0001193125-13-164967.txt : 20130422 0001193125-13-164967.hdr.sgml : 20130422 20130422161039 ACCESSION NUMBER: 0001193125-13-164967 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130422 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130422 DATE AS OF CHANGE: 20130422 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21714 FILM NUMBER: 13773924 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 8-K 1 d526100d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

Current Report

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 22, 2013

 

 

CSB Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

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)

Registrant’s telephone number, including area code (330) 674-9015

Not Applicable

(Former Name or former address if changed since last report)

 

 

Check the appropriate box below if the Form 8-k filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 22, 2013, CSB Bancorp, Inc. issued a press release announcing its earnings for the three month period ended March 31, 2013. A copy of this press release and related financial tables are furnished herein as Exhibit 99.1.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

( c ) Exhibits

99.1 Press release and Quarterly Report for CSB Bancorp, Inc. for the quarter ended March 31, 2013.

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 hereunto duly authorized.

 

    CSB Bancorp, Inc.
    By:  

/s/ Paula J. Meiler

      Paula J. Meiler
Date: April 22, 2013       Senior Vice President and Chief Financial Officer
 EX-99.1 2 d526100dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

CSB BANCORP, INC. REPORTS FIRST QUARTER EARNINGS

First Quarter Highlights

 

     Quarter Ended
March 31,  2013		     Quarter Ended
March 31,  2012		  

Diluted earnings per share

    $ 0.50      $ 0.39   

Net Income

    $ 1,362,000      $ 1,055,000   

Return on average common equity

      10.43 %      8.46 % 

Return on average assets

      0.96 %      0.77 % 

Millersburg, Ohio – April 22, 2013 – CSB Bancorp, Inc. (CSBB) today announced first quarter 2013 net income of $1.36 million or $.50 per basic and diluted share, as compared to $1.06 million or $.39 per basic and diluted share for the same period in 2012.

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 10.43% and 0.96%, respectively, compared with 8.46% and 0.77% for the first quarter of 2012.

Eddie Steiner, President and CEO commented, “We continue to focus on growing relationships with current and new customers. The bank’s average loan balances have increased 14% in the past year, and although margins are very tight, this growth has provided increases of approximately 9% in both net interest income and non-interest income as compared to year ago levels.”

Revenue totaled $5.8 million in the first quarter, a 9% increase from the prior-year first quarter. Non-interest expense amounted to $3.6 million during the quarter, an increase of $15 thousand or 0.4% from the same quarter in the prior year. The Company’s first quarter efficiency ratio amounted to 60.7% as compared to 65.9% for the same quarter in the prior year.

Federal income tax provision was $0.6 million for the quarter, compared to $0.5 million for the same quarter in 2012. The $1.36 million net income was 29% higher than net income recorded during the first quarter of the prior year.

Average total assets during the quarter amounted to $576 million, an increase of $24 million or 4% above the same quarter of the prior year. Average loan balances of $373 million were $46 million or 14% above prior year first quarter, while average securities balances of $136 million increased $9 million or 7% as compared to first quarter 2012.

Total assets amounted to $569 million on March 31, 2013, up $8 million or 1% from March 31, 2012. Net loan balances at quarter end totaled $369 million, up $41 million or 13% from the year-ago quarter, while securities balances of $137 million were $9 million or 7% higher than year ago balances. On a linked-quarter basis, net loans grew by $9 million and securities balances grew by $3 million.

Average commercial loan balances, including commercial real estate, grew by $14 million or 6% during the quarter ended March 31, 2013. Average residential mortgage balances increased by $4 million or 5% during the first quarter, as the bank continues to originate and retain some 15 year fixed rate mortgages. Average home equity balances declined $1 million or 2% during the quarter. There were no significant changes in the remainder of the bank’s loan portfolio, which includes installment, credit card and other loan balances totaling less than $10 million in outstanding balances.

The bank recorded a modest net recovery of loan charge-offs totaling $14 thousand for the quarter.

Nonperforming assets totaled $2.2 million or 0.59% of total loans plus other real estate at quarter end, compared to $3.3 million or 0.99% at the end of the first quarter in the prior year. Delinquent loan balances amounted to 1.00% of total loans on March 31, 2013, down from 1.57% in March 2012. During the quarter, the Company received a full payoff on one nonperforming commercial relationship, resulting in a $180 thousand recovery of interest and late charges, and reducing nonperforming asset balances by $1.1 million.

The Company funded $210 thousand in loan loss provision during the first quarter and the allowance for loan losses amounted to 1.29% of total loans on March 31, 2013. The ratio of the allowance for loan losses to nonperforming loans stood at 220% at the end of the quarter.

Commenting on the Company’s credit quality, Steiner noted that the Company’s nonperforming asset balances have demonstrated a general pattern of improvement for the past three years.

Deposit balances totaled $458 million on March 31, 2013, an increase of $7 million or 2% from the prior year quarter. Deposit balances at quarter-end were $18 million lower than December 31, 2012, as a run up in deposit balances occurred during the last two weeks of December and gradually dissipated during the first quarter of 2013.

