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CSB Bancorp, Inc. Reports Fourth Quarter Earnings

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

Fourth Quarter Highlights

 

 

Quarter Ended

December 31, 2022

 

 

 

Quarter Ended

December 31, 2021

 

Diluted earnings per share

 

$

1.39

 

 

 

$

0.85

 

Net Income

 

$

3,753,000

 

 

 

$

2,306,000

 

Return on average common equity

 

 

15.94

%

 

 

 

9.41

%

Return on average assets

 

 

1.27

%

 

 

 

0.80

%

CSB Bancorp, Inc. (OTC Pink: CSBB) today announced fourth quarter 2022 net income of $3,753,000, or $1.39 per basic and diluted share, as compared to $2,306,000, or $0.85 per basic and diluted share, for the same period in 2021. Income before federal income tax amounted to $4,674,000, an increase of 65% over the same quarter in the prior year. For the year ended December 31, 2022, net income totaled $13,313,000 compared to $10,837,000 for the same period last year, an increase of 23%.

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 15.94% and 1.27%, respectively, compared with 9.41% and 0.80% for the fourth quarter of 2021. For the year ended December 31, 2022, ROE and ROA equated to 14.04% and 1.16%, as compared to 11.27% and 0.97% for the year ended in 2021.

Eddie Steiner, President and CEO stated, “Loan balances finished the year 14% higher than the prior year, with commercial and home mortgage loans both reflecting double digit increases. The Bank’s liquidity remains strong, with cash and securities available for sale totaling $236 million at year end. Full year net income of $13 million reflects an eleventh consecutive record. Businesses and individuals are generally striking a cautious borrowing posture based on emerging signs and expectations of a slowing economy. High home prices, lack of houses available for sale, and mortgage interest rates are expected to sustain a dampening effect on home mortgage volumes for some months to come. Commercial loan demand, while not robust, continues to be sufficient to maintain a healthy pipeline at the present time.”

Net interest income and noninterest income totaled $10.9 million during the quarter, an increase of $2.3 million from the prior-year fourth quarter. Net interest income increased $2.6 million, or 38%, in the fourth quarter of 2022 compared to the same period in 2021.

Loan interest income including fees increased $1.4 million, or 23%, during fourth quarter 2022 as compared to the same quarter in 2021. The increase was mainly due to average volume and rate increases on loans. Securities interest income increased $1.2 million, or 131%, during the fourth quarter 2022 compared to the same quarter in 2021 from both volume and rate increases. Loan yields for fourth quarter 2022 averaged 4.82%, an increase of 35 basis points from the 2021 fourth quarter average of 4.47%, while securities yields for fourth quarter 2022 averaged 2.07%, compared to 1.36% in the fourth quarter 2021.

The fully taxable equivalent (FTE) net interest margin was 3.33% compared to 2.48% for fourth quarter 2021. Compared to the 2021 fourth quarter, FTE net interest income increased $2.6 million, or 38%, reflecting 85 basis points of net interest margin expansion, and a $29 million, or 3%, increase in average earning assets. The higher interest rate environment drove the increase in yields coupled with loan and security volume growth, partially offset by the higher cost of funds and lower loan fees from the Paycheck Protection Program. The tax equivalency effect on the margin was 0.01% in fourth quarter 2022 and 2021.

Noninterest income decreased 12%, compared to fourth quarter of 2021. The decrease was primarily the result of a $258 thousand, or 94%, decline in gain on sale of mortgages to the secondary market, as refinancing of mortgages slowed, and home purchases were limited by a lack of housing inventory for sale. Offsetting increases were recognized in service charges on deposit accounts, credit card fee income, and earnings from bank owned life insurance values.

Noninterest expense increased 9% from fourth quarter 2021. Salary and employee benefit costs increased $382 thousand, or 12%, compared to the prior year quarter, primarily resulting from increases in compensation and benefits. Marketing and public relations increased by $52 thousand, or 38%, reflecting a return to normalized levels after the pandemic-related curtailment of activities in 2021. Professional and directors’ fees increased $37 thousand, or 11% primarily reflecting a recovery of legal fees in fourth quarter 2021. FDIC insurance expense decreased $26 thousand below the prior year quarter due to improved credit quality. The Company’s fourth quarter efficiency ratio decreased to 56.8% compared to 66.4%.

