0001193125-13-297226.txt : 20130722 0001193125-13-297226.hdr.sgml : 20130722 20130722160156 ACCESSION NUMBER: 0001193125-13-297226 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130722 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130722 DATE AS OF CHANGE: 20130722 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: 13979293 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 d571064d8k.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) July 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 July 22, 2013, CSB Bancorp, Inc. issued a press release announcing its earnings for the three month period ended June 30, 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 June 30, 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.
      /s/ Paula J. Meiler
    By:   Paula J. Meiler
Date: July 22, 2013       Senior Vice President and Chief Financial Officer
 EX-99.1 2 d571064dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

CSB BANCORP, INC. REPORTS SECOND QUARTER EARNINGS

 

Second Quarter Highlights     
      Quarter Ended
June 30, 2013		     Quarter Ended
June 30, 2012		  

Diluted earnings per share

    $ 0.45      $ 0.41   

Net Income

    $ 1,247,000      $ 1,141,000   

Return on average common equity

      9.32 %      8.98 % 

Return on average assets

      0.88 %      0.82 % 

Millersburg, Ohio – July 22, 2013 – CSB Bancorp, Inc. (CSBB) today announced second quarter 2013 net income of $1.25 million or $.45 per basic and diluted share, as compared to $1.14 million or $.41 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 9.32% and 0.88%, respectively, compared with 8.98% and 0.82% for the second 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 10% in the past year, and although margins remain tight, this growth has provided increases of approximately 4% in net interest income.”

Revenue totaled $5.7 million in the second quarter, a 4% increase from the prior-year second quarter. Non-interest expense amounted to $3.7 million during the quarter, an increase of $103 thousand or 3% from the same quarter in the prior year. The Company’s second quarter efficiency ratio amounted to 63.4% as compared to 64.0% for the same quarter in the prior year.

Average total assets during the quarter amounted to $572 million, an increase of $9 million or 2% above the same quarter of the prior year. Average loan balances of $375 million were $36 million or 10% above prior year second quarter, while average securities balances of $134 million increased $2 million or 2% as compared to second quarter 2012.

Total assets amounted to $571 million on June 30, 2013, up $4 million or 1% from June 30, 2012. Net loan balances at quarter end totaled $373 million, up $34 million or 10% from the year-ago quarter, while securities balances of $133 million were $1 million or 0.6% higher than year ago balances. On a linked-quarter basis, net loans grew by $5 million and securities balances declined by $4 million.

Average commercial loan balances, including commercial real estate, grew by $2 million or 0.6% during the quarter ended June 30, 2013. Average residential mortgage balances increased by $379 thousand or 0.5% during the second quarter, as the bank continues to originate and retain some 15 year fixed rate mortgages. Average home equity balances increased $101 thousand or 0.3% 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 net loan charge-offs totaling $69 thousand for the quarter.

Nonperforming assets totaled $2.4 million or 0.63% of total loans plus other real estate at quarter end, compared to $4.0 million or 1.17% at the end of the second quarter in the prior year. Delinquent loan balances amounted to 1.08% of total loans on June 30, 2013, down from 1.67% in June 2012.

The Company funded $210 thousand in loan loss provision during the second quarter and the allowance for loan losses amounted to 1.31% of total loans on June 30, 2013. The ratio of the allowance for loan losses to nonperforming loans stood at 207% 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 $463 million on June 30, 2013, an increase of $8 million or 2% from the prior year quarter. Deposit balances at quarter-end were $13 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 half of 2013.

Average total deposits during the quarter of $461 million were 2% above the prior year’s second quarter average, while declining by $1.5 million or 0.3% from the immediate prior quarter.

Within the deposit category, average non-interest-bearing account balances increased $4 million, or 4% during the quarter. Average interest-bearing checking, money market and traditional savings balances declined $1 million or 1% during the quarter, while average time deposit balances decreased $4 million or 3% during the quarter. In addition to the changes in average deposit balances, the average balance of securities sold under repurchase agreement during the second quarter declined by $3 million or 7% during the quarter. The Company’s repurchase agreements, while considered short-term borrowings, are primarily tied to overnight customer sweep accounts.

