CSB Bancorp, Inc. (OTC ID: CSBB):
Second Quarter Highlights
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Quarter Ended June 30, 2026 |
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Quarter Ended June 30, 2025 |
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|||
Diluted earnings per share |
|
$ |
1.80 |
|
|
|
$ |
1.41 |
|
Net Income |
|
$ |
4,735,000 |
|
|
|
$ |
3,727,000 |
|
Return on average common equity |
|
|
14.48 |
% |
|
|
|
12.48 |
% |
Return on average assets |
|
|
1.48 |
% |
|
|
|
1.23 |
% |
CSB Bancorp, Inc. (OTC ID: CSBB) today announced second quarter 2026 net income of $4,735,000 or $1.80 per basic and diluted share, as compared to $3,727,000, or $1.41 per basic and diluted share, for the same period in 2025. For the six-month period ended June 30, 2026 net income totaled $9,179,000 compared to $7,343,000 for the same period last year, an increase of 25%.
Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 14.48% and 1.48%, respectively, compared with 12.48% and 1.23% for the second quarter of 2025. Pre-Provision Net Revenue (“PPNR”) (a non-GAAP measure) totaled $6.5 million during the quarter, an increase of $1.2 million, or 24%, from the prior year’s second quarter. Net interest income increased $1.5 million, or 15%, noninterest income increased $175 thousand, or 10%, and noninterest expense increased $465 thousand, or 7%, in the second quarter of 2026 compared to the same period in 2025. For the six-month period ended June 30, 2026 ROE and ROA were 14.26% and 1.45% as compared to 12.53% and 1.22% for the comparable period in 2025.
Eddie Steiner, President and CEO stated, “A relatively stable environment for interest rates and employment levels has fostered increased business expansion and additional home buying activity. Real GDP growth advanced at 2.1% annualized in the first quarter and appears to have sustained the pace through second quarter. Economic activity remains somewhat tempered by persistent inflation and global uncertainties that cloud the outlook for energy prices, tariffs, and other federal government actions. Consumer debt levels and delinquencies have been increasing as households contend with the higher cost of living expenses."
Provision for credit loss expense for the quarter decreased $29 thousand from second quarter 2025. The allowance for expected credit losses (“ACL”) amounted to $13.5 million, or 1.56% of total loans, on June 30, 2026, as compared to $8.3 million or 1.05% of total loans on June 30, 2025. The allowance for credit losses on off-balance sheet commitments on June 30, 2026 was $583 thousand, as compared to a June 30, 2025 balance of $493 thousand. The increase in the ACL is primarily related to the individually evaluated loan relationship reported in prior periods. CSB has no allowance for credit losses related to available-for-sale or held-to-maturity debt securities, as there is no meaningful loss expectation on these securities.
Loan interest income including fees increased $1.5 million, or 13%, during second quarter 2026 as compared to the same quarter in 2025. The increase was primarily the result of an $83 million average volume increase, augmented by a 13 basis point (“bp”) increase in yield over the prior year’s quarter. Securities interest income increased $197 thousand, or 11%, during second quarter 2026 compared to the same quarter 2025 with average yield in the portfolio improving as lower yielding securities continue to pay down and mature. Loan yields in second quarter 2026 averaged 6.05%, an increase of 13 bps from the 2025 second quarter average of 5.92%. Securities yields for second quarter 2026 averaged 2.59% as compared to 2.27% in the second quarter of 2025, while overnight funds averaged 3.71% compared to 4.47% in the second quarter 2025.
Interest expense declined $35 thousand, or 1%, during second quarter 2026 as compared to second quarter 2025. The cost to fund gross earning assets for the second quarter of 2026 declined to 1.17% as compared to 1.25% for the second quarter of 2025.
The fully taxable equivalent (“FTE”) net interest margin (a non-GAAP measure) was 3.92% for second quarter 2026, compared to 3.61% in the second quarter of 2025. FTE net interest income increased $1.5 million, or 15%, with a $65 million increase in average earning assets as well as a 23 bp increase in the yield on assets. The mix shift into loans primarily drove the increase in earnings from assets. The cost of interest-bearing liabilities declined 10 basis points as rates on time deposits have been slowly declining over the past year. Tax equivalency effect on net interest margin was 0.01% for both 2026 and 2025.
