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Section 1: 8-K (8-K EARNINGS RELEASE)

csbb-8k_20200721.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

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

Date of Report (Date of earliest event reported) July 21, 2020

CSB Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

Ohio

0-21714

34-1687530

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

91 North Clay Street, P.O. Box 232,

Millersburg, Ohio

44654

(Address of Principal Executive Offices)

(Zip Code)

 

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

Not Applicable

(Former Name or former address if changed since last report)

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

[  ]   Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

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

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

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

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $6.25 per share

 

CSBB

 

OTC-PINK

 

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

Emerging growth company [   ]

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


ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 21, 2020, CSB Bancorp, Inc. issued a press release announcing its earnings for the three-month period ended June 30, 2020. A copy of this press release and related financial tables are furnished herein as Exhibit 99.1.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

( c ) Exhibits

 

99.1

Press release and Quarterly Report for CSB Bancorp, Inc. for the quarter ended June 30, 2020.

 


SIGNATURES

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

 

 

 

 

CSB Bancorp, Inc.

 

By:  

/s/ Paula J. Meiler

 

 

Paula J. Meiler 

Date: July 21, 2020 

 

Senior Vice President and Chief Financial Officer 

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

csbb-ex991_9.htm

Exhibit 99.1

 

CSB BANCORP, INC. REPORTS SECOND QUARTER EARNINGS

 

Second Quarter Highlights

 

 

 

Quarter Ended June 30, 2020

 

 

 

Quarter Ended June 30, 2019

 

Diluted earnings per share

 

$

0.95

 

 

 

$

0.94

 

Net Income

 

$

2,606,000

 

 

 

$

2,586,000

 

Return on average common equity

 

 

11.72

%

 

 

 

12.91

%

Return on average assets

 

 

1.15

%

 

 

 

1.39

%

 

 

Millersburg, Ohio – July 21, 2020 – CSB Bancorp, Inc. (OTC Pink: CSBB) today announced second quarter 2020 net income of $2,606,000, or $.95 per basic and diluted share, as compared to $2,586,000, or $.94 per basic and diluted share, for the same period in 2019.  Income before federal income tax amounted to $3,227,000, an increase of 1% over the same quarter in the prior year. For the six-month period ended June 30, 2020 net income totaled $5,089,000 compared to $5,126,000 for the same period last year, a decrease of less than 1%.  

 

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 11.72% and 1.15%, respectively, compared with 12.91% and 1.39% for the second quarter of 2019.

 

Eddie Steiner, President and CEO stated, “Second quarter results were significantly impacted by direct and indirect influences of COVID-19.  The Company issued over $90 million in SBA Paycheck Protection Program (“PPP”) loans to help offset economic damage from the pandemic health emergency, accepted record deposit growth as businesses and households conserved expenses, and recorded all-time high home mortgage volumes fueled by significant refinance activity as mortgage rates dropped to historic lows in response to the Federal Reserve’s “near zero bound” interest rate policy.  While these actions resulted in lower margins and deployment of significant resources, we remain invested in responding to the significant market needs created by the dual health and financial crisis.”

 

Net interest income and noninterest income, on a fully taxable equivalent basis, totaled $8.7 million during the quarter, an increase of $265 thousand from the prior-year second quarter.   Net interest income decreased $59 thousand, or 1%, in the second quarter of 2020 compared to the same period in 2019.

 

Loan interest income including fees decreased $80 thousand during second quarter 2020 as compared to the same quarter in 2019, a decrease of 1%. Average total loan balances during the current quarter were $74 million higher than the year ago quarter, an increase of 13%.  Loan yields for second quarter 2020 averaged 4.60%, a decrease of 66 basis points from the 2019 second quarter average of 5.26%.

 

The net interest margin was 3.29% compared to 4.08% for second quarter 2019. The tax equivalency effect on the margin remained stable at 0.02% in the comparable second quarters.

 

Due to COVID factors, an increased provision for loan losses of $717 thousand was recognized for the second quarter ended June 30, 2020 as compared to $285 thousand for the prior year quarter.  The extent of credit quality degradation and resultant losses will not be discernable until emergency stimulus provided by the Federal government and agencies is exhausted, the disease runs its course through health-ordered curtailments and the related impact on employment levels, and damage to household and business balance sheets can be fully measured.  Additional COVID-19 related provisions may be necessary in future quarters.  


