MILLERSBURG, Ohio–(BUSINESS WIRE)–CSB Bancorp, Inc. (OTC ID: CSBB):
Third Quarter Highlights
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|
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Quarter Ended September 30, 2025 |
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Quarter Ended September 30, 2024 |
|
||
|
Diluted earnings per share |
|
$ |
1.57 |
|
|
|
$ |
1.18 |
|
|
Net Income |
|
$ |
4,151,000 |
|
|
|
$ |
3,145,000 |
|
|
Return on average common equity |
|
|
13.19 |
% |
|
|
|
11.14 |
% |
|
Return on average assets |
|
|
1.31 |
% |
|
|
|
1.05 |
% |
CSB Bancorp, Inc. (OTC ID: CSBB) today announced third quarter 2025 net income of $4,151,000 or $1.57 per basic and diluted share, as compared to $3,145,000, or $1.18 per basic and diluted share, for the same period in 2024. For the nine-month period ended September 30, 2025, net income totaled $11,494,000 compared to $7,693,000 for the same period last year, an increase of 49%.
Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 13.19% and 1.31%, respectively, compared with 11.14% and 1.05% for the third quarter of 2024. Pre-Provision Net Revenue (“PPNR”) (a non-GAAP measure) totaled $5.7 million during the quarter, an increase of $1.1 million, or 23%, from the prior year’s third quarter. Net interest income increased $1.7 million, or 19%, noninterest income increased $57 thousand, or 3%, and noninterest expense increased $711 thousand, or 11%, in the third quarter of 2025 compared to the same period in 2024. For the nine-month period ended September 30, 2025 ROE and ROA were 12.76% and 1.26% as compared to 9.30% and 0.88% for the comparable period in 2024.
Eddie Steiner, President and CEO stated, “The U.S. economy grew during third quarter, with real GDP estimated to have increased by about 3% on an annualized basis after sticky inflation, which still hovers near 3%. Employment is slowing, national unemployment is now about 4.5% and net new jobs are dwindling. Although job reports are notorious for future revisions, the signs were clear enough that the Fed began lowering short-term interest rates at its September meeting in an effort to support the economy. This is a shift in Fed posture, as the deteriorating jobs picture seems to have surmounted inflation concerns for the time being. Additional Fed cuts are anticipated in coming months to spur economic investment. The federal government shutdown, now three weeks old, further complicates the outlook as shutdowns of this length have fairly consistently resulted in dampening economic momentum. However, the first rate cut appears to have already been a boost to consumer loan demand and has also resulted in lower funding costs for most banks. Locally, the overall economy appears to be in good shape at the moment. Our total loan balances are up 10% since the beginning of the year, largely on construction and business investments while the cost of deposits has declined five basis points compared to the prior year nine-month period.
Provision for credit loss expense for the quarter decreased $199 thousand from third quarter 2024 as nonperforming loans continue to decrease since the third quarter of 2024. The court liquidation of one commercial credit of approximately $47 thousand continues with the bank holding a priority lien on auction proceeds held by the court receiver which will be applied to the loan balances when released.
The allowance for credit losses (“ACL”) amounted to $8.7 million, or 1.08% of total loans, on September 30, 2025, as compared to $7.2 million or 1.00% of total loans on September 30, 2024. The allowance for credit losses on off-balance sheet commitments on September 30, 2025 was $514 thousand, as compared to a September 30, 2024 balance of $532 thousand. The increase in the ACL is related primarily to the weighted average life extension of loans held in the portfolio. 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 $1.6 million, or 15%, during third quarter 2025 as compared to the same quarter in 2024. The increase was primarily the result of an $80 million volume increase in loans, augmented by a 19 basis point (“bp”) increase in yield over the prior year’s quarter. Securities interest income decreased $102 thousand, or 5%, during the third quarter 2025 compared to the same quarter 2024 as the Company continues to deploy cash flow from investments into loan originations. Loan yields for third quarter 2025 averaged 5.99%, compared to the 2024 third quarter average of 5.80%, while overnight funds and securities yields for third quarter 2025 averaged 4.43% and 2.31%, respectively, compared to 5.41% and 2.17% in the third quarter 2024.
