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

csbb-8k_20200421.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) April 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 April 21, 2020, CSB Bancorp, Inc. issued a press release announcing its earnings for the three-month period ended March 31, 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 March 31, 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: April 21, 2020 

 

Senior Vice President and Chief Financial Officer 

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

csbb-ex991_6.htm

Exhibit 99.1

 

CSB BANCORP, INC. REPORTS FIRST QUARTER EARNINGS

 

First Quarter Highlights

 

 

 

Quarter Ended March 31, 2020

 

 

 

Quarter Ended March 31, 2019

 

Diluted earnings per share

 

$

0.91

 

 

 

$

0.93

 

Net Income

 

$

2,483,000

 

 

 

$

2,540,000

 

Return on average common equity

 

 

11.47

%

 

 

 

13.20

%

Return on average assets

 

 

1.23

%

 

 

 

1.41

%

 

 

Millersburg, Ohio – April 21, 2020 – CSB Bancorp, Inc. (OTC Pink: CSBB) today announced first quarter 2020 net income of $2,483,000, or $.91 per basic and diluted share, as compared to $2,540,000, or $.93 per basic and diluted share, for the same period in 2019.  Income before federal income tax amounted to $3,074,000, a decrease of 3% over the same quarter in the prior year.

 

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 11.47% and 1.23%, respectively, compared with 13.20% and 1.41% for the first quarter of 2019.

 

Eddie Steiner, President and CEO stated, “Revenue declined 3.8% on a linked quarter basis.  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% of Ohio’s active workforce filing for unemployment during the last two weeks of March alone.  We anticipate that second quarter will be very difficult for many small businesses, organizations and households, and are focused on working to address the financial needs within our primary market areas during this extraordinarily challenging health crisis. We will maintain and leverage our financial strength to do all that we can to help borrowers, depositors, and investors through this trying period.”

 

Net interest income and noninterest income, on a fully taxable equivalent basis, totaled $8.3 million during the quarter, an increase of $23 thousand from the prior-year first quarter.   Net interest income decreased $95 thousand, or 1%, in the first quarter of 2020 compared to the same period in 2019.

 

Loan interest income including fees decreased $222 thousand during first quarter 2020 as compared to the same quarter in 2019, a decrease of 3%. Average total loan balances during the current quarter were $10 million higher than the year ago quarter, an increase of 2%.  Loan yields for first quarter 2020 averaged 4.92%, a decrease of 29 basis points from the 2019 first quarter average of 5.21%.

 

The net interest margin was 3.67% compared to 4.16% for first quarter 2019. The tax equivalency effect on the margin remained stable at 0.02% in the comparable first quarters.  

 

Noninterest income increased 10%, compared to first quarter of 2019, driven by growth in bank owned life insurance values, increases in debit card fee income, and gain on sale of loans.

 



Noninterest expense increased 5% from first quarter 2019.   Salary and employee benefit costs increased $126 thousand, or 4%, compared to the prior year quarter, as a result of higher wages, medical costs, and 401k retirement expenses. The Ohio financial institutions tax increased by $18 thousand, or 12%, as a result of increased capital. Marketing and public relations increased by $10 thousand, or 9%, reflecting timing of certain electronic and billboard promotional efforts and the opening of a new banking center. The Company’s first quarter efficiency ratio increased to 60.1% compared to 57.7%.

 

Federal income tax expense totaled $591 thousand in first quarter 2020, as compared to $619 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 $812 million, an increase of $82 million, or 11%, above the same quarter of the prior year.  Liquidity increased as average interest-bearing balances with banks increased $49 million during the quarter to $76 million as compared to the first quarter in 2019. Average loan balances of $560 million increased $10 million, or 2%, from the prior year first quarter while average securities balances of $126 million increased $15 million, or 14%, as compared to first quarter 2019.

 

Average commercial loan balances for the quarter, including commercial real estate, increased $3 million, or less than 1%, from prior year levels.  Average residential mortgage balances including home equity lines of credit increased $7 million, or 4%, over the prior year’s quarter.  Average consumer credit balances decreased $685 thousand, or -4%, versus the same quarter of the prior year.  

