CSB Bancorp, Inc. (OTC Pink: CSBB):
Fourth Quarter Highlights
|
|
|
Quarter Ended
December 31, 2023
|
|
|
|
Quarter Ended
December 31, 2022
|
|
|
Diluted earnings per share
|
|
$
|
1.38
|
|
|
|
$
|
1.39
|
|
|
Net Income
|
|
$
|
3,697,000
|
|
|
|
$
|
3,753,000
|
|
|
Return on average common equity
|
|
|
14.22
|
%
|
|
|
|
15.94
|
%
|
|
Return on average assets
|
|
|
1.25
|
%
|
|
|
|
1.27
|
%
|
CSB Bancorp, Inc. (OTC Pink: CSBB) today announced fourth quarter 2023 net income of $3,697,000, or $1.38 per basic and diluted share, as compared to $3,753,000, or $1.39 per basic and diluted share, for the same period in 2022. For the twelve-month period ended December 31, 2023, net income totaled $14,756,000 compared to $13,313,000 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 14.22% and 1.25%, respectively, compared with 15.94% and 1.27% for the fourth quarter of 2022. For the twelve-month period ended December 31, 2023, ROE and ROA were 14.69% and 1.27% as compared to 14.04% and 1.16% for the comparable period in 2022.
Eddie Steiner, President and CEO stated, “We finished 2023 with CSB’s team delivering another solid quarter, resulting in full-year earnings of $14.8 million, or $5.51 per share. The company’s return on assets, return on equity, net interest margin and efficiency ratio each improved from third quarter to fourth quarter, and full year 2023 results also improved in each of those key metrics compared to the prior year. CSB’s capital and liquidity levels are strong, our deposit base held steady at more than $1 billion throughout 2023, and loan balances grew by 12%.”
Pre-Provision Net Revenue (“PPNR”) (a non-GAAP measure) totaled $4.8 million during the quarter, an increase of $232 thousand, or 5%, from the prior year’s fourth quarter. Net interest income increased $77 thousand, or 1%, noninterest income increased $66 thousand, or 4%, and noninterest expense declined $89 thousand, (a non-GAAP measure) or 1%, in the fourth quarter of 2023 compared to the same period in 2022. For the twelve-month period ended December 31, 2023, PPNR totaled $18.8 million as compared to $15.5 million for the comparable period in 2022.
Loan interest income including fees increased $2.3 million, or 31%, during fourth quarter 2023 as compared to the same quarter in 2022. The increase was mainly due to rate increases as well as a $74 million increase in average loan volume. Securities interest income decreased $22 thousand, or 1%, during the fourth quarter 2023 compared to the same quarter 2022 from volume decreases as cash flow from investments was redeployed to loan origination. Loan yields for fourth quarter 2023 averaged 5.64%, an increase of 82 basis points from the 2022 fourth quarter average of 4.82%, while overnight funds and securities yields for fourth quarter 2023 averaged 5.54% and 2.20%, respectively, compared to 3.74% and 2.07% in the fourth quarter 2022.
Interest expense rose $2.0 million, or 172%, during fourth quarter 2023 as compared to fourth 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 fourth quarter 2023 was 1.12% as compared to 0.41% for the fourth quarter of 2022. The Federal Reserve has indicated it currently expects that it can begin lowering short-term interest rates later in 2024.
The fully-taxable equivalent (“FTE”) (a non-GAAP measure) net interest margin was 3.36% compared to 3.33% for the fourth quarter 2022. Compared to the 2022 fourth quarter, FTE net interest income increased $73 thousand, or 1%, reflecting 3 basis points of net interest margin expansion, and a $1.2 million, or less than 1%, decrease 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 fourth quarter 2023 and 2022.
Noninterest income increased $66 thousand, or 4%, compared to fourth quarter of 2022. The increase was primarily the result of a $38 thousand increase in gain on sale of mortgage loans, a $23 thousand increase in trust and brokerage fees, and an $18 thousand increase in unrealized gains in equity securities. Small offsetting decreases were recognized in service charges on deposit accounts with decreasing overdraft fees and debit card interchange fees.
