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CSB Bancorp (OTC Pink: CSBB) reported fourth quarter 2024 net income of $2,319,000 ($0.87 per share), down from $3,697,000 ($1.38 per share) in Q4 2023. Full-year 2024 net income decreased 32% to $10,012,000 from $14,756,000 in 2023.
The quarter saw increased credit loss provisions of $2.1 million compared to Q4 2023, largely due to a $7.1 million commercial lending relationship in court liquidation. Net loan balances grew 5.1% in 2024, while pre-provision net revenue increased 2.9% to $19.4 million. The company’s ROE and ROA for Q4 2024 were 7.99% and 0.76% respectively, down from 14.22% and 1.25% in Q4 2023.
Shareholders’ equity increased 6.4% to $115 million, and the company declared a quarterly dividend of $0.40 per share. The loan portfolio showed mixed performance with commercial and residential mortgages growing while consumer credit decreased.
CSB Bancorp (OTC Pink: CSBB) ha registrato un reddito netto di $2.319.000 ($0.87 per azione) per il quarto trimestre del 2024, in calo rispetto a $3.697.000 ($1.38 per azione) nel Q4 2023. Il reddito netto dell’intero anno 2024 è diminuito del 32% a $10.012.000 rispetto a $14.756.000 nel 2023.
Nel trimestre si sono registrati aumenti delle riserve per perdite sui crediti di $2,1 milioni rispetto al Q4 2023, principalmente a causa di una relazione di prestito commerciale da $7,1 milioni in liquidazione giudiziaria. I saldi netti dei prestiti sono cresciuti del 5,1% nel 2024, mentre il reddito netto ante accantonamenti è aumentato del 2,9% a $19,4 milioni. Il ROE e il ROA dell’azienda per il Q4 2024 erano rispettivamente del 7,99% e dello 0,76%, in calo rispetto al 14,22% e all’1,25% del Q4 2023.
Il patrimonio netto degli azionisti è aumentato del 6,4% a $115 milioni e l’azienda ha dichiarato un dividendo trimestrale di $0,40 per azione. Il portafoglio prestiti ha mostrato prestazioni miste, con i mutui commerciali e residenziali in crescita mentre il credito al consumo è diminuito.
CSB Bancorp (OTC Pink: CSBB) reportó ingresos netos del cuarto trimestre 2024 de $2,319,000 ($0.87 por acción), una disminución en comparación con los $3,697,000 ($1.38 por acción) en el Q4 2023. Los ingresos netos del año completo 2024 disminuyeron un 32% a $10,012,000 desde $14,756,000 en 2023.
El trimestre vio un aumento en las provisiones para pérdidas crediticias de $2.1 millones en comparación con el Q4 2023, principalmente debido a una relación de préstamo comercial de $7.1 millones en liquidación judicial. Los saldos netos de préstamos crecieron un 5.1% en 2024, mientras que los ingresos netos antes de provisiones aumentaron un 2.9% a $19.4 millones. El ROE y el ROA de la empresa para el Q4 2024 fueron del 7.99% y del 0.76% respectivamente, en comparación con el 14.22% y el 1.25% en el Q4 2023.
El patrimonio de los accionistas aumentó un 6.4% a $115 millones, y la empresa declaró un dividendo trimestral de $0.40 por acción. La cartera de préstamos mostró un rendimiento mixto, con hipotecas comerciales y residenciales en crecimiento, mientras que el crédito al consumo disminuyó.
CSB Bancorp (OTC Pink: CSBB)는 2024년 4분기 순 수익이 $2,319,000 ($0.87 주당)으로, 2023년 4분기 $3,697,000 ($1.38 주당)에서 감소했다고 보고했습니다. 2024년 전체 연도 순 수익은 2023년의 $14,756,000에서 $10,012,000으로 32% 감소했습니다.
이번 분기에는 2023년 4분기와 비교하여 $2.1 백만 달러의 신용 손실 충당금이 증가했으며, 이는 법원 청산 중인 $7.1 백만 달러의 상업 대출 관계 때문입니다. 대출 잔액은 2024년에 5.1% 증가했으며, 충당금 전 순 수익은 $19.4 백만 달러로 2.9% 증가했습니다. 2024년 4분기 동안 회사의 ROE와 ROA는 각각 7.99%와 0.76%로, 2023년 4분기의 14.22%와 1.25%에서 감소했습니다.
주주 자본은 6.4% 증가하여 $115 백만 달러에 이르렀고, 회사는 주당 $0.40의 분기 배당금을 선언했습니다. 대출 포트폴리오는 상업 및 주거용 모기지가 증가하는 반면 소비자 신용이 감소하는 혼합 성과를 보였습니다.
CSB Bancorp (OTC Pink: CSBB) a annoncé un revenu net de 2 319 000 $ (0,87 $ par action) pour le quatrième trimestre 2024, en baisse par rapport à 3 697 000 $ (1,38 $ par action) au Q4 2023. Le revenu net pour l’année entière 2024 a diminué de 32 % pour atteindre 10 012 000 $, contre 14 756 000 $ en 2023.