Interest expense declined $200 thousand, or 5%, during third quarter 2025 as compared to third quarter 2024. The cost to fund gross earning assets for the third quarter of 2025 declined to 1.27% as compared to 1.40% for the third quarter of 2024.
The fully taxable equivalent (“FTE”) net interest margin (a non-GAAP measure) was 3.67% compared to 3.26% for the third quarter 2024. Compared to the 2024 third quarter, FTE net interest income increased $1.7 million, or 19%, with a $57 million increase in average earning assets as well as a 27 bp increase in the yield on assets. The mix shift into loans primarily drove the increase in earnings from assets. The cost of interest earning liabilities declined with the decrease in short-term interest rates resulting in a 22 bp lower cost of deposits and repurchase agreements. Tax equivalency effect on net interest margin was 0.01% for both 2025 and 2024.
Noninterest income increased $57 thousand, or 3%, compared to third quarter of 2024. The increase was primarily the result of a $26 thousand increase in earnings on bank owned life insurance, a $28 thousand increase in debit card interchange fees, a $20 thousand increase in Trust Services, and a $20 thousand increase in credit card fees. Offsetting decreases were recognized as follows: $41 thousand decrease in gain on loans sold to the secondary market and a $21 thousand decrease in unrealized gain on equity securities.
Noninterest expense increased $711 thousand, or 11%, from third quarter 2024. Salary and employee benefits increased $453 thousand, or 12%, compared to the prior year quarter, with increases in base salaries, medical, and incentive compensation, partially due to reduced vacancies and several new positions. Professional fees increased $111 thousand, or 28%, with increases to legal expense and workflow improvement. Software expense increased $77 thousand, or 18%, primarily due to new loan production software. Occupancy expense increased $28 thousand, or 9%, primarily due to repairs, while equipment expense decreased $24 thousand, or 11%. Marketing and public relations decreased $7 thousand, or 4%. The Company’s third quarter efficiency ratio decreased to 55.6% compared to 58.2% in the prior year.
Federal income tax expense was $1 million in third quarter 2025 compared to $756 thousand in the 2024 third quarter. The effective tax rate for the 2025 and 2024 third quarters was 20% and 19%, respectively.
Average earning assets for the third quarter of 2025 increased $57 million, or 5%, from the year-ago quarter, primarily reflecting an $80 million, or 11%, increase in average loans, a $39 million, or 11%, decrease in average securities, and a $16 million, or 28%, increase 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 $63 million, or 13%, 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 $14 million, or 8%, above the prior year’s quarter as borrowers have been 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 $5 million from the prior year’s quarter as borrowers covered expenses and avoided refinancing their lower interest rate mortgages. Average consumer credit balances decreased $2 million, or 13%, versus the same quarter of the prior year on lower volume of loans for recreational vehicles. 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 after implementation of tariff, tax rate and other fiscal initiatives. Construction and development and commercial real estate borrowing have continued to exhibit fairly steady demand.
Nonperforming loans were $746 thousand, or 0.09%, of total loans on September 30, 2025, compared to $3.4 million, or 0.47% of total loans, a year ago. Delinquent loan balances as of September 30, 2025, decreased to 0.29% of total loans as compared to 0.59% on September 30, 2024. Net loan charge-offs recognized during third quarter 2025 were $11 thousand, compared to third quarter 2024 net loan charge-offs of $4 million.
Average deposit balances increased on a quarter over prior year quarter comparison by $52 million, or 5%. For third quarter 2025, the average cost of deposits amounted to 1.34%, as compared to 1.48% for third quarter 2024. Third quarter 2025 increases in average deposit balances over the prior year quarter included savings accounts of $4 million, money market accounts of $3 million, and time deposits of $28 million. Noninterest-bearing accounts decreased $700 thousand from the prior year’s third quarter while interest-bearing demand accounts increased $18 million. The average balance of securities sold under repurchase agreement during the third quarter of 2025 decreased by $2 million, or 9%, compared to the average for the same period in the prior year.
