(Exact ~~name~~Name of ~~registrant~~Registrant as ~~specified~~Specified in its ~~charter)~~Charter)

~~Registrant’s address: 91 North Clay, P.O. Box 232, Millersburg, Ohio 44654~~

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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”,~~filer,” “accelerated ~~filer”,~~filer,” “smaller reporting ~~company”~~company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

~~Large accelerated filer ( ) Accelerated filer (X) Non-accelerated filer ( ) Smaller reporting company ( X ) 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. ~~( )~~☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

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

As of May 1, 2021, the registrant had 2,742,350 shares of common stock, ~~as of the latest practicable date.~~

	March 31,			December 31,			March 31,			December 31,
(Dollars in thousands)	2020			2019			2021			2020
ASSETS
Cash and cash equivalents
Cash and due from banks	$	18,277		$	17,648		$	22,174		$	19,281
Interest-earning deposits in other banks		77,995			84,369			256,736			162,371
Total cash and cash equivalents		96,272			102,017			278,910			181,652
Securities
Available-for-sale, at fair value		108,263			112,146			197,470			190,438
Held-to-maturity (fair value 2020-$11,542; 2019-13,950)		11,242			13,869
Held-to-maturity (fair value 2021-$8,410; 2020-$9,225)								8,270			9,045
Equity securities		79			92			100			87
Restricted stock, at cost		4,614			4,614			4,614			4,614
Total securities		124,198			130,721			210,454			204,184
Loans held for sale		256			622			1,450			1,378
Loans		555,320			551,633			582,714			609,159
Less allowance for loan losses		7,120			7,017			8,338			8,274
Net loans		548,200			544,616			574,376			600,885
Premises and equipment, net		12,387			12,040			12,968			12,633
Core deposit intangible		89			104			33			44
Goodwill		4,728			4,728			4,728			4,728
Bank-owned life insurance		19,023			18,894			21,566			21,416
Accrued interest receivable and other assets		4,888			4,941			5,672			4,712
TOTAL ASSETS	$	810,041		$	818,683		$	1,110,157		$	1,031,632

LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest-bearing	$	188,137		$	197,780		$	303,803		$	272,051
Interest-bearing		483,025			485,766			664,766			619,511
Total deposits		671,162			683,546			968,569			891,562
Short-term borrowings		40,605			38,889			39,665			37,215
Other borrowings		6,206			6,330			4,564			4,664
Accrued interest payable and other liabilities		4,439			4,442			4,274			4,332
Total liabilities		722,412			733,207			1,017,072			937,773
SHAREHOLDERS' EQUITY
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,742,350 shares 2020 and 2019		18,629			18,629
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,742,350 shares 2021 and 2020								18,629			18,629
Additional paid-in capital		9,815			9,815			9,815			9,815
Retained earnings		63,455			61,740			71,271			69,209
Treasury stock at cost: 238,252 shares 2020 and 2019		(4,780	)		(4,780	)
Accumulated other comprehensive income		510			72
Treasury stock at cost: 238,252 shares 2021 and 2020								(4,780	)		(4,780	)
Accumulated other comprehensive income (loss)								(1,850	)		986
Total shareholders' equity		87,629			85,476			93,085			93,859
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	810,041		$	818,683		$	1,110,157		$	1,031,632

Three Months Ended
March 31,

(Dollars in thousands, except per share data)

2020

2019

INTEREST AND DIVIDEND INCOME

Loans, including fees

$
6,850

$
7,072

Taxable securities

609

587

Nontaxable securities

119

134

Other

239

175

Total interest and dividend income

7,817

7,968

INTEREST EXPENSE

Deposits

831

825

Short-term borrowings

41

93

Other borrowings

29

39

Total interest expense

901

957

NET INTEREST INCOME

6,916

7,011

PROVISION FOR LOAN LOSSES

178

285

Net interest income, after provision for loan losses

6,738

6,726

NON INTEREST INCOME

Service charges on deposit accounts

291

292

Trust services

230

224

Debit card interchange fees

375

347

Gain on sale of loans, net

114

79

Earnings on bank owned life insurance

129

83

Unrealized gain or (loss) on equity securities, net

(13
)

6

Other income

217

193

Total noninterest income

1,343

1,224

NON INTEREST EXPENSES

Salaries and employee benefits

2,968

2,842

Occupancy expense

220

204

Equipment expense

135

137

Professional and director fees

330

339

Financial institutions and franchise tax expense

171

153

Marketing and public relations

127

117

Software expense

227

218

Debit card expense

140

127

Amortization of intangible assets

15

16

Other expenses

674

638

Total noninterest expenses

5,007

4,791

Income before income taxes

3,074

3,159

FEDERAL INCOME TAX PROVISION

591

619

NET INCOME

$
2,483

$
2,540

Basic and diluted net earnings per share

$
0.91

$
0.93

(Dollars in thousands)

Common
stock

Additional
paid-in
capital

Retained
earnings

Treasury
stock

Accumulated
other
comprehensive
income (loss)

Total

Three Months Ended March 31, 2019

Balance, beginning of period

$
18,629

$
9,815

$
54,288

$
(4,784
)

$
(1,412
)

$
76,536

Net income

—

—

2,540

—

—

2,540

Other comprehensive income

—

—

—

—

604

604

Cash dividends declared, $0.26 per share

—

—

(713
)

—

—

(713
)
Balance, end of period

$
18,629

$
9,815

$
56,115

$
(4,784
)

$
(808
)

$
78,967

Three Months Ended March 31, 2020

Balance, beginning of period

$
18,629

$
9,815

$
61,740

$
(4,780
)

$
72

$
85,476

Net income

—

—

2,483

—

—

2,483

Other comprehensive income

—

—

—

—

438

438

Cash dividends declared, $0.28 per share

—

—

(768
)

—

—

(768
)
Balance, end of period

$
18,629

$
9,815

$
63,455

$
(4,780
)

$
510

$
87,629

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2021		2020
INTEREST AND DIVIDEND INCOME
Loans, including fees	$	6,865	$	6,850
Taxable securities		559		609
Nontaxable securities		111		119
Other		46		239
Total interest and dividend income		7,581		7,817
INTEREST EXPENSE
Deposits		538		831
Short-term borrowings		13		41
Other borrowings		22		29
Total interest expense		573		901
NET INTEREST INCOME		7,008		6,916
PROVISION FOR LOAN LOSSES		30		178
Net interest income, after provision for loan losses		6,978		6,738
NON INTEREST INCOME
Service charges on deposit accounts		207		291
Trust services		282		230
Debit card interchange fees		471		375
Gain on sale of loans, net		487		114
Earnings on bank owned life insurance		150		129
Unrealized gain or (loss) on equity securities, net		13		(13	)
Other income		268		217
Total noninterest income		1,878		1,343
NON INTEREST EXPENSES
Salaries and employee benefits		3,029		2,968
Occupancy expense		254		220
Equipment expense		177		135
Professional and director fees		295		330
Financial institutions and franchise tax expense		188		171
Marketing and public relations		79		127
Software expense		300		227
Debit card expense		171		140
Amortization of intangible assets		11		15
FDIC insurance expense		108		—
Other expenses		669		674
Total noninterest expenses		5,281		5,007
Income before income taxes		3,575		3,074
FEDERAL INCOME TAX PROVISION		690		591
NET INCOME	$	2,885	$	2,483
Basic and diluted net earnings per share	$	1.05	$	0.91

~~CONDENSED~~ CONSOLIDATED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended
March 31,

(Dollars in thousands)

2020

2019

NET CASH FROM OPERATING ACTIVITIES

$
2,488

$
1,894

CASH FLOWS FROM INVESTING ACTIVITIES

Securities:

Proceeds from repayments, available-for-sale

10,338

1,836

Proceeds from repayments, held-to-maturity

2,635

477

Purchases, available-for-sale

(6,055
)

(2,023
)
Loan originations, net of repayments

(3,808
)

870

Property, equipment, and software acquisitions

(551
)

(976
)
Purchase of bank-owned life insurance

—

(3,000
)
Net cash provided by (used in) investing activities

2,559

(2,816
)
CASH FLOWS FROM FINANCING ACTIVITIES

Net change in deposits

(12,384
)

844

Net change in short-term borrowings

1,716

(1,091
)
Repayment of other borrowings

(124
)

(152
)
Net cash used in financing activities

(10,792
)

(399
)
NET DECREASE IN CASH AND CASH EQUIVALENTS

(5,745
)

(1,321
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

102,017

45,564

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$
96,272

$
44,243

SUPPLEMENTAL DISCLOSURES

Cash paid during the year for:

Interest

$
909

$
921

Income taxes

—

—

Noncash financing activities:

Dividends declared

768

713

Lease adoption:

Right of use lease asset

—

477

Lease liability

—

469

(Dollars in thousands)	Common stock		Additional paid-in capital		Retained earnings			Treasury stock			Accumulated other comprehensive income (loss)			Total
Three Months Ended March 31, 2021
Balance, beginning of period	$	18,629	$	9,815	$	69,209		$	(4,780	)	$	986		$	93,859
Net income		—		—		2,885			—			—			2,885
Other comprehensive loss		—		—		—			—			(2,836	)		(2,836	)
Cash dividends declared, $0.30 per share		—		—		(823	)		—			—			(823	)
Balance, end of period	$	18,629	$	9,815	$	71,271		$	(4,780	)	$	(1,850	)	$	93,085
Three Months Ended March 31, 2020
Balance, beginning of period	$	18,629	$	9,815	$	61,740		$	(4,780	)	$	72		$	85,476
Net income		—		—		2,483			—			—			2,483
Other comprehensive income		—		—		—			—			438			438
Cash dividends declared, $0.28 per share		—		—		(768	)		—			—			(768	)
Balance, end of period	$	18,629	$	9,815	$	63,455		$	(4,780	)	$	510		$	87,629

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

The condensed consolidated financial statements have been prepared without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position at March 31, ~~2020,~~2021, and the results of operations and changes in cash flows for the periods presented have been made.

Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The Annual Report for CSB for the year ended December 31, ~~2019,~~2020, contains Consolidated Financial Statements and related footnote disclosures, which should be read in conjunction with the accompanying condensed Consolidated Financial Statements. The results of operations for the ~~period~~periods ended March 31, ~~2020~~2021 are not necessarily indicative of the operating results for the full year or any future interim period.

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

~~Management has determined~~In preparing the ~~primary sources~~Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of ~~revenue emanating from interest~~America, management makes estimates and ~~dividend income on loans~~assumptions that affect the reported amounts of assets and securities along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, fees from financial guarantees, certain credit cards fees, and income on bank-owned life insurance are not within the scope of ASC 606. These sources of revenue comprise 88%liabilities as of the ~~total revenue~~date of the ~~Company. Services within~~Consolidated Balance Sheets and reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. The most significant estimates susceptible to change in the scope of ASC 606 include income from fiduciary activities, brokerage fees, service charges on deposit accounts, other fee income, ATM fees, interchange fees, and gain on sale of OREO, net. For these accounts, fees are relatednear term relate to ~~specific customer transactions, or attributable to specific performance obligations~~management’s determination of the ~~Bank where revenue is recognized at a defined point in time upon completion~~allowance for loan losses and the fair value of ~~the requested service/transaction.~~financial instruments.

ASU 2016-13 - Financial Instruments - Credit Losses. The Update and all subsequent ASU’s that modified Topic 326, requires that financial assets be presented at the net amount expected to be collected (i.e. net of expected credit losses), eliminating the probable recognition threshold for credit losses on financial assets measured at amortized cost. The measurement of expected credit losses should be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We expect the Update will result in an increase in the allowance for credit losses for the estimated life of the financial asset, including an estimate for held-to-maturity debt securities. The amount of any increase will be impacted by the portfolio composition and quality at the adoption date, as well as economic conditions and forecasts at that time. A cumulative-effect adjustment to retained earnings is required as of the beginning of the year of adoption. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In November 2019, the FASB deferred the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASU’s.

ASU 2017-04 - Simplifying the Test for Goodwill Impairment. The Update, and all subsequent ASU’s, simplifies the goodwill impairment test. Under the new guidance, Step 2 of the goodwill impairment process that requires an entity to determine the implied fair value of its goodwill by assigning fair value to all its assets and liabilities is eliminated. Instead, the entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The new guidance is effective for annual and interim goodwill tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted. In November 2019, the FASB deferred the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a material impact on the Company’s financial statements.

A~~SU 2018-15 - Intangibles – Goodwill and Other – Internal-Use Software.~~ This Update addresses customers’ accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This Update is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The amendments in this Update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. In November 2019, the FASB deferred the effective date for ASC 350, ~~Intangibles – Goodwill and Other,~~ for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements.

~~ASU 2019-12 - Income Taxes.~~ This update simplifies the accounting for income taxes, changes the accounting for certain tax transactions, and makes minor improvements to the codification. This Update provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized as a separate transaction. The Update also changes current guidance for making an intra-period allocation, if there is a loss in continuing operations and gains outside of continuing operations; determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting; accounting for tax law changes and year-to-date losses in interim periods; and determining how to apply the income tax guidance to franchise taxes that are partially based on income. For public business entities, the amendments in this Update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. This update is not expected to have a significant impact on the Company’s financial statements.

ASU 2020-4 – Reference Rate Reform (Topic 848). This update provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. This Update is not expected to have a significant impact on the Company’s financial statements.

(Dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
March 31, 2021
Available-for-sale
U.S. Treasury security	$	3,924	$	9	$	(153	)	$	3,780
U.S. Government agencies		13,999		—		(216	)		13,783
Mortgage-backed securities of government agencies		149,455		894		(3,208	)		147,141
Asset-backed securities of government agencies		828		—		(16	)		812
State and political subdivisions		22,683		458		(24	)		23,117
Corporate bonds		8,822		65		(50	)		8,837
Total available-for-sale		199,711		1,426		(3,667	)		197,470
Held-to-maturity
Mortgage-backed securities of government agencies		4,845		165		(25	)		4,985
State and political subdivisions		3,425		—		—			3,425
Total held-to-maturity		8,270		165		(25	)		8,410
Equity securities		53		47		—			100
Restricted stock		4,614		—		—			4,614
Total securities	$	212,648	$	1,638	$	(3,692	)	$	210,594
December 31, 2020
Available-for-sale
U.S. Treasury security	$	999	$	12	$	—		$	1,011
U.S. Government agencies		13,998		8		—			14,006
Mortgage-backed securities of government agencies		138,964		1,184		(136	)		140,012
Asset-backed securities of government agencies		848		—		(11	)		837
State and political subdivisions		23,422		544		—			23,966
Corporate bonds		10,841		42		(277	)		10,606
Total available-for-sale		189,072		1,790		(424	)		190,438
Held-to-maturity
Mortgage-backed securities of government agencies		5,620		192		(12	)		5,800
State and political subdivisions		3,425		—		—			3,425
Total held-to-maturity		9,045		192		(12	)		9,225
Equity securities		53		34		—			87
Restricted stock		4,614		—		—			4,614
Total securities	$	202,784	$	2,016	$	(436	)	$	204,364

~~Securities consist of the following at March 31, 2020 and December 31, 2019:~~

(Dollars in thousands)

Amortized
cost

Gross
unrealized
gains

Gross
unrealized
(losses)

Fair value

March 31, 2020

Available-for-sale

U.S. Treasury security

$
999

$
21

$
—

$
1,020

U.S. Government agencies

2,000

3

—

2,003

Mortgage-backed securities of government agencies

74,328

1,104

(225
)

75,207

Asset-backed securities of government agencies

910

—

(105
)

805

State and political subdivisions

20,648

309

—

20,957

Corporate bonds

8,566

2

(297
)

8,271

Total available-for-sale

107,451

1,439

(627
)

108,263

Held-to-maturity

U.S. Government agencies

3,000

8

—

3,008

Mortgage-backed securities of government agencies

8,242

292

—

8,534

Total held-to-maturity

11,242

300

—

11,542

Equity securities

53

26

—

79

Restricted stock

4,614

—

—

4,614

Total securities

$
123,360

$
1,765

$
(627
)

124,498

December 31, 2019

Available-for-sale

U.S. Treasury security

$
998

$
1

$
—

$
999

U.S. Government agencies

5,500

—

(4
)

5,496

Mortgage-backed securities of government agencies

75,676

326

(145
)

75,857

Asset-backed securities of government agencies

934

—

(17
)

917

State and political subdivisions

21,161

351

(1
)

21,511

Corporate bonds

7,605

23

(262
)

7,366

Total available-for-sale

111,874

701

(429
)

112,146

Held-to-maturity

U.S. Government agencies

4,999

—

(6
)

4,993

Mortgage-backed securities of government agencies

8,870

143

(56
)

8,957

Total held-to-maturity

13,869

143

(62
)

13,950

Equity securities

53

39

—

92

Restricted stock

4,614

—

—

4,614

Total securities

$
130,410

$
883

$
(491
)

$
130,802

The amortized cost and fair value of debt securities aton March 31, ~~2020,~~2021, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)	Amortized cost		Fair value		Amortized cost		Fair value
Available-for-sale
Due in one year or less	$	5,285	$	5,283	$	1,971	$	1,990
Due after one through five years		11,542		11,649		22,506		22,636
Due after five through ten years		18,308		18,465		32,265		32,211
Due after ten years		72,316		72,866		142,969		140,633
Total debt securities available-for-sale	$	107,451	$	108,263	$	199,711	$	197,470
Held-to-maturity
Due after one through five years	$	3,000	$	3,008
Due in one year or less					$	3,425	$	3,425
Due after five through ten years						184		185
Due after ten years		8,242		8,534		4,661		4,800
Total debt securities held-to-maturity	$	11,242	$	11,542	$	8,270	$	8,410

Securities with a fair value of approximately ~~$87.6~~$101.2 million and ~~$80.3~~$91.0 million were pledged aton March 31, ~~2020~~2021 and December 31, ~~2019,~~2020, respectively, to secure public deposits, as well as other deposits and borrowings as required or permitted by law.

Restricted stock primarily consists of investments in Federal Home Loan Bank of Cincinnati (FHLB) and Federal Reserve Bank stock. The Bank’s investment in FHLB stock amounted to approximately $4.1 million aton March 31, ~~2020~~2021 and December 31, ~~2019.~~2020. Federal Reserve Bank stock was $471 thousand aton March 31, ~~2020~~2021 and December 31, ~~2019.~~2020.

There were no0 proceeds from sales of securities for the ~~three month~~three-month periods ~~ending~~ended March 31, ~~2020~~2021 and ~~2019.~~2020. All gains and losses recognized on equity securities during the ~~three month~~three-month periods were unrealized.

