CSB Bancorp, Inc. (OTC Pink: CSBB):
Third Quarter Highlights
|
|
Quarter Ended September 30, 2023 |
|
|
Quarter Ended September 30, 2022 |
|
||
Diluted earnings per share |
|
$ |
1.30 |
|
|
$ |
1.35 |
|
Net Income |
|
$ |
3,481,000 |
|
|
$ |
3,650,000 |
|
Return on average common equity |
|
|
13.63 |
% |
|
|
15.24 |
% |
Return on average assets |
|
|
1.19 |
% |
|
|
1.25 |
% |
CSB Bancorp, Inc. (OTC Pink: CSBB) today announced third quarter 2023 net income of $3,481,000, or $1.30 per basic and diluted share, as compared to $3,650,000, or $1.35 per basic and diluted share, for the same period in 2022. For the nine-month period ended September 30, 2023, net income totaled $11,059,000 compared to $9,560,000 for the same period last year, an increase of 16%.
Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 13.63% and 1.19%, respectively, compared with 15.24% and 1.25% for the third quarter of 2022. For the nine-month period ended September 30, 2023, ROE and ROA were 14.85% and 1.28% as compared to 13.41% and 1.12% for the comparable period in 2022.
Eddie Steiner, President and CEO stated, “Relatively low unemployment, slowly increasing labor participation, and consumer demand for goods and services are currently propping up an economy facing potent headwinds. Eventually, the forces of tighter monetary policy, significant government debt service, and other nations’ slowing economies, disasters and afflictions will disrupt the current momentum. For now, higher interest rates are rewarding savers and curbing some discretionary borrowing. Loan demand for constructing new homes, commercial buildings, and acquisition and development financing remains relatively active in our markets.”
Pre-Provision Net Revenue (PPNR) totaled $4.5 million during the quarter, an increase of $218 thousand, or 5%, from the prior year’s third quarter. Net interest income increased $277 thousand, or 3%, in the third quarter of 2023 compared to the same period in 2022.
Loan interest income including fees increased $2.5 million, or 37%, during third quarter 2023 as compared to the same quarter in 2022. The increase was mainly due to rate increases as well as an $80 million increase in average loan volume. Securities interest income increased $122 thousand, or 6%, during the third quarter 2023 compared to the same quarter 2022 from rate increases. Loan yields for third quarter 2023 averaged 5.39%, an increase of 93 basis points from the 2022 third quarter average of 4.46%, while overnight funds and securities yields for third quarter 2023 averaged 5.45% and 2.11%, respectively, compared to 2.29% and 1.91% in the third quarter 2022.
Interest expense rose $2.3 million, or 383%, during third quarter 2023 as compared to third quarter 2022. The increase follows a period of rapid interest rate increases spurred by the Federal Reserve followed by competitive pressures from banks and others to secure adequate funding. The cost to fund gross earning assets for the third quarter 2023 was 1.04% as compared to 0.22% for the third quarter of 2022. The Federal Reserve has indicated that it intends to maintain the higher interest rate environment beyond 2023.
The fully-taxable equivalent (FTE) net interest margin was 3.21% compared to 3.12% for third quarter 2022. Compared to the 2022 third quarter, FTE net interest income increased $275 thousand, or 3%, reflecting 9 basis points of net interest margin expansion, and a $2.5 million, or less than 1%, increase in average earning assets. The higher interest rate environment drove the increase in yields coupled with loan volume growth, partially offset by the higher cost of funds. The tax equivalency effect on the margin was 0.01% in third quarter 2023 and 2022.
Noninterest income increased $30 thousand, or 2%, compared to third quarter of 2022. The increase was primarily the result of a $43 thousand, or 20%, increase in trust and brokerage fees, an $11 thousand increase in service charges on deposits, and a $9 thousand increase in cash surrender value on bank owned life insurance. Offsetting decreases were recognized in unrealized losses in equity securities, debit and credit card fees and gain on sale of mortgage loans.
Noninterest expense increased 2% from third quarter 2022. Salary and employee benefit costs increased $230 thousand, or 7%, compared to the prior year quarter, primarily resulting from the increases in base salaries, benefits, and group medical. FDIC assessment increased $38 thousand or 41% on the increase in rate in 2023. Occupancy expense increased $18 thousand, or 7%, related to building repairs. Software expense increased $11 thousand, or 3%, with the deployment of new reporting software and upgrades. Professional and directors’ fees decreased $189 thousand, or 34% primarily reflecting a consulting fee in 2022 to renegotiate the core data processing software contract. Marketing and public relations decreased by $17 thousand, or 12%, reflecting a return to normalized levels. The Company’s third quarter efficiency ratio decreased to 57.0% compared to 57.9% in the prior year.