Shareholders’ equity totaled $125 million on September 30, 2025, with 2.6 million common shares outstanding. The average equity to assets ratio amounted to 9.96% for the quarter ended September 30, 2025. The Company declared a third quarter dividend of $0.41 per share, producing an annualized yield of 3.3% based on September 30, 2025 closing price of $49.50.
About CSB Bancorp, Inc.
CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.2 billion as of September 30, 2025. 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.
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CSB BANCORP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS
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(Unaudited) |
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Quarters |
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(Dollars in thousands, except per share data) |
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2025 |
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|
2025 |
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2025 |
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2024 |
|
|
2024 |
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|
2025 |
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|
2024 |
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|
EARNINGS |
|
3rd Qtr |
|
|
2nd Qtr |
|
|
1st Qtr |
|
|
4th Qtr |
|
|
3rd Qtr |
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9 months |
|
|
9 months |
|
|
|||||||
|
Net interest income FTE (a) |
$ |
|
10,968 |
|
$ |
|
10,376 |
|
$ |
|
9,712 |
|
$ |
|
9,599 |
|
$ |
|
9,248 |
|
$ |
|
31,056 |
|
$ |
|
27,397 |
|
|
|
Provision for credit loss expense |
|
|
501 |
|
|
|
614 |
|
|
|
402 |
|
|
|
2,290 |
|
|
|
700 |
|
|
|
1,517 |
|
|
|
4,741 |
|
|
|
Noninterest income |
|
|
1,866 |
|
|
|
1,777 |
|
|
|
1,696 |
|
|
|
1,780 |
|
|
|
1,809 |
|
|
|
5,339 |
|
|
|
5,322 |
|
|
|
Noninterest expenses |
|
|
7,133 |
|
|
|
6,878 |
|
|
|
6,481 |
|
|
|
6,211 |
|
|
|
6,422 |
|
|
|
20,492 |
|
|
|
18,378 |
|
|
|
FTE adjustment(a) |
|
|
30 |
|
|
|
31 |
|
|
|
31 |
|
|
|
33 |
|
|
|
34 |
|
|
|
92 |
|
|
|
110 |
|
|
|
Net income |
|
|
4,151 |
|
|
|
3,727 |
|
|
|
3,616 |
|
|
|
2,319 |
|
|
|
3,145 |
|
|
|
11,494 |
|
|
|
7,693 |
|
|
|
Basic and Diluted earnings per share |
|
|
1.57 |
|
|
|
1.41 |
|
|
|
1.37 |
|
|
|
0.87 |
|
|
|
1.18 |
|
|
|
4.35 |
|
|
|
2.89 |
|
|
|
|
|
|
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PERFORMANCE RATIOS |
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Return on average assets (ROA), annualized |
|
|
1.31 |
|
% |
|
1.23 |
|
% |
|
1.22 |
|
% |
|
0.76 |
|
% |
|
1.05 |
|
% |
|
1.26 |
|
% |
|
0.88 |
|
% |
|
Return on average common equity (ROE), annualized |
|
|
13.19 |
|
|
|
12.48 |
|
|
|
12.58 |
|
|
|
7.99 |
|
|
|
11.14 |
|
|
|
12.76 |
|