Federal income tax expense was $921 thousand in the 2022 fourth quarter compared to $534 thousand in the 2021 fourth quarter. The effective tax rates for the 2022 fourth quarter and 2021 fourth quarter were 19.7% and 18.8%, respectively.

Average earning assets for the 2022 fourth quarter increased $29 million, or 3%, from the year-ago quarter, primarily reflecting a $130 million, or 49%, increase in average securities, a $76 million, or 14%, increase in average loans, and a $177 million, or 66%, decrease in deposits mainly held at the Federal Reserve Bank.

Average commercial loan balances for the quarter, including commercial real estate, increased $54 million, or 15%, from prior year levels. Partially offset by a $10 million decrease in average PPP loan balances, commercial loans increased $64 million year over year as construction loans were drawn and borrowers used term loans to fund equipment and other purchases. Average residential mortgage balances increased $16 million, or 12%, above the prior year’s quarter while home equity lines of credit increased $6 million from the prior year’s quarter as balances were drawn and new loans originated. Average consumer credit balances increased $267 thousand, or 2%, versus the same quarter of the prior year. Increased organic loan demand continues to be largely dependent on the pace at which excess liquidity is absorbed by businesses and households and restoration of borrower confidence.

Nonperforming assets were $256 thousand, or 0.04%, of total loans on December 31, 2022, compared to $1.1 million, or 0.20% of total loans, a year ago. Delinquent loan balances as of December 31, 2022, decreased to 0.13% of total loans as compared to 0.27% on December 31, 2021. With the continuing improvement in credit quality, there was no provision for loan losses for the quarter ended December 31, 2022, or 2021.

Net loan charge-offs recognized during fourth quarter 2022 were $170 thousand, or 0.11% annualized, compared to fourth quarter 2021 net loan losses of $27 thousand. The allowance for loan losses amounted to 1.09% of total loans on December 31, 2022, as compared to 1.39% on December 31, 2021.

Average deposit balances grew on a quarter over prior year quarter comparison by $40 million, or 4%. For the fourth quarter 2022, the average cost of deposits amounted to 0.41%, as compared to 0.15% for the fourth quarter 2021. During the fourth quarter 2022, increases in average deposit balances over the prior year quarter included noninterest-bearing demand accounts of $23 million and interest-bearing demand and savings accounts of $22 million, while time deposits decreased $5 million. The average balance of securities sold under repurchase agreement during the fourth quarter of 2022 decreased by $1 million, or 4%, compared to the average for the same period in the prior year.

Shareholders’ equity totaled $95.9 million on December 31, 2022, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 7.96% on December 31, 2022, and 8.54% on December 31, 2021. The Company declared a fourth quarter dividend of $0.35 per share, producing an annualized yield of 3.6% based on the December 31, 2022 closing price of $38.50.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.2 billion as of December 31, 2022. 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)

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

EARNINGS

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

12 months

 

 

12 months

 

 

Net interest income FTE (a)

$

 

9,304

 

$

 

8,596

 

$

 

7,666

 

$

 

6,902

 

$

 

6,752

 

$

 

32,468

 

$

 

27,671

 

 

Provision (recovery) for loan losses

 

 

-

 

 

 

(250

)

 

 

(345

)

 

 

(300

)

 

 

-

 

 

 

(895

)

 

 

(655

)

 

Other income

 

 

1,612

 

 

 

1,675

 

 

 

1,782

 

 

 

1,642

 

 

 

1,836

 

 

 

6,711

 

 

 

7,325

 

 

Other expenses

 

 

6,206

 

 

 

5,945

 

 

 

5,774

 

 

 

5,468

 

 

 

5,709

 

 

 

23,393

 

 

 

22,093

 

 

FTE adjustment (a)

 

 

36

 

 

 

36

 

 

 

36

 

 

 

37

 

 

 

39

 

 

 

145

 

 

 

154

 

 

Net income

 

 

3,753

 

 

 

3,650

 

 

 

3,209

 

 

 

2,701

 

 

 

2,306

 

 

 

13,313

 

 

 

10,837

 

 

Basic and Diluted earnings per share

 

 

1.39

 

 

 

1.35

 

 

 

1.18

 

 

 

0.99

 

 

 

0.85

 

 

 

4.91

 

 

 

3.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA), annualized

 

 

1.27

 

%

 

1.25

 

%

 

1.13

 

%

 

0.96

 

%

 

0.80

 

%

 

1.16

 

%

 

0.97

 

%

Return on average common equity (ROE), annualized

 

 

15.94

 

 

 

