Ohio | 0-21714 | 34-1687530 | ||
(State or other
jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification Number) |
91 North Clay Street, P.O. Box 232, Millersburg, Ohio |
44654 | |
(Address of Principal Executive Offices) | (Zip Code) |
99.1 Press release and Quarterly Report for CSB Bancorp, Inc. for the quarter ended March 31, 2011. |
CSB Bancorp, Inc. |
||||
By: | /s/ Paula J. Meiler | |||
Paula J. Meiler | ||||
Date: April 25, 2011 | Senior Vice President and Chief Financial Officer |
Quarter Ended | Quarter Ended | |||||||
March 31, 2011 | March 31, 2010 | |||||||
Diluted earnings per share |
$ | .33 | $ | .27 | ||||
Net Income |
$ | 896,000 | $ | 737,000 | ||||
Return on average common equity |
7.67 | % | 6.44 | % | ||||
Return on average assets |
0.80 | % | 0.67 | % |
Quarters | ||||||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
EARNINGS | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |||||||||||||||
Net interest income FTE (a) |
$ | 3,995 | $ | 3,959 | $ | 4,016 | $ | 3,886 | $ | 3,935 | ||||||||||
Provision for loan losses |
280 | 239 | 238 | 239 | 519 | |||||||||||||||
Other income |
761 | 904 | 780 | 889 | 731 | |||||||||||||||
Other expenses |
3,120 | 3,169 | 3,215 | 3,150 | 3,041 | |||||||||||||||
FTE adjustment (a) |
61 | 60 | 59 | 53 | 54 | |||||||||||||||
Net income |
896 | 956 | 882 | 921 | 737 | |||||||||||||||
Diluted earnings per share |
0.33 | 0.35 | 0.32 | 0.34 | 0.27 | |||||||||||||||
PERFORMANCE RATIOS |
||||||||||||||||||||
Return on average assets (ROA) |
0.80 | % | 0.83 | % | 0.78 | % | 0.85 | % | 0.67 | % | ||||||||||
Return on average common equity (ROE) |
7.67 | % | 7.95 | % | 7.41 | % | 7.90 | % | 6.44 | % | ||||||||||
Net interest margin FTE (a) |
3.78 | % | 3.64 | % | 3.76 | % | 3.76 | % | 3.78 | % | ||||||||||
Efficiency ratio |
65.29 | % | 64.84 | % | 66.72 | % | 67.74 | % | 64.83 | % | ||||||||||
Number of full-time equivalent employees |
142 | 140 | 144 | 144 | 140 | |||||||||||||||
MARKET DATA |
||||||||||||||||||||
Book value/common share |
$ | 17.35 | $ | 17.24 | $ | 17.26 | $ | 17.10 | $ | 16.88 | ||||||||||
Period-end common share mkt value |
15.20 | 15.57 | 15.95 | 15.75 | 14.60 | |||||||||||||||
Market as a % of book |
87.61 | % | 90.31 | % | 92.41 | % | 92.11 | % | 86.49 | % | ||||||||||
Price-to-earnings ratio |
11.34 | 12.16 | 12.56 | 12.50 | 12.37 | |||||||||||||||
Cash dividends/common share |
$ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | ||||||||||
Common stock dividend payout ratio |
54.55 | % | 51.43 | % | 56.25 | % | 52.94 | % | 66.67 | % | ||||||||||
Average basic common shares |
2,734,799 | 2,734,799 | 2,734,799 | 2,734,799 | 2,734,799 | |||||||||||||||
Average diluted common shares |
2,734,812 | 2,734,836 | 2,734,859 | 2,734,847 | 2,734,799 | |||||||||||||||
Period end common shares outstanding |
2,734,799 | 2,734,799 | 2,734,799 | 2,734,799 | 2,734,799 | |||||||||||||||
Common shares repurchased |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
Common stock market capitalization |
$ | 41,569 | $ | 42,581 | $ | 43,620 | $ | 43,073 | $ | 39,928 | ||||||||||
ASSET QUALITY |
||||||||||||||||||||
Gross charge-offs |
$ | 316 | $ | 621 | $ | 459 | $ | 20 | $ | 289 | ||||||||||
Net charge-offs (recoveries) |
283 | 615 | 440 | (14 | ) | 223 | ||||||||||||||
Allowance for loan losses |
4,028 | 4,031 | 4,407 | 4,608 | 4,356 | |||||||||||||||
Nonperforming assets (NPAs) |
3,943 | 4,626 | 5,410 | 6,335 | 6,492 | |||||||||||||||
Net charge-off/average loans ratio |
0.36 | % | 0.77 | % | 0.55 | % | (0.02) | % | 0.29 | % | ||||||||||
Allowance for loan losses/period-end loans |
1.25 | 1.28 | 1.39 | 1.48 | 1.40 | |||||||||||||||
NPAs/loans and other real estate |
1.22 | 1.47 | 1.71 | 2.03 | 2.09 | |||||||||||||||
Allowance for loan losses/nonperforming
loans |
102.93 | 87.84 | 83.99 | 75.69 | 70.02 | |||||||||||||||
CAPITAL & LIQUIDITY |
||||||||||||||||||||
Period-end tangible equity to assets |
10.23 | % | 9.90 | % | 10.03 | % | 10.16 | % | 10.15 | % | ||||||||||
Average equity to assets |
10.49 | 10.49 | 10.58 | 10.70 | 10.44 | |||||||||||||||
Average equity to loans |
14.82 | 15.13 | 14.97 | 14.99 | 14.89 | |||||||||||||||
Average loans to deposits |
91.44 | 91.15 | 93.83 | 95.24 | 95.35 | |||||||||||||||
AVERAGE BALANCES |
||||||||||||||||||||
Assets |
$ | 451,666 | $ | 454,657 | $ | 446,099 | $ | 436,782 | $ | 444,916 | ||||||||||
Earning assets |