 

Noninterest income increased 25%, compared to second quarter of 2019, fueled by growth in gain on sale of real estate loans into the secondary market, increases in debit card fee income, and bank owned life insurance values. These increases were partially offset by decreases in service charges on deposit accounts as both consumer and business accounts maintained increased deposit balances from government stimulus payments and loans provided by the bank within the PPP.  

 

Noninterest expense decreased 4% from second quarter 2019.   Salary and employee benefit costs decreased $239 thousand, or 8%, compared to the prior year quarter, as a result of the capitalization of wage expense approximating $330 thousand associated with the origination of the PPP loans.  Marketing and public relations decreased by $73 thousand, or 53%, reflecting the pandemic-related shut down of activities in second quarter 2020. The Company’s second quarter efficiency ratio decreased to 54.1% compared to 58.0%.

 

Federal income tax expense totaled $621 thousand in second quarter 2020, as compared to $613 thousand tax expense for the same quarter in 2019. The effective tax rate approximated 19% in both periods.

 

Average total assets during the quarter amounted to $913 million, an increase of $167 million, or 22%, above the same quarter of the prior year.  Liquidity increased as the Company’s average interest-bearing balances with banks increased $78 million during the quarter to $118 million as compared to the second quarter in 2019. Average loan balances of $622 million increased $74 million, or 13%, from the prior year second quarter while average securities balances of $121 million increased $10 million, or 9%, as compared to second quarter 2019.

 

Average commercial loan balances for the quarter, including commercial real estate, increased $69 million, or 19%, from prior year levels. This amount includes $72 million in new PPP average balances in the quarter. Average residential mortgage balances including home equity lines of credit increased $6 million, or 3%, over the prior year’s quarter.  Average consumer credit balances decreased $908 thousand, or 5%, versus the same quarter of the prior year.  

 

Nonperforming assets decreased $115 thousand from June 30, 2019 to $4.5 million, or 0.70%, of total loans plus other real estate at June 30, 2020.  At June 30, 2020, approximately $1.1 million of the non-performing loan total is guaranteed by either USDA or the SBA.  Delinquent loan balances as of June 30, 2020 decreased to 0.73% of total loans as compared to 1.04% at June 30, 2019.   

 

Net loan losses recognized during second quarter 2020 were $3 thousand, or 0.00% annualized, compared to second quarter 2019 net loan losses of $35 thousand. The allowance for loan losses amounted to 1.23% of total loans at June 30, 2020 as compared to 1.19% at June 30, 2019. The allowance for loan losses as a percentage of total loans minus PPP loans was 1.44% at June 30, 2020.

 

Average deposit balances grew on a quarter over prior year quarter comparison by $150 million, or 24%.  For the second quarter 2020, the average cost of deposits amounted to 0.35%, as compared to 0.60% for the second quarter 2019.  During the second quarter 2020, increases in average deposit balances over the prior year quarter included noninterest-bearing demand accounts of $59 million, interest-bearing transaction accounts of $89 million, and time deposits of $2 million. The average balance of securities sold under repurchase agreement during the second quarter of 2020 increased by $6 million, or 16%, compared to the average for the same period in the prior year.

 

Shareholders’ equity totaled $90.0 million on June 30, 2020 with 2.7 million common shares outstanding.  The equity to assets ratio amounted to 9.3% on June 30, 2020 and 10.9% on June 30, 2019.  The Company declared a second quarter dividend of $0.28 per share, a $.02 per share increase over second quarter 2019, producing an annualized yield of 3.5% based on the June 30, 2020 closing price of $32.00.



