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CSB Bancorp, Inc. Reports Second Quarter Earnings

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

Second Quarter Highlights

 

 

Quarter Ended

June 30, 2023

 

 

 

Quarter Ended

June 30, 2022

 

Diluted earnings per share

 

$

1.36

 

 

 

$

1.18

 

Net Income

 

$

3,644,000

 

 

 

$

3,209,000

 

Return on average common equity

 

 

14.62

%

 

 

 

13.73

%

Return on average assets

 

 

1.27

%

 

 

 

1.13

%

CSB Bancorp, Inc. (OTC Pink: CSBB) today announced second quarter 2023 net income of $3,644,000, or $1.36 per basic and diluted share, as compared to $3,209,000, or $1.18 per basic and diluted share, for the same period in 2022. For the six-month period ended June 30, 2023 net income totaled $7,578,000 compared to $5,910,000 for the same period last year, an increase of 28%.

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 14.62% and 1.27%, respectively, compared with 13.73% and 1.13% for the second quarter of 2022. For the six-month period ended June 30, 2023 ROE and ROA were 15.49% and 1.33% as compared to 12.48% and 1.05% for the comparable period in 2022.

Eddie Steiner, President and CEO stated, “Economic activity is relatively stable within the bank’s market area, with low unemployment and a slowing overall rate of inflation. Demand for commercial loans has increased, as well as home construction lending. Overall deposit volume has been steady, with depositors shifting some balances to higher interest rate products. The bank’s liquidity remains sufficient to support continued organic loan growth.”

Pre-Provision Net Revenue (PPNR) totaled $4.7 million during the quarter, an increase of $1 million, or 29%, from the prior year’s second quarter of 2022. Net interest income increased $1.4 million, or 18%, in the second quarter of 2023 compared to the same period in 2022.

Loan interest income including fees increased $2.7 million, or 44%, during second quarter 2023 as compared to the same quarter in 2022. The increase was mainly due to rate increases as well as an $85 million increase in average loan balances. Securities interest income increased $279 thousand, or 16%, during the second quarter 2023 compared to the same quarter 2022 from rate increases. Loan yields for second quarter 2023 averaged 5.30%, an increase of 109 basis points from the 2022 second quarter average of 4.21%, while securities yields for second quarter 2023 averaged 2.13% compared to 1.81% in the second quarter 2022.

Interest expense rose $1.8 million, or 492%, during second quarter 2023 as compared to second 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 second quarter 2023 was 0.82% as compared to 0.14% for the second quarter of 2022. Higher interest rates are anticipated to continue in 2023.

The fully taxable equivalent (FTE) net interest margin was 3.33% compared to 2.87% for second quarter 2022. Compared to the 2022 second quarter, FTE net interest income increased $1.4 million, or 18%, reflecting 46 basis points of net interest margin expansion. Average earning assets increased $13 million, with loan growth being largely funded out of short-term investments. The higher interest rate environment drove the increase in earning asset yields coupled with loan growth, which was partially offset by the higher cost of funds. The tax equivalency effect on the margin was 0.01% in second quarter 2023 and 2022.

Noninterest income decreased 3%, compared to second quarter of 2022. The decrease was primarily the result of a $91 thousand, or 62%, decline in gain on sale of mortgages to the secondary market, as higher interest rates sharply curbed fixed-rate purchase and refinancing originations, along with a lack of housing inventory for sale. Offsetting increases were recognized in service charges on deposit accounts and earnings on bank owned life insurance.

Noninterest expense increased 5% from second quarter 2022. Salary and employee benefit costs decreased $23 thousand, or less than 1%, compared to the prior year quarter, primarily resulting from the capitalization of employee salary and benefit costs on the increased loan originations. FDIC assessment increased $103 thousand or 137% with the increase in rate in 2023. Software expense increased $95 thousand, or 29%, with the deployment of new reporting software and upgrades. Professional and directors’ fees increased $56 thousand, or 17% primarily reflecting an increase in audit, tax and accounting fees in 2023. Marketing and public relations increased by $26 thousand, or 24%, reflecting a return to normalized levels. Data line and phone expense decreased $14 thousand below the prior year quarter due to a contract negotiation. The Company’s second quarter efficiency ratio decreased to 56.2% compared to 61.1%.