The following table presents gross unrealized losses and fair value of securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, aton March 31, ~~2020~~2021 and December 31, ~~2019:~~2020:

	Securities in a continuous unrealized loss position															Securities in a continuous unrealized loss position
	Less than 12 months					12 months or more					Total					Less than 12 months					12 months or more					Total
(Dollars in thousands)	Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value
March 31, 2020
March 31, 2021
Available-for-sale
Mortgage-backed securities of government agencies	$	(208	)	$	27,404	$	(17	)	$	2,496	$	(225	)	$	29,900
Asset-backed securities of government agencies		—			—		(105	)		805		(105	)		805
Corporate bonds		(7	)		3,009		(290	)		3,686		(297	)		6,695
Total temporarily impaired securities	$	(215	)	$	30,413	$	(412	)	$	6,987	$	(627	)	$	37,400
December 31, 2019
Available-for-sale
U.S. Treasury Security																$	(153	)	$	2,772	$	—		$	—	$	(153	)	$	2,772
U.S. Government agencies		—			—	$	(4	)	$	3,496	$	(4	)	$	3,496		(216	)		13,783		—			—		(216	)		13,783
Mortgage-backed securities of government agencies	$	(74	)	$	22,702		(71	)		8,924		(145	)		31,626		(3,192	)		94,563		(16	)		2,314		(3,208	)		96,877
Asset-backed securities of government agencies		—			—		(17	)		917		(17	)		917		—			—		(16	)		812		(16	)		812
State and political subdivisions		—			—		(1	)		653		(1	)		653		(24	)		1,475		—			—		(24	)		1,475
Corporate bonds		—			—		(262	)		3,712		(262	)		3,712		(1	)		1,805		(49	)		952		(50	)		2,757
Held-to-maturity
U.S. Government agencies		—			—		(6	)		4,993		(6	)		4,993
Mortgage-backed securities of government agencies		—			—		(56	)		3,009		(56	)		3,009		(25	)		1,380		—			—		(25	)		1,380
Total temporarily impaired securities	$	(74	)	$	22,702	$	(417	)	$	25,704	$	(491	)	$	48,406	$	(3,611	)	$	115,778	$	(81	)	$	4,078	$	(3,692	)	$	119,856
December 31, 2020
Available-for-sale
Mortgage-backed securities of government agencies																$	(70	)	$	10,808	$	(66	)	$	8,974	$	(136	)	$	19,782
Asset-backed securities of government agencies																	—			—		(11	)		837		(11	)		837
Corporate bonds																	(32	)		1,968		(245	)		3,733		(277	)		5,701
Held-to-maturity																														—
Mortgage-backed securities of government agencies																	(12	)		1,734		—			—		(12	)		1,734
Total temporarily impaired securities																$	(114	)	$	14,510	$	(322	)	$	13,544	$	(436	)	$	28,054

There were ~~twenty-four~~NaN securities in an unrealized loss position aton March 31, ~~2020,~~ ~~nine~~2021, 10 of which were in a continuous loss position for twelve months or more. At least quarterly, the Company conducts a comprehensive security-level impairment assessment. The assessments are based on the nature of the securities, the extent and duration of the securities in an unrealized loss position, the extent and duration of the loss and management’s intent to sell or if it is more likely than not that management will be required to sell a security before recovery of its amortized cost basis, which may be maturity. Management believes the Company will fully recover the cost of these securities. It does not intend to sell these securities and likely will not be required to sell them before the anticipated recovery of the remaining amortized cost basis, which may be maturity. As a result, management concluded that these securities were not other-than-temporarily impaired aton March 31, ~~2020.~~2021.

(Dollars in thousands)	March 31, 2020		December 31, 2019		March 31, 2021			December 31, 2020
Commercial	$	139,964	$	137,114
Commercial ¹					$	172,795		$	191,540
Commercial real estate		192,387		196,748		181,648			187,221
Residential real estate		177,404		174,259		175,877			177,155
Construction & land development		26,516		23,960		36,529			36,038
Consumer		18,598		19,052		17,068			17,916
Total loans before deferred costs		554,869		551,133		583,917			609,870
Deferred loan costs		451		500
Deferred loan (fees) costs, net						(1,203	)		(711	)
Total Loans	$	555,320	$	551,633	$	582,714		$	609,159

¹ Includes $63.6 million and $70.1 million of Paycheck Protection Program loans on March 31, 2021 and December 31, 2020 respectively.

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

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

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

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

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

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

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

Loans serviced for others approximated ~~$88.1~~$125.9 million and ~~$95.7~~$117.5 million aton March 31, ~~2020~~2021 and December 31, ~~2019,~~2020, respectively.

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020 and provided over $2 trillion in economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). As a qualified SBA lender, the Company was automatically authorized to originate PPP loans. The PPP provides loans to small businesses who were affected by economic conditions as a result of COVID-19 to provide cash flow assistance to employers who maintain their payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt during the COVID-19 emergency. The Company had 543 PPP loans with outstanding principal balances of $63.6 million as of March 31, 2021 and 671 PPP loans with balances of $70.1 million outstanding as of December 31, 2020. The PPP loans are 100% guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan is made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the SBA to the Company. PPP loans are included in the Commercial loan category with no allowance for loan losses allocated.

In accordance with the SBA terms and conditions on these PPP loans, as of March 31, 2021 the Company has received approximately $5 million in fees associated with the processing of these loans since the inception of the program.Upon funding of the loans, the fees are deferred and amortized over the life of the loan with the unearned balance fully recognized at the time a loan is forgiven as an adjustment to yield in accordance with FASB ASC 310-20-25-2. As of March 31, 2021 there were $1.8 million in remaining unearned fees on PPP loans outstanding.

Nearly all of the Company’s lending activity occurs within the state of Ohio, including the four counties of Holmes, Stark, Tuscarawas and Wayne, as well as other markets. The majority of the Company’s loan portfolio consists of commercial and commercial real estate loans. As of March 31, ~~2020~~2021, and December 31, ~~2019,~~2020, there were no0 concentrations of loans related to any single industry.

The Company has identified industries that could be at a higher risk due to the COVID-19 pandemic. As of March 31, 2021, the total balance of loans identified to COVID-19 affected businesses was $48 million, with $25 million of those loans to assisted living facilities and $19 million to businesses in the hotel industry.

The following tables detail activity in the allowance for loan losses by portfolio segment for the three months ended March 31, ~~2020~~2021 and ~~2019.~~2020. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

14For the three months ended March 31, 2021, the decrease in the provision for loan losses for commercial loans was primarily related to payoffs of loans in the sawmill industry, which was partially offset by an increase related to provisions for impaired loans. The decrease in provision for the consumer loan category is primarily due to a reduction in delinquencies and historical losses, along with net recoveries for the three-month period. The increase in the provision related to construction loans is primarily due to the uncertainty related to businesses affected by the COVID economic shutdown. The increase in the unallocated portion of the allowance for loan losses is due to the continuing uncertainty from the effects of the pandemic.

For the three-month period ended March 31, 2020 the increased allocation across all categories was primarily

related to worsening economic conditions and the increasing unemployment rate at the end of March 2020 associated with the COVID-19 pandemic.

(Dollars in thousands)	Commercial			Commercial Real Estate		Residential Real Estate			Construction & Land Development		Consumer			Unallocated			Total
Three Months Ended March 31, 2021
Beginning balance	$	1,739		$	3,469	$	1,156		$	756	$	352		$	802		$	8,274
Provision for loan losses		(115	)		20		(23	)		44		(79	)		183			30
Charge-offs		(3	)		—		—			—		(2	)					(5	)
Recoveries		19			—		1			—		19						39
Net recoveries		16			—		1			—		17						34
Ending balance	$	1,640		$	3,489	$	1,134		$	800	$	290		$	985		$	8,338
Three Months Ended March 31, 2020
Beginning balance	$	2,408		$	2,153	$	1,152		$	203	$	481		$	620		$	7,017
Provision for loan losses		212			147		209			52		87			(529	)		178
Charge-offs		(15	)		—		(15	)		—		(57	)					(87	)
Recoveries		4			—		1			—		7						12
Net (charge-offs) recoveries		(11	)		—		(14	)		—		(50	)					(75	)
Ending balance	$	2,609		$	2,300	$	1,347		$	255	$	518		$	91		$	7,120

For the three-month period ended March 31, 2020 the increased allocation across all categories was primarily related to worsening economic conditions and the increasing unemployment rate at the end of March associated with the COVID-19 pandemic.

The decrease in the provision for loan losses for the three months ended March 31, 2019 related to commercial loans was primarily due to a recovery related to one loan relationship which contributed to declining historical losses of loans in this category. The decrease in the provision related to construction and land development loans was primarily due to the decrease in loan balances as construction projects were completed and transferred to permanent financing. The increase in the provision for consumer loans was related to increasing charge-offs as well as an increase in historical losses partially offset by lower delinquencies.(continued)

(Dollars in thousands)

Commercial

Commercial
Real Estate

Residential
Real Estate

Construction
& Land
Development

Consumer

Unallocated

Total

Three months ended March 31, 2020

Beginning balance

$
2,408

$
2,153

$
1,152

$
203

$
481

$
620

$
7,017

Provision for loan losses

212

147

209

52

87

(529
)

178

Charge-offs

(15
)

—

(15
)

—

(57
)

(87
)
Recoveries

4

—

1

—

7

12

Net charge-offs

(11
)

—

(14
)

—

(50
)

(75
)
Ending balance

$
2,609

$
2,300

$
1,347

$
255

$
518

$
91

$
7,120

Three months ended March 31, 2019

Beginning balance

$
2,178

$
1,791

$
1,245

$
258

$
306

$
129

$
5,907

Provision for loan losses

(339
)

17

(24
)

(88
)

83

636

285

Charge-offs

(5
)

—

—

—

(65
)

(70
)
Recoveries

163

-

1

-

1

165

Net (charge-offs) recoveries

158

-

1

-

(64
)

95

Ending balance

$
1,997

$
1,808

$
1,222

$
170

$
325

$
765

$
6,287

The following table presents the balance in the allowance for loan losses and the ending loan balances by portfolio class, based on the impairment method as of March 31, ~~2020~~2021 and December 31, ~~2019:~~2020:

