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Section 1: 8-K (8-K)

csbb-8k_20201021.htm
false CSB BANCORP INC /OH 0000880417 NONE 0000880417 2020-10-21 2020-10-21

 

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): October 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 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

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 communications 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(s)

 

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 October 21, 2020, CSB Bancorp, Inc. issued a press release announcing its earnings for the three-month period ended September 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

(d) Exhibits

 

99.1

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

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 


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:  October 21, 2020 

 

Senior Vice President and Chief Financial Officer 

 

 

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

csbb-ex991_82.htm

Exhibit 99.1

 

CSB BANCORP, INC. REPORTS THIRD QUARTER EARNINGS

 

Third Quarter Highlights

 

 

 

Quarter Ended September 30, 2020

 

 

 

Quarter Ended September 30, 2019

 

Diluted earnings per share

 

$

1.02

 

 

 

$

0.98

 

Net Income

 

$

2,800,000

 

 

 

$

2,695,000

 

Return on average common equity

 

 

12.19

%

 

 

 

12.89

%

Return on average assets

 

 

1.14

%

 

 

 

1.38

%

 

 

Millersburg, Ohio – October 21, 2020 – CSB Bancorp, Inc. (OTC Pink: CSBB) today announced third quarter 2020 net income of $2,800,000, or $1.02 per basic and diluted share, as compared to $2,695,000, or $.98 per basic and diluted share, for the same period in 2019.  Income before federal income tax amounted to $3,476,000, an increase of 4% over the same quarter in the prior year. For the nine-month period ended September 30, 2020 net income totaled $7,889,000 compared to $7,821,000 for the same period last year, an increase of less than 1%.  

 

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 12.19% and 1.14%, respectively, compared with 12.89% and 1.38% for the third quarter of 2019.

 

Eddie Steiner, President and CEO stated, “Year to date earnings are a little ahead of last year, with key support from home mortgage loan volume and the fiscal stimulus programs that provided many households and businesses with cash flow needed to meet loan obligations and operating expenses.  Yield on loan and investment portfolios continues to fall with extremely low prevailing interest rates and borrowers being cautious about new debt in light of the uncertain COVID environment.  While we do not see signs of a rapid overall recovery, economic activity will expand as unemployment levels continue to improve.”

 

Net interest income and noninterest income, on a fully taxable equivalent basis, totaled $8.9 million during the quarter, an increase of $271 thousand from the prior-year third quarter.   Net interest income decreased $147 thousand, or 2%, in the third quarter of 2020 compared to the same period in 2019.

 

Loan interest income including fees decreased $49 thousand during third quarter 2020 as compared to the same quarter in 2019, a decrease of less than 1%. Average total loan balances during the current quarter were $80 million higher than the year ago quarter, an increase of 14%.  Loan yields for third quarter 2020 averaged 4.51%, a decrease of 67 basis points from the 2019 third quarter average of 5.18%.

 

The net interest margin was 3.04% compared to 3.95% for third quarter 2019. The tax equivalency effect on the margin remained stable at 0.02% in the comparable third quarters.  

 

Due to COVID-19 related risk factors, an increased provision for loan losses of $377 thousand was recognized for the third quarter ended September 30, 2020 as compared to $285 thousand for the prior year quarter.  Credit quality within the loan portfolio has not been significantly affected by COVID factors to date.  However, a significant degree of COVID related uncertainty remains, and the eventual damage to household and business balance sheets cannot be effectively fully measured at this time.

  

Noninterest income increased 29%, compared to third quarter of 2019, fueled by historic 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 increased 1% from third quarter 2019.   FDIC insurance expense increased $91 thousand as the prior year quarter reflected the use of Small Bank Assessment Credits.  Professional and directors’ fees decreased $84 thousand, or 27%, reflecting lower audit expense due to the elimination of the internal control over financial reporting audit, and the decrease of one director.  Salary and employee benefit costs decreased $34 thousand, or 1%, compared to the prior year quarter, as a result of fewer employees, decreased expense in the self-funded dental insurance plan, and deferred salary expense rising from the origination of mortgage loans held in the bank’s portfolio.  Marketing and public relations decreased by $53 thousand, or 35%, reflecting the continuing pandemic-related shut down of activities in third quarter 2020. The Company’s third quarter efficiency ratio decreased to 56.3% compared to 57.5%.