|
|
9.30 |
|
|
|
Net interest margin FTE(a) |
|
|
3.67 |
|
|
|
3.61 |
|
|
|
3.48 |
|
|
|
3.33 |
|
|
|
3.26 |
|
|
|
3.59 |
|
|
|
3.30 |
|
|
|
Efficiency ratio |
|
|
55.56 |
|
|
|
56.62 |
|
|
|
56.81 |
|
|
|
54.68 |
|
|
|
58.17 |
|
|
|
56.31 |
|
|
|
56.15 |
|
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Number of full-time equivalent employees |
|
|
181 |
|
|
|
175 |
|
|
|
173 |
|
|
|
166 |
|
|
|
175 |
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MARKET DATA |
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Book value per common share |
$ |
|
47.56 |
|
$ |
|
46.11 |
|
$ |
|
44.80 |
|
$ |
|
43.33 |
|
$ |
|
43.25 |
|
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|
Period-end common share market value |
|
|
49.50 |
|
|
|
43.50 |
|
|
|
44.00 |
|
|
|
38.30 |
|
|
|
38.50 |
|
|
|
|
|
|
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|
Market as a % of book |
|
|
104.09 |
|
% |
|
94.34 |
|
% |
|
98.20 |
|
% |
|
88.39 |
|
% |
|
89.02 |
|
% |
|
|
|
|
|
|
||
|
Price-to-earnings ratio |
|
|
9.48 |
|
|
|
9.01 |
|
|
|
10.92 |
|
|
|
10.19 |
|
|
|
9.02 |
|
|
|
|
|
|
|
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||
|
Average basic common shares outstanding |
|
|
2,636,028 |
|
|
|
2,639,244 |
|
|
|
2,644,543 |
|
|
|
2,654,073 |
|
|
|
2,661,474 |
|
|
|
2,639,907 |
|
|
|
2,663,737 |
|
|
|
Average diluted common shares outstanding |
|
|
2,636,028 |
|
|
|
2,639,244 |
|
|
|
2,644,543 |
|
|
|
2,654,073 |
|
|
|
2,661,474 |
|
|
|
2,639,907 |
|
|
|
2,663,737 |
|
|
|
Period end common shares outstanding |
|
|
2,632,498 |
|
|
|
2,638,921 |
|
|
|
2,641,547 |
|
|
|
2,650,089 |
|
|
|
2,659,324 |
|
|
|
|
|
|
|
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||
|
Common stock market capitalization |
$ |
|
130,309 |
|
$ |
|
114,793 |
|
$ |
|
116,228 |
|
$ |
|
101,498 |
|
$ |
|
102,384 |
|
|
|
|
|
|
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||
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|
ASSET QUALITY |
|
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Gross charge-offs |
$ |
|
39 |
|
$ |
|
368 |
|
$ |
|
35 |
|
$ |
|
1,937 |
|
$ |
|
4,095 |
|
$ |
|
442 |
|
$ |
|
4,457 |
|
|
|
Net charge-offs |
|
|
11 |
|
|
|
362 |
|
|
|
29 |
|
|
|
1,928 |
|
|
|
4,008 |
|
|
|
402 |
|
|
|
4,328 |
|
|
|
Allowance for credit losses |
|
|
8,720 |
|
|
|
8,251 |
|
|
|
7,974 |
|
|
|
7,595 |
|
|
|
7,224 |
|
|
|
|
|
|
|
|
||
|
Nonperforming assets (NPAs) |
|
|
746 |
|
|
|
1,358 |
|
|
|
1,597 |
|
|
|
1,719 |
|
|
|
3,371 |
|
|
|
|
|
|
|
|
||
|
Net charge-off / average loans ratio |
|
|
0.01 |
|
% |
|
0.19 |
|
% |
|
0.02 |
|
% |
|
1.05 |
|
% |
|
2.20 |
|
% |
|
0.07 |
|
% |
|
0.81 |
|
% |
|
Allowance for credit losses / period-end loans |
|
|
1.08 |
|
|
|
1.05 |
|
|
|
1.05 |
|
|
|
1.03 |
|
|
|
1.00 |
|
|
|
|
|
|
|
|
||
|