(Dollars in thousands)	Commercial			Commercial Real Estate		Residential Real Estate		Construction		Consumer		Unallocated		Total		Commercial		Commercial Real Estate		Residential Real Estate		Construction		Consumer		Unallocated		Total
March 31, 2020
March 31, 2021
Allowance for loan losses:
Individually evaluated for impairment	$	10		$	18	$	1	$	—	$	—	$	—	$	29	$	527	$	19	$	3	$	—	$	3	$	—	$	552
Collectively evaluated for impairment		2,599			2,282		1,346		255		518		91		7,091		1,113		3,470		1,131		800		287		985		7,786
Total ending allowance balance	$	2,609		$	2,300	$	1,347	$	255	$	518	$	91	$	7,120	$	1,640	$	3,489	$	1,134	$	800	$	290	$	985	$	8,338
Loans:
Loans individually evaluated for impairment	$	2,497		$	2,577	$	834	$	—	$	—			$	5,908	$	2,151	$	2,477	$	830	$	—	$	136			$	5,594
Loans collectively evaluated for impairment		137,467			189,810		176,570		26,516		18,598				548,961		170,644		179,171		175,047		36,529		16,932				578,323
Total ending loans balance	$	139,964		$	192,387	$	177,404	$	26,516	$	18,598			$	554,869	$	172,795	$	181,648	$	175,877	$	36,529	$	17,068			$	583,917
December 31, 2019
December 31, 2020
Allowance for loan losses:
Individually evaluated for impairment	$	16		$	17	$	1	$	—	$	—	$	—	$	34	$	4	$	20	$	1	$	—	$	5	$	—	$	30
Collectively evaluated for impairment		2,392			2,136		1,151		203		481		620		6,983		1,735		3,449		1,155		756		347		802		8,244
Total ending allowance balance	$	2,408		$	2,153	$	1,152	$	203	$	481	$	620	$	7,017	$	1,739	$	3,469	$	1,156	$	756	$	352	$	802	$	8,274
Loans:
Loans individually evaluated for impairment	$	2,555		$	2,637	$	853	$	—	$	14			$	6,059	$	2,560	$	2,875	$	756	$	—	$	141			$	6,059
Loans collectively evaluated for impairment		134,559	��		194,111		173,406		23,960		19,038				545,074		188,980		184,346		176,399		36,038		17,775				603,538
Total ending loans balance	$	137,114		$	196,748	$	174,259	$	23,960	$	19,052			$	551,133	$	191,540	$	187,221	$	177,155	$	36,038	$	17,916			$	609,870

The following table presents loans individually evaluated for impairment by class of loans as of March 31, ~~2020~~2021 and December 31, ~~2019:~~2020:

(Dollars in thousands)	Unpaid Principal Balance		Recorded Investment with no Allowance		Recorded Investment with Allowance		Total recorded investment¹		Related Allowance		Unpaid Principal Balance		Recorded Investment with no Allowance		Recorded Investment with Allowance		Total recorded investment¹		Related Allowance
March 31, 2020
Commercial	$	2,924	$	2,489	$	10	$	2,499	$	10
Commercial real estate		2,921		2,416		170		2,586		18
Residential real estate		1,010		577		259		836		1
Total impaired loans	$	6,855	$	5,482	$	439	$	5,921	$	29
December 31, 2019
March 31, 2021
Commercial	$	2,982	$	2,541	$	16	$	2,557	$	16	$	2,197	$	1,356	$	793	$	2,149	$	527
Commercial real estate		2,952		2,471		176		2,647		17		2,948		2,352		126		2,478		19
Residential real estate		1,024		457		396		853		1		1,002		501		335		836		3
Consumer		14		14		—		14		—		139		12		129		141		3
Total impaired loans	$	6,972	$	5,483	$	588	$	6,071	$	34	$	6,286	$	4,221	$	1,383	$	5,604	$	552
December 31, 2020
Commercial											$	2,604	$	1,965	$	597	$	2,562	$	4
Commercial real estate												3,755		2,673		211		2,884		20
Residential real estate												923		513		247		760		1
Consumer												143		—		146		146		5
Total impaired loans											$	7,425	$	5,151	$	1,201	$	6,352	$	30

The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated.

	Three Months Ended March 31,				Three Months Ended March 31,
(Dollars in thousands)	2020		2019		2021		2020
Average recorded investment:
Commercial	$	2,453	$	861	$	2,025	$	2,453
Commercial real estate		2,556		2,289		3,139		2,556
Residential real estate		846		1,018		810		846
Consumer		9		3		139		9
Average recorded investment in impaired loans	$	5,864	$	4,171	$	6,113	$	5,864
Interest income recognized:
Commercial	$	18	$	13	$	10	$	18
Commercial real estate		2		3		30		2
Residential real estate		10		12		8		10
Consumer						2		—
Interest income recognized on a cash basis on impaired loans	$	30	$	28	$	50	$	30

The following table presents the aging of past due loans and nonaccrual loans as of March 31, ~~2020~~2021 and December 31, ~~2019~~2020 by class of loans:

			Accruing Loans														Accruing Loans
(Dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days + Past Due		Non- Accrual		Total Past Due and Non- Accrual		Total Loans		Current		30-59 Days Past Due		60-89 Days Past Due		90 Days + Past Due		Non- Accrual		Total Past Due and Non- Accrual		Total Loans
March 31, 2020
March 31, 2021
Commercial	$	138,544	$	104	$	—	$	—	$	1,316	$	1,420	$	139,964	$	171,268	$	—	$	—	$	—	$	1,527	$	1,527	$	172,795
Commercial real estate		189,953		80		—		—		2,354		2,434		192,387		181,063		—		—		—		585		585		181,648
Residential real estate		176,176		357		207		2		662		1,228		177,404		175,120		120		—		—		637		757		175,877
Construction & land development		26,516		—		—		—		—		—		26,516		36,200		—		—		—		329		329		36,529
Consumer		18,344		198		21		—		35		254		18,598		16,964		93		—		—		11		104		17,068
Total Loans	$	549,533	$	739	$	228	$	2	$	4,367	$	5,336	$	554,869	$	580,615	$	213	$	—	$	—	$	3,089	$	3,302	$	583,917
December 31, 2019
December 31, 2020
Commercial	$	135,707	$	15	$	—	$	67	$	1,325	$	1,407	$	137,114	$	190,264	$	51	$	—	$	—	$	1,225	$	1,276	$	191,540
Commercial real estate		194,157		186		—		—		2,405		2,591		196,748		185,005		11		—		—		2,205		2,216		187,221
Residential real estate		173,023		264		277		174		521		1,236		174,259		175,812		606		—		49		688		1,343		177,155
Construction & land development		23,960		—		—		—		—		—		23,960		35,721		—		—		—		317		317		36,038
Consumer		18,640		365		—		—		47		412		19,052		17,713		168		22		—		13		203		17,916
Total Loans	$	545,487	$	830	$	277	$	241	$	4,298	$	5,646	$	551,133	$	604,515	$	836	$	22	$	49	$	4,448	$	5,355	$	609,870

All troubled debt restructurings (“~~TDR’s)~~TDRs”) are individually evaluated for impairment and a related allowance is recorded, as needed. Loans whose terms have been modified as TDR’s totaled ~~$2.4~~$3.3 million as of March 31, ~~2020,~~2021, and ~~$2.5~~$2.8 million as of December 31, ~~2019,~~2020, with ~~$18~~$319 thousandof specific reserves allocated to those loans at March 31, ~~2020~~2021 and $30 thousand at December 31, ~~2019,~~2020, respectively. AtOn March 31, ~~2020, $2.1~~ 2021, $3.0

million of the loans classified as TDR’s were performing in accordance with their modified terms. Of the remaining ~~$252~~$307 thousand, all were in nonaccrual of interest status.

Loan modifications considered TDRs completed during the three months ended March 31 were as follows:

(Dollars in thousands)	Number of loans restructured	Pre- Modification Recorded Investment		Post- Modification Recorded Investment		Number of loans restructured	Pre- Modification Recorded Investment		Post- Modification Recorded Investment
For the Three months ended March 31, 2020
Three Months Ended March 31, 2021
Commercial real estate						1	$	1,300	$	1,300
Residential real estate						1		88		88
Total Restructured Loans						2	$	1,388	$	1,388
Three Months Ended March 31, 2020
Commercial	1	$	69	$	69	1	$	69	$	69
Total Restructured Loans	1	$	69	$	69	1	$	69	$	69
For the Three months ended March 31, 2019
Consumer	1	$	17	$	17
Total Restructured Loans	1	$	17	$	17

The loans restructured were modified by changing the monthly payment to interest only and extending the maturity dates. ~~There was one new TDR’s for~~

~~None~~loansrestructured in 2020 have defaulted in first quarter 2021. NaN of the loans restructured in 2019 defaulted in the first quarter of 2020.

There was ~~one loan in the amount of $200 thousand restructured in 2018 that subsequently defaulted in in the first quarter of 2019.~~

~~Other~~0 other real estate owned ~~amounted to one property at $99 thousand at~~on March 31, ~~2020~~2021 and December 31, ~~2019, respectively.~~ 2020.There were ~~$44~~$38 thousand in ~~consumer~~ mortgage loans in the process of foreclosure aton March 31, ~~2020~~2021 and ~~$50~~$21 thousand aton December 31, ~~2019.~~2020. There were no0 other repossessed assets aton March 31, ~~2020~~2021 and December 31, ~~2019.~~2020.

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

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

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

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

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

Loans not meeting the criteria above that are analyzed individually as part of the ~~above described~~above-described process are considered to be pass rated loans. Loans listed as not rated annually are either less than $500 thousand or are included in groups of homogeneous loans. Based on the most recent analysis performed, the risk category of loans by class is as follows as of March 31, ~~2020~~2021 and December 31, ~~2019:~~

(Dollars in thousands)	Pass		Special Mention		Substandard		Doubtful		Not Rated		Total		Pass		Special Mention		Substandard		Doubtful		Not Rated		Total
March 31, 2020
March 31, 2021
Commercial	$	112,315	$	8,402	$	18,190	$	—	$	1,057	$	139,964	$	165,674	$	399	$	4,894	$	—	$	1,828	$	172,795
Commercial real estate		170,352		7,221		13,615		—		1,199		192,387		159,318		1,650		19,437		—		1,243		181,648
Residential real estate		180		—		243		—		176,981		177,404		171		—		38		—		175,668		175,877
Construction & land development		22,626		99		—		—		3,791		26,516		29,701		—		329		—		6,499		36,529
Consumer		—		—		78		—		18,520		18,598		—		—		166		—		16,902		17,068
Total	$	305,473	$	15,722	$	32,126	$	—	$	201,548	$	554,869	$	354,864	$	2,049	$	24,864	$	—	$	202,140	$	583,917
December 31, 2019
December 31, 2020
Commercial	$	110,731	$	15,040	$	10,295	$	—	$	1,048	$	137,114	$	177,620	$	2,352	$	9,644	$	—	$	1,924	$	191,540
Commercial real estate		174,045		11,546		9,994		—		1,163		196,748		161,091		2,545		21,812		—		1,773		187,221
Residential real estate		183		—		237		—		173,839		174,259		174		—		114		—		176,867		177,155
Construction & land development		19,423		104		—		—		4,433		23,960		29,182		—		—		317		6,539		36,038
Consumer		—		—		73		—		18,979		19,052		—		—		105		—		17,811		17,916
Total	$	304,382	$	26,690	$	20,599	$	—	$	199,462	$	551,133	$	368,067	$	4,897	$	31,675	$	317	$	204,914	$	609,870

The following table presents loans that are not rated by class of loans as of March 31, ~~2020~~2021 and December 31, ~~2019.~~2020. Nonperforming loans include loans past due 90 days or more and loans on nonaccrual of interest status.