Federal income tax expense was $894 thousand in the 2023 second quarter compared to $774 thousand in the 2022 second quarter. The effective tax rate for the 2023 second quarter and 2022 second quarter were 19.7% and 19.4%, respectively.

Average earning assets for the 2023 second quarter increased $13 million, or 1%, from the year-ago quarter, primarily reflecting a $85 million, or 15%, increase in average loans, a $7 million, or 2%, decrease in average securities, and a $65 million, or 65%, 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 18%, 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 increased $1 million from the prior year’s quarter as balances were drawn and new loans originated. Average consumer credit balances increased $1 million, or 7%, 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 $255 thousand, or 0.04%, of total loans on June 30, 2023, compared to $690 thousand, or 0.12% of total loans, a year ago. Delinquent loan balances as of June 30, 2023, were stable at 0.15% of total loans as compared to 0.18% on June 30, 2022. Net loan recoveries recognized during second quarter 2023 were $10 thousand, or (0.01)% annualized, compared to second quarter 2022 net loan recoveries of $308 thousand.

On January 1, 2023, CSB adopted ASU 2016-13 known as current expected credit losses or “CECL”. The allowance for credit losses amounted to $6.6 million, or 0.99% of total loans on June 30, 2023, as compared to 1.25% on June 30, 2022. The allowance for credit losses on off-balance sheet commitments on June 30, 2023 was $328 thousand, as compared to a June 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 grew on a quarter over prior year quarter comparison by $18 million, or 2%. For the second quarter 2023, the average cost of deposits amounted to 0.84%, as compared to 0.14% for the second quarter 2022. During the second quarter 2023, increases in average deposit balances over the prior year quarter included interest-bearing demand and savings accounts of $4 million, and time deposits of $23 million. Noninterest-bearing accounts decreased $9 million from the prior year second quarter. The average balance of securities sold under repurchase agreement during the second quarter of 2023 decreased by $9 million, or 23%, compared to the average for the same period in the prior year.

Shareholders’ equity totaled $100 million on June 30, 2023, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 8.68% for the quarter ended June 30, 2023, and 8.25% for the quarter ended June 30, 2022. The Company declared a second quarter dividend of $0.38 per share, producing an annualized yield of 3.9% based on the June 30, 2023 closing price of $38.88.

About CSB Bancorp, Inc.

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

Non-GAAP measures

CSB believes certain non-GAAP financial measures to be helpful in understanding CSB’s results of operations. Reconciliations between non-GAAP and the comparable GAAP financial measures have been provided as part of this news release.

CSB BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

(Unaudited)

 

Quarters

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2023

 

 

2022

 

 

EARNINGS

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

6 months

 

 

6 months

 

 

Net interest income FTE

$

 

9,027

 

$

 

8,999

 

$

 

9,304

 

$

 

8,596

 

$

 

7,666

 

$

 

18,026

 

$

 

14,568

 

 

Provision (Recovery) of credit losses

 

 

140

 

 

 

(31

)

 

 

-

 

 

 

(250

)

 

 

(345

)

 

 

109

 

 

 

(645

)

 

Other income

 

 

1,733

 

 

 

1,628

 

 

 

1,612

 

 

 

1,675

 

 

 

1,782

 

 

 

3,361

 

 

 

3,424

 

 

Other expenses

 

 

6,049

 

 

 

5,719

 

 

 

6,206

 

 

 

5,945

 

 

 

5,774

 

 

 

11,768

 

 

 

11,242

 

 

FTE adjustment

 

 

33

 

 

 

34

 

 

