-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AY16l/bJrwIP/6ik7l7eeuQ5jdRXIlAj1DPSPKmYrFhyd7AgGsBwOAYRVl46Scis v6fXM9XkaGRihOC1Z9dJ6A== 0000950152-09-005232.txt : 20090514 0000950152-09-005232.hdr.sgml : 20090514 20090514154151 ACCESSION NUMBER: 0000950152-09-005232 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090514 DATE AS OF CHANGE: 20090514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSB BANCORP INC /OH CENTRAL INDEX KEY: 0000880417 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 341687530 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21714 FILM NUMBER: 09826502 BUSINESS ADDRESS: STREET 1: 6 W JACKSON ST STREET 2: P O BOX 232 CITY: MILLERSBURG STATE: OH ZIP: 44654 BUSINESS PHONE: 3306749015 MAIL ADDRESS: STREET 1: 6 WEST JACKSON STREET CITY: MILLERSBURG STATE: OH ZIP: 44654 10-Q 1 l36508ae10vq.htm FORM 10-Q FORM 10-Q
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
     
þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2009
OR
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 0-21714
CSB Bancorp, Inc.
(Exact name of registrant as specified in its charter)
     
Ohio   34-1687530
     
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer Identification Number)
91 North Clay, P.O. Box 232, Millersburg, Ohio 44654
(Address of principal executive offices)
(330) 674-9015
(Registrant’s telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o Accelerated filer o  Non-accelerated filer o
(Do not check if a smaller reporting company)
Smaller reporting company þ
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No þ
Indicate the number of shares outstanding of the registrant’s common stock, as of the latest practicable date.
     
Common stock, $6.25 par value   Outstanding at May 14, 2009:
    2,734,799 common shares
 
 

 


 

CSB BANCORP, INC.
FORM 10-Q
QUARTER ENDED March 31, 2009
 
Table of Contents
Part I — Financial Information
         
    Page  
 
       
ITEM 1 - FINANCIAL STATEMENTS (Unaudited)
       
 
       
Consolidated Balance Sheets
    3  
 
       
Consolidated Statements of Income
    4  
 
       
Consolidated Statements of Changes in Shareholders’ Equity
    5  
 
       
Condensed Consolidated Statements of Cash Flows
    6  
 
       
Notes to the Consolidated Financial Statements
    7  
 
       
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    12  
 
       
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    16  
 
       
ITEM 4T — CONTROLS AND PROCEDURES
    17  
 
       
Part II — Other Information
 
       
ITEM 1 — Legal Proceedings
    18  
1A — Risk Factors
    18  
2    — Unregistered Sales of Equity Securities and Use of Proceeds
    18  
3    — Defaults upon Senior Securities
    18  
4    — Submission of Matters to a Vote of Security Holders
    18  
5    — Other Information
    18  
6    — Exhibits
    19  
 
       
Signatures
    20  
 EX-11
 EX-31.1
 EX-31.2
 EX-32.1
 EX-32.2

 


Table of Contents

CSB BANCORP, INC.
PART I — FINANCIAL INFORMATION
ITEM 1. — FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
                 
    March 31,     December 31,  
    2009     2008  
ASSETS
               
Cash and due from bank
  $ 7,479,007     $ 8,698,917  
Interest-earning deposits in other banks
    12,072,028       2,961,153  
Federal funds sold
          1,086,000  
 
           
Total cash and cash equivalents
    19,551,035       12,746,070  
 
           
 
               
Securities available-for-sale, at fair value
    65,282,581       76,655,816  
Restricted stock, at cost
    5,231,800       5,231,800  
 
           
Total securities
    70,514,381       81,887,616  
 
           
 
               
Loans
    319,424,751       316,290,412  
Less allowance for loan losses
    3,401,888       3,393,685  
 
           
Net loans
    316,022,863       312,896,727  
 
           
 
               
Premises and equipment, net
    8,368,805       8,470,855  
Bank owned life insurance
    2,774,893       2,748,909  
Other intangible assets
    570,923       597,014  
Goodwill
    1,448,029       1,448,029  
Accrued interest receivable and other assets
    3,139,114       3,861,962  
 
           
 
               
Total Assets
  $ 422,390,043     $ 424,657,182  
 
           
 
               
LIABILITIES
               
Deposits
               
Noninterest-bearing
  $ 42,685,916     $ 49,058,592  
Interest-bearing
    261,904,865       256,394,147  
 
           
Total deposits
    304,590,781       305,452,739  
Short-term borrowings
    20,416,999       22,891,593  
Other borrowings
    50,590,025       50,997,537  
Accrued interest payable and other liabilities
    2,400,564       1,846,841  
 
           
Total liabilities
    377,998,369       381,188,710  
 
           
 
               
SHAREHOLDERS’ EQUITY
               
Common stock, $6.25 par value: Authorized 9,000,000 shares; issued 2,980,602 shares
    18,628,767       18,628,767  
Additional paid-in capital
    9,987,999       9,986,499  
Retained earnings
    20,127,651       19,723,972  
Treasury stock at cost: 245,803 shares
    (5,014,541 )     (5,014,541 )
Accumulated other comprehensive income
    661,798       143,775  
 
           
Total shareholders’ equity
    44,391,674       43,468,472  
 
           
 
               
Total Liabilities and Shareholders’ Equity
  $ 422,390,043     $ 424,657,182  
 
           
See notes to unaudited consolidated financial statements.