Le trimestre a connu une augmentation des provisions pour pertes sur créances de 2,1 millions de dollars par rapport au Q4 2023, principalement en raison d’une relation de prêt commercial de 7,1 millions de dollars en liquidation judiciaire. Les soldes nets des prêts ont augmenté de 5,1 % en 2024, tandis que les revenus nets avant provisions ont augmenté de 2,9 % pour atteindre 19,4 millions de dollars. Le ROE et le ROA de l’entreprise pour le Q4 2024 étaient respectivement de 7,99 % et 0,76 %, en baisse par rapport à 14,22 % et 1,25 % au Q4 2023.
Les capitaux propres des actionnaires ont augmenté de 6,4 % pour atteindre 115 millions de dollars et l’entreprise a déclaré un dividende trimestriel de 0,40 $ par action. Le portefeuille de prêts a montré des performances variées, avec une croissance des prêts commerciaux et résidentiels tandis que le crédit à la consommation a diminué.
CSB Bancorp (OTC Pink: CSBB) berichtete für das vierte Quartal 2024 einen Nettogewinn von 2.319.000 $ (0,87 $ pro Aktie), was einem Rückgang von 3.697.000 $ (1,38 $ pro Aktie) im Q4 2023 entspricht. Der Nettogewinn für das gesamte Jahr 2024 sank um 32 % auf 10.012.000 $ gegenüber 14.756.000 $ im Jahr 2023.
Im Quartal gab es höherer Rückstellungen für Kreditverluste in Höhe von 2,1 Millionen $, verglichen mit Q4 2023, was hauptsächlich auf eine Beziehung im Bereich der gewerblichen Kredite in Höhe von 7,1 Millionen $, die sich in gerichtlicher Liquidation befand, zurückzuführen war. Die Nettokredite nahmen 2024 um 5,1 % zu, während die Nettoumsätze vor Rückstellungen um 2,9 % auf 19,4 Millionen $ anstiegen. Die Eigenkapitalrendite (ROE) und die Gesamtkapitalrendite (ROA) des Unternehmens lagen im Q4 2024 bei 7,99 % und 0,76 %, verglichen mit 14,22 % und 1,25 % im Q4 2023.
Das Eigenkapital der Aktionäre stieg um 6,4 % auf 115 Millionen $, und das Unternehmen erklärte eine vierteljährliche Dividende von 0,40 $ pro Aktie. Das Kreditportfolio zeigte eine gemischte Leistung, da gewerbliche und wohnliche Hypotheken wuchsen, während der Verbraucherkredit zurückging.
Positive
- Net loan balances increased 5.1% during 2024
- Pre-provision net revenue increased 2.9% to $19.4 million
- Shareholders’ equity grew 6.4% to $115 million
- Average deposit balances increased by $38 million (4%) year-over-year
- Quarterly dividend of $0.40 per share maintained, yielding 4.2%
Negative
- Q4 2024 net income decreased 37% to $2,319,000 from $3,697,000 in Q4 2023
- Full-year net income declined 32% to $10,012,000 from $14,756,000
- Credit loss provision expense increased by $2.1 million from Q4 2023
- ROE decreased to 7.99% from 14.22% year-over-year
- Nonperforming loans increased to 0.23% of total loans from 0.06% year-over-year
MILLERSBURG, Ohio–(BUSINESS WIRE)– CSB Bancorp, Inc. (OTC Pink: CSBB)
Fourth Quarter Highlights
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Quarter Ended December 31, 2024 |
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Quarter Ended December 31, 2023 |
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Diluted earnings per share |
|
$ |
0.87 |
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|
$ |
1.38 |
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Net Income |
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$ |
2,319,000 |
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|
$ |
3,697,000 |
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Return on average common equity |
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|
7.99 |
% |
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14.22 |
% |
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Return on average assets |
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0.76 |
% |
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1.25 |
% |
CSB Bancorp, Inc. (OTC Pink: CSBB) today announced fourth quarter 2024 net income of $2,319,000, or $0.87 per basic and diluted share, as compared to $3,697,000, or $1.38 per basic and diluted share, for the same period in 2023. For the twelve-month period ended December 31, 2024 net income totaled $10,012,000 compared to $14,756,000 for the same period last year, a decrease of 32%.
Credit loss provision expense for the quarter increased $2.1 million from fourth quarter 2023 and $6.6 million for the comparable twelve-month period. As previously identified in the prior two quarters, court liquidation of a commercial lending relationship totaling $7.1 million continues; the credit has been charged down by $6.2 million. The bank holds priority liens with the court holding approximately $413 thousand in auction proceeds from equipment and trucks, net of expenses, which will be applied to the loan balances when released. The commercial real estate loan has been charged down to an estimated auction liquidation value after several months of being listed. The court appointed receiver obtained auction values of the premises and the bank continues to move through the court system to schedule the remaining real estate liquidation. The court receiver expenses, and outside legal expenses are currently expensed.