NPAs/loans and other real estate |
|
|
0.09 |
|
|
|
0.17 |
|
|
|
0.21 |
|
|
|
0.23 |
|
|
|
0.47 |
|
|
|
|
|
|
|
|
||
|
Allowance for credit losses / nonperforming loans |
|
|
1,169 |
|
|
|
608 |
|
|
|
499 |
|
|
|
445 |
|
|
|
214 |
|
|
|
|
|
|
|
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||
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|
|
|
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|
CAPITAL & LIQUIDITY |
|
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|
|
|
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|
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|||||||
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Period-end tangible equity to assets(b) |
|
|
9.69 |
|
% |
|
9.48 |
|
% |
|
9.36 |
|
% |
|
9.28 |
|
% |
|
9.16 |
|
% |
|
|
|
|
|
|
||
|
Average equity to assets |
|
|
9.96 |
|
|
|
9.82 |
|
|
|
9.73 |
|
|
|
9.52 |
|
|
|
9.43 |
|
|
|
|
|
|
|
|
||
|
Average equity to loans |
|
|
15.55 |
|
|
|
15.36 |
|
|
|
15.42 |
|
|
|
15.80 |
|
|
|
15.54 |
|
|
|
|
|
|
|
|
||
|
Average loans to deposits |
|
|
72.97 |
|
|
|
72.86 |
|
|
|
72.09 |
|
|
|
68.50 |
|
|
|
68.99 |
|
|
|
|
|
|
|
|
||
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AVERAGE BALANCES |
|
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|||||||
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Assets |
$ |
|
1,253,262 |
|
$ |
|
1,220,306 |
|
$ |
|
1,197,828 |
|
$ |
|
1,211,960 |
|
$ |
|
1,191,037 |
|
$ |
|
1,223,846 |
|
$ |
|
1,171,156 |
|
|
|
Earning assets |
|
|
1,184,077 |
|
|
|
1,153,677 |
|
|
|
1,131,483 |
|
|
|
1,145,031 |
|
|
|
1,127,405 |
|
|
|
1,156,606 |
|
|
|
1,107,678 |
|
|
|
Loans |
|
|
802,858 |
|
|
|
779,664 |
|
|
|
755,860 |
|
|
|
730,413 |
|
|
|
723,129 |
|
|
|
779,634 |
|
|
|
715,205 |
|
|
|
Deposits |
|
|
1,100,283 |
|
|
|
1,070,136 |
|
|
|
1,048,534 |
|
|
|
1,066,229 |
|
|
|
1,048,214 |
|
|
|
1,073,175 |
|
|
|
1,025,260 |
|
|
|
Shareholders’ equity |
|
|
124,818 |
|
|
|
119,779 |
|
|
|
116,554 |
|
|
|
115,430 |
|
|
|
112,352 |
|
|
|
120,414 |
|
|
|
110,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
ENDING BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Assets |
$ |
|
1,248,357 |
|
$ |
|
1,237,969 |
|
$ |
|
1,218,640 |
|
$ |
|
1,191,500 |
|
$ |
|
1,209,181 |
|
|
|
|
|
|
|
|
||
|
Earning assets |
|
|
1,178,781 |
|
|
|
1,163,268 |
|
|
|
1,148,625 |
|
|
|
1,121,675 |
|
|
|
1,134,786 |
|
|
|
|
|
|
|
|
||
|
Loans |
|
|
810,048 |
|
|
|
788,070 |
|
|
|
761,240 |
|
|
|
737,641 |
|
|
|
719,602 |
|
|
|
|
|
|
|
|
||
|
Deposits |
|
|
1,096,596 |
|
|
|
1,089,344 |
|
|
|
1,070,777 |
|
|
|
1,044,887 |
|
|
|
1,070,531 |
|
|
|
|
|
|
|
|
||
|
Shareholders’ equity |
|
|
125,190 |
|
|
|
121,683 |
|
|
|
118,335 |
|
|
|
114,835 |
|
|
|
115,008 |
|
|
|
|
|
|
|
|
||
|
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 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) |