Federal income tax expense was $850 thousand in the 2023 third quarter compared to $890 thousand in the 2022 third quarter. The effective tax rate for the 2023 and 2022 third quarter was 19.6%.
Average earning assets for the 2023 third quarter increased $2.5 million, or less than 1%, from the year-ago quarter, primarily reflecting an $80 million, or 14%, increase in average loans, a $15 million, or 4%, decrease in average securities, and a $63 million, or 62%, decrease in interest-earning deposits in other banks, held mainly at the Federal Reserve Bank.
Average commercial loan balances for the quarter, including commercial real estate, increased $58 million, or 15%, from prior year levels, as construction loans were drawn, and borrowers used term loans to fund equipment and other purchases. Average residential mortgage balances increased $24 million, or 17%, above the prior year’s quarter as borrowers have been favoring adjustable-rate mortgages during this period of higher interest rates. Home equity lines of credit decreased $3 million from the prior year’s quarter as balances were paid down due to rate increases as these loans are tied to Prime. Average consumer credit balances increased $1 million, or 9%, 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 $260 thousand, or 0.04%, of total loans on September 30, 2023, compared to $686 thousand, or 0.11% of total loans, a year ago. Delinquent loan balances as of September 30, 2023, were stable at 0.23% of total loans as compared to 0.26% on September 30, 2022. Net loan recoveries recognized during third quarter 2023 were $119 thousand, or (0.07%) of average loans annualized, compared to third quarter 2022 net loan losses of $10 thousand.
On January 1, 2023, CSB adopted ASU 2016-13 known as current expected credit losses or “CECL”. The allowance for expected credit losses amounted to $6.7 million, or 0.98% of total loans, on September 30, 2023, as compared to 1.15% on September 30, 2022. The allowance for credit losses on off-balance sheet commitments on September 30, 2023, was $492 thousand, as compared to a September 30, 2022, balance of $141 thousand. CSB recorded no allowance for credit losses related to AFS or HTM debt securities as there is a zero loss expectation on these securities.
Average deposit balances declined slightly on a quarter over prior year quarter comparison by $2.7 million, or less than 1%. For the third quarter 2023, the average cost of deposits amounted to 1.08%, as compared to 0.22% for the third quarter 2022. During the third quarter 2023, increases in average deposit balances over the prior year quarter included interest-bearing demand accounts of $13 million and time deposits of $54 million. Noninterest-bearing accounts decreased $39 million from the prior year’s third quarter while savings and money market accounts declined $30 million. The average balance of securities sold under repurchase agreement during the third quarter of 2023 decreased by $1 million, or 3%, compared to the average for the same period in the prior year.
Shareholders’ equity totaled $101 million on September 30, 2023, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 8.72% for the quarter ended September 30, 2023, and 8.20% for the quarter ended September 30, 2022. The Company declared a third quarter dividend of $0.38 per share, producing an annualized yield of 4.0% based on the September 30, 2023, closing price of $37.75.
About CSB Bancorp, Inc.
CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.2 billion as of September 30, 2023. 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.