Eddie Steiner, President and CEO stated, “Overall the loan pipeline was noticeably subdued during fourth quarter as borrowers awaited more clarity on the economy, interest rates, and post-election adjustments in fiscal policy. Net loan balances increased 5.1% during 2024, and the Company’s pre-provision net revenue totaled $19.4 million, up 2.9%. The large single relationship in court liquidation accounted for over 85% of the Company’s provision expense and has been charged down to less than $1 million comprised of real estate and cash held by the court receiver. Shareholders’ equity increased by 6.4% in 2024 to $115 million on December 31.”
Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 7.99% and 0.76%, respectively, compared with 14.22% and 1.25% for the fourth quarter of 2023. For the twelve-month period ended December 31, 2024 ROE and ROA were 8.96% and 0.85% as compared to 14.69% and 1.27% for the comparable period in 2023.
Pre-Provision Net Revenue (“PPNR”) (a non-GAAP measure) totaled $5.1 million during the quarter, an increase of $370 thousand, or 8%, from the prior year’s fourth quarter. Net interest income increased $221 thousand, or 2%, noninterest income increased $102 thousand, or 6%, and noninterest expense declined $47 thousand, or less than 1%, in the fourth quarter of 2024 compared to the same period in 2023.
The allowance for expected credit losses amounted to $7.6 million, or 1.03% of total loans, on December 31, 2024, as compared to $6.6 million or 0.94% of total loans on December 31, 2023. The allowance for credit losses on off-balance sheet commitments on December 31, 2024 was $524 thousand, as compared to a December 31, 2023 balance of $736 thousand. CSB recorded no allowance for credit losses related to AFS or HTM debt securities with no meaningful loss expectation on these securities.
Loan interest income including fees increased $728 thousand, or 7%, during fourth quarter 2024 as compared to the same quarter in 2023. The increase was primarily the result of a $37 million volume increase, augmented by a 13 basis point (“bp”) increase in quarter over prior quarter yield. Securities interest income decreased $126 thousand, or 6%, during the fourth quarter 2024 compared to the same quarter 2023 as the Company continues to deploy cash flow from investments into loan originations. Loan yields for fourth quarter 2024 averaged 5.77%, an increase of 13 bp from the 2023 fourth quarter average of 5.64%, while overnight funds and securities yields for fourth quarter 2024 averaged 4.81% and 2.24%, respectively, compared to 5.54% and 2.19% in the fourth quarter 2023.
Interest expense rose $662 thousand, or 21%, during fourth quarter 2024 as compared to fourth quarter 2023. The increase follows a period of rapid interest rate increases spurred by the Federal Reserve during March 2022 through May 2023, followed by competitive pressures from banks and others to secure adequate funding. The cost to fund gross earning assets for the fourth quarter 2024 was 1.32% as compared to 1.12% for the fourth quarter of 2023.
The fully-taxable equivalent (“FTE”) (a non-GAAP measure) net interest margin was 3.33% compared to 3.36% for the fourth quarter 2023. Compared to the 2023 fourth quarter, FTE net interest income increased $222 thousand, or 2%, reflecting increasing interest income with a $38 million increase in average earning assets as well as a 17 bp increase in the yield on assets. The higher interest rate environment coupled with the continued mix shift into loans from securities primarily drove the increase in earnings from assets, which was partially offset by higher average interest-bearing liabilities and a 25 bp higher cost of funds. Tax equivalency effect on net interest margin was 0.01% in fourth quarter 2024 and 2023.
Noninterest income increased $102 thousand, or 6%, compared to fourth quarter of 2023. The increase was primarily the result of a $47 thousand increase in earnings on bank owned life insurance, a $24 thousand increase in trust and brokerage fees, an increase of $17 thousand in debit card interchange fees, an $11 thousand increase in gain on sale of mortgage loans to the secondary market, and a $7 thousand increase in the unrealized gain or loss on equity securities held. Offsetting decreases were recognized in service charges related to deposit overdraft fees and credit card fees.
Noninterest expense decreased $47 thousand, or less than 1%, from fourth quarter 2023. Salary and employee benefits decreased $119 thousand, or 3%, compared to the prior year quarter, with decreases in incentive compensation and profit sharing. Marketing and public relation costs decreased $37 thousand, or 22%, with lesser spent. Financial institutions tax increased $25 thousand, or 13%, with higher capital levels. Software expense increased $23 thousand, or 5%. Occupancy and equipment expense increased $18 thousand, and $17 thousand, respectively, with increasing costs of maintenance contracts and repair. The Company’s fourth quarter efficiency ratio decreased to 54.7% compared to 56.7% in the prior year.
Federal income tax expense was $526 thousand in the 2024 fourth quarter compared to $912 thousand in the 2023 fourth quarter. The effective tax rate for the 2024 and 2023 fourth quarter was 18% and 20%, respectively.