(Dollars in thousands)	Performing		Non- Performing		Total		Performing		Non- Performing		Total
March 31, 2020
March 31, 2021
Commercial	$	1,057	$	—	$	1,057	$	1,828	$	—	$	1,828
Commercial real estate		1,199		—		1,199		1,243		—		1,243
Residential real estate		176,574		407		176,981		175,031		637		175,668
Construction & land development		3,791		—		3,791		6,499		—		6,499
Consumer		18,520		—		18,520		16,891		11		16,902
Total	$	201,141	$	407	$	201,548	$	201,492	$	648	$	202,140
December 31, 2019
December 31, 2020
Commercial	$	1,048	$	—	$	1,048	$	1,924	$	—	$	1,924
Commercial real estate		1,163		—		1,163		1,773		—		1,773
Residential real estate		173,407		432		173,839		176,278		589		176,867
Construction & land development		4,433		—		4,433		6,539		—		6,539
Consumer		18,979		—		18,979		17,798		13		17,811
Total	$	199,030	$	432	$	199,462	$	204,312	$	602	$	204,914

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

	Remaining Contractual Maturity Overnight and Continuous				Remaining Contractual Maturity Overnight and Continuous
	March 31,		December 31,		March 31,		December 31,
(Dollars in thousands)	2020		2019		2021		2020
Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value	$	40,807	$	39,058	$	39,860	$	37,393
Repurchase agreements		40,605		38,889		39,665		37,215

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

The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of March 31, ~~2020~~2021 and December 31, ~~2019~~2020 by level within the fair value hierarchy. NoNaN liabilities are carried at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost adjusted for impairment and observable price ~~changes.~~changes and are not included in the table below.

(Dollars in thousands)	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
March 31, 2020
March 31, 2021
Assets:
Securities available-for-sale
U.S. Treasury security	$	1,020	$	—	$	—	$	1,020	$	3,780	$	—	$	—	$	3,780
U.S. Government agencies		—		2,003		—		2,003		—		13,783		—		13,783
Mortgage-backed securities of government agencies		—		75,207		—		75,207		—		147,141		—		147,141
Asset-backed securities of government agencies		—		805		—		805		—		812		—		812
State and political subdivisions		—		20,957		—		20,957		—		23,117		—		23,117
Corporate bonds		—		8,271		—		8,271		—		8,837		—		8,837
Total available-for-sale securities	$	1,020	$	107,243	$	—	$	108,263	$	3,780	$	193,690	$	—	$	197,470
Equity securities	$	33	$	—	$	—	$	33	$	54	$	—	$	—	$	54

December 31, 2019
December 31, 2020
Assets:
Securities available-for-sale
U.S. Treasury security	$	999	$	—	$	—	$	999	$	1,011	$	—	$	—	$	1,011
U.S. Government agencies		—		5,496		—		5,496		—		14,006		—		14,006
Mortgage-backed securities of government agencies		—		75,857		—		75,857		—		140,012		—		140,012
Asset-backed securities of government agencies		—		917		—		917		—		837		—		837
State and political subdivisions		—		21,511		—		21,511		—		23,966		—		23,966
Corporate bonds		—		7,366		—		7,366		—		10,606		—		10,606
Total available-for-sale securities	$	999	$	111,147	$	—	$	112,146	$	1,011	$	189,427	$	—	$	190,438
Equity securities	$	46	$	—	$	—	$	46	$	41	$	—	$	—	$	41

The following table presents the assets measured on a nonrecurring basis on the Consolidated Balance Sheets at their fair value as of March 31, ~~2020~~2021 and December 31, ~~2019,~~2020, by level within the fair value hierarchy. An impaired loan is written down to fair value through the establishment of specific reserves or a charge down is taken to reduce the loan to fair value of the collateral (less estimated selling costs) and the loan is included in the following table as a Level III measurement. Techniques used to value the collateral that secure the impaired loans include quoted market prices for identical assets classified as Level I inputs, and observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs.

(Dollars in thousands)	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
March 31, 2020
Assets measured on a nonrecurring basis:
Other real estate owned	$	—	$	—	$	99	$	99

December 31, 2019
March 31, 2021
Assets measured on a nonrecurring basis:
Impaired loans	$	—	$	—	$	553	$	553	$	—	$	—	$	—	$	—
Other real estate owned		—		—		99		99

December 31, 2020
Assets measured on a nonrecurring basis:
Impaired loans									$	—	$	—	$	10	$	10

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value. ~~As of March 31, 2020 there were no impaired loans carried at fair value under the methods described above.~~

The fair values of recognized financial instruments as of March 31, ~~2020~~2021 and December 31, ~~2019~~2020 are as follows:

(Dollars in thousands)	Carrying Value		Level I		Level II		Level III		Fair Value		Carrying Value		Level I		Level II		Level III		Fair Value
March 31, 2020
March 31, 2021
Financial assets
Cash and cash equivalents	$	96,272	$	96,272	$	—	$	—	$	96,272	$	278,910	$	278,910	$	—	$	—	$	278,910
Securities available-for-sale		108,263		1,020		107,243		—		108,263
Securities held-to-maturity		11,242		—		11,542		—		11,542		8,270		—		8,410		—		8,410
Equity securities		79		33		—		46		79
Restricted stock		4,614	N/A		N/A		N/A		N/A			4,614	NA		N/A		N/A		N/A
Loans held for sale		256		256		—		—		256		1,450		1,450		—		—		1,450
Net loans		548,200		—		—		549,544		549,544		574,376		—		—		572,656		572,656
Bank-owned life insurance		19,023		19,023		—		—		19,023		21,566		21,566		—		—		21,566
Accrued interest receivable		1,611		1,611		—		—		1,611		2,086		2,086		—		—		2,086
Mortgage servicing rights		330		—		—		330		330		527		—		—		527		527
Financial liabilities
Deposits	$	671,162	$	544,849	$	—	$	128,022	$	672,871	$	968,569	$	844,098	$	—	$	125,288	$	969,386
Short-term borrowings		40,605		40,605		—		—		40,605		39,665		39,665		—		—		39,665
Other borrowings		6,206		—		—		6,326		6,326		4,564		—		—		4,564		4,564
Accrued interest payable		119		119		—		—		119		84		84		—		—		84

December 31, 2019
December 31, 2020
Financial assets
Cash and cash equivalents	$	102,017	$	102,017	$	—	$	—	$	102,017	$	181,652	$	181,652	$	—	$	—	$	181,652
Securities available-for-sale		112,146		999		111,147		—		112,146
Securities held-to-maturity		13,869		—		13,950		—		13,950		9,045		—		9,225		—		9,225
Equity securities		92		46		—		46		92
Restricted stock		4,614	N/A		N/A		N/A		N/A			4,614	N/A		N/A		N/A		N/A
Loans held for sale		622		622		—		—		622		1,378		1,378		—		—		1,378
Net loans		544,616		—		—		542,981		542,981		600,885		—		—		598,583		598,583
Bank-owned life insurance		18,894		18,894		—		—		18,894		21,416		21,416		—		—		21,416
Accrued interest receivable		1,641		1,641		—		—		1,641		2,159		2,159		—		—		2,159
Mortgage servicing rights		328		—		—		328		328		488		—		—		488		488
Financial liabilities
Deposits	$	683,546	$	555,985	$	—	$	127,440	$	683,425	$	891,562	$	768,230	$	—	$	124,127	$	892,357
Short-term borrowings		38,889		38,889		—		—		38,889		37,215		37,215		—		—		37,215
Other borrowings		6,330		—		—		6,273		6,273		4,664		—		—		4,775		4,775
Accrued interest payable		127		127		—		—		127		90		90		—		—		90

The Company also has unrecognized financial instruments aton March 31, ~~2020~~2021 and December 31, ~~2019.~~2020. These financial instruments relate to commitments to extend credit and letters of credit. The ~~aggregated~~aggregate contract amount of such financial instruments was approximately ~~$207.1~~$224 million aton March 31, ~~2020~~2021 and ~~$211.3~~$228 million aton December 31, ~~2019.~~2020. Such amounts are also considered to be the fair values.

