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Section 1: 10-Q (10-Q)

csbb-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 0-21714

 

CSB Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

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)

(Zip Code)

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

 

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Shares, $6.25 par value

 

CSBB

 

OTCPink

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.     Yes      No  

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).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

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).     Yes      No  

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

As of August 1, 2020, the registrant had 2,742,350 shares of common stock, $6.25 par value per share, outstanding.

 

 

 


 

CSB BANCORP, INC.

FORM 10-Q

QUARTER ENDED JUNE 30, 2020

Table of Contents

 

 

 

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

27

ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

34

ITEM 4

CONTROLS AND PROCEDURES

35

 

 

 

 

Part II - Other Information

 

ITEM1

Legal Proceedings

36

ITEM1A

Risk Factors

36

ITEM2

Unregistered Sales of Equity Securities and Use of Proceeds

36

ITEM3

Defaults upon Senior Securities

36

ITEM4

Mine Safety Disclosures

36

ITEM5

Other Information

36

ITEM6

Exhibits

37

 

Signatures

38

 

2


 

CSB BANCORP, INC.

PART I – FINANCIAL INFORMATION

ITEM 1. – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

(Dollars in thousands)

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

17,259

 

 

$

17,648

 

Interest-earning deposits in other banks

 

 

156,566

 

 

 

84,369

 

Total cash and cash equivalents

 

 

173,825

 

 

 

102,017

 

Securities

 

 

 

 

 

 

 

 

Available-for-sale, at fair value

 

 

103,202

 

 

 

112,146

 

Held-to-maturity (fair value 2020-$11,120; 2019-13,950)

 

 

10,871

 

 

 

13,869

 

Equity securities

 

 

83

 

 

 

92

 

Restricted stock, at cost

 

 

4,614

 

 

 

4,614

 

Total securities

 

 

118,770

 

 

 

130,721

 

Loans held for sale

 

 

1,678

 

 

 

622

 

Loans

 

 

636,799

 

 

 

551,633

 

Less allowance for loan losses

 

 

7,835

 

 

 

7,017

 

Net loans

 

 

628,964

 

 

 

544,616

 

Premises and equipment, net

 

 

12,593

 

 

 

12,040

 

Core deposit intangible

 

 

74

 

 

 

104

 

Goodwill

 

 

4,728

 

 

 

4,728

 

Bank-owned life insurance

 

 

19,153

 

 

 

18,894

 

Accrued interest receivable and other assets

 

 

5,394

 

 

 

4,941

 

TOTAL ASSETS

 

$

965,179

 

 

$

818,683

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

254,868

 

 

$

197,780

 

Interest-bearing

 

 

561,093

 

 

 

485,766

 

Total deposits

 

 

815,961

 

 

 

683,546

 

Short-term borrowings

 

 

43,865

 

 

 

38,889

 

Other borrowings

 

 

9,865

 

 

 

6,330

 

Accrued interest payable and other liabilities

 

 

5,521

 

 

 

4,442

 

Total liabilities

 

 

875,212

 

 

 

733,207

 

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

 

Additional paid-in capital

 

 

9,815

 

 

 

9,815

 

Retained earnings

 

 

65,293

 

 

 

61,740

 

Treasury stock at cost:  238,252 shares 2020 and 2019

 

 

(4,780

)

 

 

(4,780

)

Accumulated other comprehensive income

 

 

1,010

 

 

 

72

 

Total shareholders' equity

 

 

89,967

 

 

 

85,476

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

965,179

 

 

$

818,683

 

 

See notes to unaudited consolidated financial statements.

3


 

 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

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

 

 

470

 

 

 

584

 

 

 

1,090

 

 

 

1,171

 

Nontaxable securities

 

 

125

 

 

 

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

 

Short-term borrowings

 

 

16

 

 

 

93

 

 

 

60

 

 

 

186

 

Other borrowings

 

 

30

 

 

 

36

 

 

 

56

 

 

 

75

 

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 for loan losses

 

 

6,295

 

 

 

6,786

 

 

 

13,033

 

 

 

13,512

 

NON INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

211

 

 

 

313

 

 

 

501

 

 

 

605

 

Trust services

 

 

196

 

 

 

212

 

 

 

427

 

 

 

436

 

Debit card interchange fees

 

 

400

 

 

 

369

 

 

 

776

 

 

 

716

 

Gain on sale of loans, net

 

 

508

 

 

 

76

 

 

 

622

 

 

 

155

 

Earnings on bank owned life insurance

 

 

131

 

 

 

122

 

 

 

259

 

 

 

205

 

Unrealized gain or (loss) on equity securities, net

 

 

4

 

 

 