Average earning assets for the 2024 fourth quarter increased $38 million, or 3%, from the year-ago quarter, primarily reflecting a $37 million, or 5%, increase in average loans, a $28 million, or 8%, decrease in average securities, and a $30 million, or 71%, increase 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 $24 million, or 5%, 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 $10 million, or 6%, above the prior year’s quarter as borrowers have been favoring adjustable-rate mortgages during this period of higher interest rates. The bank does not sell adjustable-rate mortgages to the secondary market. Home equity lines of credit increased $3 million from the prior year’s quarter as borrowers covered expenses and avoided refinancing their lower interest rate mortgages. Average consumer credit balances decreased $1.5 million, or 9%, versus the same quarter of the prior year. Commercial loan demand leveled out during fourth quarter, with households and businesses alike preferring to limit borrowing until the election provides some clarity as to tax rates and inflation.
Nonperforming loans were $1.7 million, or 0.23%, of total loans on December 31, 2024, compared to $396 thousand, or 0.06% of total loans, a year ago. Delinquent loan balances as of December 31, 2024, increased to 0.40% of total loans as compared to 0.22% on December 31, 2023. The remaining $914 thousand nonperforming balances of the identified commercial relationship mentioned above, account for 0.12% of the 0.22% nonperforming loan balances, and 0.12% of the 0.40% delinquent total loans at December 31, 2024. Net loan charge-offs recognized during fourth quarter 2024 were $1.9 million, or 1% of average loans annualized, compared to fourth quarter 2023 net loan recoveries of $5 thousand. The net charge-off dollars were fully attributable to the previously identified commercial relationship. Management has no estimate of future recovery of charged-off dollars related to the relationship in court liquidation.
Average deposit balances increased on a quarter over prior year quarter comparison by $38 million, or 4%. For the fourth quarter 2024, the average cost of deposits amounted to 1.39%, as compared to 1.16% for the fourth quarter 2023. Fourth quarter 2024 increases in average deposit balances over the prior year quarter included money market accounts of $28 million and time deposits of $58 million. Noninterest-bearing accounts decreased $12 million from the prior year’s fourth quarter while savings and interest-bearing demand accounts declined $36 million. The average balance of securities sold under repurchase agreement during the fourth quarter of 2024 decreased by $10 million, or 29%, compared to the average for the same period in the prior year.
Shareholders’ equity totaled $115 million on December 31, 2024, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 9.52% for the quarter ended December 31, 2024, and 8.80% for the quarter ended December 31, 2023. The Company declared a fourth quarter dividend of $0.40 per share, producing an annualized yield of 4.2% based on December 31, 2024 closing price of $38.30.
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, 2024. 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. A loan production office was opened in Medina, Ohio on March 20, 2024.
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.
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CSB BANCORP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS |
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(Unaudited) |
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Quarters |
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(Dollars in thousands, except per share data) |
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2024 |
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2024 |
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2024 |
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2024 |
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2023 |
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2024 |
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2023 |
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EARNINGS |
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4th Qtr |
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3rd Qtr |
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2nd Qtr |
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1st Qtr |
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4th Qtr |