Noninterest income increased $175 thousand, or 10%, compared to second quarter of 2025. The increase was primarily the result of a $49 thousand increase in debit card interchange fees, $42 thousand increase in credit card fees, a $37 thousand increase in earnings on bank owned life insurance, and a $28 thousand increase in service charges on deposit accounts.
Noninterest expense increased $465 thousand, or 7%, from second quarter 2025. Salary and employee benefits increased $328 thousand, or 8%, compared to the prior year quarter, with increases in base salaries and benefits, partially due to increased headcount as the company was able to reduce vacancies and add several new positions supporting growth. Software expense increased $83 thousand, or 19%, primarily due to new loan production software. Debit card expense increased $23 thousand, or 12%. Professional fees increased $19 thousand, or 5%, with increases to legal expense, audit and accounting, and director’s fees. The Company’s second quarter efficiency ratio decreased to 53.06% compared to 56.62% in the prior year.
Federal income tax expense was $1.2 million in second quarter 2026 compared to $903 thousand in the second quarter of 2025. The effective tax rate for the 2026 and 2025 second quarters was 20%, respectively.
Average earning assets for the second quarter of 2026 increased $65 million, or 6% from the year-ago quarter, primarily reflecting an $83 million, or 11%, increase in average loans, an $8 million, or 3%, decrease in average securities, and a $9 million, or 15%, decrease in interest-earning deposits in other banks, held mainly at the Federal Reserve Bank.
Average commercial loan balances for the quarter, including commercial real estate, increased $56 million, or 10%, from prior year levels, as construction loans were drawn, and borrowers used term loans to fund equipment and other purchases. Average residential mortgage balances increased $18 million, or 10%, above the prior year’s quarter with borrowers favoring adjustable-rate mortgages during this period of higher interest rates. The bank does not sell adjustable-rate mortgages to the secondary market. Home equity lines of credit increased $9 million from the prior year’s quarter as borrowers covered expenses and avoided refinancing their lower interest rate mortgages. Average consumer credit balances decreased $504 thousand, or 3%, versus the same quarter of the prior year on lower recreational vehicle loan volume. Commercial loan demand for operating cash flow and equipment investments is somewhat constrained with households and businesses remaining cautious about discretionary borrowing until there is more confidence in price and employment stability following tensions in the Middle East and rising oil prices. Construction and development and commercial real estate borrowing have continued to exhibit fairly steady demand.
Nonperforming loans were $7.3 million, or 0.84%, of total loans on June 30, 2026, compared to $1.4 million, or 0.17% of total loans, a year ago. The increase in nonperforming loans which includes nonaccrual loans and loans past due 90 days and still accruing, was attributable to a business relationship which has communicated that liquidation may provide greater economic value than continuing operations, due to cash flow pressure. The Bank believes it is well-secured on this relationship. Net loan charge-offs recognized during second quarter 2026 were $28 thousand, compared to second quarter 2025 net loan charge-offs of $362 thousand. The prior year net loan charge-offs were related to a previously reported voluntary liquidation of a commercial credit, for which no further book balances remain and any future recoveries are uncertain at this time.
Average deposit balances increased on a quarter over prior year quarter comparison by $52 million, or 5%. For second quarter 2026, the average cost of deposits amounted to 1.25%, as compared to 1.32% for second quarter 2025. Second quarter 2026 increases in average deposit balances over the prior year quarter included interest bearing checking accounts of $15 million, savings accounts of $6 million, and time deposits of $23 million. Noninterest-bearing accounts increased $8 million from the prior year’s second quarter. The average balance of securities sold under repurchase agreement during the second quarter of 2026 increased by $621 thousand, or 3%, compared to the average for the same period in the prior year.