 

Cares Act and related events

On March 27, 2020 the Cares Act, a $2.3 trillion emergency federal relief bill, was signed into law.  The relief effort included SBA’s PPP for qualifying businesses, and subsequent actions by Congress enlarged and extended the PPP as well as additional emergency relief programs.  We have facilitated and funded more than 750 of these government assistance loans and continue to offer this relief lending program within our market area.  We expect the majority of the PPP loan dollars will ultimately qualify for borrower forgiveness under the guidelines of the SBA program.  We have also extended loan modifications to qualifying commercial and consumer loan customers to deal with the uncertainty of the economy.  A customer can request relief from their total payment or place their obligation on interest only for a period of 3-4 months, with maturities extended on these modified loans.  As of June 30, 2020, we have modified $63 million of term commercial loans and $4 million of consumer loans.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $965 million as of June 30, 2020. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with sixteen banking centers in Holmes, Wayne, Tuscarawas, and Stark counties and Trust offices located in Millersburg, North Canton, and Wooster, Ohio.  

Forward-Looking Statement

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

 

Contact Information:

Paula J. Meiler, SVP & CFO

330.763.2873

[email protected]

 


CSB BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

(Unaudited)

 

Quarters

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

 

2020

 

 

2019

 

 

EARNINGS

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

6 months

 

 

6 months

 

 

Net interest income FTE (a)

$

 

7,048

 

$

 

6,953

 

$

 

7,168

 

$

 

7,228

 

$

 

7,111

 

$

 

14,001

 

$

 

14,160

 

 

Provision for loan losses

 

 

717

 

 

 

178

 

 

 

285

 

 

 

285

 

 

 

285

 

 

 

895

 

 

 

570

 

 

Other income

 

 

1,641

 

 

 

1,343

 

 

 

1,451

 

 

 

1,440

 

 

 

1,313

 

 

 

2,984

 

 

 

2,537

 

 

Other expenses

 

 

4,709

 

 

 

5,007

 

 

 

5,079

 

 

 

4,999

 

 

 

4,900

 

 

 

9,716

 

 

 

9,691

 

 

FTE adjustment (a)

 

 

36

 

 

 

37

 

 

 

39

 

 

 

40

 

 

 

40

 

 

 

73

 

 

 

78

 

 

Net income

 

 

2,606

 

 

 

2,483

 

 

 

2,593

 

 

 

2,695

 

 

 

2,586

 

 

 

5,089

 

 

 

5,126

 

 

Diluted earnings per share

 

 

0.95

 

 

 

0.91

 

 

 

0.95

 

 

 

0.98

 

 

 

0.94

 

 

 

1.86

 

 

 

1.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA)

 

 

1.15

 

%

 

1.23

 

%

 

1.27

 

%

 

1.38

 

%

 

1.39

 

%

 

1.19

 

%

 

1.40

 

%

Return on average common equity (ROE)

 

 

11.72

 

 

 

11.47

 

 

 

12.13

 

 

 

12.89

 

 

 

12.91

 

 

 

11.60

 

 

 

13.05

 

 

Net interest margin FTE (a)

 

 

3.29

 

 

 

3.67

 

 

 

3.73

 

 

 

3.95

 

 

 

4.08

 

 

 

3.47

 

 

 

4.12

 

 

Efficiency ratio

 

 

54.05

 

 

 

60.08

 

 

 

58.74

 

 

 

57.52

 

 

 

57.96

 

 

 

58.00

 

 

 

57.86

 

 

Number of full-time equivalent employees

 

 

169

 

 

 

172

 

 

 

171

 

 

 

175

 

 

 

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

32.81

 

$

 

31.95

 

$

 

31.17

 

$

 

30.49

 

$

 

29.70

 

 

 

 

 

 

 

 

 

 

Period-end common share mkt value

 

 

32.00

 

 

 

35.00

 

 

 

40.97

 

 

 

38.67

 

 

 

40.45

 

 

 

 

 

 

 

 

 

 

Market as a % of book

 

 

97.53

 

%

 

109.55

 

%

 

131.44

 

%

 

126.83

 

%

 

136.20

 

%

 

 

 

 

 

 

 

 

Price-to-earnings ratio

 

 

8.44

 

 

 

9.26

 

 

 

10.78

 

 

 

10.28

 

 

 

11.05

 

 

 

 

 

 

 

 

 

 

Cash dividends/common share

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.26

 

$

 

0.56

 

$

 

0.52

 

 

Common stock dividend payout ratio

 

 

29.47

 

%

 