Noninterest expense increased 1% from fourth quarter 2022. Salary and employee benefit costs decreased $119 thousand, or 3%, compared to the prior year quarter, primarily resulting from the decreases in base salaries and benefits due to timing of turnover in fourth quarter 2023. Software expense increased $50 thousand, or 13%, with the deployment of new reporting software and upgrades. FDIC assessment increased $40 thousand or 43% on the increase in rate in 2023. Equipment expense increased $20 thousand, or 11% while occupancy expense increased $17 thousand, or 6%, related to building repairs. Marketing and public relations decreased by $23 thousand, or 12%, reflecting a return to normalized levels. A recovery of provision for unfunded loan commitments of $141 thousand was recognized through other noninterest expense in fourth quarter 2022 and did not recur in 2023 due to the adoption of ASU 2016-13, see discussion below. The Company’s fourth quarter efficiency ratio decreased to 56.7% compared to 56.8% in the prior year.
Federal income tax expense was $912 thousand in the 2023 fourth quarter compared to $921 thousand in the 2022 fourth quarter. The effective tax rate for the 2023 and 2022 fourth quarters stabilized at 19.8-19.7%.
Average earning assets for the 2023 fourth quarter decreased $1.2 million, or less than 1%, from the year-ago quarter, primarily reflecting a $74 million, or 12%, increase in average loans, a $28 million, or 7%, decrease in average securities, and a $47 million, or 53%, 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 $55 million, or 14%, 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 $20 million, or 14%, 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 Rate. Average consumer credit balances increased $200 thousand, or 1%, versus the same quarter of the prior year. Commercial loan demand continues while household confidence appears to be waiting for the Fed to reverse course and begin to lower rates.
Nonperforming assets were $396 thousand, or 0.06%, of total loans on December 31, 2023, compared to $256 thousand, or 0.04% of total loans, a year ago. Delinquent loan balances as of December 31, 2023, were up slightly at 0.22% of total loans as compared to 0.13% on December 31, 2022. Net loan recoveries recognized during fourth quarter 2023 were $5 thousand, or less than 1% of average loans annualized, compared to fourth quarter 2022 net loan losses of $170 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 $6.6 million, or 0.94% of total loans, on December 31, 2023, as compared to 1.09% on December 31, 2022. The allowance for credit losses on off-balance sheet commitments on December 31, 2023, was $736 thousand, largely tied to construction loans as compared to a December 31, 2022, balance of zero. 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 on a quarter over prior year quarter comparison by $8.4 million, or less than 1%. For the fourth quarter 2023, the average cost of deposits amounted to 1.16%, as compared to 0.41% for the fourth quarter 2022. During the fourth quarter 2023, increases in average deposit balances over the prior year quarter included interest-bearing demand accounts of $19 million and time deposits of $66 million. Noninterest-bearing accounts decreased $47 million from the prior year’s fourth quarter while savings and money market accounts declined $46 million. The average balance of securities sold under repurchase agreement during the fourth quarter of 2023 decreased by $2 million, or 5%, compared to the average for the same period in the prior year.
Shareholders’ equity totaled $108 million on December 31, 2023, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 8.80% for the quarter ended December 31, 2023, and 7.96% for the quarter ended December 31, 2022. The Company declared a fourth quarter dividend of $0.38 per share, producing an annualized yield of 4.0% based on the December 31, 2023, closing price of $37.54.
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, 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. See the non-GAAP disclosures at the end of this release for a reconciliation of GAAP and non-GAAP measures.