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12 months |
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12 months |
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Net interest income FTE (a) |
$ |
|
9,599 |
|
$ |
|
9,248 |
|
$ |
|
8,959 |
|
$ |
|
9,190 |
|
$ |
|
9,377 |
|
$ |
|
36,996 |
|
$ |
|
36,274 |
|
|
|
Provision for credit loss expense |
|
|
2,290 |
|
|
|
700 |
|
|
|
2,889 |
|
|
|
1,152 |
|
|
|
156 |
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|
|
7,031 |
|
|
|
442 |
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Noninterest income |
|
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1,780 |
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|
|
1,809 |
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|
|
1,741 |
|
|
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1,772 |
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|
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1,678 |
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|
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7,102 |
|
|
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6,744 |
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Noninterest expenses |
|
|
6,211 |
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|
|
6,422 |
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|
|
5,814 |
|
|
|
6,142 |
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|
|
6,258 |
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|
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24,589 |
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|
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24,060 |
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FTE adjustment(a) |
|
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33 |
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|
|
34 |
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|
|
34 |
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|
|
42 |
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|
32 |
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|
|
143 |
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|
|
133 |
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Net income |
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2,319 |
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|
|
3,145 |
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1,615 |
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|
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2,933 |
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3,697 |
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10,012 |
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14,756 |
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Basic and Diluted earnings per share |
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0.87 |
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|
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1.18 |
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|
|
0.61 |
|
|
|
1.10 |
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|
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1.38 |
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|
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3.76 |
|
|
|
5.51 |
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PERFORMANCE RATIOS |
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Return on average assets (ROA), annualized |
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0.76 |
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% |
|
1.05 |
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% |
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0.56 |
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% |
|
1.02 |
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% |
|
1.25 |
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% |
|
0.85 |
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% |
|
1.27 |
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% |
|
Return on average common equity (ROE), annualized |
|
|
7.99 |
|
|
|
11.14 |
|
|
|
5.89 |
|
|
|
10.84 |
|
|
|
14.22 |
|
|
|
8.96 |
|
|
|
14.69 |
|
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Net interest margin FTE(a) |
|
|
3.33 |
|
|
|
3.26 |
|
|
|
3.28 |
|
|
|
3.37 |
|
|
|
3.36 |
|
|
|
3.31 |
|
|
|
3.32 |
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Efficiency ratio |
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|
54.68 |
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|
|
58.17 |
