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Section 1: 8-K (8-K EARNINGS RELEASE 12.31.19)

csbb-8k_20200124.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) January 24, 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 January 24, 2020, CSB Bancorp, Inc. issued a press release announcing its earnings for the three-month period ended December 31, 2019.  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 December 31, 2019.

 


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: January 24, 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 FOURTH QUARTER EARNINGS

 

Fourth Quarter Highlights

 

 

 

Quarter Ended December 31, 2019

 

 

 

Quarter Ended December 31, 2018

 

Diluted earnings per share

 

$

0.95

 

 

 

$

0.91

 

Net Income

 

$

2,593,000

 

 

 

$

2,492,000

 

Return on average common equity

 

 

12.13

%

 

 

 

13.20

%

Return on average assets

 

 

1.27

%

 

 

 

1.36

%

 

Millersburg, Ohio – January 24, 2020 – CSB Bancorp, Inc. (OTC Pink: CSBB) today announced fourth quarter 2019 net income of $2,593,000, or $.95 per basic and diluted share, as compared to $2,492,000, or $.91 per basic and diluted share, for the same period in 2018. Income before federal income tax amounted to $3,216,000, an increase of 3% over the same quarter in the prior year. For the twelve-month period ended December 31, 2019 net income totaled $10,414,000 compared to $9,412,000 in the same period last year, an increase of 11%.

 

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 12.13% and 1.27%, respectively, compared with 13.20% and 1.36% for the fourth quarter of 2018.

 

Eddie Steiner, President and CEO stated, “The business sector has become somewhat more cautious in outlook as uncertainties related to trade policy, slowing global economies, and continued difficulties in retail and agriculture weigh on forward-looking perspectives. The commercial lending environment is very competitive as banks and non-bank lenders vie over softer loan demand and accelerating prepayments.  Consumer sentiment remains upbeat given steady job and wage conditions, and attractive interest rates have led to stronger home mortgage loan demand.”  

 

Revenue, calculated as Net interest income and noninterest income on a fully taxable equivalent basis, totaled $8.6 million during the quarter, a 5% increase from the prior-year fourth quarter.   Net interest income increased $219 thousand, or 3%, in the fourth quarter of 2019 compared to the same period in 2018.

 

Loan interest income including fees increased $180 thousand during fourth quarter 2019 as compared to the same quarter in 2018, an increase of 3%. Average total loan balances during the current quarter were $13 million higher than the year ago quarter, an increase of 2%.  Loan yields for fourth quarter 2019 averaged 5.05%, an increase of 2 basis points from the 2018 fourth quarter average of 5.03%.

 

The net interest margin was 3.73% compared to 4.01% for fourth quarter 2018 as the average yield was down 27 basis points on assets while the average cost to fund those assets was up 1 basis point.

 

Noninterest income increased 14%, compared to fourth quarter of 2018, driven by growth in gain on sale of loans, debit card fee income, increases in bank owned life insurance values, and service charges on deposit accounts.

 

Noninterest expense increased 7% from fourth quarter 2018. Salary and employee benefit costs increased $178 thousand, or 7% compared to the prior year quarter, as a result of higher wage and 401(k) retirement expenses. Professional and director’s fees increased by $89 thousand, or 32%, reflecting higher technology investment to further improve network infrastructure in support of company growth.  Communication system expenses increased by $29 thousand, or 39%, reflecting additional redundant connectivity within the operations center. The Company’s fourth quarter efficiency ratio increased slightly to 58.7% with a slowing of loan growth affecting interest margins as a greater percentage of assets remained in short term investments.

 

Federal income tax expense totaled $623 thousand in fourth quarter 2019, as compared to $619 thousand tax expense for the same quarter in 2018. The effective tax rate reduced slightly to 19% in 2019.

 

Average total assets during the quarter amounted to $812 million, an increase of $85 million, or 12%, above the same quarter of the prior year.  Average loan balances of $555 million increased $13 million, or 2%, from the prior year fourth quarter while average securities balances of $117 million increased $4 million, or 3%, as compared to fourth quarter 2018.  Average overnight funds sold increased $59 million, or 185%, compared to fourth quarter 2018 as average deposits grew by 13%.  


 

Average commercial loan balances for the quarter, including commercial real estate, increased $2 million, or less than 1%, from prior year levels.  Average residential mortgage balances including home equity lines of credit increased $10 million, or 6%, over the prior year’s quarter.  Average consumer credit balances remained stable in fourth quarter 2019 versus the same quarter of the prior year.  