Shareholders’ equity totaled $133 million on June 30, 2026, with 2.6 million common shares outstanding. The average equity to assets ratio amounted to 10.21% for the quarter ended June 30, 2026. The Company declared a second quarter dividend of $0.43 per share, producing an annualized yield of 2.4% based on June 30, 2026 closing price of $72.00.
About CSB Bancorp, Inc.
CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.3 billion as of June 30, 2026. 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, North Canton, and Wooster, and a loan production office located in Medina, 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. See the non-GAAP disclosures at the end of this release for a reconciliation of GAAP and non-GAAP measures.
CSB BANCORP, INC. |
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CONSOLIDATED FINANCIAL HIGHLIGHTS |
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(Unaudited) |
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Quarters |
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(Dollars in thousands, except per share data) |
|
2026 |
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2026 |
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2025 |
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|
2025 |
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|
2025 |
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2026 |
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2025 |
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EARNINGS |
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2nd Qtr |
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1st Qtr |
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4th Qtr |
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3rd Qtr |
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2nd Qtr |
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6 months |
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|
6 months |
|
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|||||||
Net interest income FTE (a) |
$ |
|
11,904 |
|
$ |
|
11,493 |
|
$ |
|
11,450 |
|
$ |
|
10,968 |
|
$ |
|
10,376 |
|
$ |
|
23,397 |
|
$ |
|
20,088 |
|
|
Provision for credit loss expense |
|
|
585 |
|
|
|
495 |
|
|
|
3,858 |
|
|
|
501 |
|
|
|
614 |
|
|
|
1,080 |
|
|
|
1,016 |
|
|
Noninterest income |
|
|
1,952 |
|
|
|
1,872 |
|
|
|
1,956 |
|
|
|
1,866 |
|
|
|
1,777 |
|
|
|
3,824 |
|
|
|
3,473 |
|
|
Noninterest expenses |
|
|
7,343 |
|
|
|
7,305 |
|
|
|
7,249 |
|
|
|
7,133 |
|
|
|
6,878 |
|
|
|
14,648 |
|
|
|
13,359 |
|
|
FTE adjustment(a) |
|
|
28 |
|
|
|
28 |
|
|
|
30 |
|
|
|
30 |
|
|
|
31 |
|
|
|
56 |
|
|
|
62 |
|
|
Net income |
|
|
4,735 |
|
|
|
4,444 |
|
|
|
1,869 |
|
|
|
4,151 |
|
|
|
3,727 |
|
|
|
9,179 |
|
|
|
7,343 |
|
|
Basic and Diluted earnings per share |
|
|
1.80 |
|
|
|
1.69 |
|
|
|
0.71 |
|
|
|
1.57 |
|
|
|
1.41 |
|
|
|
3.49 |
|
|
|
2.78 |
|
|
|
|
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PERFORMANCE RATIOS |
