CSB Bancorp, Inc. (OTC Pink: CSBB):
Second Quarter Highlights
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Quarter Ended June 30, 2021 |
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Quarter Ended June 30, 2020 |
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Diluted earnings per share |
|
$ |
1.00 |
|
|
|
$ |
0.95 |
|
Net Income |
|
$ |
2,745,000 |
|
|
|
$ |
2,606,000 |
|
Return on average common equity |
|
|
11.62 |
% |
|
|
|
11.72 |
% |
Return on average assets |
|
|
0.97 |
% |
|
|
|
1.15 |
% |
CSB Bancorp, Inc. (OTC Pink: CSBB) today announced second quarter 2021 net income of $2,745,000, or $1.00 per basic and diluted share, as compared to $2,606,000, or $0.95 per basic and diluted share, for the same period in 2020. Income before federal income tax amounted to $3,399,000, an increase of 5% over the same quarter in the prior year. For the six-month period ended June 30, 2021, net income totaled $5,630,000 compared to $5,089,000 for the same period last year, an increase of 11%.
Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 11.62% and 0.97%, respectively, compared with 11.72% and 1.15% for the second quarter of 2020.
Eddie Steiner, President and CEO stated, “The extraordinary levels of liquidity injected by government and Federal Reserve actions over the past fifteen months remain a key driver of current business and household financial activities, along with very low interest rates supporting borrowers. National and local economies continue to mend from the pandemic’s crippling impact. Consumers and businesses are beginning to reduce savings and increase spending and investment patterns. While job creation has strengthened, shortages of workers and material supplies in various industries is limiting the pace of recovery and expansion. The prevailing economic outlook favors sustained economic expansion into 2022. However, the pace of economic improvement may be uneven and will vary within economic sectors and regions due to a range of factors including COVID-19 patterns, worker shortages and skills gaps, supply chain disruptions affecting both production and sales of goods, price increases for goods and services, and adjustments to taper fiscal and monetary stimulus.”
Net interest income and noninterest income totaled $8.3 million during the quarter, a decrease of $339 thousand from the prior-year second quarter. Net interest income decreased $541 thousand, or 8%, in the second quarter of 2021 compared to the same period in 2020.
Loan interest income including fees decreased $874 thousand, or 12%, during second quarter 2021 as compared to the same quarter in 2020. The decrease was mainly due to the average total loan balances declining $57 million below the year ago quarter with average Paycheck Protection Program loans (“PPP”) declining $19 million over the prior year quarter. Loan yields for second quarter 2021 averaged 4.43%, a decrease of 17 basis points from the 2020 second quarter average of 4.60%, contributing $264 thousand to the decline in loan interest income.
The net interest margin was 2.43% compared to 3.29% for second quarter 2020. As discussed above loans reflected both a volume and yield decline, partially offset by liability rate decreases and volume increases within the securities account. Liquidity continues to play a factor as the growth of average overnight funds exceeds the growth of average noninterest bearing deposits by $107 million on a quarter over prior year quarter. The tax equivalency effect on the margin dropped to 0.01% from 0.02% in the comparable second quarters.
With the decrease in outstanding loan balances, continuing improvement in credit quality, and ongoing government stimulus programs for businesses and individuals, a reversal of $475 thousand was recognized to the provision for loan losses for the second quarter ended June 30, 2021 as compared to $717 thousand loss provision for the prior year quarter when the effect of COVID on future credit losses was not discernable. COVID factors have not significantly affected our loan portfolio quality to date, and local businesses are beginning or restarting construction projects previously sidelined by a significant degree of COVID-related uncertainty.
Noninterest income increased 12%, compared to second quarter of 2020, fueled by increases in debit and credit card fee income, brokerage and trust income, earnings from bank owned life insurance values and increases in service charges on deposit accounts. These increases were partially offset by a slowing of gain on sale of mortgages to the secondary market.
Noninterest expense increased 14% from second quarter 2020. Salary and employee benefit costs increased $368 thousand, or 14%, compared to the prior year quarter, primarily resulting from reduced FAS 91 credits to salary expense with the decrease in the number of commercial loans booked due to the ending of the PPP loan program and increases in base compensation and volume-based commissions. FDIC insurance expense increased $108 thousand as the prior year quarter reflected the use of Small Bank Assessment Credits. Software expense increased by $77 thousand reflecting investment in new platforms. Professional and directors’ fees increased $74 thousand, or 26% primarily reflecting increases in employee search fees, legal and collection costs, audit fees, and third-party contract negotiation fees. Marketing and public relations increased by $33 thousand, or 51%, reflecting a return to normalized levels after the pandemic-related curtailment of activities in 2020. The Company’s second quarter efficiency ratio increased to 64.4% compared to 54.1%.