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

The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the three ~~period~~months ended March 31, ~~2020~~2021 and ~~2019:~~2020:

(Dollars in thousands)	Pretax			Tax Effect			After-tax			Pretax			Tax Effect			After-tax
Three months ended March 31, 2020
Balance as of December 31, 2019	$	92		$	(20	)	$	72
Three Months Ended March 31, 2021
Balance, beginning of period										$	1,249		$	(263	)	$	986
Unrealized holding (loss) on available-for-sale securities arising during the period											(3,607	)		758			(2,849	)
Amortization of held-to-maturity discount resulting from transfer											16			(3	)		13
Total other comprehensive loss											(3,591	)		755			(2,836	)
Balance, end of period										$	(2,342	)	$	492		$	(1,850	)
Three Months Ended March 31, 2020
Balance, beginning of period										$	92		$	(20	)	$	72
Unrealized holding gain on available-for-sale securities arising during the period		540			(113	)		427			540			(113	)		427
Amortization of held-to-maturity discount resulting from transfer		14			(3	)		11			14			(3	)		11
Total other comprehensive income		554			(116	)		438			554			(116	)		438
Balance as of March 31, 2020	$	646		$	(136	)	$	510
Three months ended March 31,2019
Balance as of December 31, 2018		(1,786	)		374		$	(1,412	)
Unrealized holding gain on available-for-sale securities arising during the period		749			(157	)		592
Amortization of held-to-maturity discount resulting from transfer		15			(3	)		12
Total other comprehensive income		764			(160	)		604
Balance as of March 31, 2019	$	(1,022	)	$	214		$	(808	)
Balance, end of period										$	646		$	(136	)	$	510

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020, and provides over $2 trillion in economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). As a qualified SBA lender, we were automatically authorized to originate PPP loans. An eligible business can apply for a PPP loan up to the greater of: (1) 2.5 times its average monthly “payroll costs;” or (2) $10 million. PPP loans will have: (a) an interest rate of 1.0%, (b) a two-year loan term to maturity; and (c) principal and interest payments deferred for six months from the date of disbursement. The SBA will guarantee 100% of the PPP loans made to eligible borrowers. The entire principal amount of the borrower’s PPP loan, including any accrued interest, is eligible to be reduced by the loan forgiveness amount under the PPP so long as employee and compensation levels of the business are maintained and 75% of the loan proceeds are used for payroll expenses, with the remaining 25% of the loan proceeds used for other qualifying expenses.

~~As of May 5, 2020, we had disbursed approximately 667 loans for $91.6 million under the PPP.~~

As of May 5, we had modified 213 loans aggregating $65.7 million in loan principal, primarily consisting of three to four months deferral of principal and interest payments, and extension of maturity date. The classifications of loans modified were: 151 commercial loans totaling $61.7 million, 31 residential real estate loans totaling $3.4 million and 31 consumer loans totaling $559 thousand. All of the loans provided modifications were performing in accordance with their terms.

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

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

The following management’s discussion and analysis focuses on the consolidated financial condition of the Company at March 31, ~~2020~~2021 as compared to December 31, ~~2019,~~2020, and the consolidated results of operations for the three ~~month period~~months ended March 31, ~~2020~~2021 compared to the same period in ~~2019.~~2020. The purpose of this discussion is to provide the reader with a more thorough understanding of the Consolidated Financial Statements. This discussion should be read in conjunction with the interim condensed Consolidated Financial Statements and related footnotes contained in Part I, Item 1 of this Quarterly Report.

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

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

Total assets were $~~810 million~~1.1 billion at March 31, ~~2020~~ 2021 as compared to ~~$819 million~~$1.0 billion at December 31, ~~2019.~~2020. During the three ~~month period~~months ended March 31, ~~2020,~~2021, net loans ~~increased $4~~ decreased $27 million. Cash and cash equivalents, and securities ~~decreased $12~~ increased $104 million. Deposits and short-term borrowings ~~decreased $11~~increased $79 million.

Net loans ~~increased $4~~ decreased $27 million, or 1%4%, as ~~combined~~ commercial real estate and construction loans decreased $2$5 million, or ~~-1%~~2%, and residential real estate loans ~~increased $3~~decreased $1 million, or 2%less than 1%, from December 31, ~~2019.~~ 2020.Commercial loans ~~increased $3~~decreased $19 million, or ~~2%,~~ ~~as business lines of credits drew based on normal seasonality.~~10%. Loans originated under SBA Paycheck Protection Program totaled $34 million during first quarter 2021 and $92 million during the first round in 2020. Consumers continued to refinance their mortgage loans for historically low long-term fixed rates while home purchase activity ~~increased~~remained robust despite limited inventory through the first ~~half~~three-months of ~~March~~. 2021. Residential mortgage loan originations for the three months ended March 31, ~~2020~~2021 totaled ~~$13~~$29.6 million, an increase from ~~$12.5~~$13.2 million in originations during the three ~~month period~~months ended March 31, ~~2019.~~ 2020.Originations sold into the secondary market were ~~$4.2~~$13 million and ~~$2.6~~$4 million, respectively during the three ~~month periods~~months ended March 31, ~~2020~~2021 and March 31, ~~2019.~~2020. The Bank originates and sells primarily ~~fixed-rate thirty year~~fixed rate thirty-year mortgages into the secondary market.

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

The allowance for loan losses increased ~~$833 thousand~~$1.2 million from the year ago quarter to ~~$7.1 million or 1.28% of total loans.~~$8.3 million. The Company has not early adopted CECL which has been delayed for smaller reporting companies. ~~Outstanding~~Year over year outstanding loan balances increased 1%5% to ~~$555~~$583 million at March 31, ~~2020~~.2021. Net ~~charge-offs increased to $75~~recoveries were $34 thousand, or an annualized -0.02% of average loans, in the current three-month period compared to the $75 thousand net charge-off, or 0.05% of average loans in the ~~current quarter compared to~~year-ago three-month period. At March 31, 2021, the ~~$95 thousand recovery, or -0.07% in~~allowance for total loans minus the ~~year-ago quarter.~~ SBA guaranteed Payroll Protection loans was 1.61%.We believe the allowance level is appropriate given the low level of problem loans and current composition of the overall loan ~~portfolio.~~ portfolio in the current economic environment.

Nonperforming loans ~~increased~~decreased $1.3 million to $3.1 million, or 0.53%, of total loans from $4.4 million, or 0.79% ~~of total loans from $3.2 million, or 0.58%~~, a year ago. ~~The increase is a result of one commercial real estate credit facility for $1.5 million being placed on nonaccrual status during second quarter 2019.~~ For the three months ~~ending~~ ended March 31, ~~2020~~ 2021 loans totaling ~~$174~~$1.6 million were returned to accrual status, $321 thousand were placed on nonaccrual status, ~~there were $26 thousand in charge-downs recognized,~~ and pay downs of ~~$79~~$45 thousand were received.

	March 31,			December 31,			March 31,			March 31,			December 31,			March 31,
(Dollars in thousands)	2020			2019			2019			2021			2020			2020
Non-performing loans	$	4,369		$	4,539			3,188		$	3,089		$	4,497		$	4,369
Other real estate		99			99			99			—			—			99
Repossessed assets		—			20			15			—			—			—
Allowance for loan losses		7,120			7,017			6,287			8,338			8,274			7,120
Total loans		555,320			551,632			548,220		$	582,714		$	609,159		$	555,320
Allowance for loan losses as a percentage of total loans		1.28	%		1.27	%		1.15	%		1.43	%		1.36	%		1.28	%
Allowance for loan losses to total nonperforming loans	1.6x			1.5x			2.0x			2.7x			1.8x			1.6x

The ratio of gross loans to deposits was ~~82.7%~~60.2% at March 31, ~~2020~~,2021, compared to ~~80.7%~~68.3% at December 31, ~~2019.~~2020.

The Company has no exposure to government-sponsored enterprise preferred stocks, collateralized debt obligations, or trust preferred securities. Management has considered industry analyst reports, sector credit reports, and the volatility within the bond market in concluding that the gross unrealized losses of ~~$627 thousand~~$3.7 million within the available-for-sale and held-to-maturity portfolios as of March 31, ~~2020,~~ ~~were~~2021, was primarily the result of customary and expected fluctuations in the bond market and not necessarily the expected cash flows of the individual securities. As a result, all embedded security ~~impairments~~losses on March 31, ~~2020,~~2021, are considered temporary and no impairment loss relating to these securities has been recognized.

Deposits ~~decreased $12~~increased $77 million, or 2%9%, from December 31, ~~2019~~2020 with ~~noninterest bearing~~noninterest-bearing deposits ~~decreasing~~increasing approximately $9$32 million and interest-bearing deposit accounts ~~decreasing~~increasing approximately $3$45 million. Total deposits as of March 31, ~~2020~~2021 are ~~$64~~$297 million, or 44%, greater than March 31, ~~2019~~2020 deposit balances. On a year over year comparison, increases were recognized in noninterest-bearing demand deposits of ~~$11~~$116 million, interest-bearing demand deposits of ~~$38~~$115 million, money market accounts of $3$21 million, and savings of ~~$6 million,~~$47 million. During 2020 and ~~time~~continuing into 2021, the Bank’s customers increased deposits through cash conservation and stimulus payments as a result of ~~$6 million.~~the COVID-19 pandemic.

Short-term borrowings consisting of overnight repurchase agreements with retail customers increased $1$2.5 million to ~~$41~~$40 million at March 31, ~~2020~~ 2021 as compared to December 31, ~~2019~~2020 and other borrowings decreased ~~$124~~$100 thousandas the Company repaid FHLB advances.

Total shareholders’ equity amounted to ~~$88~~$93.1 million,, or ~~10.8%~~8.4%, of total assets at March 31, ~~2020~~ up2021 a decrease from $93.9 million December 31, ~~2019.~~2020. The ~~increase~~decrease in shareholders’ equity during the three months ~~ending~~ ended March 31, ~~2020~~ 2021 was due to ~~net income of $2.5 million and an increase~~a decrease in accumulated other comprehensive income of ~~$438 thousand offset by~~$2.8 million and dividends declared of ~~$768 thousand.~~$2.3 million. Net income of $2.9 million partially offset the decreases. The Company and the Bank met all regulatory capital requirements at March 31, ~~2020.~~2021.

For the quarters ended March 31, ~~2020~~ 2021 and ~~2019,~~2020, the Company recorded net income of ~~$2.5~~$2.9 million and $2.5 million and ~~$0.91~~$1.05 and ~~$0.93~~$0.91 per share, respectively. The ~~$57~~$402 thousand ~~decrease~~increase in net income for the period was primarily the result of a ~~$95~~$535 thousand ~~decrease~~ ~~in net interest income and an~~ increase ~~of $216 thousand~~ in ~~other noninterest expenses. The decreases were partially offset by an increase of $119 thousand in other~~ noninterest income, a decrease in the provision for loan losses of ~~$107~~$148 thousand, and a ~~$28~~$92 thousand ~~decrease~~increase in net interest income. The increases were partially offset by an increase in noninterest expenses of $274 thousand and a $99 thousand increase in federal income tax ~~provision~~.provision.