|
|
|
54.22 |
|
|
|
56.00 |
|
|
|
56.67 |
|
|
|
55.77 |
|
|
|
55.95 |
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Number of full-time equivalent employees |
|
|
166 |
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|
175 |
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|
173 |
|
|
|
172 |
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|
|
168 |
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MARKET DATA |
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Book value per common share |
$ |
|
43.33 |
|
$ |
|
43.25 |
|
$ |
|
41.43 |
|
$ |
|
41.11 |
|
$ |
|
40.43 |
|
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|
Period-end common share market value |
|
|
38.30 |
|
|
|
38.50 |
|
|
|
39.00 |
|
|
|
40.00 |
|
|
|
37.54 |
|
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|
Market as a % of book |
|
|
88.39 |
|
% |
|
89.02 |
|
% |
|
94.14 |
|
% |
|
97.30 |
|
% |
|
92.85 |
|
% |
|
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|
Price-to-earnings ratio |
|
|
10.19 |
|
|
|
9.02 |
|
|
|
8.88 |
|
|
|
7.78 |
|
|
|
6.81 |
|
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|
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|
|
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Average basic common shares outstanding |
|
|
2,654,073 |
|
|
|
2,661,474 |
|
|
|
2,664,485 |
|
|
|
2,665,277 |
|
|
|
2,671,086 |
|
|
|
2,661,308 |
|
|
|
2,679,902 |
|
|
|
Average diluted common shares outstanding |
|
|
2,654,073 |
|
|
|
2,661,474 |
|
|
|
2,664,485 |
|
|
|
2,665,277 |
|
|
|
2,671,086 |
|
|
|
2,661,308 |
|
|
|
2,679,902 |
|
|
|
Period end common shares outstanding |
|
|
2,650,089 |
|
|
|
2,659,324 |
|
|
|
2,663,924 |
|
|
|
2,664,683 |
|
|
|
2,669,938 |
|
|
|
|
|
|
|
|
||
|
Common stock market capitalization |
$ |
|
101,498 |
|
$ |
|
102,384 |
|
$ |
|
103,893 |
|
$ |
|
106,587 |
|
$ |
|
100,229 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Gross charge-offs |
$ |
|
1,937 |
|
$ |
|
4,095 |
|
$ |
|
274 |
|
$ |
|
88 |
|
$ |
|
15 |
|
$ |
|
6,394 |
|
$ |
|
112 |
|
|
|
Net (recoveries) charge-offs |
|
|
1,928 |
|
|
|
4,008 |
|
|
|
246 |
|
|
|
74 |
|
|
|
(5 |
) |
|
|
6,256 |
|
|
|
(130 |
) |
|
|
Allowance for credit losses |
|
|
7,595 |
|
|
|
7,224 |
|
|
|
10,587 |
|
|
|
7,136 |
|
|
|
6,607 |
|
|
|
|
|
|
|
|
||
|
Nonperforming assets (NPAs) |
|
|
1,719 |
|
|
|
3,371 |
|
|
|
6,683 |
|
|
|
361 |
|
|
|
396 |
|
|
|
|
|
|
|
|
||
|
Net charge-off (recovery) / average loans ratio |
|
|
1.05 |
|
% |
|
2.20 |
|
% |
|
0.14 |
|
% |
|
0.04 |
|
% |
|
0.00 |
|
% |
|
0.87 |
|
% |
|
(0.02 |
) |
% |
|
Allowance for credit losses / period-end loans |
|
|
1.03 |
|
|
|
1.00 |
|
|
|
1.47 |
|
|
|
1.00 |
|
|
|
0.94 |
|
|
|
|
|
|
|
|
||
|
NPAs/loans and other real estate |
|
|
0.23 |
|
|
|
0.47 |
|
|
|
0.93 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
|
|
|
|
|
|
||
|
Allowance for credit losses / nonperforming loans |
|
|
445 |
|
|
|
214 |
|
|
|
158 |
|
|
|
1,979 |
|
|
|
1,667 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
CAPITAL & LIQUIDITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Period-end tangible equity to assets(b) |
|
|
9.28 |
|
% |
|
9.16 |
|
% |
|
9.09 |
|
% |
|
9.10 |
|
% |
|
8.79 |
|
% |
|
|
|
|
|
|
||
|
Average equity to assets |
|
|
9.52 |
|
|
|
9.43 |
|
|
|
9.49 |
|
|
|
9.38 |
|
|
|
8.80 |
|
|
|
|
|
|
|
|
||
|
Average equity to loans |
|
|
15.80 |
|
|
|
15.54 |
|
|
|
15.37 |
|
|
|
15.43 |
|
|
|
14.87 |
|
|
|
|
|
|
|
|
||
|
Average loans to deposits |
|
|
68.50 |
|
|
|
68.99 |
|
|
|
70.54 |
|
|
|
69.78 |
|
|
|
67.47 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Assets |
$ |
|
1,211,960 |
|
$ |
|
1,191,037 |
|
$ |
|
1,161,533 |
|
$ |
|
1,160,661 |
|
$ |
|
1,172,324 |
|
$ |
|
1,181,417 |
|
$ |
|
1,158,286 |
|
|
|
Earning assets |
|
|
1,145,031 |
|
|
|
1,127,405 |
|
|
|
1,097,706 |
|
|
|
1,097,704 |
|
|
|
1,107,002 |
|
|
|
1,117,067 |
|
|
|
1,093,182 |
|
|
|
Loans |
|
|
730,413 |
|
|
|
723,129 |
|
|
|
717,105 |
|
|
|
705,294 |
|
|
|
693,779 |
|
|
|
719,028 |
|
|
|
666,793 |
|
|
|
Deposits |
|
|
1,066,229 |
|
|
|
1,048,214 |
|
|
|
1,016,569 |
|
|
|
1,010,745 |
|
|
|
1,028,207 |
|
|
|
1,035,558 |
|
|
|
1,017,983 |
|
|
|
Shareholders’ equity |
|
|
115,430 |
|
|
|
112,352 |
|
|
|
110,219 |
|
|
|
108,837 |
|
|
|
103,164 |
|
|
|
111,722 |
|
|
|
100,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
ENDING BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Assets |
$ |
|
1,191,500 |
|
$ |
|
1,209,181 |
|
$ |
|
1,167,315 |
|
$ |
|
1,156,245 |
|
$ |
|
1,178,689 |
|
|
|
|
|
|
|
|
||
|
Earning assets |
|
|
1,121,675 |
|
|