|
|||||||||||||||||||||
(Unaudited) |
Quarters |
|
|
|
|
|
|||||||||||||||
(Dollars in thousands, except per share data) |
2023 |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
|
|||||||
EARNINGS |
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
4th Qtr |
|
3rd Qtr |
|
9 months |
|
9 months |
|
|||||||
Net interest income FTE (a) |
$ |
8,871 |
|
$ |
9,027 |
|
$ |
8,999 |
|
$ |
9,304 |
|
$ |
8,596 |
|
$ |
26,897 |
|
$ |
23,164 |
|
Provision (Recovery) of credit losses |
|
177 |
|
|
140 |
|
|
(31 |
) |
|
- |
|
|
(250 |
) |
|
286 |
|
|
(895 |
) |
Other income |
|
1,705 |
|
|
1,733 |
|
|
1,628 |
|
|
1,612 |
|
|
1,675 |
|
|
5,066 |
|
|
5,099 |
|
Other expenses |
|
6,034 |
|
|
6,049 |
|
|
5,719 |
|
|
6,206 |
|
|
5,945 |
|
|
17,802 |
|
|
17,187 |
|
FTE adjustment(a) |
|
34 |
|
|
33 |
|
|
34 |
|
|
36 |
|
|
36 |
|
|
101 |
|
|
109 |
|
Net income |
|
3,481 |
|
|
3,644 |
|
|
3,934 |
|
|
3,753 |
|
|
3,650 |
|
|
11,059 |
|
|
9,560 |
|
Basic and Diluted earnings per share |
|
1.30 |
|
|
1.36 |
|
|
1.46 |
|
|
1.39 |
|
|
1.35 |
|
|
4.12 |
|
|
3.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Return on average assets (ROA), annualized |
|
1.19 |
% |
1.27 |
% |
1.39 |
% |
1.27 |
% |
1.25 |
% |
1.28 |
% |
1.12 |
% |
||||||
Return on average common equity (ROE), annualized |
|
13.63 |
|
|
14.62 |
|
|
16.39 |
|
|
15.94 |
|
|
15.24 |
|
|
14.85 |
|
|
13.41 |
|
Net interest margin FTE(a) |
|
3.21 |
|
|
3.33 |
|
|
3.37 |
|
|
3.33 |
|
|
3.12 |
|
|
3.30 |
|
|
2.86 |
|
Efficiency ratio |
|
56.99 |
|
|
56.24 |
|
|
53.86 |
|
|
56.83 |
|
|
57.87 |
|
|
55.70 |
|
|
60.82 |
|
Number of full-time equivalent employees |
|
178 |
|
|
172 |
|
|
170 |
|
|
172 |
|
|
172 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MARKET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Book value per common share |
$ |
37.96 |
|
$ |
37.36 |
|
$ |
36.93 |
|
$ |
35.43 |
|
$ |
33.97 |
|
|
|
|
|
||
Period-end common share market value |
|
37.75 |
|
|
38.88 |
|
|
38.00 |
|
|
38.50 |
|
|
39.00 |
|
|
|
|
|
||
Market as a % of book |
|
99.45 |
% |
104.07 |
% |
102.90 |
% |
108.66 |
% |
114.81 |
% |
|
|
|
|||||||
Price-to-earnings ratio |
|
6.85 |
|
|
6.99 |
|
|
7.06 |
|
|
7.84 |
|
|
8.92 |
|
|
|
|
|
||
Average basic common shares outstanding |
|
2,675,967 |
|
|
2,680,526 |
|
|
2,692,304 |
|
|
2,707,576 |
|
|
2,712,686 |
|
|
2,682,872 |
|
|
2,716,225 |
|
Average diluted common shares outstanding |
|
2,675,967 |
|
|
2,680,526 |
|
|
2,692,304 |
|
|
2,707,576 |
|
|
2,712,686 |
|
|
2,682,872 |
|
|
2,716,225 |
|
Period end common shares outstanding |
|
2,671,313 |
|
|
2,680,325 |
|
|
2,680,625 |
|
|
2,707,576 |
|
|
2,707,576 |
|
|
|
|
|
||
Common stock market capitalization |
$ |
100,842 |
|
$ |
104,211 |
|
$ |
101,864 |
|
$ |
104,242 |
|
$ |
105,595 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Gross charge-offs |
$ |
43 |
|
$ |
15 |
|
$ |
39 |
|
$ |
217 |
|
$ |
29 |
|
$ |
97 |
|
$ |
71 |
|
Net (recoveries) charge-offs |
|
(119 |
) |
|
(10 |
) |
|
4 |
|
|
170 |
|
|
10 |
|
|
(125 |
) |
|
(285 |
) |
Allowance for credit losses |
|
6,691 |
|
|
6,559 |
|
|
6,307 |
|
|
6,838 |
|
|
7,008 |
|
|
|
|
|
||
Nonperforming assets (NPAs) |
|
260 |
|
|
255 |
|
|
218 |
|
|
256 |
|
|
685 |
|
|
