10-Q
--12-31CSB BANCORP INC /OHQ30000880417falseNONEhttp://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613Member0000880417csbb:ConsumerMortgageMember2023-09-300000880417us-gaap:ResidentialPortfolioSegmentMember2022-07-012022-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:SpecialMentionMembercsbb:CommercialAndIndustrialMember2023-09-300000880417us-gaap:FinancingReceivables60To89DaysPastDueMember2023-09-300000880417csbb:NonHomogeneousLoansMembercsbb:CommercialAndIndustrialMember2023-09-300000880417us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:ConstructionLoansMember2022-12-3100008804172023-06-300000880417csbb:ConsumerMortgageMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000880417us-gaap:CommonStockMember2021-12-310000880417us-gaap:EquitySecuritiesMember2022-12-310000880417csbb:ConsumerMortgageMembercsbb:ResidentialConsumerLoansMemberus-gaap:PerformingFinancingReceivableMember2023-09-300000880417us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000880417csbb:ConsumerMortgageMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417csbb:ConsumerMortgageMemberus-gaap:FinancialAssetPastDueMember2023-09-300000880417csbb:ConstructionLandDevelopmentByPortfolioSegmentMember2021-12-310000880417us-gaap:ConstructionLoansMember2023-09-300000880417us-gaap:DepositAccountMember2023-07-012023-09-300000880417us-gaap:USTreasurySecuritiesMember2023-09-300000880417us-gaap:HomeEquityMemberus-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010000880417us-gaap:FiduciaryAndTrustMember2022-01-012022-09-300000880417us-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000880417us-gaap:FinancialAssetNotPastDueMembercsbb:CommercialAndIndustrialMember2022-12-310000880417us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-3100008804172021-12-310000880417us-gaap:FinancialAssetNotPastDueMembercsbb:ConsumerIndirectMember2023-09-300000880417us-gaap:DebitCardMember2023-07-012023-09-300000880417us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417csbb:ResidentialConsumerLoansMemberus-gaap:ConstructionLoansMemberus-gaap:PerformingFinancingReceivableMember2023-09-300000880417us-gaap:PassMembercsbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-12-310000880417us-gaap:HomeEquityMemberus-gaap:AccountingStandardsUpdate201613Member2023-01-010000880417csbb:ResidentialConsumerLoansMembercsbb:ConsumerInstallmentMember2023-01-012023-09-300000880417csbb:CommercialAndIndustrialMember2022-12-310000880417csbb:NonHomogeneousLoansMemberus-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercsbb:CommercialAndIndustrialMember2022-12-310000880417us-gaap:AdditionalPaidInCapitalMember2022-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:PassMembercsbb:CommercialLessorsOfBuildingsMember2023-09-300000880417csbb:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000880417us-gaap:ConsumerPortfolioSegmentMember2022-09-300000880417csbb:ConsumerInstallmentMember2022-12-310000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2022-01-012022-09-300000880417us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000880417us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMembercsbb:NotRatedMember2022-12-310000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000880417us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880417us-gaap:AdditionalPaidInCapitalMember2021-12-310000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2023-07-012023-09-300000880417csbb:ConsumerMortgageMember2023-06-300000880417us-gaap:TreasuryStockCommonMember2023-01-012023-09-300000880417srt:ScenarioPreviouslyReportedMemberus-gaap:ConstructionLoansMember2023-01-010000880417us-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-300000880417us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000880417csbb:ResidentialConsumerLoansMembercsbb:ConsumerIndirectMember2023-01-012023-09-300000880417csbb:CommercialLessorsOfBuildingsMember2023-07-012023-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:PassMember2023-09-300000880417us-gaap:RetainedEarningsMember2022-07-012022-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000880417csbb:CommercialAndIndustrialMember2021-12-310000880417csbb:ResidentialConsumerLoansMemberus-gaap:NonperformingFinancingReceivableMember2023-09-300000880417us-gaap:HomeEquityMember2023-09-300000880417us-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2023-09-300000880417us-gaap:EquitySecuritiesMember2023-01-012023-09-300000880417csbb:ConsumerInstallmentMember2023-06-300000880417csbb:ConsumerMortgageMember2023-07-012023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880417us-gaap:HomeEquityMembercsbb:ResidentialConsumerLoansMemberus-gaap:PerformingFinancingReceivableMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Memberus-gaap:ConstructionLoansMember2023-01-010000880417us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417csbb:ConsumerIndirectMember2023-01-012023-09-300000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembercsbb:CommercialLessorsOfBuildingsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880417csbb:MortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000880417us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