3.


Table of Contents

CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
                 
    Three Months Ended  
    March 31,  
    2009     2008  
Interest income
               
Loans, including fees
  $ 4,620,756     $ 4,412,704  
Taxable securities
    887,867       804,622  
Nontaxable securities
    67,997       43,878  
Other
    2,724       22,207  
 
           
Total interest income
    5,579,344       5,283,411  
 
           
 
               
Interest expense
               
Deposits
    1,162,395       1,427,758  
Other
    523,389       475,888  
 
           
Total interest expense
    1,685,784       1,903,646  
 
           
 
               
Net interest income
    3,893,560       3,379,765  
Provision for loan losses
    241,072       107,032  
 
           
Net interest income after provision for loan losses
    3,652,488       3,272,733  
 
               
Non-interest income
               
Service charges on deposit accounts
    293,301       287,152  
Trust and financial services
    114,759       188,664  
Debit card interchange fees
    85,064       70,821  
Credit card fee income
    15,814       64,052  
Gain on sale of loans
    67,569       264,659  
Security gains
    116,080        
Other income
    103,568       80,138  
 
           
Total non-interest income
    796,155       955,486  
 
           
 
               
Non-interest expenses
               
Salaries and employee benefits
    1,708,364       1,536,903  
Occupancy expense
    243,345       197,881  
Equipment expense
    133,745       125,450  
State franchise tax
    109,790       107,430  
Professional and director fees
    143,763       139,556  
Amortization of intangible assets
    16,318        
Other expenses
    773,575       621,239  
 
           
Total non-interest expenses
    3,128,900       2,728,459  
 
           
 
               
Income before income taxes
    1,319,743       1,499,760  
Federal income tax provision
    423,800       498,000  
 
           
 
               
Net income
  $ 895,943     $ 1,001,760  
 
           
 
               
Basic and diluted earnings per share
  $ 0.33     $ 0.41  
 
           
See notes to unaudited consolidated financial statements.

4.


Table of Contents

CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
 
                 
    Three Months Ended  
    March 31,  
    2009     2008  
Balance at beginning of period
  $ 43,468,472     $ 36,278,048  
 
               
Comprehensive income:
               
Net income
    895,943       1,001,760  
Change in net unrealized gain, net of reclassification adjustments and related income taxes of $266,860 and $214,879, respectively
    518,023       417,119  
 
           
Total comprehensive income
    1,413,966       1,418,879  
 
               
Stock-based compensation expense
    1,500       3,500  
 
               
Purchase of treasury shares
          (113,453 )
 
               
Cash dividends declared ($0.18 per share in 2009 and 2008)
    (492,264 )     (439,353 )
 
           
 
               
Balance at end of period
  $ 44,391,674     $ 37,147,621  
 
           
See notes to unaudited consolidated financial statements.

5.


Table of Contents

CSB BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
                 
    Three Months Ended  
    March 31,  
    2009     2008  
Net cash from operating activities
  $ 1,532,528     $ 1,216,242  
 
               
Cash flows from investing activities
               
Securities available-for-sale:
               
Proceeds from maturities, calls and repayments
    11,307,090       22,403,914  
Purchases
    (336,614 )     (13,611,007 )
Purchase of FHLB stock
          (37,000 )
Proceeds from sale of securities
    1,291,968        
Proceeds from sale of other real estate
    25,000       105,000  
Loan originations, net of repayments
    (3,379,052 )     (7,446,531 )
Proceeds from sale of credit cards
          2,513,671  
Premises and equipment expenditures, net
    (66,310 )     (125,547 )
 
           
Net cash provided by investing activities
    8,842,082       18,695,562  
 
           
 
               
Cash flows from financing activities
               
Net change in deposits
    (790,789 )     (12,356,630 )
Net change in short-term borrowings
    (2,474,594 )     (2,700,996 )
Proceeds from other borrowings
          8,000,000  
Repayment of other borrowings
    (304,262 )     (148,375 )
Purchase of treasury shares
          (113,453 )
 
           
Net cash used for financing activities
    (3,569,645 )     (7,319,454 )
 
           
 
               
Net change in cash and cash equivalents
    6,804,965       12,592,350  
 
               
Cash and cash equivalents at beginning of period
    12,746,070       12,193,362  
 
           
 
               
Cash and cash equivalents at end of period
  $ 19,551,035     $ 24,785,712  
 
           
 
               
Supplemental disclosures
               
Interest paid
  $ 1,878,818     $ 1,918,857  
Income taxes paid
    50,000        
See notes to unaudited consolidated financial statements.