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Return on average assets (ROA), annualized |
|
|
1.48 |
|
% |
|
1.42 |
|
% |
|
0.58 |
|
% |
|
1.31 |
|
% |
|
1.23 |
|
% |
|
1.45 |
|
% |
|
1.22 |
|
% |
Return on average common equity (ROE), annualized |
|
|
14.48 |
|
|
|
14.03 |
|
|
|
5.83 |
|
|
|
13.19 |
|
|
|
12.48 |
|
|
|
14.26 |
|
|
|
12.53 |
|
|
Net interest margin FTE(a) |
|
|
3.92 |
|
|
|
3.87 |
|
|
|
3.73 |
|
|
|
3.67 |
|
|
|
3.61 |
|
|
|
3.89 |
|
|
|
3.55 |
|
|
Efficiency ratio |
|
|
53.06 |
|
|
|
54.75 |
|
|
|
54.11 |
|
|
|
55.56 |
|
|
|
56.62 |
|
|
|
53.89 |
|
|
|
56.71 |
|
|
Number of full-time equivalent employees |
|
|
185 |
|
|
|
182 |
|
|
|
178 |
|
|
|
181 |
|
|
|
175 |
|
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MARKET DATA |
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Book value per common share |
$ |
|
50.49 |
|
$ |
|
49.18 |
|
$ |
|
48.07 |
|
$ |
|
47.56 |
|
$ |
|
46.11 |
|
|
|
|
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Period-end common share market value |
|
|
72.00 |
|
|
|
62.36 |
|
|
|
54.00 |
|
|
|
49.50 |
|
|
|
43.50 |
|
|
|
|
|
|
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Market as a % of book |
|
|
142.60 |
|
|
|
126.80 |
|
% |
|
112.30 |
|
% |
|
104.09 |
|
% |
|
94.34 |
|
% |
|
|
|
|
|
|
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Price-to-earnings ratio |
|
|
12.48 |
|
|
|
11.59 |
|
|
|
10.65 |
|
|
|
9.48 |
|
|
|
9.01 |
|
|
|
|
|
|
|
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||
Average basic common shares outstanding |
|
|
2,627,015 |
|
|
|
2,627,015 |
|
|
|
2,629,229 |
|
|
|
2,636,028 |
|
|
|
2,639,244 |
|
|
|
2,627,015 |
|
|
|
2,641,879 |
|
|
Average diluted common shares outstanding |
|
|
2,627,015 |
|
|
|
2,627,015 |
|
|
|
2,629,229 |
|
|
|
2,636,028 |
|
|
|
2,639,244 |
|
|
|
2,627,015 |
|
|
|
2,641,879 |
|
|
Period end common shares outstanding |
|
|
2,627,015 |
|
|
|
2,627,015 |
|
|
|
2,627,015 |
|
|
|
2,632,498 |
|
|
|
2,638,921 |
|
|
|
|
|
|
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||
Common stock market capitalization |
$ |
|
189,145 |
|
$ |
|
163,821 |
|
$ |
|
141,859 |
|
$ |
|
130,309 |
|
$ |
|
114,793 |
|
|
|
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|
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ASSET QUALITY |
|
|
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Gross charge-offs |
$ |
|
41 |
|
$ |
|
13 |
|
$ |
|
31 |
|
$ |
|
39 |
|
$ |
|
368 |
|
$ |
|
55 |
|
$ |
|
403 |
|
|
Net charge-offs |
|
|
28 |
|
|
|
7 |
|
|
|
26 |
|
|
|
11 |
|
|
|
362 |
|
|
|
35 |
|
|
|
391 |
|
|
Allowance for credit losses |
|
|
13,528 |
|
|
|
12,947 |
|
|
|
12,470 |
|
|
|
8,720 |
|
|
|
8,251 |
|
|
|
|
|
|
|
|
||
Nonperforming assets (NPAs) |
|
|
7,287 |
|
|
|
1,018 |
|
|
|
652 |
|
|
|
746 |
|
|
|
1,358 |
|
|
|
|
|
|
|
|
||
Net charge-off / average loans ratio |
|
|
0.01 |
|
% |
|
0.00 |
|
% |
|
0.01 |
|
% |
|
0.01 |
|
% |
|
0.19 |
|
% |
|
0.01 |
|
% |
|
0.10 |
|
% |