|
September 30, |
|
|
|
September 30, |
|
||
|
(Dollars in thousands, except per share data) |
|
2025 |
|
|
|
2024 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
|
|
|
|
|
|
||
|
Cash and due from banks |
$ |
|
20,069 |
|
|
$ |
|
26,108 |
|
|
Interest-bearing deposits with banks |
|
|
60,738 |
|
|
|
|
69,535 |
|
|
Total cash and cash equivalents |
|
|
80,807 |
|
|
|
|
95,643 |
|
|
Securities |
|
|
|
|
|
|
|
||
|
Available-for-sale, at fair-value |
|
|
115,795 |
|
|
|
|
131,718 |
|
|
Held-to-maturity |
|
|
190,027 |
|
|
|
|
211,655 |
|
|
Equity securities |
|
|
269 |
|
|
|
|
247 |
|
|
Restricted stock, at cost |
|
|
1,520 |
|
|
|
|
1,520 |
|
|
Total securities |
|
|
307,611 |
|
|
|
|
345,140 |
|
|
|
|
|
|
|
|
|
|
||
|
Loans held for sale |
|
|
384 |
|
|
|
|
509 |
|
|
Loans |
|
|
810,048 |
|
|
|
|
719,602 |
|
|
Less allowance for credit losses |
|
|
8,720 |
|
|
|
|
7,224 |
|
|
Net loans |
|
|
801,328 |
|
|
|
|
712,378 |
|
|
|
|
|
|
|
|
|
|
||
|
Premises and equipment, net |
|
|
13,716 |
|
|
|
|
13,994 |
|
|
Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
|
Bank owned life insurance |
|
|
30,899 |
|
|
|
|
27,996 |
|
|
Accrued interest receivable and other assets |
|
|
8,884 |
|
|
|
|
8,793 |
|
|
TOTAL ASSETS |
$ |
|
1,248,357 |
|
|
$ |
|
1,209,181 |
|
|
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
|
LIABILITIES |
|
|
|
|
|
|
|
||
|
Deposits: |
|
|
|
|
|
|
|
||
|
Noninterest-bearing |
$ |
|
277,838 |
|
|
$ |
|
286,525 |
|
|
Interest-bearing |
|
|
818,758 |
|
|
|
|
784,006 |
|
|
Total deposits |
|
|
1,096,596 |
|
|
|
|
1,070,531 |
|
|
|
|
|
|
|
|
|
|
||
|
Short-term borrowings |
|
|
20,304 |
|
|
|
|
19,224 |
|
|
Other borrowings |
|
|
941 |
|
|
|
|
1,296 |
|
|
Accrued interest payable and other liabilities |
|
|
5,326 |
|
|
|
|
3,122 |
|
|
TOTAL LIABILITIES |
|
|
1,123,167 |
|
|
|
|
1,094,173 |
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
|
Common stock, $6.25 par value. Authorized 9,000,000 shares; |
|
|
|
|
|
|
|
||
|
issued 2,980,602 shares in 2025 and 2024 |
|
|
18,629 |
|
|
|
|
18,629 |
|
|
Additional paid-in capital |
|
|
9,815 |
|
|
|
|
9,815 |
|
|
Retained earnings |
|
|
111,380 |
|
|
|
|
101,847 |
|
|
Treasury stock at cost – 348,104 shares in 2025 |
|
|
|
|
|
|
|
||
|
and 321,278 shares in 2024 |
|
|
(9,020 |
) |
|
|
|
(7,929 |
) |
|
Accumulated other comprehensive loss |
|
|
(5,614 |
) |
|
|
|
(7,354 |
) |
|
TOTAL SHAREHOLDERS’ EQUITY |
|
|
125,190 |
|
|
|
|
115,008 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
|
1,248,357 |
|
|
$ |
|
1,209,181 |
|
|
CSB BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||||||||||
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
||||||||||||
|
(Unaudited) |
|
September 30, |
|
|
|
September 30, |
|
||||||||||||