 

Nonperforming assets increased $1.2 million from March 31, 2019 to $4.5 million, or 0.80%, of total loans plus other real estate at March 31, 2020. The increase in nonperforming assets resulted primarily from the addition of one commercial real estate facility of approximately $1.5 million.  At March 31, 2020, approximately $1.1 million of the non-performing loan total is guaranteed by either USDA or the SBA.  Delinquent loan balances as of March 31, 2020 increased to 0.96% of total loans as compared to 0.70% at March 31, 2019.

 

Net loan losses recognized during first quarter 2020 were $74 thousand, or 0.05% annualized, compared to first quarter 2019 net loan recoveries of $95 thousand. The allowance for loan losses amounted to 1.28% of total loans at March 31, 2020 as compared to 1.15% at March 31, 2019.

 

Average deposit balances grew on a quarter over prior year quarter comparison by $74 million, or 12%.  For the first quarter 2020, the average cost of deposits amounted to 0.49%, as compared to 0.55% for the first quarter 2019.  During the first quarter 2020, increases in average deposit balances over the prior year quarter included non-interest bearing demand accounts of $11 million, interest-bearing transaction accounts of $55 million, and time deposits of $8 million. The average balance of securities sold under repurchase agreement during the first quarter of 2020 increased by $293 thousand, or 1%, compared to the average for the same period in the prior year.

 

Shareholders’ equity totaled $87.6 million on March 31, 2020 with 2.7 million common shares outstanding.  The tangible equity to assets ratio amounted to 10.3% on March 31, 2020 and 10.2% on March 31, 2019.  The Company declared a first quarter dividend of $0.28 per share, a $.02 per share increase over first quarter 2019, producing an annualized yield of 3.2% based on the March 31, 2020 closing price of $35.00.

Cares Act and subsequent events

On March 27, 2020 the Cares Act, a $2.3 trillion emergency federal relief bill, was signed into law.  The relief effort included an SBA program for qualifying businesses known as the Paycheck Protection Program (“PPP”).  At the time of this release, we have facilitated more than 450 of these government assistance loans, aggregating in excess of $81 million, with over 75% of the approved monies already in the hands of qualifying borrowers.  Additionally, we have offered loan modifications to our 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.  On the date of this writing we have modified $50 million of term commercial loans and $3 million of consumer loans.



About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $810 million as of March 31, 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

 

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

EARNINGS

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

Net interest income FTE (a)

$

 

6,953

 

$

 

7,168

 

$

 

7,228

 

$

 

7,111

 

$

 

7,049

 

 

Provision for loan losses

 

 

178

 

 

 

285

 

 

 

285

 

 

 

285

 

 

 

285

 

 

Other income

 

 

1,343

 

 

 

1,451

 

 

 

1,440

 

 

 

1,313

 

 

 

1,224

 

 

Other expenses

 

 

5,007

 

 

 

5,079

 

 

 

4,999

 

 

 

4,900

 

 

 

4,791

 

 

FTE adjustment (a)

 

 

37

 

 

 

39

 

 

 

40

 

 

 

40

 

 

 

38

 

 

Net income

 

 

2,483

 

 

 

2,593

 

 

 

2,695

 

 

 

2,586

 

 

 

2,540

 

 

Diluted earnings per share

 

 

0.91

 

 

 

0.95

 

 

 

0.98

 

 

 

0.94

 

 

 

0.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA)

 

 

1.23

 

%

 

1.27

 

%

 

1.38

 

%

 

1.39

 

%

 

1.41

 

%

Return on average common equity (ROE)

 

 

11.47

 

 

 

12.13

 

 

 

12.89

 

 

 

12.91

 

 

 

13.20

 

 

Net interest margin FTE (a)

 

 

3.67

 

 

 

3.73

 

 

 

3.95

 

 

 

4.08

 

 

 

4.16

 

 

Efficiency ratio

 

 

60.08

 

 

 

58.74

 

 

 

57.52

 

 

 

57.96

 

 

 

57.72

 

 

Number of full-time equivalent employees

 

 

172

 

 

 

171

 

 

 

175

 

 

 

174

 

 

 

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

31.95

 