:ScenarioPreviouslyReportedMember2022-12-310000880417us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:FinancingReceivables30To59DaysPastDueMembercsbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-12-310000880417us-gaap:PassMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembercsbb:CommercialLessorsOfBuildingsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010000880417csbb:ConsumerMortgageMembersrt:ScenarioPreviouslyReportedMember2023-01-010000880417csbb:ResidentialConsumerLoansMembercsbb:ConsumerInstallmentMemberus-gaap:PerformingFinancingReceivableMember2023-09-300000880417csbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-01-012022-09-300000880417us-gaap:CommonStockMember2022-09-300000880417csbb:ResidentialConsumerLoansMemberus-gaap:PerformingFinancingReceivableMember2023-09-300000880417us-gaap:DebitCardMember2022-07-012022-09-300000880417csbb:MortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000880417csbb:ConsumerMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880417us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:SpecialMentionMember2022-12-310000880417us-gaap:DebitCardMember2022-01-012022-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000880417us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000880417us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-12-310000880417us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:CommonStockMember2022-12-310000880417us-gaap:RetainedEarningsMember2023-07-012023-09-300000880417us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300000880417csbb:ConsumerMortgageMembersrt:ScenarioPreviouslyReportedMember2022-12-310000880417csbb:NonHomogeneousLoansMembercsbb:CommercialLessorsOfBuildingsMemberus-gaap:SubstandardMember2023-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000880417us-gaap:ConsumerPortfolioSegmentMember2022-07-012022-09-300000880417csbb:ConsumerMortgageMemberus-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010000880417us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310000880417us-gaap:FinancingReceivables60To89DaysPastDueMembercsbb:CommercialAndIndustrialMember2023-09-300000880417us-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:UnallocatedFinancingReceivablesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010000880417us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:RetainedEarningsMember2023-06-300000880417us-gaap:RetainedEarningsMember2021-12-310000880417csbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-07-012022-09-3000008804172023-01-012023-09-300000880417csbb:ConsumerMortgageMember2023-01-012023-09-300000880417us-gaap:FinancialAssetNotPastDueMember2022-12-310000880417us-gaap:DepositAccountMember2022-01-012022-09-300000880417us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000880417csbb:ConsumerInstallmentMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417us-gaap:CreditCardMember2022-07-012022-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercsbb:CommercialAndIndustrialMember2023-01-010000880417us-gaap:AccountingStandardsUpdate202202Member2023-09-300000880417us-gaap:EquitySecuritiesMember2023-09-3000008804172022-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417csbb:CommercialLessorsOfBuildingsMember2023-01-012023-09-300000880417us-gaap:ConsumerPortfolioSegmentMember2022-06-300000880417csbb:NonHomogeneousLoansMemberus-gaap:SubstandardMember2023-09-300000880417csbb:ConsumerMortgageMembercsbb:ResidentialConsumerLoansMember2023-09-300000880417us-gaap:DepositAccountMember2023-01-012023-09-300000880417csbb:ResidentialConsumerLoansMembercsbb:ConsumerInstallmentMember2023-09-300000880417csbb:CommercialLessorsOfBuildingsMember2023-06-300000880417us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:FiduciaryAndTrustMember2023-01-012023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembercsbb:ConsumerInstallmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880417csbb:ConsumerMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-09-300000880417csbb:MortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000880417us-gaap:FairValueInputsLevel2Memberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:ConsumerPortfolioSegmentMember2021-12-310000880417us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310000880417csbb:ConsumerInstallmentMember2023-07-012023-09-300000880417us-gaap:ResidentialPortfolioSegmentMember2022-09-300000880417us-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMembercsbb:ManufacturersOfAnimalFoodMember2023-01-012023-09-300000880417srt:ScenarioPreviouslyReportedMemberus-gaap:UnallocatedFinancingReceivablesMember2023-01-010000880417csbb:ConsumerIndirectMember2023-07-012023-09-300000880417us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-09-300000880417csbb:ConsumerIndirectMember2023-09-300000880417csbb:CommercialLessorsOfBuildingsMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000880417csbb:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000880417us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-3000008804172022-01-012022-09-300000880417csbb:LessorsOfNonResidentialBuildingsMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