|
1,134,786 |
|
|
|
1,104,404 |
|
|
|
1,097,703 |
|
|
|
1,109,171 |
|
|
|
|
|
|
|
|
||
|
Loans |
|
|
737,641 |
|
|
|
719,602 |
|
|
|
721,916 |
|
|
|
710,822 |
|
|
|
701,404 |
|
|
|
|
|
|
|
|
||
|
Deposits |
|
|
1,044,887 |
|
|
|
1,070,531 |
|
|
|
1,023,835 |
|
|
|
1,010,115 |
|
|
|
1,027,427 |
|
|
|
|
|
|
|
|
||
|
Shareholders’ equity |
|
|
114,835 |
|
|
|
115,008 |
|
|
|
110,368 |
|
|
|
109,555 |
|
|
|
107,939 |
|
|
|
|
|
|
|
|
||
|
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) |
|
2024 |
|
|
|
2023 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
|
|
|
|
|
|
||
|
Cash and due from banks |
$ |
|
21,287 |
|
|
$ |
|
24,463 |
|
|
Interest-bearing deposits with banks |
|
|
52,222 |
|
|
|
|
39,614 |
|
|
Total cash and cash equivalents |
|
|
73,509 |
|
|
|
|
64,077 |
|
|
Securities |
|
|
|
|
|
|
|
||
|
Available-for-sale, at fair-value |
|
|
125,434 |
|
|
|
|
140,080 |
|
|
Held-to-maturity |
|
|
204,309 |
|
|
|
|
226,279 |
|
|
Equity securities |
|
|
266 |
|
|
|
|
259 |
|
|
Restricted stock, at cost |
|
|
1,520 |
|
|
|
|
1,535 |
|
|
Total securities |
|
|
331,529 |
|
|
|
|
368,153 |
|
|
|
|
|
|
|
|
|
|
||
|
Loans held for sale |
|
|
283 |
|
|
|
|
– |
|
|
Loans |
|
|
737,641 |
|
|
|
|
701,404 |
|
|
Less allowance for credit losses |
|
|
7,595 |
|
|
|
|
6,607 |
|
|
Net loans |
|
|
730,046 |
|
|
|
|
694,797 |
|
|
|
|
|
|
|
|
|
|
||
|
Premises and equipment, net |
|
|
14,069 |
|
|
|
|
13,002 |
|
|
Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
|
Bank owned life insurance |
|
|
28,225 |
|
|
|
|
25,410 |
|
|
Accrued interest receivable and other assets |
|
|
9,111 |
|
|
|
|
8,522 |
|
|
TOTAL ASSETS |
$ |
|
1,191,500 |
|
|
$ |
|
1,178,689 |
|
|
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
|
LIABILITIES |
|
|
|
|
|
|
|
||
|
Deposits: |
|
|
|
|
|
|
|
||
|
Noninterest-bearing |
$ |
|
281,358 |
|
|
$ |
|
301,697 |
|
|
Interest-bearing |
|
|
763,529 |
|
|
|
|
725,730 |
|
|
Total deposits |
|
|
1,044,887 |
|
|
|
|
1,027,427 |
|
|
|
|
|
|
|
|
|
|
||
|
Short-term borrowings |
|
|
25,683 |
|
|
|
|
35,843 |
|
|
Other borrowings |
|
|
1,266 |
|
|
|
|
1,754 |
|
|
Accrued interest payable and other liabilities |
|
|
4,829 |
|
|
|
|
5,726 |
|
|
TOTAL LIABILITIES |
|
|
1,076,665 |
|
|
|
|
1,070,750 |
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
|
Common stock, $6.25 par value. Authorized 9,000,000 shares; |
|
|
|
|
|
|
|
||
|
issued 2,980,602 shares in 2024 and 2023 |
|
|
18,629 |
|
|
|
|
18,629 |
|
|
Additional paid-in capital |
|
|
9,815 |
|
|
|
|
9,815 |
|
|
Retained earnings |
|
|
103,105 |
|
|
|
|
97,297 |
|
|
Treasury stock at cost – 330,513 shares in 2024 |
|
|
|
|
|
|
|
||
|
and 310,664 shares in 2023 |
|
|
(8,294 |
) |
|
|
|
(7,532 |
) |
|
Accumulated other comprehensive loss |
|
|
(8,420 |
) |
|
|
|
(10,270 |
) |
|
TOTAL SHAREHOLDERS’ EQUITY |
|
|
114,835 |
|
|
|
|
107,939 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
|
1,191,500 |
|
|
$ |
|
1,178,689 |
|
|
CSB BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||||||
|
|
|
Quarters ended |
|
|
|
Years ended |
|
||||||||||||
|
(Unaudited) |
|
December 31, |
|
|
|
December 31, |
|
||||||||||||
|
(Dollars in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||||
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loans, including fees |
$ |
|
10,580 |
|
|
$ |
|
9,852 |
|
|
$ |
|
41,539 |
|
|
$ |
|
35,707 |
|
|
Taxable securities |
|
|
1,826 |
|
|
|
|
1,936 |
|
|
|
|
7,315 |
|
|
|
|
7,803 |
|
|
Nontaxable securities |
|
|
78 |
|
|
|
|
94 |
|
|
|
|
342 |
|
|
|
|
399 |
|
|
Other |
|
|
868 |
|
|
|
|
587 |
|
|
|
|
2,405 |
|
|
|
|
2,107 |
|
|
Total interest and dividend income |
|
|
13,352 |
|
|
|
|
12,469 |
|
|
|
|
51,601 |
|
|
|
|
46,016 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Deposits |
|
|
3,717 |
|
|
|
|
3,015 |
|
|
|
|
14,404 |
|
|
|
|
9,499 |
|
|
Other |
|
|
69 |
|
|
|
|
109 |
|
|
|
|
344 |
|
|
|
|
376 |
|
|
Total interest expense |
|
|
3,786 |
|
|
|
|
3,124 |
|
|
|
|
14,748 |
|
|
|
|
9,875 |
|
|
Net interest income |
|
|
9,566 |
|
|
|
|
9,345 |
|
|
|
|
36,853 |
|
|
|
|
36,141 |
|
|
Provision for credit loss expense |
|
|
2,290 |
|
|
|
|
156 |
|
|
|
|
7,031 |
|
|
|
|
442 |
|
|
Net interest income, after provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
for credit loss expense |
|
|
7,276 |
|
|
|
|
9,189 |
|
|
|
|
29,822 |
|
|
|
|
35,699 |
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Service charges on deposit accounts |
|
|
284 |
|
|
|
|
285 |
|
|
|
|
1,156 |
|
|
|
|
1,209 |
|
|
Trust services |
|
|
268 |
|
|
|
|
244 |
|
|
|
|
1,219 |
|
|
|
|
1,013 |
|
|
