Commenting on the Company’s credit quality, Steiner noted, “Our level of nonperforming assets have declined fairly consistently since peaking during first quarter 2010, with continued improvement again noted this past quarter. Delinquencies within the loan portfolio at the end of 2012 are at our lowest quarter quarter-end levels reported since 2008.”
Average deposit balances grew by $8 million, or 2%, from the prior linked quarter. Total average deposits of $464 million for the quarter were 10% above the prior year’s fourth quarter average.
Deposit balances totaled $475 million at year-end, an increase of $32 million, or 7% from the prior year-end. Within the deposit category, average non interest-bearing account balances for the fourth quarter increased by $16 million, or 19% above the same period in the prior year. Average interest-bearing checking, money market and traditional savings balances increased $36 million, or 21% from year ago levels, while average time deposit balances decreased $10 million, or 6% during the year. In addition to the changes in average deposit balances, the average balance of securities sold under repurchase agreement during the fourth quarter grew by $6 million, or 17% above the average for the same period in the prior year. Repurchase agreements, while considered short-term borrowings, are primarily tied to overnight customer sweep accounts.
Shareholders’ equity totaled $52.4 million on December 31, 2012 with 2.7 million common shares outstanding. The tangible equity to assets ratio amounted to 8.1% on December 31, 2012, as compared to 8.0% on December 31, 2011. The Company declared a common dividend of $.18 per share during the quarter. Based on the December 31, 2012 closing stock price of $17.00 per share, the Company’s annual dividend yield approximates 4.2%.About CSB Bancorp, Inc. CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $587 million as of December 31, 2012. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with sixteen banking centers in Holmes, Wayne, Tuscarawas and Stark counties and Trust offices located in Millersburg and Wooster, Ohio.