Federal income tax expense totaled $654 thousand in second quarter 2021, as compared to $621 thousand tax expense for the same quarter in 2020. The effective tax rate approximated 19% in both periods.
Average total assets during the quarter rose to $1.13 billion, an increase of $218 million, or 24%, above the same quarter of the prior year. Liquidity increased as the Company’s average interest-bearing balances with banks increased $174 million, to $292 million, as compared to the second quarter in 2020. Average loan balances of $565 million decreased $57 million, or 9%, from the prior year second quarter while average securities balances of $217 million increased $96 million, or 79%, as compared to second quarter 2020.
Average commercial loan balances for the quarter, including commercial real estate, decreased $50 million, or 12%, from prior year levels. Excluding a $19 million decrease in average PPP loan balances, commercial loans decreased $31 million year over year as borrowers reduced outstanding commercial balances and delayed further borrowings, partially through use of stimulus monies. Average residential mortgage balances increased $5 million, or 4%, over the prior year’s quarter while home equity lines of credit decreased $9 million over the prior year’s quarter as balances were paid down or refinanced into low-rate term mortgages. Average consumer credit balances decreased $2 million, or 10%, versus the same quarter of the prior year. Increased organic loan demand continues to be dependent on the pace at which excess liquidity is absorbed by businesses and households.
Nonperforming assets decreased $1.7 million from June 30, 2020, to $2.8 million, or 0.50%, of total loans plus other real estate on June 30, 2021. Delinquent loan balances as of June 30, 2021, decreased to 0.57% of total loans as compared to 0.73% on June 30, 2020.
Net loan recoveries recognized during second quarter 2021 were $12 thousand, or 0.01% annualized, compared to second quarter 2020 net loan losses of $3 thousand. The allowance for loan losses amounted to 1.43% of total loans on June 30, 2021, as compared to 1.23% on June 30, 2020.
Average deposit balances grew on a quarter over prior year quarter comparison by $220 million, or 29%. For the second quarter 2021, the average cost of deposits amounted to 0.21%, as compared to 0.35% for the second quarter 2020. During the second quarter 2021, increases in average deposit balances over the prior year quarter included noninterest-bearing demand accounts of $67 million and interest-bearing demand and savings accounts of $155 million, while time deposits decreased $2 million. The average balance of securities sold under repurchase agreement during the second quarter of 2021 decreased by $2 million, or 5%, compared to the average for the same period in the prior year.
Shareholders’ equity totaled $96.0 million on June 30, 2021, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 8.38% on June 30, 2021, and 9.79% on June 30, 2020. The Company declared a second quarter dividend of $0.30 per share, producing an annualized yield of 3.2% based on the March 31, 2021 closing price of $38.00.
Cares Act and related events
A third major stimulus bill was signed into law on March 11, 2021, adding additional emergency relief to the March 2020 Cares Act and to the Consolidated Appropriations Act, 2021. The American Rescue Plan Act of 2021 also expanded eligibility and added an additional $7 billion in funds to the SBA’s PPP emergency relief programs.
CSB facilitated and funded $129 million of these government assistance loans in 2020 and 2021. As of June 30, 2021, $90 million has been received from the SBA in forgiveness, and the Company expects almost all PPP loans in the portfolio will ultimately be granted borrower forgiveness under the guidelines of the SBA program.
During 2020, the Company 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. All loans granted relief during 2020 have entered repayment. One consumer and one commercial loan were granted loan modifications under the relief programs during the quarter ended June 30, 2021.
About CSB Bancorp, Inc.
CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.1 billion as of June 30, 2021. 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.
CSB BANCORP, INC.