Debit card interchange fees |
|
|
545 |
|
|
|
|
528 |
|
|
|
|
2,115 |
|
|
|
|
2,107 |
|
|
Credit card fees |
|
|
159 |
|
|
|
|
166 |
|
|
|
|
643 |
|
|
|
|
701 |
|
|
Earnings on bank owned life insurance |
|
|
229 |
|
|
|
|
182 |
|
|
|
|
814 |
|
|
|
|
702 |
|
|
Gain on sale of loans |
|
|
66 |
|
|
|
|
55 |
|
|
|
|
281 |
|
|
|
|
161 |
|
|
Unrealized gain (loss) on equity securities |
|
|
20 |
|
|
|
|
13 |
|
|
|
|
8 |
|
|
|
|
15 |
|
|
Other |
|
|
209 |
|
|
|
|
205 |
|
|
|
|
866 |
|
|
|
|
836 |
|
|
Total noninterest income |
|
|
1,780 |
|
|
|
|
1,678 |
|
|
|
|
7,102 |
|
|
|
|
6,744 |
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Salaries and employee benefits |
|
|
3,442 |
|
|
|
|
3,561 |
|
|
|
|
13,623 |
|
|
|
|
13,673 |
|
|
Occupancy expense |
|
|
300 |
|
|
|
|
282 |
|
|
|
|
1,172 |
|
|
|
|
1,138 |
|
|
Equipment expense |
|
|
214 |
|
|
|
|
197 |
|
|
|
|
863 |
|
|
|
|
792 |
|
|
Professional and director fees |
|
|
405 |
|
|
|
|
398 |
|
|
|
|
1,565 |
|
|
|
|
1,471 |
|
|
Software expense |
|
|
446 |
|
|
|
|
423 |
|
|
|
|
1,709 |
|
|
|
|
1,651 |
|
|
Marketing and public relations |
|
|
129 |
|
|
|
|
166 |
|
|
|
|
561 |
|
|
|
|
549 |
|
|
Debit card expense |
|
|
187 |
|
|
|
|
188 |
|
|
|
|
755 |
|
|
|
|
682 |
|
|
Financial institutions tax |
|
|
216 |
|
|
|
|
191 |
|
|
|
|
864 |
|
|
|
|
767 |
|
|
FDIC insurance expense |
|
|
142 |
|
|
|
|
134 |
|
|
|
|
538 |
|
|
|
|
514 |
|
|
Other expenses |
|
|
730 |
|
|
|
|
718 |
|
|
|
|
2,939 |
|
|
|
|
2,823 |
|
|
Total noninterest expenses |
|
|
6,211 |
|
|
|
|
6,258 |
|
|
|
|
24,589 |
|
|
|
|
24,060 |
|
|
Income before income taxes |
|
|
2,845 |
|
|
|
|
4,609 |
|
|
|
|
12,335 |
|
|
|
|
18,383 |
|
|
Federal income tax provision |
|
|
526 |
|
|
|
|
912 |
|
|
|
|
2,323 |
|
|
|
|
3,627 |
|
|
Net income |
$ |
|
2,319 |
|
|
$ |
|
3,697 |
|
|
$ |
|
10,012 |
|
|
$ |
|
14,756 |
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic and diluted |
$ |
|
0.87 |
|
|
$ |
|
1.38 |
|
|
$ |
|
3.76 |
|
|
$ |
|
5.51 |
|
|
CSB BANCORP, INC. |
||||||||||
|
NON-GAAP DISCLOSURES |
||||||||||
|
NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT |
||||||||||
|
|
|
Quarters ended |
|
|
||||||
|
(Unaudited) |
|
December 31, |
|
|
||||||
|
(Dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
||
|
Net interest income |
$ |
|
9,566 |
|
|
$ |
|
9,345 |
|
|
|
Taxable equivalent adjustment1 |
|
|
33 |
|
|
|
|
32 |
|
|
|
Net interest income, FTE |
$ |
|
9,599 |
|
|
$ |
|
9,377 |
|
|
|
Net interest margin |
|
|
3.32 |
|
% |
|
|
3.35 |
|
% |
|
Taxable equivalent adjustment1 |
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
Net interest margin, FTE |
|
|
3.33 |
|
% |
|
|
3.36 |
|
% |
|
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 |
|||||||||
|
|
|
Quarters ended |
|
||||||
|
(Unaudited) |
|
December 31, |
|
||||||
|
(Dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
||
|
Pre-Provision Net Revenue (PPNR) |
|
|
|
|
|
|
|
||
|
Net interest income |
$ |
|
9,566 |
|
|
$ |
|
9,345 |
|
|
Total noninterest income |
|
|
1,780 |
|
|
|
|
1,678 |
|
|
Total revenue |
|
|
11,346 |
|
|
|
|
11,023 |
|
|
|
|
|
|
|
|
|
|
||
|
Less: Noninterest expense |
|
|
6,211 |
|
|
|
|
6,258 |
|
|
|
|
|
|
|
|
|
|
||
|
PPNR (Non-GAAP) |
$ |
|
5,135 |
|
|
$ |
|
4,765 |
|
|
TANGIBLE EQUITY |
|||||||||
|
(Unaudited) |
|
December 31, |
|
|
|
December 31, |
|
||
|
(Dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
||
|
Total Shareholders’ Equity (GAAP) |
$ |
|
114,835 |
|
|
$ |
|
107,939 |
|
|
Less: Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
|
Tangible Shareholders’ Equity (Non-GAAP) |
$ |
|
110,107 |
|
|
$ |
|
103,211 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250124424188/en/
Paula J. Meiler, SVP & CFO
330.763.2873
Source: CSB Bancorp, Inc.
FAQ
What was CSB Bancorp’s (CSBB) net income for Q4 2024?
CSB Bancorp reported net income of $2,319,000 ($0.87 per share) for Q4 2024, compared to $3,697,000 ($1.38 per share) in Q4 2023.
How much did CSBB’s loan portfolio grow in 2024?
CSB Bancorp’s net loan balances increased by 5.1% during 2024.
What dividend did CSBB declare for Q4 2024?
CSB Bancorp declared a fourth quarter dividend of $0.40 per share, yielding 4.2% based on the December 31, 2024 closing price of $38.30.
How did CSBB’s credit quality metrics change in Q4 2024?
Nonperforming loans increased to 0.23% of total loans as of December 31, 2024, compared to 0.06% a year ago, with delinquent loan balances rising to 0.40% from 0.22%.
What was CSBB’s Return on Equity (ROE) for Q4 2024?
CSB Bancorp’s ROE for Q4 2024 was 7.99%, down from 14.22% in Q4 2023.