30.77

 

%

 

29.47

 

%

 

28.57

 

%

 

27.66

 

%

 

30.11

 

%

 

27.81

 

%

Average basic common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,296

 

 

Average diluted common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,296

 

 

Period end common shares outstanding

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

 

 

 

 

 

 

 

Common shares repurchased

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

 

Common stock market capitalization

$

 

87,755

 

$

 

95,982

 

$

 

112,354

 

$

 

106,047

 

$

 

110,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

17

 

$

 

86

 

$

 

59

 

$

 

75

 

$

 

54

 

$

 

103

 

$

 

124

 

 

Net (recoveries) charge-offs

 

 

3

 

 

 

74

 

 

 

44

 

 

 

46

 

 

 

35

 

 

 

77

 

 

 

(60

)

 

Allowance for loan losses

 

 

7,835

 

 

 

7,120

 

 

 

7,017

 

 

 

6,776

 

 

 

6,537

 

 

 

 

 

 

 

 

 

 

Nonperforming assets (NPAs)

 

 

4,481

 

 

 

4,468

 

 

 

4,659

 

 

 

4,518

 

 

 

4,596

 

 

 

 

 

 

 

 

 

 

Net charge-off (recovery) /average loans ratio

 

 

0.00

 

%

 

0.05

 

%

 

0.03

 

%

 

0.03

 

%

 

0.03

 

%

 

0.03

 

%

 

(0.02

)

%

Allowance for loan losses/period-end loans

 

 

1.23

 

 

 

1.28

 

 

 

1.27

 

 

 

1.20

 

 

 

1.19

 

 

 

 

 

 

 

 

 

 

NPAs/loans and other real estate

 

 

0.70

 

 

 

0.80

 

 

 

0.84

 

 

 

0.80

 

 

 

0.83

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses/nonperforming loans

 

 

178.78

 

 

 

162.97

 

 

 

154.55

 

 

 

153.35

 

 

 

145.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

8.90

 

%

 

10.28

 

%

 

9.91

 

%

 

10.07

 

%

 

10.28

 

%

 

 

 

 

 

 

 

 

Average equity to assets

 

 

9.79

 

 

 

10.72

 

 

 

10.43

 

 

 

10.72

 

 

 

10.77

 

 

 

 

 

 

 

 

 

 

Average equity to loans

 

 

14.38

 

 

 

15.55

 

 

 

15.29

 

 

 

14.95

 

 

 

14.66

 

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

80.95

 

 

 

82.61

 

 

 

81.62

 

 

 

86.18

 

 

 

88.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

912,875

 

$

 

812,409

 

$

 

812,481

 

$

 

773,481

 

$

 

745,658

 

$

 

862,629

 

$

 

738,002

 

 

Earning assets

 

 

860,838

 

 

 

761,619

 

 

 

763,244

 

 

 

725,615

 

 

 

699,229

 

 

 

811,229

 

 

 

693,404

 

 

Loans

 

 

621,710

 

 

 

560,142

 

 

 

554,556

 

 

 

554,956

 

 

 

547,981

 

 

 

590,926

 

 

 

549,225

 

 

Deposits

 

 

767,988

 

 

 

678,090

 

 

 

679,473

 

 

 

643,981

 

 

 

617,558

 

 

 

723,039

 

 

 

610,736

 

 

Shareholders' equity

 

 

89,404

 

 

 

87,090

 

 

 

84,777

 

 

 

82,948

 

 

 

80,338

 

 

 

88,247

 

 

 

79,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

965,179

 

$

 

810,041

 

$

 

818,683

 

$

 

786,792

 

$

 

750,252

 

 

 

 

 

 

 

 

 

 

Earning assets

 

 

913,813

 

 

 

757,769

 

 

 

767,345

 

 

 

734,859

 

 

 

704,738

 

 

 

 

 

 

 

 

 

 

Loans

 

 

636,799

 

 

 

555,320

 

 

 

551,633

 

 

 

566,213

 

 

 

550,612

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

815,961

 

 

 

671,162

 

 

 

683,546

 

 

 

658,119

 

 

 

623,328

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

89,967

 

 

 

87,629

 

 

 