|
|
|
||
Net charge-off (recovery) / average loans ratio |
|
(0.07 |
)% |
(0.01 |
)% |
0.00 |
% |
0.11 |
% |
0.01 |
% |
(0.03 |
)% |
(0.07 |
)% |
||||||
Allowance for credit losses / period-end loans |
|
0.98 |
|
|
0.99 |
|
|
0.97 |
|
|
1.09 |
|
|
1.15 |
|
|
|
|
|
||
NPAs/loans and other real estate |
|
0.04 |
|
|
0.04 |
|
|
0.03 |
|
|
0.04 |
|
|
0.11 |
|
|
|
|
|
||
Allowance for credit losses / nonperforming loans |
|
2,576 |
|
|
2,577 |
|
|
2,893 |
|
|
2,667 |
|
|
1,022 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CAPITAL & LIQUIDITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Period-end tangible equity to assets(b) |
|
8.39 |
% |
8.29 |
% |
8.28 |
% |
7.90 |
% |
7.54 |
% |
|
|
|
|||||||
Average equity to assets |
|
8.72 |
|
|
8.68 |
|
|
8.48 |
|
|
7.96 |
|
|
8.20 |
|
|
|
|
|
||
Average equity to loans |
|
15.00 |
|
|
15.15 |
|
|
15.27 |
|
|
15.06 |
|
|
15.98 |
|
|
|
|
|
||
Average loans to deposits |
|
66.20 |
|
|
65.05 |
|
|
63.19 |
|
|
59.84 |
|
|
58.15 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Assets |
$ |
1,162,029 |
|
$ |
1,151,403 |
|
$ |
1,147,033 |
|
$ |
1,172,785 |
|
$ |
1,159,523 |
|
$ |
1,153,549 |
|
$ |
1,144,890 |
|
Earning assets |
|
1,096,679 |
|
|
1,085,751 |
|
|
1,082,996 |
|
|
1,108,231 |
|
|
1,094,197 |
|
|
1,088,525 |
|
|
1,081,673 |
|
Loans |
|
675,283 |
|
|
660,004 |
|
|
637,392 |
|
|
620,243 |
|
|
594,820 |
|
|
657,698 |
|
|
576,821 |
|
Deposits |
|
1,020,135 |
|
|
1,014,631 |
|
|
1,008,721 |
|
|
1,036,559 |
|
|
1,022,851 |
|
|
1,014,537 |
|
|
1,004,565 |
|
Shareholders' equity |
|
101,294 |
|
|
99,958 |
|
|
97,319 |
|
|
93,404 |
|
|
95,043 |
|
|
99,538 |
|
|
95,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ENDING BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Assets |
$ |
1,156,598 |
|
$ |
1,156,157 |
|
$ |
1,143,394 |
|
$ |
1,159,108 |
|
$ |
1,161,830 |
|
|
|
|
|
||
Earning assets |
|
1,087,591 |
|
|
1,088,561 |
|
|
1,080,939 |
|
|
1,094,876 |
|
|
1,096,302 |
|
|
|
|
|
||
Loans |
|
680,949 |
|
|
664,605 |
|
|
647,773 |
|
|
627,171 |
|
|
609,971 |
|
|
|
|
|
||
Deposits |
|
1,018,075 |
|
|
1,021,671 |
|
|
1,007,507 |
|
|
1,023,417 |
|
|
1,029,274 |
|
|
|
|
|
||
Shareholders' equity |
|
101,410 |
|
|
100,140 |
|
|
99,007 |
|
|
95,920 |
|
|
91,981 |
|
|
|
|
|
||
| Notes: | |
(a) - |
Net interest income on a fully-taxable 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, and is considered a non-GAAP measure. |
(b) - |
Tangible equity is a non-GAAP measure, which is shareholders' equity net of goodwill. |
CSB BANCORP, INC.
|
|||||||||
(Unaudited) |
September 30, |
|
|
September 30, |
|
||||
(Dollars in thousands, except per share data) |
2023 |
|
|
2022 |
|
||||
ASSETS |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
|
|
|
|
|
||
Cash and due from banks |
$ |
|
20,409 |
|
|
$ |
|
20,859 |
|
Interest-earning deposits in other banks |
|
|
29,000 |
|
|
|
|
86,657 |
|
Total cash and cash equivalents |
|
|
49,409 |
|
|
|
|
107,516 |
|
Securities |
|
|
|
|
|
|
|
||
Available-for-sale, at fair-value |
|
|
145,330 |
|
|
|
|
143,433 |
|
Held-to-maturity |
|
|
230,505 |
|
|
|
|
252,362 |
|
Equity securities |
|
|
246 |
|
|
|
|
249 |
|
Restricted stock, at cost |
|
|
1,561 |
|
|
|