2023-01-012023-09-300000880417csbb:ConsumerInstallmentMembersrt:ScenarioPreviouslyReportedMember2023-01-010000880417us-gaap:CreditCardMember2022-01-012022-09-300000880417us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:FiduciaryAndTrustMember2022-07-012022-09-300000880417us-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010000880417us-gaap:RetainedEarningsMember2022-09-300000880417csbb:NotRatedMembercsbb:CommercialAndIndustrialMember2022-12-310000880417us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000880417us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000880417us-gaap:UnallocatedFinancingReceivablesMember2022-01-012022-09-300000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300000880417us-gaap:ConsumerPortfolioSegmentMember2022-12-310000880417csbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-06-300000880417us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000880417us-gaap:DomesticCorporateDebtSecuritiesMember2023-09-3000008804172023-07-012023-09-300000880417csbb:AaaOrAaOrARatingMemberus-gaap:USTreasurySecuritiesMember2023-09-300000880417us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Member2023-01-010000880417us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310000880417us-gaap:RetainedEarningsMember2022-01-012022-09-300000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300000880417us-gaap:CreditCardMember2023-01-012023-09-300000880417us-gaap:SpecialMentionMembercsbb:CommercialAndIndustrialMember2022-12-310000880417us-gaap:FinancialAssetPastDueMember2023-09-300000880417us-gaap:UnallocatedFinancingReceivablesMember2022-06-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembercsbb:ConsumerInstallmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010000880417us-gaap:AdditionalPaidInCapitalMember2022-06-300000880417us-gaap:TreasuryStockCommonMember2022-01-012022-09-300000880417us-gaap:USStatesAndPoliticalSubdivisionsMembercsbb:AaaOrAaOrARatingMember2023-09-300000880417us-gaap:HomeEquityMember2023-01-012023-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000880417us-gaap:HomeEquityMember2023-07-012023-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000880417csbb:CommercialAndIndustrialMember2022-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercsbb:ConsumerIndirectMember2023-01-010000880417csbb:NonHomogeneousLoansMemberus-gaap:SubstandardMembercsbb:CommercialAndIndustrialMember2023-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300000880417us-gaap:FinancingReceivables60To89DaysPastDueMembercsbb:CommercialAndIndustrialMember2022-12-310000880417us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000880417us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMembercsbb:AaaOrAaOrARatingMember2023-09-300000880417csbb:ResidentialConsumerLoansMemberus-gaap:ConstructionLoansMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membercsbb:CommercialAndIndustrialMember2023-01-010000880417csbb:NotRatedMember2022-12-310000880417csbb:CommercialAndIndustrialMember2022-07-012022-09-300000880417us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000880417csbb:CommercialAndIndustrialMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417us-gaap:TreasuryStockCommonMember2022-06-300000880417srt:ScenarioPreviouslyReportedMemberus-gaap:ConstructionLoansMember2022-12-310000880417us-gaap:EquitySecuritiesMember2022-01-012022-12-310000880417us-gaap:SubstandardMembercsbb:CommercialAndIndustrialMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201911Membercsbb:ConsumerIndirectMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-300000880417us-gaap:HomeEquityMember2023-06-300000880417csbb:NonHomogeneousLoansMemberus-gaap:SpecialMentionMember2023-09-300000880417us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310000880417us-gaap:AdditionalPaidInCapitalMember2022-12-310000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2022-07-012022-09-300000880417srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-3100008804172023-09-300000880417us-gaap:FinancialAssetNotPastDueMembercsbb:CommercialAndIndustrialMember2023-09-300000880417us-gaap:FinancialAssetPastDueMembercsbb:CommercialAndIndustrialMember2023-09-300000880417us-gaap:FinancingReceivables30To59DaysPastDueMembercsbb:CommercialAndIndustrialMember2022-12-310000880417us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000880417csbb:MortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000880417us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Membercsbb:ConsumerInstallmentMember2023-01-010000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300000880417srt:ScenarioPreviouslyReportedMember2023-01-010000880417csbb:NonHomogeneousLoansMemberus-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2023-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000880417us-gaap:FinancialAssetNotPastDueMembercsbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-12-310000880417csbb:NotRatedMembercsbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-010000880417csbb:ResidentialConsumerLoansMemberus-gaap:NonperformingFinancingReceivableMembercsbb:ConsumerInstallmentMember2023-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