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(Unaudited) |
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Quarters |
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(Dollars in thousands, except per share data) |
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
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|
2021 |
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|
2020 |
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EARNINGS |
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2nd Qtr |
|
|
1st Qtr |
|
|
4th Qtr |
|
|
3rd Qtr |
|
|
2nd Qtr |
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|
6 months |
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|
6 months |
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|||||||
Net interest income FTE (a) |
$ |
|
6,509 |
|
$ |
|
7,046 |
|
$ |
|
7,223 |
|
$ |
|
7,077 |
|
$ |
|
7,048 |
|
$ |
|
13,555 |
|
$ |
|
14,001 |
|
Provision (credit) for loan losses |
|
|
(475 |
) |
|
|
30 |
|
|
|
378 |
|
|
|
377 |
|
|
|
717 |
|
|
|
(445 |
) |
|
|
895 |
|
Other income |
|
|
1,843 |
|
|
|
1,878 |
|
|
|
2,089 |
|
|
|
1,862 |
|
|
|
1,641 |
|
|
|
3,721 |
|
|
|
2,984 |
|
Other expenses |
|
|
5,390 |
|
|
|
5,281 |
|
|
|
5,576 |
|
|
|
5,050 |
|
|
|
4,709 |
|
|
|
10,671 |
|
|
|
9,716 |
|
FTE adjustment (a) |
|
|
38 |
|
|
|
38 |
|
|
|
39 |
|
|
|
36 |
|
|
|
36 |
|
|
|
76 |
|
|
|
73 |
|
Net income |
|
|
2,745 |
|
|
|
2,885 |
|
|
|
2,679 |
|
|
|
2,800 |
|
|
|
2,606 |
|
|
|
5,630 |
|
|
|
5,089 |
|
Diluted earnings per share |
|
|
1.00 |
|
|
|
1.05 |
|
|
|
0.97 |
|
|
|
1.02 |
|
|
|
0.95 |
|
|
|
2.05 |
|
|
|
1.86 |
|
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PERFORMANCE RATIOS |
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Return on average assets (ROA), annualized |
|
|
0.97 |
% |
|
1.10 |
% |
|
1.05 |
% |
|
1.14 |
% |
|
1.15 |
% |
|
1.04 |
% |
|
1.19 |
% |
||||||
Return on average common equity (ROE), annualized |
|
|
11.62 |
|
|
|
12.33 |
|
|
|
11.45 |
|
|
|
12.19 |
|
|
|
11.72 |
|
|
|
11.97 |
|
|
|
11.60 |
|
Net interest margin FTE (a) |
|
|
2.43 |
|
|
|
2.85 |
|
|
|
2.97 |
|
|
|
3.04 |
|
|
|
3.29 |
|
|
|
2.63 |
|
|
|
3.47 |
|
Efficiency ratio |
|
|
64.40 |
|
|
|
59.14 |
|
|
|
59.75 |
|
|
|
56.32 |
|
|
|
54.05 |
|
|
|
61.68 |
|
|
|
58.00 |
|
Number of full-time equivalent employees |
|
|
174 |
|
|
|
170 |
|
|
|
171 |
|
|
|
169 |
|
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|
169 |
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MARKET DATA |
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Book value/common share |
$ |
|
35.11 |
|
$ |
|
33.94 |
|
$ |
|
34.23 |
|
$ |
|
33.49 |
|
$ |
|
32.81 |
|
|
|
|
|
|
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Period-end common share mkt value |
|
|
38.00 |
|
|
|
37.50 |
|
|
|
35.00 |
|
|
|
30.00 |
|
|
|
32.00 |
|
|
|
|
|
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|
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|
Market as a % of book |
|
|
108.23 |
% |
|
110.49 |
% |
|
102.25 |
% |
|
89.58 |
% |
|
97.53 |
% |
|
|
|
|
|
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Price-to-earnings ratio |
|
|
9.41 |
|
|
|
9.40 |
|
|
|
9.09 |
|
|
|
7.83 |
|
|
|
8.44 |
|
|
|
|
|
|
|
|
|
Cash dividends/common share |
$ |
|
0.30 |
|
$ |
|
0.30 |
|
$ |
|
0.29 |
|
$ |
|
0.28 |
|
$ |
|
0.28 |
|
$ |
|
0.60 |
|
$ |
|
0.56 |
|
Common stock dividend payout ratio |
|
|
30.00 |
% |
|
28.57 |
% |
|
29.90 |
% |
|
27.45 |
% |
|
29.47 |
% |
|
29.27 |
% |
|
30.11 |
% |
||||||
Average basic common shares |
|
|
2,740,390 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,741,365 |
|
|
|
2,742,350 |
|
Average diluted common shares |
|
|
2,740,390 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,741,365 |