Shareholders’ equity totaled $51.4 million on June 30, 2013 with 2.7 million common shares outstanding. The tangible equity to assets ratio amounted to 8.1% on June 30, 2013 and 2012. The Company declared a common dividend of $.18 per share during the quarter. Based on the June 30, 2013 closing stock price of $19.25 per share, the Company’s annual dividend yield approximates 3.7%.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $571 million as of June 30, 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
2nd Qtr		     2013
1st Qtr		     2012
4th Qtr		     2012
3rd Qtr		     2012
2nd Qtr		     2013
6 months		     2012
6 months		  

Net interest income FTE (a)

   $ 4,668      $ 4,767      $ 4,543      $ 4,499      $ 4,474      $ 9,435      $ 8,854   

Provision for loan losses

     210        210        206        206        205        420        411   

Other income

     1,066        1,038        1,149        1,073        1,034        2,104        1,982   

Other expenses

     3,663        3,559        3,818        3,528        3,560        7,222        7,104   

FTE adjustment (a)

     76        75        73        73        77        151        144   

Net income

     1,247        1,362        1,120        1,231        1,141        2,609        2,196   

Diluted earnings per share

     0.45        0.50        0.41        0.45        0.41        0.95        0.80   

PERFORMANCE RATIOS

  

            

Return on average assets (ROA)

     0.88 %      0.96 %      0.77 %      0.86 %      0.82 %      0.92 %      0.79   

Return on average common equity (ROE)

     9.32 %      10.43 %      8.50 %      9.41 %      8.98 %      9.87 %      8.73   

Net interest margin FTE (a)

     3.49 %      3.56 %      3.33 %      3.34 %      3.40 %      3.53 %      3.39   

Efficiency ratio

     63.40 %      60.72 %      63.61 %      62.66 %      64.03 %      62.05 %      64.93   

Number of full-time equivalent employees

     159        164        162        168        167       

MARKET DATA

  

            

Book value/common share

   $ 18.78      $ 19.31      $ 19.17      $ 19.05      $ 18.71       

Period-end common share mkt value

     19.25        19.20        17.00        18.25        18.17       

Market as a % of book

     102.50 %      99.43 %      88.68 %      95.80 %      97.11 %     

Price-to-earnings ratio

     10.64        10.85        10.24        11.77        12.36       

Cash dividends/common share

   $ 0.18      $ 0.18      $ 0.18      $ 0.18      $ 0.18      $ 0.36      $ 0.36   

Common stock dividend payout ratio

     40.00 %      36.00 %      43.90 %      40.00 %      43.90 %     

Average basic common shares

     2,736,555        2,736,060        2,735,157        2,734,799        2,734,799        2,736,309        2,734,799   

Average diluted common shares

     2,738,708        2,738,300        2,735,328        2,736,316        2,736,046        2,738,432        2,735,688   

Period end common shares outstanding

     2,736,634        2,736,060        2,736,060        2,734,799        2,734,799       

Common shares repurchased

     0        0        0        0        0       

Common stock market capitalization

   $ 52,680      $ 52,532      $ 46,513      $ 49,910      $ 49,691       

ASSET QUALITY

              

Gross charge-offs

   $ 95      $ 16      $ 304      $ 39      $ 85      $ 111      $ 164   

Net charge-offs (recoveries)

     69        (14 )      287        16        (20 )      55        22   

Allowance for loan losses

     4,945        4,804        4,580        4,661        4,471       

Nonperforming assets (NPAs)

     2,394        2,187        3,362        3,713        4,010       

Net charge-off/average loans ratio

     0.07 %      (0.02 )%      0.32 %      0.02 %      (0.02 )%      0.03 %      0.01   

Allowance for loan losses/
period-end loans

     1.31        1.29        1.26        1.32        1.30       

NPAs/loans and other real estate

     0.63        0.59        0.92        1.05        1.17       

Allowance for loan losses/
nonperforming loans

     206.60        219.66        137.23        127.28        111.65       

CAPITAL & LIQUIDITY

              

Period-end tangible equity to assets

     8.11 %      8.39 %      8.06 %      8.24 %      8.11 %     

Average equity to assets

     9.39        9.20        9.11        9.15        9.09       

Average equity to loans

     14.30        14.20        14.70        14.97        15.04       

Average loans to deposits

     81.36        80.57        76.87        76.33        75.24       

AVERAGE BALANCES

              

Assets

   $ 571,569      $ 575,925      $ 575,498      $ 569,142      $ 562,291      $ 573,712      $ 557,334   

Earning assets

     537,165        543,068        542,150        536,093        528,817        539,740        524,810   

Loans

     375,447        373,064        356,555        347,682        339,829        374,263        333,516   

Deposits

     461,488        463,030        463,862        455,491        451,646        462,246        447,308   

Shareholders' equity

     53,677        52,960        52,415        52,063        51,125        53,320        50,584   

ENDING BALANCES

              