15.24

 

 

 

13.73

 

 

 

11.26

 

 

 

9.41

 

 

 

14.04

 

 

 

11.27

 

 

Net interest margin FTE (a)

 

 

3.33

 

 

 

3.12

 

 

 

2.87

 

 

 

2.60

 

 

 

2.48

 

 

 

2.98

 

 

 

2.63

 

 

Efficiency ratio

 

 

56.83

 

 

 

57.87

 

 

 

61.13

 

 

 

64.01

 

 

 

66.41

 

 

 

59.70

 

 

 

63.05

 

 

Number of full-time equivalent employees

 

 

172

 

 

 

172

 

 

 

171

 

 

 

172

 

 

 

171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

35.43

 

$

 

33.97

 

$

 

34.46

 

$

 

34.93

 

$

 

35.80

 

 

 

 

 

 

 

 

Period-end common share market value

 

 

38.50

 

 

 

39.00

 

 

 

38.00

 

 

 

39.60

 

 

 

37.75

 

 

 

 

 

 

 

 

Market as a % of book

 

 

108.66

 

%

 

114.81

 

%

 

110.27

 

%

 

113.37

 

%

 

105.45

 

%

 

 

 

 

 

 

Price-to-earnings ratio

 

 

7.84

 

 

 

8.92

 

 

 

9.31

 

 

 

10.15

 

 

 

9.51

 

 

 

 

 

 

 

 

Average basic common shares

 

 

2,707,576

 

 

 

2,712,686

 

 

 

2,718,024

 

 

 

2,718,024

 

 

 

2,720,633

 

 

 

2,714,045

 

 

 

2,733,126

 

 

Average diluted common shares

 

 

2,707,576

 

 

 

2,712,686

 

 

 

2,718,024

 

 

 

2,718,024

 

 

 

2,720,633

 

 

 

2,714,045

 

 

 

2,733,126

 

 

Period end common shares outstanding

 

 

2,707,576

 

 

 

2,707,576

 

 

 

2,718,024

 

 

 

2,718,024

 

 

 

2,718,024

 

 

 

 

 

 

 

 

Common stock market capitalization

$

 

104,242

 

$

 

105,595

 

$

 

103,285

 

$

 

107,634

 

$

 

102,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

217

 

$

 

29

 

$

 

11

 

$

 

31

 

$

 

66

 

$

 

288

 

$

 

130

 

 

Net charge-offs (recoveries)

 

 

170

 

 

 

10

 

 

 

(308

)

 

 

13

 

 

 

27

 

 

 

(115

)

 

 

1

 

 

Allowance for loan losses

 

 

6,838

 

 

 

7,008

 

 

 

7,268

 

 

 

7,305

 

 

 

7,618

 

 

 

 

 

 

 

 

Nonperforming assets (NPAs)

 

 

256

 

 

 

685

 

 

 

690

 

 

 

1,181

 

 

 

1,088

 

 

 

 

 

 

 

 

Net charge-off (recovery) / average loans ratio

 

 

0.11

 

%

 

0.01

 

%

 

(0.21

)

%

 

0.01

 

%

 

0.02

 

%

 

(0.02

)

%

 

0.00

 

%

Allowance for loan losses / period-end loans

 

 

1.09

 

 

 

1.15

 

 

 

1.25

 

 

 

1.29

 

 

 

1.39

 

 

 

 

 

 

 

 

NPAs/loans and other real estate

 

 

0.04

 

 

 

0.11

 

 

 

0.12

 

 

 

0.21

 

 

 

0.20

 

 

 

 

 

 

 

 

Allowance for loan losses/nonperforming loans

 

 

2,667.09

 

 

 

1,022.02

 

 

 

1,053.53

 

 

 

618.54

 

 

 

699.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

7.90

 

%

 

7.54

 

%

 

7.93

 

%

 

7.98

 

%

 

8.13

 

%

 

 

 

 

 

 

Average equity to assets

 

 

7.96

 

 

 

8.20

 

 

 

8.25

 

 

 

8.54

 

 

 

8.54

 

 

 

 

 

 

 

 

Average equity to loans

 

 

15.06

 

 

 

15.98

 

 

 

16.31

 

 

 

17.35

 

 

 

17.86

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

59.84

 

 

 

58.15

 

 

 

57.65

 

 

 

56.42

 

 

 

54.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,172,785

 

$

 

1,159,523

 

$

 

1,136,318

 

$

 