|
|
|
2,742,350 |
|
Period end common shares outstanding |
|
|
2,734,244 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
2,742,350 |
|
|
|
|
|
|
|
|
|
Common stock market capitalization |
$ |
|
103,901 |
|
$ |
|
102,838 |
|
$ |
|
95,982 |
|
$ |
|
82,271 |
|
$ |
|
87,755 |
|
|
|
|
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ASSET QUALITY |
|
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|
|
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Gross charge-offs |
$ |
|
20 |
|
$ |
|
5 |
|
$ |
|
511 |
|
$ |
|
28 |
|
$ |
|
17 |
|
$ |
|
25 |
|
$ |
|
103 |
|
Net charge-offs (recoveries) |
|
|
(12 |
) |
|
|
(34 |
) |
|
|
459 |
|
|
|
(143 |
) |
|
|
3 |
|
|
|
(46 |
) |
|
|
77 |
|
Allowance for loan losses |
|
|
7,875 |
|
|
|
8,338 |
|
|
|
8,274 |
|
|
|
8,355 |
|
|
|
7,835 |
|
|
|
|
|
|
|
|
|
Nonperforming assets (NPAs) |
|
|
2,786 |
|
|
|
3,089 |
|
|
|
4,497 |
|
|
|
4,102 |
|
|
|
4,481 |
|
|
|
|
|
|
|
|
|
Net charge-off (recovery) / average loans ratio |
|
|
(0.01 |
)% |
|
(0.02 |
)% |
|
0.29 |
% |
|
(0.09 |
)% |
|
0.00 |
% |
|
(0.02 |
)% |
|
0.03 |
% |
||||||
Allowance for loan losses / period-end loans |
|
|
1.43 |
|
|
|
1.43 |
|
|
|
1.36 |
|
|
|
1.33 |
|
|
|
1.23 |
|
|
|
|
|
|
|
|
|
NPAs/loans and other real estate |
|
|
0.50 |
|
|
|
0.53 |
|
|
|
0.74 |
|
|
|
0.65 |
|
|
|
0.70 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses/nonperforming loans |
|
|
282.61 |
|
|
|
269.92 |
|
|
|
183.99 |
|
|
|
203.71 |
|
|
|
178.78 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
CAPITAL & LIQUIDITY |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end tangible equity to assets |
|
|
8.12 |
% |
|
7.99 |
% |
|
8.68 |
% |
|
8.86 |
% |
|
8.90 |
% |
|
|
|
|
|
|
|
|||||
Average equity to assets |
|
|
8.38 |
|
|
|
8.95 |
|
|
|
9.13 |
|
|
|
9.33 |
|
|
|
9.79 |
|
|
|
|
|
|
|
|
|
Average equity to loans |
|
|
16.78 |
|
|
|
15.92 |
|
|
|
15.02 |
|
|
|
14.39 |
|
|
|
14.38 |
|
|
|
|
|
|
|
|
|
Average loans to deposits |
|
|
57.18 |
|
|
|
64.95 |
|
|
|
70.81 |
|
|
|
76.22 |
|
|
|
80.95 |
|
|
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|
AVERAGE BALANCES |
|
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|
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|
|
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|
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|
Assets |
$ |
|
1,131,251 |
|
$ |
|
1,060,485 |
|
$ |
|
1,018,770 |
|
$ |
|
979,806 |
|
$ |
|
912,875 |
|
$ |
|
1,096,078 |
|
$ |
|
862,629 |
|
Earning assets |
|
|
1,073,865 |
|
|
|
1,004,521 |
|
|
|
966,304 |
|
|
|
926,377 |
|
|
|
860,838 |
|
|
|
1,039,386 |
|
|
|
811,229 |
|
Loans |
|
|
564,998 |
|
|
|
596,319 |
|
|
|
619,455 |
|
|
|
635,124 |
|
|
|
621,710 |
|
|
|
580,572 |
|
|
|
590,926 |
|
Deposits |
|
|
988,017 |
|
|
|
918,063 |
|
|
|
874,820 |
|
|
|
833,288 |
|
|
|
767,988 |
|
|
|
953,233 |
|
|
|
723,039 |
|
Shareholders' equity |
|
|
94,786 |
|
|
|
94,929 |
|
|
|
93,042 |
|
|
|
91,409 |
|
|
|
89,404 |
|
|
|
94,857 |
|
|
|
88,247 |
|
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|
ENDING BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
|
1,128,922 |
|
$ |
|
1,110,157 |
|
$ |
|
1,031,632 |
|
$ |
|
987,978 |
|
$ |
|
965,179 |
|
|
|
|
|
|
|
|
|
Earning assets |
|
|
1,072,286 |
|
|
|
1,043,016 |
|
|
|
977,092 |
|
|
|
936,323 |
|
|
|
913,813 |
|
|
|
|
|
|
|
|
|
Loans |
|
|
552,030 |
|
|
|
582,714 |
|
|
|
609,159 |
|
|
|
628,084 |
|
|
|
636,799 |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
986,668 |
|
|
|
968,569 |
|
|
|
891,562 |
|
|
|
840,656 |
|
|
|
815,961 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
96,012 |
|
|
|
93,085 |
|
|
|
93,859 |
|
|
|
91,853 |
|
|
|
89,967 |
|
|
|
|
|
|
|
|
|
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.