 

Federal income tax expense totaled $676 thousand in third quarter 2020, as compared to $649 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 $980 million, an increase of $206 million, or 27%, above the same quarter of the prior year.  Liquidity increased as the Company’s average interest-bearing balances with banks increased $113 million during the quarter to $173 million as compared to the third quarter in 2019. Average loan balances of $635 million increased $80 million, or 14%, from the prior year third quarter while average securities balances of $118 million increased $8 million, or 7%, as compared to third quarter 2019.

 

Average commercial loan balances for the quarter, including commercial real estate, increased $80 million, or 22%, from prior year levels. This amount includes $92 million in new PPP loan average balances originated in second quarter.  Excluding average PPP loan balances, commercial loans decreased year over year as borrowers reduced outstanding commercial line balances during the pandemic-related contraction in economic activity.  Average residential mortgage balances increased $6 million, or 5%, over the prior year’s quarter while home equity lines of credit decreased $4 million over the prior year’s quarter as they were refinanced into low rate term mortgages.  Average consumer credit balances decreased $2 million, or 9%, versus the same quarter of the prior year.  

 

Nonperforming assets decreased $416 thousand from September 30, 2019 to $4.1 million, or 0.65%, of total loans plus other real estate on September 30, 2020.  On September 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 September 30, 2020 decreased to 0.71% of total loans as compared to 0.96% on September 30, 2019.   

 

Net loan recoveries recognized during third quarter 2020 were $143 thousand, or 0.09% annualized, compared to third quarter 2019 net loan charge-offs of $46 thousand. The allowance for loan losses amounted to 1.33% of total loans on September 30, 2020 as compared to 1.20% on September 30, 2019.  

 

Average deposit balances grew on a quarter over prior year quarter comparison by $189 million, or 29%.  For the third quarter 2020, the average cost of deposits amounted to 0.30%, as compared to 0.60% for the third quarter 2019.  During the third quarter 2020, increases in average deposit balances over the prior year quarter included noninterest-bearing demand accounts of $66 million and interest-bearing transaction accounts of $123 million. The average balance of securities sold under repurchase agreement during the third quarter of 2020 increased by $5 million, or 13%, compared to the average for the same period in the prior year.

 

Shareholders’ equity totaled $91.9 million on September 30, 2020 with 2.7 million common shares outstanding.  The equity to assets ratio amounted to 9.3% on September 30, 2020 and 10.6% on September 30, 2019.  The Company declared a third quarter dividend of $0.28, producing an annualized yield of 3.7% based on the September 30, 2020 closing price of $30.00.

 


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.  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.  Customers could 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 September 30, 2020, loans which have not reentered regular payment include $12 million of term commercial loans and $579 thousand of consumer loans.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $988 million as of September 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

 

 

2020

 

 

2019

 

 

2019

 

 

2020

 

 

2019

 

 

EARNINGS

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

9 months

 

 

9 months

 

 

Net interest income FTE (a)

$

 

7,077

 

$

 

7,048

 

$

 

6,953

 

$

 

7,168

 

$

 

7,228

 

$

 

21,078

 

$

 

21,388

 

 

Provision for loan losses

 

 

377

 

 

 

717

 

 

 

178

 

 

 

285

 

 

 

285

 

 

 

1,272

 

 

 

855

 

 

Other income

 

 

1,862

 

 

 

1,641

 

 

 

1,343

 

 

 

1,451

 

 

 

1,440

 

 

 

4,846

 

 

 

3,977

 

 

Other expenses

 

 

5,050

 

 

 

4,709

 

 

 

5,007

 

 

 

5,079

 

 

 

4,999

 

 

 

14,766

 

 

 

14,690

 

 

FTE adjustment (a)

 

 

36

 

 

 

36

 

 

 

37

 

 

 

39

 

 

 

40

 

 

 

109

 

 

 

118

 

 

Net income

 

 

2,800

 

 

 

2,606

 

 

 

2,483

 

 

 

2,593

 

 

 

2,695

 

 

 

7,889

 

 

 

7,821

 

 

Diluted earnings per share

 

 

1.02

 

 

 

0.95

 

 

 

0.91

 

 

 

0.95

 

 

 

0.98

 

 

 

2.88

 

 

 

2.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA)

 

 

1.14

 

%

 

1.15

 

%

 

1.23

 

%

 

1.27

 

%

 

1.38

 

%

 

1.17

 

%

 

1.39

 

%

Return on average common equity (ROE)

 

 

12.19

 

 

 

11.72

 

 

 

11.47

 

 

 

12.13

 

 

 

12.89

 

 

 

11.80

 

 

 

13.00

 

 

Net interest margin FTE (a)

 

 

3.04

 