2023-06-300000880417us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300000880417us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000880417us-gaap:FinancingReceivables30To59DaysPastDueMembercsbb:CommercialAndIndustrialMember2023-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:PassMembercsbb:CommercialAndIndustrialMember2023-09-300000880417csbb:NonAgencyDebtSecuritiesMembercsbb:NonRatedDebtSecuritiesMember2023-09-300000880417us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000880417us-gaap:ResidentialPortfolioSegmentMember2022-01-012022-09-300000880417us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMembercsbb:ManufacturersOfAnimalFoodMember2023-09-300000880417csbb:UsTreasurySecuritiesAndUsGovernmentSponsoredAgencyBondsMember2023-09-300000880417us-gaap:UnallocatedFinancingReceivablesMember2022-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConstructionLoansMember2023-01-010000880417us-gaap:TreasuryStockCommonMember2022-09-300000880417us-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300000880417csbb:NonHomogeneousLoansMember2023-09-300000880417us-gaap:CreditCardMember2023-07-012023-09-300000880417us-gaap:ConstructionLoansMember2023-06-300000880417csbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-12-310000880417csbb:NonHomogeneousLoansMemberus-gaap:SpecialMentionMembercsbb:CommercialLessorsOfBuildingsMember2023-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310000880417us-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417csbb:ResidentialConsumerLoansMemberus-gaap:PerformingFinancingReceivableMembercsbb:ConsumerIndirectMember2023-09-300000880417us-gaap:TreasuryStockCommonMember2021-12-310000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300000880417us-gaap:AdditionalPaidInCapitalMember2023-06-300000880417us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Member2023-09-300000880417us-gaap:RetainedEarningsMember2023-09-300000880417us-gaap:ConstructionLoansMember2023-07-012023-09-300000880417csbb:ConsumerInstallmentMember2023-01-012023-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:PassMemberus-gaap:ConstructionLoansMember2023-09-300000880417csbb:LessorsOfNonResidentialBuildingsMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2023-09-300000880417csbb:ConsumerMortgageMembercsbb:ResidentialConsumerLoansMemberus-gaap:NonperformingFinancingReceivableMember2023-09-300000880417us-gaap:FinancingReceivables30To59DaysPastDueMembercsbb:ConsumerInstallmentMember2023-09-300000880417csbb:CommercialAndIndustrialMember2023-07-012023-09-300000880417us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000880417us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:FairValueMeasurementsNonrecurringMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membercsbb:CommercialLessorsOfBuildingsMember2023-01-010000880417csbb:CommercialAndIndustrialMember2022-06-300000880417csbb:NonHomogeneousLoansMemberus-gaap:ConstructionLoansMember2023-09-300000880417us-gaap:ResidentialPortfolioSegmentMember2022-06-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000880417us-gaap:FiduciaryAndTrustMember2023-07-012023-09-3000008804172023-11-010000880417csbb:ConsumerMortgageMemberus-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880417us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417csbb:ConsumerMortgageMemberus-gaap:AccountingStandardsUpdate201613Member2023-01-010000880417us-gaap:DepositAccountMember2022-07-012022-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000880417us-gaap:DebitCardMember2023-01-012023-09-300000880417csbb:CommercialAndIndustrialMember2022-01-012022-09-300000880417us-gaap:UnallocatedFinancingReceivablesMember2021-12-310000880417us-gaap:RetainedEarningsMember2023-01-012023-09-300000880417srt:ScenarioPreviouslyReportedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-010000880417us-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000880417us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417srt:ScenarioPreviouslyReportedMembercsbb:CommercialAndIndustrialMember2022-12-310000880417csbb:CommercialAndIndustrialMember2023-01-012023-09-300000880417us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000880417csbb:ResidentialConsumerLoansMember2023-09-300000880417us-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310000880417us-gaap:CommonStockMember2022-06-300000880417csbb:CommercialAndIndustrialMember2023-09-300000880417us-gaap:AssetBackedSecuritiesMember2022-12-310000880417csbb:NonAgencyDebtSecuritiesMember2023-09-300000880417csbb:ResidentialConsumerLoansMemberus-gaap:NonperformingFinancingReceivableMembercsbb:ConsumerIndirectMember2023-09-300000880417us-gaap:ResidentialPortfolioSegmentMember2022-12-3100008804172022-12-310000880417us-gaap:UnallocatedFinancingReceivablesMember2022-12-310000880417us-gaap:TreasuryStockCommonMember2023-06-300000880417us-gaap:PassMembercsbb:CommercialAndIndustrialMember2022-12-310000880417csbb:ConsumerInstallmentMemberus-gaap:FinancialAssetPastDueMember2023-09-300000880417us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000880417csbb:CommercialLessorsOfBuildingsMember2023-09-300000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