Allowance for credit losses / period-end loans |
|
|
1.56 |
|
|
|
1.52 |
|
|
|
1.50 |
|
|
|
1.08 |
|
|
|
1.05 |
|
|
|
|
|
|
|
|
||
NPAs/loans and other real estate |
|
|
0.84 |
|
|
|
0.12 |
|
|
|
0.08 |
|
|
|
0.09 |
|
|
|
0.17 |
|
|
|
|
|
|
|
|
||
Allowance for credit losses / nonperforming loans |
|
|
186 |
|
|
|
1,272 |
|
|
|
1,913 |
|
|
|
1,169 |
|
|
|
608 |
|
|
|
|
|
|
|
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||
|
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CAPITAL & LIQUIDITY |
|
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|
|
|
|
|
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Period-end tangible equity to assets(b) |
|
|
9.92 |
|
% |
|
9.87 |
|
% |
|
9.43 |
|
% |
|
9.69 |
|
% |
|
9.48 |
|
% |
|
|
|
|
|
|
||
Average equity to assets |
|
|
10.21 |
|
|
|
10.12 |
|
|
|
9.90 |
|
|
|
9.96 |
|
|
|
9.82 |
|
|
|
|
|
|
|
|
||
Average equity to loans |
|
|
15.21 |
|
|
|
15.20 |
|
|
|
15.56 |
|
|
|
15.55 |
|
|
|
15.36 |
|
|
|
|
|
|
|
|
||
Average loans to deposits |
|
|
76.83 |
|
|
|
76.41 |
|
|
|
72.62 |
|
|
|
72.97 |
|
|
|
72.86 |
|
|
|
|
|
|
|
|
||
|
|
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|
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|
|
|
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AVERAGE BALANCES |
|
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Assets |
$ |
|
1,284,910 |
|
$ |
|
1,269,557 |
|
$ |
|
1,285,617 |
|
$ |
|
1,253,262 |
|
$ |
|
1,220,306 |
|
$ |
|
1,277,294 |
|
$ |
|
1,209,129 |
|
|
Earning assets |
|
|
1,218,626 |
|
|
|
1,205,187 |
|
|
|
1,216,492 |
|
|
|
1,184,077 |
|
|
|
1,153,677 |
|
|
|
1,211,943 |
|
|
|
1,142,643 |
|
|
Loans |
|
|
862,329 |
|
|
|
845,298 |
|
|
|
818,312 |
|
|
|
802,858 |
|
|
|
779,664 |
|
|
|
853,860 |
|
|
|
767,830 |
|
|
Deposits |
|
|
1,122,413 |
|
|
|
1,106,338 |
|
|
|
1,126,878 |
|
|
|
1,100,283 |
|
|
|
1,070,136 |
|
|
|
1,114,418 |
|
|
|
1,059,395 |
|
|
Shareholders' equity |
|
|
131,165 |
|
|
|
128,465 |
|
|
|
127,296 |
|
|
|
124,818 |
|
|
|
119,779 |
|
|
|
129,823 |
|
|
|
118,175 |
|
|
|
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|
|
|
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ENDING BALANCES |
|
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|
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|
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Assets |
$ |
|
1,294,216 |
|
$ |
|
1,265,503 |
|
$ |
|
1,292,736 |
|
$ |
|
1,248,357 |
|
$ |
|
1,237,969 |
|
|
|
|
|
|
|
|
||
Earning assets |
|
|
1,224,138 |
|
|
|
1,200,667 |
|
|
|
1,228,856 |
|
|
|
1,178,781 |
|
|
|
1,163,268 |
|
|
|
|
|
|
|
|
||
Loans |
|
|
869,348 |
|
|
|
852,718 |
|
|
|
829,778 |
|
|
|
810,048 |
|
|
|
788,070 |
|
|
|
|
|
|
|
|
||
Deposits |
|
|
1,133,407 |
|
|
|
1,101,821 |
|
|
|
1,127,915 |
|
|
|
1,096,596 |
|
|
|
1,089,344 |
|
|
|
|
|
|
|
|
||
Shareholders' equity |
|
|
132,630 |
|
|
|
129,203 |
|
|
|
126,280 |
|
|
|
125,190 |
|
|
|
121,683 |
|
|
|
|
|
|
|
|
||
Notes: |