428,686 | 431,661 | 423,591 | 414,137 | 422,487 | |||||||||||||||
Loans |
319,646 | 315,348 | 315,355 | 311,647 | 311,789 | |||||||||||||||
Deposits |
349,574 | 345,962 | 336,089 | 327,215 | 326,986 | |||||||||||||||
Shareholders equity |
47,387 | 47,703 | 47,213 | 46,724 | 46,440 | |||||||||||||||
ENDING BALANCES |
||||||||||||||||||||
Assets |
$ | 445,361 | $ | 457,056 | $ | 451,586 | $ | 441,242 | $ | 435,622 | ||||||||||
Earning assets |
422,793 | 434,876 | 428,895 | 419,855 | 413,771 | |||||||||||||||
Loans |
322,017 | 315,647 | 316,909 | 311,857 | 310,900 | |||||||||||||||
Deposits |
348,209 | 353,491 | 341,296 | 329,817 | 326,204 | |||||||||||||||
Shareholders equity |
47,457 | 47,154 | 47,211 | 46,776 | 46,171 |
NOTES: | ||
(a) | Net Interest income on a fully tax-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. |
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Cash and cash equivalents |
||||||||
Cash and due from banks |
$ | 9,792 | $ | 7,538 | ||||
Interest-earning deposits in other banks |
11,898 | 29,144 | ||||||
Federal funds sold |
310 | | ||||||
Total cash and cash equivalents |
22,000 | 36,682 | ||||||
Securities |
||||||||
Available-for-sale, at fair-value |
83,085 | 68,264 | ||||||
Restricted stock, at cost |
5,463 | 5,463 | ||||||
Total securities |
88,548 | 73,727 | ||||||
Loans held for sale |
20 | 669 | ||||||
Loans |
322,017 | 310,900 | ||||||
Less allowance for loan losses |
4,028 | 4,356 | ||||||
Net loans |
317,989 | 306,544 | ||||||
Goodwill and core deposit intangible |
2,116 | 2,179 | ||||||
Bank owned life insurance |
2,987 | 2,880 | ||||||
Premises and equipment, net |
7,754 | 8,224 | ||||||
Accrued interest receivable and other assets |
3,947 | 4,717 | ||||||
TOTAL ASSETS |
$ | 445,361 | $ | 435,622 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Liabilities |
||||||||
Deposits: |
||||||||
Noninterest-bearing |
$ | 60,325 | $ | 52,607 | ||||
Interest-bearing |
287,884 | 273,597 | ||||||
Total deposits |
348,209 | 326,204 | ||||||
Short-term borrowings |
28,382 | 29,621 | ||||||
Other borrowings |
19,707 | 32,210 | ||||||
Accrued interest payable and other liabilities |
1,606 | 1,416 | ||||||
Total liabilities |
397,904 | 389,451 | ||||||
Shareholders equity |
||||||||
Common stock, $6.25 par value. Authorized
9,000,000 shares; issued 2,980,602 shares
in 2011 and 2010 |
18,629 | 18,629 | ||||||
Additional paid-in capital |
9,994 | 9,994 | ||||||
Retained earnings |
23,077 | 21,391 | ||||||
Treasury stock at cost 245,803 shares in
2011
and 2010 |
(5,015 | ) | (5,015 | ) | ||||
Accumulated other comprehensive income |
772 | 1,172 | ||||||
Total shareholders equity |
47,457 | 46,171 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 445,361 | $ | 435,622 | ||||
Quarter ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Interest and dividend income: |
||||||||
Loans, including fees |
$ | 4,236 | $ | 4,302 | ||||
Taxable securities |
595 | 751 | ||||||
Nontaxable securities |
98 | 84 | ||||||
Other |
17 | 19 | ||||||
Total interest and dividend income |
4,946 | 5,156 | ||||||
Interest expense: |
||||||||
Deposits |
786 | 876 | ||||||
Other |
226 | 399 | ||||||
Total interest expense |
1,012 | 1,275 | ||||||
Net interest income |
3,934 | 3,881 | ||||||
Provision for loan losses |
280 | 519 | ||||||
Net interest income after provision
for loan losses |
3,654 | 3,362 | ||||||
Non-interest income |
||||||||
Service charges on deposits accounts |
245 | 269 | ||||||
Trust services |
160 | 141 | ||||||
Gain on sale of loans |
70 | 46 | ||||||
Other |
286 | 275 | ||||||
Total noninterest income |
761 | 731 | ||||||
Non-interest expenses |
||||||||
Salaries and employee benefits |
1,763 | 1,604 | ||||||
Occupancy expense |
219 | 220 | ||||||
Equipment expense |
120 | 127 | ||||||
Franchise tax expense |
135 | 135 | ||||||
Professional and director fees |
159 | 154 | ||||||
Federal deposit insurance |
110 | 145 | ||||||
Amortization of intangible assets |
15 | 16 | ||||||
Other expenses |
599 | 640 | ||||||
Total noninterest expenses |
3,120 | 3,041 | ||||||
Income before income tax |
1,295 | 1,052 | ||||||
Federal income tax provision |
399 | 315 | ||||||
Net income |
$ | 896 | $ | 737 | ||||
Net income per share: |
||||||||
Basic |
$ | 0.33 | $ | 0.27 | ||||
Diluted |
$ | 0.33 | $ | 0.27 | ||||
Note: Certain prior year balances have been reclassified to conform to the current year presentation. |
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