000880417us-gaap:HomeEquityMembercsbb:ResidentialConsumerLoansMember2023-09-300000880417us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-09-300000880417us-gaap:HomeEquityMemberus-gaap:FinancialAssetPastDueMember2023-09-300000880417csbb:ResidentialConsumerLoansMembercsbb:ConsumerIndirectMember2023-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310000880417us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310000880417us-gaap:SubstandardMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMembercsbb:ConsumerIndirectMember2022-12-310000880417us-gaap:ResidentialPortfolioSegmentMember2021-12-310000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-09-300000880417srt:ScenarioPreviouslyReportedMembercsbb:CommercialAndIndustrialMember2023-01-010000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300000880417csbb:ConsumerIndirectMember2023-06-300000880417us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:FairValueInputsLevel2Memberus-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000880417us-gaap:HomeEquityMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417csbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-09-300000880417us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-12-310000880417csbb:ConsumerInstallmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300000880417us-gaap:SpecialMentionMembercsbb:ConstructionLandDevelopmentByPortfolioSegmentMember2022-12-310000880417us-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConstructionLoansMember2022-12-310000880417us-gaap:DomesticCorporateDebtSecuritiesMember2022-12-310000880417srt:ScenarioPreviouslyReportedMembercsbb:ConsumerInstallmentMember2022-12-310000880417us-gaap:TreasuryStockCommonMember2022-12-310000880417csbb:CommercialLessorsOfBuildingsMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417us-gaap:UnallocatedFinancingReceivablesMember2022-07-012022-09-300000880417us-gaap:AdditionalPaidInCapitalMember2023-09-300000880417us-gaap:FinancingReceivables60To89DaysPastDueMembercsbb:ConsumerInstallmentMember2023-09-300000880417us-gaap:RetainedEarningsMember2022-12-310000880417srt:ScenarioPreviouslyReportedMember2022-12-310000880417csbb:ConsumerInstallmentMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000880417us-gaap:CommonStockMember2023-06-300000880417csbb:ConsumerMortgageMember2022-12-310000880417csbb:RestrictedStockEquitySecuritiesMember2022-12-310000880417us-gaap:AccountingStandardsUpdate201613Membercsbb:ConsumerIndirectMember2023-01-010000880417us-gaap:AssetBackedSecuritiesMember2023-09-300000880417us-gaap:CommercialLoanMembersrt:MaximumMember2023-09-300000880417us-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310000880417csbb:NonHomogeneousLoansMembercsbb:CommercialLessorsOfBuildingsMember2023-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000880417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000880417us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300000880417us-gaap:RetainedEarningsMember2022-06-300000880417us-gaap:UnallocatedFinancingReceivablesMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417csbb:ConsumerInstallmentMember2023-09-300000880417us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310000880417us-gaap:ConstructionLoansMember2023-01-012023-09-300000880417us-gaap:HomeEquityMemberus-gaap:AccountingStandardsUpdate201613Membersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000880417us-gaap:USTreasurySecuritiesMember2022-12-310000880417us-gaap:TreasuryStockCommonMember2022-07-012022-09-300000880417us-gaap:TreasuryStockCommonMember2023-09-3000008804172022-07-012022-09-300000880417csbb:RestrictedStockEquitySecuritiesMember2023-09-300000880417us-gaap:ConstructionLoansMemberus-gaap:AccountingStandardsUpdate201911Member2022-12-310000880417us-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000880417csbb:CommercialAndIndustrialMember2023-06-300000880417us-gaap:CommonStockMember2023-09-300000880417us-gaap:FinancialAssetNotPastDueMember2023-09-300000880417csbb:NonHomogeneousLoansMemberus-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300000880417us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-0100008804172022-06-30xbrli:purecsbb:Industryxbrli:sharescsbb:Securityiso4217:USD
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: September 30, 2023
OR
|
|
☐ |
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 No.) |
91 North Clay Street, P.O. Box 232 Millersburg, OH |
44654 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (330) 674-9015
Securities registered pursuant to Section 12(g) of the Act:
|
|
|
|
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Shares, $6.25 par value |
|
CSBB |
|
OTCPink |
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 ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
|
|
|
|
|
|
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☐ |
|
|
|
|
Non-accelerated filer |
|
☒ |
|
Smaller reporting company |
|
☒ |
|
|
|
|
|
|
|
Emerging growth company |
|
☐ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
As of November 1, 2023, the registrant had 2,671,313 shares of common stock, $6.25 par value per share, outstanding.