Average total deposits during the quarter of $463 million were 5% above the prior year’s first quarter average, while declining by $0.8 million or 0.2% from the immediate prior quarter.

Within the deposit category, average non-interest-bearing account balances declined $2 million, or 3% during the quarter. Average interest-bearing checking, money market and

traditional savings balances increased $4 million or 2% during the quarter, while average time deposit balances decreased $2 million or 1% during the quarter. In addition to the changes in average deposit balances, the average balance of securities sold under repurchase agreement during the first quarter grew by $3 million or 8% during the quarter and were 16% above the average for the same period in the prior year. The Company’s repurchase agreements, while considered short-term borrowings, are primarily tied to overnight customer sweep accounts.

Shareholders’ equity totaled $52.8 million on March 31, 2013 with 2.7 million common shares outstanding. The tangible equity to assets ratio amounted to 8.4% on March 31, 2013, as compared to 8.0% on March 31, 2012. The Company declared a common dividend of $.18 per share during the quarter. Based on the March 31, 2013 closing stock price of $19.20 per share, the Company’s annual dividend yield approximates 3.75%.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $569 million as of March 31, 2013. 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 and Wooster, Ohio.

Forward-Looking Statement

This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Company, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Company’s business, competitive pressures, changes in accounting, tax or regulatory practices or requirements and those risk factors detailed in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

Contact Information:

Paula J. Meiler, SVP & CFO

330-763-2873

paula.meiler@csb1.com

CSB BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands except per share data)

 

     Quarters  

EARNINGS

    2013
1st Qtr		     2012
4th Qtr		     2012
3rd Qtr		     2012
2nd Qtr		     2012
1st Qtr		  

Net interest income FTE (a)

    $ 4,767      $ 4,543      $ 4,499      $ 4,474      $ 4,380   

Provision for loan losses

      210        206        206        205        206   

Other income

      1,038        1,149        1,073        1,034        948   

Other expenses

      3,559        3,818        3,528        3,560        3,544   

FTE adjustment (a)

      75        73        73        77        67   

Net income

      1,362        1,120        1,231        1,141        1,055   

Diluted earnings per share

      0.50        0.41        0.45        0.41        0.39   

PERFORMANCE RATIOS

           

Return on average assets (ROA)

      0.96 %      0.77 %      0.86 %      0.82 %      0.77 % 

Return on average common equity (ROE)

      10.43 %      8.50 %      9.41 %      8.98 %      8.46 % 

Net interest margin FTE (a)

      3.56 %      3.33 %      3.34 %      3.40 %      3.38 % 

Efficiency ratio

      60.72 %      63.61 %      62.66 %      64.03 %      65.90 % 

Number of full-time equivalent employees

      164        162        168        167        157   

MARKET DATA

           

Book value/common share

    $ 19.31      $ 19.17      $ 19.05      $ 18.71      $ 18.25   

Period-end common share mkt value

      19.20        17.00        18.25        18.17        17.75   

Market as a % of book

      99.43 %      88.68 %      95.80 %      97.11 %      97.26 % 

Price-to-earnings ratio

      10.85        10.24        11.77        12.36        12.59   

Cash dividends/common share

    $ 0.18      $ 0.18      $ 0.18      $ 0.18      $ 0.18   

Common stock dividend payout ratio

      36.00 %      43.90 %      40.00 %      43.90 %      46.15 % 

Average basic common shares

      2,736,060        2,735,157        2,734,799        2,734,799        2,734,799   

Average diluted common shares

      2,738,300        2,735,328        2,736,316        2,736,046        2,735,611   

Period end common shares outstanding

      2,736,060        2,736,060        2,734,799        2,734,799        2,734,799   

Common shares repurchased

      0        0        0        0        0   

Common stock market capitalization

    $ 52,532      $ 46,513      $ 49,910      $ 49,691      $ 48,543   

ASSET QUALITY

           

Gross charge-offs

    $ 16      $ 304      $ 39      $ 85      $ 79   

Net charge-offs (recoveries)

      (14 )      287        16        (19 )      41   

Allowance for loan losses

      4,804        4,580        4,661        4,471        4,246   

Nonperforming assets (NPAs)

      2,187        3,362        3,713        4,010        3,266   

Net charge-off/average loans ratio

      -0.02 %      0.32 %      0.02 %      -0.02 %      0.05 % 

Allowance for loan losses/period-end loans

      1.29        1.26        1.32        1.30        1.28   

NPAs/loans and other real estate

      0.59        0.92        1.05        1.17        0.99   

Allowance for loan losses/nonperforming loans

      219.66        137.23        127.28        111.65        130.20   

CAPITAL & LIQUIDITY

           

Period-end tangible equity to assets

      8.39 %      8.06 %      8.24 %      8.11 %      7.96 % 

Average equity to assets

      9.20        9.11        9.15        9.09        9.08   

Average equity to loans

      14.20        14.70        14.97        15.04        15.33   

Average loans to deposits

      80.57        76.87        76.33        75.24        73.87   

AVERAGE BALANCES

           