CSB BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
|
(Unaudited)
|
|
Quarters
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data)
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
EARNINGS
|
|
4th Qtr
|
|
|
3rd Qtr
|
|
|
2nd Qtr
|
|
|
1st Qtr
|
|
|
4th Qtr
|
|
|
12 months
|
|
|
12 months
|
|
|
|
Net interest income FTE (a)
|
$
|
|
9,377
|
|
$
|
|
8,871
|
|
$
|
|
9,027
|
|
$
|
|
8,999
|
|
$
|
|
9,304
|
|
$
|
|
36,274
|
|
$
|
|
32,468
|
|
|
|
Provision (Recovery) of credit losses
|
|
|
156
|
|
|
|
177
|
|
|
|
140
|
|
|
|
(31
|
)
|
|
|
-
|
|
|
|
442
|
|
|
|
(895
|
)
|
|
|
Other income
|
|
|
1,678
|
|
|
|
1,705
|
|
|
|
1,733
|
|
|
|
1,628
|
|
|
|
1,612
|
|
|
|
6,744
|
|
|
|
6,711
|
|
|
|
Other expenses
|
|
|
6,258
|
|
|
|
6,034
|
|
|
|
6,049
|
|
|
|
5,719
|
|
|
|
6,206
|
|
|
|
24,060
|
|
|
|
23,393
|
|
|
|
FTE adjustment(a)
|
|
|
32
|
|
|
|
34
|
|
|
|
33
|
|
|
|
34
|
|
|
|
36
|
|
|
|
133
|
|
|
|
145
|
|
|
|
Net income
|
|
|
3,697
|
|
|
|
3,481
|
|
|
|
3,644
|
|
|
|
3,934
|
|
|
|
3,753
|
|
|
|
14,756
|
|
|
|
13,313
|
|
|
|
Basic and Diluted earnings per share
|
|
|
1.38
|
|
|
|
1.30
|
|
|
|
1.36
|
|
|
|
1.46
|
|
|
|
1.39
|
|
|
|
5.51
|
|
|
|
4.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROA), annualized
|
|
|
1.25
|
|
%
|
|
1.19
|
|
%
|
|
1.27
|
|
%
|
|
1.39
|
|
%
|
|
1.27
|
|
%
|
|
1.27
|
|
%
|
|
1.16
|
|
%
|
|
Return on average common equity (ROE), annualized
|
|
|
14.22
|
|
|
|
13.63
|
|
|
|
14.62
|
|
|
|
16.39
|
|
|
|
15.94
|
|
|
|
14.69
|
|
|
|
14.04
|
|
|
|
Net interest margin FTE(a)
|
|
|
3.36
|
|
|
|
3.21
|
|
|
|
3.33
|
|
|
|
3.37
|
|
|
|
3.33
|
|
|
|
3.32
|
|
|
|
2.98
|
|
|
|
Efficiency ratio
|
|
|
56.67
|
|
|
|
56.99
|
|
|
|
56.24
|
|
|
|
53.86
|
|
|
|
56.83
|
|
|
|
55.95
|
|
|
|
59.70
|
|
|
|
Number of full-time equivalent employees
|
|
|
168
|
|
|
|
178
|
|
|
|
172
|
|
|
|
170
|
|
|
|
172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
$
|
|
40.43
|
|
$
|
|
37.96
|
|
$
|
|
37.36
|
|
$
|
|
36.93
|
|
$
|
|
35.43
|
|
|
|
|
|
|
|
|
|
Period-end common share market value
|
|
|
37.54
|
|
|
|
37.75
|
|
|
|
38.88
|
|
|
|
38.00
|
|
|
|
38.50
|
|
|
|
|
|
|
|
|
|
Market as a % of book
|
|
|
92.85
|
|
%
|
|
99.45
|
|
%
|
|
104.07
|
|
%
|
|
102.90
|
|
%
|
|
108.66
|
|
%
|
|
|
|
|
|
|
|
Price-to-earnings ratio
|
|
|
6.81
|
|
|
|
6.85
|
|
|
|
6.99
|
|
|
|
7.06
|
|
|
|
7.84
|
|
|
|
|
|
|
|
|
|
Average basic common shares outstanding
|
|
|
2,671,086
|
|
|
|
2,675,967
|
|
|
|
2,680,526
|
|
|
|
2,692,304
|
|
|
|
2,707,576
|
|
|
|
2,679,902
|
|
|
|
2,714,045
|
|
|
|
Average diluted common shares outstanding
|
|
|
2,671,086
|
|
|
|
2,675,967
|
|
|
|
2,680,526
|
|
|
|
2,692,304
|
|
|
|
2,707,576
|
|
|
|
2,679,902
|
|
|
|
2,714,045
|
|
|
|
Period end common shares outstanding
|
|
|
2,669,938
|
|
|
|
2,671,313
|
|
|
|
2,680,325
|
|
|
|
2,680,625
|
|
|
|
2,707,576
|
|
|
|
|
|
|
|
|
|
Common stock market capitalization
|
$
|
|
100,229
|
|
$
|
|
100,842
|
|
$
|
|
104,211
|
|
$
|
|
101,864
|
|
$
|
|
104,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs
|
$
|
|
15
|
|
