | 7.98 |  | 8.13 |  |  |  |  |
| Average equity to assets |  | 7.96 |  | 8.20 |  | 8.25 |  | 8.54 |  | 8.54 |  |  |  |  |
| Average equity to loans |  | 15.06 |  | 15.98 |  | 16.31 |  | 17.35 |  | 17.86 |  |  |  |  |
| Average loans to deposits |  | 59.84 |  | 58.15 |  | 57.65 |  | 56.42 |  | 54.62 |  |  |  |  |
| **AVERAGE BALANCES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Assets | $— | 1172785 | $— | 1159523 | $— | 1136318 | $— | 1138598 | $— | 1138690 | $— | 1151925 | $— | 1111808 |
| Earning assets |  | 1108231 |  | 1094197 |  | 1072376 |  | 1078269 |  | 1079002 |  | 1088367 |  | 1053666 |
| Loans |  | 620243 |  | 594820 |  | 574824 |  | 560440 |  | 544389 |  | 587765 |  | 562592 |
| Deposits |  | 1036559 |  | 1022851 |  | 997108 |  | 993411 |  | 996646 |  | 1012629 |  | 969009 |
| Shareholders' equity |  | 93404 |  | 95043 |  | 93750 |  | 97242 |  | 97241 |  | 94850 |  | 96145 |
| **ENDING BALANCES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Assets | $— | 1159108 | $— | 1161830 | $— | 1126778 | $— | 1135003 | $— | 1144239 |  |  |  |  |
| Earning assets |  | 1094876 |  | 1096302 |  | 1064770 |  | 1073565 |  | 1084744 |  |  |  |  |
| Loans |  | 627171 |  | 609971 |  | 582185 |  | 567375 |  | 549154 |  |  |  |  |
| Deposits |  | 1023417 |  | 1029274 |  | 993113 |  | 994939 |  | 1002747 |  |  |  |  |
| Shareholders' equity |  | 95920 |  | 91981 |  | 93662 |  | 94928 |  | 97315 |  |  |  |  |

---

**NOTES:**

(a) - Net Interest income on a fully tax-equivalent ("FTE") basis restates interest on tax-exempt securities and loans as if such interest were subject to federal income tax at the statutory rate. Net interest income on an FTE basis differs from net interest income under U.S. generally accepted accounting principles.

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**CSB BANCORP, INC.**

**CONSOLIDATED BALANCE SHEETS**

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| | | | | |
|:---|:---|:---|:---|:---|
| (Unaudited) | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| (Dollars in thousands, except per share data) | **2022** | **2022** | **2021** | **2021** |
| **ASSETS** |  |  |  |  |
| Cash and cash equivalents |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $— | 19911 | $— | 19543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-earning deposits in other banks |  | 66509 |  | 224114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents |  | 86420 |  | 243657 |
| Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale, at fair-value |  | 150069 |  | 131708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity |  | 247401 |  | 174808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities |  | 244 |  | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock, at cost |  | 3430 |  | 4614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities |  | 401144 |  | 311245 |
| Loans held for sale |  | 52 |  | 231 |
| Loans |  | 627171 |  | 549154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less allowance for loan losses |  | 6838 |  | 7618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans |  | 620333 |  | 541536 |
| Premises and equipment, net |  | 13414 |  | 13866 |
| Goodwill |  | 4728 |  | 4728 |
| Bank owned life insurance |  | 24709 |  | 24035 |
| Accrued interest receivable and other assets |  | 8308 |  | 4941 |
| **TOTAL ASSETS** | $— | 1159108 | $— | 1144239 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |
| Liabilities |  |  |  |  |
| Deposits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $— | 350283 | $— | 334346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing |  | 673134 |  | 668401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits |  | 1023417 |  | 1002747 |
| Short-term borrowings |  | 32550 |  | 36530 |
| Other borrowings |  | 2461 |  | 3407 |
| Accrued interest payable and other liabilities |  | 4760 |  | 4240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  | 1063188 |  | 1046924 |
| Shareholders' equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $6.25 par value. Authorized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,000,000 shares; issued 2,980,602 shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in 2022 and 2021 |  | 18629 |  | 18629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 9815 |  | 9815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings |  | 86502 |  | 76715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost - 273,026 shares in 2022 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 262,578 shares in 2021 |  | (6107) |  | (5719) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  | (12919) |  | (2125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity |  | 95920 |  | 97315 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $— | 1159108 | $— | 1144239 |

---

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**CSB BANCORP, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** | **Twelve months ended** |
| (Unaudited) | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| (Dollars in thousands, except per share data) | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| Interest and dividend income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $— | 7526 | $— | 6131 | $— | 26015 | $— | 26124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities |  | 1944 |  | 773 |  | 6665 |  | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nontaxable securities |  | 108 |  | 116 |  | 436 |  | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 840 |  | 109 |  | 1703 |  | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income |  | 10418 |  | 7129 |  | 34819 |  | 29529 |
| Interest expense: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 1083 |  | 388 |  | 2335 |  | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 67 |  | 28 |  | 161 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense |  | 1150 |  | 416 |  | 2496 |  | 2012 |
| Net interest income |  | 9268 |  | 6713 |  | 32323 |  | 27517 |
| Provision (recovery) for loan losses |  | - |  | - |  | (895) |  | (655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income, after provision |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for (recovery of) loan losses |  | 9268 |  | 6713 |  | 33218 |  | 28172 |
| Noninterest income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposits accounts |  | 299 |  | 263 |  | 1174 |  | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust services |  | 221 |  | 261 |  | 954 |  | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card interchange fees |  | 537 |  | 538 |  | 2105 |  | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card fees |  | 162 |  | 141 |  | 677 |  | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings on bank owned life insurance |  | 170 |  | 162 |  | 674 |  | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans |  | 17 |  | 275 |  | 331 |  | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market value change in equity securities |  | (5) |  | 8 |  | (3) |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 211 |  | 188 |  | 799 |  | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income |  | 1612 |  | 1836 |  | 6711 |  | 7325 |
| Noninterest expenses |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits |  | 3680 |  | 3298 |  | 13446 |  | 12599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expense |  | 265 |  | 262 |  | 1085 |  | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment expense |  | 177 |  | 195 |  | 781 |  | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional and director fees |  | 390 |  | 353 |  | 1551 |  | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software expense |  | 373 |  | 388 |  | 1429 |  | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and public relations |  | 189 |  | 137 |  | 551 |  | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debit card expense |  | 184 |  | 186 |  | 734 |  | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial institutions tax |  | 195 |  | 202 |  | 779 |  | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  | 753 |  | 688 |  | 3037 |  | 3285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expenses |  | 6206 |  | 5709 |  | 23393 |  | 22093 |
| Income before income tax |  | 4674 |  | 2840 |  | 16536 |  | 13404 |
| Federal income tax provision |  | 921 |  | 534 |  | 3223 |  | 2567 |
| Net income | $— | 3753 | $— | 2306 | $— | 13313 | $— | 10837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income per share: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $— | 1.39 | $— | 0.85 | $— | 4.91 | $— | 3.97 |

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