(a) - Net interest income on a fully-taxable equivalent ("FTE") basis, restates interest on tax-exempt securities and loans as if such interest were subject to federal income tax at the 21% statutory rate. Net interest income on an FTE basis differs from net interest income under U.S. Generally Accepted Accounting Principles, and is considered a non-GAAP measure. |
(b) - Tangible equity is a non-GAAP measure, which is shareholders' equity net of goodwill. |
CSB BANCORP, INC. |
|||||||||
CONSOLIDATED BALANCE SHEETS |
|||||||||
|
|||||||||
(Unaudited) |
|
June 30, |
|
|
|
June 30, |
|
||
(Dollars in thousands, except per share data) |
|
2026 |
|
|
|
2025 |
|
||
ASSETS |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
|
|
|
|
|
||
Cash and due from banks |
$ |
|
24,345 |
|
|
$ |
|
27,000 |
|
Interest-bearing deposits with banks |
|
|
57,182 |
|
|
|
|
68,290 |
|
Total cash and cash equivalents |
|
|
81,527 |
|
|
|
|
95,290 |
|
Securities |
|
|
|
|
|
|
|
||
Available-for-sale, at fair-value |
|
|
121,067 |
|
|
|
|
110,067 |
|
Held-to-maturity |
|
|
174,421 |
|
|
|
|
195,048 |
|
Equity securities |
|
|
325 |
|
|
|
|
273 |
|
Restricted stock, at cost |
|
|
1,645 |
|
|
|
|
1,520 |
|
Total securities |
|
|
297,458 |
|
|
|
|
306,908 |
|
|
|
|
|
|
|
|
|
||
Loans held for sale |
|
|
150 |
|
|
|
|
- |
|
Loans |
|
|
869,348 |
|
|
|
|
788,070 |
|
Less allowance for credit losses |
|
|
13,528 |
|
|
|
|
8,251 |
|
Net loans |
|
|
855,820 |
|
|
|
|
779,819 |
|
|
|
|
|
|
|
|
|
||
Premises and equipment, net |
|
|
13,604 |
|
|
|
|
13,795 |
|
Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
Bank owned life insurance |
|
|
31,689 |
|
|
|
|
28,669 |
|
Accrued interest receivable and other assets |
|
|
9,240 |
|
|
|
|
8,760 |
|
TOTAL ASSETS |
$ |
|
1,294,216 |
|
|
$ |
|
1,237,969 |
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
||
LIABILITIES |
|
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
|
||
Noninterest-bearing |
$ |
|
287,118 |
|
|
$ |
|
282,784 |
|
Interest-bearing |
|
|
846,289 |
|
|
|
|
806,560 |
|
Total deposits |
|
|
1,133,407 |
|
|
|
|
1,089,344 |
|
|
|
|
|
|
|
|
|
||
Short-term borrowings |
|
|
22,014 |
|
|
|
|
22,364 |
|
Other borrowings |
|
|
694 |
|
|
|
|
965 |
|
Accrued interest payable and other liabilities |
|
|
5,471 |
|
|
|
|
3,613 |
|
TOTAL LIABILITIES |
|
|
1,161,586 |
|
|
|
|
1,116,286 |
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
||
Common stock, $6.25 par value. Authorized 9,000,000 shares; |
|
|
|
|
|
|
|
||
issued 2,980,602 shares in 2026 and 2025 |
|
|
18,629 |
|
|
|
|
18,629 |
|
Additional paid-in capital |
|
|
9,815 |
|
|
|
|
9,815 |
|
Retained earnings |
|
|
119,066 |
|
|
|
|
108,309 |
|
Treasury stock at cost - 353,587 shares in 2026 |
|
|
|
|
|
|
|
||
and 341,681 shares in 2025 |
|
|
(9,293 |
) |
|
|
|
(8,730 |
) |
Accumulated other comprehensive loss |
|
|
(5,587 |
) |
|
|
|
(6,340 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
|
132,630 |
|
|
|
|
121,683 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
|