6.


Table of Contents

CSB BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying condensed consolidated financial statements include the accounts of CSB Bancorp, Inc. and its wholly-owned subsidiaries, The Commercial and Savings Bank and CSB Investment Services, LLC (together referred to as the “Company” or “CSB”). All significant intercompany transactions and balances have been eliminated in consolidation.
The condensed consolidated financial statements have been prepared without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position at March 31, 2009, and the results of operations and changes in cash flows for the periods presented have been made.
Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. The Annual Report for CSB for the year ended December 31, 2008, contains consolidated financial statements and related footnote disclosures, which should be read in conjunction with the accompanying consolidated financial statements. The results of operations for the period ended March 31, 2009 are not necessarily indicative of the operating results for the full year or any future interim period.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In April 2009, the FASB issued FSP No. FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly. This FSP relates to determining fair values when there is no active market or where the price inputs being used represent distressed sales. It reaffirms the need to use judgment to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. FSP No. FAS 157-4 is effective for interim and annual periods ending after June 15, 2009, but entities may early adopt this FSP for the interim and annual periods ending after March 15, 2009. The adoption of this FSP is not expected to have a material effect on the Company’s results of operations or financial position.
In April 2009, the FASB issued FSP No. FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments, which relates to fair value disclosures for any financial instruments that are not currently reflected on the balance sheet of companies at fair value. Prior to issuing this FSP, fair values for these assets and liabilities were only disclosed once a year. The FSP now requires these disclosures on a quarterly basis, providing qualitative and quantitative information about fair value estimates for all those financial instruments not measured on the balance sheet at fair value. FSP No. FAS 107-1 and APB 28-1 is effective for interim and annual periods ending after June 15, 2009, but entities may early adopt this FSP for the interim and annual periods ending after March 15, 2009. The adoption of this FSP is not expected to have a material effect on the Company’s results of operations or financial position.
In April 2009, the FASB issued FSP No. FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments, which provides additional guidance designed to create greater clarity and consistency in accounting for and presenting impairment losses on securities. FSP No. FAS 115-2 and FAS 124-2 is effective for interim and annual periods ending after June 15, 2009, but entities may early adopt this FSP for the interim and annual periods ending after March 15, 2009. The adoption of this FSP is not expected to have a material effect on the Company’s results of operations or financial position.

7.


Table of Contents

CSB BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
In April 2008, the FASB issued FSP No. 142-3, Determination of the Useful Life of Intangible Assets (“FSP 142-3”). FSP 142-3 amends the factors that should be considered in developing assumptions about renewal or extension used in estimating the useful life of a recognized intangible asset under FAS No. 142, Goodwill and Other Intangible Assets. This standard is intended to improve the consistency between the useful life of a recognized intangible asset under FAS No. 142 and the period of expected cash flows used to measure the fair value of the asset under FAS No. 141R and other GAAP. FSP 142-3 is effective for financial statements issued for fiscal years beginning after December 15, 2008. The measurement provisions of this standard will apply only to intangible assets of the Company acquired after the effective date. The Company is currently evaluating the impact the adoption of the FSP will have on the Company’s results of operations.

8.


Table of Contents

CSB BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
NOTE 2 — SECURITIES
Securities consist of the following at March 31, 2009 and December 31, 2008:
March 31, 2009
                                 
    Amortized     Gross
unrealized
    Gross
unrealized
    Fair  
    Cost     gains     losses     Value  
     
Available-for-sale:
                               
U.S. Treasury security
  $ 101,332     $     $ 66     $ 101,266  
Obligations of U.S. government corporations and agencies
    3,896,157       24,062             3,920,219  
Mortgage-backed securities
    52,890,581       1,316,556       287,328       53,919,809  
Obligations of states and political subdivisions
    7,279,329       58,408       64,950       7,272,787  
 
                       
Total debt securities
    64,167,399       1,399,026       352,344       65,214,081  
Equity Securities
    112,457       285       44,242       68,500  
 
                       
Total available-for-sale
    64,279,856       1,399,311       396,586       65,282,581  
Restricted stock
    5,231,800                   5,231,800  
 
                       
Total securities
  $ 69,511,656     $ 1,399,311     $ 396,586     $ 70,514,381  
 
                       
December 31, 2008
                                 
    Amortized     Gross
unrealized
    Gross
unrealized
    Fair  
    Cost     gains     losses     Value  
     
Available-for-sale:
                               
U.S. Treasury security
  $ 99,988     $ 473     $     $ 100,461  
Obligations of U.S. government corporations and agencies
    12,447,301       93,055             12,540,356  
Mortgage-backed securities
    56,697,763       618,677       417,495       56,898,945  
Obligations of states and political subdivisions
    7,045,468       77,901       83,073       7,040,296  
 
                       
Total debt securities
    76,290,520       790,106       500,568       76,580,058  
Equity Securities
    147,458       645       72,345       75,758  
 
                       
Total available-for-sale
    76,437,978       790,751       572,913       76,655,816  
Restricted stock
    5,231,800                   5,231,800  
 
                       
Total securities
  $ 81,669,778     $ 790,751     $ 572,913     $ 81,887,616  
 
                       

9.


