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CSB Bancorp, Inc. Reports Second Quarter Earnings

CSB Bancorp, Inc. (OTC Pink: CSBB):

Second Quarter Highlights

 

 

Quarter Ended

June 30, 2021

 

 

 

Quarter Ended

June 30, 2020

 

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.

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

(Unaudited)

 

Quarters

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2021

 

 

2020

 

EARNINGS

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

6 months

 

 

6 months

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

35.11

 

$

 

33.94

 

$

 

34.23

 

$

 

33.49

 

$

 

32.81

 

 

 

 

 

 

 

 

 

Period-end common share mkt value

 

 

38.00

 

 

 

37.50

 

 

 

35.00

 

 

 

30.00

 

 

 

32.00

 

 

 

 

 

 

 

 

 

Market as a % of book

 

 

108.23

%

 

110.49

%

 

102.25

%

 

89.58

%

 

97.53

%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

CONSOLIDATED BALANCE SHEETS

(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.

CONSOLIDATED STATEMENTS OF INCOME

 

 

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

 

 

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