1,294,216 |
|
|
$ |
|
1,237,969 |
|
CSB BANCORP, INC. |
|||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||||||
|
|||||||||||||||||||
|
|
Quarters ended |
|
|
|
Six months ended |
|
||||||||||||
(Unaudited) |
|
June 30, |
|
|
|
June 30, |
|
||||||||||||
(Dollars in thousands, except per share data) |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
||||
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, including fees |
$ |
|
12,998 |
|
|
$ |
|
11,497 |
|
|
$ |
|
25,524 |
|
|
$ |
|
22,372 |
|
Taxable securities |
|
|
1,885 |
|
|
|
|
1,678 |
|
|
|
|
3,847 |
|
|
|
|
3,473 |
|
Nontaxable securities |
|
|
65 |
|
|
|
|
75 |
|
|
|
|
129 |
|
|
|
|
150 |
|
Other |
|
|
476 |
|
|
|
|
678 |
|
|
|
|
894 |
|
|
|
|
1,214 |
|
Total interest and dividend income |
|
|
15,424 |
|
|
|
|
13,928 |
|
|
|
|
30,394 |
|
|
|
|
27,209 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits |
|
|
3,486 |
|
|
|
|
3,515 |
|
|
|
|
6,924 |
|
|
|
|
7,042 |
|
Other |
|
|
62 |
|
|
|
|
68 |
|
|
|
|
129 |
|
|
|
|
141 |
|
Total interest expense |
|
|
3,548 |
|
|
|
|
3,583 |
|
|
|
|
7,053 |
|
|
|
|
7,183 |
|
Net interest income |
|
|
11,876 |
|
|
|
|
10,345 |
|
|
|
|
23,341 |
|
|
|
|
20,026 |
|
Provision for credit loss expense |
|
|
585 |
|
|
|
|
614 |
|
|
|
|
1,080 |
|
|
|
|
1,016 |
|
Net interest income, after provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
for credit loss expense |
|
|
11,291 |
|
|
|
|
9,731 |
|
|
|
|
22,261 |
|
|
|
|
19,010 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges on deposit accounts |
|
|
325 |
|
|
|
|
297 |
|
|
|
|
631 |
|
|
|
|
592 |
|
Trust services |
|
|
289 |
|
|
|
|
268 |
|
|
|
|
607 |
|
|
|
|
546 |
|
Debit card interchange fees |
|
|
599 |
|
|
|
|
550 |
|
|
|
|
1,142 |
|
|
|
|
1,065 |
|
Credit card fees |
|
|
193 |
|
|
|
|
151 |
|
|
|
|
384 |
|
|
|
|
301 |
|
Earnings on bank owned life insurance |
|
|
266 |
|
|
|
|
229 |
|
|
|
|
521 |
|
|
|
|
445 |
|
Gain on sale of loans |
|
|
75 |
|
|
|
|
81 |
|
|
|
|
127 |
|
|
|
|
130 |
|
Unrealized gain on equity securities |
|
|
17 |
|
|
|
|
6 |
|
|
|
|
41 |
|
|
|
|
6 |
|
Other |
|
|
188 |
|
|
|
|
195 |
|
|
|
|
371 |
|
|
|
|
388 |
|
Total noninterest income |
|
|
1,952 |
|
|
|
|
1,777 |
|
|
|
|
3,824 |
|
|
|
|
3,473 |
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
4,249 |
|
|
|
|
3,921 |
|
|
|
|
8,482 |
|
|
|
|
7,618 |
|
Occupancy expense |
|
|
336 |
|
|
|
|
352 |
|
|
|
|
684 |
|
|
|
|
708 |
|
Equipment expense |
|
|
210 |
|
|
|
|
223 |
|
|
|
|
418 |
|
|
|
|
429 |
|
Professional and director fees |
|
|
411 |
|
|
|
|
392 |
|
|
|
|
869 |
|
|
|
|
805 |
|
Software expense |
|
|
524 |
|
|
|
|
441 |
|
|
|
|
1,045 |
|
|
|
|
844 |
|
Marketing and public relations |
|
|
153 |
|
|
|
|
154 |
|
|
|
|
284 |
|
|
|
|
259 |
|
Debit card expense |
|
|
221 |
|
|
|
|
198 |
|
|
|
|
429 |
|
|
|
|
409 |
|
Financial institutions tax |
|
|
252 |
|
|
|
|
233 |
|
|
|
|
505 |
|
|
|
|
463 |
|
FDIC insurance expense |
|
|
143 |
|
|
|
|
135 |
|
|
|
|
290 |
|
|
|
|
285 |
|