Table of Contents

CSB BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
NOTE 3 — FAIR VALUE MEASUREMENTS (FAS NO. 157)
Effective January 1, 2008, the Company adopted FAS No. 157, which, among other things, requires enhanced disclosures about assets and liabilities carried at fair value. FAS No. 157 establishes a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring assets and liabilities at fair value. The three broad levels defined by FAS No. 157 hierarchy are as follows:
     
Level I:
  Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
 
   
Level II:
  Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed.
 
   
Level III:
  Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.
The following table presents the assets reported on the consolidated statements of financial condition at their fair value as of March 31, 2009, and December 31, 2008, by level within the fair value hierarchy. No liabilities are carried at fair value. As required by FAS No. 157, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
                                 
    Level I   Level II   Level III   Total
 
                               
Assets:
                               
    March 31, 2009
Securities available for sale
  $ 169,766     $ 65,112,815         $ 65,282,581  
 
                               
    December 31, 2008
Securities available for sale
  $ 176,219     $ 76,479,597         $ 76,655,816  
The following table presents the assets measured on a nonrecurring basis on the consolidated balance sheets at their fair value as of March 31, 2009, and December 31, 2008, by level within the fair value hierarchy. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves. Techniques used to value the collateral that secure the impaired loans include: quoted market prices for identical assets classified as Level I inputs; observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs.

10.


Table of Contents

CSB BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
                                 
    Level I   Level II   Level III   Total
 
                               
Assets Measured on a Nonrecurring Basis:
                               
 
    March 31, 2009
Impaired loans
      $ 1,822,471         $ 1,822,471  
 
                               
    December 31, 2008
Impaired loans
      $ 2,049,171         $ 2,049,171  
NOTE 4 — BUSINESS COMBINATION
Effective after the close of business on October 31, 2008 CSB completed the acquisition of Indian Village Bancorp, Inc. (“Indian Village”). CSB and Indian Village entered into a definitive Agreement and Plan of Merger on May 14, 2008. Immediately following the merger, Indian Village Community Bank was merged with and into The Commercial and Savings Bank of Millersburg. Indian Village banking centers are located in Gnadenhutten, New Philadelphia and North Canton, Ohio. Under the terms of the agreement, the Company paid a combination of stock and cash as set forth in the definitive agreement and plan of merger for each outstanding common share of Indian Village, resulting in aggregate merger consideration of approximately $8.1 million. This transaction was accounted for using the purchase method of accounting.
The following unaudited summary information presents the consolidated results of operations of CSB on a pro forma basis, as if the Indian Village acquisition had occurred at the beginning of each of the periods presented. The pro forma data gives effect to the merger and is based on numerous assumptions and estimates.
                 
    For the three months
ended March 31,
(in thousands, except per share amounts)   2009   2008
Net interest income
  $ 3,894     $ 4,020  
Provision for loan losses
    241       205  
Non-interest income
    796       1,044  
Non-interest expense
    3,129       3,333  
Net income
    896       1,164  
Net income per common share
               
Basic
  $ 0.33     $ 0.42  
Diluted
  $ 0.33     $ 0.42  

11.


Table of Contents

CSB BANCORP, INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion focuses on the consolidated financial condition of CSB Bancorp, Inc. and its subsidiaries (the “Company”) at March 31, 2009 as compared to December 31, 2008, and the consolidated results of operations for the quarter ended March 31, 2009 compared to the same period in 2008. The purpose of this discussion is to provide the reader with a more thorough understanding of the consolidated financial statements. This discussion should be read in conjunction with the interim consolidated financial statements and related footnotes.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this report are not historical facts but rather are forward-looking statements that are subject to certain risks and uncertainties. When used herein, the terms “anticipates”, “plans”, “expects”, “believes”, and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. The Company’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions, interest rate environment, competitive conditions in the financial services industry, changes in law, governmental policies and regulations, and rapidly changing technology affecting financial services.
The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
FINANCIAL CONDITION
Total assets were $422.4 million at March 31, 2009, compared to $424.7 million at December 31, 2008, representing a decrease of $2.3 million or 0.5%. Cash and cash equivalents increased $6.8 million, or 53.4%, during the three-month period ending March 31, 2009, due to an $8.0 million increase in deposits held at the Federal Reserve Bank partially offset by a decrease in cash and due from banks. Securities decreased $11.3 million or 15.0% during the first three months of 2009 primarily due to calls within the US Agency portfolio and principal repayments within the mortgage-backed securities portfolio. Net loans increased $3.1 million, or 1.0%, while deposits decreased $862,000, or 0.3%, during the three-month period. Short-term borrowings of Federal funds purchased, securities sold under repurchase agreement and Federal Home Loan Bank borrowings decreased $2.5 million, while other borrowings decreased $408,000 during the period as required amortized payments were made on outstanding advances at the Federal Home Loan Bank.
Net loans increased $3.1 million, or 1.0%, during the three-month period ended March 31, 2009. Commercial loans increased $5.1 million or 2.8% and home equity lines increased $1.5 million or 5.6% over December 31, 2008. Decreases were recognized in real estate mortgage loans of $3.4 million or 3.5% and consumer installment loans of $300,000 or 3.4%. Consumers increased their refinancing of mortgage loans for lower rates offered in the secondary market. The allowance for loan losses amounted to $3,402,000, or 1.07% of total loans at March 31, 2009 compared to $3,394,000 or 1.07% of total loans at December 31, 2008.