|
3,430 |
|
Total securities |
|
|
377,642 |
|
|
|
|
399,474 |
|
|
|
|
|
|
|
|
|
||
Loans held for sale |
|
|
- |
|
|
|
|
200 |
|
Loans |
|
|
680,949 |
|
|
|
|
609,971 |
|
Less allowance for credit losses |
|
|
6,691 |
|
|
|
|
7,008 |
|
Net loans |
|
|
674,258 |
|
|
|
|
602,963 |
|
|
|
|
|
|
|
|
|
||
Premises and equipment, net |
|
|
13,105 |
|
|
|
|
13,455 |
|
Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
Bank owned life insurance |
|
|
25,229 |
|
|
|
|
24,539 |
|
Accrued interest receivable and other assets |
|
|
12,227 |
|
|
|
|
8,955 |
|
TOTAL ASSETS |
$ |
|
1,156,598 |
|
|
$ |
|
1,161,830 |
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
||
LIABILITIES |
|
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
|
||
Noninterest-bearing |
$ |
|
300,018 |
|
|
$ |
|
338,043 |
|
Interest-bearing |
|
|
718,057 |
|
|
|
|
691,231 |
|
Total deposits |
|
|
1,018,075 |
|
|
|
|
1,029,274 |
|
|
|
|
|
|
|
|
|
||
Short-term borrowings |
|
|
30,734 |
|
|
|
|
34,199 |
|
Other borrowings |
|
|
1,808 |
|
|
|
|
2,528 |
|
Accrued interest payable and other liabilities |
|
|
4,571 |
|
|
|
|
3,848 |
|
TOTAL LIABILITIES |
|
|
1,055,188 |
|
|
|
|
1,069,849 |
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
||
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares in 2023 and 2022 |
|
|
18,629 |
|
|
|
|
18,629 |
|
Additional paid-in capital |
|
|
9,815 |
|
|
|
|
9,815 |
|
Retained earnings |
|
|
94,614 |
|
|
|
|
83,696 |
|
Treasury stock at cost - 309,289 shares in 2023 and 273,026 shares in 2022 |
|
|
(7,481 |
) |
|
|
|
(6,107 |
) |
Accumulated other comprehensive loss |
|
|
(14,167 |
) |
|
|
|
(14,052 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
|
101,410 |
|
|
|
|
91,981 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
|
1,156,598 |
|
|
$ |
|
1,161,830 |
|
CSB BANCORP, INC.
|
|||||||||||||||
|
Quarter ended |
|
|
Nine months ended |
|
||||||||||
(Unaudited) |
September 30, |
|
|
September 30, |
|
||||||||||
(Dollars in thousands, except per share data) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, including fees |
$ |
9,175 |
|
|
$ |
6,680 |
|
|
$ |
25,855 |
|
|
$ |
18,489 |
|
Taxable securities |
|
1,910 |
|
|
|
1,780 |
|
|
|
5,867 |
|
|
|
4,721 |
|
Nontaxable securities |
|
102 |
|
|
|
110 |
|
|
|
305 |
|
|
|
328 |
|
Other |
|
531 |
|
|
|
586 |
|
|
|
1,520 |
|
|
|
863 |
|
Total interest and dividend income |
|
11,718 |
|
|
|
9,156 |
|
|
|
33,547 |
|
|
|
24,401 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
2,772 |
|
|
|
559 |
|
|
|
6,484 |
|
|
|
1,252 |
|
Other |
|
109 |
|
|
|
37 |
|
|
|
267 |
|
|
|
94 |
|
Total interest expense |
|
2,881 |
|
|
|
596 |
|
|
|
6,751 |
|
|
|
1,346 |
|
Net interest income |
|
8,837 |
|
|
|
8,560 |
|
|
|
26,796 |
|
|
|
23,055 |
|
Provision (Recovery) for credit losses |
|
177 |
|
|
|
(250 |
) |
|
|
286 |
|
|
|
(895 |
) |
Net interest income, after provision (recovery) for credit losses |
|
8,660 |
|
|
|
8,810 |
|
|
|
26,510 |
|
|
|
23,950 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges on deposit accounts |
|
332 |
|
|
|
321 |
|
|
|
924 |
|
|
|
875 |
|
Trust services |
|
259 |
|
|
|
216 |
|
|
|
769 |
|
|
|
733 |
|
Debit card interchange fees |
|
525 |
|
|
|
530 |
|
|
|