$
|
|
43
|
|
$
|
|
15
|
|
$
|
|
39
|
|
$
|
|
217
|
|
$
|
|
112
|
|
$
|
|
288
|
|
|
|
Net (recoveries) charge-offs
|
|
|
(5
|
)
|
|
|
(119
|
)
|
|
|
(10
|
)
|
|
|
4
|
|
|
|
170
|
|
|
|
(130
|
)
|
|
|
(115
|
)
|
|
|
Allowance for credit losses
|
|
|
6,607
|
|
|
|
6,691
|
|
|
|
6,559
|
|
|
|
6,307
|
|
|
|
6,838
|
|
|
|
|
|
|
|
|
|
Nonperforming assets (NPAs)
|
|
|
396
|
|
|
|
260
|
|
|
|
255
|
|
|
|
218
|
|
|
|
256
|
|
|
|
|
|
|
|
|
|
Net charge-off (recovery) / average loans ratio
|
|
|
0.00
|
|
%
|
|
(0.07
|
)
|
%
|
|
(0.01
|
)
|
%
|
|
0.00
|
|
%
|
|
0.11
|
|
%
|
|
(0.02
|
)
|
%
|
|
(0.02
|
)
|
%
|
|
Allowance for credit losses / period-end loans
|
|
|
0.94
|
|
|
|
0.98
|
|
|
|
0.99
|
|
|
|
0.97
|
|
|
|
1.09
|
|
|
|
|
|
|
|
|
|
NPAs/loans and other real estate
|
|
|
0.06
|
|
|
|
0.04
|
|
|
|
0.04
|
|
|
|
0.03
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses / nonperforming loans
|
|
|
1,667
|
|
|
|
2,576
|
|
|
|
2,577
|
|
|
|
2,893
|
|
|
|
2,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL & LIQUIDITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end tangible equity to assets(b)
|
|
|
8.79
|
|
%
|
|
8.39
|
|
%
|
|
8.29
|
|
%
|
|
8.28
|
|
%
|
|
7.90
|
|
%
|
|
|
|
|
|
|
|
Average equity to assets
|
|
|
8.80
|
|
|
|
8.72
|
|
|
|
8.68
|
|
|
|
8.48
|
|
|
|
7.96
|
|
|
|
|
|
|
|
|
|
Average equity to loans
|
|
|
14.87
|
|
|
|
15.00
|
|
|
|
15.15
|
|
|
|
15.27
|
|
|
|
15.06
|
|
|
|
|
|
|
|
|
|
Average loans to deposits
|
|
|
67.47
|
|
|
|
66.20
|
|
|
|
65.05
|
|
|
|
63.19
|
|
|
|
59.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
|
1,172,324
|
|
$
|
|
1,162,029
|
|
$
|
|
1,151,403
|
|
$
|
|
1,147,033
|
|
$
|
|
1,172,785
|
|
$
|
|
1,158,286
|
|
$
|
|
1,151,925
|
|
|
|
Earning assets
|
|
|
1,107,002
|
|
|
|
1,096,679
|
|
|
|
1,085,751
|
|
|
|
1,082,996
|
|
|
|
1,108,231
|
|
|
|
1,093,182
|
|
|
|
1,088,367
|
|
|
|
Loans
|
|
|
693,779
|
|
|
|
675,283
|
|
|
|
660,004
|
|
|
|
637,392
|
|
|
|
620,243
|
|
|
|
666,793
|
|
|
|
587,765
|
|
|
|
Deposits
|
|
|
1,028,207
|
|
|
|
1,020,135
|
|
|
|
1,014,631
|
|
|
|
1,008,721
|
|
|
|
1,036,559
|
|
|
|
1,017,983
|
|
|
|
1,012,629
|
|
|
|
Shareholders' equity
|
|
|
103,164
|
|
|
|
101,294
|
|
|
|
99,958
|
|
|
|
97,319
|
|
|
|
93,404
|
|
|
|
100,452
|
|
|
|
94,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDING BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$
|
|
1,178,689
|
|
$
|
|
1,156,598
|
|
$
|
|
1,156,157
|
|
$
|
|
1,143,394
|
|
$
|
|
1,159,108
|
|
|
|
|
|
|
|
|
|
Earning assets
|
|
|
1,109,171
|
|
|
|
1,087,591
|
|
|
|
1,088,561
|
|
|
|
1,080,939
|
|
|
|
1,094,876
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
701,404
|
|
|
|
680,949
|
|
|
|
664,605
|
|
|
|
647,773
|
|
|
|
627,171
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1,027,427
|
|
|
|
1,018,075
|
|
|
|
1,021,671
|
|
|
|
1,007,507
|
|
|
|
1,023,417
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
107,939
|
|
|
|
101,410
|
|
|
|
100,140
|
|
|
|
99,007
|
|
|
|
95,920
|
|
|
|
|
|
|
|
|
|
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.