12.


Table of Contents

CSB BANCORP, INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
The allowance for loan losses as a percentage of total loans remained stable at March 31, 2009 as compared to December 31, 2008 as the additional provision of $241,000 exceeded net charge-offs of $233,000 for the three months ended March 31, 2009 and outstanding loan balances grew 1% to $319,425,000 for the three months ended March 31, 2009. Non-performing loans have increased $1,480,000 or 56% from December 31, 2008. The growth of total delinquent loans (including all nonperforming loans) has increased at a much lower rate with total delinquent loans increasing $187,000, or 3.2%, to $6,020,000 at March 31, 2009 from $5,833,000 at December 31, 2008. The majority of the increase in nonperforming loans results from delinquent loans acquired through the Indian Village business combination whose payment streams have deteriorated. However, total loan delinquency is only slightly increased in the three month period ended March 31, 2009 as compared to December 31, 2008.
                         
(dollars in thousands)   March 31, 2009   December 31, 2008   March 31, 2008
Non-performing loans
  $ 4,123,091     $ 2,642,728     $ 431,000  
Other real estate
    59,000       79,000       0  
Allowance for loan losses
    3,401,888       3,393,685       2,690,830  
Total loans
    319,424,751       316,290,412       246,983,893  
Allowance: loans
    1.07 %     1.07 %     1.09 %
Allowance: non-performing loans
    .8 x     1.3 x     6.2 x
The ratio of gross loans to deposits was 104.9% at March 31, 2009, compared to 103.5% at December 31, 2008. The increase in this ratio is primarily the result of loan growth combined with deposit shrinkage experienced during the three months ended March 31, 2009.
The Company recognized gross gains on sales of available for sale securities of $151,000 (tax provision of $51,000) which was partially offset by the recognition of a $35,000 (tax benefit of $11,900) from other than temporary impairment of an equity investment during the quarter ended March 31, 2009. There were no sales or impairments recognized on securities for the three month period ending March 31, 2008. The Company had net unrealized gains of $1,003,000 within its securities portfolio at March 31, 2009, compared to net unrealized gains of $218,000 at December 31, 2008. Management has considered industry analyst reports, sector credit reports and the volatility within the bond market in concluding that the gross unrealized losses of $397,000 within the portfolio as of March 31, 2009, were primarily the result of customary and expected fluctuations in the bond market. As a result, all security impairments as of March 31, 2009, are considered temporary.
Management continues to evaluate the four (4) private label CMOs held within the investment portfolio for any deterioration of investment quality. As of March 31, 2009, within this investment sector, the Company has $3.3 million current value investments, original face of $7.5 million, with gross unrealized losses of $277,000. All bonds are investment grade as of March 31, 2009, collateralized primarily by 1-4 family mortgage loans and borrowers in a wide geographical dispersion. All credit scores and loan to value ratios exceed sub prime status.
Short-term borrowings decreased $2.5 million from December 31, 2008 and other borrowings decreased $407,000 as the Company used cash flows from investments to repay required monthly payments on advances from the Federal Home Loan Bank (“FHLB”).

13.