 

36

 

 

 

36

 

 

 

36

 

 

 

67

 

 

 

73

 

 

Net income

 

 

3,644

 

 

 

3,934

 

 

 

3,753

 

 

 

3,650

 

 

 

3,209

 

 

 

7,578

 

 

 

5,910

 

 

Basic and Diluted earnings per share

 

 

1.36

 

 

 

1.46

 

 

 

1.39

 

 

 

1.35

 

 

 

1.18

 

 

 

2.82

 

 

 

2.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA), annualized

 

 

1.27

 

%

 

1.39

 

%

 

1.27

 

%

 

1.25

 

%

 

1.13

 

%

 

1.33

 

%

 

1.05

 

%

Return on average common equity (ROE), annualized

 

 

14.62

 

 

 

16.39

 

 

 

15.94

 

 

 

15.24

 

 

 

13.73

 

 

 

15.49

 

 

 

12.48

 

 

Net interest margin FTE

 

 

3.33

 

 

 

3.37

 

 

 

3.33

 

 

 

3.12

 

 

 

2.87

 

 

 

3.35

 

 

 

2.73

 

 

Efficiency ratio

 

 

56.24

 

 

 

53.86

 

 

 

56.83

 

 

 

57.87

 

 

 

61.13

 

 

 

55.06

 

 

 

62.50

 

 

Number of full-time equivalent employees

 

 

172

 

 

 

170

 

 

 

172

 

 

 

172

 

 

 

171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share

$

 

37.36

 

$

 

36.93

 

$

 

35.43

 

$

 

33.97

 

$

 

34.46

 

 

 

 

 

 

 

 

Period-end common share market value

 

 

38.88

 

 

 

38.00

 

 

 

38.50

 

 

 

39.00

 

 

 

38.00

 

 

 

 

 

 

 

 

Market as a % of book

 

 

104.07

 

%

 

102.90

 

%

 

108.66

 

%

 

114.81

 

%

 

110.27

 

%

 

 

 

 

 

 

Price-to-earnings ratio

 

 

6.99

 

 

 

7.06

 

 

 

7.84

 

 

 

8.92

 

 

 

9.31

 

 

 

 

 

 

 

 

Average basic common shares

 

 

2,680,526

 

 

 

2,692,304

 

 

 

2,707,576

 

 

 

2,712,686

 

 

 

2,718,024

 

 

 

2,686,382

 

 

 

2,718,024

 

 

Average diluted common shares

 

 

2,680,526

 

 

 

2,692,304

 

 

 

2,707,576

 

 

 

2,712,686

 

 

 

2,718,024

 

 

 

2,686,382

 

 

 

2,718,024

 

 

Period end common shares outstanding

 

 

2,680,325

 

 

 

2,680,625

 

 

 

2,707,576

 

 

 

2,707,576

 

 

 

2,718,024

 

 

 

 

 

 

 

 

Common stock market capitalization

$

 

104,211

 

$

 

101,864

 

$

 

104,242

 

$

 

105,595

 

$

 

103,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

15

 

$

 

39

 

$

 

217

 

$

 

29

 

$

 

11

 

$

 

54

 

$

 

42

 

 

Net (recoveries) charge-offs

 

 

(10

)

 

 

4

 

 

 

170

 

 

 

10

 

 

 

(308

)

 

 

(6

)

 

 

(295

)

 

Allowance for credit losses

 

 

6,559

 

 

 

6,307

 

 

 

6,838

 

 

 

7,008

 

 

 

7,268

 

 

 

 

 

 

 

 

Nonperforming assets (NPAs)

 

 

255

 

 

 

218

 

 

 

256

 

 

 

685

 

 

 

690

 

 

 

 

 

 

 

 

Net charge-off (recovery) / average loans ratio

 

 

(0.01

)

%

 

0.00

 

%

 

0.11

 

%

 

0.01

 

%

 

(0.21

)

%

 

