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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

 

 

Part I - Financial Information

 

 

 

Page

ITEM 1 –

FINANCIAL STATEMENTS (Unaudited)

3

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Income

4

 

Consolidated Statements of Comprehensive Income (Loss)

5

 

Consolidated Statements of Changes in Shareholders' Equity

6

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Consolidated Financial Statements

8

ITEM 2 –

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

30

ITEM 3 –

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

38

ITEM 4 –

CONTROLS AND PROCEDURES

39

 

 

 

 

Part II - Other Information

 

ITEM 1 –

Legal Proceedings

40

ITEM 1A –

Risk Factors

40

ITEM 2 –

Unregistered Sales of Equity Securities and Use of Proceeds

40

ITEM 3 –

Defaults upon Senior Securities

40

ITEM 4 –

Mine Safety Disclosures

40

ITEM 5 –

Other Information

40

ITEM 6 –

Exhibits

41

 

Signatures

42

 

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

)

 

 

—

 

 

 

(