 

Nonperforming assets increased $1.2 million from December 31, 2018 to $4.7 million, or 0.84%, of total loans plus other real estate at December 31, 2019. The increase in nonperforming assets reflects various commercial loans experiencing economic stress. At December 31, 2019, approximately $1.1 million of the non-performing loan total is guaranteed by either USDA or the SBA.  Delinquent loan balances as of December 31, 2019 increased to 1.02% of total loans as compared to 0.84% at December 31, 2018.

 

Net loan losses recognized during fourth quarter 2019 were $44 thousand, or 0.03% annualized, compared to fourth quarter 2018 net loan losses of $641 thousand. The allowance for loan losses amounted to 1.27% of total loans at December 31, 2019 as compared to 1.08% at December 31, 2018.

 

Average deposit balances grew on a quarter over prior year quarter comparison by $77 million, or 13%, partially on the strength of customer response to higher rates paid on deposits. For the fourth quarter 2019, the average cost of deposits amounted to 0.52%, as compared to 0.48% for the fourth quarter 2018. During the fourth quarter 2019, increases in average deposit balances over the prior year quarter included non-interest-bearing demand accounts of $22 million, interest-bearing transaction accounts of $45 million, and time deposits of $15 million. The average balance of securities sold under repurchase agreement during the fourth quarter of 2019 decreased by less than $1 million, or 2%, compared to the average for the same period in the prior year.

 

Shareholders’ equity totaled $85.5 million on December 31, 2019 with 2.7 million common shares outstanding.  The tangible equity to assets ratio amounted to 9.9% on December 31, 2019 and 9.9% on December 31, 2018.  The Company declared a fourth quarter dividend of $0.28 per share, a $.02 per share increase over fourth quarter 2018, producing an annualized yield of 2.7% based on the December 31, 2019 closing price of $40.97.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $819 million as of December 31, 2019. 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)

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

EARNINGS

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

12 months

 

 

12 months

 

 

Net interest income FTE (a)

$

 

7,168

 

$

 

7,228

 

$

 

7,111

 

$

 

7,049

 

$

 

6,934

 

$

 

28,556

 

$

 

26,913

 

 

Provision for loan losses

 

 

285

 

 

 

285

 

 

 

285

 

 

 

285

 

 

 

344

 

 

 

1,140

 

 

 

1,316

 

 

Other income

 

 

1,451

 

 

 

1,440

 

 

 

1,313

 

 

 

1,224

 

 

 

1,270

 

 

 

5,428

 

 

 

4,758

 

 

Other expenses

 

 

5,079

 

 

 

4,999

 

 

 

4,900

 

 

 

4,791

 

 

 

4,725

 

 

 

19,769

 

 

 

18,518

 

 

FTE adjustment (a)

 

 

39

 

 

 

40

 

 

 

40

 

 

 

38

 

 

 

24

 

 

 

157

 

 

 

162

 

 

Net income

 

 

2,593

 

 

 

2,695

 

 

 

2,586

 

 

 

2,540

 

 

 

2,492

 

 

 

10,414

 

 

 

9,412

 

 

Diluted earnings per share

 

 

0.95

 

 

 

0.98

 

 

 

0.94

 

 

 

0.93

 

 

 

0.91

 

 

 

3.80

 

 

 

3.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA)

 

 

1.27

 

%

 

1.38

 

%

 

1.39

 

%

 

1.41

 

%

 

1.36

 

%

 

1.36

 

%

 

1.31

 

%

Return on average common equity (ROE)

 

 

12.13

 

 

 

12.89

 

 

 

12.91

 

 

 

13.20

 

 

 

13.20

 

 

 

12.77

 

 

 

12.89

 

 

Net interest margin FTE (a)

 

 

3.73

 

 

 

3.95

 

 

 

4.08

 

 

 

4.16

 

 

 

4.01

 

 

 

3.97

 

 

 

3.98

 

 

Efficiency ratio

 

 

58.74

 

 

 

57.52

 

 

 

57.96

 

 

 

57.72

 

 

 

57.26

 

 

 

58.00

 

 

 

58.14

 

 

Number of full-time equivalent employees

 

 

171

 

 

 

175

 

 

 

174

 

 

 

174

 

 

 

170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

31.17

 

$

 

30.49

 

$

 

29.70

 

$

 

28.80

 

$

 

27.91

 

 

 

 

 

 

 

 

 

 

Period-end common share mkt value

 

 

40.97

 

 

 

38.67

 

 

 

40.45

 

 

 

38.75

 

 

 

38.50

 

 

 

 

 

 

 

 

 

 