CSB BANCORP, INC.
FORM 10-Q
QUARTER ENDED September 30, 2023
Table of Contents
2
CSB BANCORP, INC.
PART I – FINANCIAL INFORMATION
ITEM 1. – FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
(Dollars in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
20,409 |
|
|
$ |
19,911 |
|
Interest-earning deposits with banks |
|
|
29,000 |
|
|
|
66,509 |
|
Total cash and cash equivalents |
|
|
49,409 |
|
|
|
86,420 |
|
Securities |
|
|
|
|
|
|
Available-for-sale, at fair value |
|
|
145,330 |
|
|
|
150,069 |
|
Held-to-maturity (fair value 2023-$187,695; 2022-$211,954) |
|
|
230,505 |
|
|
|
247,401 |
|
Equity securities |
|
|
246 |
|
|
|
244 |
|
Restricted stock, at cost |
|
|
1,561 |
|
|
|
3,430 |
|
Total securities |
|
|
377,642 |
|
|
|
401,144 |
|
Loans held for sale |
|
|
— |
|
|
|
52 |
|
Loans |
|
|
680,949 |
|
|
|
627,171 |
|
Less allowance for credit losses |
|
|
6,691 |
|
|
|
6,838 |
|
Net loans |
|
|
674,258 |
|
|
|
620,333 |
|
Premises and equipment, net |
|
|
13,105 |
|
|
|
13,414 |
|
Bank-owned life insurance |
|
|
25,229 |
|
|
|
24,709 |
|
Goodwill |
|
|
4,728 |
|
|
|
4,728 |
|
Accrued interest receivable and other assets |
|
|
12,227 |
|
|
|
8,308 |
|
TOTAL ASSETS |
|
$ |
1,156,598 |
|
|
$ |
1,159,108 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
300,018 |
|
|
$ |
350,283 |
|
Interest-bearing |
|
|
718,057 |
|
|
|
673,134 |
|
Total deposits |
|
|
1,018,075 |
|
|
|
1,023,417 |
|
Short-term borrowings |
|
|
30,734 |
|
|
|
32,550 |
|
Other borrowings |
|
|
1,808 |
|
|
|
2,461 |
|
Allowance for credit losses on off-balance sheet commitments |
|
|
492 |
|
|
|
141 |
|
Accrued interest payable and other liabilities |
|
|
4,079 |
|
|
|
4,619 |
|
TOTAL LIABILITIES |
|
|
1,055,188 |
|
|
|
1,063,188 |
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,671,313 shares in 2023 and 2,707,576 in 2022 |
|
|
18,629 |
|
|
|
18,629 |
|
Additional paid-in capital |
|
|
9,815 |
|
|
|
9,815 |
|
Retained earnings |
|
|
94,614 |
|
|
|
86,502 |
|
Treasury stock at cost: 309,289 shares in 2023 and 273,026 shares in 2022 |
|
|
(7,481 |
) |
|
|
(6,107 |
) |
Accumulated other comprehensive loss |
|
|
(14,167 |
) |
|
|
(12,919 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
|
101,410 |
|
|
|
95,920 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
1,156,598 |
|
|
$ |
1,159,108 |
|
See notes to unaudited consolidated financial statements.