|
|||||||||
(Unaudited) |
|
June 30, |
|
|
June 30, |
||||
(Dollars in thousands, except per share data) |
|
2021 |
|
|
2020 |
||||
ASSETS |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
|
|
|
|
|
||
Cash and due from banks |
$ |
|
17,308 |
|
|
$ |
|
17,259 |
|
Interest-earning deposits in other banks |
|
|
295,036 |
|
|
|
|
156,566 |
|
Total cash and cash equivalents |
|
|
312,344 |
|
|
|
|
173,825 |
|
Securities |
|
|
|
|
|
|
|
||
Available-for-sale, at fair-value |
|
|
194,164 |
|
|
|
|
103,202 |
|
Held-to-maturity |
|
|
24,878 |
|
|
|
|
10,871 |
|
Equity securities |
|
|
99 |
|
|
|
|
83 |
|
Restricted stock, at cost |
|
|
4,614 |
|
|
|
|
4,614 |
|
Total securities |
|
|
223,755 |
|
|
|
|
118,770 |
|
|
|
|
|
|
|
|
|
||
Loans held for sale |
|
|
1,465 |
|
|
|
|
1,678 |
|
Loans |
|
|
552,030 |
|
|
|
|
636,799 |
|
Less allowance for loan losses |
|
|
7,875 |
|
|
|
|
7,835 |
|
Net loans |
|
|
544,155 |
|
|
|
|
628,964 |
|
|
|
|
|
|
|
|
|
||
Premises and equipment, net |
|
|
13,431 |
|
|
|
|
12,593 |
|
Goodwill and core deposit intangible |
|
|
4,750 |
|
|
|
|
4,802 |
|
Bank owned life insurance |
|
|
23,710 |
|
|
|
|
19,153 |
|
Accrued interest receivable and other assets |
|
|
5,312 |
|
|
|
|
5,394 |
|
TOTAL ASSETS |
$ |
|
1,128,922 |
|
|
$ |
|
965,179 |
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
|
||
Noninterest-bearing |
$ |
|
302,688 |
|
|
$ |
|
254,868 |
|
Interest-bearing |
|
|
683,980 |
|
|
|
|
561,093 |
|
Total deposits |
|
|
986,668 |
|
|
|
|
815,961 |
|
|
|
|
|
|
|
|
|
||
Short-term borrowings |
|
|
38,475 |
|
|
|
|
43,865 |
|
Other borrowings |
|
|
3,570 |
|
|
|
|
9,865 |
|
Accrued interest payable and other liabilities |
|
|
4,197 |
|
|
|
|
5,521 |
|
Total liabilities |
|
|
1,032,910 |
|
|
|
|
875,212 |
|
Shareholders' equity |
|
|
|
|
|
|
|
||
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares in 2021 and 2020 |
|
|
18,629 |
|
|
|
|
18,629 |
|
Additional paid-in capital |
|
|
9,815 |
|
|
|
|
9,815 |
|
Retained earnings |
|
|
73,196 |
|
|
|
|
65,293 |
|
Treasury stock at cost - 246,358 shares in 2021 and 238,252 shares in 2020 |
|
|
(5,093 |
) |
|
|
|
(4,780 |
) |
Accumulated other comprehensive (loss) income |
|
|
(535 |
) |
|
|
|
1,010 |
|
Total shareholders' equity |
|
|
96,012 |
|
|
|
|
89,967 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
|
1,128,922 |
|
|
$ |
|
965,179 |
|
CSB BANCORP, INC.