$

 

31.17

 

$

 

30.49

 

$

 

29.70

 

$

 

28.80

 

 

Period-end common share mkt value

 

 

35.00

 

 

 

40.97

 

 

 

38.67

 

 

 

40.45

 

 

 

38.75

 

 

Market as a % of book

 

 

109.55

 

%

 

131.44

 

%

 

126.83

 

%

 

136.20

 

%

 

134.55

 

%

Price-to-earnings ratio

 

 

9.26

 

 

 

10.78

 

 

 

10.28

 

 

 

11.05

 

 

 

10.85

 

 

Cash dividends/common share

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.26

 

$

 

0.26

 

 

Common stock dividend payout ratio

 

 

30.77

 

%

 

29.47

 

%

 

28.57

 

%

 

27.66

 

%

 

27.96

 

%

Average basic common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,242

 

 

Average diluted common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,242

 

 

Period end common shares outstanding

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,242

 

 

Common shares repurchased

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

Common stock market capitalization

$

 

95,982

 

$

 

112,354

 

$

 

106,047

 

$

 

110,928

 

$

 

106,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

86

 

$

 

59

 

$

 

75

 

$

 

54

 

$

 

70

 

 

Net (recoveries) charge-offs

 

 

74

 

 

 

44

 

 

 

46

 

 

 

35

 

 

 

-95

 

 

Allowance for loan losses

 

 

7,120

 

 

 

7,017

 

 

 

6,776

 

 

 

6,537

 

 

 

6,287

 

 

Nonperforming assets (NPAs)

 

 

4,468

 

 

 

4,659

 

 

 

4,518

 

 

 

4,555

 

 

 

3,302

 

 

Net charge-off (recovery) /average loans ratio

 

 

0.05

 

%

 

0.03

 

%

 

0.03

 

%

 

0.03

 

%

 

-0.07

 

%

Allowance for loan losses/period-end loans

 

 

1.28

 

 

 

1.27

 

 

 

1.20

 

 

 

1.19

 

 

 

1.15

 

 

NPAs/loans and other real estate

 

 

0.80

 

 

 

0.84

 

 

 

0.80

 

 

 

0.83

 

 

 

0.60

 

 

Allowance for loan losses/nonperforming loans

 

 

162.97

 

 

 

154.55

 

 

 

153.35

 

 

 

146.70

 

 

 

197.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

10.28

 

%

 

9.91

 

%

 

10.07

 

%

 

10.28

 

%

 

10.15

 

%

Average equity to assets

 

 

10.72

 

 

 

10.43

 

 

 

10.72

 

 

 

10.77

 

 

 

10.69

 

 

Average equity to loans

 

 

15.55

 

 

 

15.29

 

 

 

14.95

 

 

 

14.66

 

 

 

14.18

 

 

Average loans to deposits

 

 

82.61

 

 

 

81.62

 

 

 

86.18

 

 

 

88.73

 

 

 

91.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

812,409

 

$

 

812,481

 

$

 

773,481

 

$

 

745,658

 

$

 

730,181

 

 

Earning assets

 

 

761,619

 

 

 

763,244

 

 

 

725,615

 

 

 

699,229

 

 

 

687,515

 

 

Loans

 

 

560,142

 

 

 

554,556

 

 

 

554,956

 

 

 

547,981

 

 

 

550,483

 

 

Deposits

 

 

678,090

 

 

 

679,473

 

 

 

643,981

 

 

 

617,558

 

 

 

603,839

 

 

Shareholders' equity

 

 

87,090

 

 

 

84,777

 

 

 

82,948

 

 

 

80,338

 

 

 

78,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

810,041

 

$

 

818,683

 

$

 

786,792

 

$

 

750,252

 

$

 

734,845

 

 

Earning assets

 

 

757,769

 

 

 

767,345

 

 

 

734,859

 

 

 

704,738

 

 

 

688,792

 

 

Loans

 

 

555,320

 

 

 

551,633

 

 

 

566,213

 

 

 

550,612

 

 

 

548,220

 

 

Deposits

 

 

671,162

 

 

 

683,546

 

 

 

658,119

 

 

 