 

 

3.29

 

 

 

3.67

 

 

 

3.73

 

 

 

3.95

 

 

 

3.31

 

 

 

4.06

 

 

Efficiency ratio

 

 

56.32

 

 

 

54.05

 

 

 

60.08

 

 

 

58.74

 

 

 

57.52

 

 

 

56.76

 

 

 

57.75

 

 

Number of full-time equivalent employees

 

 

169

 

 

 

169

 

 

 

172

 

 

 

171

 

 

 

175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

33.49

 

$

 

32.81

 

$

 

31.95

 

$

 

31.17

 

$

 

30.49

 

 

 

 

 

 

 

 

 

 

Period-end common share mkt value

 

 

30.00

 

 

 

32.00

 

 

 

35.00

 

 

 

40.97

 

 

 

38.67

 

 

 

 

 

 

 

 

 

 

Market as a % of book

 

 

89.58

 

%

 

97.53

 

%

 

109.55

 

%

 

131.44

 

%

 

126.83

 

%

 

 

 

 

 

 

 

 

Price-to-earnings ratio

 

 

7.83

 

 

 

8.44

 

 

 

9.26

 

 

 

10.78

 

 

 

10.28

 

 

 

 

 

 

 

 

 

 

Cash dividends/common share

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.84

 

$

 

0.80

 

 

Common stock dividend payout ratio

 

 

27.45

 

%

 

29.47

 

%

 

30.77

 

%

 

29.47

 

%

 

28.57

 

%

 

29.17

 

%

 

28.07

 

%

Average basic common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,278

 

 

Average diluted common shares

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,350

 

 

 

2,742,278

 

 

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

$

 

82,271

 

$

 

87,755

 

$

 

95,982

 

$

 

112,354

 

$

 

106,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

28

 

$

 

17

 

$

 

86

 

$

 

59

 

$

 

75

 

$

 

131

 

$

 

199

 

 

Net charge-offs (recoveries)

 

 

(143

)

 

 

3

 

 

 

74

 

 

 

44

 

 

 

46

 

 

 

(66

)

 

 

(14

)

 

Allowance for loan losses

 

 

8,355

 

 

 

7,835

 

 

 

7,120

 

 

 

7,017

 

 

 

6,776

 

 

 

 

 

 

 

 

 

 

Nonperforming assets (NPAs)

 

 

4,102

 

 

 

4,481

 

 

 

4,468

 

 

 

4,659

 

 

 

4,518

 

 

 

 

 

 

 

 

 

 

Net charge-off (recovery) /average loans ratio

 

 

(0.09

)

%

 

0.00

 

%

 

0.05

 

%

 

0.03

 

%

 

0.03

 

%

 

(0.01

)

%

 

0.00

 

%

Allowance for loan losses/period-end loans

 

 

1.33

 

 

 

1.23

 

 

 

1.28

 

 

 

1.27

 

 

 

1.20

 

 

 

 

 

 

 

 

 

 

NPAs/loans and other real estate

 

 

0.65

 

 

 

0.70

 

 

 

0.80

 

 

 

0.84

 

 

 

0.80

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses/nonperforming loans

 

 

203.71

 

 

 

178.78

 

 

 

162.97

 

 

 

154.55

 

 

 

153.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

8.86

 

%

 

8.90

 

%

 

10.28

 

%

 

9.91

 

%

 

10.07

 

%

 

 

 

 

 

 

 

 

Average equity to assets

 

 

9.33

 

 

 

9.79

 

 

 

10.72

 

 

 

10.43

 

 

 

10.72

 

 

 

 

 

 

 

 

 

 

Average equity to loans

 

 

14.39

 

 

 

14.38

 

 

 

15.55

 

 

 

15.29

 

 

 

14.95

 

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

76.22

 

 

 

80.95

 

 

 

82.61

 

 

 

81.62

 

 

 

86.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

979,806

 

$

 

912,875

 

$

 

812,409

 

$

 

812,481

 

$

 

773,481

 

$

 

901,994

 

$

 

749,958

 

 

Earning assets

 

 

926,377

 

 

 

860,838

 

 

 

761,619

 

 

 

763,244

 

 

 

725,615

 

 

 

849,893

 

 

 

704,260

 

 

Loans

 

 

635,124

 

 

 

621,710

 

 

 

560,142

 

 

 

554,556

 

 

 

554,956

 

 

 

605,767

 

 

 

551,157

 

 

Deposits

 

 

833,288

 

 

 

767,988

 

 

 

678,090

 

 