|
||||||||||||||||||
|
|
Quarter ended |
|
|
Six months ended |
|||||||||||||
(Unaudited) |
|
June 30, |
|
|
June 30, |
|||||||||||||
(Dollars in thousands, except per share data) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|||||||
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Loans, including fees |
$ |
|
6,231 |
|
|
$ |
|
7,105 |
|
$ |
|
13,096 |
|
|
$ |
|
13,955 |
|
Taxable securities |
|
|
604 |
|
|
|
|
481 |
|
|
|
1,163 |
|
|
|
|
1,090 |
|
Nontaxable securities |
|
|
111 |
|
|
|
|
114 |
|
|
|
222 |
|
|
|
|
233 |
|
Other |
|
|
68 |
|
|
|
|
31 |
|
|
|
114 |
|
|
|
|
270 |
|
Total interest and dividend income |
|
|
7,014 |
|
|
|
|
7,731 |
|
|
|
14,595 |
|
|
|
|
15,548 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
|
508 |
|
|
|
|
673 |
|
|
|
1,046 |
|
|
|
|
1,504 |
|
Other |
|
|
35 |
|
|
|
|
46 |
|
|
|
70 |
|
|
|
|
116 |
|
Total interest expense |
|
|
543 |
|
|
|
|
719 |
|
|
|
1,116 |
|
|
|
|
1,620 |
|
Net interest income |
|
|
6,471 |
|
|
|
|
7,012 |
|
|
|
13,479 |
|
|
|
|
13,928 |
|
Provision (credit) for loan losses |
|
|
(475 |
) |
|
|
|
717 |
|
|
|
(445 |
) |
|
|
|
895 |
|
Net interest income after provision (credit) for loan losses |
|
|
6,946 |
|
|
|
|
6,295 |
|
|
|
13,924 |
|
|
|
|
13,033 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Service charges on deposits accounts |
|
|
219 |
|
|
|
|
211 |
|
|
|
426 |
|
|
|
|
501 |
|
Trust services |
|
|
264 |
|
|
|
|
196 |
|
|
|
546 |
|
|
|
|
427 |
|
Debit card interchange fees |
|
|
526 |
|
|
|
|
400 |
|
|
|
997 |
|
|
|
|
776 |
|
Gain on sale of loans |
|
|
417 |
|
|
|
|
508 |
|
|
|
904 |
|
|
|
|
622 |
|
Market value change in equity securities |
|
|
(1 |
) |
|
|
|
4 |
|
|
|
12 |
|
|
|
|
(9 |
) |
Other |
|
|
418 |
|
|
|
|
322 |
|
|
|
836 |
|
|
|
|
667 |
|
Total noninterest income |
|
|
1,843 |
|
|
|
|
1,641 |
|
|
|
3,721 |
|
|
|
|
2,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits |
|
|
3,044 |
|
|
|
|
2,676 |
|
|
|
6,073 |
|
|
|
|
5,644 |
|
Occupancy expense |
|
|
247 |
|
|
|
|
244 |
|
|
|
501 |
|
|
|
|
464 |
|
Equipment expense |
|
|
172 |
|
|
|
|
198 |
|
|
|
349 |
|
|
|
|
333 |
|
Professional and director fees |
|
|
356 |
|
|
|
|
282 |
|
|
|
651 |
|
|
|
|
611 |
|
Software expense |
|
|
336 |
|
|
|
|
259 |
|
|
|
636 |
|
|
|
|
485 |
|
Marketing and public relations |
|
|
98 |
|
|
|
|
65 |
|
|
|
177 |
|
|
|
|
193 |
|
Debit card expense |
|
|
172 |
|
|
|
|
146 |
|
|
|
343 |
|
|
|
|
286 |
|
Other expenses |
|
|
965 |
|
|
|
|
839 |
|
|
|
1,941 |
|
|
|
|
1,700 |
|
Total noninterest expenses |
|
|
5,390 |
|
|
|
|
4,709 |
|
|
|
10,671 |
|
|
|
|
9,716 |
|
Income before income tax |
|
|
3,399 |
|
|
|
|
3,227 |
|
|
|
6,974 |
|
|
|
|
6,301 |
|
Federal income tax provision |
|
|
654 |
|
|
|
|
621 |
|
|
|
1,344 |
|
|
|
|
1,212 |
|
Net income |
$ |
|
2,745 |
|
|
$ |
|
2,606 |
|
$ |
|
5,630 |
|
|
$ |
|
5,089 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Basic and diluted |
$ |
|
1.00 |
|
|
$ |
|
0.95 |
|
$ |
|
2.05 |
|
|
$ |
|
1.86 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210721005207/en/
Contacts
Paula J. Meiler, SVP & CFO
330.763.2873
paula.meiler@csb1.com