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
December 31,
|
|
|
|
December 31,
|
|
|
(Dollars in thousands, except per share data)
|
|
2023
|
|
|
|
2022
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
$
|
|
24,463
|
|
|
$
|
|
19,911
|
|
|
Interest-earning deposits in other banks
|
|
|
39,614
|
|
|
|
|
66,509
|
|
|
Total cash and cash equivalents
|
|
|
64,077
|
|
|
|
|
86,420
|
|
|
Securities
|
|
|
|
|
|
|
|
|
Available-for-sale, at fair-value
|
|
|
140,080
|
|
|
|
|
150,069
|
|
|
Held-to-maturity
|
|
|
226,279
|
|
|
|
|
247,401
|
|
|
Equity securities
|
|
|
259
|
|
|
|
|
244
|
|
|
Restricted stock, at cost
|
|
|
1,535
|
|
|
|
|
3,430
|
|
|
Total securities
|
|
|
368,153
|
|
|
|
|
401,144
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
|
|
-
|
|
|
|
|
52
|
|
|
Loans
|
|
|
701,404
|
|
|
|
|
627,171
|
|
|
Less allowance for credit losses
|
|
|
6,607
|
|
|
|
|
6,838
|
|
|
Net loans
|
|
|
694,797
|
|
|
|
|
620,333
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net
|
|
|
13,002
|
|
|
|
|
13,414
|
|
|
Goodwill
|
|
|
4,728
|
|
|
|
|
4,728
|
|
|
Bank owned life insurance
|
|
|
25,410
|
|
|
|
|
24,709
|
|
|
Accrued interest receivable and other assets
|
|
|
8,522
|
|
|
|
|
8,308
|
|
|
TOTAL ASSETS
|
$
|
|
1,178,689
|
|
|
$
|
|
1,159,108
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
|
301,697
|
|
|
$
|
|
350,283
|
|
|
Interest-bearing
|
|
|
725,730
|
|
|
|
|
673,134
|
|
|
Total deposits
|
|
|
1,027,427
|
|
|
|
|
1,023,417
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
35,843
|
|
|
|
|
32,550
|
|
|
Other borrowings
|
|
|
1,754
|
|
|
|
|
2,461
|
|
|
Accrued interest payable and other liabilities
|
|
|
5,726
|
|
|
|
|
4,760
|
|
|
TOTAL LIABILITIES
|
|
|
1,070,750
|
|
|
|
|
1,063,188
|
|
|
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
|
|
|
97,297
|
|
|
|
|
86,502
|
|
|
Treasury stock at cost - 310,664 shares in 2023
|
|
|
|
|
|
|
|
|
and 273,026 shares in 2022
|
|
|
(7,532
|
)
|
|
|
|
(6,107
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(10,270
|
)
|
|
|
|
(12,919
|
)
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
107,939
|
|
|
|
|
95,920
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
|
1,178,689
|
|
|
$
|
|
1,159,108
|
|
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Quarter ended
|
|
|
|
Years ended
|
|
|
(Unaudited)
|
|
December 31,
|
|
|
|
December 31,
|
|
|
(Dollars in thousands, except per share data)
|
|
2023
|
|
|
|
2022
|
|
|
|
2023
|
|
|
|
2022
|
|
|
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
$
|
|
9,852
|
|
|
$
|
|
7,526
|
|
|
$
|
|
35,707
|
|
|
$
|
|
26,015
|
|
|
Taxable securities
|
|
|
1,936
|
|
|
|
|
1,944
|
|
|
|
|
7,803
|
|
|
|
|
6,665
|
|
|
Nontaxable securities
|
|
|
94
|
|
|
|
|
108
|
|
|
|
|
399
|
|
|
|
|
436
|
|
|
Other
|
|
|
587
|
|
|
|
|
840
|
|
|
|
|
2,107
|
|
|
|
|
1,703
|
|
|
Total interest and dividend income