Other expenses |
|
|
844 |
|
|
|
|
829 |
|
|
|
|
1,642 |
|
|
|
|
1,539 |
|
Total noninterest expenses |
|
|
7,343 |
|
|
|
|
6,878 |
|
|
|
|
14,648 |
|
|
|
|
13,359 |
|
Income before income taxes |
|
|
5,900 |
|
|
|
|
4,630 |
|
|
|
|
11,437 |
|
|
|
|
9,124 |
|
Federal income tax provision |
|
|
1,165 |
|
|
|
|
903 |
|
|
|
|
2,258 |
|
|
|
|
1,781 |
|
Net income |
$ |
|
4,735 |
|
|
$ |
|
3,727 |
|
|
$ |
|
9,179 |
|
|
$ |
|
7,343 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
$ |
|
1.80 |
|
|
$ |
|
1.41 |
|
|
$ |
|
3.49 |
|
|
$ |
|
2.78 |
|
CSB BANCORP, INC. |
||||||||||||||||||||
NON-GAAP DISCLOSURES |
||||||||||||||||||||
NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
Quarters ended |
|
|
|
Six months ended |
|
|
||||||||||||
(Unaudited) |
|
June 30, |
|
|
|
June 30, |
|
|
||||||||||||
(Dollars in thousands) |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
||||
Net interest income |
$ |
|
11,876 |
|
|
$ |
|
10,345 |
|
|
$ |
|
23,341 |
|
|
$ |
|
20,026 |
|
|
Taxable equivalent adjustment1 |
|
|
28 |
|
|
|
|
31 |
|
|
|
|
56 |
|
|
|
|
62 |
|
|
Net interest income, FTE |
$ |
|
11,904 |
|
|
$ |
|
10,376 |
|
|
$ |
|
23,397 |
|
|
$ |
|
20,088 |
|
|
Net interest margin |
|
|
3.91 |
|
% |
|
|
3.60 |
|
% |
|
|
3.88 |
|
% |
|
|
3.54 |
|
% |
Taxable equivalent adjustment1 |
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
Net interest margin, FTE |
|
|
3.92 |
|
% |
|
|
3.61 |
|
% |
|
|
3.89 |
|
% |
|
|
3.55 |
|
% |
1 Net interest income on a fully-taxable 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, and is considered a non-GAAP measure. |
PRE-PROVISION NET REVENUE |
|||||||||||||||||||
|
|||||||||||||||||||
|
|
Quarters ended |
|
|
|
Six months ended |
|
||||||||||||
(Unaudited) |
|
June 30, |
|
|
|
June 30, |
|
||||||||||||
(Dollars in thousands) |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
||||
Pre-Provision Net Revenue (PPNR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net interest income |
$ |
|
11,876 |
|
|
$ |
|
10,345 |
|
|
$ |
|
23,341 |
|
|
$ |
|
20,026 |
|
Total noninterest income |
|
|
1,952 |
|
|
|
|
1,777 |
|
|
|
|
3,824 |
|
|
|
|
3,473 |
|
Total revenue |
|
|
13,828 |
|
|
|
|
12,122 |
|
|
|
|
27,165 |
|
|
|
|
23,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Noninterest expense |
|
|
7,343 |
|
|
|
|
6,878 |
|
|
|
|
14,648 |
|
|
|
|
13,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
PPNR (Non-GAAP) |
$ |
|
6,485 |
|
|
$ |
|
5,244 |
|
|
$ |
|
12,517 |
|
|
$ |
|
10,140 |
|
TANGIBLE EQUITY |
|||||||||
|
|||||||||
(Unaudited) |
|
June 30, |
|
|
|
June 30, |
|
||
(Dollars in thousands) |
|
2026 |
|
|
|
2025 |
|
||
Total Shareholders' Equity (GAAP) |
$ |
|
132,630 |
|
|
$ |
|
121,683 |
|
Less: Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
Tangible Shareholders' Equity (Non-GAAP) |
$ |
|
127,902 |
|
|
$ |
|
116,955 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260721759797/en/
Contacts
Paula J. Meiler, SVP & CFO
330.763.2873
paula.meiler@csb1.com