Market as a % of book

 

 

131.44

 

%

 

126.83

 

%

 

136.20

 

%

 

134.55

 

%

 

137.94

 

%

 

 

 

 

 

 

 

 

Price-to-earnings ratio

 

 

10.78

 

 

 

10.28

 

 

 

11.05

 

 

 

10.85

 

 

 

11.22

 

 

 

 

 

 

 

 

 

 

Cash dividends/common share

$

 

0.28

 

$

 

0.28

 

$

 

0.26

 

$

 

0.26

 

$

 

0.26

 

$

 

1.08

 

$

 

0.98

 

 

Common stock dividend payout ratio

 

 

29.47

 

%

 

28.57

 

%

 

27.66

 

%

 

27.96

 

%

 

28.57

 

%

 

28.42

 

%

 

28.57

 

%

Average basic common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,242

 

 

 

2,742,242

 

 

 

2,742,296

 

 

 

2,742,242

 

 

Average diluted common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,242

 

 

 

2,742,242

 

 

 

2,742,296

 

 

 

2,742,242

 

 

Period end common shares outstanding

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,242

 

 

 

2,742,242

 

 

 

 

 

 

 

 

 

 

Common shares repurchased

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

 

Common stock market capitalization

$

 

112,354

 

$

 

106,047

 

$

 

110,928

 

$

 

106,262

 

$

 

105,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

59

 

$

 

75

 

$

 

54

 

$

 

70

 

$

 

691

 

$

 

258

 

$

 

1,082

 

 

Net (recoveries) charge-offs

 

 

44

 

 

 

46

 

 

 

35

 

 

 

-95

 

 

 

641

 

 

 

30

 

 

 

1,013

 

 

Allowance for loan losses

 

 

7,017

 

 

 

6,776

 

 

 

6,537

 

 

 

6,287

 

 

 

5,907

 

 

 

 

 

 

 

 

 

 

Nonperforming assets (NPAs)

 

 

4,659

 

 

 

4,518

 

 

 

4,555

 

 

 

3,302

 

 

 

3,428

 

 

 

 

 

 

 

 

 

 

Net charge-off (recovery) /average loans ratio

 

 

0.03

 

%

 

0.03

 

%

 

0.03

 

%

 

-0.07

 

%

 

0.47

 

%

 

0.01

 

%

 

0.19

 

%

Allowance for loan losses/period-end loans

 

 

1.27

 

 

 

1.20

 

 

 

1.19

 

 

 

1.15

 

 

 

1.08

 

 

 

 

 

 

 

 

 

 

NPAs/loans and other real estate

 

 

0.84

 

 

 

0.80

 

 

 

0.83

 

 

 

0.60

 

 

 

0.62

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses/nonperforming loans

 

 

154.55

 

 

 

153.35

 

 

 

146.70

 

 

 

197.23

 

 

 

177.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

9.91

 

%

 

10.07

 

%

 

10.28

 

%

 

10.15

 

%

 

9.86

 

%

 

 

 

 

 

 

 

 

Average equity to assets

 

 

10.43

 

 

 

10.72

 

 

 

10.77

 

 

 

10.69

 

 

 

10.29

 

 

 

 

 

 

 

 

 

 

Average equity to loans

 

 

15.29

 

 

 

14.95

 

 

 

14.66

 

 

 

14.18

 

 

 

13.83

 

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

81.62

 

 

 

86.18

 

 

 

88.73

 

 

 

91.16

 

 

 

89.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

812,481

 

$

 

773,481

 

$

 

745,658

 

$

 

730,181

 

$

 

727,962

 

$

 

765,722

 

$

 

716,243

 

 

Earning assets

 

 

763,244

 

 

 

725,615

 

 

 

699,229

 

 

 

687,515

 

 

 

686,807

 

 

 

719,127

 

 

 

675,474

 

 

Loans

 

 

554,556

 

 

 

554,956

 

 

 

547,981

 

 

 

550,483

 

 

 

541,482

 

 

 

552,014

 

 

 

535,506

 

 

Deposits

 

 

679,473

 

 

 

643,981

 

 

 

617,558

 

 

 

603,839

 

 

 

602,434

 

 

 

636,441

 

 

 

589,646

 

 

Shareholders' equity

 

 

84,777

 

 

 

82,948

 

 

 

80,338

 

 

 

78,038

 

 

 

74,900

 

 

 

81,548

 

 

 

73,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

818,683

 

$

 

786,792

 

$

 

750,252

 

$

 

734,845

 

$

 

731,722

 

 

 

 

 

 

 

 