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

Return on average assets and return on average equity were ~~1.23%~~1.10% and ~~11.47%~~12.33%, respectively, for the ~~three month~~three-month period of ~~2020,~~2021, compared to ~~1.41%~~1.23% and ~~13.20%~~11.47%, respectively for the same quarter in ~~2019.~~2020.

	For the Three Months Ended March 31,														For the Three Months Ended March 31,
	2020							2019							2021								2020
(Dollars in thousands)	Average balance ¹		Interest		Average rate ²			Average balance ¹		Interest		Average rate ²			Average balance¹		Interest			Average rate²			Average balance¹		Interest			Average rate²
ASSETS
Federal funds sold	$	—	$	—		0.00	%	$	400	$	3		2.53	%
Interest-earning deposits		75,817		239		1.27			26,442		172		2.64		$	203,200	$	46			0.09	%	$	75,817	$	239			1.27	%
Taxable securities		104,474		609		2.34			87,058		586		2.73			181,634		559			1.25			104,474		609			2.34
Tax-exempt securities ⁴		21,186		151		2.87			23,132		170		2.98			23,368		141			2.45			21,186		151			2.87
Loans ^3,4		560,142		6,855		4.92			550,483		7,075		5.21			596,319		6,873			4.67			560,142		6,855			4.92
Total interest-earning assets		761,619		7,854		4.15	%		687,515		8,006		4.72	%		1,004,521		7,619			3.08	%		761,619		7,854			4.15	%
Noninterest-earning assets		50,790							42,666							55,964								50,790
TOTAL ASSETS	$	812,409						$	730,181						$	1,060,485							$	812,409

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand deposits	$	160,932		143		0.36	%		118,844		113		0.39	%	$	252,061	$	87			0.14	%	$	160,932		143			0.36	%
Savings deposits		201,450		128		0.26			188,255		258		0.56			262,828		70			0.11			201,450		128			0.26
Time deposits		127,198		560		1.77			118,961		454		1.55			122,723		381			1.26			127,198		560			1.77
Borrowed funds		43,582		70		0.65			45,403		132		1.18			43,311		35			0.33			43,582		70			0.65
Total interest-bearing liabilities		533,162		901		0.68	%		471,463		957		0.82	%		680,923		573			0.34	%		533,162		901			0.68	%
Noninterest-bearing demand deposits		188,510							177,779							280,451								188,510
Other liabilities		3,647							2,901							4,182								3,647
Shareholders' Equity		87,090							78,038							94,929								87,090
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	812,409						$	730,181						$	1,060,485							$	812,409
Taxable equivalent net interest income			$	6,953						$	7,049						$	7,046							$	6,953
Tax equivalent adjustment																		(38	)							(37	)
Net interest income																	$	7,008							$	6,916
Net interest margin																					2.83	%							3.65	%
Tax equivalent adjustment																					0.02								0.02
Net interest margin-taxable equivalent																					2.85	%							3.67	%
Taxable equivalent net interest spread						3.47	%						3.90	%							2.74	%							3.47	%
Taxable equivalent net interest margin						3.67	%						4.16	%

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

Interest income for the quarter ended March 31, ~~2020~~,2021, was ~~$7.8~~$7.6 million representing a ~~$151~~$236 thousand decrease, or a 2%3% decline, compared to the same period in ~~2019.~~ 2020.This decrease was primarily due to average loan rates decreasing 2925 basis points partially offset by aan average volume increase of ~~$10~~$36 million for the quarter ended March 31, ~~2020~~2021 as compared to the ~~first quarter 2019.~~same period in 2020. Interest expense for the quarter ended March 31, ~~2020~~2021 was ~~$901~~$573 thousand, a decrease of ~~$56~~$328 thousand, or 6%36%, from the same ~~period~~quarter in ~~2019.~~2020. The decrease in interest expense occurred primarily due to a decrease in rates on all ~~deposit~~ liabilities ~~except time deposits~~ for the quarter ended March 31, ~~2020.~~2021, partially offset by increases in the average balances.

For the quarter ended March 31, ~~2020,~~ the2021, the provision for loan losses was ~~$178~~ $30 thousand, compared to a provision of ~~$285~~$178 thousand provision for the same quarter in ~~2019. At December 31, 2019 the allowance had an unallocated reserve portion that was allocated during first quarter 2020 including a qualitative factor for the developing Covid-19 pandemic.~~2020. For more discussion see Financial Condition. The provision for loan losses is determined based on management’s calculation of the adequacy of the allowance for

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

loan losses, which includes provisions for classified loans as well as for the remainder of the portfolio based on historical data, including past ~~charge-ffs~~charge-offs and current economic trends.

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

Noninterest income for the quarter ended March 31, ~~2020,~~ 2021, was ~~$1.3~~$1.9 million, an increase of ~~$119~~$535 thousand, or ~~10%~~40%, compared to the same quarter in ~~2019. Earnings on bank owned life insurance increased $46 thousand for the first quarter 2020 a result of adding policies in 2019.~~ 2020.The gain on the sale of mortgage loans to the secondary market increased by ~~$35~~$373 thousand for the quarter ended March 31, ~~2020~~2021 as additional loan volume was sold into the secondary market.Debit card interchange income increased ~~$28~~$96 thousand,, or 8%26%, with greater fees generated from usage in the first quarter 2021.Earnings on bank owned life insurance increased $21 thousand for the first quarter 2021 a result of adding policies in 2020.Fees from trust and brokerage services ~~increased~~ ~~$6 thousand~~amounted to ~~$230~~$282 thousand for the first quarter ~~2020~~2021, an increase of $52 thousand, or 23%, as compared to the same quarter in ~~2019.~~2020. Service charges on deposit accounts decreased $1$84 thousand, or ~~less than~~ 1%29%, compared to the ~~sam~~esame quarter in ~~2019~~ 2020 primarily from a volume decrease in overdraft fees.

Noninterest expenses for the quarter ended March 31, ~~2020~~ 2021 increased ~~$216~~$274 thousand, or 5%, compared to the first quarter ~~of 2019.~~2020. Salaries and employee benefits increased ~~$126~~$61 thousand, or 4%2%, a result of an increase in capitalization of approximately $214 thousand in salary and benefits expense to deferred loan origination costs related to new commercial and mortgage loan originations. The loan capitalization reductions in salary were partially offset by increases in ~~employees,~~ base ~~salary,~~wage, social security benefits and ~~other benefits.~~incentive accruals. FDIC assessment amounted to $108 thousand as compared to $0 in the first quarter 2020 due to small bank assessment credits. The Ohio financial institutions tax increased ~~$18~~$17 thousand in the first quarter due to the Company’s increased capital base. Marketing and public relations expense ~~increased $10~~decreased $48 thousand, or 9%38%, primarily due to ~~brand recognition initiatives and the opening of a new banking center.~~events being cancelled due to COVID-19. Debit card expenses increased ~~$13~~$31 thousand, or ~~10%~~22%, compared to the first quarter ~~2019~~ 2020 with increased volume. Software expense rose $9$73 thousand quarter over quarter with additional investment. Occupancy expense increased ~~$16~~$34 thousand in ~~2020~~2021 over the first quarter ~~of 2019.~~2020. Professional and director fees decreased $9$35 thousand for the quarter ended March 31, ~~2020~~2021 as compared to the first quarter ~~2019.~~2020. This decrease resulted from a reduction in collection legal fees, a decrease in audit expense as the Company is no longer subject to an internal controls audit opinion from an outside accountant, and directors fees with the decrease of one director.

Federal income tax expense de~~creased $28~~increased $99 thousand,, or 5%17%, for the quarter ended March 31, ~~2020~~ 2021 as compared to the first quarter ~~of 2019.~~2020. The provision for income taxes was ~~$591~~$690 thousand (effective rate of 19%) for the quarter ended March 31, ~~2020~~,2021, compared to ~~$619~~$591 thousand (effective rate of 19%) for the same quarter ended ~~2019.~~2020.

The Company maintained a strong capital position with tangible common equity to tangible assets of ~~10.3%~~ 8.0% at March 31, ~~2020~~2021 compared with ~~9.9%~~8.7% at December 31, ~~2019.~~2020.

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

Failure to meet specified minimum capital requirements could result in regulatory actions by the Federal Reserve or Ohio Division of Financial Institutions that could have a material effect on the Company’s financial condition or results of operations. Management believes there were no material changes to capital resources as presented in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2019.~~2020. As of March 31, ~~2020~~ 2021, the Company and the Bank met all capital adequacy requirements to which they were subject.

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

During October 2019, the federal banking agencies adopted an optional community bank leverage ratio (“CBLR”). Depository institutions and depository institution holding companies, that have less than $10 billion in total consolidated assets and have a tier 1 leverage ratio of greater than 9 percent, are considered qualifying community banking organizations and are eligible to opt into the community bank leverage ratio framework. Additionally, such insured depository institutions are considered to have satisfied the risk-based and leverage capital requirements and will be considered well-capitalized under the rule, effective January 1, 2020. The Company ~~met the well-capitalized ratios under the new standard at both March 31, 2020 and December 31, 2019, but~~ has not elected to opt-in to the CBLR framework as of March 31, ~~2020.~~2021.