3
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(Dollars in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
9,175 |
|
|
$ |
6,680 |
|
|
$ |
25,855 |
|
|
$ |
18,489 |
|
Taxable securities |
|
|
1,910 |
|
|
|
1,780 |
|
|
|
5,867 |
|
|
|
4,721 |
|
Nontaxable securities |
|
|
102 |
|
|
|
110 |
|
|
|
305 |
|
|
|
328 |
|
Other |
|
|
531 |
|
|
|
586 |
|
|
|
1,520 |
|
|
|
863 |
|
Total interest and dividend income |
|
|
11,718 |
|
|
|
9,156 |
|
|
|
33,547 |
|
|
|
24,401 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,772 |
|
|
|
559 |
|
|
|
6,484 |
|
|
|
1,252 |
|
Short-term borrowings |
|
|
100 |
|
|
|
25 |
|
|
|
236 |
|
|
|
51 |
|
Other borrowings |
|
|
9 |
|
|
|
12 |
|
|
|
31 |
|
|
|
43 |
|
Total interest expense |
|
|
2,881 |
|
|
|
596 |
|
|
|
6,751 |
|
|
|
1,346 |
|
NET INTEREST INCOME |
|
|
8,837 |
|
|
|
8,560 |
|
|
|
26,796 |
|
|
|
23,055 |
|
CREDIT LOSS EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Provision (recovery) for credit loss expense - loans |
|
|
13 |
|
|
|
(250 |
) |
|
|
287 |
|
|
|
(895 |
) |
Provision (recovery) for credit loss expense - off-balance sheet commitments |
|
|
164 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
Total provision (recovery) for credit loss expense |
|
|
177 |
|
|
|
(250 |
) |
|
|
286 |
|
|
|
(895 |
) |
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE |
|
|
8,660 |
|
|
|
8,810 |
|
|
|
26,510 |
|
|
|
23,950 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
332 |
|
|
|
321 |
|
|
|
924 |
|
|
|
875 |
|
Trust services |
|
|
259 |
|
|
|
216 |
|
|
|
769 |
|
|
|
733 |
|
Debit card interchange fees |
|
|
525 |
|
|
|
530 |
|
|
|
1,579 |
|
|
|
1,568 |
|
Credit card fees |
|
|
166 |
|
|
|
170 |
|
|
|
535 |
|
|
|
516 |
|
Gain on sale of loans, net |
|
|
47 |
|
|
|
49 |
|
|
|
106 |
|
|
|
314 |
|
Earnings on bank owned life insurance |
|
|
179 |
|
|
|
170 |
|
|
|
520 |
|
|
|
504 |
|
Unrealized gain (loss) on equity securities, net |
|
|
(11 |
) |
|
|
(2 |
) |
|
|
2 |
|
|
|
2 |
|
Other income |
|
|
208 |
|
|
|
221 |
|
|
|
631 |
|
|
|
587 |
|
Total noninterest income |
|
|
1,705 |
|
|
|
1,675 |
|
|
|
5,066 |
|
|
|
5,099 |
|
NONINTEREST EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,429 |
|
|
|
3,199 |
|
|
|
10,112 |
|
|
|
9,766 |
|
Occupancy expense |
|
|
290 |
|
|
|
272 |
|
|
|
856 |
|
|
|
820 |
|
Equipment expense |
|
|
199 |
|
|
|
193 |
|
|
|
595 |
|
|
|
604 |
|
Professional and director fees |
|
|
366 |
|
|
|
555 |
|
|
|
1,073 |
|
|
|
1,161 |
|
Financial institutions tax |
|
|
192 |
|
|
|
195 |
|
|
|
576 |
|
|
|
584 |
|
Marketing and public relations |
|
|
124 |
|
|
|
141 |
|
|
|
383 |
|
|
|
362 |
|
Software expense |
|
|
408 |
|
|
|
397 |
|
|
|
1,228 |
|
|
|
1,056 |
|
Debit card expense |
|
|
179 |
|
|
|
201 |
|
|
|
494 |
|
|
|
550 |
|
FDIC insurance expense |
|
|
131 |
|
|
|
93 |
|
|
|
380 |
|
|
|
251 |
|
Other expenses |
|
|
716 |
|
|
|
699 |
|
|
|
2,105 |
|
|
|
2,033 |
|
Total noninterest expenses |
|
|
6,034 |
|
|
|
5,945 |
|
|
|
17,802 |
|
|
|
17,187 |
|
Income before income taxes |
|
|
4,331 |
|
|
|
4,540 |
|
|
|
13,774 |
|
|
|
11,862 |
|
FEDERAL INCOME TAX PROVISION |
|
|
850 |
|
|
|
890 |
|
|
|
2,715 |
|
|
|
2,302 |
|