0.00

 

%

 

(0.10

)

%

Allowance for credit losses / period-end loans

 

 

0.99

 

 

 

0.97

 

 

 

1.09

 

 

 

1.15

 

 

 

1.25

 

 

 

 

 

 

 

 

NPAs/loans and other real estate

 

 

0.04

 

 

 

0.03

 

 

 

0.04

 

 

 

0.11

 

 

 

0.12

 

 

 

 

 

 

 

 

Allowance for credit losses / nonperforming loans

 

 

2,577

 

 

 

2,893

 

 

 

2,667

 

 

 

1,022

 

 

 

1,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

8.29

 

%

 

8.28

 

%

 

7.90

 

%

 

7.54

 

%

 

7.93

 

%

 

 

 

 

 

 

Average equity to assets

 

 

8.68

 

 

 

8.48

 

 

 

7.96

 

 

 

8.20

 

 

 

8.25

 

 

 

 

 

 

 

 

Average equity to loans

 

 

15.15

 

 

 

15.27

 

 

 

15.06

 

 

 

15.98

 

 

 

16.31

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

65.05

 

 

 

63.19

 

 

 

59.84

 

 

 

58.15

 

 

 

57.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,151,403

 

$

 

1,147,033

 

$

 

1,172,785

 

$

 

1,159,523

 

$

 

1,136,318

 

$

 

1,149,240

 

$

 

1,137,452

 

 

Earning assets

 

 

1,085,751

 

 

 

1,082,996

 

 

 

1,108,231

 

 

 

1,094,197

 

 

 

1,072,376

 

 

 

1,084,381

 

 

 

1,075,305

 

 

Loans

 

 

660,004

 

 

 

637,392

 

 

 

620,243

 

 

 

594,820

 

 

 

574,824

 

 

 

648,760

 

 

 

567,671

 

 

Deposits

 

 

1,014,631

 

 

 

1,008,721

 

 

 

1,036,559

 

 

 

1,022,851

 

 

 

997,108

 

 

 

1,011,692

 

 

 

995,270

 

 

Shareholders' equity

 

 

99,958

 

 

 

97,319

 

 

 

93,404

 

 

 

95,043

 

 

 

93,750

 

 

 

98,646

 

 

 

95,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,156,157

 

$

 

1,143,394

 

$

 

1,159,108

 

$

 

1,161,830

 

$

 

1,126,778

 

 

 

 

 

 

 

 

Earning assets

 

 

1,088,561

 

 

 

1,080,939

 

 

 

1,094,876

 

 

 

1,096,302

 

 

 

1,064,770

 

 

 

 

 

 

 

 

Loans

 

 

664,605

 

 

 

647,773

 

 

 

627,171

 

 

 

609,971

 

 

 

582,185

 

 

 

 

 

 

 

 

Deposits

 

 

1,056,017

 

 

 

1,007,507

 

 

 

1,023,417

 

 

 

1,029,274

 

 

 

993,113

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

100,140

 

 

 

99,007

 

 

 

95,920

 

 

 

91,981

 

 

 

93,662

 

 

 

 

 

 

 

 

CSB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 

June 30,

 

 

 

June 30,

 

(Dollars in thousands, except per share data)

 

2023

 

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

Cash and due from banks

$

 

21,897

 

 

$

 

18,901

 

Interest-earning deposits in other banks

 

 

38,329

 

 

 

 

84,465

 

Total cash and cash equivalents

 

 

60,226

 

 

 

 

103,366

 

Securities

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

145,357

 

 

 

 

144,566

 

Held-to-maturity

 

 

238,222

 

 

 

 

248,261

 

Equity securities

 

 

257

 

 

 

 

251

 

Restricted stock, at cost

 

 

1,607

 

 

 

 

4,614

 

Total securities

 

 

385,443

 

 

 

 

397,692

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

184

 

 

 

 

428

 

Loans

 

 

664,605

 

 

 