85,476

 

 

 

83,614

 

 

 

81,458

 

 

 

 

 

 

 

 

 

 

 

 

NOTES:

 

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


CSB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 

June 30,

 

 

 

June 30,

 

(Dollars in thousands, except per share data)

 

2020

 

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

 

17,259

 

 

$

 

15,214

 

Interest-earning deposits in other banks

 

 

156,566

 

 

 

 

42,063

 

Total cash and cash equivalents

 

 

173,825

 

 

 

 

57,277

 

Securities

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

103,202

 

 

 

 

86,297

 

Held-to-maturity

 

 

10,871

 

 

 

 

19,657

 

Equity securities

 

 

83

 

 

 

 

87

 

Restricted stock, at cost

 

 

4,614

 

 

 

 

4,614

 

Total securities

 

 

118,770

 

 

 

 

110,655

 

Loans held for sale

 

 

1,678

 

 

 

 

409

 

Loans

 

 

636,799

 

 

 

 

550,612

 

Less allowance for loan losses

 

 

7,835

 

 

 

 

6,537

 

Net loans

 

 

628,964

 

 

 

 

544,075

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

12,593

 

 

 

 

11,638

 

Goodwill and core deposit intangible

 

 

4,802

 

 

 

 

4,863

 

Bank owned life insurance

 

 

19,153

 

 

 

 

16,760

 

Accrued interest receivable and other assets

 

 

5,394

 

 

 

 

4,575

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

 

965,179

 

 

$

 

750,252

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

 

254,868

 

 

$

 

180,766

 

Interest-bearing

 

 

561,093

 

 

 

 

442,562

 

Total deposits

 

 

815,961

 

 

 

 

623,328

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

43,865

 

 

 

 

35,474

 

Other borrowings

 

 

9,865

 

 

 

 

6,576

 

Accrued interest payable and other liabilities

 

 

5,521

 

 

 

 

3,416

 

Total liabilities

 

 

875,212

 

 

 

 

668,794

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

Common stock, $6.25 par value. Authorized

 

 

 

 

 

 

 

 

 

9,000,000 shares; issued 2,980,602 shares

 

 

 

 

 

 

 

 

 

in 2020 and 2019

 

 

18,629

 

 

 

 

18,629

 

Additional paid-in capital

 

 

9,815

 

 

 

 

9,815

 

Retained earnings

 

 

65,293

 

 

 

 

57,988

 

Treasury stock at cost - 238,252 shares in 2020

 

 

 

 

 

 

 

 

 

and  2019

 

 

(4,780

)

 

 

 

(4,780

)

Accumulated other comprehensive income (loss)

 

 

1,010

 

 

 

 

(194

)

Total shareholders' equity

 

 

89,967

 

 

 

 

81,458

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

965,179

 

 

$

 

750,252

 


CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

 

 

Six months ended

 

(Unaudited)

 

June 30,

 

 

 

June 30,

 

(Dollars in thousands, except per share data)

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

 

7,105

 

 

$

 

7,185

 

 

$

 

13,955

 

 

$

 

14,257

 

Taxable securities

 

 

481

 

 

 

 

584

 

 

 

 

1,090

 

 

 

 

1,171

 

Nontaxable securities

 

 

114

 

 

 

 

134

 

 

 

 

233

 

 

 

 

268

 

Other

 

 

31

 

 

 

 

218

 

 

 

 

270

 

 

 

 

393

 

Total interest and dividend income

 

 

7,731

 

 

 

 

8,121

 

 

 

 

15,548

 

 

 

 

16,089

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

673

 

 

 

 

921

 

 

 

 

1,504

 

 

 

 

1,746

 

Other

 

 

46

 

 

 

 

129

 

 

 

 

116

 

 

 

 

261

 

Total interest expense

 

 

719

 

 

 

 

1,050

 

 

 

 

1,620

 

 

 

 

2,007

 

Net interest income

 

 

7,012

 

 

 

 

7,071

 

 

 

 

13,928

 

 

 

 

14,082

 

Provision for loan losses

 

 

717

 

 

 

 

285

 

 

 

 

895

 

 

 

 

570

 

Net interest income after provision