1,138,598

 

$

 

1,138,690

 

$

 

1,151,925

 

$

 

1,111,808

 

 

Earning assets

 

 

1,108,231

 

 

 

1,094,197

 

 

 

1,072,376

 

 

 

1,078,269

 

 

 

1,079,002

 

 

 

1,088,367

 

 

 

1,053,666

 

 

Loans

 

 

620,243

 

 

 

594,820

 

 

 

574,824

 

 

 

560,440

 

 

 

544,389

 

 

 

587,765

 

 

 

562,592

 

 

Deposits

 

 

1,036,559

 

 

 

1,022,851

 

 

 

997,108

 

 

 

993,411

 

 

 

996,646

 

 

 

1,012,629

 

 

 

969,009

 

 

Shareholders' equity

 

 

93,404

 

 

 

95,043

 

 

 

93,750

 

 

 

97,242

 

 

 

97,241

 

 

 

94,850

 

 

 

96,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,159,108

 

$

 

1,161,830

 

$

 

1,126,778

 

$

 

1,135,003

 

$

 

1,144,239

 

 

 

 

 

 

 

 

Earning assets

 

 

1,094,876

 

 

 

1,096,302

 

 

 

1,064,770

 

 

 

1,073,565

 

 

 

1,084,744

 

 

 

 

 

 

 

 

Loans

 

 

627,171

 

 

 

609,971

 

 

 

582,185

 

 

 

567,375

 

 

 

549,154

 

 

 

 

 

 

 

 

Deposits

 

 

1,023,417

 

 

 

1,029,274

 

 

 

993,113

 

 

 

994,939

 

 

 

1,002,747

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

95,920

 

 

 

91,981

 

 

 

93,662

 

 

 

94,928

 

 

 

97,315

 

 

 

 

 

 

 

 

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)

 

December 31,

 

 

 

December 31,

 

(Dollars in thousands, except per share data)

 

2022

 

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

Cash and due from banks

$

 

19,911

 

 

$

 

19,543

 

Interest-earning deposits in other banks

 

 

66,509

 

 

 

 

224,114

 

Total cash and cash equivalents

 

 

86,420

 

 

 

 

243,657

 

Securities

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

150,069

 

 

 

 

131,708

 

Held-to-maturity

 

 

247,401

 

 

 

 

174,808

 

Equity securities

 

 

244

 

 

 

 

115

 

Restricted stock, at cost

 

 

3,430

 

 

 

 

4,614

 

Total securities

 

 

401,144

 

 

 

 

311,245

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

52

 

 

 

 

231

 

Loans

 

 

627,171

 

 

 

 

549,154

 

Less allowance for loan losses

 

 

6,838

 

 

 

 

7,618

 

Net loans

 

 

620,333

 

 

 

 

541,536

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

13,414

 

 

 

 

13,866

 

Goodwill

 

 

4,728

 

 

 

 

4,728

 

Bank owned life insurance

 

 

24,709

 

 

 

 

24,035

 

Accrued interest receivable and other assets

 

 

8,308

 

 

 

 

4,941

 

TOTAL ASSETS

$

 

1,159,108

 

 

$

 

1,144,239

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

$

 

350,283

 

 

$

 

334,346

 

Interest-bearing

 

 

673,134

 

 

 

 

668,401

 

Total deposits

 

 

1,023,417

 

 

 

 

1,002,747

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

32,550

 

 

 

 

36,530

 

Other borrowings

 

 

2,461

 

 

 

 

3,407

 

Accrued interest payable and other liabilities

 

 

4,760

 

 

 

 

4,240

 

Total liabilities

 

 

1,063,188

 

 

 

 

1,046,924

 

Shareholders' equity

 

 

 

 

 

 

 

Common stock, $6.25 par value. Authorized

 

 

 

 

 

 

 

9,000,000 shares; issued 2,980,602 shares

 

 

 

 

 

 

 

in 2022 and 2021

 

 

18,629

 

 

 

 

18,629

 

Additional paid-in capital

 

 

9,815

 

 

 

 

9,815

 

Retained earnings

 

 

86,502

 

 

 

 

76,715

 

Treasury stock at cost - 273,026 shares in 2022

 

 

 

 

 

 

 

and 262,578 shares in 2021

 

 

(6,107

)

 

 

 

(5,719

)

Accumulated other comprehensive loss

 

 

(12,919

)

 

 

 

(2,125

)

Total shareholders' equity

 