 

582,185

 

Less allowance for credit losses

 

 

6,559

 

 

 

 

7,268

 

Net loans

 

 

658,046

 

 

 

 

574,917

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

13,240

 

 

 

 

13,615

 

Goodwill

 

 

4,728

 

 

 

 

4,728

 

Bank owned life insurance

 

 

25,050

 

 

 

 

24,369

 

Accrued interest receivable and other assets

 

 

9,240

 

 

 

 

7,663

 

TOTAL ASSETS

$

 

1,156,157

 

 

$

 

1,126,778

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

$

 

315,200

 

 

$

 

328,422

 

Interest-bearing

 

 

706,471

 

 

 

 

664,691

 

Total deposits

 

 

1,021,671

 

 

 

 

993,113

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

28,520

 

 

 

 

33,885

 

Other borrowings

 

 

1,862

 

 

 

 

2,594

 

Accrued interest payable and other liabilities

 

 

3,964

 

 

 

 

3,524

 

TOTAL LIABILITIES

 

 

1,056,017

 

 

 

 

1,033,116

 

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

 

 

92,149

 

 

 

 

80,940

 

Treasury stock at cost - 300,277 shares in 2023

 

 

 

 

 

 

 

and 262,578 shares in 2022

 

 

(7,137

)

 

 

 

(5,719

)

Accumulated other comprehensive loss

 

 

(13,316

)

 

 

 

(10,003

)

TOTAL SHAREHOLDERS' EQUITY

 

 

100,140

 

 

 

 

93,662

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,156,157

$

1,126,778

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

 

 

Six months ended

 

(Unaudited)

 

June 30,

 

 

 

June 30,

 

(Dollars in thousands, except per share data)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

 

8,711

 

 

$

 

6,032

 

 

$

 

16,680

 

 

$

 

11,809

 

Taxable securities

 

 

1,945

 

 

 

 

1,660

 

 

 

 

3,957

 

 

 

 

2,941

 

Nontaxable securities

 

 

102

 

 

 

 

108

 

 

 

 

203

 

 

 

 

218

 

Other

 

 

444

 

 

 

 

203

 

 

 

 

989

 

 

 

 

277

 

Total interest and dividend income

 

 

11,202

 

 

 

 

8,003

 

 

 

 

21,829

 

 

 

 

15,245

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,128

 

 

 

 

344

 

 

 

 

3,712

 

 

 

 

693

 

Other

 

 

80

 

 

 

 

29

 

 

 

 

158

 

 

 

 

57

 

Total interest expense

 

 

2,208

 

 

 

 

373

 

 

 

 

3,870

 

 

 

 

750

 

Net interest income

 

 

8,994

 

 

 

 

7,630

 

 

 

 

17,959

 

 

 

 

14,495

 

Provision (Recovery) of credit losses

 

 

140

 

 

 

 

(345

)

 

 

 

109

 

 

 

 

(645

)

Net interest income, after provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(recovery) of credit losses

 

 

8,854

 

 

 

 

7,975

 

 

 

 

17,850

 

 

 

 

15,140

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

300

 

 

 

 

289

 

 

 

 

592

 

 

 

 

554

 

Trust services

 

 

252

 

 

 

 

253

 

 

 

 

510

 

 

 

 

517

 

Debit card interchange fees

 

 

533

 

 

 

 

543

 

 

 

 

1,054

 

 

 

 

1,038

 

Credit card fees

 

 

192

 

 

 

 

191

 

 

 

 

369

 

 

 

 

346

 

Earnings on bank owned life insurance

 

 

172

 

 

 

 

168

 

 

 

 

341

 

 

 

 

334

 

Gain on sale of loans

 

 

56

 

 

 

 

147

 

 

 

 

59

 

 

 

 

265

 

Market value change in equity securities

 

 

4

 

 

 

 

3

 

 

 

 

13

 

 

 

 

4

 

Other

 

 

