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CSB Bancorp, Inc. Reports Fourth Quarter Earnings

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

 

 

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