 

679,473

 

 

 

643,981

 

 

 

760,056

 

 

 

621,939

 

 

Shareholders' equity

 

 

91,409

 

 

 

89,404

 

 

 

87,090

 

 

 

84,777

 

 

 

82,948

 

 

 

89,308

 

 

 

80,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

987,978

 

$

 

965,179

 

$

 

810,041

 

$

 

818,683

 

$

 

786,792

 

 

 

 

 

 

 

 

 

 

Earning assets

 

 

936,323

 

 

 

913,813

 

 

 

757,769

 

 

 

767,345

 

 

 

734,859

 

 

 

 

 

 

 

 

 

 

Loans

 

 

628,084

 

 

 

636,799

 

 

 

555,320

 

 

 

551,633

 

 

 

566,213

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

840,656

 

 

 

815,961

 

 

 

671,162

 

 

 

683,546

 

 

 

658,119

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

91,853

 

 

 

89,967

 

 

 

87,629

 

 

 

85,476

 

 

 

83,614

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

September 30,

 

 

 

September 30,

 

(Dollars in thousands, except per share data)

 

2020

 

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

 

18,269

 

 

$

 

20,696

 

Interest-earning deposits in other banks

 

 

179,875

 

 

 

 

58,873

 

Total cash and cash equivalents

 

 

198,144

 

 

 

 

79,569

 

Securities

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

112,279

 

 

 

 

89,572

 

Held-to-maturity

 

 

9,901

 

 

 

 

15,097

 

Equity securities

 

 

82

 

 

 

 

91

 

Restricted stock, at cost

 

 

4,614

 

 

 

 

4,614

 

Total securities

 

 

126,876

 

 

 

 

109,374

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

1,488

 

 

 

 

399

 

Loans

 

 

628,084

 

 

 

 

566,213

 

Less allowance for loan losses

 

 

8,355

 

 

 

 

6,776

 

Net loans

 

 

619,729

 

 

 

 

559,437

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

12,685

 

 

 

 

11,595

 

Goodwill and core deposit intangible

 

 

4,787

 

 

 

 

4,847

 

Bank owned life insurance

 

 

19,284

 

 

 

 

16,880

 

Accrued interest receivable and other assets

 

 

4,985

 

 

 

 

4,691

 

TOTAL ASSETS

$

 

987,978

 

 

$

 

786,792

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

 

252,891

 

 

$

 

192,620

 

Interest-bearing

 

 

587,765

 

 

 

 

465,499

 

Total deposits

 

 

840,656

 

 

 

 

658,119

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

41,645

 

 

 

 

35,070

 

Other borrowings

 

 

9,765

 

 

 

 

6,453

 

Accrued interest payable and other liabilities

 

 

4,059

 

 

 

 

3,536

 

Total liabilities

 

 

896,125

 

 

 

 

703,178

 

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

 

 

67,325

 

 

 

 

59,915

 

Treasury stock at cost - 238,252 shares in 2020

 

 

 

 

 

 

 

 

 

and  2019

 

 

(4,780

)

 

 

 

(4,780

)

Accumulated other comprehensive income

 

 

864

 

 

 

 

35

 

Total shareholders' equity

 

 

91,853

 

 

 

 

83,614

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

987,978

 

 

$

 

786,792

 


CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

 

 

Nine months ended

 

(Unaudited)

 

September 30,

 

 

 

September 30,

 

(Dollars in thousands, except per share data)

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

 

7,190

 

 

$

 

7,239

 

 

$

 

21,145

 

 

$

 

21,496

 

Taxable securities

 

 

372

 

 

 

 

534

 

 

 

 

1,462

 

 

 

 

1,705

 

Nontaxable securities

 

 

110

 

 

 

 

133

 

 

 

 

343

 

 

 

 

401

 

Other

 

 

42

 

 

 

 

356

 

 

 

 

312

 

 

 

 

749

 

Total interest and dividend income

 

 

7,714

 

 

 

 

8,262

 

 

 

 

23,262

 

 

 

 

24,351

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

636

 

 

 

 

966

 

 

 

 

2,139

 

 

 

 

2,711

 

Other

 

 

37

 

 

 

 

108

 

 

 

 

154

 

 

 

 

370

 

Total interest expense

 

 

673

 

 

 

 

1,074

 

 

 

 

2,293

 

 

 

 

3,081

 

Net interest income

 

 

7,041

 

 

 

 

7,188

 

 

 

 

20,969

 

 

 

 

21,270

 

Provision for loan losses

 

 

377