1,579 |
|
|
|
1,568 |
|
Credit card fees |
|
166 |
|
|
|
170 |
|
|
|
535 |
|
|
|
516 |
|
Earnings on bank owned life insurance |
|
179 |
|
|
|
170 |
|
|
|
520 |
|
|
|
504 |
|
Gain on sale of loans |
|
47 |
|
|
|
49 |
|
|
|
106 |
|
|
|
314 |
|
Unrealized (loss) gain on equity securities |
|
(11 |
) |
|
|
(2 |
) |
|
|
2 |
|
|
|
2 |
|
Other |
|
208 |
|
|
|
221 |
|
|
|
631 |
|
|
|
587 |
|
Total noninterest income |
|
1,705 |
|
|
|
1,675 |
|
|
|
5,066 |
|
|
|
5,099 |
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
3,429 |
|
|
|
3,199 |
|
|
|
10,112 |
|
|
|
9,766 |
|
Occupancy expense |
|
290 |
|
|
|
272 |
|
|
|
856 |
|
|
|
820 |
|
Equipment expense |
|
199 |
|
|
|
193 |
|
|
|
595 |
|
|
|
604 |
|
Professional and director fees |
|
366 |
|
|
|
555 |
|
|
|
1,073 |
|
|
|
1,161 |
|
Software expense |
|
408 |
|
|
|
397 |
|
|
|
1,228 |
|
|
|
1,056 |
|
Marketing and public relations |
|
124 |
|
|
|
141 |
|
|
|
383 |
|
|
|
362 |
|
Debit card expense |
|
179 |
|
|
|
201 |
|
|
|
494 |
|
|
|
550 |
|
Financial institutions tax |
|
192 |
|
|
|
195 |
|
|
|
576 |
|
|
|
584 |
|
FDIC insurance expense |
|
131 |
|
|
|
93 |
|
|
|
380 |
|
|
|
251 |
|
Other expenses |
|
716 |
|
|
|
699 |
|
|
|
2,105 |
|
|
|
2,033 |
|
Total noninterest expenses |
|
6,034 |
|
|
|
5,945 |
|
|
|
17,802 |
|
|
|
17,187 |
|
Income before income taxes |
|
4,331 |
|
|
|
4,540 |
|
|
|
13,774 |
|
|
|
11,862 |
|
Federal income tax provision |
|
850 |
|
|
|
890 |
|
|
|
2,715 |
|
|
|
2,302 |
|
Net income |
$ |
3,481 |
|
|
$ |
3,650 |
|
|
$ |
11,059 |
|
|
$ |
9,560 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
$ |
1.30 |
|
|
$ |
1.35 |
|
|
$ |
4.12 |
|
|
$ |
3.52 |
|
CSB BANCORP, INC.
|
|||||||
NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT |
|||||||
|
Quarter ended |
|
|||||
(Unaudited) |
Sept 30, |
|
|||||
(Dollars in thousands) |
2023 |
|
|
2022 |
|
||
Net interest income |
$ |
8,837 |
|
$ |
8,560 |
|
|
Taxable equivalent adjustment1 |
|
34 |
|
|
36 |
|
|
Net interest income, FTE |
$ |
8,871 |
|
$ |
8,596 |
|
|
Net interest margin |
|
3.20 |
% |
|
3.11 |
% |
|
Taxable equivalent adjustment1 |
|
0.01 |
|
|
0.01 |
|
|
Net interest margin, FTE |
|
3.21 |
% |
|
3.12 |
% |
|
1 |
Net interest income on a fully-taxable 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, and is considered a non-GAAP measure. |
PRE-PROVISION NET REVENUE |
|||||||
|
Quarter ended |
|
|||||
(Unaudited) |
Sept 30, |
|
|||||
(Dollars in thousands) |
2023 |
|
|
2022 |
|
||
Pre-Provision Net Revenue (PPNR) |
|
|
|
|
|
||
Net interest income |
$ |
8,837 |
|
|
$ |
8,560 |
|
Total noninterest income |
|
1,705 |
|
|
|
1,675 |
|
Total revenue |
|
10,542 |
|
|
|
10,235 |
|
|
|
|
|
|
|
||
Less: Noninterest expense |
|
6,034 |
|
|
|
5,945 |
|
|
|
|
|
|
|
||
PPNR |
$ |
4,508 |
|
|
$ |
4,290 |
|
TANGIBLE EQUITY |
|||||||
(Unaudited) |
Sept 30, |
|
|
Sept 30, |
|
||
(Dollars in thousands) |
2023 |
|
|
2022 |
|
||
Total Shareholders' Equity |
$ |
101,410 |
|
|
$ |
91,981 |
|
Less: Goodwill |
|
4,728 |
|
|
|
4,728 |
|
Tangible Shareholders' Equity |
$ |
96,682 |
|
|
$ |
87,253 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20231024608535/en/
Contacts
Paula J. Meiler, SVP & CFO
330.763.2873
paula.meiler@csb1.com