Table of Contents

CSB BANCORP, INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Deposits decreased $862,000, or 0.3% from December 31, 2008 with non-interest bearing deposits declining $6.4 million and interest-bearing deposit accounts increasing $5.5 million. By deposit type, increases were recognized in money market savings accounts and all time deposits for the three-month period ended March 31, 2009.
Total shareholders’ equity amounted to $44.4 million, or 10.5%, of total assets, at March 31, 2009, compared to $43.5 million, or 10.2% of total assets, at December 31, 2008. The increase in shareholders’ equity during the three months ended March 31, 2009 was due to net income of $896,000 and changes in accumulated other comprehensive income of $518,000. The increase was partially offset by dividends declared of $492,000. The Company and its subsidiary bank met all regulatory capital requirements at March 31, 2009.
RESULTS OF OPERATIONS
Three months ended March 31, 2009 and 2008
For the quarter ended March 31, 2009, the Company recorded net income of $896,000, or $0.33 per share, as compared to net income of $1,002,000, or $0.41 per share for the quarter ended March 31, 2008. The $106,000 decrease in net income for the quarter was principally due the sale of the credit card portfolio for an after tax gain of $172,000 in 2008. On a core basis, net interest income increased $514,000, other income increased $102,000 increase (exclusive of the $$261,000 gain on sale of credit cards in 2008) while the provision for income taxes decreased $74,000 These increases to income were partially offset by an increase of $400,000 on other expenses and a $134,000 increase in the provision for loan losses.
Interest income for the quarter ended March 31, 2009, was $5,579,000, representing a $296,000 increase, or 5.6%, compared to the same period in 2008. This increase was primarily due to an increase in average loan volume of $64.0 million which was partially offset by a decline in average loan yield of 5.92% for the quarter ended March 31, 2009 as compared to 6.96% for the first quarter ended March 31, 2008. Investment interest income increased $107,000 as both investment volume and yield increased in 2009 over the first quarter in 2008 Interest expense for the quarter ended March 31, 2009 was $1,686,000, a decrease of $218,000, or 11.4%, from the same period in 2008. The decrease in interest expense occurred due to decreases in interest rates across the board for the quarter ended March 31, 2009. During first quarter 2009, maturing time deposits renewed at interest rates that were lower.
The provision for loan losses for the quarter ended March 31, 2009, was $241,000, compared to a $107,000 provision for the same quarter in 2008. The provision for loan losses is determined based on management’s calculation of the adequacy of the allowance for loan losses, which includes provisions for classified loans as well as for the remainder of the portfolio based on historical data including past charge-offs and current economic trends.
Non-interest income for the quarter ended March 31, 2009, was $796,000, a decrease of $159,000, or 16.7%, compared to the same quarter in 2008. During the quarter ended March 31, 2008 the Company recognized a gain on sale of their outstanding credit card portfolio of $261,000. During the quarter ended 2009, the Company recognized a gross gain of $151,000 on the sale of investments which was partially offset by the recording of an other than temporary impairment of $35,000 on equity securities. Trust and brokerage fees decreased $74,000 on a year over year quarter as declines were recognized in both the number of accounts and the market value of assets under management.

14.


Table of Contents

CSB BANCORP, INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Non-interest expenses for the quarter ended March 31, 2009, increased $400,000, or 14.7%, compared to the first quarter of 2008. Salaries and employee benefits increased $171,000, or 11.1%, primarily due to the acquisition of three branch offices in the Indian Village merger, merit increases, and increased medical and retirement benefits. Occupancy and equipment expenses increased $54,000 and other operating expenses increased $169,000 primarily the result of the Indian Village acquisition. Federal deposit insurance premiums increased for the quarter ended March 31, 2009 as compared to the same period in the prior year. This increase is primarily attributable to an increase in the rates charged to financial institutions by the FDIC. The FDIC implemented a special assessment of 20 basis points taking effect on April 1, 2009 that will apply to assessments for the second quarter of 2009 and thereafter. We anticipate a significant increase in our assessment expense in 2009 as a result of the increase. It is possible that certain legislation, if passed in the future, could reduce the special assessment to 10 basis points or lower.
Federal income tax expense decreased $74,000, or 14.9% for the quarter ended March 31, 2009 as compared to the first quarter of 2008. The provision for income taxes was $424,000 (effective rate of 32.1%) for the quarter ended March 31, 2009, compared to $498,000 (effective rate of 33.2%) for the quarter ended March 31, 2008. The decrease in the effective tax rate resulted from an increase in tax-exempt interest income.
CAPITAL RESOURCES
The Federal Reserve Board (FRB) has established risk-based capital guidelines that must be observed by financial holding companies and banks. Failure to meet specified minimum capital requirements could result in regulatory actions by the Federal Reserve or Ohio Division of Financial Institutions that could have a material effect on the Company’s financial condition or results of operations. Management believes there were no material changes to Capital Resources as presented in CSB Bancorp’s annual report on Form 10-K for the year ended December 31, 2008, and as of March 31, 2009 the holding company and its bank meet all capital adequacy requirements to which they are subject.
LIQUIDITY
Liquidity refers to the Company’s ability to generate sufficient cash to fund current loan demand, meet deposit withdrawals, pay operating expenses and meet other obligations. The Company’s primary sources of liquidity are cash and cash equivalents, which totaled $19.6 million at March 31, 2009, an increase of $6.8 million from $12.7 million at December 31, 2008. Net income, securities available-for-sale, and loan repayments also serve as sources of liquidity. Cash and cash equivalents and estimated principal cash flow and maturities on investments maturing within one year represent 11.9% of total assets as of March 31, 2009 compared to 6.6% of total assets at year-end 2008. Other sources of liquidity include, but are not limited to, purchase of federal funds, advances from the FHLB, adjustments of interest rates to attract deposits, and borrowing at the Federal Reserve discount window. Management believes that its sources of liquidity are adequate to meet cash flow obligations for the foreseeable future.
OFF-BALANCE SHEET ARRANGEMENTS
We do not have any off-balance sheet arrangements (as such term is defined in applicable Securities and Exchange Commission rules) that are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

15.