Assets

    $ 575,925      $ 575,498      $ 569,142      $ 562,291      $ 552,407   

Earning assets

      543,068        542,150        536,093        528,817        520,802   

Loans

      373,064        356,555        347,682        339,829        327,203   

Deposits

      463,030        463,862        455,491        451,646        442,973   

Shareholders’ equity

      52,960        52,415        52,063        51,125        50,147   

ENDING BALANCES

           

Assets

    $ 568,852      $ 586,900      $ 568,783      $ 566,687      $ 560,803   

Earning assets

      538,674        544,727        535,402        530,094        526,942   

Loans

      373,367        364,580        352,748        344,116        331,353   

Deposits

      457,530        475,443        454,299        454,719        450,207   

Shareholders’ equity

      52,830        52,453        52,101        51,176        49,918   

 

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.

CSB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

dollars in thousands, except per share data

 

     March 31,
2013		     March 31,
2012		  

ASSETS

     

Cash and cash equivalents

     

Cash and due from banks

    $ 9,238      $ 12,855   

Interest-earning deposits in other banks

      27,938        67,026   

Federal funds sold

      —          —     
  

 

 

    

 

 

  

Total cash and cash equivalents

      37,176        79,881   

Securities

     

Available-for-sale, at fair-value

      131,906        122,639   

Restricted stock, at cost

      5,463        5,463   
  

 

 

    

 

 

  

Total securities

      137,369        128,102   

Loans held for sale

      —          461   

Loans

      373,367        331,353   

Less allowance for loan losses

      4,804        4,246   
  

 

 

    

 

 

  

Net loans

      368,563        327,107   

Goodwill and core deposit intangible

      5,588        5,729   

Bank owned life insurance

      8,356        8,113   

Premises and equipment, net

      8,349        8,413   

Accrued interest receivable and other assets

      3,451        2,997   
  

 

 

    

 

 

  

TOTAL ASSETS

    $ 568,852      $ 560,803   
  

 

 

    

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Liabilities

     

Deposits:

     

Noninterest-bearing

    $ 92,831      $ 87,271   

Interest-bearing

      364,699        362,936   
  

 

 

    

 

 

  

Total deposits

      457,530        450,207   

Short-term borrowings

      43,551        41,717   

Other borrowings

      12,611        17,009   

Accrued interest payable and other liabilities

      2,330        1,952   
  

 

 

    

 

 

  

Total liabilities

      516,022        510,885   
  

 

 

    

 

 

  

Shareholders’ equity

     

Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares in 2013 and 2012

      18,629        18,629   

Additional paid-in capital

      9,974        9,994   

Retained earnings

      27,831        24,954   

Treasury stock at cost - 244,542 shares in 2013 and 245,803 in 2012

      (4,976 )      (5,015 ) 

Accumulated other comprehensive income

      1,372        1,356   
  

 

 

    

 

 

  

Total shareholders’ equity

      52,830        49,918   
  

 

 

    

 

 

  

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

    $ 568,852      $ 560,803   
  

 

 

    

 

 

  

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

dollars in thousands, except per share data

 

     Quarter ended
March 31,		  
     2013      2012  

Interest and dividend income:

      

Loans, including fees

    $ 4,567       $ 4,252   

Taxable securities

      582         729   

Nontaxable securities

      127         112   

Other

      24         39   
  

 

 

     

 

 

  

Total interest and dividend income

      5,300         5,132   
  

 

 

     

 

 

  

Interest expense:

      

Deposits

      475         640   

Other

      133         179   
  

 

 

     

 

 

  

Total interest expense

      608         819   
  

 

 

     

 

 

  

Net interest income

      4,692         4,313   

Provision for loan losses

      210         206   
  

 

 

     

 

 

  

Net interest income after provision for loan losses

      4,482         4,107   
  

 

 

     

 

 

  

Non-interest income

      

Service charges on deposits accounts

      315         308   

Trust services

      214         161   

Gain on sale of loans

      114         56   

Other

      395         423   
  

 

 

     

 

 

  

Total non-interest income

      1,038         948   
  

 

 

     

 

 

  

Non-interest expenses

      

Salaries and employee benefits

      2,050         1,963   

Occupancy expense

      258         246   

Equipment expense

      165         155   

Franchise tax expense

      147         139   

Professional and director fees

      117         207   

Federal deposit insurance

      88         87   

Amortization of intangible assets

      34         33   

Other expenses

      700         714   
  

 

 

     

 

 

  

Total non-interest expenses

      3,559         3,544   
  

 

 

     

 

 

  

Income before income tax

      1,961         1,511   

Federal income tax provision

      599         456   
  

 

 

     

 

 

  

Net income

    $ 1,362       $ 1,055   
  

 

 

     

 

 

  

Net income per share:

      

Basic

    $ 0.50       $ 0.39   
  

 

 

     

 

 

  

Diluted

    $ 0.50       $ 0.39   
  

 

 

     

 

 

  

Note: Certain prior year balances have been reclassified to conform to the current year presentation.

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