	Capital Ratios				Capital Ratios
	March 31, 2020		December 31, 2019		March 31, 2021			December 31, 2020
Common Equity Tier 1 Capital To Risk Weighted Assets
Consolidated		14.5		14.3		16.6	%		15.7	%
Bank		14.3		14.1		16.3	%		15.4	%

Tier 1 Capital To Risk Weighted Assets Ratio
Consolidated		14.5		14.3		16.6	%		15.7	%
Bank		14.3		14.1		16.3	%		15.4	%

Total Capital To Risk Weighted Assets Ratio
Consolidated		15.7		15.5		17.9	%		16.9	%
Bank		15.5		15.3		17.6	%		16.6	%

Tier 1 Leverage Ratio
Consolidated		10.2		10.0		8.6	%		8.7	%
Bank		10.1		9.9		8.4	%		8.5	%

(Dollars in millions)	March 31, 2020		December 31, 2019		Change
(Dollars in thousands)								March 31, 2021			December 31, 2020			Change
Cash and cash equivalents	$	96	$	102	$	(6	)	$	278,910		$	181,652		$	97,258
Available from FHLB		100		97		3			103,808			101,616			2,192
Unpledged AFS securities at fair market value		46		61		(15	)		125,571			130,702			(5,131	)
	$	242	$	260	$	(18	)	$	508,289		$	413,970		$	94,319
Net deposits and short-term liabilities	$	652	$	673	$	(21	)	$	937,809		$	870,498		$	67,311
Liquidity ratio		37.2		38.6					54.2	%		47.6	%
Minimum board approved liquidity ratio		20.0		20.0					20.0			20.0

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

~~The liquidity~~ ~~ratio was 37.2% and 38.6%~~ ~~at March 31, 2020 and December 31, 2019.~~

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

ITEM 3 - QUANTITATIVE AND ~~QUALITATIVE~~QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The COVID-19 pandemic added market risk disclosure which should be read with the disclosures presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, ~~2019.~~ 2020. While 2020 began with increased loan demand and strong employment, the economic picture reversed sharply as coronavirus wreaked havoc and became the lead story by mid-March. A series of emergency health orders for public safety curtailed nonessential activity and had the effect of shutting down vast swaths of Ohio’s economy, resulting in ~~more than 8%~~a peak of approximately one million people on unemployment, or an unemployment rate of 17.6%, in Ohio during April of 2020. By March 2021, Ohio’s ~~active workforce filing for~~ unemployment ~~during~~rate approximated 6%. The bank is based in Holmes County which is reporting the ~~last two weeks of~~lowest unemployment rate in Ohio at 2.4% in March ~~alone. We anticipate that second quarter will be very difficult for many small businesses, organizations~~2021. Of the counties within the bank’s footprint, Stark County reported the highest unemployment rate at 5.4% in March. With vaccination rates rising and ~~households, and are focused on working to address~~government stimulus funds flowing into the ~~financial needs within our primary market areas during this extraordinarily challenging health crisis. This pandemic may affect~~economy, the ~~Company’s employee base which has been dispersed amongst different buildings and home to ensure no one department could be disrupted by illness. The lack of~~Federal Reserve is projecting stronger economic activity ~~layoffs, and illness among businesses may have a material adverse effect on the Company’s business.~~than previously forecasted in December 2020.

Management performs a quarterly analysis of the Company’s interest rate risk over a twenty-four month horizon. The analysis includes two balance sheet models, one based on a static balance sheet and one on a dynamic balance sheet with projected growth in assets and liabilities. All balance sheet positions and interest rate projections are currently within the Company’s board-approved ~~policy.~~policy for the first twelve- month period. For the twenty-four month periods in the rising interest rate scenarios the increase in interest income is favorably above board policy limits.

The following table presents an analysis of the estimated sensitivity of the Company’s annual net interest income to sudden and sustained -200 through +400 basis point changes, in 100 basis point increments, in market interest rates at March 31, ~~2020~~2021 and December 31, ~~2019.~~2020. The net interest income reflected is for the first twelve-month period of the modeled twenty-four month horizon. The underlying balance sheet for illustrative purposes is dynamic with projected growth in assets and liabilities.

March 31, 2020
March 31, 2021													March 31, 2021
(Dollars in thousands)	(Dollars in thousands)												(Dollars in thousands)
Change in Interest Rates (basis points)		Net Interest Income		Dollar Change			Percentage Change			Board Policy Limits				Net Interest Income		Dollar Change			Percentage Change				Board Policy Limits
+400		$	26,615	$	(675	)		(2.5	)	+/- 25		%		$	28,749	$	3,077			12.0		%	+/- 25		%
+300			26,980		(310	)		(1.1	)	+/-15					27,962		2,290			8.9			+/-15
+200			26,969		(321	)		(1.2	)	+/-10					27,186		1,514			5.9			+/-10
+100			27,087		(203	)		(0.7	)	+/-5					26,374		702			2.7			+/-5
0			27,290		—			—			—				25,672		—			—				—
-100			27,177		(113	)		(0.4	)	+/-5					25,622		(50	)		(0.2	)		+/-5
-200			26,800		(490	)		(1.8	)	+/-10					25,228		(444	)		(1.7	)		+/-10

December 31, 2019
December 31, 2020													December 31, 2020
+400		$	30,266	$	1,481			5.1		+/- 25		%		$	28,036	$	2,121			8.2		%	+/- 25		%
+300			29,958		1,173			4.2		+/-15					27,495		1,580			6.1			+/-15
+200			29,599		814			3.0		+/-10					26,969		1,054			4.1			+/-10
+100			29,208		423			1.5		+/-5					26,430		515			2.0			+/-5
0			28,785		—			—			—				25,915		—			—				—
-100			27,955		(830	)		(2.9	)	+/-5					25,767		(148	)		(0.6	)		+/-5
-200			26,767		(2,018	)		(7.0	)	+/-10					25,414		(501	)		(1.9	)		+/-10

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

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

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

There have been no material changes to the Company’s risk factors from those disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, ~~2019,~~2020, other than the COVID-19 developments previously discussed under Item 3 - Quantitative and Qualitative Disclosures About Market Risk in Part I of this report.

On ~~July 7, 2005~~March 2, 2021 CSB Bancorp, Inc. filed Form 8-K with the Commission announcing that its Board of Directors approved a Stock Repurchase Program authorizing the repurchase of up to ~~10%~~5% of the Company’s common shares then outstanding. Repurchases may be made from time to time as market and business conditions warrant, in the open market, through block purchases, and in negotiated private transactions. The prior share repurchase program adopted by the Company in 2005 is terminated. No repurchases were made during the quarterly period ended March 31, ~~2020~~.2021.

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


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

~~Title of each class~~		~~Trading Symbol~~		~~Name of each exchange on which registered~~
~~Common Stock~~		~~CSBB~~		~~OTCPink~~

	Part I - Financial Information

		Page
ITEM 1 –		FINANCIAL STATEMENTS (Unaudited)		3
	Consolidated Balance Sheets		3
	Consolidated Statements of Income		4
	Consolidated Statements of Comprehensive Income		5
	Consolidated Statements of Changes in Shareholders' Equity		6
	Condensed Consolidated Statements of Cash Flows		7
	Notes to Consolidated Financial Statements		8
ITEM 2 –	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	25
ITEM 3 –	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	30
ITEM 4 –	CONTROLS AND PROCEDURES	31

~~ITEM 2 –~~		~~MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS~~		24
~~ITEM 3 –~~		~~QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~		29
~~ITEM 4 –~~		~~CONTROLS AND PROCEDURES~~		30

Part II - Other Information

ITEM1 –		Legal Proceedings		3132
ITEM1A –		Risk Factors		3132
~~ITEM~~2 ITEM2 –		Unregistered Sales of Equity Securities and Use of Proceeds		31
~~ITEM3 –~~		~~Defaults upon Senior Securities~~		31
~~ITEM4 –~~		~~Mine Safety Disclosures~~		31
~~ITEM~~5 –		~~Other Information~~		31
~~ITEM6 –~~		~~Exhibits~~		32
~~Signatures~~ITEM3 –	Defaults upon Senior Securities	32
ITEM4 –	Mine Safety Disclosures	32
ITEM5 –	Other Information	32
ITEM6 –	Exhibits	33
	33Signatures	34

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

Exhibit Number		Description of Document

3.1		Amended Articles of Incorporation of CSB Bancorp, Inc. (incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q filed August 6, 2004, Exhibit 3.1, film number 000-21714).
3.1.1		Amended form of Article Fourth of Amended Articles of Incorporation, as effective April 9, 1998 (incorporated by reference to registrant’s Annual Report on Form 10-K filed on March 30, 1999, Exhibit 3.1.1, file number 000-21714).
3.2		Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to the Registrant’s Form 10-SB).

3.2.1		Amended Article VIII of the Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form DEF 14a filed on March 25, 2009, Appendix A, film number 09703970).
3.2.2		Amended Article II of the Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form DEF 14a file on March 16, 2021, Appendix A, file number 000-21714.

4.0		Description of Capital Stock (incorporated by reference to registrants Annual Report on Form 10-K filed on March 16, 2020, Exhibit 4.0, file number 000-21714).

11		Statement Regarding Computation of Per Share Earnings.

31.1		Rule 13a-14(a)/15d-14(a) Chief Executive Officer’s Certification.

31.2		Rule 13a-14(a)/15d-14(a) Chief Financial Officer’s Certification.

32.1		Section 1350 Chief Executive Officer’s Certification.

32.2		Section 1350 Chief Financial Officer’s Certification.

101		The following ~~materials~~financial statements from the ~~Company’s~~Company's Quarterly Report on Form 10-Q for the quarter ended March 31, ~~2020~~2021, formatted in ~~XBRL (extensible Business Reporting Language):~~Inline XBRL: (i) Consolidated Balance ~~Sheets:~~Sheets, (ii) Consolidated Statements of ~~Income:~~Net Loss and Comprehensive Loss , (iii) Consolidated Statements of ~~Comprehensive Income:~~Stockholders' Equity, (iv) Consolidated Statements of ~~Changes in Shareholders’ Equity:~~Cash Flows, and (v) ~~Condensed Consolidated Statements of Cash Flows: and (vi)~~ Notes to Consolidated Financial ~~Statements.~~Statements, tagged as blocks of text and including detailed tags.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


~~Common stock, $6.25 par value~~	~~Outstanding at~~ ~~May 1, 2020,~~ ~~2,742,350 common shares~~

		CSB BANCORP, INC.
		(Registrant)


Date:	May ~~8, 2020~~10, 2021	/s/ Eddie L. Steiner
		Eddie L. Steiner
		President
		Chief Executive Officer


Date:	May ~~8, 2020~~10, 2021	/s/ Paula J. Meiler
		Paula J. Meiler
		Senior Vice President
		Chief Financial Officer

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company