 

 

Earning assets

 

 

767,345

 

 

 

734,859

 

 

 

704,738

 

 

 

688,792

 

 

 

682,345

 

 

 

 

 

 

 

 

 

 

Loans

 

 

551,633

 

 

 

566,213

 

 

 

550,612

 

 

 

548,220

 

 

 

548,974

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

683,546

 

 

 

658,119

 

 

 

623,328

 

 

 

607,342

 

 

 

606,498

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

85,476

 

 

 

83,614

 

 

 

81,458

 

 

 

78,967

 

 

 

76,536

 

 

 

 

 

 

 

 

 

 

 

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)

 

December 31,

 

 

 

December 31,

 

(Dollars in thousands, except per share data)

 

2019

 

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

 

17,648

 

 

$

 

23,214

 

Interest-earning deposits in other banks

 

 

84,369

 

 

 

 

22,350

 

Total cash and cash equivalents

 

 

102,017

 

 

 

 

45,564

 

Securities

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

112,146

 

 

 

 

85,528

 

Held-to-maturity

 

 

13,869

 

 

 

 

20,688

 

Equity securities

 

 

92

 

 

 

 

83

 

Restricted stock, at cost

 

 

4,614

 

 

 

 

4,614

 

Total securities

 

 

130,721

 

 

 

 

110,913

 

Loans held for sale

 

 

622

 

 

 

 

108

 

Loans

 

 

551,633

 

 

 

 

548,974

 

Less allowance for loan losses

 

 

7,017

 

 

 

 

5,907

 

Net loans

 

 

544,616

 

 

 

 

543,067

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

12,040

 

 

 

 

9,961

 

Goodwill and core deposit intangible

 

 

4,831

 

 

 

 

4,895

 

Bank owned life insurance

 

 

18,894

 

 

 

 

13,554

 

Accrued interest receivable and other assets

 

 

4,942

 

 

 

 

3,660

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

 

818,683

 

 

$

 

731,722

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

 

193,425

 

 

$

 

185,871

 

Interest-bearing

 

 

490,121

 

 

 

 

420,627

 

Total deposits

 

 

683,546

 

 

 

 

606,498

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

38,889

 

 

 

 

37,415

 

Other borrowings

 

 

6,330

 

 

 

 

8,525

 

Accrued interest payable and other liabilities

 

 

4,442

 

 

 

 

2,748

 

Total liabilities

 

 

733,207

 

 

 

 

655,186

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

Common stock, $6.25 par value. Authorized

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

in 2019 and 2018

 

 

18,629

 

 

 

 

18,629

 

Additional paid-in capital

 

 

9,815

 

 

 

 

9,815

 

Retained earnings

 

 

61,740

 

 

 

 

54,288

 

Treasury stock at cost - 238,252 shares in 2019

 

 

 

 

 

 

 

 

 

and 238,360 in 2018

 

 

(4,780

)

 

 

 

(4,784

)

Accumulated other comprehensive income (loss)

 

 

72

 

 

 

 

(1,412

)

Total shareholders' equity

 

 

85,476

 

 

 

 

76,536

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

818,683

 

 

$

 

731,722

 

 


CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

 

 

Twelve months ended

 

(Unaudited)

 

December 31,

 

 

 

December 31,

 

(Dollars in thousands, except per share data)

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

 

7,057

 

 

$

 

6,877

 

 

$

 

28,553

 

 

$

 

26,237

 

Taxable securities

 

 

542

 

 

 

 

587

 

 

 

 

2,247

 

 

 

 

2,371

 

Nontaxable securities

 

 

130

 

 

 

 

144

 

 

 

 

532

 

 

 

 

608

 

Other

 

 

381

 

 

 

 

164

 

 

 

 

1,129

 

 

 

 

421

 

Total interest and dividend income

 

 

8,110

 

 

 

 

7,772

 

 

 

 

32,461

 

 

 

 

29,637

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

898

 

 

 

 

724

 

 

 

 

3,609

 

 

 

 

2,372

 

Other

 

 

83

 

 

 

 

138

 

 

 

 

453

 

 

 

 

514

 

Total interest expense

 

 

981

 

 

 

 

862

 

 

 

 

4,062

 

 

 

 

2,886

 

Net interest income

 

 

7,129

 

 

 

 

6,910

 

 

 

 

28,399

 

 

 

 

26,751

 

Provision for loan losses

 

 

285

 

 

 

 

344

 

 

 

 

1,140

 

 

 

 

1,316

 

Net interest income after provision

 

 

 

 

 

 

 

 

 

 

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