 

95,920

 

 

 

 

97,315

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

1,159,108

$

1,144,239

  

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

 

 

Twelve months ended

 

(Unaudited)

 

December 31,

 

 

 

December 31,

 

(Dollars in thousands, except per share data)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

 

7,526

 

 

$

 

6,131

 

 

$

 

26,015

 

 

$

 

26,124

 

Taxable securities

 

 

1,944

 

 

 

 

773

 

 

 

 

6,665

 

 

 

 

2,613

 

Nontaxable securities

 

 

108

 

 

 

 

116

 

 

 

 

436

 

 

 

 

455

 

Other

 

 

840

 

 

 

 

109

 

 

 

 

1,703

 

 

 

 

337

 

Total interest and dividend income

 

 

10,418

 

 

 

 

7,129

 

 

 

 

34,819

 

 

 

 

29,529

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,083

 

 

 

 

388

 

 

 

 

2,335

 

 

 

 

1,884

 

Other

 

 

67

 

 

 

 

28

 

 

 

 

161

 

 

 

 

128

 

Total interest expense

 

 

1,150

 

 

 

 

416

 

 

 

 

2,496

 

 

 

 

2,012

 

Net interest income

 

 

9,268

 

 

 

 

6,713

 

 

 

 

32,323

 

 

 

 

27,517

 

Provision (recovery) for loan losses

 

 

-

 

 

 

 

-

 

 

 

 

(895

)

 

 

 

(655

)

Net interest income, after provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for (recovery of) loan losses

 

 

9,268

 

 

 

 

6,713

 

 

 

 

33,218

 

 

 

 

28,172

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits accounts

 

 

299

 

 

 

 

263

 

 

 

 

1,174

 

 

 

 

939

 

Trust services

 

 

221

 

 

 

 

261

 

 

 

 

954

 

 

 

 

1,059

 

Debit card interchange fees

 

 

537

 

 

 

 

538

 

 

 

 

2,105

 

 

 

 

2,050

 

Credit card fees

 

 

162

 

 

 

 

141

 

 

 

 

677

 

 

 

 

482

 

Earnings on bank owned life insurance

 

 

170

 

 

 

 

162

 

 

 

 

674

 

 

 

 

619

 

Gain on sale of loans

 

 

17

 

 

 

 

275

 

 

 

 

331

 

 

 

 

1,449

 

Market value change in equity securities

 

 

(5

)

 

 

 

8

 

 

 

 

(3

)

 

 

 

28

 

Other

 

 

211

 

 

 

 

188

 

 

 

 

799

 

 

 

 

699

 

Total noninterest income

 

 

1,612

 

 

 

 

1,836

 

 

 

 

6,711

 

 

 

 

7,325

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,680

 

 

 

 

3,298

 

 

 

 

13,446

 

 

 

 

12,599

 

Occupancy expense

 

 

265

 

 

 

 

262

 

 

 

 

1,085

 

 

 

 

1,033

 

Equipment expense

 

 

177

 

 

 

 

195

 

 

 

 

781

 

 

 

 

714

 

Professional and director fees

 

 

390

 

 

 

 

353

 

 

 

 

1,551

 

 

 

 

1,184

 

Software expense

 

 

373

 

 

 

 

388

 

 

 

 

1,429

 

 

 

 

1,342

 

Marketing and public relations

 

 

189

 

 

 

 

137

 

 

 

 

551

 

 

 

 

461

 

Debit card expense

 

 

184

 

 

 

 

186

 

 

 

 

734

 

 

 

 

710

 

Financial institutions tax

 

 

195

 

 

 

 

202

 

 

 

 

779

 

 

 

 

765

 

Other expenses

 

 

753

 

 

 

 

688

 

 

 

 

3,037

 

 

 

 

3,285

 

Total noninterest expenses

 

 

6,206

 

 

 

 

5,709

 

 

 

 

23,393

 

 

 

 

22,093

 

Income before income tax

 

 

4,674

 

 

 

 

2,840

 

 

 

 

16,536

 

 

 

 

13,404

 

Federal income tax provision

 

 

921

 

 

 

 

534

 

 

 

 

3,223

 

 

 

 

2,567

 

Net income

$

 

3,753

 

 

$

 

2,306

 

 

$

 

13,313

 

 

$

 

10,837

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

 

1.39

 

 

$

 

0.85

 

 

$

 

4.91

 

 

$

 

3.97

 

 

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