623,328

 

 

 

607,342

 

 

Shareholders' equity

 

 

87,629

 

 

 

85,476

 

 

 

83,614

 

 

 

81,458

 

 

 

78,967

 

 

 

 

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)

 

March 31,

 

 

 

March 31,

 

(Dollars in thousands, except per share data)

 

2020

 

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

 

18,277

 

 

$

 

15,110

 

Interest-earning deposits in other banks

 

 

77,995

 

 

 

 

29,133

 

Total cash and cash equivalents

 

 

96,272

 

 

 

 

44,243

 

Securities

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

108,263

 

 

 

 

86,378

 

Held-to-maturity

 

 

11,242

 

 

 

 

20,218

 

Equity securities

 

 

79

 

 

 

 

89

 

Restricted stock, at cost

 

 

4,614

 

 

 

 

4,614

 

Total securities

 

 

124,198

 

 

 

 

111,299

 

Loans held for sale

 

 

256

 

 

 

 

140

 

Loans

 

 

555,320

 

 

 

 

548,220

 

Less allowance for loan losses

 

 

7,120

 

 

 

 

6,287

 

Net loans

 

 

548,200

 

 

 

 

541,933

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

12,387

 

 

 

 

10,800

 

Goodwill and core deposit intangible

 

 

4,817

 

 

 

 

4,879

 

Bank owned life insurance

 

 

19,023

 

 

 

 

16,638

 

Accrued interest receivable and other assets

 

 

4,888

 

 

 

 

4,913

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

 

810,041

 

 

$

 

734,845

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

 

188,137

 

 

$

 

177,404

 

Interest-bearing

 

 

483,025

 

 

 

 

429,938

 

Total deposits

 

 

671,162

 

 

 

 

607,342

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

40,605

 

 

 

 

36,324

 

Other borrowings

 

 

6,206

 

 

 

 

8,373

 

Accrued interest payable and other liabilities

 

 

4,439

 

 

 

 

3,839

 

Total liabilities

 

 

722,412

 

 

 

 

655,878

 

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

 

 

63,455

 

 

 

 

56,115

 

Treasury stock at cost - 238,252 shares in 2020

 

 

 

 

 

 

 

 

 

and 238,360 in 2019

 

 

(4,780

)

 

 

 

(4,784

)

Accumulated other comprehensive income (loss)

 

 

510

 

 

 

 

(808

)

Total shareholders' equity

 

 

87,629

 

 

 

 

78,967

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

810,041

 

 

$

 

734,845

 


CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

(Unaudited)

 

March 31,

 

 

 

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

 

Other

 

 

70

 

 

 

 

132

 

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

 

Noninterest income

 

 

 

 

 

 

 

 

 

Service charges on deposits accounts

 

 

291

 

 

 

 

292

 

Trust services

 

 

230

 

 

 

 

224

 

Debit card interchange fees

 

 

375

 

 

 

 

347

 

Gain on sale of loans

 

 

114

 

 

 

 

79

 

Market value change in equity securities

 

 

(13

)

 

 

 

6

 

Other

 

 

346

 

 

 

 

276

 

             Total noninterest income

 

 

1,343

 

 

 

 

1,224

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,968

 

 

 

 

2,842

 

Occupancy expense

 

 

220

 

 

 

 

204

 

Equipment expense

 

 

135

 

 

 

 

137

 

Professional and director fees

 

 

330

 

 

 

 

339

 

Software expense

 

 

227

 

 

 

 

218

 

Marketing and public relations

 

 

127

 

 

 

 

117

 

Debit card expense

 

 

140

 

 

 

 

127

 

Other expenses

 

 

860

 

 

 

 

807

 

             Total noninterest expenses

 

 

5,007

 

 

 

 

4,791

 

Income before income tax

 

 

3,074

 

 

 

 

3,159

 

Federal income tax provision

 

 

591

 

 

 

 

619

 

Net income

$

 

2,483

 

 

$

 

2,540

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

$

 

0.91

 

 

$

 

0.93

 

 

 

 

 

 

 

 

 

 

 

Diluted

$

 

0.91

 

 

$

 

0.93

 

 

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