|
|
|
12,469
|
|
|
|
|
10,418
|
|
|
|
|
46,016
|
|
|
|
|
34,819
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
3,015
|
|
|
|
|
1,083
|
|
|
|
|
9,499
|
|
|
|
|
2,335
|
|
|
Other
|
|
|
109
|
|
|
|
|
67
|
|
|
|
|
376
|
|
|
|
|
161
|
|
|
Total interest expense
|
|
|
3,124
|
|
|
|
|
1,150
|
|
|
|
|
9,875
|
|
|
|
|
2,496
|
|
|
Net interest income
|
|
|
9,345
|
|
|
|
|
9,268
|
|
|
|
|
36,141
|
|
|
|
|
32,323
|
|
|
Provision (Recovery) for credit losses
|
|
|
156
|
|
|
|
|
-
|
|
|
|
|
442
|
|
|
|
|
(895
|
)
|
|
Net interest income, after provision
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(recovery) for credit losses
|
|
|
9,189
|
|
|
|
|
9,268
|
|
|
|
|
35,699
|
|
|
|
|
33,218
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
285
|
|
|
|
|
299
|
|
|
|
|
1,209
|
|
|
|
|
1,174
|
|
|
Trust services
|
|
|
244
|
|
|
|
|
221
|
|
|
|
|
1,013
|
|
|
|
|
954
|
|
|
Debit card interchange fees
|
|
|
528
|
|
|
|
|
537
|
|
|
|
|
2,107
|
|
|
|
|
2,105
|
|
|
Credit card fees
|
|
|
166
|
|
|
|
|
162
|
|
|
|
|
701
|
|
|
|
|
677
|
|
|
Earnings on bank owned life insurance
|
|
|
182
|
|
|
|
|
170
|
|
|
|
|
702
|
|
|
|
|
674
|
|
|
Gain on sale of loans
|
|
|
55
|
|
|
|
|
17
|
|
|
|
|
161
|
|
|
|
|
331
|
|
|
Unrealized (loss) gain on equity securities
|
|
|
13
|
|
|
|
|
(5
|
)
|
|
|
|
15
|
|
|
|
|
(3
|
)
|
|
Other
|
|
|
205
|
|
|
|
|
211
|
|
|
|
|
836
|
|
|
|
|
799
|
|
|
Total noninterest income
|
|
|
1,678
|
|
|
|
|
1,612
|
|
|
|
|
6,744
|
|
|
|
|
6,711
|
|
|
Noninterest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
3,561
|
|
|
|
|
3,680
|
|
|
|
|
13,673
|
|
|
|
|
13,446
|
|
|
Occupancy expense
|
|
|
282
|
|
|
|
|
265
|
|
|
|
|
1,138
|
|
|
|
|
1,085
|
|
|
Equipment expense
|
|
|
197
|
|
|
|
|
177
|
|
|
|
|
792
|
|
|
|
|
781
|
|
|
Professional and director fees
|
|
|
398
|
|
|
|
|
390
|
|
|
|
|
1,471
|
|
|
|
|
1,551
|
|
|
Software expense
|
|
|
423
|
|
|
|
|
373
|
|
|
|
|
1,651
|
|
|
|
|
1,429
|
|
|
Marketing and public relations
|
|
|
166
|
|
|
|
|
189
|
|
|
|
|
549
|
|
|
|
|
551
|
|
|
Debit card expense
|
|
|
188
|
|
|
|
|
184
|
|
|
|
|
682
|
|
|
|
|
734
|
|
|
Financial institutions tax
|
|
|
191
|
|
|
|
|
195
|
|
|
|
|
767
|
|
|
|
|
779
|
|
|
FDIC insurance expense
|
|
|
134
|
|
|
|
|
94
|
|
|
|
|
514
|
|
|
|
|
345
|
|
|
Other expenses
|
|
|
718
|
|
|
|
|
659
|
|
|
|
|
2,823
|
|
|
|
|
2,692
|
|
|
Total noninterest expenses
|
|
|
6,258
|
|
|
|
|
6,206
|
|
|
|
|
24,060
|
|
|
|
|
23,393
|
|
|
Income before income taxes
|
|
|
4,609
|
|
|
|
|
4,674
|
|
|
|
|
18,383
|
|
|
|
|
16,536
|
|
|
Federal income tax provision
|
|
|
912
|
|
|
|
|
921
|
|
|
|
|
3,627
|
|
|
|
|
3,223
|
|
|
Net income
|
$
|
|
3,697
|
|
|
$
|
|
3,753
|
|
|
$
|
|
14,756
|
|
|
$
|
|
13,313
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
$
|
|
1.38
|
|
|
$
|
|
1.39
|
|
|
$
|
|
5.51
|
|
|
$
|
|
4.91
|
|
CSB BANCORP, INC.