Table of Contents

CSB BANCORP, INC.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
ITEM 3 —QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the quantitative and qualitative disclosures about market risks as of March 31, 2009, from that presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008. Management performs a quarterly analysis of the Company’s interest rate risk. All positions are currently within the Company’s board-approved policy.
The following table presents an analysis of the estimated sensitivity of the Company’s annual net interest income to sudden and sustained 100 and 200 basis point changes in market interest rates at March 31, 2009 and December 31, 2008:
March 31, 2009
                         
Changes in            
Interest Rates   Net Interest   Dollar   Percentage
(basis points)   Income   Change   Change
(Dollars in Thousands)
+200
    16,063     $ 674       4.4 %
+100
    15,777       388       2.5  
0
    15,389       0       0.0  
-100
    N/A       N/A       N/A  
-200
    N/A       N/A       N/A  
December 31, 2008
                         
Changes in            
Interest Rates   Net Interest   Dollar   Percentage
(basis points)   Income   Change   Change
(Dollars in Thousands)
+200
  $ 16,084     $ 651       4.2 %
+100
    15,786       353       2.3  
0
    15,433       0       0.0  
-100
    15,532       99       0.6  
-200
    N/A       N/A       N/A  

16.


Table of Contents

CSB BANCORP, INC.
ITEM 4T — CONTROLS AND PROCEDURES
With the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that:
(a) information required to be disclosed by the Company in this Quarterly Report on Form 10-Q would be accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure;
(b) information required to be disclosed by the Company in this Quarterly Report on Form 10-Q would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and
(c) the Company’s disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that material information relating to the Company and its consolidated subsidiary is made known to them, particularly during the period for which our periodic reports, including this Quarterly Report on Form 10-Q, are being prepared.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes during the period covered by this Quarterly Report on Form 10-Q in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

17.


Table of Contents

CSB BANCORP, INC.
FORM 10-Q
Quarter ended March 31, 2009
PART II — OTHER INFORMATION
ITEM 1 —    LEGAL PROCEEDINGS
 
    There are no matters required to be reported under this item.
 
ITEM 2 —     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
    There are no matters required to be reported under this item.
Issuer Purchase of Equity Securities
                                 
                    Total Number of   Maximum
Number of Shares
    Total Number   Average   Shares Purchased   that May Yet be
    of Shares   Price Paid   as Part of Publicly   Purchased Under
Period   Purchased   Per Share   Announced Plans   the Plan
 
January 1, 2009 to January 31, 2009
                      41,471  
 
                               
February 1, 2009 to February 28, 2009
                      41,471  
 
                               
March 1, 2009 to March 31, 2009
                      41,471  
    On July 7, 2005 CSB Bancorp, Inc. filed Form 8-k with the Securities and Exchange Commission announcing that its Board of Directors approved a Stock Repurchase Program authorizing the repurchase of up to 10% of the Company’s common shares then outstanding. Repurchases will be made from time to time as market and business conditions warrant, in the open market, through block purchases and in negotiated private transactions.
 
ITEM 3 —    Defaults Upon Senior Securities:
 
    There are no matters required to be reported under this item.
 
ITEM 4 —    Submission of Matters to a Vote of Security Holders:
 
    There are no matters required to be reported under this item
 
ITEM 5 —    Other Information:
 
    There are no matters required to be reported under this item

18.


Table of Contents

CSB BANCORP, INC.
FORM 10-Q
Quarter ended March 31, 2009
PART II — OTHER INFORMATION
ITEM 6 —    Exhibits:
     
Exhibit    
Number   Description of Document
 
   
3.1
  Amended Articles of Incorporation of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form 10-KSB for the Fiscal Year ended December 31, 1994)
 
   
3.1.1
  Amended form of Article Fourth of Amended Articles of Incorporation, as effective April 9, 1998 (incorporated by reference to Registrant’s Form 10-K for the Fiscal Year ended December 31, 1998)
 
   
3.2
  Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form 10-SB)
 
   
4
  Specimen stock certificate (incorporated by reference to Registrant’s Form 10-SB.
 
   
11
  Statement Regarding Computation of Per Share Earnings (reference is hereby made to Consolidated Statements of Income on page 4 hereof.)
 
   
31.1
  Rule 13a-14(a)/15d-14(a) CEO’s Certification
 
   
31.2
  Rule 13a-14(a)/15d-14(a) CFO’s Certification
 
   
32.1
  Section 1350 CEO’s Certification
 
   
32.2
  Section 1350 CFO’s Certification

19.