224

 

 

 

 

188

 

 

 

 

423

 

 

 

 

366

 

Total noninterest income

 

 

1,733

 

 

 

 

1,782

 

 

 

 

3,361

 

 

 

 

3,424

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,389

 

 

 

 

3,412

 

 

 

 

6,683

 

 

 

 

6,567

 

Occupancy expense

 

 

284

 

 

 

 

276

 

 

 

 

566

 

 

 

 

548

 

Equipment expense

 

 

189

 

 

 

 

197

 

 

 

 

396

 

 

 

 

411

 

Professional and director fees

 

 

386

 

 

 

 

330

 

 

 

 

707

 

 

 

 

606

 

Software expense

 

 

421

 

 

 

 

326

 

 

 

 

820

 

 

 

 

659

 

Marketing and public relations

 

 

136

 

 

 

 

110

 

 

 

 

259

 

 

 

 

221

 

Debit card expense

 

 

169

 

 

 

 

185

 

 

 

 

315

 

 

 

 

349

 

Financial institutions tax

 

 

192

 

 

 

 

194

 

 

 

 

384

 

 

 

 

389

 

FDIC assessment

 

 

178

 

 

 

 

75

 

 

 

 

249

 

 

 

 

158

 

Other expenses

 

 

705

 

 

 

 

669

 

 

 

 

1,389

 

 

 

 

1,334

 

Total noninterest expenses

 

 

6,049

 

 

 

 

5,774

 

 

 

 

11,768

 

 

 

 

11,242

 

Income before income taxes

 

 

4,538

 

 

 

 

3,983

 

 

 

 

9,443

 

 

 

 

7,322

 

Federal income tax provision

 

 

894

 

 

 

 

774

 

 

 

 

1,865

 

 

 

 

1,412

 

Net income

$

 

3,644

 

 

$

 

3,209

 

 

$

 

7,578

 

 

$

 

5,910

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

 

1.36

 

 

$

 

1.18

 

 

$

 

2.82

 

 

$

 

2.17

 

CSB BANCORP, INC.

NON-GAAP DISCLOSURES

 

NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT

 

 

 

Quarter ended

 

 

 

 

June 30,

 

 

(Dollars in thousands)

 

2023

 

 

 

2022

 

 

Net interest income

$

 

8,994

 

 

$

 

7,630

 

 

Taxable equivalent adjustment1

 

 

33

 

 

 

 

36

 

 

Net interest income, FTE

$

 

9,027

 

 

$

 

7,666

 

 

Net interest margin

 

 

3.32

 

%

 

 

2.86

 

%

Taxable equivalent adjustment1

 

 

0.01

 

 

 

 

0.01

 

 

Net interest margin, FTE

 

 

3.33

 

%

 

 

2.87

 

%

 

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

 

 

 

 

June 30,

 

 

(Dollars in thousands)

 

2023

 

 

 

2022

 

 

Pre-Provision Net Revenue (PPNR)

 

 

 

 

 

 

 

 

Net interest income

$

 

8,994

 

 

$

 

7,630

 

 

Total noninterest income

 

 

1,733

 

 

 

 

1,782

 

 

Total revenue

 

 

10,727

 

 

 

 

9,412

 

 

 

 

 

 

 

 

 

 

 

Less: Noninterest expense

 

 

6,049

 

 

 

 

5,774

 

 

 

 

 

 

 

 

 

 

 

PPNR

$

 

4,678

 

 

$

 

3,638

 

 

TANGIBLE EQUITY

   

 

 

June 30,

 

 

 

June 30,

 

 

(Dollars in thousands)

 

2023

 

 

 

2022

 

 

Total Shareholders' Equity

$

 

100,140

 

 

$

 

93,662

 

 

Less: Goodwill

 

 

4,728

 

 

 

 

4,728

 

 

Tangible Shareholders' Equity

$

 

95,412

 

 

$

 

88,934

 

 

 

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