EX-99.2 3 l25747aexv99w2.htm EX-99.2 EX-99.2
 

Exhibit 99.2
(Quarterly Report)
FINANCIAL HIGHLIGHTS STOCK PERFORMANCE & DIVIDENDS MARCH 31, 2007 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) CASH AT OR FOR THE THREE MONTHS TRADE PRICE QUARTER CLOSING DIVIDEND ENDED MARCH 31 ENDING HIGH LOW PRICE DECLARED 2007 2006 Q U A R T E R LY R E P O R T Assets $322,358 $318,777 6/30/05 21.15 20.05 20.50 0.14 Net loans $233,163 $218,895 9/30/05 22.55 20.35 22.35 0.14 Securities $69,285 $78,842 12/31/05 25.00 21.00 21.00 0.14 Deposits $253,531 $247,044 3/31/06 21.25 20.50 20.90 0.16 Shareholders’ equity $34,915 $34,992 6/30/06 20.87 20.00 20.40 0.16 Net income $815 $774 9/30/06 20.75 18.70 19.00 0.16 Earnings per share $0.33 $0.30 12/31/06 20.25 18.00 19.00 0.16 Book value per outstanding share $14.18 $13.63 3/31/07 19.05 17.50 17.57 0.18 HIGH COMMON STOCK PERFORMANCE LOW CLOSING PRICE KEY RATIOS 26 25 AT OR FOR THE THREE MONTHS ENDED MARCH 31 24 2007 2006 23 Return on average assets 1.02% 0.99% 22 Return on average equity 9.37% 8.89% 21 Net interest margin (tax equivalent) 4.40% 4.57% 20 Net loans to deposits 91.97% 88.61% Allowance for loan loss to total loans 1.13% 1.12% DOLLARS PER SHARE 19 Shareholders’ equity to total assets 10.83% 10.98% 18 Efficiency ratio 66.47% 69.06% 17 16 - 05 - 05 - 05 - 06 - 06 - 06 - 06 - 07 JUN SEP DEC MAR JUN SEP DEC MAR DIRECTORS QUARTER ENDING Robert K. Baker Jeffery A. Robb, Sr. Chairman ADDITIONAL STOCK INFORMATION Samuel M. Steimel Ronald E. Holtman Eddie L. Steiner STOCK LISTING J. Thomas Lang Common: John R. Waltman Daniel J. Miller Symbol — CSBB.OB STOCK TRANSFER Registrar & Transfer Company Attn: Investor Relations EXECUTIVE OFFICERS 10 Commerce Drive Cranford, NJ 07016 (800) 368-5948 Eddie L. Steiner President and Chief Executive Officer Copies of CSB Bancorp, Inc. Rick L. Ginther S.E.C. Filings may be obtained by writing: President and Chief Executive Officer, The Commercial & Savings Bank Paula J. Meiler, CFO CSB Bancorp, Inc. Paul D. Greig 91 North Clay Street Chief Operations/Information Officer Millersburg, OH 44654 Paula J. Meiler (330) 674-9015 or Chief Financial Officer (800) 654-9015


 

(Quarterly Report)
TO OUR SHAREHOLDERS CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED) (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) MARCH 31 We are pleased to provide an increased dividend with this letter and summary of financial results. The $.18 per share first quarter 2007 2006 ASSETS: dividend represents an increase of 12.5%, or $.02 per share, over Cash and due from banks $10,225 $10,315 last year’s first quarter dividend. Securities 69,285 78,842 Net loans 233,163 218,895 First quarter unaudited net income totaled $815 thousand, 5% above the results of last year’s first quarter. Earnings per share increased by Premises & equipment, net 7,439 7,587 10% to $.33 for the three months ended March 31, 2007. Other assets 2,246 3,138 Net interest margin remained a very respectable 4.40% for the TOTAL ASSETS $322,358 $318,777 quarter, non-interest income increased 13% compared to first LIABILITIES: quarter 2006, and importantly, our efficiency ratio of 66.5% was noticeably improved from the first quarter in 2006, providing a Deposits $253,531 $247,044 favorable reflection of our cost control efforts. Securities sold under agreements to repurchase 21,588 15,307 Federal funds purchased 3,100 17,000 On March 8, we opened a new CSB location in the Orrville area and Other borrowings 7,325 2,853 have been pleased with customer response to date. The Orrville Area Other liabilities 1,899 1,581 Banking Center provides a full range of banking services and is located in the R.E. Miller Insurance building on State Route 57, just TOTAL LIABILITIES $287,443 $283,785 north of U.S. Route 30. We believe opening this new branch location is a prudent investment of our talent and capital, and expect the SHAREHOLDERS’ EQUITY: greater Orrville area to be a growth market for our Company. Common stock $16,674 $16,674 Additional paid-in capital 6,439 6,416 Also during the quarter, we expanded the availability of remote Retained earnings 16,619 15,115 deposit capture services for business clients. A number of our Treasury stock (4,348) (2,322) business customers now transmit check deposits electronically Accumulated other comprehensive loss (469) (891) without leaving their place of business. This service provides increased convenience for our business customers, and facilitates our TOTAL SHAREHOLDERS’ EQUITY $34,915 $34,992 growth in markets where we do not presently offer the convenience of a local banking center. TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $322,358 $318,777 In the past few weeks, remodeling work began on our South Clay Street Banking Center in Millersburg. South Clay is a high transaction center, and the upgraded facility will provide an improved service CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) environment for our customers. Subsequent to completing the (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) THREE MONTHS ENDED MARCH 31 month-long project, we plan to consolidate the 6 West Jackson Street 2007 2006 office into the renovated South Clay facility. We are currently INTEREST INCOME: exploring alternative uses for the West Jackson building with local Interest and fees on loans $4,314 $3,823 civic and community leaders. Interest on securities 819 880 Other interest income 13 6 The overall economy in our market area appears to be maintaining a fairly steady pace. Commercial loan demand may be a bit ahead of TOTAL INTEREST INCOME 5,146 4,709 last year, while new housing commitments appear to be modestly behind year ago levels. Competition remains a significant challenge to INTEREST EXPENSE: growing loans and deposits, but we are pleased that average loan Interest on deposits 1,553 1,167 balances in the first quarter were up 7.8% from year ago levels and Other interest expense 338 248 average deposit balances increased 2.2% from a year ago. TOTAL INTEREST EXPENSE 1,891 1,415 The directors, officers and employees of CSB remain committed to Net interest income 3,255 3,294 increasing financial returns for you, ou r shareholder. We thank you for Provision for loan losses 78 32 your support and hope to see you at the Annual Shareholders’ Meeting at Carlisle Inn in Walnut Creek, Ohio on April 25, 2007 at 7 p.m. Net interest income after provision for loan losses 3,177 3,262 Sincerely, Noninterest income 646 571 Noninterest expense 2,619 2,708 ROBERT K. BAKER            EDDIE L. STEINER Chairman            President and CEO Net income before federal income taxes 1,204 1,125 CSB Bancorp, Inc. CSB Bancorp, Inc. Federal income tax provision 389 351 NET INCOME $815 $774 EARNINGS PER SHARE $0.33 $0.30