NET INCOME |
|
$ |
3,481 |
|
|
$ |
3,650 |
|
|
$ |
11,059 |
|
|
$ |
9,560 |
|
Basic and diluted net earnings per share |
|
$ |
1.30 |
|
|
$ |
1.35 |
|
|
$ |
4.12 |
|
|
$ |
3.52 |
|
See notes to unaudited consolidated financial statements
4
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income |
|
$ |
3,481 |
|
|
$ |
3,650 |
|
|
$ |
11,059 |
|
|
$ |
9,560 |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses arising during the period |
|
|
(1,127 |
) |
|
|
(5,189 |
) |
|
|
(1,722 |
) |
|
|
(15,334 |
) |
Amortization of discount on securities transferred to held-to-maturity |
|
|
50 |
|
|
|
64 |
|
|
|
143 |
|
|
|
237 |
|
Income tax effect |
|
|
226 |
|
|
|
1,076 |
|
|
|
331 |
|
|
|
3,170 |
|
Other comprehensive loss |
|
|
(851 |
) |
|
|
(4,049 |
) |
|
|
(1,248 |
) |
|
|
(11,927 |
) |
Total comprehensive income (loss) |
|
$ |
2,630 |
|
|
$ |
(399 |
) |
|
$ |
9,811 |
|
|
$ |
(2,367 |
) |
See notes to unaudited consolidated financial statements.
5
CSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
Common stock |
|
|
Additional paid-in capital |
|
|
Retained earnings |
|
|
Treasury stock |
|
|
Accumulated other comprehensive loss |
|
|
Total |
|
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
18,629 |
|
|
$ |
9,815 |
|
|
$ |
92,149 |
|
|
$ |
(7,137 |
) |
|
$ |
(13,316 |
) |
|
$ |
100,140 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
3,481 |
|
|
|
— |
|
|
|
— |
|
|
|
3,481 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(851 |
) |
|
|
(851 |
) |
Purchase of 9,012 treasury shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(344 |
) |
|
|
— |
|
|
|
(344 |
) |
Cash dividends declared, $0.38 per share |
|
|
— |
|
|
|
— |
|
|
|
(1,016 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,016 |
) |
Balance, September 30, 2023 |
|
$ |
18,629 |
|
|
$ |
9,815 |
|
|
$ |
94,614 |
|
|
$ |
(7,481 |
) |
|
$ |
(14,167 |
) |
|
$ |
101,410 |
|
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
18,629 |
|
|
$ |
9,815 |
|
|
$ |
86,502 |
|
|
$ |
(6,107 |
) |
|
$ |
(12,919 |
) |
|
$ |
95,920 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
11,059 |
|
|
|
— |
|
|
|
— |
|
|
|
11,059 |
|
Cumulative effect of adoption of ASU 2016-13 |
|
|
— |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
52 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,248 |
) |
|
|
(1,248 |
) |
Purchase of 36,263 treasury shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,374 |
) |
|
|
— |
|
|
|
(1,374 |
) |
Cash dividends declared, $1.12 per share |
|
|
— |
|
|
|
— |
|
|
|
(2,999 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,999 |
) |
Balance, September 30, 2023 |
|
$ |
18,629 |
|
|
$ |
9,815 |
|
|
$ |
94,614 |
|
|
$ |
(7,481 |
) |
|
$ |
(14,167 |
) |
|
$ |
101,410 |
|
Three Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
18,629 |
|
|
$ |
9,815 |
|
|
$ |
80,940 |
|
|
$ |
(5,719 |
) |
|
$ |
(10,003 |
) |
|
$ |
93,662 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
3,650 |
|
|
|
— |
|
|
|
— |
|
|
|
3,650 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,049 |
) |
|
|
(4,049 |
) |
Purchase of 10,448 treasury shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(388 |
) |
|
|
— |
|
|
|
( |