Table of Contents

CSB BANCORP, INC.
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
  CSB BANCORP, INC.
(Registrant)
 
 
Date: May 14, 2009  /s/ Eddie L. Steiner    
  Eddie L. Steiner   
  President
Chief Executive Officer 
 
 
     
Date: May 14, 2009  /s/ Paula J. Meiler    
  Paula J. Meiler   
  Senior Vice President
Chief Financial Officer 
 

20.


Table of Contents

         
CSB BANCORP, INC.
Index to Exhibits
 
     
Exhibit    
Number   Description of Document
 
   
3.1
  Amended Articles of Incorporation of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form 10-KSB for the Fiscal Year ended December 31, 1994)
 
   
3.1.1
  Amended form of Article Fourth of Amended Articles of Incorporation, as effective April 9, 1998 (incorporated by reference to Registrant’s Form 10-k for the Fiscal Year ended December 31, 1998)
 
   
3.2
  Code of Regulations of CSB Bancorp, Inc. (incorporated by reference to Registrant’s Form 10-SB)
 
   
4
  Specimen stock certificate (incorporated by reference to Registrant’s Form 10-SB)
 
   
11
  Statement Regarding Computation of Per Share Earnings (reference is hereby made to Consolidated Statements of Income on page 4 hereof.)
 
   
31.1
  Rule 13a-14(a)/15d-14(a) CEO’s Certification
 
   
31.2
  Rule 13a-14(a)/15d-14(a) CFO’s Certification
 
   
32.1
  Section 1350 CEO’s Certification
 
   
32.2
  Section 1350 CFO’s Certification

21.

EX-11 2 l36508aexv11.htm EX-11 EX-11
CSB BANCORP, INC.
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
 
                 
    Three Months Ended  
    March 31,  
    2009     2008  
 
               
Basic Earnings Per Share
               
Net income
  $ 895,943     $ 1,001,760  
 
               
Weighted average common shares
    2,734,799       2,444,597  
Basic Earnings Per Share
  $ 0.33     $ 0.41  
 
           
 
               
Diluted Earnings Per Share
               
Net income
  $ 895,943     $ 1,001,760  
 
               
Weighted average common shares
    2,734,799       2,444,597  
Weighted average effect of assumed stock options
          45  
 
           
 
               
Total
    2,734,799       2,444,642  
 
           
 
               
Diluted Earnings Per Share
  $ 0.33     $ 0.41  
 
           

 

EX-31.1 3 l36508aexv31w1.htm EX-31.1 EX-31.1
CSB BANCORP, INC.
EXHIBIT 31.1
Rule 13a-14(a)/15d-14(a) Certification
President and Chief Executive Officer
I, Eddie L. Steiner, certify that:
  1.   I have reviewed this quarterly report on Form 10-Q of CSB Bancorp, Inc.;
 
  2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
  3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
  4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
  a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
  d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 


 

CSB BANCORP, INC.
  5.   The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
  b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 14, 2009
         
  /s/ Eddie L. Steiner    
  Eddie L. Steiner   
  President and Chief Executive Officer   

 

EX-31.2 4 l36508aexv31w2.htm EX-31.2 EX-31.2
         
CSB BANCORP, INC.
EXHIBIT 31.2
Rule 13a-14(a)/15d-14(a) Certification
Senior Vice President and Chief Financial Officer
I, Paula J. Meiler, certify that:
  1.   I have reviewed this quarterly report on Form 10-Q of CSB Bancorp, Inc.;
 
  2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
  3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
  4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
  a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
  d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 


 

CSB BANCORP, INC.
  5.   The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial data; and
 
  b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 14, 2009
         
  /s/ Paula J. Meiler    
  Paula J. Meiler    
  Senior Vice President and Chief Financial Officer   

 

EX-32.1 5 l36508aexv32w1.htm EX-32.1 EX-32.1
         
CSB BANCORP, INC.
EXHIBIT 32.1
SECTION 1350 CERTIFICATION
In connection with the quarterly report of CSB Bancorp, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2009 as filed with the Securities and Exchange Commission on the date hereof, (the “Report”), I, Eddie L. Steiner, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
  (1)   The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
  (2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: May 14, 2009
         
  /s/ Eddie L. Steiner    
  Eddie L. Steiner    
  President and Chief Executive Officer   
 
 
*   This certification is being furnished as required by Rule 13a-14(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

 

EX-32.2 6 l36508aexv32w2.htm EX-32.2 EX-32.2
CSB BANCORP, INC.
EXHIBIT 32.2
SECTION 1350 CERTIFICATION
In connection with the quarterly report of CSB Bancorp, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2009 as filed with the Securities and Exchange Commission on the date hereof, (the “Report”), I, Paula J. Meiler, Senior Vice President and Chief Financial Officer, of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
  (1)   The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
  (2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: May 14, 2009
         
  /s/ Paula J. Meiler    
  Paula J. Meiler
Senior Vice President  
 
  and Chief Financial Officer   
 
 
*   This certification is being furnished as required by Rule 13a-14(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

 

-----END PRIVACY-ENHANCED MESSAGE-----