Assets

   $ 571,068      $ 568,852      $ 586,900      $ 568,783      $ 566,687       

Earning assets

     534,806        538,674        544,727        535,402        530,094       

Loans

     378,191        373,367        364,580        352,748        344,116       

Deposits

     462,845        457,530        475,443        454,299        454,719       

Shareholders' equity

     51,391        52,830        52,453        52,101        51,176       

 

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

 

     June 30,
2013		     June 30,
2012		  

ASSETS

     

Cash and cash equivalents

     

Cash and due from banks

    $ 13,532      $ 14,007   

Interest-earning deposits in other banks

      23,534        53,825   

Federal funds sold

      —          —     
  

 

 

    

 

 

  

Total cash and cash equivalents

      37,066        67,832   

Securities

     

Available-for-sale, at fair-value

      127,515        126,690   

Restricted stock, at cost

      5,463        5,463   
  

 

 

    

 

 

  

Total securities

      132,978        132,153   

Loans held for sale

      103        —     

Loans

      378,191        344,116   

Less allowance for loan losses

      4,945        4,471   
  

 

 

    

 

 

  

Net loans

      373,246        339,645   

Goodwill and core deposit intangible

      5,554        5,695   

Bank owned life insurance

      9,419        8,175   

Premises and equipment, net

      8,326        8,451   

Accrued interest receivable and other assets

      4,376        4,736   
  

 

 

    

 

 

  

TOTAL ASSETS

    $ 571,068      $ 566,687   
  

 

 

    

 

 

  

LIABILITIES AND SHAREHOLDERS' EQUITY

     

Liabilities

     

Deposits:

     

Noninterest-bearing

    $ 101,644      $ 93,134   

Interest-bearing

      361,201        361,585   
  

 

 

    

 

 

  

Total deposits

      462,845        454,719   

Short-term borrowings

      41,851        41,195   

Other borrowings

      12,558        16,870   

Accrued interest payable and other liabilities

      2,423        2,727   
  

 

 

    

 

 

  

Total liabilities

      519,677        515,511   
  

 

 

    

 

 

  

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

      9,964        9,994   

Retained earnings

      28,586        25,602   

Treasury stock at cost – 243,968 shares in 2013 and 245,803 in 2012

      (4,958 )      (5,015 ) 

Accumulated other comprehensive (loss) income

      (830 )      1,966   
  

 

 

    

 

 

  

Total shareholders' equity

      51,391        51,176   
  

 

 

    

 

 

  

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

    $ 571,068      $ 566,687   
  

 

 

    

 

 

  

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

dollars in thousands, except per share data

 

     Quarter ended
June 30,		      Six months ended
June 30,		  
     2013      2012      2013      2012  

Interest and dividend income:

            

Loans, including fees

    $     4,441       $     4,272       $     9,008       $     8,524   

Taxable securities

      585         707         1,167         1,436   

Nontaxable securities

      128         131         255         243   

Other

      19         41         43         80   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total interest and dividend income

      5,173         5,151         10,473         10,283   
  

 

 

     

 

 

     

 

 

     

 

 

  

Interest expense:

            

Deposits

      448         590         923         1,230   

Other

      133         164         266         343   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total interest expense

      581         754         1,189         1,573   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net interest income

      4,592         4,397         9,284         8,710   

Provision for loan losses

      210         205         420         411   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net interest income after provision for loan losses

      4,382         4,192         8,864         8,299   
  

 

 

     

 

 

     

 

 

     

 

 

  

Non-interest income

            

Service charges on deposits accounts

      333         318         648         626   

Trust services

      226         167         440         328   

Gain on sale of loans

      102         137         216         193   

Other

      405         412         800         835   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total non-interest income

      1,066         1,034         2,104         1,982   
  

 

 

     

 

 

     

 

 

     

 

 

  

Non-interest expenses

            

Salaries and employee benefits

      2,042         1,961         4,092         3,924   

Occupancy expense

      255         241         513         487   

Equipment expense

      177         139         342         294   

Franchise tax expense

      147         138         294         277   

Professional and director fees

      174         242         291         449   

Federal deposit insurance

      84         68         172         155   

Amortization of intangible assets

      34         33         68         66   

Other expenses

      750         738         1,450         1,452   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total non-interest expenses

      3,663         3,560         7,222         7,104   
  

 

 

     

 

 

     

 

 

     

 

 

  

Income before income tax

      1,785         1,666         3,746         3,177   

Federal income tax provision

      538         525         1,137         981   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 1,247       $ 1,141       $ 2,609       $ 2,196   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per share:

            

Basic

    $ 0.45       $ 0.41       $ 0.95       $ 0.80   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.45       $ 0.41       $ 0.95       $ 0.80   
  

 

 

     

 

 

     

 

 

     

 

 

  

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

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