|
(Dollars in thousands, except per share data) |
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loans, including fees |
$ |
|
12,117 |
|
|
$ |
|
10,531 |
|
|
$ |
|
34,489 |
|
|
$ |
|
30,959 |
|
|
Taxable securities |
|
|
1,695 |
|
|
|
|
1,782 |
|
|
|
|
5,168 |
|
|
|
|
5,489 |
|
|
Nontaxable securities |
|
|
73 |
|
|
|
|
88 |
|
|
|
|
223 |
|
|
|
|
264 |
|
|
Other |
|
|
829 |
|
|
|
|
789 |
|
|
|
|
2,043 |
|
|
|
|
1,537 |
|
|
Total interest and dividend income |
|
|
14,714 |
|
|
|
|
13,190 |
|
|
|
|
41,923 |
|
|
|
|
38,249 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Deposits |
|
|
3,715 |
|
|
|
|
3,898 |
|
|
|
|
10,757 |
|
|
|
|
10,687 |
|
|
Other |
|
|
61 |
|
|
|
|
78 |
|
|
|
|
202 |
|
|
|
|
275 |
|
|
Total interest expense |
|
|
3,776 |
|
|
|
|
3,976 |
|
|
|
|
10,959 |
|
|
|
|
10,962 |
|
|
Net interest income |
|
|
10,938 |
|
|
|
|
9,214 |
|
|
|
|
30,964 |
|
|
|
|
27,287 |
|
|
Provision for credit loss expense |
|
|
501 |
|
|
|
|
700 |
|
|
|
|
1,517 |
|
|
|
|
4,741 |
|
|
Net interest income, after provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
for credit loss expense |
|
|
10,437 |
|
|
|
|
8,514 |
|
|
|
|
29,447 |
|
|
|
|
22,546 |
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Service charges on deposit accounts |
|
|
310 |
|
|
|
|
301 |
|
|
|
|
902 |
|
|
|
|
872 |
|
|
Trust services |
|
|
294 |
|
|
|
|
274 |
|
|
|
|
840 |
|
|
|
|
951 |
|
|
Debit card interchange fees |
|
|
563 |
|
|
|
|
535 |
|
|
|
|
1,628 |
|
|
|
|
1,570 |
|
|
Credit card fees |
|
|
182 |
|
|
|
|
162 |
|
|
|
|
483 |
|
|
|
|
484 |
|
|
Earnings on bank owned life insurance |
|
|
229 |
|
|
|
|
203 |
|
|
|
|
674 |
|
|
|
|
585 |
|
|
Gain on sale of loans |
|
|
65 |
|
|
|
|
106 |
|
|
|
|
195 |
|
|
|
|
215 |
|
|
Unrealized (loss) gain on equity securities |
|
|
(4 |
) |
|
|
|
17 |
|
|
|
|
2 |
|
|
|
|
(12 |
) |
|
Other |
|
|
227 |
|
|
|
|
211 |
|
|
|
|
615 |
|
|
|
|
657 |
|
|
Total noninterest income |
|
|
1,866 |
|
|
|
|
1,809 |
|
|
|
|
5,339 |
|
|
|
|
5,322 |
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Salaries and employee benefits |
|
|
4,109 |
|
|
|
|
3,656 |
|
|
|
|
11,727 |
|
|
|
|
10,181 |
|
|
Occupancy expense |
|
|
323 |
|
|
|
|
295 |
|
|
|
|
1,031 |
|
|
|
|
872 |
|
|
Equipment expense |
|
|
200 |
|
|
|
|
224 |
|
|
|
|
629 |
|
|
|
|
649 |
|
|
Professional and director fees |
|
|
502 |
|
|
|
|
391 |
|
|
|
|
1,307 |
|
|
|
|
1,160 |
|
|
Software expense |
|
|
498 |
|
|
|
|
421 |
|
|
|
|
1,342 |
|
|
|
|
1,263 |
|
|
Marketing and public relations |
|
|
155 |
|
|
|
|
162 |
|
|
|
|
414 |
|
|
|
|
432 |
|
|
Debit card expense |
|
|
208 |
|
|
|
|
186 |
|
|
|
|
617 |
|
|
|
|
568 |
|
|
Financial institutions tax |
|
|
226 |
|
|
|
|
216 |
|
|
|
|
689 |
|
|
|
|
648 |
|
|
FDIC insurance expense |
|
|
135 |
|
|
|
|
132 |
|
|
|
|
420 |
|
|