(2

)

 

 

(9

)

 

 

4

 

Other income

 

 

191

 

 

 

223

 

 

 

408

 

 

 

416

 

Total noninterest income

 

 

1,641

 

 

 

1,313

 

 

 

2,984

 

 

 

2,537

 

NON INTEREST EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,676

 

 

 

2,915

 

 

 

5,644

 

 

 

5,757

 

Occupancy expense

 

 

244

 

 

 

205

 

 

 

464

 

 

 

409

 

Equipment expense

 

 

198

 

 

 

143

 

 

 

333

 

 

 

280

 

Professional and director fees

 

 

282

 

 

 

308

 

 

 

611

 

 

 

647

 

Financial institutions and franchise tax expense

 

 

171

 

 

 

153

 

 

 

342

 

 

 

306

 

Marketing and public relations

 

 

65

 

 

 

139

 

 

 

193

 

 

 

256

 

Software expense

 

 

259

 

 

 

232

 

 

 

485

 

 

 

450

 

Debit card expense

 

 

146

 

 

 

132

 

 

 

286

 

 

 

259

 

Amortization of intangible assets

 

 

15

 

 

 

16

 

 

 

30

 

 

 

32

 

FDIC insurance expense

 

 

12

 

 

 

48

 

 

 

12

 

 

 

98

 

Other expenses

 

 

641

 

 

 

609

 

 

 

1,316

 

 

 

1,197

 

Total noninterest expenses

 

 

4,709

 

 

 

4,900

 

 

 

9,716

 

 

 

9,691

 

Income before income taxes

 

 

3,227

 

 

 

3,199

 

 

 

6,301

 

 

 

6,358

 

FEDERAL INCOME TAX PROVISION

 

 

621

 

 

 

613

 

 

 

1,212

 

 

 

1,232

 

NET INCOME

 

$

2,606

 

 

$

2,586

 

 

$

5,089

 

 

$

5,126

 

Basic and diluted net earnings per share

 

$

0.95

 

 

$

0.94

 

 

$

1.86

 

 

$

1.87

 

See notes to unaudited consolidated financial statements

4


 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(Dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

2,606

 

 

$

2,586

 

 

$

5,089

 

 

$

5,126

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains arising during the period

 

 

617

 

 

 

762

 

 

 

1,157

 

 

 

1,511

 

Amortization of discount on securities transferred to held-to-maturity

 

 

16

 

 

 

15

 

 

 

30

 

 

 

30

 

Income tax effect

 

 

(133

)

 

 

(163

)

 

 

(249

)

 

 

(323

)

Other comprehensive income

 

 

500

 

 

 

614

 

 

 

938

 

 

 

1,218

 

Total comprehensive income

 

$

3,106

 

 

$

3,200

 

 

$

6,027

 

 

$

6,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited consolidated financial statements.

5


 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

(Dollars in thousands)

 

Common

stock

 

 

Additional

paid-in

capital

 

 

Retained

earnings

 

 

Treasury

stock

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Total

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

18,629

 

 

$

9,815

 

 

$

63,455

 

 

$

(4,780

)

 

$

510

 

 

$

87,629

 

Net income

 

 

 

 

 

 

 

 

2,606

 

 

 

 

 

 

 

 

 

2,606

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500

 

 

 

500

 

Cash dividends declared, $0.28 per share

 

 

 

 

 

 

 

 

(768

)

 

 

 

 

 

 

 

 

(768

)

Balance, end of period

 

$

18,629

 

 

$

9,815

 

 

$

65,293

 

 

$

(4,780

)

 

$

1,010

 

 

$

89,967

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

18,629

 

 

$

9,815

 

 

$

61,740

 

 

$

(4,780

)

 

$

72

 

 

$

85,476

 

Net income

 

 

 

 

 

 

 

 

5,089

 

 

 

 

 

 

 

 

 

5,089

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

938

 

 

 

938

 

Cash dividends declared, $0.56 per share

 

 

 

 

 

 

 

 

(1,536

)

 

 

 

 

 

 

 

 

(1,536

)

Balance, end of period

 

$

18,629

 

 

$

9,815

 

 

$

65,293

 

 

$

(4,780

)

 

$

1,010

 

 

$

89,967

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

18,629

 

 

$

9,815

 

 

$

56,115

 

 

$

(4,784

)

 

$

(808

)

 

$

78,967

 

Net income

 

 

 

 

 

 

 

 

2,586

 

 

 

 

 

 

 

 

 

2,586

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

614

 

 

 

614

 

Issuance of 108 treasury shares

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

4

 

Cash dividends declared, $0.26 per share

 

 

 

 

 

 

 

 

(