NON-GAAP DISCLOSURES
NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT
|
|
|
Quarter ended
|
|
|
|
Year ended
|
|
|
|
(Unaudited)
|
|
Dec 31,
|
|
|
|
Dec 31,
|
|
|
|
(Dollars in thousands)
|
|
2023
|
|
|
|
2022
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
Net interest income
|
$
|
|
9,345
|
|
|
$
|
|
9,268
|
|
|
$
|
|
36,141
|
|
|
$
|
|
32,323
|
|
|
|
Taxable equivalent adjustment1
|
|
|
32
|
|
|
|
|
36
|
|
|
|
|
133
|
|
|
|
|
145
|
|
|
|
Net interest income, FTE
|
$
|
|
9,377
|
|
|
$
|
|
9,304
|
|
|
$
|
|
36,274
|
|
|
$
|
|
32,468
|
|
|
|
Net interest margin
|
|
|
3.35
|
|
%
|
|
|
3.32
|
|
%
|
|
|
3.31
|
|
%
|
|
|
2.97
|
|
%
|
|
Taxable equivalent adjustment1
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
Net interest margin, FTE
|
|
|
3.36
|
|
%
|
|
|
3.33
|
|
%
|
|
|
3.32
|
|
%
|
|
|
2.98
|
|
%
|
| 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
|
|
|
Years ended
|
|
|
(Unaudited)
|
|
Dec 31,
|
|
|
Dec 31,
|
|
|
(Dollars in thousands)
|
|
2023
|
|
|
|
2022
|
|
|
2023
|
|
|
|
2022
|
|
|
Pre-Provision Net Revenue (PPNR)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$
|
|
9,345
|
|
|
$
|
|
9,268
|
|
$
|
|
36,141
|
|
|
$
|
|
32,323
|
|
|
Total noninterest income
|
|
|
1,678
|
|
|
|
|
1,612
|
|
|
|
6,744
|
|
|
|
|
6,711
|
|
|
Total revenue
|
|
|
11,023
|
|
|
|
|
10,880
|
|
|
|
42,885
|
|
|
|
|
39,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjust unfunded loan commitment expense
|
|
|
-
|
|
|
|
|
(141
|
)
|
|
|
-
|
|
|
|
|
(128
|
)
|
|
Less: Noninterest expense as reported
|
|
|
6,258
|
|
|
|
|
6,206
|
|
|
|
24,060
|
|
|
|
|
23,393
|
|
|
Adjusted noninterest expense
|
|
|
6,258
|
|
|
|
|
6,347
|
|
|
|
24,060
|
|
|
|
|
23,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPNR
|
$
|
|
4,765
|
|
|
$
|
|
4,533
|
|
$
|
|
18,825
|
|
|
$
|
|
15,500
|
|
TANGIBLE EQUITY
|
(Unaudited)
|
|
Dec 31,
|
|
|
|
Dec 31,
|
|
|
(Dollars in thousands)
|
|
2023
|
|
|
|
2022
|
|
|
Total Shareholders' Equity
|
$
|
|
107,939
|
|
|
$
|
|
95,920
|
|
|
Less: Goodwill
|
|
|
4,728
|
|
|
|
|
4,728
|
|
|
Tangible Shareholders' Equity
|
$
|
|
103,211
|
|
|
$
|
|
91,192
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240123444242/en/