|
|
396 |
|
|
Other expenses |
|
|
777 |
|
|
|
|
739 |
|
|
|
|
2,316 |
|
|
|
|
2,209 |
|
|
Total noninterest expenses |
|
|
7,133 |
|
|
|
|
6,422 |
|
|
|
|
20,492 |
|
|
|
|
18,378 |
|
|
Income before income taxes |
|
|
5,170 |
|
|
|
|
3,901 |
|
|
|
|
14,294 |
|
|
|
|
9,490 |
|
|
Federal income tax provision |
|
|
1,019 |
|
|
|
|
756 |
|
|
|
|
2,800 |
|
|
|
|
1,797 |
|
|
Net income |
$ |
|
4,151 |
|
|
$ |
|
3,145 |
|
|
$ |
|
11,494 |
|
|
$ |
|
7,693 |
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic and diluted |
$ |
|
1.57 |
|
|
$ |
|
1.18 |
|
|
$ |
|
4.35 |
|
|
$ |
|
2.89 |
|
|
CSB BANCORP, INC. NON-GAAP DISCLOSURES
NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT
|
||||||||||||||||||||
|
|
|
Quarters ended |
|
|
|
Nine months ended |
|
|
||||||||||||
|
(Unaudited) |
|
September 30, |
|
|
|
September 30, |
|
|
||||||||||||
|
(Dollars in thousands) |
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
||||||||
|
Net interest income |
$ |
|
10,938 |
|
|
$ |
|
9,214 |
|
|
$ |
|
30,964 |
|
|
|
|
27,287 |
|
|
|
Taxable equivalent adjustment1 |
|
|
30 |
|
|
|
|
34 |
|
|
|
|
92 |
|
|
|
|
110 |
|
|
|
Net interest income, FTE |
$ |
|
10,968 |
|
|
$ |
|
9,248 |
|
|
$ |
|
31,056 |
|
|
$ |
|
27,397 |
|
|
|
Net interest margin |
|
|
3.66 |
|
% |
|
|
3.25 |
|
% |
|
|
3.58 |
|
% |
|
|
3.29 |
|
% |
|
Taxable equivalent adjustment1 |
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
Net interest margin, FTE |
|
|
3.67 |
|
% |
|
|
3.26 |
|
% |
|
|
3.59 |
|
% |
|
|
3.30 |
|
% |
|
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 |
|
|
|
Nine months ended |
|
||||||||||||
|
(Unaudited) |
|
September 30, |
|
|
|
September 30, |
|
||||||||||||
|
(Dollars in thousands) |
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Pre-Provision Net Revenue (PPNR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income |
$ |
|
10,938 |
|
|
$ |
|
9,214 |
|
|
$ |
|
30,964 |
|
|
$ |
|
27,287 |
|
|
Total noninterest income |
|
|
1,866 |
|
|
|
|
1,809 |
|
|
|
|
5,339 |
|
|
|
|
5,322 |
|
|
Total revenue |
|
|
12,804 |
|
|
|
|
11,023 |
|
|
|
|
36,303 |
|
|
|
|
32,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Less: Noninterest expense |
|
|
7,133 |
|
|
|
|
6,422 |
|
|
|
|
20,492 |
|
|
|
|
18,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
PPNR (Non-GAAP) |
$ |
|
5,671 |
|
|
$ |
|
4,601 |
|
|
$ |
|
15,811 |
|
|
$ |
|
14,231 |
|
|
TANGIBLE EQUITY
|
|||||||||
|
(Unaudited) |
|
September 30, |
|
|
|
September 30, |
|
||
|
(Dollars in thousands) |
|
2025 |
|
|
|
2024 |
|
||
|
Total Shareholders’ Equity (GAAP) |
$ |
|
125,190 |
|
|
$ |
|
115,008 |
|
|
Less: Goodwill |
|
|
4,728 |
|
|
|
|
4,728 |
|
|
Tangible Shareholders’ Equity (Non-GAAP) |
$ |
|
120,462 |
|
|
$ |
|
110,280 |
|
Contacts
Paula J. Meiler, SVP & CFO
330.763.2873
[email protected]
